![\"9950637215_f21b64aeca_c\"](\"https:\/\/www.europesays.com\/us\/wp-content\/uploads\/2025\/10\/9950637215_f21b64aeca_c.jpg\" "\\"Study")
\t\t\t<\/p>\n\t\t\t\t\t\t\t<\/p>\n
Photo via Flickr\/Con Edison<\/p>\n
Con Edison doesn\u2019t just keep New York City plugged in; a new study indicates it generates a significant positive economic impact in the form of jobs, contracts, and tax revenues for the city.<\/p>\n
The study conducted by HR&A Advisors, along with Con Edison, sought to quantify the utility giant\u2019s spending and other economic contributions in New York City and Westchester County \u2013 including a big property tax bill.<\/p>\n
Con Edison provides power to 9 million people and 350,000 businesses across the city and Westchester. Along the way, the study found, it helped provide a $23 billion jolt of economic power in 2024, including $15.3 billion in direct impact, according to the study.<\/p>\n
\u201cCon Edison doesn\u2019t just power the New York skyline,\u201d said Jen Hensley, the company\u2019s Senior Vice President of Corporate Affairs. \u201cWe help the city thrive.\u201d<\/p>\n
The report was released as Con Edison seeks approval from the state Public Service Commission for a rate hike that could see the average electric bill increase by 11.4% and a gas bill rise by 13.3%.<\/p>\n
The way Con Edison sees it, the contributions it makes to the local economy help offset any increases customers might feel.\n<\/p>\n
The study found that Con Edison in 2024 spent $2 billion on contracts with New York State and New York City businesses, roughly evenly distributed between elsewhere in the state and the city.\u00a0<\/p>\n
Approximately 25% of that amount ($494 million) was allocated to small and diverse businesses, representing a nearly 30% increase since 2021.\n<\/p>\n
Con Edison supports 37,700 jobs\u202fstatewide, including 14,000 directly employed by the utility; more than 80% of employees live in New York, according to the study. Nearly 40% of Con Ed employees, the study found, come from CUNY or SUNY schools,\u00a0 and more than 75% are graduates of New York-based schools.\u00a0<\/p>\n
The HR&A Advisors study concluded that Con Edison also keeps the economic wheel turning through agreements in public contracts, infrastructure investment and taxes paid.<\/p>\n
\u201cCon Edison contributes to New York\u2019s economy in ways that positively impact the millions of New Yorkers they serve,\u201d said Kate Wittels, partner HR&A Advisors, which conducted the study. \u201cBeyond simply providing electricity, Con\u00a0Edison\u00a0creates jobs, generates tax revenue, and much more.\u201d<\/p>\n
Con Edison, in 2024, contributed $4.7 billion in taxes and fees to New York State, including New York City and Westchester, a 7% increase from 2023. This total includes $3.3 billion in New York City alone, according to the study. Customers pay 25 to 30% of their bill as property taxes for utility infrastructure taxed at a higher rate than other properties.<\/p>\n
Con Edison of New York in 2024 paid $464 million more in property taxes to New York City than in 2021, enough to cover energy bill discounts for more than 224,000 households through the company\u2019s Energy Affordability Program.<\/p>\n
The utility taxes pay not just for power plants but also for electrical infrastructure, such as pipes and wires.\u00a0\n<\/p>\n
Con Edison customers, the study found, are \u201cthe largest property taxpayer in New York City.\u201d\n<\/p>\n
Property taxes on Con Edison\u2019s infrastructure have risen more than 22% since 2021 and are \u201cbecoming a significant driver of increased energy costs for customers,\u201d according to the study.<\/p>\n
Con Ed in 2024 provided more than $79 million to help low- and moderate-income customers reduce their energy use and improve energy efficiency, twice the amount in the prior year.<\/p>\n
And the company provided $311 million to reduce the bills of 450,000 low-income customers, up 17% from 2023, in its Energy Affordability Program\u00a0\n<\/p>\n
Con Ed in 2024 also invested $710 million in clean energy and electric infrastructure improvements, benefiting disadvantaged communities, a 8% increase since 2023, according to the study.<\/p>\n
\u201cWe\u2019ve done a lot of work to build resiliency and redundancy into the system,\u201d said Communications Director Jamie McShane. \u201cWe\u2019re constantly investing, using technology to monitor the system and replace components that need to be replaced.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Photo via Flickr\/Con Edison Con Edison doesn\u2019t just keep New York City plugged in; a new study indicates…\n","protected":false},"author":3,"featured_media":278665,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5122],"tags":[5229,144019,12638,58304,420,405,403,5226,5225,5228,5227,24672,6172,618,67,586,132,5230,68,2969],"class_list":{"0":"post-278664","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-new-york","8":"tag-america","9":"tag-con-ed","10":"tag-con-edison","11":"tag-corporation","12":"tag-jobs","13":"tag-new-york","14":"tag-new-york-city","15":"tag-newyork","16":"tag-newyorkcity","17":"tag-ny","18":"tag-nyc","19":"tag-pm-newsletter","20":"tag-power","21":"tag-taxes","22":"tag-united-states","23":"tag-united-states-of-america","24":"tag-unitedstates","25":"tag-unitedstatesofamerica","26":"tag-us","27":"tag-usa"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/115319506694145967","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/278664","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=278664"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/278664\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/278665"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=278664"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=278664"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=278664"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}