Slides
Page 1
1 Con Edison Annual Investor Relations Update October 6, 2026 Consolidated Edison, Inc.
Page 2
2 Investor Relations Available Information On August 6, 2026, Consolidated Edison, Inc. issued a press release reporting its second quarter 2026 earnings and filed with the Securities and Exchange Commission the company’s 2Q 2026 Form 10-Q. This presentation should be read together with, and is qualified in its entirety by reference to, the earnings press release and the 2Q 2026 Form 10-Q. Copies of the earnings press release and the 2Q 2026 Form 10-Q are available at: www.conedison.com/en/. (Select “For Investors” and then select “Press Releases” and “SEC Filings,” respectively.) Forward-Looking Statements This presentation 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,” “target,” “guidance,” “potential,” “goal,” “consider” and similar expressions identify forward-looking statements. The forward-looking statements reflect information available and assumptions at the time the statements are made, and accordingly speak only as of that time. Actual results or developments might differ materially from those included in the forward-looking statements because of various factors such as those identified in reports Con Edison has filed with the Securities and Exchange Commission, including that Con Edison's subsidiaries are extensively regulated and may be subject to substantial 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, or damage to, its subsidiaries' facilities could adversely affect it; a cyber attack could adversely affect it; artificial intelligence is an emerging area of technology that has the potential to impact various aspects of business operations and customer interactions of Con Edison and its subsidiaries; the failure of processes and systems, the failure to retain and attract employees and contractors, and their negative performance could adversely affect it; it is exposed to risks from the environmental consequences of its subsidiaries' operations, including increased costs related to climate change; its ability to pay dividends or interest depends on dividends from its subsidiaries; changes to tax laws could adversely affect it; it requires access to capital markets to satisfy funding requirements; a disruption in the wholesale energy markets, increased commodity costs or failure by an energy supplier or customer could adversely affect it; it faces risks related to health epidemics and other outbreaks; its strategies may not be effective to address changes in the external business environment; it faces risks related to supply chain disruptions, inflation and the imposition of tariffs (or subsequent changes to tariffs once announced or implemented); and it also faces other risks that are beyond its control. This list of factors is not all-inclusive because it is not possible to predict all factors that could cause actual results or developments to differ from the forward-looking statements. Con Edison assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Non-GAAP Financial Measures This presentation also contains financial measures, adjusted earnings and adjusted earnings per share, that are not determined in accordance with generally accepted accounting principles (GAAP). These non-GAAP financial measures should not be considered as an alternative to net income for common stock or net income per share, respectively, each of which is an indicator of financial performance determined in accordance with GAAP. Adjusted earnings and adjusted earnings per share exclude from net income for common stock and net income per share, respectively, certain items that Con Edison does not consider indicative of its ongoing financial performance such as the gain on the sale of Con Edison's equity interest in Mountain Valley Pipeline, LLC (MVP), accretion of the basis difference of Con Edison's equity interest in MVP, transaction costs associated with the strategic alternatives review of Con Edison's equity interests in MVP and Honeoye Storage Corporation (Honeoye) and the effects of hypothetical liquidation at book value (HLBV) accounting for tax equity investments. Management uses these non-GAAP financial measures to facilitate the analysis of Con Edison's financial performance as compared to its internal budgets and previous financial results and to communicate to investors and others Con Edison's expectations regarding its future earnings and dividends on its common stock. Management believes that these non-GAAP financial measures are also useful and meaningful to investors to facilitate their analysis of Con Edison's financial performance. See slide 56, for a reconciliation of non-GAAP financial measures to their GAAP equivalent. For more information, contact: Jan Childress, Director, Investor Relations Berna Falay Ok, Section Manager, Investor Relations Allison Duignan, Sr. Analyst, Investor Relations Tel: 212-460-4431 Tel: 212-460-1008 Tel: 212-460-6611 Email: childressj@coned.com Email: falayokb@coned.com Email: duignana@coned.com conEdison.com
Page 3
3 Introduction Chairman, President & Chief Executive Officer Consolidated Edison, Inc. Tim Cawley Chairman & Chief Executive Officer Consolidated Edison Company of New York, Inc.
Page 4
4 At the center of one of the nation’s largest electrification efforts… …A durable, predictable, and customer-centric business positioned for long-term growth.
Page 5
5 We Deliver Electricity, Gas, and Steam to Millions of People • Consolidated Edison Company of New York, Inc. (CECONY) delivers electricity to approximately 3.7 million customers, gas to about 1.0 million customers, and steam to approximately 1,470 customers. • Orange and Rockland Utilities, Inc. (O&R) delivers electricity to approximately 0.3 million electric customers and more than 0.1 million gas customers. • Con Edison Transmission, Inc. (CET) develops and owns interests in electric transmission assets.
Page 6
6 Con Edison is a durable, steady, and reliable investment in our changing and challenging times. Resilient in a Changing Landscape • Unique geography • High building density • Complex infrastructure • Supports critical national infrastructure
Page 7
7 JFK Airport Modernizing one of the world’s busiest transportation hubs. Willets Point Turning underutilized land into homes, entertainment, and gaming venues. Port Authority Bus Terminal Fostering faster connections, all-weather reliability, and modern transit. We are creating stronger communities, modern transportation, and world-class connections for millions of New Yorkers. 73 166 MW 6 50 MW 5 47 MW Powering a Modern Vision for New York
Page 8
8 2026 Astoria Annex 100 MW of Battery Storage 2026 Champlain Hudson Power Express 1250 MW of renewable, hydroelectric power from Canada to Queens 2026 Astoria Rainey Cable 2027 Empire Wind 810 MW of offshore wind into Gowanus Substation 2026 Vernon to Newtown Substation New Transmission 2029 Proactive expansion for Hunts Point electrification 2028 Brooklyn Clean Energy Hub Interconnection for renewable energy serving several new area substations 2028 New Substation Gateway Park Substation 2028 Reliable Clean City Eastern Queens/Idlewild Substation New substation and new network 2029 Parkchester Substation Preparation for new electric vehicle chargers 2029 New transmission from Mott Haven to Parkview Substations 2030 Propel NY Energy Project Substation upgrades supporting 3 new transmission lines from Long Island into CECONY’s grid Projects to Meet Growing Demand 2033 Hillside Substation 2032 Nevins Substation Legend: ▪ CECONY Project ▪ CET Project ▪ CECONY work supporting developers 2034 Industry City substations and new network 2035 Atlantic Substation 2030 Newtown to Glendale Substations New Transmission 2031 Cedar Street Substation Transmission and Capacity Expansion 2023 Rainey to Corona 2 New Transmission 2025 Goethals to Fox Hills Substation New Transmission 2025 Gowanus to Greenwood New Transmission
Page 9
9 ` 2030 New Otisville Substation 2029 New Goshen Substation 2027 New Forest Avenue Substation 2028 New Franklin Lakes Substation 2028/35 New Sloatsburg Substation 2026/27 Monsey Substation Upgrades 2027 Burns Substation Upgrades 2034 New West Nyack Substation 2027 Corporate Drive Substation Upgrades 2033 New Harings Corner Substation 2031 New Bullville Substation 2026 New underground transmission line from West Nyack to Burns Substations 2030 New Clean Energy Hub at Shoemaker Substation 2028 New transmission lines from Monroe to Blooming Grove Substations 2035 Upgraded transmission lines from Shoemaker, Bullville, and Bloomingburg to Wurtsboro Substations 2028 Upgraded transmission lines from Harriman (2036) and Dean to New West Point Substations 2033 New underground transmission lines from Franklin Lakes to Darlington Substation 2028 New West Point/Highland Falls Substation O&R Projects to Meet Growing Demand 2027 New State School Substation 2035 New Wurtsboro Substation 2034 New Bloomingburg Substation 2032 New Sparkill Substation 2035 New West Milford Substation ` 2033 New Monguap Substation 2033 New Rio Substation 2030 New Little Tor Substation 2030 New Liberty Substation 2033 New Viola Road Substation
Page 10
10 Con Edison Transmission Focusing on electric transmission development in the Northeast. NY Transco Partnership • New York Energy Solution: Selected by New York Independent System Operator (NYISO) and constructed to relieve congestion between upstate sources of energy and downstate customers • Propel NY Energy (NY Transco and New York Power Authority): Selected by NYISO to improve the reliability and resilience of the bulk power grid on Long Island and improve power flow between Long Island and the rest of New York State Future Opportunities • Transmission partnerships to support grid reliability and resilience across the Northeast
Page 11
11 Strengthening the Transmission Grid for Reliability and Resiliency Propel NY Energy *NY Transco’s share of the project cost is expected to be approximately $2,200 million, excluding interconnection costs and the cost of projects expected to be built by local transmission owners, including CECONY. The balance of the cost is covered by the New York Power Authority, a partner in the project, and the cost of projects expected to be built by local transmission owners, including CECONY. The siting, construction, and operation of the project will require approvals and permits from the appropriate governmental agencies and authorities, including the NYSPSC. Project Scope: • 3 new substations • Underground transition vaults (New Rochelle) • New 138kV underground transmission line (Syosset to Shore Road) ~10.9 miles • 5 new 345kV underground transmission lines totaling ~77.9 miles Project Cost: • $3.26 billion* Ownership Interest: • Con Edison Transmission has a 41.7% equity interest in NY Transco’s share of the Propel NY Energy project
Page 12
12 Why This Matters Now Continuous investment in reliability, resilience, and modernization is essential. • Meet customer expectations. • Support economic competitiveness. • Deliver the energy our region demands. • Help balance cost impacts to customers.
Page 13
13 Economic Impact and Customer Affordability Senior Vice President, Corporate Affairs Consolidated Edison Company of New York, Inc. Jen Hensley
Page 14
14 14 Powering the Economic Core of the Nation Reliability is not optional for Con Edison. It is foundational to national and global economic confidence, and to the people and businesses we serve in New York City, Westchester County, and Orange & Rockland counties. • John F. Kennedy International Airport • LaGuardia Airport • Grand Central Terminal • Red Hook Container Terminal • Metropolitan Transit Authority • The New York Stock Exchange • United States Military Academy at West Point • The largest public school system in the U.S. 14
Page 15
15 State and Local Policies Are Driving the Energy Transition • Climate Leadership and Community Protection Act: Establishes ambitious emissions reduction and clean energy targets. Updated in May 2026 to refine how goals are achieved statewide. • NYC Local Law 97: Requires GHG emissions reductions in buildings over 25,000 sq. ft. since 2024. • NYC Local Law 154: Prohibits fossil fuels in new small buildings since 2024 and large buildings starting in 2027. • Repeal of 100-Foot Rule: Shifts gas line extension costs to new applicants starting in April 2027. • Utility Thermal Energy Network and Jobs Act: Sets regulations for utility thermal energy networks in New York and requires utilities to submit pilot projects for approval. • Accelerated Renewable Energy Growth and Community Benefit Act: Simplifies permitting for renewable energy projects of 25 megawatts or more in New York. • NYSDEC’s Part 253 GHG Reporting Rule: Mandates large emitters to monitor and report greenhouse gas emissions annually, starting with 2026 data due in 2027. • All-Electric Buildings Act: Bans fossil fuels in most new low-rise buildings, except for certain large commercial and industrial buildings starting in 2026 and in all new buildings in 2029. Statute upheld by federal court in June 2026 but may be subject to further litigation or administrative delay. Investing in our systems is essential to meet New York’s climate and energy goals. *Both New York City LL154 and New York State law define “small buildings” as less than seven stories in height, and “large buildings” as seven stories or more.
Page 16
16 What’s in a Con Edison Electric Bill? Supply, $38 32% Delivery, $45 37% Taxes & Fees, $38 31% NYC Residential Electric Bill (280 kWh/month(a)) Composition of a CECONY Service Class 1, 12 Months Ended June 30, 2026 (a) The 280-kWh consumption used for Typical Bills is based on the median of annualized monthly consumption for New York City residential customers, i.e., approximately 50% of New York City residential customers use 280 kWh or less on an annualized monthly basis. (b) Total Taxes and Fees are made up of Delivery Taxes & Fees, which total $35.61 and make up 29% of the Total Bill, and Supply Gross Receipts Tax and Sales Tax, which total $2.69 and make up 2% of the Total Bill. There are three major components of a customer bill: delivery, commodity, and taxes. (b)
Page 17
17 17 Con Edison Customers Generally Use Less Energy Customer bills tend to be below peer average. Source: Energy Information Administration Note: CECONY’s and the peers’ numbers are the three-year rolling average monthly bill for residential customers, with available EIA data. The “peers” are Con Edison’s proxy peers set forth in its proxy statement filed in April 2026, excluding CenterPoint Energy because directly comparable data was not available, and including O&R. Ranking average electric bills by utility ($/month, 3-yr average) CECONY vs. Peer Average: • $228 less annually (16% lower) CECONY vs. Peer Median: • $276 less annually (20% lower)
Page 18
18 18 Affordability Programs Are Easing the Energy Burden In 2025, we provided $268 million in bill discounts through affordability programs, supporting more than 500,000 income- eligible customers across New York and New Jersey. (a) 18 • ~494,000 customers enrolled: Approximately 14% of residential customers across CECONY and O&R service territories are enrolled in New York’s Energy Affordability Program (EAP) and Enhanced EAP (EEAP), as of August 2026. • Expanded eligibility: Through Enhanced EAP, households with incomes below the median income may be eligible for monthly bill discounts. To date, more than 25,000 customers(b) have been approved since the program’s January 2026 launch. • Supports affordability: Goal is to help eligible customers maintain an energy burden of approximately 6% of household income, and discounts increase as customer bills rise.(c) (a) Monthly bill discount programs include those for CECONY, O&R and RECO Matter Master: 14-02621/14-M-0565 (b) As of August 2026 (c) Discounts levels also account for changes in income indicators like federal, state, and area median income. Discounts may be limited by program budget
Page 19
19 Utility Regulation in New York State Revenue predictability • Revenue decoupling mechanism in place for CECONY and O&R New York electric and gas • Weather normalization clause in place for CECONY gas and steam and O&R New York gas Formulaic approach to return on equity • ⅔ Discounted Cash Flow Model • ⅓ Capital Asset Pricing Model Reduced regulatory lag • Fully-forecasted rate year reflecting a historical test year • Timely recovery of fuel and commodity costs • True-ups (reconciliations) for major costs including pensions, environmental costs, property taxes, and variable rate debt
Page 20
20 Strengthening the Grid: Infrastructure, Reliability & Climate Preparedness President Consolidated Edison Company of New York, Inc. Matt Ketschke President and Chief Executive Officer Orange and Rockland Utilities, Inc. Michele O’Connell
Page 21
21 New York Independent System Operator Ensures Adequate Supply to Meet Demand Note: New York City is a subset of the Lower Hudson Valley region, and both regions are included within New York State totals. Lower Hudson Valley values include New York City, and New York State values include both New York City and Lower Hudson Valley. *Includes reserve margin Sources: 2026 NYISO Gold Book; Supply is based on 2026 GOLD Book values adjusted for known changes (including Champlain Hudson Power Express in-service) Requirement* Excess 39,315 MW 1,536 MW 12,633 MW 2,008 MW 9,137 MW 1,219 MW Total Supply 40,851 MW 14,641 MW 10,357 MW New York State Lower Hudson Valley New York City
Page 22
22 CECONY Historical and Forecasted Major Substation Construction Based on 2026 10-Year Forecast 0 1 2 3 4 5 6 7 8 9 1950 1952 1954 1956 1958 1960 1962 1964 1966 1968 1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 2034 Transmission Substation Distribution Substation Construction in Progress/ Planned 9 new substations planned from 2026—2035
Page 23
23 O&R Historical and Forecasted Major Substation Construction Based on 2026 Long Term Forecast 0 1 2 3 4 5 6 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Transmission Substation Distribution Substation Construction in Progress/ Planned 19 new substations planned from 2026—2035
Page 24
24 Strategic Substation Investment Project Scope: • Will serve two large industrial facilities in Orange County, NY. • Increases system capacity and enhances reliability for existing and future customers. • Supports additional regional development, future load growth, and distributed energy resources. Anticipated connected load: ~25 MW Anticipated in-service year: 2030 Example: Liberty Substation – Slate Hill, NY
Page 25
25 Network Reliability Primary High-Voltage Feeders Secondary Network Area Substation Voltage is stepped down from transmission for distribution by feeders. Primary High-Voltage Feeders Secondary Network Transformers Voltage is stepped down for distribution to residential and commercial customers. Network Protectors Automatically or manually disconnects a transformer from a secondary network in response to a reverse power condition.
Page 26
26 New Substations Enable Network Splits, Enhancing Reliability, Capacity, and Future Load Growth Today: 20 Networks in Brooklyn and Queens 2035: 27 Networks in Brooklyn and Queens Bay Ridge Williamsburg Flushing Jamaica Richmond Hill Crown Heights Bay Ridge Williamsburg Flushing Jamaica Richmond HillFlatbush Crown Heights 2033 Bayside 2028 Springfield 2035 Ozone Park 2028 Remsen 2030 Kings Plaza 2032 Fort Greene 2034 South Brooklyn New Networks Existing Networks Flatbush
Page 27
27 Best-in-Class Electric Reliability in the United States We deliver nation-leading electric service reliability. Source: Energy Information Administration (EIA) Note: Data reflects the System Average Interruption Frequency Index (SAIFI), in thousands of customers per year, and the System Average Interruption Duration Index (SAIDI), in minutes, both metrics including major event days, based on the annual average over the past 10-years (2015-2024). The “peers” are Con Edison's proxy peers set forth in its proxy statement filed in April 2026.
Page 28
28 What Our Climate Studies Are Telling Us Sources: CECONY Climate Change Vulnerability Study – September 2023, and CECONY Climate Change Resilience Plan O&R Climate Change Vulnerability Study – September 2023, and O&R Climate Change Resilience Plan Our extreme weather vulnerability studies estimate that the number of high heat days will increase. That means more heat waves, which can also bring more frequent, more intense storms. Climate Variables Historical (CECONY/O&R) 2030 Projections (CECONY) 2050 Projections (CECONY) 2030 Projections (O&R) 2050 Projections (O&R) Maximum temperature (Days per year with maximum temperature >95ºF) 4 17 32 18 35 Heat waves (Number of 3-day heat waves with daily maximum temperature >90ºF) 2 6 9 6 9 Precipitation (Days with precipitation >2 inches) 3 4 5 4 5 Sea level rise (Sea level by 2050) - 9 in. 16 in. 9 in. 16 in.
Page 29
29 Investing in Infrastructure to Mitigate Extreme Weather Impacts Substation operations storm hardening • Extend and enhance flood protections to protect substations from sea level rise and potential equipment failure. Overhead line reinforcement • Deploy spacer cables designed to allow intermittent tree contacts without causing an outage, while the messenger cable acts as a shield against lightning. Selective undergrounding • Prevent outages during extreme weather events like wind and ice storms by placing the most vulnerable segments of the non-network system underground. Flood design standards • Updated procedures to determine Design Flood Elevation based on sea level rise projections and the useful life of the asset.
Page 30
30 Our Planned Climate Resilience Investments From 2026–2030, CECONY and O&R plan to invest roughly $797 million in climate resilience initiatives to prevent and mitigate extreme weather impacts. Sources: Our Climate Change Resiliency Plan | CECONY, CECONY Electric and Gas Rate Order 2026, Our Climate Change Resiliency Plan | Orange & Rockland (oru.com), and O&R Electric and Gas Rate Order 2025 *$145.6 Million in investments for 2026 through 2028 for CECONY were approved by the NYSPSC in January 2026. Funding for 2029 and 2030 to be requested in the subsequent CECONY rate case proceeding. **$77.2 Million in investments for 2026 and 2027 for O&R were approved by the NYSPSC in March 2025. Funding for 2028 through 2030 to be requested in the subsequent O&R rate case proceeding. All amounts are rounded to the nearest $100 thousand. Prevent, $407,100 Mitigate, $146,200 Prevent/Mitigate, $73,600 CECONY Climate Resilience Investment Plan 2026–2030 Total (in $000s)* Prevent, $149,800 Mitigate, $6,000 Prevent/Mitigate, $13,700 O&R Climate Resilience Investment Plan 2026–2030 Total (in $000s)**
Page 31
31 Meeting Customers’ Evolving Energy Needs Senior Vice President, Customer Energy Solutions Consolidated Edison Company of New York, Inc. Vicki Kuo
Page 32
32 Supported by $3M+ in Con Edison incentives, New York University transformed Rubin Hall into a LEED Platinum- certified, high-efficiency, all-electric building with air conditioning and near-zero emissions. Building Electrification: NYU Rubin Hall Retrofit 1Compared to pre-retrofit use. 2With addition of air conditioning, compared to pre-retrofit use. 3Compared to a baseline design using 2024-2029 emission coefficients. 4Compared to baseline design. Heat and hot water 100% electrified. • Energy efficient upgrades: - Heat pump chillers & water heaters - Energy recovery ventilators - Triple-pane windows - Roof insulation • 70% reduction in winter energy consumption1 • 50% reduction in total energy use2 • 40% reduction in annual greenhouse gas emissions3 • 71,711 therms of natural gas eliminated4 • 45% heating electrification project scope cost covered by Con Edison incentives
Page 33
33 33 Supporting Customers to Electrify Heat 33 • Programs have supported over 55,000 heat pump projects since 2020. • Digital tools make it easier for customers to electrify and enroll in best rate option. • Steady Use Rate save heat pump customers 15 to 19% on annual bills with a 12-month price guarantee which enables customers to switch risk-free.
Page 34
34 Bronx Site Powers New York State’s Largest Electric School Bus Project to Date GVC: Family-owned school bus company • Serving children with special needs in the Bronx for more than 40 years. • Depot located near a two-mile corridor where 2,000 of the city’s school buses and 3,000 medium- and heavy- duty (MHD) vehicles are dispatched. • PowerReady Pilot Program installed 46 DC fast charging plugs to power 45 new electric school buses. • Supported with $450,000 Pilot incentives plus ongoing support. • This project helps reduce emissions and improves air quality in the South Bronx, where childhood asthma rates are more than twice the national average.
Page 35
35 35 Concentrated Electric Vehicle Charging in the Bronx Zerega Avenue Area Depots* Hunts Point Area Depots* Customer Plans • As of May 2026, more than 25 site assessments completed totaling 36 MW of load. • As of June 2026, over 85 electric school buses are in operation and charging at depots. • By end of 2026, expect charger energization at another depot for 25 more electric school buses. Customer Plans • ~8 MW public DCFC hub being developed for MHD vehicles within Hunts Point Food Distribution Center by New York City Economic Development Corporation. • Hunts Point Produce Co-Op rebuild planned, including truck refrigeration unit electrification. • As of May 2026, over 25 fleet electrification projects identified from customer engagement and advisory services totaling 46 MW. *Dots scaled to depot size. Vehicle counts based on known customer depots and are not exhaustive. 35 75 Delivery Vehicles 2,000+ School Buses 180 Sanitation Vehicles 200 Utility Vehicles 500 School Buses 125 Sanitation Vehicles 455 Food Distribution Vehicles
Page 36
36 36 Proactively Strengthening our System to Meet Growing Electric Demand Project Work Summary Start Year Estimated End Year Estimate Capital Costs ($ millions)(1) Hunts Point Distribution system upgrades 3 new 13 kV network feeders plus room for an additional 3 feeders Under construction 2027 $105.0 Mott Haven Area substation upgrades Add 5th substation transformer Under construction 2029 47.3 Zerega Avenue Distribution system upgrades 3 new 13 kV network feeders plus room for an additional 3 feeders Under construction 2027 116.6 Parkchester No. 2 Area substation upgrades Add 4th substation transformer Under construction 2028 44.0 Parkchester No. 1 Area substation upgrades Add 5th substation transformer Under construction 2030 126.9 Hunts PointZerega Avenue 1 These costs reflect information available and assumptions at the time the statements are made. 36
Page 37
37 Operational Excellence Senior Vice President, Gas Operations Consolidated Edison Company of New York, Inc. Mary Kelly
Page 38
38 38 Gas: Prioritizing Leak Prevention and System Modernization Advanced detection, infrastructure modernization, and public outreach reduce risk, enhance safety, and support emissions reductions. Advanced Gas Leak Detection & Monitoring • Nation-leading natural gas detectors (NGDs) enable continuous methane monitoring and early detection. • CECONY: 77% of gas services equipped as of June 2026. – NGDs mandatory under the 2026–2028 electric and gas rate plan. • O&R: 29% of gas services equipped as of June 2026. – NGDs approved for installation through the 2025–2027 electric and gas rate plan. Proactive System Management • CECONY: Monthly distribution main leak surveys exceed regulatory annual survey requirement. Infrastructure Modernization & Emissions Reduction • CECONY and O&R: replaced over 300 miles of vintage gas mains over the last 3 years. • CEONY: 66% reduction in methane emissions relative to its 1990 baseline through ongoing main replacement*. Public Safety & Awareness • Comprehensive, multilingual gas safety outreach across multiple channels. *As of 2025 and based upon updated U.S. EPA emissions factors
Page 39
39 39 Leading the State in Leak Response & Repair Our quick response times and disciplined repair processes minimize risk and system impacts. CECONY • Responds to 99.5% of reported gas leaks within 30 minutes (2025) • 95% of leaks repaired within 50 days in 2025, exceeding regulatory requirements • Average repair time of 16 days, reducing active leaks O&R • Responds to 85% of reported gas leaks within 30 minutes (2025) • Zero workable leaks and only 2 total leaks at year-end 2025 • Maintains consistently low leak backlog, exceeding regulatory requirements
Page 40
40 District Steam Enhances Electric Reliability While Reducing Supply Costs Sources: 2026 Sustainability Report • District steam used for cooling offsets over 100 MW of summer electric peak; buildings connected to the steam system will also help reduce future winter electric peaks. • CECONY is developing clean, non-emitting contingency solutions to support summer peak electric reliability, which can include customers using steam. • CECONY electric-steam cogeneration supports lower-cost power production today. – In 2024 - 2025, electric customers saved $33 million in electric supply costs.
Page 41
41 Delivering Value Through People, Purpose, and Stewardship President, Shared Services Consolidated Edison Company of New York, Inc. Bob Sanchez
Page 42
42 A Circular Strategy to Maximize Asset Value • From 2021 - 2025, Investment Recovery initiative has generated approximately $70 million in value. • In 2025, the program recycled more than 12.4 million pounds of material and approximately 94,000 gallons of oil, generating more than $16.2 million in revenue. • Non-repetitive sales activities diverted approximately 850,000 pounds of material from landfills. By unlocking value from end-of-life and reusable assets, Con Edison supports affordability and continued investment in critical infrastructure.
Page 43
43 A Skilled and Engaged Workforce Promotes Growth, Reliability, and Operational Excellence • Strong employee retention: Turnover rate of approximately 5.4% in 2025, 36% due to retirements. • Strategically building a strong talent pipeline. • Increased our workforce by nearly 1,200 in 2025. • Employees participated in over 670,000 hours instructor-led leadership and skill-based training through dedicated Learning Center in 2025. • Technology ensures workforce readiness for critical on-site response needs.
Page 44
44 Kirk Andrews Senior Vice President & Chief Financial Officer Consolidated Edison, Inc. Senior Vice President & Chief Financial Officer Consolidated Edison Company of New York, Inc. Financial Strength and Stability
Page 45
45 45 Strong Productivity, Smart Investments, Healthy Financials Average Investment Earnings Base Reflects Investment Opportunities for CECONY, O&R, and CET (a)(b)(c)(d)(e)(f) Surcharge recovery programs (not in base rates) are primarily comprised of Transportation Electrification (Electric Vehicles Make Ready Program), Utility Thermal Energy Networks, Utility Storage Dispatch Rights, and Energy Efficiency and Heat Pump programs (formerly known as New Efficiency New York). a. Excludes the Utilities' average interest bearing CWIP. b. Forecast for 2026, 2027 and 2028 reflects CECONY’s Electric and Gas rate plans (Case 25-E-0072 & 25-G-0073) approved in January 2026. c. Forecast for 2026 and 2027 reflects O&R’s Electric and Gas rate plans (Case 24-E-0060 & 24-G-0061) approved in March 2025. d. Forecast for 2027, 2028, and 2029 reflects CECONY’s September 2026 joint proposal for the new steam rate plan (Case 25-S-0741) that is subject to approval by the NYSPSC. e. CET amounts reflect ownership share of FERC regulated earnings base of its investments. f. Amounts for energy efficiency and heat pump programs are included in the average rate base for CECONY and O&R from 2021 - 2025. In May 2025, the NYSPSC issued two orders for Low- to Moderate-Income and Non- Low- to Moderate-Income that directed CECONY and O&R to recover 2026-2030 energy efficiency and heat pump program activity through surcharge rather than base rates. See page 34 of the 2025 Form 10-K. Note: The Utilities are continuing to assess the impact of New York State's newly enacted Chapter 58 of the Laws of 2026. The ultimate impact of the legislation on these projections remains uncertain. See page 49 of the 2Q 2026 Form 10-Q. ($ in millions) CET $471 $544 $742 $1,077 $1,318 $1,366 Surcharge Recovery 279 1,216 1,800 2,267 2,726 3,240 Average Utility Rate Base 46,352 48,957 52,263 57,122 61,734 66,787 $47,102 $50,717 $54,805 $60,466 $65,778 $71,393
Page 46
46 46 Capital Structure – June 30, 2026(a) Debt $ 25,601 52% Equity 23,567 48 Total $ 49,168 100% Debt $ 1,492 50% Equity 1,463 50 Total $ 2,955 100% Debt $ — —% Equity 689 100 Total $ 689 100% a. Amounts shown exclude notes payable and include the current portion of long-term debt. Con Edison's issuer ratings and the senior unsecured credit ratings of CECONY and O&R shown in order of Moody's / S&P / Fitch. Moody's has a negative outlook for Con Edison and CECONY, and a stable outlook for O&R. S&P and Fitch have stable outlooks for each entity. Ratings are not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. ($ in millions) Debt $ 27,093 51% Equity 25,719 49 Total $ 52,812 100% Consolidated Edison, Inc. Baa1 / A- / BBB+ Negative / Stable / Stable CECONY A3 / A- / A- Negative / Stable / Stable O&R Baa1 / A- / A- Stable / Stable / Stable Parent and Other Maintaining a Strong and Balanced Capital Structure
Page 47
47 Rate Case Outcomes Support Investment Plans Regulator Rate Base(a) ($ millions) Current Plan Start Date Current Plan End Date Status CECONY Electric New York State Public Service Commission (NYSPSC) $31,652 Jan 2026 Dec 2028 Joint Proposal approved January 2026 Gas NYSPSC 10,565 Jan 2026 Dec 2028 Steam NYSPSC 2,118 Nov 2026 Oct 2029 Joint Proposal filed September 2026(b) O&R O&R - NY Electric NYSPSC 1,345 Jan 2025 Dec 2027 Joint Proposal approved March 2025 O&R - NY Gas NYSPSC 726 Jan 2025 Dec 2027 Rockland Electric New Jersey Board of Public Utilities 389 July 2026 N/A Stipulation of settlement approved June 2026 (a) Average rate base for 12 months ended June 30, 2026, including transmission and distribution. (b) CECONY’s September 2026 joint proposal for the new steam rate plan (Case 25-S-0741) is subject to approval by the NYSPSC. Additional rate plan information: Rate Plan Information | Consolidated Edison, Inc.
Page 48
48 48 A Consistent Track Record We have a proven track record of delivering adjusted EPS growth rates above guidance. Source: ED Annual Earnings Press Releases Note: Long-term EPS Growth Achieved (in progress) based on the mid-point of the Annual Adjusted EPS Guidance (Base EPS) for the current year. (a) Adjusted EPS is a non-GAAP financial measure. See slide 56 for a reconciliation to the most comparable GAAP information. The historical adjusted EPS growth achieved (2021-2025) was calculated using the midpoint of the applicable historical adjusted EPS guidance and therefore, Con Edison is not able to provide a corresponding GAAP equivalent. Adjusted EPS (non-GAAP) differs from GAAP EPS due to the factors described under “Non-GAAP Finance Measures” on slide 2. 2021 2022 2023 2024 2025 Annual Adjusted EPS Guidance $4.15 - 4.35 $4.40 - 4.60 $4.75 - 4.95 $5.20 - 5.40 $5.50 - 5.70 GAAP EPS $3.86 $4.68 $7.25 $5.26 $5.66 Actual Adjusted EPS $4.39 $4.57 $5.07 $5.40 $5.70 Base EPS for 5-year Adjusted EPS Growth $4.25 $4.50 $4.85 $5.30 $5.60
Page 49
49 49 Continuing Our Legacy of Dividend Growth A focus on long-term shareholder value has resulted in a 4.4% annualized dividend increase in 2026, contributing to 52 consecutive years of dividend growth with a CAGR of 5.56%. 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% $- $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Annualized Dividends Per Share ED's Historical Dividend Payout
Page 50
50 Strong Financials Set the Foundation as We Continue to Electrify • Scale: Approximately $40.8 billion* equity market cap provides scale as we transition. • Growing asset base: Targeted 8.7% five-year earnings base compound annual growth rate reflects infrastructure investment needed for reliability, and to meet customer’s energy demand. • Solid credit ratings: Strong balance sheet and deliberate financial management provide access to credit markets. • Simplified balance sheet: No long-term holding company debt. • Consistent dividend growth: 52 consecutive years of dividend increases for common shareholders is top among S&P 500 utilities. *As of June 30, 2026
Page 51
51 Closing Chairman, President & Chief Executive Officer Consolidated Edison, Inc. Tim Cawley Chairman & Chief Executive Officer Consolidated Edison Company of New York, Inc.
Page 52
52 Board Expertise Drives Long-Term Value Source: Consolidated Edison, Inc. 2026 Proxy Statement Strong governance, with a deep and broad set of skills and experience, supports safe, reliable service, constructive regulatory engagement, and disciplined long-term investment. Leadership & Strategy Energy & Utility Finance & Markets Regulatory Technology & Sustainability • Strategic planning • Chief executive officer • Executive at public company • Human capital management • Utility / energy industry • Customer services • Engineering • Electric / gas operations • Communications / public relations • Investor relations • Mergers & acquisitions • Capital markets / financial services • Financial expert • Chief financial officer / accounting • Corporate governance • Risk management • Ethics and compliance • Legal • Regulated company • Cybersecurity • Technology • Sustainability / environment / climate change • Communications / public relations
Page 53
53 Investment Thesis • Disciplined capital and financial management • Robust governance and management oversight • Consistent investment in grid resiliency and reliability • Transparent New York regulatory environment • Science-based approach to extreme weather vulnerabilities • In step with New York State and City’s energy goals • Revenue certainty through revenue decoupling and weather normalization at our New York utilities We are a durable, long-term investment supported by consistent performance, financial strength, and the ability to navigate an evolving landscape.
Page 54
54 Con Edison Annual Investor Relations Update October 6, 2026 Consolidated Edison, Inc.
Page 55
55 Appendix
Page 56
56 56 Six-Year Reconciliation of Reported EPS (GAAP) to Adjusted EPS (non-GAAP) 2020 2021 2022 2023 2024 2025 Reported EPS – GAAP basis $3.29 $3.86 $4.68 $7.21 $5.26 $5.66 Loss (gain) and other impacts related to the sale of the Clean Energy Businesses (pre -tax) (a) — — (0.03) (2.53) 0.18 — Income taxes (a) — — 0.35 0.32 (0.03) — Loss (gain) and other impacts related to the sale of the Clean Energy Businesses (net of tax) — — 0.32 (2.21) 0.15 — Accretion of basis difference of Con Edison's equity investment in Mountain Valley Pipeline (pre -tax) — — — — (0.03) (0.04) Income taxes (a) — — — — 0.01 0.01 Accretion of basis difference of Con Edison's equity investment in Mountain Valley Pipeline (net of tax) — — — — (0.02) (0.03) Transaction costs associated with the strategic alternatives review of Con Edison's equity investments in MVP and Honeoye (pr e-tax) — — — — — 0.04 Income taxes (a) — — — — — (0.01) Transaction costs associated with the strategic alternatives review of Con Edison's equity investments in MVP and Honeoye (ne t of tax) — — — — — 0.03 Remeasurement of deferred state income taxes related to the previously recorded impairment of MVP (net of federal income taxe s) — — — — — 0.02 Impairment loss related to investment in Honeoye (pre -tax) — — — — — 0.04 Income taxes (a) — — — — — (0.01) Impairment loss related to investment in Honeoye (net of tax) — — — — — 0.03 Gain on the sale of an interest in a solar electric production project (pre -tax) — — — — — (0.01) Income taxes (a) — — — — — — Gain on the sale of an interest in a solar electric production project (net of tax) — — — — — (0.01) HLBV effects (pre-tax) 0.14 (0.41) (0.17) 0.04 0.01 — Income taxes (a) (0.04) 0.12 0.05 (0.01) — — HLBV effects (net of tax) 0.10 (0.29) (0.12) 0.03 0.01 — Net mark-to-market effects (pre-tax) 0.18 (0.15) (0.51) 0.04 — — Income taxes (a) (0.05) 0.05 0.16 (0.01) — — Net mark-to-market effects (net of tax) 0.13 (0.10) (0.35) 0.03 — — Remeasurement of deferred state taxes related to dispositions prior to 2022 (net of federal taxes) — — 0.04 — — — Impairment losses related to investment in the Mountain Valley Pipeline, LLC (pre -tax) 0.95 0.66 — — — — Income taxes (a) (0.29) (0.19) — — — — Impairment loss related to investment in the Mountain Valley Pipeline, LLC (net of tax) 0.66 0.47 — — — — Loss from sale of a renewable electric project (pre -tax) — 0.01 — — — — Income taxes (a) — — — — — — Loss from sale of a renewable electric project (net of tax) — 0.01 — — — — Impairment loss related to investment in Stagecoach (pre -tax) — 0.61 — — — — Income taxes (a) — (0.19) — — — — Impairment losses related to investment in Stagecoach (net of tax) — 0.42 — — — — Goodwill impairment on Honeoye (pre-tax) — 0.02 — — — — Income taxes (a) — — — — — — Goodwill impairment on Honeoye (net of tax) — 0.02 — — — — Adjusted EPS – non-GAAP basis $4.18 $4.39 $4.57 $5.06 $5.40 $5.70 12 Months Ending December 31, a. The amount of income taxes was calculated using applicable combined federal and state income tax rates for the years ended December 31, 2020 - 2025.
Page 57
57 CECONY’s Planned Climate Resilience Investments From 2026–2030, CECONY plans to invest roughly $627 million in climate resilience initiatives to prevent and mitigate extreme weather impacts. Sources: Our Climate Change Resiliency Plan | CECONY and CECONY Electric and Gas Rate Order 2026 Projects / Programs Strategy 2026 – 2030 Total (in $000s)* Selective Undergrounding Prevent 254,100 Substation Operations Storm Hardening Prevent 115,300 Submersible Equipment Prevent 32,600 Substation Enclosure Upgrades Prevent 5,100 Primary Feeder Resiliency Mitigate 114,000 Erosion Protection and Drainage Upgrade Mitigate 19,700 Non-Network Resiliency Cutout Upgrade Mitigate 12,500 Non-Network Resiliency Prevent / Mitigate 31,200 Critical Facilities Prevent / Mitigate 42,400 Total Planned Investments $626,900 *Rounded to the nearest $100 thousand. **$145.6 Million in investments for 2026 through 2028 were approved by the NYSPSC in January 2026. Funding for 2029 and 2030 to be requested in the subsequent CECONY rate case proceeding. $407,100 $146,200 $73,600 Prevent Mitigate Prevent/Mitigate CECONY Climate Resilience Investment Plan 2026–2030 Total (in $000s)**
Page 58
58 O&R’s Planned Climate Resilience Investments $149,800 $6,000 $13,700 Prevent Mitigate Prevent/Mitigate O&R Climate Resilience Investment Plan 2026–2030 Total (in $000s)** Source: Our Climate Change Resiliency Plan | Orange & Rockland (oru.com) Projects / Programs Strategy 2026 – 2030 Total (in $000s)* Strategic Undergrounding (Transmission & Distribution) Prevent 73,600 Overhead Line Reinforcement Prevent 38,000 Distribution Automation Prevent 38,200 Shoreline Erosion Protection Mitigate 6,000 Substation Flood Protection Prevent / Mitigate 13,700 Total Planned Investments $169,500 From 2026–2030, O&R plans to invest roughly $170 million in climate resilience initiatives to prevent and mitigate extreme weather impacts. *Rounded to the nearest $100 thousand. **$77.2 Million in investments for 2026 and 2027 was approved by the NYSPSC in March 2025. Funding for 2028 through 2030 to be requested in the subsequent O&R rate case proceeding.