Consolidated Edison : 2022 Annual Report for Consolidated Edison, Inc.

2022

Annual Report

Con Edison Annual Report 2022

2025

2030

2035

New York's Clean Energy Vision

NYS: 6 GW of private solar

NYC: 500 MW of energy storage

NYS: 40% reduction in greenhouse gas emissions

(from 1990 levels)

NYS: 70% of electricity from renewable generation

NYS: 3 GW of energy storage

NYS: 10 GW of private solar

NYS: 9 GW offshore wind

NYC: City-ownedvehicles to be electric models

(passenger and light, medium and non-emergency vehicles)

2040 2050

NYS: All new passenger vehicles and trucks sold in New York will be zero-emissions models

NYS: 100% zero-emissionselectricity

NYS: 85% reduction in greenhouse gas emissions

(from 1990 levels)

Timothy P. Cawley

Chairman, President, and

Chief Executive Officer

Dear Fellow Shareholders,

Clean energy for everyone, now and for generations to come. Our company made strong progress on realizing that vision in 2022.

With New York's ambitious climate goals in mind, Con Edison has built on our foundational work of safety, operational excellence, and providing the best possible experience for customers as we shift toward a greener future. Collectively, these efforts yielded excellent results in 2022, positioning us for more growth in 2023 and the years ahead.

For our customers, we continue to safely deliver world-class reliability. Our company, now celebrating 200 years in business, powers the lives and livelihoods of 10 million people. We keep New York City and the surrounding areas' leading cultural, financial, and transportation hubs running. In 2022, we made it easier for our customers to use energy more efficiently, drive electric vehicles, and switch to electric heating.

For our employees, we continue to prioritize safety while investing in the growth and development of our teams. We are supporting and expanding our diversity, equity, and inclusion efforts to build a workforce that reflects our region. Our impressive people constantly innovate to improve everything we do.

And for you, our shareholders, we continue to provide value through steady and adept management. Proceeds from the sale of our Clean Energy Businesses strengthen our balance sheet and allow us to focus more sharply on delivering service and value through our core utility businesses going forward. Our 49-year record of dividend increases is a testament to our success. You're seeing an 8-cent increase over 2022, to $3.24 per share.

I remain tremendously proud of our work to lead the clean energy transition, and am confident we will continue creating a safer, cleaner, more resilient future for the communities we serve.

8-cent dividend increase over 2022 to $3.24 per share

Con Edison Annual Report 2022

Investing in Clean Energy and Reliability

2023 - 2025 Forecasted Capital Investment: $14.6 billion

Green	$3.5	$11.1	Safety &
Projects	Billion	Billion	Reliability

The Most Reliable Service in the U.S.

Customer Interruption Rate 2021

1200

1000

800

600

400

200

0

Customers Interrupted per 1,000 Customers Served

1080

961

			139
	National	New York	Con Edison of
		without	New York
		Con Edison of
		New York

Sources: PA Consulting, the New York State Public Service Commission's Annual Electric Reliability Report

CREATE THE CLEAN ENERGY FUTURE

Our Clean Energy Commitment is our way forward. To meet the ambitious and necessary climate goals in New York State and New York City, urgency must underpin everything we do. Our work is expansive, from energy efficiency programs to the electrification of buildings and homes to electric vehicle charging infrastructure. We are working to ensure green energy can meet the needs of our diverse service territory in the timeframe required to impact the effects of climate change.

Build the Grid of the Future.

By 2030, we'll invest more than $3 billion in infrastructure to make our systems more resilient against extreme weather and to build transmission to move renewable resources from where they are generated to where they are needed.

Con Edison's grid of the future will need to accommodate additional electric demand to support more electric vehicles on the road year-round, and peak energy use in the winter once electric heating is more common. We're investing nearly $800 million in transmission infrastructure to deliver renewable energy from solar plants and wind farms to our customers. Another $1 billion project will establish an interconnection point so clean offshore wind power reaches the heart of the city. In Orange County, we've already brought online a new, modern $38 million electric substation to improve reliability and better integrate clean, renewable energy.

Invest $3 billion by 2030 in our systems

Ensuring clean energy can be dispatched when needed will be critical to the reliability of our grid going forward, and battery storage will become an essential component of our systems. Con Edison is planning to deliver 1,000 MW of energy storage by 2030. Our expertise in delivering renewable energy reliably and efficiently positions us to own and operate large-scale renewable generation, which will help bring more renewables to market more efficiently for customers. That's why we're making the case to the state to allow us to do so.

Simultaneously, Con Edison Transmission is growing our electric transmission business. We are in the final phase of a transmission project that will bring an additional 2,100 MW of energy from upstate New York to downstate, including more renewable generation. We also have a proposal to bring offshore wind power from the south shore of Long Island to New York City and more northern areas of the state. Con Edison Transmission continues to seek transmission opportunities that bring renewables from production areas to customers across the country.

To maintain our standout reliability, we'll continue to prioritize the resiliency of our systems. In the face of ever-more extreme weather, we reassess our processes

Deliver 1,000 MW of energy storage by 2030

Con Edison Annual Report 2022