Consolidated Edison
Encyclopedia
Consolidated Edison, Inc. is one of the largest investor-owned energy companies in the United States, with approximately $14 billion in annual revenues and $36 billion in assets. The company provides a wide range of energy-related products and services to its customers through its subsidiaries:
In 2005, electric revenues accounted for 64.9% of consolidated sales (68.2% in 2004); gas revenues 15.9% (15.4%); non-utility revenues 13.6% (10.8%); and steam revenues 5.5% (5.6%).
The New York Steam Company began providing service in lower Manhattan
in 1882. Today, Con Edison operates the largest commercial steam system
in the world, providing steam service to nearly 1,600 commercial and residential establishments in Manhattan from the Battery to 96th Street.
Con Edison’s electric business also dates back to 1882, when Thomas Edison
’s Edison Electric Illuminating Company of New York began supplying electricity to 59 customers in a square-mile area in lower Manhattan. After the “War of Currents
”, there were more than 30 companies generating and distributing electricity in New York City and Westchester County. But by 1920 there were far fewer, and the New York Edison Company (then part of Consolidated Gas) was clearly the leader.
In 1936, with electric sales far outstripping gas sales, the company incorporated and the name was changed to Consolidated Edison Company of New York, Inc. The years that followed brought further amalgamations as Consolidated Edison acquired or merged with more than a dozen companies between 1936 and 1960. Con Edison today is the result of acquisitions
, dissolutions
and mergers of more than 170 individual electric, gas
and steam
companies.
On January 1, 1998, following the deregulation
of the utility industry in New York state, a holding company, Consolidated Edison, Inc., was formed. It is one of the nation’s largest investor-owned energy companies, with approximately $14 billion in annual revenues and $33 billion in assets. The company provides a wide range of energy-related products and services to its customers through two regulated utility subsidiaries and three competitive energy businesses. Con Edison (NYSE: ED), under a number of different corporate names, remains the longest continuously traded stock on the New York Stock Exchange
. Its largest subsidiary, Consolidated Edison Company of New York, Inc. provides electric, gas and steam service to more than 3 million customers in New York City and Westchester County, New York, an area of 660 square miles (1,709.4 km²) with a population of nearly 9 million.
The Con Edison electrical transmission system utilizes voltages of 138,000 volts, 345,000 volts and 500,000 volts. The company has two 345kv interconnections with upstate New York that enable it to import power from Hydro-Québec
in Canada
and one 345kv interconnection each with Public Service Electric and Gas in New Jersey and LIPA
on Long Island
. Con Ed's distribution voltages are 33,000; 27,000 and 13,800 volts.
The 93000 miles (149,668.6 km) of underground cable in the Con Edison system could wrap around the Earth 3.6 times. Nearly 36000 miles (57,936.2 km) of overhead electric wires complement the underground system—enough cable to stretch between New York and Los Angeles 13 times.
Gas
The Con Edison gas system has nearly 7200 miles (11,587.2 km) of pipes – if laid end to end, long enough to reach Paris and back to New York City. The average volume of gas that travels through Con Edison’s gas system annually could fill the Empire State Building nearly 6,100 times.
Steam
Con Edison produces 30 billion pounds of steam each year through its seven power plants which boil water to 1,000°F (538°C) before pumping it to hundreds of buildings in the New York City steam system
, which is the biggest district steam system
in the world. Steam traveling through the system is used to heat and cool some of New York’s most famous addresses, including the United Nations complex, the Empire State Building
, and the Metropolitan Museum of Art
.
and 15th Streets and Irving Place and Third Avenue
, and was originally built for the Consolidated Gas Company, although its predecessor companies, such as the Manhattan Gas Light Company, were located at the same address as early as 1854. The new building's location had been the site of the Academy of Music, New York's third opera house
, as well as the original Tammany Hall
building.
Warren & Wetmore's 26-story tower – topped by a "Tower of Light" designed to look like a miniature temple and capped by a bronze lantern which lights up at night – was added between 1926 and 1929.
- Consolidated Edison Company of New York, Inc., a regulated utility providing electric, gas, and steam service in New York CityNew York CityNew York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
and Westchester County, New YorkWestchester County, New YorkWestchester County is a county located in the U.S. state of New York. Westchester covers an area of and has a population of 949,113 according to the 2010 Census, residing in 45 municipalities...
; - Orange and Rockland Utilities, Inc., a regulated utility serving customers in a 1350 square miles (3,496.5 km²) area in southeastern New YorkNew YorkNew York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
and adjacent sections of northern New JerseyNew JerseyNew Jersey is a state in the Northeastern and Middle Atlantic regions of the United States. , its population was 8,791,894. It is bordered on the north and east by the state of New York, on the southeast and south by the Atlantic Ocean, on the west by Pennsylvania and on the southwest by Delaware...
and northeastern PennsylvaniaPennsylvaniaThe Commonwealth of Pennsylvania is a U.S. state that is located in the Northeastern and Mid-Atlantic regions of the United States. The state borders Delaware and Maryland to the south, West Virginia to the southwest, Ohio to the west, New York and Ontario, Canada, to the north, and New Jersey to...
; - Con Edison Solutions, a retail energy supply and services company;
- Con Edison Energy, a wholesale energy supply company; and
- Con Edison Development, a company that owns and operates generating plants and participates in other infrastructure projects.
In 2005, electric revenues accounted for 64.9% of consolidated sales (68.2% in 2004); gas revenues 15.9% (15.4%); non-utility revenues 13.6% (10.8%); and steam revenues 5.5% (5.6%).
History
In 1823, Con Edison’s earliest corporate entity, the New York Gas Light Company, was founded by a consortium of New York City investors. In 1824 New York Gas Light was listed on the New York Stock Exchange, it has the record for being the longest listed stock on the NYSE. In 1884, six gas companies combined into the Consolidated Gas Company.Manhattan
Manhattan is the oldest and the most densely populated of the five boroughs of New York City. Located primarily on the island of Manhattan at the mouth of the Hudson River, the boundaries of the borough are identical to those of New York County, an original county of the state of New York...
in 1882. Today, Con Edison operates the largest commercial steam system
New York City steam system
The New York City steam system is a district heating system which takes steam produced by steam generating stations and carries it under the streets of Manhattan to heat, cool, or supply power to high rise buildings and businesses...
in the world, providing steam service to nearly 1,600 commercial and residential establishments in Manhattan from the Battery to 96th Street.
Con Edison’s electric business also dates back to 1882, when Thomas Edison
Thomas Edison
Thomas Alva Edison was an American inventor and businessman. He developed many devices that greatly influenced life around the world, including the phonograph, the motion picture camera, and a long-lasting, practical electric light bulb. In addition, he created the world’s first industrial...
’s Edison Electric Illuminating Company of New York began supplying electricity to 59 customers in a square-mile area in lower Manhattan. After the “War of Currents
War of Currents
In the "War of Currents" era in the late 1880s, George Westinghouse and Thomas Edison became adversaries due to Edison's promotion of direct current for electric power distribution over alternating current advocated by several European companies and Westinghouse Electric based out of Pittsburgh,...
”, there were more than 30 companies generating and distributing electricity in New York City and Westchester County. But by 1920 there were far fewer, and the New York Edison Company (then part of Consolidated Gas) was clearly the leader.
In 1936, with electric sales far outstripping gas sales, the company incorporated and the name was changed to Consolidated Edison Company of New York, Inc. The years that followed brought further amalgamations as Consolidated Edison acquired or merged with more than a dozen companies between 1936 and 1960. Con Edison today is the result of acquisitions
Mergers and acquisitions
Mergers and acquisitions refers to the aspect of corporate strategy, corporate finance and management dealing with the buying, selling, dividing and combining of different companies and similar entities that can help an enterprise grow rapidly in its sector or location of origin, or a new field or...
, dissolutions
Dissolution (law)
In law, dissolution has multiple meanings.Dissolution is the last stage of liquidation, the process by which a company is brought to an end, and the assets and property of the company redistributed....
and mergers of more than 170 individual electric, gas
Gas
Gas is one of the three classical states of matter . Near absolute zero, a substance exists as a solid. As heat is added to this substance it melts into a liquid at its melting point , boils into a gas at its boiling point, and if heated high enough would enter a plasma state in which the electrons...
and steam
Steam
Steam is the technical term for water vapor, the gaseous phase of water, which is formed when water boils. In common language it is often used to refer to the visible mist of water droplets formed as this water vapor condenses in the presence of cooler air...
companies.
On January 1, 1998, following the deregulation
Deregulation
Deregulation is the removal or simplification of government rules and regulations that constrain the operation of market forces.Deregulation is the removal or simplification of government rules and regulations that constrain the operation of market forces.Deregulation is the removal or...
of the utility industry in New York state, a holding company, Consolidated Edison, Inc., was formed. It is one of the nation’s largest investor-owned energy companies, with approximately $14 billion in annual revenues and $33 billion in assets. The company provides a wide range of energy-related products and services to its customers through two regulated utility subsidiaries and three competitive energy businesses. Con Edison (NYSE: ED), under a number of different corporate names, remains the longest continuously traded stock on the New York Stock Exchange
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
. Its largest subsidiary, Consolidated Edison Company of New York, Inc. provides electric, gas and steam service to more than 3 million customers in New York City and Westchester County, New York, an area of 660 square miles (1,709.4 km²) with a population of nearly 9 million.
Systems
ElectricalThe Con Edison electrical transmission system utilizes voltages of 138,000 volts, 345,000 volts and 500,000 volts. The company has two 345kv interconnections with upstate New York that enable it to import power from Hydro-Québec
Hydro-Québec
Hydro-Québec is a government-owned public utility established in 1944 by the Government of Quebec. Based in Montreal, the company is in charge of the generation, transmission and distribution of electricity across Quebec....
in Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
and one 345kv interconnection each with Public Service Electric and Gas in New Jersey and LIPA
Long Island Power Authority
The Long Island Power Authority or LIPA [ "lie-pah" ], a municipal subdivision of the State of New York, was created under the Long Island Power Act of 1985 to acquire the Long Island Lighting Company 's assets and securities...
on Long Island
Long Island
Long Island is an island located in the southeast part of the U.S. state of New York, just east of Manhattan. Stretching northeast into the Atlantic Ocean, Long Island contains four counties, two of which are boroughs of New York City , and two of which are mainly suburban...
. Con Ed's distribution voltages are 33,000; 27,000 and 13,800 volts.
The 93000 miles (149,668.6 km) of underground cable in the Con Edison system could wrap around the Earth 3.6 times. Nearly 36000 miles (57,936.2 km) of overhead electric wires complement the underground system—enough cable to stretch between New York and Los Angeles 13 times.
Gas
The Con Edison gas system has nearly 7200 miles (11,587.2 km) of pipes – if laid end to end, long enough to reach Paris and back to New York City. The average volume of gas that travels through Con Edison’s gas system annually could fill the Empire State Building nearly 6,100 times.
Steam
Con Edison produces 30 billion pounds of steam each year through its seven power plants which boil water to 1,000°F (538°C) before pumping it to hundreds of buildings in the New York City steam system
New York City steam system
The New York City steam system is a district heating system which takes steam produced by steam generating stations and carries it under the streets of Manhattan to heat, cool, or supply power to high rise buildings and businesses...
, which is the biggest district steam system
District heating
District heating is a system for distributing heat generated in a centralized location for residential and commercial heating requirements such as space heating and water heating...
in the world. Steam traveling through the system is used to heat and cool some of New York’s most famous addresses, including the United Nations complex, the Empire State Building
Empire State Building
The Empire State Building is a 102-story landmark skyscraper and American cultural icon in New York City at the intersection of Fifth Avenue and West 34th Street. It has a roof height of 1,250 feet , and with its antenna spire included, it stands a total of 1,454 ft high. Its name is derived...
, and the Metropolitan Museum of Art
Metropolitan Museum of Art
The Metropolitan Museum of Art is a renowned art museum in New York City. Its permanent collection contains more than two million works, divided into nineteen curatorial departments. The main building, located on the eastern edge of Central Park along Manhattan's Museum Mile, is one of the...
.
Headquarters
The Consolidated Edison Company Building, designed by Henry J. Hardenbergh, was built between 1910 and 1914. The building, at 4 Irving Place, takes up the entire block between East 14th14th Street (Manhattan)
14th Street is a major crosstown street in the New York City borough of Manhattan. The street rivals the size of some of the well-known avenues of the city and is an important business location....
and 15th Streets and Irving Place and Third Avenue
Third Avenue (Manhattan)
Third Avenue is a north-south thoroughfare on the East Side of the New York City borough of Manhattan, running from Cooper Square north for over 120 blocks. Third Avenue continues into The Bronx across the Harlem River over the Third Avenue Bridge north of East 129th Street to East Fordham Road at...
, and was originally built for the Consolidated Gas Company, although its predecessor companies, such as the Manhattan Gas Light Company, were located at the same address as early as 1854. The new building's location had been the site of the Academy of Music, New York's third opera house
Opera house
An opera house is a theatre building used for opera performances that consists of a stage, an orchestra pit, audience seating, and backstage facilities for costumes and set building...
, as well as the original Tammany Hall
Tammany Hall
Tammany Hall, also known as the Society of St. Tammany, the Sons of St. Tammany, or the Columbian Order, was a New York political organization founded in 1786 and incorporated on May 12, 1789 as the Tammany Society...
building.
Warren & Wetmore's 26-story tower – topped by a "Tower of Light" designed to look like a miniature temple and capped by a bronze lantern which lights up at night – was added between 1926 and 1929.
Major accidents
- 1989: A steam pipe explosion in Gramercy ParkGramercy ParkGramercy Park is a small, fenced-in private park in the borough of Manhattan in New York City, United States. The park is at the core of both the neighborhood referred to as either Gramercy or Gramercy Park and the Gramercy Park Historic District...
killed three, injured 24 and required the evacuation of a damaged apartment building due to high levels of asbestos in the air. Workers had failed to drain water from the pipe before turning the steam on. The utility also eventually pleaded guilty to lying about the absence of asbestos contamination, and paid a $2 million fine. - 2004: In Manhattan, stray voltageStray voltageStray voltage describes the occurrence of electrical potential between two objects that ideally should not have any voltage difference between them. Small voltages are often measured between two grounded objects in distant locations, due to normal current flow in the power system...
killed a woman walking her dog in the East VillageEast Village, ManhattanThe East Village is a neighborhood in the borough of Manhattan in New York City, lying east of Greenwich Village, south of Gramercy and Stuyvesant Town, and north of the Lower East Side...
when she stepped on an electrified metal plate. - 2007: On July 18 an explosion occurred in midtown Manhattan2007 New York City steam explosionThe July 18, 2007 New York City steam explosion sent a geyser of hot steam up from beneath a busy intersection, with a 40-story-high shower of mud and flying debris raining down on the crowded streets of Midtown Manhattan in New York City, New York, United States.It was caused by the failure of a...
near Grand Central TerminalGrand Central TerminalGrand Central Terminal —often incorrectly called Grand Central Station, or shortened to simply Grand Central—is a terminal station at 42nd Street and Park Avenue in Midtown Manhattan in New York City, United States...
when an 83-year-old Con Edison steam pipe failed, resulting in one death, over 40 injuries, as well as subway and surface disruptions. - 2007: The day before Thanksgiving, an explosion critically burned Queens resident Kunta Oza when an 80-year-old cast iron gas main ruptured. Oza died on Thanksgiving Day, and her family later settled with Con Edison for $3.75 million.
- 2009: Another gas explosion claimed a life in Queens while Con Edison personnel were on the scene. There was a leak in a manhole and a fault in an electrical feeder at the same time. The fault in the feeder caused the explosion due to the sparks being generated. When the mechanic opened the manhole more oxygen entered and the explosion took place. Due to that event Con Edison has changed its procedure on outside gas leak calls.
Corporate leadership
- Kevin Burke, Chairman and Chief Executive Officer
- Craig S. Ivey, President
- Robert Hoglund, Senior Vice President and Chief Financial Officer
- Carole Sobin, Secretary
- Robert Muccilo, Vice President, Controller and Chief Accounting Officer
- Scott L. Sanders, Vice President and Treasurer
- Elizabeth D. Moore, General Counsel
Miscellany
- A former Con Edison building on 48th Street in Manhattan was converted first into the studio for the television game show Let's Make a DealLet's Make a DealLet's Make a Deal is a television game show which originated in the United States and has since been produced in many countries throughout the world. The show is based around deals offered to members of the audience by the host. The traders usually have to weigh the possibility of an offer being...
, and later into a recording studio called “The Power Station” because of its Edison history. In 1996, the studio was renamed Avatar StudiosAvatar StudiosAvatar Studios, formerly known as The Power Station, is a recording studio at 441 West 53rd Street in Manhattan, New York City.The building was originally a Consolidated Edison power plant; but after a period of vacancy, it was used as a sound stage for the television game show Let's Make a Deal...
.
See also
- Northeast Blackout of 1965Northeast Blackout of 1965The Northeast blackout of 1965 was a significant disruption in the supply of electricity on November 9, 1965, affecting Ontario, Canada and Connecticut, Massachusetts, New Hampshire, Rhode Island, Vermont, New York, and New Jersey in the United States...
- New York City blackout of 1977New York City blackout of 1977The New York City blackout of 1977 was an electricity blackout affected most of New York City from July 13, 1977 to July 14, 1977. The only neighborhoods in New York City that were not affected were in southern Queens, and neighborhoods of the Rockaways, which are part of the Long Island Lighting...
- 2003 North American blackout
- 2006 Queens blackout2006 Queens blackoutThe 2006 Queens blackout was an unresolved series of power outages that affected the northwest section of the New York City borough Queens in July 2006. The blackout primarily affected the neighborhoods of Astoria, Long Island City, Sunnyside, and Woodside...
- 2007 New York City steam explosion2007 New York City steam explosionThe July 18, 2007 New York City steam explosion sent a geyser of hot steam up from beneath a busy intersection, with a 40-story-high shower of mud and flying debris raining down on the crowded streets of Midtown Manhattan in New York City, New York, United States.It was caused by the failure of a...
- New York City steam systemNew York City steam systemThe New York City steam system is a district heating system which takes steam produced by steam generating stations and carries it under the streets of Manhattan to heat, cool, or supply power to high rise buildings and businesses...
- George MeteskyGeorge MeteskyGeorge P. Metesky , better known as the Mad Bomber, terrorized New York City for 16 years in the 1940s and 1950s with explosives that he planted in theaters, terminals, libraries and offices...