Consolidated Edison

Strategy centers on regulated delivery with disciplined rate-case execution and divestiture of merchant renewables (sale to RWE in 2023). Capital intensity is structurally high, but projects map to approved rate-base growth.

Equity issuance is an explicit funding pillar: 2025 common share issuances and a February 2026 7 million-share forward support the plan while introducing dilution. Dividend growth continues with a 55 to 65 percent adjusted EPS payout target.

We view allocation as steady and appropriate for a regulated utility, though dilution and large capex reduce per-share compounding versus asset-light businesses. Sources: 2024 earnings release financing plan, 2026 dividend increase, 2026 forward share offering, company 2025 slides.