Capex
← Earnings Calls
01
02
03
04 05 06
Tone
Capex
A1 A2 A3
ED
FY2025 Q2
Improving
Consolidated Edison, Inc. earnings call
Buzzberg read
Company targets $28B infrastructure investment through 2028
ConEd hosted its Clean Energy Future webinar, highlighting a robust $28B 5-year capex plan to modernize the grid for electrification and climate resiliency. Management emphasized rapid load growth from EVs, heat pumps, and large infrastructure projects like JFK and Penn Station, and outlined strategies for decarbonizing its gas and steam systems. Management outlined a $28B capex plan through 2028 across electric, gas, and steam, with $7.1B earmarked for 20-year resiliency investments.
Buzzberg read Company targets $28B infrastructure investment through 2028 ConEd hosted its Clean Energy Future webinar, highlighting a robust $28B 5-year capex plan to modernize the grid for electrification and climate resiliency. Management emphasized rapid load growth from EVs, heat pumps, and large infrastructure projects like JFK and Penn Station, and outlined strategies for decarbonizing its gas and steam systems. Management outlined a $28B capex plan through 2028 across electric, gas, and steam, with $7.1B earmarked for 20-year resiliency investments. Read full analysisCollapse analysis
ConEd hosted its Clean Energy Future webinar, highlighting a robust $28B 5-year capex plan to modernize the grid for electrification and climate resiliency. Management emphasized rapid load growth from EVs, heat pumps, and large infrastructure projects like JFK and Penn Station, and outlined strategies for decarbonizing its gas and steam systems. Management outlined a $28B capex plan through 2028 across electric, gas, and steam, with $7.1B earmarked for 20-year resiliency investments.
- Customer electrification is accelerating, with new electric service requests requiring over 25% more capacity than traditional, prompting faster substation builds.
- The company is doubling down on renewables interconnection, bidding on the NYC public policy transmission solicitation via New York Transco and supporting offshore wind.
- Steam system decarbonization is a core pillar, with $1.5B planned over the next decade, and Local Law 97 may classify it as a low-carbon energy source, preserving its role.
Revenue$3.595BReported
EPS$0.67Reported
Gross margin50.76%Reported
Operating margin9.87%Reported
6 grounded callouts
What matters now
The highest-signal changes from the call.
Demand
Electric peak demand expected to grow 50% by 2050
Reliability
Reliability cited as best-in-class
Show 3 more callouts
Regulatory
Proactive grid planning to accelerate electrification
Climate Risk
Higher sea level rise forecast drives $1.3B resiliency plan
Transition
Gas volumes expected to shrink, electric to grow
Reported period
Actuals
| Metric | Reported | Change |
|---|---|---|
| Revenue | $3.595B | Reported |
| EPS | $0.67 | Reported |
| Gross margin | 50.76% | Reported |
| Operating margin | 9.87% | Reported |
| Free cash flow | $0.713B | Reported |
| Capex | $1.266B | Reported |
Forward-looking
Forward guidance
| Metric | Period | Range | Midpoint | Status |
|---|---|---|---|---|
| Capex | FY2028 | $28B | $28B | Maintained |
AI, capex & demand read
Management read
Optimistic
Management expresses confidence in their ability to execute the clean energy transition, citing strong reliability, growing investments, and a vibrant economy, while acknowledging challenges.
Investment and capacity
Management forecasts $28 billion in infrastructure investment across three business units over 2024-2028, including $1.3 billion for grid resiliency over five years and $1.5 billion for steam decarbonization over the next decade. They plan to invest $5.9 billion annually by 2026 and target $2.8 billion from 2026-2030 for customer building decarbonization. Capital is directed at grid modernization,
all 1 named companies below
Companiesreturns since call
Partners
Partners
Kirk Andrews
ConEd Transmission and National Grid are partnering on a New Jersey transmission backbone, a sign of continued regional collaboration and potential capital deployment.
Evidence
“CET is also participating in regional solicitations aimed at the clean energy transition, recently joining with National Grid in a proposal to build a transmission Backbone in New Jersey”
External signals
Supply-chain alpha · 3returns since call
New York City's Local Law 97 classifies ConEd's steam as the lowest greenhouse gas-emitting energy source per unit, potentially preserving and even growing steam demand if successfully decarbonized.
Evidence
“Steam, under New York City's Local Law 97, is the lowest greenhouse gas-emitting energy source per unit of energy. We also aim to decarbonize steam production... Successful decarbonization could potentially increase the demand for this eff…”
ConEd is seeing new service requests for capacity over 25% larger than historical averages as customers electrify, accelerating the need for new substations and grid upgrades.
Evidence
“customers in our service area are seeking new electric services that are more than 25% the capacity we have traditionally seen as more of their end use energy transitions to electric.”
The New York ISO has postponed retirement of peaker plants and will allow them to run until the Champlain-Hudson Power Express (CHPE) transmission line goes into service in 2026.
Evidence
“The plants that fail to meet the Department of Environmental Conservation's emissions threshold will be allowed to run until the Champlain-Hudson Power Express transmission line goes into service, which is expected to be in 2026.”
Methodology & coverage
Management-only analysis. All 1 validated company mentions are shown. Reported actuals and forward guidance are kept separate. Public evidence is limited to eight short attributed quotes. AI-generated analysis can be incomplete or wrong; verify important claims against the original source.