consolidated edison inc (EDC) Snapshot

The owners of the Trump SoHo New York hotel have filed a lawsuit against their insurer, Affiliated FM Insurance Co., and Consolidated Edison Co., seeking business interruption damages of at least $2.3 million due to power outages associated with Hurricane Sandy. The suit was filed June 6, 2013 by Bayrock/Sapir Organization LLC in New York County Supreme Court. The suit argues that an explosion, not flooding, was responsible for the power outage that impacted the hotel. The legal action is the result of the hotel owners' vying for indemnification for lost earnings and incurred expenses due to the outage at their Lower Manhattan hotel. At the time Sandy hit, the hotel owners had an all risks property and business interruption policy, along with additional flood insurance, with Affiliated for a maximum per occurrence limit of $2.5 million. The owners filed a business interruption claim following Sandy, but Affiliated denied it, saying the power outage was caused by flood, the suit announced. Affiliated in its denial relied on a note posted to ConEd's website announced that all outages were caused by flooding for purposes of adjusting business interruption claims. Flood is an excluded trigger of the business interruption policy, according to the lawsuit. Sandy struck on the evening of Oct. 29, making landfall near Atlantic City, N.J., as a post-tropical cyclone. The storm had a mix of ingredients, including that it hit during high tide that wreaked havoc on the New Jersey shoreline and in the greater New York City region. A record storm surge of nearly 14 feet produced flooding in low-lying areas near the East River and some New Jersey shore towns (Best's News Service, Nov., 26, 2012). The Brooklyn-Battery Tunnel and seven East River subway tunnels were flooded, putting a halt to New York City's commuter rail service. The suit announced that without power, the hotel had to move its guests to hotels with power refund some room charges and cancel catering and banquet events, and still meet payroll and cover basic operating expenses. Despite Sandy's wrath, the hotel sustained only minimal property damage.

Consolidated Edison Inc. Presents at Citi's Global Energy and Utilities Conference, May-15-2013 03:35 PM. Venue: Hyatt Regency, One Avenue De Lafayette, Boston, Massachusetts, United States.

Consolidated Edison Inc. announced earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported earnings of $192 million or $0.66 a share compared with $277 million or $0.95 a share in 2012. Earnings from ongoing operations, which exclude a charge relating to its lease in/lease out (LILO) transactions and the net mark-to-market effects of the competitive energy businesses (CEBs), were $316 million or $1.08 a share compared with $295 million or $1.01 a share in 2012. For the year 2013, the company confirms its previous forecast of earnings per share from ongoing operations in the range of $3.65 to $3.85 a share. Earnings per share from ongoing operations exclude a $0.51 a share charge relating to the LILO transactions and the net mark-to-market effects of the CEBs.