Con Edison is a regulated utility holding company that owns and operates three primary subsidiaries serving millions of electric, gas, and steam customers across New York City, Westchester County, and parts of northern New Jersey. The company's core business is delivering electricity, natural gas, and steam through regulated distribution networks, with revenue primarily derived from fixed delivery charges approved by state regulators that allow recovery of operating costs and a return on invested capital; customers can procure supply from alternative suppliers while Con Edison earns no margin on these procurement costs. The company requires substantial ongoing capital investment to maintain, modernize, and upgrade its distribution infrastructure as well as to support the transition toward clean and renewable energy through electrification, energy storage, and other technologies aligned with state climate mandates.