Investing in Our Future—And Yours

Strengthening New York’s energy infrastructure to meet the increased demand for electrification.

For over 200 years, Con Edison has operated what is arguably the safest and most reliable grid in the nation. That makes us uniquely capable of delivering a smooth transition to clean electricity while also ensuring customers can continue to trust the reliable service we’ve provided for two centuries.

Con Edison is a key partner in achieving New York’s ambitious climate goals and we’re taking action that will help make the power we use, and the air we breathe, cleaner.

Making critical investments that support a smooth transition away from fossil fuels.

To deliver clean energy to millions of customers, we must think bigger about how we design, plan, and operate our system. Preparing New York for the coming surge in renewable energy is a marathon, not a sprint, requiring resources, innovation, and political will.

But none of this work comes at the expense of safety or reliability for our customers, which is always our top priority.

Building a more resilient grid protects New Yorkers from the impacts of climate change.

This will not happen overnight—but Con Edison is committed to doing our part to move our state into the future.

And we can’t do it alone. Our customers—individual families and businesses—are critical to our ability to achieve the state’s clean energy goals. That’s why we offer incentives and rebates for the adoption of clean energy technologies, because we want our customers to be a part of the transition.

Our Investment Plan

Con Edison agrees with our customers and elected leaders that the clean energy transition is critical for New York’s future. But historically, New York has only built energy infrastructure to serve immediate customer needs, rather than reimagining energy for the future.

That’s why, in 2023, and after extensive engagement and negotiation with the New York State Department of Public Service Staff, Con Edison submitted a Joint Proposal to the Public Service Commission (PSC) requesting new electric and gas rates to advance the state’s clean energy goals while also enabling the continuation of safe and reliable service.

The Joint Proposal was supported fully or in part by New York City and several other parties, including the MTA, New York Power Authority, NYS Department of Public Service staff, Consumer Power Advocates, Natural Resources Defense Council, and New York Energy Consumers Council.

The rate case will support critical investments in New York’s transition away from fossil fuels and further improve reliability by helping meet the increased demand for electrification in our homes, businesses, and vehicles.

With a record of delivering on-time, on-budget infrastructure investments, and reliable power to millions of customers, Con Edison will usher in a clean energy future equitably and efficiently so every New Yorker can share in the benefits of a more sustainable grid.

Investing in the Communities We Serve

The investment plan will fund initiatives that will reduce emissions, promote resiliency, and continue improving the company’s nation-leading reliability, particularly in disadvantaged communities. These projects include:

• The Crown Heights Network Split, which will ensure reliable service and promote electrification in the Crown Heights neighborhood of Brooklyn.
• The Williamsburg Network Improvement project, which will enable the electrification of transportation and heating in the Williamsburg neighborhood of Brooklyn.
• The Parkview TR5 and Feeder 38M85 project, which will facilitate the MTA’s 2nd Avenue subway expansion and promote electrification in the Mott Haven neighborhood of the Bronx.
• The new Gateway Park Area Substation in East New York, which will support electrification and the delivery of offshore wind energy to local disadvantaged communities.

The Joint Proposal puts forth an investment plan that will advance the state’s clean energy goals while also enabling the continuation of safe and reliable service.

The investment plan in the Joint Proposal includes funding for a range of infrastructure projects across New York City and Westchester that will enable homes and businesses to switch to clean energy alternatives:

• $800 million for Reliable Clean City Projects that will help build new electrical transmission lines, deliver substantial renewable energy and facilitate the retirement of fossil-fuel powered plants;
• Over $900 million in storm hardening and resiliency projects;
• $300 million in energy efficiency and clean heat funding, and;
• More than $20 million in energy storage projects.

Investing to Keep Energy Affordable

The investments we are making through the joint proposal are critical to meeting the state’s ambitious clean energy goals and preparing every community for a clean energy future. But we’re also committed to keeping bills affordable, especially for our most vulnerable customers, and Con Edison provides a variety of programs to support customers, including:

• Primary Feeder Reliability Program, which will enhance electric reliability and resilience in disadvantaged communities;
• Selective Undergrounding Pilot, which will enhance electric resilience, including in disadvantaged communities, and;
• Glendale Substation Storage Project, which will support the distribution system serving a disadvantaged community

The Joint Proposal also continues the company’s commitment to providing rate relief to low-income customers enrolled in the Energy Affordability Program by targeting an electric discount program cost of $166.3 million per year and $35.8 million per year for the gas program.

Investing in Transparency

The Joint Proposal requires reporting on our programs and electric outage data in disadvantaged communities that goes well beyond existing requirements. This will be valuable information as New York’s climate law is implemented.