Con Edison Reduces Voltage by 8%, Calls for Power-Saving Amid Heat Wave
ED sits 20% above its 52-week low of $94.96.
Summary
Con Edison has implemented an 8% voltage reduction in parts of its service area and is urging customers to conserve power due to a heat wave straining the grid. Approximately 16,000 customers remain without power, though service has been restored to 31,000 others. This operational challenge could impact customer satisfaction and potentially lead to regulatory review or increased costs for the utility. The situation's resolution will depend on the duration of the heat wave and the company's ability to manage demand and restore full service.
At the time of this announcement, ED was trading at $113.99 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $42B. The 52-week trading range was $94.96 to $116.23. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.