77.61 0.00 (0.00%)
After hours: 5:14PM EDT
|Bid||75.00 x 2200|
|Ask||84.80 x 1000|
|Day's Range||75.25 - 78.44|
|52 Week Range||62.03 - 95.10|
|Beta (5Y Monthly)||0.31|
|PE Ratio (TTM)||19.02|
|Earnings Date||Apr. 29, 2020 - May 03, 2020|
|Forward Dividend & Yield||3.06 (3.92%)|
|Ex-Dividend Date||Feb. 17, 2020|
|1y Target Est||86.67|
Consolidated Edison, Inc. (NYSE:ED) shareholders might be concerned after seeing the share price drop 11% in the last...
(Bloomberg) -- Big batteries have long been touted as the future of the electrical grid. But when entrepreneur David Cieminis sought financing for a storage project in California, a state desperate to wean itself off of fossil fuels, he couldn’t reel in a bank.“A month or two ago, I wouldn’t have thought that they would have been interested,” says Cieminis, co-founder and chief commercial officer of Able Grid Energy Solutions. Like other battery startups, the company wound up relying on more expensive private equity for the project.Little energy storage exists on the world’s electrical grids. The U.S. has just about 1,400 megawatts of battery storage—equivalent to the output of two natural-gas-fired power plants—with most of it on the country’s electrical grids. Banks’ reluctance to finance such projects has contributed to the limited storage. But batteries are essential to unlocking solar and wind power, as states such as California move to rid their power grids of carbon emissions in the next three decades.At the same time, manufacturing of lithium-ion batteries is scaling up rapidly to meet the growing demand for electric vehicles and large systems installed in power grids or at solar farms. As prices for lithium-ion batteries drop—they fell by half from 2016 to 2019, according to BloombergNEF—banks are taking another look.Standalone storage deals also have been scarce because of the newness of the product for project finance bankers—project contracts aren’t yet standardized, says Yayoi Sekine, an analyst at BloombergNEF. The size of a project can be a concern for banks, too. They prefer to avoid financings of $50 million or less, a threshold some early standalone systems didn’t cross.Able Grid launched in 2017 to go after two large renewables markets: sunny California and windy Texas. It focused first on project development. Cieminis approached banks early last year about a 50MW project in the Lone Star State, but there were no takers. The banks said the Texas project lacked a long-term revenue stream, and that the company’s 11MW project in California was too small. The lenders’ most common refrain about the California project: “I don’t want to write a check for $10 million,” Cieminis says he was told. By October, he gave up trying, and found an alternative funding source.In early February, on a whim, he approached a few lenders that had completed storage financings. He was pleasantly surprised to find interest in two other Able Grid projects—100MW facilities in Southern California and Texas.Recognizing the sizable opportunity in batteries, some project finance banks have recently begun supporting battery developments, and others expect to follow soon. The U.S. Energy Storage Association trade group is aiming to have 35,000MW online by 2025. There are also climate change implications.Banks aren’t the only companies that have approached battery financings cautiously. Others have concerns about being a first mover. “We don’t want to be the first company to go through their credit committee,” says Jeff Bishop, chief executive officer of Key Capture Energy, a battery storage developer.Some early concerns among lenders have abated. Banks are now largely comfortable with lithium-ion batteries, a technology long in our lives. “They’re the battery in your Tesla, in your iPhone,” says Mike Lorusso, a managing director at CIT.CIT was a lead bank on a $140 million loan last month for a portfolio of projects developed by esVolta, a California-based developer. The deal came after about six months of talks between Chief Financial Officer Krish Koomar and banks. It’s esVolta’s first debt financing. Mitsubishi UFJ Financial Group Inc., one of the world’s leading project finance banks, expects at least three standalone battery deals in the U.S. this year, says Erik Codrington, a managing director.Able Grid financed its first two projects with support from an undisclosed private equity firm. Such investors expect a return of at least 10%, whereas bank debt can often be had for 4%-5%. Cieminis is more optimistic that his latest projects will attract bank finance.“There’s a learning process,” he says. “It takes time for the market to ramp up.”(Adds chart.)To contact the authors of this story: Natalia Kniazhevich in New York at email@example.comBrian Eckhouse in New York at firstname.lastname@example.orgTo contact the editor responsible for this story: Dimitra Kessenides at email@example.com, Joe RyanFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
NEW YORK, March 02, 2020 -- Twenty-four Con Edison employees have received industry awards for findings that will improve electrical service, enhance worker and public safety.
Consolidated Edison (ED) Q4 revenues of $2,951 million lag the Zacks Consensus Estimate by 2.7% but are almost flat with the year-ago quarter figure.
NEW YORK, Feb. 20, 2020 -- Consolidated Edison, Inc. (Con Edison) (NYSE: ED) today reported 2019 net income for common stock of $1,343 million or $4.09 a share compared with.
NEW YORK, Feb. 19, 2020 -- Con Edison has installed a large-scale battery near the North Shore of Staten Island to help keep service reliable when the need for power is high..
Con Ed (ED) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Today, we'll introduce the concept of the P/E ratio for those who are learning about investing. We'll apply a basic...
Con Edison has issued a new Request for Information (RFI), to tap into the best and most promising technologies available in clean energy. The company is seeking innovative, new solutions that will help customers reduce reliance on natural gas for their heating and cooking needs; offset the need to build additional pipeline infrastructure, and help New York State achieve its clean energy goals. “We’re pursuing every opportunity to find new ways to meet our customers’ heating and cooking needs while reducing our reliance on natural gas,” said Marc Huestis, senior vice president of Gas Operations.
NEW YORK, Jan. 22, 2020 -- Consolidated Edison, Inc. (Con Edison) plans to report its 2019 earnings on February 20, 2020 after the market closes. Consolidated.
Deneen Donnley has been named as the new senior vice president and general counsel of the Consolidated Edison Company of New York. Donnley succeeds Elizabeth Moore, who retired at the end of December. Donnley comes to Con Edison after nine years at the USAA in San Antonio.
Today we will run through one way of estimating the intrinsic value of Consolidated Edison, Inc. (NYSE:ED) by taking...
Consolidated Edison, Inc. (Con Edison) (ED) declared a quarterly dividend of 76.5 cents a share on its common stock, payable March 16, 2020 to stockholders of record as of February 19, 2020, an annualized increase of 10 cents over the previous annualized dividend of $2.96 a share. “The increase in the dividend, the 46th consecutive annual increase for stockholders, reflects our continued emphasis on providing a return to our investors while meeting the needs of our customers,” said Robert Hoglund, Con Edison’s senior vice president and chief financial officer. The company continues to target a dividend payout ratio of between 60% and 70% of its adjusted earnings.
One of the best investments we can make is in our own knowledge and skill set. With that in mind, this article will...
Extreme heat, coastal storm surge, inland flooding and more violent storms are the most significant climate-driven impacts to Con Edison’s energy delivery systems and its customers through the 21st century, according to a report issued today. The report (coned.com/resilience), developed by Con Edison in collaboration with ICF and Columbia University’s Lamont-Doherty Earth Observatory, leverages the latest available climate science data. The study evaluated present-day infrastructure, design specifications, and procedures against expected climate change to better understand its future impact on Con Edison’s energy delivery systems.
NEW YORK, Dec. 03, 2019 -- Con Edison and a coalition of other major power companies have filed a petition to challenge the Trump Administration’s climate policies for the.
Today we are going to look at Consolidated Edison, Inc. (NYSE:ED) to see whether it might be an attractive investment...
Con Edison received two prestigious industry awards from PA Consulting at its national ReliabilityOne™ conference held in Austin last night: the 2019 Outstanding Customer Reliability Experience Award, as well as the organization’s Award for Outstanding Reliability in the Northeast Region. The Customer Reliability Experience Award is presented to the recipient who has the best overall customer approach and ongoing strategy to seek innovative methods of involving and engaging customers, seizing the opportunity to deliver a positive shift in conveying accurate, timely information; the regional reliability awards are presented annually to utilities achieving outstanding reliability performance in delivering the most reliable electric service to customers.