Con Edison Sees 25% Net Income Surge on Higher Utility Rates

Consolidated Edison, the New York-based utility company, reported a 25% increase in second-quarter net income to $308 million. The improvement was driven by higher electric and gas rate bases at its main subsidiary, Consolidated Edison Company of New York (CECONY). CECONY provides electricity to New York City and Westchester County as well as natural gas and steam services in parts of its territory.

The company's earnings per share rose to $0.83 from $0.68 a year earlier. Adjusted earnings were also higher, at $308 million or $0.83 per share, compared with $240 million or $0.67 per share the previous year. The main contributor to the year-over-year improvement was CECONY, which added $74 million to quarterly net income.

The growth in earnings was partly offset by declines at the parent and transmission businesses, leaving Consolidated Edison's reported quarterly net income $62 million above the year-earlier period. The company attributed the results to regulated infrastructure investment, which provides a stable source of revenue.