Consolidated Edison Files Joint Proposal for Three-Year CECONY Steam Rate Plan

Executive Summary

On September 4, 2026, Consolidated Edison Company of New York, Inc. (CECONY), a subsidiary of Consolidated Edison, Inc. (NYSE: ED), along with the New York State Department of Public Service (NYSDPS) and other participating parties, entered into a Joint Proposal for a three-year steam rate plan covering November 1, 2026 through October 31, 2029. The proposal is subject to approval by the New York State Public Service Commission (NYSPSC).

Key Terms of the Joint Proposal

• Effective Period: November 1, 2026 – October 31, 2029.
• Base Rate Changes:
  • Year 1: $13 million
  • Year 2: $42 million
  • Year 3: $39 million
  • Note: Rate changes are designed on a shaped bill impact basis of 3.5% annually, corresponding to shaped base rate increases of $26.6 million (Yr 1), $27.5 million (Yr 2), and $28.5 million (Yr 3).
• Capital Expenditures:
  • Year 1: $143 million
  • Year 2: $127 million
  • Year 3: $126 million
• Authorized Return on Common Equity (ROE): 9.5%
• Common Equity Ratio: 48%
• Cost of Long-Term Debt:
  • Year 1: 4.86%
  • Year 2: 5.00%
  • Year 3: 5.10%
• Weighted Average Cost of Capital (After-Tax):
  • Year 1: 7.07%
  • Year 2: 7.14%
  • Year 3: 7.19%
• Average Rate Base:
  • Year 1: $2,118 million
  • Year 2: $2,234 million
  • Year 3: $2,311 million
• Regulatory Mechanisms & Reconciliations:
  • Weather Normalization Adjustment continues for the heating season.
  • Continuation of standard fuel and purchased power cost pass-through.
  • Full reconciliation/deferral mechanisms for property taxes (subject to an annual 0.5% bill impact cap), pensions/OPEBs, variable-rate debt, and municipal infrastructure support costs.
  • Earnings sharing mechanism applies when annual ROE exceeds 10%.