Consolidated Edison

Efficient scale and regulatory franchise produce a durable moat in a dense urban territory that would be prohibitively expensive to duplicate.

Component view: efficient scale 95/100; switching costs 85/100 (customers have no practical alternative to the local wires and pipes even as behind-the-meter solutions grow); intangible and regulatory assets 90/100 (franchise rights, permits, operating know-how in NYC); cost advantages 55/100 (scale and underground network density help, but property taxes and labor temper cost leadership); network effects 5/100 (not central).

Weighted, this supports a strong overall moat. Erosion risks include policy shifts that pressure allowed returns, the long-run gas transition that could strand assets, and distributed resources reducing volumetric throughput, though decoupling mechanisms mitigate revenue impact.

Sources: NY PSC joint plan approval, rate-base and ROE disclosures, ReliabilityOne recognition, and company filings.