Headquarters: 4 Irving Place
New York, NY 10003
CEO: John McAvoy
Stock Symbol: ED
Consolidated Edison, Inc. is one of the nation's largest investor-owned energy companies and serves the densely populated New York City metro area. 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., a regulated utility providing electric service to approximately 3.3 million customers and gas service to approximately 1.1 million customers in New York City and Westchester County;
Orange and Rockland Utilities, Inc., a regulated utility serving customers in a 1,350 square mile area in southeastern New York State, as well as adjacent sections of northern New Jersey and northeastern Pennsylvania; O&R provides electric service to 301,000 customers in southeastern New York and adjacent areas of northern New Jersey and eastern Pennsylvania and gas service to more than 130,000 customers in southeastern New York and adjacent areas of eastern Pennsylvania.
Con Edison Solutions sells electricity directly to delivery-service customers of utilities primarily in the Northeast and Mid-Atlantic regions and also offers energy-related services.
Con Edison Energy, procures electric energy and capacity for Con Edison Solutions and fuel for other companies. It sells the electric capacity and energy produced by plants owned, leased, or operated by others. The company also provides energy risk management services to Con Edison Solutions, offers these services to others, and enters into wholesale supply transactions.
Con Edison Development, a company that owns and operates generating plants and participates in other infrastructure projects.
Con Edison of New York operates the world's largest underground electric system with 94,000 miles of cable. The company also maintains 36,000 miles of overhead cables.
In 2013, Con Ed reported revenues of $12.35 billion, up from $12.18 billion, and net income of $1.06 billion.
Con Edison traces its early history to the New York Gas Light Company, founded in 1823. New York Gas received a charter from the New York State Legislature to serve all of Manhattan south of an east-west line created by Grand, Sullivan, and Canal Streets. Like most early gas companies, New York Gas would focus its efforts on street lighting, in this case, supplementing or replacing the whale-oil lamps that were installed by the city beginning in the 1760s.
Gas pipe was first laid on Pearl Street, and then on Broadway from Grand Street to the Battery. On October 4, 1824, the Cherry Street residence of Samuel Leggett, one of the company's founders, became the first house in New York to be illuminated by gas. New Yorkers embraced the new technology, and gas lamps soon lighted more than 300 homes and stores.
In 1833, the Common Council (forerunner of today's New York City Council) granted a franchise to the Manhattan Gas Light Company covering Manhattan above Grand and Canal Streets. Another new company came on the scene in 1850 when the Harlem Gas Light Company was granted a franchise to serve customers north of 79th Street. In 1854, the Metropolitan Gas Light Company was granted a city-wide charter and went into direct competition with the existing gas companies. Eventually it settled into a service territory between those of Manhattan and Harlem Gas Light. Over time, additional companies were formed, including New York Mutual Gas Light in 1866 and the Municipal Gas Light Company in 1877.
With six major gas companies serving New York City, the streets were constantly being torn up by one company or another installing or repairing their own mains - or removing those of a rival. From time to time, work crews from competing companies would inadvertently meet on the same street and literally battle for customers, giving rise to the term "gas house gangs."
Competition in overlapping franchise areas and unreasonable price-cutting were bringing some gas companies to the brink of financial ruin. In May 1880, the city's major gas companies came to an agreement on the price of gas and ended the construction of competitive mains, a business arrangement that would be unlawful today but was legal, and sensible, at the time.
Just as company executives were looking forward to the financial stability and profitability the agreement would bring, a new problem was brewing. In December 1879, Thomas Edison demonstrated his newest invention - the incandescent light bulb. As the electric lamp quickly became the light of choice, gas companies countered by finding new uses for their product and touted the benefits of gas for heating and cooking.
But the future survival of the gas business seemed to depend on consolidation. On November 10, 1884, executives from the New York, Manhattan, Harlem, Metropolitan, Municipal, and Knickerbocker Gas Light companies gathered at Manhattan Gas Light's 4 Irving Place headquarters (the present-day location of Con Edison's headquarters) and agreed to combine their businesses into the Consolidated Gas Company of New York.
While Consolidated Gas retained its focus on the gas business, the company recognized the role that other energy sources would play in meeting New York's growing needs, and by the early 1900s had acquired a number of electric companies along with additional gas businesses. In the 1920's, Consolidated expanded alternating current (AC) distribution, the technology that is widely used today to distribute electricity. The company also designed and built the first 345,000-volt underground transmission lines, allowing it to bring electricity into New York from distant generating sources north of the city.
Through the years, Consolidated Gas continued to acquire gas, electric, and steam companies serving New York City and Westchester County. On May 23, 1936, the business was renamed the Consolidated Edison Company of New York.
Through its 1999 merger with Orange and Rockland Utilities, Con Edison expanded its base to include Orange and Rockland counties in New York as well as parts of New Jersey and Pennsylvania.
The OPTIONS Program
You can choose the level of coverage that best fits your needs from:
- Medical options - including hospital and vision care coverage
- Prescription drug options
- Dental options
- Long-term disability options
- Employee life insurance
- Health care and dependent care flexible reimbursement accounts
- Transportation reimbursement account
Benefits For Your Future Security
Retirement Plan, Thrift Savings Plan, Stock Purchase Plan, and Group Universal Life Insurance.
Job-related Insurance Benefits
Occupational Accidental Death, Business Travel/Accident, and Crime Protection Insurance.
Adoption Benefit Plan, Child Care and Eldercare Information and Referral Services, Emergency Child Care Plan, Maternity Leave Health Benefits, Parental Leave of Absence Pension Credit, and College Savings Program.
Company Sick Allowance Plan, Tuition Aid Program, Work-Home Wellness Program, Vacations and Holidays, Voluntary Cancer Protection Plan, and Accident Plan.