ConEd plans 28 new substations by 2035

Con Edison, the utility serving New York City, part of the Hudson Valley, and pieces of northern New Jersey, says it now plans to build 28 new substations by 2035, up from the 22 it projected earlier this year. The company is spending about $37.2 billion upgrading its power grid to keep up with rising electricity demand as buildings and vehicles switch from fossil fuels to electricity. New buildings in ConEd's territory are asking for as much as 25% more electric capacity than older ones, and the utility is preparing to serve big new customers like a stadium complex in Queens, upgrades at JFK Airport, and a large mixed-use development in the Bronx.

For homeowners, this is mostly background context rather than something requiring immediate action. It signals that ConEd is investing heavily to handle more electric heating, cooling, and vehicle charging in the years ahead, which supports the broader shift toward electrification that rebate programs are pushing. The company says its outlook for electric service is strong, with far fewer outages than the national average, but the future of its natural gas business is less certain as the state and city push climate goals like Local Law 97, which requires large buildings to cut emissions.

Separately, ConEd's revenue rose more than 10% in the second quarter, and its commercial customers saw bill increases last summer. The utility says it is watching a new state law meant to keep rate increases below inflation, which could affect what customers pay going forward.