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    Leadership and associations

    in Topics

    Posted

    • John Mc Avoy, chairman, president and chief executive officer, Consolidated Edison, Inc.
    • Timothy P. Cawley, president, Consolidated Edison Company of New York
    • Robert Sanchez, president and CEO, Orange and Rockland Utilities, Inc.
    • Mark Noyes, president and CEO, Con Edison Energy, Con Edison Development, and Con Edison Solutions
    • Joseph P. Oates, president and CEO, Con Edison Transmission
    • Robert N. Hoglund, senior vice president and chief financial officer
    • Jeanmarie Schieler, vice president and corporate secretary
    • Robert Muccilo, vice president, controller and chief accounting officer
    • Yukari Saegusa, vice president and treasurer
    • Elizabeth D. Moore, senior vice president and general counsel
    • Scott Sanders, vice president, Business Finance

    ConEd Solutions is a member of Real Estate Board of New York.

    Major accidents and incidents

    in Topics

    Posted

    1989: A steam pipe explosion in Gramercy Park killed three, injured 24, and required the evacuation of a damaged apartment building due to high levels of asbestos in the air. Workers had failed to drain water from the pipe before turning the steam on. The utility also eventually pleaded guilty to lying about the absence of asbestos contamination, and paid a $2 million fine.

    2004: In Manhattan, stray voltage killed a woman walking her dog in the East Village when she stepped on an electrified metal plate.

    2006: After the blackout in Queens, the company was criticized by public officials for a poor record in the restoration of service to its customers.

    2007: On July 18, an explosion occurred in midtown Manhattan near Grand Central Terminal when an 83-year-old Con Edison steam pipe failed, resulting in one death, over 40 injuries, as well as subway and surface disruptions.

    2007: The day before Thanksgiving, an explosion critically burned Queens resident Kunta Oza when an 80-year-old cast iron gas main ruptured. Oza died on Thanksgiving Day, and her family later settled with Con Edison for $3.75 million.

    2009: Another gas explosion claimed a life in Queens while Con Edison personnel were on the scene. There was a leak in a manhole and a fault in an electrical feeder at the same time. The fault in the feeder caused the explosion due to the sparks being generated. When the mechanic opened the manhole more oxygen entered and the explosion took place.[citation needed] Due to that event Con Edison has changed its procedure on outside gas leak calls.

    2012:On October 29, flooding from Hurricane Sandy caused a transformer explosion at a Con-Ed plant on New York City's East Side.

    During the storm, Con Edison used social media to get outage and restoration information out to customers. The company’s Twitter account gained an extra 16,000 followers during the storm.

    Con Edison's subsidiary, Orange & Rockland Utilities, was criticized for its response to Hurricane Sandy. Some customers experienced a loss of electrical power for 11 days.

    2014: On March 12, two apartment buildings exploded in East Harlem after a reported Con Edison gas leak. Eight people were killed in the massive explosion that reduced the conjoining buildings to rubble.

    Steam

    in Topics

    Posted

    Con Edison produces 30 billion pounds of steam each year through its seven power plants which boil water to 1,000 °F (538 °C) before distributing it to hundreds of buildings in the New York City steam system, which is the biggest district steam system in the world. Steam traveling through the system is used to heat and cool some of New York’s most famous addresses, including the United Nations complex, the Empire State Building, and the Metropolitan Museum of Art.

    Gas

    in Topics

    Posted

    The Con Edison gas system has nearly 7,200 miles (11,600 km) of pipes—if laid end to end, long enough to reach Paris and back to New York City, and serves Westchester County, the Bronx, Manhattan and parts of Queens and Westchester County. Gas service in Brooklyn, Staten Island and the rest of Queens is provided by National Grid USA's New York City operations, with the exception of the Rockaway peninsula, which is serviced by National Grid's Long Island operations. The average volume of gas that travels through Con Edison’s gas system annually could fill the Empire State Building nearly 6,100 times.

    Electrical

    in Topics

    Posted

    The Con Edison electrical transmission system utilizes voltages of 138 kilovolts (kV), 345 kV, and 500 kV. The company has two 345 kV interconnections with upstate New York that enable it to import power from Hydro-Québec in Canada and one 345 kV interconnection each with Public Service Electric and Gas in New Jersey and LIPA on Long Island. Con Edison is also interconnected with Public Service Electric and Gas via the Branchburg-Ramapo 500 kV line. Con Ed's distribution voltages are 33 kV, 27 kV, 13 kV, and 4 kV.

    The 93,000 miles (150,000 km) of underground cable in the Con Edison system could wrap around the Earth 3.6 times. Nearly 36,000 miles (58,000 km) of overhead electric wires complement the underground system—enough cable to stretch between New York and Los Angeles 13 times.

    Clean energy

    in Topics

    Posted

    To date, Con Edison has invested $3 billion in solar and wind projects. In September 2017 it was announced that the company would invest $1.25 billion in “renewable energy production facilities over the next three years.”

    The company’s “renewable portfolio” contains more than 1.5 gigawatts of operating capacity. Seventy-five percent of that capacity comes from solar energy. Clean energy accounts for around eight percent of the company’s earnings, as of fall 2017.

    Company history

    in Topics

    Posted

    In 1823, Con Edison’s earliest corporate predecessor, the New York Gas Light Company, was founded by a consortium of New York City investors. A year later, it was listed on the New York Stock Exchange. In 1884, six gas companies combined into the Consolidated Gas Company.

    PearlStreetStation.jpg

    A sketch of an early power plant on Pearl Street

    The New York Steam Company began providing service in lower Manhattan in 1882. Today, Con Edison operates the largest commercial steam system in the world, providing steam service to nearly 1,600 commercial and residential establishments in Manhattan from Battery Park to 96th Street.[2]

    Con Edison’s electric business also dates back to 1882, when Thomas Edison’s Edison Illuminating Company of New York began supplying electricity to 59 customers in a square-mile area in lower Manhattan. After the “War of Currents”, there were more than 30 companies generating and distributing electricity in New York City and Westchester County. But by 1920 there were far fewer, and the New York Edison Company (then part of Consolidated Gas) was clearly the leader.

    In 1936, with electric sales far outstripping gas sales, the company incorporated and the name was changed to Consolidated Edison Company of New York, Inc. The years that followed brought further amalgamations as Consolidated Edison acquired or merged with more than a dozen companies between 1936 and 1960. Con Edison today is the result of acquisitions, dissolutions and mergers of more than 170 individual electric, gas and steam companies.

    On January 1, 1998, following the deregulation of the utility industry in New York state, a holding company, Consolidated Edison, Inc., was formed. It is one of the nation’s largest investor-owned energy companies, with approximately $13 billion in annual revenues and $47 billion in assets. The company provides a wide range of energy-related products and services to its customers through two regulated utility subsidiaries and three competitive energy businesses. Under a number of corporate names, the company has been traded on the NYSE without interruption since 1824—longer than any other NYSE stock. Its largest subsidiary, Consolidated Edison Company of New York, Inc. provides electric, gas and steam service to more than 3 million customers in New York City and Westchester County, New York, an area of 660 square miles (1,700 km2) with a population of nearly 9 million.

     

    Quiksilver and Billabong Catch a Party Wave

    in Topics

    Posted

    Iconic Australian surf brand Quiksilver is purchasing its hometown rival Billabong for $300 million. Kyles, Tylers, and Blakes everywhere are freaking out. 

    shutterstock_289062239_landscape--850x445.jpg

    ThatÂ’s because if you didnÂ’t wear a Billabong or Quiksilver shirt in sixth grade to complement your long hair and seashell necklace, you werenÂ’t cool. But neither company has been especially cool lately.

    Billabong wiped out in 2013, admitting its brand was a thing of the past. And Quiksilver hung zero when it filed for bankruptcy in 2015.

    Luckily, PE shop Oaktree Capital was there to scoop up Quiksilver. And after two years of financial CPR, it’s hoping a Quiksilver-Billabong duo will be gnarly enough to bring back the glory days.

    All together, theyÂ’ll have 600 stores in 28 countries. SurfÂ’s up.

    ExpandaBrand-Retail-Branding_Billabong-Teardrop-Banners.jpg

    http://morningbrew.cmail20.com/t/j-l-okddrz-yhyuhjkhdk-ji/

    The Weinstein Company

    in Topics

    Posted

    Weinstein just keeps falling from grace. This time, the tarnished name is in the news as The Weinstein Company nears a sale for less than $500 million, roughly half of which is debt. Insult to injury: shareholders risk losing all equity.

    Of the 20 bids the film studio has received since December, six have made the short-list, including former Obama cabinet member Maria Contreras-Sweet. Some other contenders: production company Killer Content (supported by Abigail Disney), studio Lionsgate, and investment firm Shamrock Capital (founded by another Disney, Walt's nephew Roy).

    After co-chairman Harvey was fired following dozens of high-profile sexual assault and harassment allegations, Weinstein Co. found itself in cinema purgatorio. Its slate of upcoming releases—including drama Current War about Thomas Edison and George Westinghouse—is collecting dust while the studio tries to write a happier ending.

    And in Hollywood, timing is everything. While operating expenses and legal bills continue to pile up, Weinstein Co. may soon have no choice but to file for bankruptcy.

    The S&P 500 has already met its average return for a full year, but don't expect it to stay here

    in Topics

    Posted

    video-cnbcukfin-yahoopartner:

    The average annualized total return for the S&P 500 index over the past 90 years is 9.8 percent. For 2017, in just under half a year, the S&P 500’s total return is 9.7 percent.

    Looking at these facts side by side, it might seem the market has been twice as generous as usual so far this year, tempting a wary investor to back away from stocks or expect next to nothing more over the coming six months.

    Yet equity returns come in waves, not in metered doses. The market gets on a roll, overshoots, retrenches, and sometimes—as in the 18 months ended last November—just slides sideways.

    One of the market’s more intriguing and mischievous traits is that it rarely produces the long-term “average” return in a given calendar year.

    Looking now only at price returns (not counting dividends), a gain between five and 10 percent is one of the rarest results for stocks. According to data furnished by LPL Financial senior market strategist Ryan Detrick, in the 89 years from 1928 to 2016, only six finished with a gain in that range that we think of as a “typical” annual return.

    tumblr_inline_orrsmph6qc1u4jbgn_540.jpg

    Source: LPL Financial

    More than a quarter of all years saw better than 20 percent appreciation. And Detrick notes, too, that the S&P 500 advanced 9.5 percent last year - and has never seen two straight years of gains between five and 10 percent.

    So, if the historical odds are against stocks just idling near this level for the next several months, which way are they likely to go?

    Strictly looking at past periods that closely resemble this one - quiet years in an uptrend, with plenty of new highs and good market breadth - the evidence points toward further gains in the second half. Yet the calm is increasingly likely to be interrupted by the sort of more noteworthy downdraft that we haven’t had in quite a while.

    When the S&P 500 was up at least 7.5 percent on its hundredth trading day of a year, as it was this year, it added to those gains through year-end 20 out of 23 times.

    And since 1950, when the S&P 500 has made at least 15 new all-time highs through May, it was far more likely to keep rising through December, and the average further gain over the final seven months was 7.7 percent, far better than the 4.5 percent average for June-December in all years.

    A slightly different screen by Sam Stovall of CFRA - testing for years with as many new highs and similar lack of volatility as 2017 - found a similarly heavy probability of generous further upside.

    The largest and most significant exception to these patterns came in 1987 - a year that began with powerful upside momentum, faltered in mid-summer, then crashed in October to wipe out the early-year gains. It’s a scary year to come up in the comparative analysis.

    But it’s also important to note the market was up a whopping 40 percent in the first seven months of that year - a ferocious blow-off rally. And stocks got very jumpy and started losing altitude badly in August. The crash did not blindside an otherwise placid tape.

    Still, this market has gone so long without even the sort of routine 5 percent pullback that visits even the best of years that even bullish investors should be checking their mirrors and blind spots.

    The recent wobble in big-cap tech stocks that dropped the Nasdaq 100 (NDX) index by 4.5 percent could foreshadow at least a mild gut check for the broader market. Investor Urban Carmel of the Fat Pitch blog notes, “In the past seven years, falls of more than 4 percent in NDX have preceded falls in SPY of at least 3 percent. That doesn’t sound like much, but it would be the largest drop so far in 2017.”

    Seasonal patterns, which have an iffy record in the past year or so, also suggest the market should get choppier pretty soon, for what that’s worth. The best way to prepare for what an inherently unpredictable market might deliver is to assess the weight of the evidence and remain open to a range of outcomes.

    Maybe if the market does keep chugging a good deal higher, it will finally deserve the “bubble” label (which it really doesn’t right now), and perhaps it will grow more unstable as it does so, and be hounded by a collicky credit market rather than the current stoic one. None of this is observable yet.

    One of the least welcome messages in the latter part of a bull market, with more than enough discomfiting headlines to go around, is “Don’t worry so much.” But, for better or worse, this is what the probabilities are suggesting at the moment.

    Sure, stout valuations today imply so-so returns over the long term. But, remember, the market bestows its returns in unpredictable gulps, not measured sips.

    World News - Money

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