Con Edison is a regulated utility holding company that delivers electricity, natural gas, and steam to customers in and around New York City. Con Edison operates through two main utility subsidiaries: CECONY, which serves approximately 3.7 million electric customers and 1.1 million gas customers in New York City and Westchester County, and O&R, a much smaller subsidiary serving customers in southeastern New York and northern New Jersey. Con Edison also owns stakes in electric transmission projects through its Con Edison Transmission segment, though this is a minor contributor. As a regulated utility, Con Edison earns a return on the capital it invests in delivery infrastructure — it does not generate most of the electricity it delivers, and it earns no margin on the commodity itself. Rates are set by the New York State Public Service Commission, which determines the allowed return on equity applied to Con Edison's rate base. Revenues are largely decoupled from delivery volumes, meaning earnings are driven by rate base growth through capital investment rather than changes in customer usage. CECONY spent approximately $4.5B in capex in 2025, and Con Edison projects that figure escalating to roughly $8.6B per year by 2030, with approximately $72B in total capex planned over 2025–2034. This investment is driven by grid modernization, reliability needs tied to growing electricity demand from data centers and electrification, and New York State's clean energy mandates.