Con Edison said it completed the sale of all of the stock of the Clean Energy Businesses on March 1, 2023, and that its 2023 net income for common stock included a gain on the sale of $767 million ($2.21 a share, after tax).

1. 01

   Con Edison said it completed the sale of all of the stock of the Clean Energy Businesses on March 1, 2023, and that its 2023 net income for common stock included a gain on the sale of $767 million ($2.21 a share, after tax).

2. 02

   CECONY said its electric operating revenues in 2023 increased $327 million compared with 2022. The company cited higher revenues from the electric rate plan ($374 million) and higher purchased power costs ($117 million) as the drivers. It said lower fuel expenses ($89 million) and a lower unbilled revenue accrual ($80 million) partly offset the increase.

3. 03

   CECONY said that on December 31, 2023, $2,683 million of its customer accounts receivable balances were aged more than 60 days, totaling $1,225 million. It also said that a continued slower recovery in cash of these receivables has affected its liquidity and may continue to affect it.

4. 04

   CECONY said its net interest expense in 2023 increased $123 million compared with 2022, citing higher interest expense on long-term debt ($79 million) and on short-term debt ($42 million) as the factors. The company said other income increased $400 million, due in part to a decrease in costs related to the non-service cost components of pension and other postretirement benefits ($370 million).

Key figures

Fiscal year ended December 31, 2023

Revenue

$14.5B

Operating income

$3.2B

Net income

$2.5B

EPS

$7.21

Operating cash flow

$2.2B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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