Consolidated Edison, Inc.(NYSE: ED) in the fourth quarter 2016 ended 31st December has reported the adjusted earnings per share of 69 cents, but the adjusted earnings excludes the effects of a gain on the sale of Con Edison Clean Energy Businesses, Inc.’s (CEBs’) retail electric supply business, the goodwill impairment related to the CEBs’ energy service business, the impairment of assets held for sale in 2015 and the net mark-to-market effects of the CEBs.
Additionally, Consolidated Edison recently approved three-year rate plans for Consolidated Edison Company of New York, Inc.’s electric and gas delivery businesses include implementation of the five-year smart meter installation program for electric and gas customers, and significantly accelerates natural gas main replacement. The plans also provide for an energy future that increases customer options for energy savings, incorporates solar and renewable energy, and further expands the vigorous energy efficiency programs.
Meanwhile, Consolidated Edison has reached a $153.3 million settlement with New York State stemming from a 2014 natural gas explosion in the East Harlem section of Manhattan that killed eight people. The settlement included a $25.1 million fund to benefit gas customers, and covers costs to fix gas pipes, improve responses to leaks, compensate residents and businesses injured by the explosion, and improve education. The explosion was caused by a faulty connection between two Con Edison gas pipes, as well as a hole in a nearby sewer line that New York City had known about for at least eight years. The 2014 blast and resulting fire had destroyed two five-story buildings on Park Avenue, between East 116th Street and East 117th Street, across from the elevated Metro-North tracks. Moreover, more than 50 people had suffered injuries from the blast, which also displaced more than 100 families and several businesses. However, ED did not admit to violating any law, or that its activities caused or contributed to the explosion.
On the other hand, Consolidated Edison has created a new holding company, Con Edison Clean Energy Businesses, Inc., by combining three of its existing energy corporations, Con Edison Solutions, Con Edison Development and Con Edison Energy.
Consolidated Edison stock fell over 2.2% on February 17th, 2017 (as of 10:36AM EST; Source: Google finance)