Consolidated Edison: ED: Watt’s the number? 2Q26 Preview

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Consolidated Edison: ED: Watt’s the number? 2Q26 Preview

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Consolidated Edison

ED: Watt’s the number? 2Q26 Preview

Reiterate Rating: UNDERPERFORM | PO: 105.00 USD | Price: 112.39 USD

Rate plans drive 12% EPS growth 17 July 2026

We forecast 2Q26 adjusted EPS of $0.74, $0.02 below consensus and up $0.08, or 12%, Equity

from $0.66 in 2Q25. Higher revenue, reflecting CECONY’s new electric and gas rate

plans and continued utility investment, is the principal benefit. Higher property and other

Key Changesnon-income taxes, purchased power and fuel costs, and interest expense provide the

largest offsets. We expect ED to reiterate 2026 adjusted EPS guidance of $6.00 to (US$) Previous Current

$6.20. Price Obj. 107.00 105.00

NY datacenter pause clouds future load growth Ross Fowler, CFA

Research Analyst

Governor Hochul’s July 14 executive order pauses certain state environmental permits BofAS

for new or expanded data centers requiring at least 50 MW, excluding projects with +1 646 855 1506 ross.fowler@bofa.com

complete applications. ED has not quantified how much data-center-driven investment is

F. Paul Cole

embedded in its outlook, but the risk appears more relevant to O&R than CECONY, Research Analyst

where growth is supported by a broader mix of electrification, transportation, BofAS paul.cole2@bofa.com

commercial development, and reliability needs. David Rold, CFA

BofASSteam case and NYC plan are next milestones david.rold@bofa.com

CECONY requested a $66 million increase in its annual steam revenue requirement, Rinny Singh

versus Department of Public Service staff support for $18 million. The case will Research Analyst

determine the extent of rate relief for a materially under-earning business, though steam BofASrinny.singh@bofa.com