Dive Brief:
- Consolidated Edison reported 2014 net income for common stock of $1.09 billion, or $3.73/share, compared with $3.62 a share in 2013.
- In the fourth quarter net income for common stock was $81 million or 28 cents per share compared with $234 million in the fourth quarter of 2013.
- Mark-to-market impacts at ConEd's competitive energy businesses lowered returns in the fourth quarter. The company said in its earnings call that it plans to invest nearly $3 billion in its regulated utilities this year.
Dive Insight:
ConEd said its earnings from ongoing operations in the fourth quarter of 2014, which exclude the effects of lease in/lease out transactions and net mark-to-market effects, were $171 million or 58 cents per share.
"We are preparing our energy grid to adopt many new technologies and new ways of delivering power, including more customer-sited generation resources," said John McAvoy, chairman and CEO of Con Edison. "This effort reinforces our commitment to the environment with our business operations, promoting renewable resources, oil-to-gas conversions, and new energy efficiency solutions for homes and businesses."
ConEd expects its earnings from ongoing operations this year will be in the range of $3.80 to $4 per share, reflecting capital investments of $2.9 billion, "substantially all of which will be spent at the company's regulated utilities," the company said.
ConEd said it expects to meet its 2015 capital requirements, including for maturing securities, through internally-generated funds and the issuance of between $1 billion and $1.5 billion of long-term debt. The company does not expect to need to issue common equity in 2015 other than through its dividend reinvestment, employee stock purchase and long term incentive plans.
