Full Description

Consolidated Edison, Inc. (Con Edison), incorporated in 1997, is the holding company of Consolidated Edison Company of New York, Inc. (Con Edison of New York), and Orange and Rockland Utilities, Inc. (O&R), both of which are regulated utilities. Con Edison’s principal business segments are Con Edison of New York’s regulated electric, gas and steam utility segments, O&R’s regulated electric and gas utility segments and Con Edison’s competitive energy businesses. Con Edison of New York provides electric service in all of New York City (except part of Queens) and Westchester County, an approximately 660 square mile service area with a population of more than nine million. It also provides gas service in Manhattan, the Bronx and parts of Queens and Westchester, and steam service in parts of Manhattan. O&R, along with its wholly owned utility subsidiaries, Rockland Electric Company (RECO) and Pike County Light & Power Company (Pike), provide electric service in southeastern New York and in adjacent areas of northern New Jersey and eastern Pennsylvania, an approximately 1,350 square mile service area.

Consolidated Edison Company of New York, Inc.

Con Edison of New York’s principal business segments are its regulated electric, gas and steam businesses. During the year ended December 31, 2008, electric, gas and steam operating revenues were 75%, 18% and 7%, respectively, of its operating revenues. During 2008, 42% of the electricity delivered by Con Edison of New York in its service area was sold by the company to its full-service customers, 37% was sold by other suppliers, including Con Edison Solutions, a competitive energy business of Con Edison, to Con Edison of New York’s customers under its electric retail access program, and the balance was delivered to the state and municipal customers of the New York Power Authority (NYPA) and the economic development customers of municipal electric agencies.

Con Edison of New York’s electric generating facilities consist of plants located in New York City with an aggregate capacity of 710 megawatts. As of December 31, 2008, Con Edison of New York owned or jointly owned 438 circuit miles of overhead lines operating at 138, 230, 345 and 500 kilovolts and 729 circuit miles of underground cables operating at 69, 138 and 345 kilovolts. The Company’s 38 transmission substations are supplied by circuits operated at 69 kilovolts and above. The Company’s transmission facilities are located in New York City and Westchester, Orange, Rockland, Putnam and Dutchess counties in New York State. Con Edison of New York has transmission interconnections with Niagara Mohawk, Central Hudson Gas & Electric Corporation, O&R, New York State Electric and Gas Corporation, Connecticut Light and Power Company, Long Island Power Authority, NYPA and Public Service Electric and Gas Company.

Con Edison of New York owns 60 area distribution substations and various distribution facilities located throughout New York City and Westchester County. As of December 31, 2008, the Company’s distribution system had a transformer capacity of 28,345 megavolt ampere, with 36,648 miles of overhead distribution lines and 94,929 miles of underground distribution lines. Natural gas is delivered by pipeline to Con Edison of New York at various points in its service territory, and is distributed to customers by the company through an estimated 4,322 miles of mains and 383,862 service lines. The company owns a natural gas liquefaction facility and storage tank at its Astoria property in Queens, New York. Con Edison of New York generates steam at one steam/electric generating station and five steam-only generating stations and distributes steam to its customers through approximately 105 miles of transmission, distribution, and service piping. Con Edison of New York also has an energy sales agreement for steam and electricity with Brooklyn Navy Yard Cogeneration Partners.

Orange and Rockland Utilities, Inc.

O&R and its utility subsidiaries, RECO and Pike, own, in whole or in part, transmission and distribution facilities, which include 554 circuit miles of transmission lines, 13 transmission substations, 61 distribution substations, 101,372 in-service line transformers, 3,675 pole miles of overhead distribution lines and 1,634 miles of underground distribution lines. O&R and Pike own their gas distribution systems, which include 1,735 miles of mains. In addition, O&R owns and maintains a gas transmission system, which includes 77 miles of mains. O&R’s principal business segments are its regulated electric and gas utility businesses. During 2008, electric and gas operating revenues were 74% and 26%, respectively, of its operating revenues.

Competitive Energy Businesses

Con Edison pursues competitive energy opportunities through three wholly owned subsidiaries: Consolidated Edison Development, Inc. (Con Edison Development), Consolidated Edison Energy, Inc. (Con Edison Energy) and Consolidated Edison Solutions, Inc. (Con Edison Solutions). Con Edison Development participates in infrastructure projects. During 2008, Con Edison Development and its subsidiary, CED/SCS Newington, LLC, completed the sale of their ownership interests in power generating projects with an aggregate capacity of approximately 1,706 megawatts.

Con Edison Energy supplies electricity to wholesale customers, procures electricity for Con Edison Solutions, and offers plant optimization services to generation facilities in the northeastern United States. Con Edison Solutions primarily sells electricity to industrial and commercial customers, and also to residential customers in the northeastern United States. As of December 31, 2008, it served approximately 54,000 customers, not including approximately 173,000 served under two aggregation agreements in Massachusetts. Con Edison Solutions sold 10.7 million megawatts hour of electricity, during 2008. Con Edison Solutions also provides services to government and commercial customers. The services include the design and installation of lighting retrofits, heating, ventilating and air conditioning equipment, and other energy saving technologies.