Key Stats
Founded: March 23, 1823 (as New York Gas Light Company)
Headquarters: 4 Irving Place, New York, NY
CEO: Timothy P. Cawley (since 2021)
Employees: Approximately 15,000
NYSE Ticker Symbol: ED
Consolidated Edison ranks among the largest investor-owned energy companies in the United States. The company delivers electricity to approximately 3.7 million customers in New York City and Westchester County through its subsidiary Consolidated Edison Company of New York (CECONY).
Con Edison operates through regulated utility subsidiaries providing electric, gas, and steam services. The company also owns Orange and Rockland Utilities, serving customers in southeastern New York and northern New Jersey.
The utility reported $15.26 billion in revenue during 2024 and maintains over $70 billion in total assets. Con Edison holds the distinction of being the longest continuously traded stock on the New York Stock Exchange, listed since 1824.
Consolidated Edison History
Consolidated Edison traces its origins to 1823 when the New York Gas Light Company received its charter from the state legislature. The company provided manufactured gas for street lamps and homes throughout lower Manhattan. Founding directors Samuel Leggett and Henry Eckford established the utility that would eventually power New York City.
Thomas Edison’s pioneering work in electricity transformed the company’s future. He founded the Edison Illuminating Company in 1880 and built the Pearl Street Station in 1882, establishing the country’s first true power grid serving an entire neighborhood in lower Manhattan.
1823
New York Gas Light Company incorporated by the New York State Legislature. Received exclusive privilege to lay gas pipes south of Grand Street.
1824
Listed on the New York Stock Exchange. Became the longest continuously traded stock on the NYSE, a record that stands today.
1884
Six gas companies merged to form Consolidated Gas Company of New York. The merger combined New York, Manhattan, Metropolitan, Municipal, Knickerbocker, and Harlem gas companies.
1901
Consolidated Gas Company acquired Edison Illuminating Company, founded by Thomas Edison. This marked the company’s entry into the electricity business.
1932
Consolidated Gas became the largest company in the world providing electrical service.
1936
Company renamed to Consolidated Edison Company of New York after electric sales far outstripped gas sales.
1962
Indian Point nuclear power plant began operation in Buchanan, New York. This was one of the first privately funded atomic power plants.
1998
Holding company Consolidated Edison, Inc. formed following deregulation of New York’s utility industry.
1999
Acquired Orange and Rockland Utilities for $790 million, expanding service territory into southeastern New York and northern New Jersey.
2023
Completed sale of Clean Energy Businesses to RWE AG for $6.8 billion, refocusing on core utility operations.
Consolidated Edison Co-founders
Samuel Leggett
Founding director of New York Gas Light Company in 1823. A prominent banker and large real estate holder who helped establish the gas utility industry in New York.
Henry Eckford
Founding director alongside Leggett. A noted businessman who helped secure the charter for the New York Gas Light Company from the state legislature.
Thomas Edison
Founded Edison Illuminating Company in 1880. Built the Pearl Street Station, establishing the first commercial power grid that supplied electricity to lower Manhattan.
Consolidated Edison Competitors
Consolidated Edison operates in a regulated utility market with limited direct competition within its service territory. The company competes for capital and customers with other large investor-owned utilities in the Northeast and nationally. National Grid serves overlapping wholesale markets in New York State.
| Competitor | Headquarters | Primary Services |
|---|---|---|
| National Grid | London, UK / Boston, MA | Electric and Gas Distribution |
| Duke Energy | Charlotte, North Carolina | Electric and Gas Utility |
| Southern Company | Atlanta, Georgia | Electric and Gas Utility |
| Dominion Energy | Richmond, Virginia | Electric and Gas Utility |
| Exelon Corporation | Chicago, Illinois | Electric Utility, Nuclear Power |
| American Electric Power | Columbus, Ohio | Electric Generation and Distribution |
| FirstEnergy Corp | Akron, Ohio | Electric Utility |
| Public Service Enterprise Group | Newark, New Jersey | Electric and Gas Utility |
| Eversource Energy | Hartford, Connecticut | Electric and Gas Utility |
| Central Hudson Gas and Electric | Poughkeepsie, New York | Electric and Gas Utility |
Consolidated Edison Acquisitions
Consolidated Edison grew through more than 170 mergers and acquisitions over its 200-year history. The company absorbed numerous gas, electric, and steam companies to build an integrated utility serving the New York metropolitan area.
The landmark 1884 consolidation brought together six competing gas companies: New York Gas Light, Manhattan Gas Light, Metropolitan Gas Light, Municipal Gas Light, Knickerbocker Gas Light, and Harlem Gas Light. This merger created the Consolidated Gas Company of New York and ended the era of competing gas crews battling for customers.
In 1901, Consolidated Gas acquired Edison Illuminating Company, which Thomas Edison had founded in 1880. This acquisition positioned the company to lead the transition from gas to electric lighting. Between 1936 and 1960, Con Edison acquired or merged with more than a dozen additional companies.
The 1999 acquisition of Orange and Rockland Utilities for $790 million marked a major expansion. This deal added electric and gas service territory in southeastern New York and northern New Jersey. The purchase helped protect Con Edison from acquisition by larger national power companies during utility industry consolidation.
In March 2023, Con Edison completed the sale of its Clean Energy Businesses subsidiary to RWE AG for $6.8 billion. This transaction included renewable energy projects with 8 gigawatts of operating capacity. The sale allowed Con Edison to focus on core utility operations and clean energy transition investments in New York.
Consolidated Edison Revenue
Consolidated Edison generated $15.26 billion in total revenue during 2024, representing a 4% increase from $14.66 billion in 2023. The company derives most revenue from regulated electric, gas, and steam delivery services.
Consolidated Edison Annual Revenue (in Billions USD)
Consolidated Edison Marketcap
Consolidated Edison maintains a market capitalization of approximately $37 billion as of January 2025. The company ranks among the largest publicly traded utilities in the United States and holds steady appeal for dividend-focused investors.
Consolidated Edison Market Capitalization (in Billions USD)
FAQs
When was Consolidated Edison founded?
Consolidated Edison traces its roots to March 23, 1823, when the New York Gas Light Company was incorporated. The company adopted the Consolidated Edison name in 1936 after electric revenues surpassed gas revenues.
Who is the CEO of Consolidated Edison?
Timothy P. Cawley serves as chairman, president, and CEO of Consolidated Edison. He became CEO in January 2021 and was elected chairman of the board in November 2021.
What is Consolidated Edison market capitalization?
Consolidated Edison has a market capitalization of approximately $37 billion as of January 2025. The company trades on the New York Stock Exchange under the ticker symbol ED.
Where is Consolidated Edison headquarters located?
Consolidated Edison headquarters is located at 4 Irving Place in New York City. The company has operated from this Manhattan location since the 1884 merger that created Consolidated Gas Company.
How many customers does Consolidated Edison serve?
Consolidated Edison serves approximately 10 million people through its regulated utilities. CECONY provides electric service to 3.7 million customers and gas service to 1.1 million customers in New York.