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Concept
Consolidated Edison
Summary
Consolidated Edison, Inc., commonly known as Con Edison (stylized as conEdison) or ConEd, is one of the largest investor-owned energy companies in the United States, with approximately 62 billion in assets. The company provides a wide range of energy-related products and services to its customers through its subsidiaries:
Consolidated Edison Company of New York, Inc. (CECONY), a regulated utility providing electric and gas service in New York City and Westchester County, New York, and steam service in the borough of Manhattan;
Orange and Rockland Utilities, Inc., a regulated utility serving customers in a area in southeastern New York and northern New Jersey; and,
Con Edison Transmission, Inc., which invests in electric and natural gas transmission projects.
In 2015, electric revenues accounted for 70.35% of consolidated sales (70.55% in 2014); gas revenues 13.61% (14.96% in 2014); steam revenues 5.01% (4.86% in 2014); and non-utility revenues of 11.02% (9.63% in 2014).
In March 1823, Con Edison's earliest corporate predecessor, the New York Gas Light Company, was founded by a consortium of New York City investors. A year later, it was listed on the New York Stock Exchange (NYSE). Due to the Board of Aldermen's authority to grant franchises in the City of New York in the early to mid 1800s, interaction with Tammany Hall was required to expand business. By William M. Tweed's reign in the late 1860s as the boss of Tammany Hall, the power to authorize franchises lay with the County Board of Supervisors, of which Tweed had been a member. By 1871, Tweed was a member of the board of the Harlem Gas Light Company, a precursor to the Consolidated Edison Company. In 1884, six gas companies combined into the Consolidated Gas Company.
The New York Steam Company began providing service in lower Manhattan in 1882. Today, Con Edison operates the largest commercial steam system in the world, providing steam service to nearly 1,600 commercial and residential establishments in Manhattan from Battery Park to 96th Street.
Official source
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