Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Nyse  >  Consolidated Edison, Inc.    ED

CONSOLIDATED EDISON, INC.

(ED)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

CONSOLIDATED EDISON INC : Other Events (form 8-K)

share with twitter share with LinkedIn share with facebook
08/24/2020 | 05:40pm EDT

Item 8.01 OTHER EVENTS.

Con Edison's utility subsidiaries, CECONY and Orange and Rockland Utilities, Inc. ("O&R" and together with CECONY, the "Utilities"), have restored electric service to all of their customers whose service was interrupted by Tropical Storm Isaias. CECONY and O&R estimate, on a preliminary basis, their incremental response and restoration costs for Tropical Storm Isaias to be up to $115 million and $35 million, respectively, a majority of which are operating costs. The Utilities' electric rate plans provide for recovery of operating costs and capital expenditures under different provisions. The Utilities' incremental operating costs attributable to storms are to be deferred for recovery as a regulatory asset under their electric rate plans, while capital expenditures, up to specified levels, are reflected in rates under their electric rate plans.

On August 19, 2020, the New York State Department of Public Service ("NYDPS") issued to each of CECONY and O&R a Notice of Apparent Violations Related to Tropical Storm Isaias. The notices, among other things, assert that, based on its initial investigations, the Utilities are in apparent violation of the New York State Public Service Law for allegedly failing to follow the requirements of their emergency response plans and assert that the New York State Public Service Commission ("NYSPSC") may seek to commence administrative penalty proceedings against the Utilities. The Utilities are unable to estimate the amount of any potential penalty at this time. The notices also provide for several corrective actions that the Utilities must implement immediately, and the Utilities are in the process of implementing such actions. The notices further assert that: the NYSPSC is authorized to revoke or modify utility certificates to operate based on findings of repeated violations that demonstrate a failure of a utility corporation to continue to provide safe and adequate service; the NYSPSC has on other occasions deemed the Utilities' response to a major storm event to be inadequate; and the NYDPS intends to specifically determine as part of its ongoing investigations whether the Utilities' alleged violations warrant revocation of their certificates to operate.

The information in this Current Report on Form 8-K includes forward-looking statements. Forward-looking statements reflect information available and assumptions at the time the statements are made, and accordingly speak only as of that time. Actual results or developments might differ materially from those included in the forward-looking statements because of various factors including, but not limited to, those identified in reports Con Edison and CECONY have filed with the Securities and Exchange Commission.

                                       3

--------------------------------------------------------------------------------

© Edgar Online, source Glimpses


share with twitter share with LinkedIn share with facebook
All news about CONSOLIDATED EDISON, INC.
04:08pSCOTT+SCOTT ATTORNEYS AT LAW LLP : Continues to Investigate Consolidated Edison,..
PR
10/22CONSOLIDATED EDISON : Con Edison Declares Common Stock Dividend
PR
10/21CONSOLIDATED EDISON : Con Edison To Report 3rd Quarter 2020 Earnings On November..
PR
09/28CONSOLIDATED EDISON : Con Edison Providing Smart Gas Detectors In Major Breakthr..
PU
09/28CONSOLIDATED EDISON : Con Edison Providing Smart Gas Detectors In Major Breakthr..
PR
09/23Mountain Valley seeks U.S. OK to restart work on WV-VA natgas pipe
RE
09/21WALL STREET STOCK EXCHANGE : Wall Street-Backed Exchange Launches as Rival to NY..
DJ
09/17CONSOLIDATED EDISON : CEO to Retire
DJ
09/17CONSOLIDATED EDISON : Con Edison Names Timothy Cawley Chief Executive Officer; C..
PR
09/17CONSOLIDATED EDISON INC : Change in Directors or Principal Officers, Financial S..
AQ
More news