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

CONSOLIDATED EDISON, INC.

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Tropical Storm Isaias Knocks Out Power for Over a Million Homes in New York, New Jersey Region -- 3rd Update

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08/04/2020 | 06:25pm EDT

By Akane Otani

A man was killed by a falling tree branch in New York City and more than two million households in New York, New Jersey and Connecticut were left without power on Tuesday as Tropical Storm Isaias barreled through the region.

Isaias unleashed torrential rain and powerful winds, knocking down power lines and trees, and disrupting transit service. Multiple tornadoes swept through the region, including in Cape May County and Ocean County in New Jersey, according to spotters for the National Weather Service.

In Queens, a 60-year-old man sitting in the passenger seat of a car was killed at around 1:04 p.m. when a branch fell and struck the vehicle, New York Police Department officials said. No other storm-related injuries had been reported as of Tuesday afternoon, city officials said, but the city's 911 system was experiencing heavy call volume.

The city received more than 11,400 reports of downed trees and hanging limbs and branches, although some of those reports might have been about the same tree condition, according to a spokesman for the city's Department of Parks & Recreation.

Around 1.4 million households in New Jersey, 578,000 households in New York and 395,000 households in Connecticut were without power, according to estimates provided by utilities for those states.

Most of the utilities were unable to provide estimates for when power would be restored. Consolidated Edison Inc., which provides electricity to New York City, said it was assessing damage from the storm.

By late Tuesday afternoon, the brunt of the storm had moved past the New York City metropolitan area, according to the National Hurricane Center.

Mr. de Blasio said emergency management workers would continue to monitor for possible flooding Tuesday evening.

"I think the important thing is for people to be vigilant," he said in an television interview with NY1. "If you're in an area that's prone to flooding, obviously, we've got to be really careful about that."

New Jersey Gov. Phil Murphy, who declared a state of emergency late Monday and urged state residents to stay off the roads and at home, said Tuesday that his office was in close contact with utilities throughout the state.

"Some of these outages may last for a few days due to the severity of the storm. We are working closely with the utilities to restore power as quickly and safely as possible," Mr. Murphy said on Twitter.

New York City workers spent Monday preparing for the storm, laying sand bags and "tiger dams" -- flood barriers filled with water -- around a mile-long stretch of lower Manhattan that experts believed was particularly susceptible to flooding. Tuesday's storm marked the first time the city deployed the dams, which cost approximately $446,000 to set up, according to a spokeswoman for the city's Emergency Management agency.

After making landfall in North Carolina late Monday as a Category 1 hurricane, Isaias generated multiple tornadoes in the state and in Virginia, causing at least one death and a number of injuries. While Isaias has since been downgraded to a tropical storm, officials warned that residents in New York, New Jersey and Connecticut should be on alert for potentially dangerous conditions.

New York City officials prohibited swimming at beaches on Tuesday, citing forecasts from the National Weather Service that ocean swells could be as high as 10 feet.

"While surfing will still be allowed, lifeguards will not be on duty, and we strongly urge all New Yorkers not to risk their lives by ignoring this directive," Mitchell J. Silver, commissioner of the city's Department of Parks & Recreation, said in a statement.

Staff at city-owned marinas also checked on water pumps and generators ahead of the storm. The facilities will have staff on site 24/7 during the storm, said Nate Grove, chief of waterfront and marine operations at the parks department.

Several tourist attractions and businesses announced on social media and online that they were closed for the day, including the Statue of Liberty National Monument and the 9/11 Memorial & Museum. The New York Yankees, which had been scheduled to face off against the Philadelphia Phillies Tuesday evening at Yankee Stadium, postponed their game.

New York City's subway system said it was suspending most outdoor service and primarily running underground-only train lines until the storm passed because of trees falling on train tracks in Brooklyn, Queens and the Bronx. New York City's ferry service and the tram connecting Manhattan and Roosevelt Island were suspended as of noon, while Metro-North Railroad suspended service on its Hudson, Harlem and New Haven lines. NJ Transit suspended all rail service, citing overhead wire and signal issues.

Isaias is the second tropical storm to sweep through New York this summer. Last month, Tropical Storm Fay hit the city, causing minor flooding in some subway stations and power outages.

Ben Chapman and Katie Honan contributed to this article.

Write to Akane Otani at akane.otani@wsj.com

 


Stocks mentioned in the article
ChangeLast1st jan.
CONSOLIDATED EDISON, INC. -3.48% 80.16 Delayed Quote.-11.40%
SILVER -0.34% 23.36 Delayed Quote.36.36%
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Financials (USD)
Sales 2020 12 848 M - -
Net income 2020 1 339 M - -
Net Debt 2020 22 208 M - -
P/E ratio 2020 19,8x
Yield 2020 3,82%
Capitalization 26 813 M 26 813 M -
EV / Sales 2020 3,82x
EV / Sales 2021 3,76x
Nbr of Employees 14 890
Free-Float 93,4%
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Technical analysis trends CONSOLIDATED EDISON, INC.
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TrendsBullishBullishNeutral
Income Statement Evolution
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Mean consensus UNDERPERFORM
Number of Analysts 18
Average target price 77,94 $
Last Close Price 80,16 $
Spread / Highest target 3,54%
Spread / Average Target -2,77%
Spread / Lowest Target -10,2%
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Managers
NameTitle
John J. McAvoy Executive Chairman, President & CEO
Robert N. Hoglund Chief Financial Officer & Senior Vice President
Ellen Victoria Futter Director
George Campbell Independent Director
L. Frederick Sutherland Independent Director
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