Con Edison Reports 2019 Earnings
February 20 2020 - 4:55PM
Consolidated Edison, Inc. (Con Edison) (NYSE: ED) today reported
2019 net income for common stock of $1,343 million or $4.09 a share
compared with $1,382 million or $4.43 a share in 2018. Adjusted
earnings were $1,438 million or $4.38 a share in 2019 compared with
$1,349 million or $4.33 a share in 2018. Adjusted earnings in 2019
exclude the effects of hypothetical liquidation at book value
(HLBV) accounting for tax equity investments in certain renewable
electric production projects of Con Edison Clean Energy Businesses,
Inc. (the Clean Energy Businesses). Adjusted earnings in 2018
exclude the income tax expense resulting from a re-measurement of
the company's deferred tax assets and liabilities following the
issuance of proposed regulations relating to the Tax Cuts and Jobs
Act of 2017 (TCJA) and the effects of the net gain on the
acquisition of Sempra Solar Holdings, LLC. Adjusted earnings in
2019 and 2018 also exclude the net mark-to-market effects of the
Clean Energy Businesses.
For the fourth quarter of 2019, net income for common stock was
$295 million or $0.89 a share compared with $331 million or $1.06 a
share in 2018. Adjusted earnings were $288 million or $0.87 a share
in the 2019 period compared with $243 million or $0.77 a share in
the 2018 period. Adjusted earnings for the fourth quarter of 2019
exclude the effects of HLBV accounting for tax equity investments
in certain renewable electric production projects of the Clean
Energy Businesses. Adjusted earnings for the 2018 period exclude
the effects of the net gain on the acquisition of Sempra Solar
Holdings, LLC. Adjusted earnings in the 2019 and 2018 periods also
exclude the net mark-to-market effects of the Clean Energy
Businesses.
“While meeting many challenges in 2019, Con Edison delivered
solid financial results and remained focused on leading the way
towards a cleaner energy future for our customers and the planet,"
said John McAvoy, chairman and CEO of Con Edison. “Our recently
approved three-year rate plans are essential to helping New York
State achieve its clean energy goals, as well as to continue
providing safe and reliable service to our customers. We are
strengthening our ambitious energy efficiency programs, and are
offering customers incentives to consider geothermal systems, heat
pumps and other clean energy alternatives that will help lower
carbon emissions. We are also working closely with climate experts
to make sure we make the investments necessary to address the
impacts of climate change."
The company expects its adjusted earnings per share for the year
2020 to be in the range of $4.30 to $4.50 a share. Adjusted
earnings per share exclude the effects of HLBV accounting for tax
equity investments in certain of the Clean Energy Businesses'
renewable electric production projects (approximately $(0.19) a
share). Adjusted earnings per share also exclude the Clean Energy
Businesses' net mark-to-market effects, the amount of which will
not be determinable until year end. The forecast reflects
operations and maintenance expenses of $3,012 million. The company
is also forecasting a five-year compounded annual adjusted earnings
per share growth rate of 3% to 5% based off 2020 adjusted earnings
per share guidance.
In 2020, Con Edison expects to make capital investments of
$3,944 million. For 2021 and 2022, Con Edison expects to make
capital investments of $7,729 million in aggregate. Con Edison
plans to meet its capital requirements for 2020 through 2022,
including for maturing securities, through internally-generated
funds and the issuance of long-term debt and common equity. The
company's plans include the issuance of between $1,500 million and
$2,000 million of long-term debt, primarily at the Utilities, in
2020 and approximately $1,800 million in aggregate of long-term
debt at the Utilities during 2021 and 2022. The planned debt
issuance is in addition to the issuance of long-term debt to
refinance maturities at the Utilities and debt secured by the Clean
Energy Businesses’ renewable electric production projects and by
Con Edison Transmission’s investments. The company's plans also
include the issuance of up to $600 million of common equity in 2020
and approximately $1,100 million in aggregate of common equity
during 2021 and 2022, in addition to equity under its dividend
reinvestment, employee stock purchase and long-term incentive
plans. The planned equity issuance is in addition to $88 million of
equity issued in January 2020 to settle the remainder of a May 2019
equity forward transaction.
See Attachment A to this press release for a
reconciliation of Con Edison’s reported earnings per share to
adjusted earnings per share and reported net income for common
stock to adjusted earnings for the three months and years ended
December 31, 2019 and 2018. See Attachment B for the company's
consolidated income statements for the three months and years ended
2019 and 2018. See Attachments C and D for the estimated effect of
major factors resulting in variations in earnings per share and net
income for common stock for the three months and year ended
December 31, 2019 compared to the 2018 periods.
The company's 2019 Annual Report on Form 10-K is being filed
with the Securities and Exchange Commission. A 2019 earnings
release presentation will be available at www.conedison.com.
(Select "For Investors" and then select "Press Releases.")
This press release contains forward-looking statements that are
intended to qualify for the safe-harbor provisions of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking
statements are statements of future expectations and not facts.
Words such as "forecasts," "expects," "estimates," "anticipates,"
"intends," "believes," "plans," "will" and similar expressions
identify forward-looking statements. The forward-looking statements
reflect information available and assumptions at the time the
statements are made, and speak only as of that time. Actual results
or developments may differ materially from those included in the
forward-looking statements because of various factors such as those
identified in reports the company has filed with the Securities and
Exchange Commission, including that the company's subsidiaries are
extensively regulated and are subject to penalties; its utility
subsidiaries' rate plans may not provide a reasonable return; it
may be adversely affected by changes to the utility subsidiaries'
rate plans; the failure of processes and systems and the
performance of employees and contractors could adversely affect it;
the failure of, or damage to, its subsidiaries' facilities could
adversely affect it; a cyber-attack could adversely affect it; it
is exposed to risks from the environmental consequences of its
subsidiaries' operations, including increased costs related to
climate change; a disruption in the wholesale energy markets or
failure by an energy supplier or customer could adversely affect
it; it has substantial unfunded pension and other postretirement
benefit liabilities; its ability to pay dividends or interest
depends on dividends from its subsidiaries; it requires access to
capital markets to satisfy funding requirements; changes to tax
laws could adversely affect it; its strategies may not be effective
to address changes in the external business environment; and it
also faces other risks that are beyond its control. Con Edison
assumes no obligation to update forward-looking statements.
This press release also contains a financial measure, adjusted
earnings, that is not determined in accordance with generally
accepted accounting principles in the United States of America
(GAAP). This non-GAAP financial measure should not be considered as
an alternative to net income for common stock, which is an
indicator of financial performance determined in accordance with
GAAP. Adjusted earnings excludes from net income for common stock
certain items that the company does not consider indicative of its
ongoing financial performance. Management uses this non-GAAP
financial measure to facilitate the analysis of the company's
financial performance as compared to its internal budgets and
previous financial results. Management also uses this non-GAAP
financial measure to communicate to investors and others the
company's expectations regarding its future earnings and dividends
on its common stock. Management believes that this non-GAAP
financial measure is also useful and meaningful to investors to
facilitate their analysis of the company's financial
performance.
Consolidated Edison, Inc. is one of the nation's largest
investor-owned energy-delivery companies, with approximately $13
billion in annual revenues and $58 billion in assets. The company
provides a wide range of energy-related products and services to
its customers through the following subsidiaries: Consolidated
Edison Company of New York, Inc. (CECONY), a regulated utility
providing electric, gas and steam service in New York City and
Westchester County, New York; Orange and Rockland Utilities, Inc.
(O&R), a regulated utility serving customers in a
1,300-square-mile-area in southeastern New York State and northern
New Jersey; Con Edison Clean Energy Businesses, Inc., which through
its subsidiaries develops, owns and operates renewable and energy
infrastructure projects and provides energy-related products and
services to wholesale and retail customers; and Con Edison
Transmission, Inc., which through its subsidiaries invests in
electric and natural gas transmission projects.
Attachment A
|
For the Three Months Ended |
|
For the Years Ended |
|
December 31, |
|
December 31, |
|
|
|
|
|
Earningsper Share |
Net Income forCommon Stock(Millions of Dollars) |
|
Earningsper Share |
Net Income forCommon Stock(Millions of Dollars) |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
Reported earnings per share (basic) and net income for
common stock (GAAP basis) |
$0.89 |
|
$1.06 |
|
$295 |
|
$331 |
|
|
$4.09 |
|
$4.43 |
|
$1,343 |
|
$1,382 |
|
|
|
|
|
|
|
|
|
|
|
HLBV effects of the Clean Energy Businesses (pre-tax) |
|
0.06 |
|
|
— |
|
|
19 |
|
|
— |
|
|
|
0.31 |
|
|
— |
|
|
98 |
|
|
— |
|
Income taxes (a) |
|
(0.02 |
) |
|
— |
|
|
(5 |
) |
|
— |
|
|
|
(0.09 |
) |
|
— |
|
|
(24 |
) |
|
— |
|
HLBV effects of the Clean
Energy Businesses (net of tax) |
|
0.04 |
|
|
— |
|
|
14 |
|
|
— |
|
|
|
0.22 |
|
|
— |
|
|
74 |
|
|
— |
|
Net mark-to-market effects of the Clean Energy Businesses
(pre-tax) |
|
(0.08 |
) |
|
0.01 |
|
|
(28 |
) |
|
2 |
|
|
|
0.10 |
|
|
0.03 |
|
|
27 |
|
|
8 |
|
Income taxes (b) |
|
0.02 |
|
|
— |
|
|
7 |
|
|
1 |
|
|
|
(0.03 |
) |
|
(0.01 |
) |
|
(6 |
) |
|
(2 |
) |
Net mark-to-market effects of
the Clean Energy Businesses (net of tax) |
|
(0.06 |
) |
|
0.01 |
|
|
(21 |
) |
|
3 |
|
|
|
0.07 |
|
|
0.02 |
|
|
21 |
|
|
6 |
|
TCJA re-measurement |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
0.14 |
|
|
— |
|
|
42 |
|
Gain on acquisition of Sempra Solar Holdings, LLC, net of
transaction costs (pre-tax) |
|
— |
|
|
(0.42 |
) |
|
— |
|
|
(126 |
) |
|
|
— |
|
|
(0.36 |
) |
|
— |
|
|
(114 |
) |
Income taxes (b) |
|
— |
|
|
0.12 |
|
|
— |
|
|
35 |
|
|
|
— |
|
|
0.10 |
|
|
— |
|
|
33 |
|
Gain on acquisition of Sempra
Solar Holdings, LLC, net of transaction costs (net of tax) |
|
— |
|
|
(0.30 |
) |
|
— |
|
|
(91 |
) |
|
|
— |
|
|
(0.26 |
) |
|
— |
|
|
(81 |
) |
|
|
|
|
|
|
|
|
|
|
Adjusted earnings per share and adjusted earnings (non-GAAP
basis) |
$0.87 |
|
$0.77 |
|
$288 |
|
$243 |
|
|
$4.38 |
|
$4.33 |
|
$1,438 |
|
$1,349 |
|
- The amount of income taxes was calculated using a combined
federal and state income tax rate of 26% and 24% for the three
months and year ended December 31, 2019, respectively.
- The amount of income taxes was calculated using a combined
federal and state income tax rate of 25% and 22% for the three
months and year ended December 31, 2019, respectively, and a
combined federal and state income tax rate of 28% for the three
months and year ended December 31, 2018.
|
Attachment B |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
For the Years Ended |
|
December 31, |
December 31, |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
|
|
|
OPERATING REVENUES |
|
|
|
|
Electric |
$2,029 |
|
$2,001 |
|
$8,694 |
|
$8,612 |
|
Gas |
|
600 |
|
|
601 |
|
|
2,391 |
|
|
2,327 |
|
Steam |
|
158 |
|
|
157 |
|
|
627 |
|
|
631 |
|
Non-utility |
|
164 |
|
|
190 |
|
|
862 |
|
|
767 |
|
TOTAL OPERATING REVENUES |
|
2,951 |
|
|
2,949 |
|
|
12,574 |
|
|
12,337 |
|
OPERATING EXPENSES |
|
|
|
|
Purchased power |
|
343 |
|
|
357 |
|
|
1,546 |
|
|
1,644 |
|
Fuel |
|
43 |
|
|
62 |
|
|
207 |
|
|
263 |
|
Gas purchased for resale |
|
209 |
|
|
306 |
|
|
880 |
|
|
1,041 |
|
Other operations and maintenance |
|
753 |
|
|
762 |
|
|
3,175 |
|
|
3,152 |
|
Depreciation and amortization |
|
432 |
|
|
377 |
|
|
1,684 |
|
|
1,438 |
|
Taxes, other than income taxes |
|
606 |
|
|
559 |
|
|
2,406 |
|
|
2,266 |
|
TOTAL OPERATING EXPENSES |
|
2,386 |
|
|
2,423 |
|
|
9,898 |
|
|
9,804 |
|
Gain on acquisition of Sempra Solar Holdings, LLC |
|
— |
|
|
131 |
|
|
— |
|
|
131 |
|
OPERATING INCOME |
|
565 |
|
|
657 |
|
|
2,676 |
|
|
2,664 |
|
OTHER INCOME (DEDUCTIONS) |
|
|
|
|
Investment income |
|
25 |
|
|
23 |
|
|
96 |
|
|
119 |
|
Other income |
|
20 |
|
|
(1 |
) |
|
45 |
|
|
17 |
|
Allowance for equity funds used during construction |
|
3 |
|
|
1 |
|
|
14 |
|
|
12 |
|
Other deductions |
|
(28 |
) |
|
(56 |
) |
|
(104 |
) |
|
(210 |
) |
TOTAL OTHER INCOME |
|
20 |
|
|
(33 |
) |
|
51 |
|
|
(62 |
) |
INCOME
BEFORE INTEREST AND INCOME TAX EXPENSE |
|
585 |
|
|
624 |
|
|
2,727 |
|
|
2,602 |
|
INTEREST EXPENSE |
|
|
|
|
Interest on long-term debt |
|
229 |
|
|
204 |
|
|
888 |
|
|
780 |
|
Other interest |
|
(6 |
) |
|
21 |
|
|
116 |
|
|
49 |
|
Allowance for borrowed funds used during construction |
|
(3 |
) |
|
(3 |
) |
|
(13 |
) |
|
(10 |
) |
NET INTEREST EXPENSE |
|
220 |
|
|
222 |
|
|
991 |
|
|
819 |
|
INCOME BEFORE INCOME TAX
EXPENSE |
|
365 |
|
|
402 |
|
|
1,736 |
|
|
1,783 |
|
INCOME TAX EXPENSE |
|
52 |
|
|
71 |
|
|
296 |
|
|
401 |
|
NET INCOME |
$313 |
|
$331 |
|
$1,440 |
|
$1,382 |
|
Income attributable to non-controlling interest |
$18 |
|
|
$— |
|
$97 |
|
|
$— |
|
NET INCOME FOR COMMON STOCK |
$295 |
|
$331 |
|
$1,343 |
|
$1,382 |
|
Net income per common share — basic |
$0.89 |
|
$1.06 |
|
$4.09 |
|
$4.43 |
|
Net income per common share — diluted |
$0.88 |
|
$1.05 |
|
$4.08 |
|
$4.42 |
|
AVERAGE NUMBER OF SHARES
OUTSTANDING — BASIC (IN MILLIONS) |
|
332.5 |
|
|
313.8 |
|
|
328.5 |
|
|
311.7 |
|
AVERAGE NUMBER OF SHARES OUTSTANDING — DILUTED (IN
MILLIONS) |
|
333.6 |
|
|
315.0 |
|
|
329.5 |
|
|
312.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attachment C |
Variation for the Three Months Ended December 31, 2019 vs.
2018 |
|
EarningsperShare |
Net IncomeforCommonStock(Millions ofDollars) |
|
CECONY (a) |
|
|
|
Changes in rate plans |
$0.19 |
|
$60 |
|
Reflects higher electric and gas net base revenues of $0.11 a share
and $0.04 a share, respectively, due primarily to electric and gas
base rate increases in January 2019 under the company's rate plans,
and higher incentives earned under the electric earnings adjustment
mechanisms and positive incentives of $0.07 a share, offset, in
part, by electric negative revenue adjustments of $(0.02) a
share. |
Weather impact on steam revenues |
|
(0.01 |
) |
|
(4 |
) |
Reflects the impact of warmer winter weather in 2019. |
Operations and maintenance expenses |
|
0.05 |
|
|
15 |
|
Reflects timing of compensation
cost of $0.02 a share, lower consultant cost of $0.01 a share,
lower software maintenance and licenses cost of $0.01 a share, and
lower uncollectibles of $0.01 a share. |
Depreciation, property taxes and other tax matters |
|
(0.16 |
) |
|
(47 |
) |
Reflects higher property taxes of
$(0.07) a share and higher depreciation and amortization expense of
$(0.06) a share, both of which are recoverable under the rate
plans, and the absence of New York State sales and use tax refunds
received in 2018 of $(0.03) a share. |
Other |
|
0.03 |
|
|
21 |
|
Reflects primarily lower costs
associated with components of pension and other postretirement
benefits other than service cost of $0.05 a share and the Company's
share of a gain on sale of property of $0.02 a share, offset, in
part, by the dilutive effect of Con Edison's stock issuances of
$(0.05) a share. |
Total CECONY |
|
0.10 |
|
|
45 |
|
|
O&R (a) |
|
|
|
Changes in rate plans |
|
0.04 |
|
|
14 |
|
Reflects electric and gas base
rate increases of $0.01 a share and $0.03 a share, respectively,
under the company's rate plans, effective January 1, 2019. |
Operations and maintenance expenses |
|
(0.03 |
) |
|
(9 |
) |
Reflects higher energy efficiency
program cost of $(0.01) a share and higher low-income program cost
of $(0.01) a share, both of which are recoverable under the rate
plans, and lower recoveries for workers' compensation of $(0.01) a
share. |
Depreciation, property taxes and other tax matters |
|
— |
|
|
(1 |
) |
|
Total O&R |
|
0.01 |
|
|
4 |
|
|
Clean Energy Businesses |
|
|
|
Operating revenues less energy costs |
|
0.10 |
|
|
30 |
|
Reflects higher revenues from
renewable electric production projects resulting from the December
2018 acquisition of Sempra Solar Holdings, LLC, including the
consolidation of certain jointly-owned projects that were
previously accounted for as equity investments of $0.13 a share,
offset, in part, by lower energy services revenues of $(0.03) a
share. |
Operations and maintenance expenses |
|
0.01 |
|
|
4 |
|
Reflects primarily lower energy
services costs. |
Depreciation and amortization |
|
(0.07 |
) |
|
(21 |
) |
Reflects an increase in renewable
electric production projects resulting from the December 2018
acquisition of Sempra Solar Holdings, LLC. |
Net interest expense |
|
0.02 |
|
|
6 |
|
Reflects unrealized gains on
interest rate swaps of $0.07 a share, offset, in part, by an
increase in debt resulting from the December 2018 acquisition of
Sempra Solar Holdings, LLC of $(0.05) a share. |
HLBV effects |
|
(0.04 |
) |
|
(14 |
) |
|
Gain on acquisition of Sempra Solar Holdings, LLC, net of
transaction costs in 2018 |
|
(0.29 |
) |
|
(89 |
) |
|
Other |
|
(0.01 |
) |
|
(2 |
) |
Reflects the absence in 2019 of equity income from certain
jointly-owned projects that were accounted for as equity
investments in 2018 but consolidated after the December 2018
acquisition of Sempra Solar Holdings, LLC. |
Total Clean Energy Businesses |
|
(0.28 |
) |
|
(86 |
) |
|
Con Edison Transmission |
|
0.01 |
|
|
2 |
|
Reflects higher allowance for funds used during construction from
the Mountain Valley Pipeline project. |
Other, including parent company expenses |
|
(0.01 |
) |
|
(1 |
) |
Reflects 2018 transaction costs related to the acquisition of
Sempra Solar Holdings, LLC. |
Total Reported (GAAP basis) |
$(0.17 |
) |
$(36 |
) |
|
HLBV effects of the Clean Energy Businesses |
|
0.04 |
|
|
14 |
|
|
Net mark-to-market effects of the Clean Energy Businesses |
|
(0.07 |
) |
|
(24 |
) |
|
Gain on acquisition of Sempra Solar Holdings, LLC, net of
transaction costs in 2018 |
|
0.30 |
|
|
91 |
|
|
Total Adjusted (non-GAAP basis) |
$0.10 |
|
$45 |
|
|
- Under the revenue decoupling mechanisms in the Utilities’ New
York electric and gas rate plans and the weather-normalization
clause applicable to their gas businesses, revenues are generally
not affected by changes in delivery volumes from levels assumed
when rates were approved. In general, the Utilities recover on a
current basis the fuel, gas purchased for resale and purchased
power costs they incur in supplying energy to their full-service
customers. Accordingly, such costs do not generally affect Con
Edison’s results of operations.
|
|
|
|
|
|
|
Attachment D |
Variation for the Year Ended December 31, 2019 vs. 2018 |
|
Earnings per Share |
Net IncomeforCommonStock(Millions ofDollars) |
|
CECONY (a) |
|
|
|
Changes in rate plans |
$0.76 |
|
$240 |
|
Reflects higher electric and gas
net base revenues of $0.53 a share and $0.16 a share, respectively,
due primarily to electric and gas base rate increases in January
2019 under the company's rate plans, higher incentives earned under
the electric earnings adjustment mechanisms and positive incentives
of $0.06 a share, and growth in the number of gas customers of
$0.03 a share, offset, in part, by electric negative revenue
adjustments of $(0.03) a share. |
Weather impact on steam revenues |
|
(0.06 |
) |
|
(19 |
) |
Reflects the impact of warmer winter weather in 2019. |
Operations and maintenance expenses |
|
(0.19 |
) |
|
(58 |
) |
Reflects higher costs for pension
and other postretirement benefits of $(0.15) a share, which are
recoverable under the rate plans, and higher stock-based
compensation of $(0.07) a share, offset, in part, by lower
consultant costs of $0.04 a share. |
Depreciation, property taxes and other tax matters |
|
(0.54 |
) |
|
(168 |
) |
Reflects higher property taxes of
$(0.26) a share and higher depreciation and amortization expense of
$(0.23) a share, both of which are recoverable under the rate
plans, and the absence of New York State sales and use tax refunds
received in 2018 of $(0.07) a share, offset, in part, by lower
sales and use tax of $0.02 a share, upon conclusion of the audit
assessment. |
Other |
|
(0.01 |
) |
|
59 |
|
Reflects the dilutive effect of
Con Edison's stock issuances of $(0.21) a share, offset, in part,
by lower costs associated with components of pension and other
postretirement benefits other than service cost of $0.19 a
share. |
Total CECONY |
|
(0.04 |
) |
|
54 |
|
|
O&R (a) |
|
|
|
Changes in rate plans |
|
0.08 |
|
|
24 |
|
Reflects an electric base rate
increase, offset, in part, by a gas base rate decrease under the
company's rate plans, effective January 1, 2019. |
Operations and maintenance expenses |
|
(0.01 |
) |
|
(3 |
) |
Reflects higher stock-based
compensation. |
Depreciation, property taxes and other tax matters |
|
(0.02 |
) |
|
(6 |
) |
Reflects higher depreciation and
amortization expense. |
Other |
|
(0.03 |
) |
|
(4 |
) |
Includes the dilutive effect of Con Edison's stock issuances of
$(0.01) a share. |
Total O&R |
|
0.02 |
|
|
11 |
|
|
Clean Energy Businesses |
|
|
|
Operating revenues less energy costs |
|
0.53 |
|
|
167 |
|
Reflects higher revenues from
renewable electric production projects resulting from the December
2018 acquisition of Sempra Solar Holdings, LLC, including the
consolidation of certain jointly-owned projects that were
previously accounted for as equity investments of $0.81 a share,
offset, in part, by lower engineering, procurement and construction
services revenues of $(0.34) a share. |
Operations and maintenance expenses |
|
0.15 |
|
|
47 |
|
Reflects lower engineering,
procurement and construction costs of $0.19 a share and lower
energy services costs of $0.04 a share, offset, in part, by higher
costs associated with additional renewable electric production
projects in operation resulting from the December 2018 acquisition
of Sempra Solar Holdings, LLC. of $(0.06) a share. |
Depreciation and amortization |
|
(0.34 |
) |
|
(105 |
) |
Reflects an increase in renewable
electric production projects resulting from the December 2018
acquisition of Sempra Solar Holdings, LLC. |
Net interest expense |
|
(0.29 |
) |
|
(90 |
) |
Reflects an increase in debt
resulting from the December 2018 acquisition of Sempra Solar
Holdings, LLC. |
HLBV effects |
|
(0.22 |
) |
|
(74 |
) |
|
Gain on acquisition of Sempra Solar Holdings, LLC, net of
transaction costs in 2018 |
|
(0.28 |
) |
|
(89 |
) |
|
Other |
|
(0.07 |
) |
|
(19 |
) |
Reflects the absence in 2019 of equity income from certain
jointly-owned projects that were accounted for as equity
investments in 2018 but consolidated after the December 2018
acquisition of Sempra Solar Holdings, LLC. |
Total Clean Energy Businesses |
|
(0.52 |
) |
|
(163 |
) |
|
Con Edison Transmission |
|
0.01 |
|
|
5 |
|
Reflects higher allowance for funds used during construction from
the Mountain Valley Pipeline project. |
Other, including parent company expenses |
|
0.19 |
|
|
54 |
|
Reflects lower New York State capital tax of $0.02 a share. Also
reflects 2018 TCJA re-measurement of $0.14 a share and transaction
costs related to the acquisition of Sempra Solar Holdings, LLC of
$0.02 a share. |
Total Reported (GAAP basis) |
$(0.34 |
) |
$(39 |
) |
|
HLBV effects of the Clean Energy Businesses |
|
0.22 |
|
|
74 |
|
|
Net mark-to-market effects of the Clean Energy Businesses |
|
0.05 |
|
|
15 |
|
|
Income tax effect of the TCJA in 2018 |
|
(0.14 |
) |
|
(42 |
) |
|
Gain on acquisition of Sempra Solar Holdings, LLC, net of
transaction costs in 2018 |
|
0.26 |
|
|
81 |
|
|
Total Adjusted (non-GAAP basis) |
$0.05 |
|
$89 |
|
|
- Under the revenue decoupling mechanisms in the Utilities’ New
York electric and gas rate plans and the weather-normalization
clause applicable to their gas businesses, revenues are generally
not affected by changes in delivery volumes from levels assumed
when rates were approved. In general, the Utilities recover on a
current basis the fuel, gas purchased for resale and purchased
power costs they incur in supplying energy to their full-service
customers. Accordingly, such costs do not generally affect Con
Edison’s results of operations.
Contact:Robert McGee212-460-4111
Consolidated Edison (NYSE:ED)
Historical Stock Chart
From Mar 2024 to Apr 2024
Consolidated Edison (NYSE:ED)
Historical Stock Chart
From Apr 2023 to Apr 2024