Consolidated Edison Inc. (ED)

In the bull scenario, assigned a probability of 20.0% with an implied return of 13.1% toward a target of $116.97, rate base capital deployment accelerates under favorable New York Public Service Commission rate case determinations. Authorized return on equity exceeds baseline expectations, while rapid clean energy transmission interconnections and efficiency gains lower operating costs per customer. Free cash flow conversion expands sooner than anticipated as major transmission projects achieve commercial operation, enabling faster earnings per share growth and supporting valuation toward $116.97.

• Accelerated regulatory approvals for clean energy and grid modernization investments
• Authorized return on equity finalized above historical rate plan baselines
• Capital expenditure intensity moderates earlier as primary transmission projects complete
• Refinancing borrowing spreads remain contained, preserving net interest margins