Consolidated Edison Inc (ED) May 2026 Annual General Meeting Transcript

Hello, and welcome to the annual meeting of stockholders of Consolidated Edison, Inc. Please note that today's meeting is being recorded. It is now my pleasure to turn today's meeting over to Tim Cawley, the Chairman, President, and CEO of Con Edison.

Good morning. Thank you for taking the time to join me virtually for our 2026 meeting of the stockholders of Consolidated Edison, Inc. We're hosting our annual stockholders meeting in a virtual format as it offers stockholders the same opportunities to participate and ask questions as an in-person meeting and provides consistent engagement opportunities for all stockholders, regardless of where they are located. Once we conclude the business of the meeting, I'll talk about our corporate priorities and initiatives moving forward. Before we get started, Jan Childress, our Director of Investor Relations, will cover some logistical information.

Thank you, Tim, and good morning. I call your attention to the rules of conduct for today's meeting. These rules have been made available to each stockholder online. We hope you have had the opportunity to review the information provided before today's meeting. If you need a copy of the company's annual report or the proxy statement, the links to those documents are also provided online. At today's meeting, we'll discuss the business of the meeting, provide you with a report of the company, and answer any questions you may have. You may submit questions or comments at any time using the Ask a Question box on your screen. Please remember to include your name so that we may address you directly. It is now my pleasure to turn today's meeting back over to Tim Cawley.

Thanks, Jan. I'll start with the business of the meeting. I'd like to acknowledge members of our accomplished board of directors attending today's annual meeting virtually. Our board has the combination of skills, backgrounds, experiences, and perspectives that keep our company strong and sustainable. They're each critical to our success. I'd also like to welcome Gavin Hamilton from PricewaterhouseCoopers, our independent accountants, Edlin Mesquita, Con Edison's general auditor, and Peter Descovich from Broadridge Financial Solutions, our proxy solicitation firm and inspector of election. Also attending virtually are a number of our executive officers. The company's proxy statement, along with notice of this meeting, were mailed beginning on April 8th to all stockholders of record as of March 23rd. We have a quorum of the outstanding shares of the common stock of the company entitled to vote, and this meeting is officially convened. The polls are open. If you have not voted or wish to change your vote, you may do so now by clicking on the appropriate link provided online. If you have already voted and do not wish to change your vote, you do not need to do anything. Votes were cast for three management proposals. Proposal one is to elect the company's directors. Proposal two is to ratify the appointment of Pricewaterhouse Coopers as the company's independent accountants for 2026. And proposal three is to approve on an advisory basis named Executive Officer Compensation. The polls are now closed. The official record will include all valid votes cast during today's meeting. Our stockholders voted in favor of Proposals 1, 2, and 3 as recommended by the Board. The voting results will be published later this week. That concludes today's official business.

Now we'll go to a video where I'll share our company's outlook. Next, we will go to the question and answer session.

Tim, we do have a couple of questions. The first question is from Joseph Madia. The question is as follows. Do you foresee Con Edison either merging with another utility or being absorbed by another utility in an effort to create a kind of mega utility in the Northeast?

Thanks for the question. So mergers in the regulated utility sector in certain circumstances can yield positive results for both customers and shareholders over the long haul. As we've said in the past and continue to hold, mergers must be good for customers, employees, and shareholders, and they must be able to overcome regulatory approvals.

Thank you, Tim. And I have a second question from Joseph Medea. In the latest rate case, the company received significantly less than it asked for for both electric and gas. Does this now open the door for regulators to more aggressively and significantly cut future rate increases?

Thanks, Jan. So every rate case process is an opportunity to present investment plans and projects essential to the safe, reliable delivery of energy to our customers. The process, which is 11 months in New York, allows for a robust hearing of those plans by the regulator and various interveners. That process is both healthy and robust, has been, and we expect it to continue to be robust as we move forward.

Thank you, Tim. I have one last question from Joseph Medea as follows. What is your vision for the company's natural gas delivery infrastructure?

Thanks, Jan. So the vision is really about delivering safe, liable gas service to the 1.2 million customers we serve. This winter was particularly frigid, and the systems and our people really rose to the occasion and performed very well. We replace about 100 miles of Maine a year, and that's really for safety to reduce leaks and to reduce methane emissions from our system. Moving forward, we see more and more of our customers gravitating toward the electrification of heating, mostly air source heat pumps and some geothermal heat pumps. So over time, we expect we'll sell less gas, but we need to serve these 1.2 million customers safely and reliably as we progress to that point.

Thank you, Tim. We also have a question from David Millman. David asks the following. what form of clean energy will replace the wind power that has been blocked?

Thanks, Jim. And while some wind power has been blocked, there is some in service. About 132 megawatts is in service at South Fork on Long Island. And there are two projects currently being constructed that will deliver about 2,000 megawatts to the Long Island and New York City region. The New York State Energy Plan calls for an all-of-the-above approach to supply issues. And Governor Hochul and her team have focused on all kinds of generation, onshore wind, solar, and nuclear development. There's also currently a proceeding that considers by the Public Service Commission to look at whether utilities can and should own a renewable energy. We are proponents of that, and we'll see the outcome of that proceeding.

Thank you, Tim. All questions or comments pertinent to annual meeting matters have been addressed. There are no further questions or comments.

Thanks, Jan. The 2026 Annual Meeting of Stockholders is now adjourned.

This concludes the meeting. You may now disconnect.