EarningsLowering the 2024 estimate to $5.20, the lower end of ED's 2024 guidance range, following the NYPSC's decision to disallow recoveries associated with the $88m cost overruns with the new computer information system at CECONY.
Financial PerformanceAffordability considerations could be the limiting factor as ED's rate base growth forecast of 6.5% is slightly below average.
RegulationMgmt. does not view the PSC's disallowance of billing/information system costs beyond the cap as a directional sign on NY regulation.