Risk Sleuth
ED · 10-K filed 19 Feb 2026 · year to 31 Dec 2025

Consolidated Edison

36 named things its latest annual report says its results depend on, each in the company's own words. 17 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Data centers

earns from · approximately 4.1 percent
As of January 2026, the company forecasts an average annual increase in hourly electric peak demand in its service area at design conditions over the next five years to be approximately 4.1 percent primarily due to anticipated load growth from commercial customers, including data centers, and electric vehicles, offset in part by energy efficiency programs.Business (Item 1)

Also named by AESI, AGX, BKR, BSM, CBRE, CEG, CMI, CNP and 26 more

New York Power Authority (NYPA)

earns from · $889
In addition, the company delivers electricity to state and municipal customers of the NYPA.Business (Item 1)

Also named by AA

Suppliers

Interstate natural gas pipelines

depends on · approximately $580.3 million in 2025named as a risk
During such extreme cold weather, the Utilities could face supply interruptions or operating issues (e.g., compressor failures, low pressures) on the interstate natural gas pipelines that they rely upon to deliver gas to their customers.Risk factors (Item 1A)

Also named by ATO, DUK, WEC

Brooklyn Navy Yard Cogeneration Partners L.P.

depends on · 18 percent
40 percent of the steam produced by CECONY in 2025 was supplied by the company’s steam-only generating assets; 42 percent was produced by the company’s steam-electric generating assets, where steam and electricity are primarily cogenerated; and 18 percent was purchased under an agreement with Brooklyn Navy Yard Cogeneration Partners L.P.Business (Item 1)

Partners and platforms

New York Transco

45.7%
The following table presents Con Edison Transmission’s ownership interests in New York Transco’s electric transmission projects.Business (Item 1)

New York Independent System Operator (NYISO)

depends onnamed as a risk
Most of the electricity sold by CECONY to its full-service customers in 2025 was purchased through the wholesale electricity market administered by the NYISO.Business (Item 1)

PJM Interconnection

operates in
O&R’s transmission system is part of the NYISO system except that portions of RECO’s system are located within the transmission area controlled by PJM.Business (Item 1)

Also named by AEP, CEG, D, DUK, EXC, FE, NRG, PBF and 5 more

Other companies

Empire Wind 1

810 MWnamed as a risk
In December 2025, the United States Department of the Interior issued stop work orders to a number of awarded offshore wind projects, including Sunrise Wind and Empire Wind 1, citing national security risks.Business (Item 1)

Propel NY Energy

$2,200 million
New York Transco’s share of the estimated cost of the Propel NY Energy project is $2,200 million, excluding interconnection costs and the cost of projects expected to be built by local transmission owners, including CECONY.Business (Item 1)

Mountain Valley Pipeline, LLC (MVP)

$357.5 million
In January 2026, Con Edison Transmission completed the sale of approximately 40 percent of its approximately 6.6 percent interest in Mountain Valley Pipeline, LLC (MVP) to one of the founding members of MVP and expects to complete the sale of its remaining interest in MVP to another founding member during the first half of 2026 for total aggregate consideration of $357.5 million, subject to certain closing adjustments.Business (Item 1)

Honeoye

depends on · approximately 1.2 Bcf
The company has a contract for approximately 1.2 Bcf of additional natural gas storage capacity at a field in upstate New York, owned and operated by Honeoye, a corporation 71.2 percent owned by Con Edison Transmission and 28.8 percent owned by CECONY.Business (Item 1)

Places

Gowanus Canal Superfund Site

over $1,000 millionnamed as a risk
CECONY is unable to estimate its total exposure to liability for the Gowanus Canal Superfund Site.Business (Item 1)

Newtown Creek Superfund Site

approximately $250 millionnamed as a risk
CECONY is unable to estimate its exposure to liability for the Newtown Creek site.Business (Item 1)

CECONY manufactured gas plant sites

$645 million to $2,550 millionnamed as a risk
The company estimates that its undiscounted potential liability for the completion of the site investigation and cleanup of the known contamination on MGP sites (other than the Astoria site, which is discussed below) could range from $645 million to $2,550 million.Business (Item 1)

Astoria site, Queens

$291 million to $962 millionnamed as a risk
The company estimates that its undiscounted potential liability for the completion of the site investigation and cleanup of the known contamination on the property could range from $291 million to $962 million.Business (Item 1)

O&R manufactured gas plant sites

$98 million to $160 millionnamed as a risk
The company estimates that its undiscounted potential liability for the completion of the site investigation and cleanup of the known contamination on MGP sites could range from $98 million to $160 million.Business (Item 1)

New York City electric reliability need

125 MW beginning in 2032 and increasing to 750 MW by 2036named as a risk
In January 2026, pursuant to the NYSPSC order, CECONY filed its updated projection of reliability needs in New York City of 125 MW beginning in 2032 and increasing to 750 MW by 2036.Business (Item 1)

New York City

concentrated in · approximately 3.7 million customers
CECONY provides electric service to approximately 3.7 million customers in all of New York City (except a part of Queens) and most of Westchester County, an approximately 660 square mile service area with a population of more than nine million.Business (Item 1)

Also named by ABNB, COMP, EVR, MCO, MS, PWR, RITM, ROST and 1 more

Hazards

Extreme cold weather

named as a risk
Such disruptions to the interstate natural gas system could, in turn, result in unprecedented large-scale gas outages within the Utilities’ service territories.Risk factors (Item 1A)

Also named by ATO

Coastal storms and flooding

operates innamed as a risk
Past major weather events such as Superstorm Sandy in 2012 and Tropical Storm Isaias in 2020 caused large power outages in the Utilities’ territories and resulted in the Utilities incurring substantial response and restoration costs.Business (Item 1)

Commodities and inputs

Natural gas

exposed to its pricenamed as a risk
Although the Utilities’ rate plans provide for recovery of purchased power costs, increases in electric and gas commodity prices may contribute to a slower recovery of cash from outstanding customer accounts receivable balances.Risk factors (Item 1A)

Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more

Transformers

depends onnamed as a risk
Such disruptions and shortages have resulted in increased prices and lead times for critical orders of materials and equipment needed by the Companies in their operations, such as certain raw materials, microprocessors, semiconductors, microchips, vehicles and transformers.Risk factors (Item 1A)

Also named by BKH, CNP

Regulators

Federal Energy Regulatory Commission (FERC)

subject tonamed as a risk
The FERC has the authority to impose penalties on the Utilities and the projects that Con Edison Transmission invests in, which could be substantial, for violations of the Federal Power Act, the Natural Gas Act or related rules, including reliability and cybersecurity rules.Risk factors (Item 1A)

Also named by AA, AEE, AEP, AM, AMRC, AR, ARES, ATO and 62 more

New York State Public Service Commission (NYSPSC)

subject tonamed as a risk
The Utilities are subject to regulation by the NYSPSC, that under the New York Public Service Law, is authorized to set the terms of service and the rates the Utilities charge for providing service in New York.Business (Item 1)

Also named by NFG

New York State Department of Environmental Conservation (NYSDEC)

subject tonamed as a risk
The NYSDEC is requiring CECONY to investigate, and if necessary, develop and implement remediation programs for the sites, including any neighboring areas to which contamination may have migrated.Business (Item 1)

Also named by NFG

New Jersey Board of Public Utilities (NJBPU)

subject to
O&R’s New Jersey subsidiary, RECO, is subject to regulation by the New Jersey Board of Public Utilities (NJBPU).Business (Item 1)

Also named by EXC, FE, PEG

Laws and programs

NYSPSC dividend restriction

subject to · not more than 100 percentnamed as a risk
The dividends that the Utilities may pay to Con Edison are limited by the NYSPSC to not more than 100 percent of their respective income available for dividends calculated on a two-year rolling average basis, with certain exceptions.Risk factors (Item 1A)

Energy Affordability Program (EAP)

subject to · from 2 percent to 3 percent of each New York utility's total annual revenue
The order establishes three additional benefit tiers in a new Enhanced EAP (EEAP) alongside the current EAP and increases the total budget for these programs from 2 percent to 3 percent of each New York utility's total annual revenue, with 0.5 percent set aside for the three new EEAP.Business (Item 1)

U.S. import tariffs

exposed to its pricenamed as a risk
If the tariffs remain in place, the cost of materials is anticipated to continue to increase and also may lead to supply chain disruptions.Business (Item 1)

Also named by AOS, APLD, BJ, BMI, CAVA, CVLG, CVS, DKS and 18 more

Superfund (CERCLA)

subject tonamed as a risk
Liability under these laws can be material and may be imposed for contamination from past acts, even though such past acts may have been lawful at the time they occurred.Business (Item 1)

Also named by ABBV, ABT, AMD, CRS, FLS, IR, KVUE, MO and 4 more

New York Climate Change Superfund Act

subject tonamed as a risk
Although the Utilities are not a responsible party under this definition, they may be subject to other requirements under the Act.Business (Item 1)

Also named by NFG

Climate Leadership and Community Protection Act (CLCPA)

subject tonamed as a risk
CECONY may also be impacted by environmental regulations regarding emissions reductions such as New York’s CLCPA and New York City’s Climate Mobilization Act and compliance with such regulations is expected to require significant capital expenditures.Risk factors (Item 1A)

New York City Climate Mobilization Act

subject tonamed as a risk
The Companies expect distributed energy resources and electric alternatives to gas and steam to increase, and for gas and steam usage to decrease, as the CLCPA and the Climate Mobilization Act continue to be implemented.Risk factors (Item 1A)

Regional Greenhouse Gas Initiative (RGGI)

subject to
CECONY is subject to carbon dioxide emissions regulations established by New York State under the Regional Greenhouse Gas Initiative (RGGI) due to its ownership of electric generation assets.Business (Item 1)

Also named by EQT, RRC, VST

EPA Transport Rule (Cross-State Air Pollution Rule)

subject to
The revised Transport Rule reduced the number of allowances allocated to CECONY and required the company to purchase allowances to offset the decreased allocation.Business (Item 1)

Technology

Distributed generation (solar)

competes with · 785named as a risk
DG includes solar energy production facilities, fuel cells, and micro-turbines, and provides an alternative source of electricity for the Utilities’ electric delivery customers.Business (Item 1)

Also named by XEL