|Bid||80.50 x 900|
|Ask||0.00 x 1000|
|Day's range||0.00 - 0.00|
|Beta (3Y monthly)||0.23|
|PE ratio (TTM)||20.23|
|Earnings date||1 Aug 2019|
|Forward dividend & yield||2.96 (3.35%)|
|1y target est||86.36|
(Bloomberg) -- Consolidated Edison Inc. has been warning for days that New Yorkers may be on the verge of some isolated power failures. An upcoming heat wave, it says, could bake the pavement and overheat power lines below.The warnings may sound a bit odd coming from a utility that has long withstood the strain of summer weather. Widespread, heat-induced blackouts are rare in the region. This time around, though, the stakes are higher: Temperatures are rising just a week after a cascading power failure that plunged a large swath of Midtown Manhattan and the Upper West Side into darkness for hours.Since, then ConEd has been pummeled by state and local politicians. Regulators have begun investigations. Governor Andrew Cuomo has called the blackout “unacceptable.” The New York-based utility will be spending the next few broiling days performing under a microscope.“I want to believe that, since ConEd has a lot of capacity and they obviously prepare for this kind of scenario, that they will handle it properly,” New York City Mayor Bill de Blasio said during a press conference Wednesday. “But I still haven’t got the answers I want about what happened last Saturday.”4,000 StrongConEd said it has mobilized “a force of 4,000 electric operations personnel and support staff” to respond to this weekend’s heat wave. Temperatures in New York City were forecast to hit 95 degrees Fahrenheit (35 degrees Celsius) on Friday and peak at 98 degrees Saturday and Sunday. For comparison: The hottest temperature ever recorded in Central Park was 106 degrees on July 9, 1936.The National Weather Service has issued an excessive heat watch starting Friday afternoon.Already, weather has knocked out some service -- just not in the widespread way that Saturday’s equipment failure took out the lights in Times Square, Madison Square Garden, Carnegie Hall and packed Broadway theaters. Storms and strong winds Wednesday and Thursday led to power disruptions in sections of Westchester County, the Bronx and Queens.The biggest threat to the grid this weekend may be overheating equipment. Much of New York City’s system lies underground, protected from the elements by the pavement of sidewalks and streets. Most of the time, that’s a good thing, shielding wires and transformers from high winds and rain. But in high temperatures that linger for days, pavement soaks up heat and can warm the power equipment below.“It’s not about instantaneous heat -- it’s accumulated heat,” said Javad Lavaei, an associate professor for the industrial engineering department at the University of California at Berkeley. Lavaei happened to be in New York, entering Lincoln Center, when Saturday’s blackout hit. “If you’ve got accumulated heat over four days,” he said, power equipment “may not work properly.”Heat played an indirect role in the massive Aug. 14, 2003, blackout that darkened New York and much of the Northeast. Under the strain of strong power demand, a transmission line in Ohio sagged and brushed into nearby trees, touching off a cascade of problems that cut power to an estimated 55 million people across 8 states and one Canadian province. Stranded commuters in Manhattan spent the night sleeping on the steps of government buildings.ConEd said that Saturday’s blackout, however, had nothing to do with hot weather. Instead, two layers of protective relays failed to isolate a short-circuiting power line as designed, leading to a series of failures that spread across city blocks. The breakdown cut power to 72,000 customers for as many as five hours, trapped people in elevators, canceled plays on Broadway and forced the evacuation of a Jennifer Lopez concert.On the bright side: ConEd said it isn’t expecting this weekend’s heat wave to lead to a power supply shortage. Even as New Yorkers crank up their air conditioners at home, offices will mostly be closed for the weekend. “It’s not like Midtown Manhattan will be hopping on a Saturday and Sunday the way it would be on a Monday, Tuesday or Wednesday,” ConEd spokesman Bob McGee said.\--With assistance from Brian K. Sullivan.To contact the reporter on this story: David R. Baker in San Francisco at firstname.lastname@example.orgTo contact the editors responsible for this story: Lynn Doan at email@example.com, Aaron ClarkFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Less than a week after a faulty relay knocked out power to a sizable swath of Manhattan, Consolidated Edison Inc. found itself facing two more threats to its grid: powerful summer storms, and heat.Storms bearing strong winds and lightning rolled through the New York City area Wednesday night and early Thursday, cutting electricity to about 16,800 ConEd customers. By mid-morning, power had been restored to 15,000 of those customers, although the company reported lingering outages in Westchester County, the Bronx and Queens.In New Jersey, Public Service Enterprise Group Inc. reported about 44,700 customers losing power overnight. Of those, 40,000 had electricity restored by 8 a.m., the company reported. Both utilities reported placing extra crews on duty should further storms or the heatwave lead to more outages.On Saturday, problems with a protective relay system blacked out portions of New York City’s Upper West Side and Midtown neighborhoods.To contact the reporter on this story: David R. Baker in San Francisco at firstname.lastname@example.orgTo contact the editors responsible for this story: Lynn Doan at email@example.com, Will Wade, Steven FrankFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- It started with a broken cable.Sometime before 6:47 p.m. on Saturday, a 13,000-volt underground power line at New York City’s West 64th Street and West End Avenue burned, according to Consolidated Edison Inc. One spokesman for the utility said casing along the line had cracked. Another said the company hasn’t determined the cause of the failure.Whatever the reason, it triggered a relay protection system nearby that’s designed to detect electrical faults and keep them from spreading. Except, ConEd spokesman Sidney Alvarez said, this one was “overly sensitive.” Instead of just isolating the burned cable, it took down entire parts of ConEd’s network, leading to a cascading failure that plunged much of Manhattan’s west side into darkness and left tens of thousands of people without power for as many as five hours.Now New York’s top lawmakers are calling for probes of the utility company. U.S. Senator Chuck Schumer, a Democrat, called it “entirely preventable” and said the U.S. Energy Department should work with city and state officials to investigate. Governor Andrew Cuomo and New York City Mayor Bill de Blasio have also demanded an explanation for why 73,000 customers lost power.While investors have largely shrugged off the incident (shares slipped 0.5% Monday), Saturday’s blackout is the latest in a string of incidents that have disrupted power service in New York City, adding to the pressure on ConEd. And the disclosure of a faulty relay system on Monday is raising even more questions.“They have hundreds if not thousands of these relays, so obviously, this raises the question of what’s the status of the others?” said Michael Tobias, a principal at the engineering consulting firm New York Engineers that provides electrical services. “Could this happen again?”Tobias said ConEd should check its other relays and ensure that they’re being replaced near the end of their expected life spans as opposed to being “run to failure.”That could prove to be a daunting task. Alvarez pointed out Monday that New York is home to one the most complex energy systems in North America, an intertwined web of electrical wires, steam pipes and natural gas systems. “You basically have infrastructure upon infrastructure -- you rarely see that in major metro cities,” he said.The networked nature of the grid makes the city more susceptible to significant outages, said Joseph Eto, a staff scientist with the Lawrence Berkeley National Laboratory. The system is built with many redundancies, but if a problem isn’t quickly contained, he said, “You can have these larger effects.”Saturday’s blackout affected much of Midtown, Hell’s Kitchen, Rockefeller Center and the lower reaches of Manhattan’s Upper West Side. It took out the lights in Time Square, forced the evacuation of Madison Square Garden in the middle of a Jennifer Lopez concert and brought parts of the city’s subway system to a screeching halt.Substation ExplosionCuomo said over the weekend that he had sent his “top power team” to probe the incident. De Blasio, who cut short a presidential campaign trip to Iowa, called on city agencies to “get to the bottom” of the incident. After ConEd disclosed the burned cable on Monday, he pointed out that the utility had initially said the power-line fault wasn’t related to the outage. “Our city cannot be left in the dark like this ever again,” he said.As ConEd investigates why its relay system overreacted, the Energy Department in Washington said it’s ready to assist in efforts to determine the cause. The Federal Energy Regulatory Commission said it’s “closely monitoring” efforts of the organization that oversees reliability on the grid, the North American Electric Reliability Corp.“A root cause analysis of the outage is underway but, at this time, there is no evidence of suspicious activity or long-term impacts to infrastructure,” Kimberly Mielcarek, a spokeswoman for NERC, said Monday. “The bulk power system remained stable and unaffected by the outage.”Just over six months ago, ConEd faced an investigation after an electrical fire at a substation turned New York City’s night sky blue, temporarily disrupting flights and subway services. In July 2018, it was the subject of a probe after an asbestos-lined steam pipe ruptured in Manhattan’s Flatiron district. And a power failure in 2017 led to significant delays on the subway during a morning commute, triggering an investigation that cost the company hundreds of millions of dollars.\--With assistance from Stephen Cunningham, Amanda Albright, Shoko Oda, Christopher Martin and Joe Ryan.To contact the reporters on this story: Will Wade in New York at firstname.lastname@example.org;David Baker in New York at email@example.comTo contact the editors responsible for this story: Lynn Doan at firstname.lastname@example.org, Rebecca KeenanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
A relay protection system that should have isolated a faulty distribution cable but didn’t led to the loss of power that darkened Manhattan for several hours, Con Ed said Monday in a preliminary review.
(Bloomberg) -- Consolidated Edison Inc. investors are largely shrugging off the power failure that crippled much of Manhattan over the weekend, brought the subway system to a halt and darkened Times Square.Shares in the New York City-based utility were down less than 1% at 9:57 a.m. in New York. That’s likely because the power outage was relatively brief and there weren’t any major injuries or property damage, said Kit Konolige, a Bloomberg Intelligence utility analyst.“As a utility, you get a little bit of leeway for some outages within a certain small range,” he said in an interview.To be sure, ConEd is taking some heat. New York Governor Andrew Cuomo expressed frustration over what he described as repeated failures on the utility’s system. “If they don’t give me an answer quickly, I’m going to go to ConEd headquarters,” he said in an interview with ABC News. “I’ll go speak to Mr. ConEd myself.”To contact the reporter on this story: Millicent Dent in New York at email@example.comTo contact the editors responsible for this story: Lynn Doan at firstname.lastname@example.org, Joe Ryan, Pratish NarayananFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
A Manhattan power outage that temporarily turned off the bright lights of the big city only lasted for a few hours, but left plenty of lingering questions and calls for investigations on Sunday.
(Bloomberg) -- It lasted all of five hours -- and hit just the spot on New York’s power system to take out the lights in Times Square, force the evacuation of Madison Square Garden in the middle of a Jennifer Lopez concert and bring parts of the city’s subway system to a screeching halt.The Saturday evening blackout on Consolidated Edison Inc.’s grid -- extending from about Fifth Avenue to the Hudson River and from the 40s to 72nd Street -- was so widespread that it took out much of Midtown, Hell’s Kitchen, Rockefeller Center and the lower reaches of Manhattan’s Upper West Side. Now ConEd, already under fire because of other mechanical breakdowns in recent years, is facing renewed calls to overhaul its network.New York City Mayor Bill de Blasio cut short a presidential campaign trip to Iowa and Governor Andrew Cuomo went on television to demand answers from “Mr. ConEd” himself.Cuomo, expressing frustration over what he described as repeated failures on ConEd’s system, said in an interview with ABC News that he was sending his “top power team” to investigate the incident. He noted that Saturday’s outage took hours to resolve when the utility had said it would take one to two. It struck at 6.47 p.m. Saturday, lasted until about midnight and affected almost 73,000 customers.“If they don’t give me an answer quickly, I’m going to go to ConEd headquarters,” he said. “If I don’t get a firm answer forthwith, I’ll go speak to Mr. ConEd myself.”De Blasio, meanwhile, called on city agencies to “get to the bottom” of the incident.“We’re going to look at this very carefully, not only depend on Con Edison, but we’re going to make sure there’s a very careful review of what happened,” the mayor said on CNN’s “State of the Union” Sunday from Chicago. “We don’t ever want to see it happen again.”The power failure struck on the anniversary of the historic 1977 blackout that led to widespread looting and other crimes across New York City. And it peeled back disparities between old technology and new: halted subways meant a $2.75 fare ballooned to a $57 Uber primed to surge pricing.Just over six months ago, ConEd was facing an investigation after an electrical fire at a substation turned New York City’s night sky blue, temporarily disrupting flights and subway services. In July 2018, it was the subject of a probe after an asbestos-lined steam pipe ruptured in Manhattan’s Flatiron district. And a power failure in 2017 led to significant delays on the subway during a morning commute, triggering an investigation that cost the company hundreds of millions of dollars.De Blasio on CNN didn’t directly answer a question about whether the grid is vulnerable, saying: “We haven’t had many instances like this in recent years, and that’s a very good thing.” ConEd said earlier on Saturday that it didn’t suspect the power failure was caused by an attack on its system.Cuomo said Saturday’s outage appeared to have been caused by a substation explosion and fire that went on to affect four other substations. As of 11:30 a.m. in New York on Sunday, 162 customers across ConEd’s system were without power.ConEd Chief Executive Officer John McAvoy told reporters late Saturday that the company would investigate the root cause of the event and “restore the system to a fully normal condition once we understand what exactly occurred.” He said the power failure didn’t appear to be weather-related. Hot weather typically sends power demand surging as people blast air conditioners.When asked about reports of a fire in a manhole cover, he said it was “very unlikely” that such a blaze could cause “an incident of this scale.”(Updates with other impacts after eighth paragraph.)To contact the reporters on this story: Lynn Doan in San Francisco at email@example.com;Will Wade in New York at firstname.lastname@example.org;Shoko Oda in Tokyo at email@example.com;Amanda Albright in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Lynn Doan at email@example.com, Mark NiquetteFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- A chunk of New York City plunged into darkness for hours as 72,000 customers on Manhattan’s West Side lost power on the anniversary of the historic 1977 blackout. Energy supply has since been fully restored, Governor Andrew Cuomo said.The outage on Saturday night affected an area stretching from Fifth Ave. to the Hudson River, and from West 42nd through 71st streets, an area that includes Times Square and Central Park. Subway services to as far away as Brooklyn, Queens and the Bronx were disrupted as the power failure took a toll on the “entire system.”“While this situation was luckily contained, the fact that it happened at all is unacceptable,” Cuomo said in a briefing before he headed to a substation that caused the outage. He’s directed “a full and thorough investigation into the cause of tonight’s blackout and we will hold all parties accountable in ensuring this does not happen again,” he added.A substation explosion and fire that created a surge was the cause of the outage, in turn affecting four other substations, Cuomo said earlier in the evening, citing an update he received from Consolidated Edison Inc. or ConEd, the city’s utility. He said no passengers were stranded on trains and there have been no reports of injuries so far.Singer Jennifer Lopez canceled her concert at Madison Square Garden and said people were evacuated from the venue. The outage also caused all but three Broadway theaters to close, the New York Police Department’s Times Square Command said.The power failure happened on the 42nd anniversary of the infamous blackout that left most of the city without power. The outage led to widespread looting and arson that cost an estimated $310 million in damages, the New York Times reported.(Updates with Governor Cuomo’s comments in third paragraph.)\--With assistance from Aibing Guo.To contact the reporters on this story: Shoko Oda in Tokyo at firstname.lastname@example.org;Will Wade in New York at email@example.comTo contact the editors responsible for this story: Matthew G. Miller at firstname.lastname@example.org, Linus Chua, Shamim AdamFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Mayor Bill de Blasio said power had been restored to remaining customers and thanked the city's first responders.
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On a per-share basis, the New York-based company said it had net income of $1.31. Earnings, adjusted for non-recurring costs, were $1.38 per share. The results exceeded Wall Street expectations. The average ...
Entergy's (ETR) service territories witnessed below-normal temperatures that may have negatively impacted its first-quarter 2019 results.