By Josh Beckerman
Consolidated Edison Inc.'s first-quarter profit rose 2.5%, as
revenue declined alongside lower operating and maintenance
expenses.
The company increased its 2015 outlook for earnings excluding
items to the range of $3.90 to $4.05 a share, from a prior view of
$3.80 to $4, reflecting cold weather that led to higher
steam-delivery revenue.
The company's Consolidated Edison Co. of New York utility unit
has about 3.4 million electric-service customers. Its other
operations include Orange and Rockland Utilities Inc.
A fatal March 26 Manhattan explosion has had repercussions for
utility customers. Officials have investigated whether contractors
accessed gas lines without permission in the building where the
explosion took place. In the 20 days after the incident, there was
a higher rate of service turnoffs compared with the previous 25
days, including a precautionary turnoff at a 43-story apartment
building.
Standard & Poor's Ratings Services said March 27 that the
explosion didn't affect its rating or outlook on Consolidated
Edison.
On April 20, the Con Edison utility entered a joint proposal
with the staff of the New York State Public Service Commission and
other parties to extend a current electric rate plan for an
additional year through 2016.
Under the proposal, subject to approval by the commission, the
rate plan for 2016 doesn't include a rate increase or decrease.
In January, the utility filed for a rate increase which it said
would help fund investments in its system.
Last month, renewables and infrastructure unit Con Edison
Development announced a battery energy storage agreement with
General Electric Co.
Overall, first-quarter net income was $370 million, or $1.26 a
share, compared with $361 million, or $1.23 a share, a year
earlier. Revenue fell to $3.62 billion from $3.79 billion.
Earnings excluding items rose to $1.25 a share from $1.17.
Analysts polled by Thomson Reuters expected earnings of $1.18 a
share on revenue of $3.77 billion.
Write to Josh Beckerman at josh.beckerman@wsj.com
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