Consolidated Edison beats profit estimates on strong power demand

Consolidated Edison

06/08/2026 22:41

Aug 6 (Reuters) - New York-based utility Consolidated Edison ED.N beat analysts' estimates for second-quarter profit on Thursday, helped by robust demand for power.
After hitting its second straight annual record high in 2025, U.S. power demand is set to climb further this year and in the next, according to the Energy Information Administration, as power-hungry data centers and electrification of homes, businesses and transportation drive consumption higher.
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The company expects to have 28 new substations in service by 2035, along with tens of billions of dollars in other capital investments.
Net income climbed to $308 million, or 83 cents per share, for the three months ended June 30, from $246 million, or 68 cents per share, a year earlier.
"We are investing to further strengthen reliability and system resilience, including preparing our network for periods of extreme heat," said CEO Tim Cawley.
Con Edison had said in July the cities of Yonkers, Mount Vernon, Rye and New Rochelle in Westchester County, which is north of New York City, experienced the greatest number of storm-related outages due to extreme heat waves.
Its quarterly adjusted profit per share of 83 cents beat analysts' average estimate of 75 cents, according to data compiled by LSEG.
Electric revenue rose 13% to $3.14 billion during the second quarter.
Total operating revenue rose to $4.07 billion, up from $3.59 billion a year earlier, driven primarily by higher gas and steam revenue.

 (Reporting by Katha Kalia in Bengaluru; Editing by Shilpi Majumdar)
 ((Katha.Kalia@thomsonreuters.com;))