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Released December 27, 2019 | SUGAR LAND
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Written by John Egan for Industrial Info Resources (Sugar Land, Texas)--Consolidated Edison Incorporated (Con Ed) (NYSE:ED) (New York, New York) will increase its capital spending about 8%, or $304 million, in 2020, assuming the New York State Public Service Commission (PSC) (Albany, New York) approves a joint proposal for the power company's regulated electric and gas units in New York. A final order is expected from that regulatory body in early 2020.
Con Ed's capital spending soared in 2018 to about $5.2 billion, but this year the company plans to invest about $3.6 billion in its businesses. In 2020, assuming the PSC approves its joint proposal, capital spending is expected to increase to $3.9 billion. In 2021, spending is forecast to drop slightly.
Click on the image at right to see a graphic on Con Edison's capital spending for the recent past and the near future.
The joint proposal, filed with regulators October 18, included a three-year capital investment program totaling $6.2 billion for Con Ed's electric business and $3.1 billion for its gas business, company officials said November 29 in an investor update.
In its November 29 investor presentation, Con Ed detailed specific capital investment plans in the joint proposal, which covers 2020-2022. On the electric side, the proposal calls for spending:
Those two Nevada projects were part of a portfolio of operating and proposed renewable energy projects that Con Ed bought from a unit of Sempra Energy Corporation (NYSE:SRE) (San Diego, California) for $1.54 billion in late 2018. The portfolio included 981 MW of operating renewable generation and renewable energy projects under development. That acquisition brought to about 2,600 MW the amount of utility-scale renewable energy plants that Con Ed operated. Solar energy projects account for about 85% of that renewable portfolio and wind accounts for the remaining 15%, Con Ed said.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
Con Ed's capital spending soared in 2018 to about $5.2 billion, but this year the company plans to invest about $3.6 billion in its businesses. In 2020, assuming the PSC approves its joint proposal, capital spending is expected to increase to $3.9 billion. In 2021, spending is forecast to drop slightly.
The joint proposal, filed with regulators October 18, included a three-year capital investment program totaling $6.2 billion for Con Ed's electric business and $3.1 billion for its gas business, company officials said November 29 in an investor update.
In its November 29 investor presentation, Con Ed detailed specific capital investment plans in the joint proposal, which covers 2020-2022. On the electric side, the proposal calls for spending:
- $3.4 billion over three years to improve reliability and expand the system
- $222 million for grid innovation
- $75 million investment in storm hardening for Westchester County overhead distribution
- $1.4 billion to replace about 270 miles of gas main lines
- $43 million to deploy advanced meter-enabled gas detectors to improve customer safety
- $65 million to modernize its liquefied natural gas (LNG) modernization facilities
- Continuing its $1.4 billion investment in advanced digital meters. That program, which already has installed two million advanced meters, seeks to bring that total to 5.3 million by yearend 2022. The meters are being installed in New York's five boroughs, suburban Westchester County and New Jersey.
- Investing $421 million in a new customer service system that will connect to the advanced meters and further enhance the company's energy efficiency and demand response programs.
- An additional investment of $68 million to facilitate a next-generation customer experience that uses data collected by the advanced meters so customers can better control their energy usage.
Those two Nevada projects were part of a portfolio of operating and proposed renewable energy projects that Con Ed bought from a unit of Sempra Energy Corporation (NYSE:SRE) (San Diego, California) for $1.54 billion in late 2018. The portfolio included 981 MW of operating renewable generation and renewable energy projects under development. That acquisition brought to about 2,600 MW the amount of utility-scale renewable energy plants that Con Ed operated. Solar energy projects account for about 85% of that renewable portfolio and wind accounts for the remaining 15%, Con Ed said.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
