CON EDISON REPORTS 2023 FIRST QUARTER EARNINGS.

NEW YORK: Consolidated Edison, Inc. (Con Edison) (NYSE: ED) today reported 2023 first quarter net income for common stock of $1,433 million or $4.06 a share compared with $602 million or $1.70 a share in the 2022 first quarter. Adjusted earnings were $645 million or $1.83 a share in the 2023 period compared with $522 million or $1.47 a share in the 2022 period. Adjusted earnings and adjusted earnings per share in the 2023 period exclude the gain and other impacts related to the sale of Con Edison Clean Energy Businesses, Inc. (the Clean Energy Businesses). Adjusted earnings and adjusted earnings per share in the 2023 and 2022 periods exclude the effects of hypothetical liquidation at book value (HLBV) accounting for tax equity investments, the net mark-to-market effects of the Clean Energy Businesses, and the related tax impacts on the parent company.

"We continued to produce strong financial results and solid returns for our shareholders this quarter as we invest in a clean energy future and deliver industry-leading reliability for our customers," said Tim Cawley, the chairman and CEO of Con Edison. "This quarter we completed the sale of our Clean Energy Businesses valued at $6.8 billion, which strengthened our balance sheet and will allow us to sharply focus on the clean energy transition in New York. We've helped our customers connect more than 700 megawatts of solar generation, a significant clean energy milestone, and their embrace of this renewable resource reduces the amount of fossil fuel-generated...