Of Consolidated Edison, Inc. Please note that today's meeting is being recorded. It is now my pleasure to turn today's meeting over to Tim Cawley, the Chairman, President, and CEO of Con Edison.
Good morning. Thank you for taking the time to join me virtually for our 2025 meeting of the stockholders of Consolidated Edison, Inc. We are hosting our annual stockholders' meeting in a virtual format as it offers stockholders the same opportunities to participate and ask questions as an in-person meeting and provides consistent engagement opportunities for all stockholders, regardless of where they are located. Once we conclude the business of the meeting, I'll talk about our corporate priorities and initiatives moving forward. Before we get started, Jan Childress, our Director of Investor Relations, will cover some logistical information.
Thank you, Tim, and good morning. I call your attention to the rules of conduct for today's meeting. These rules have been made available to each stockholder online, so we hope that you have had the opportunity to review the information provided before today's meeting. If you need a copy of the company's annual report or the proxy statement, the links to those documents are also provided online. At today's meeting, we'll discuss the business of the meeting, provide you with a report of the company, and answer any questions you may have. You may submit questions or comments at any time by using the Ask a Question box on your screen. Please remember to include your name so that we may address you directly. It is now my pleasure to turn today's meeting back over to Tim Cawley.
Thanks, Jan. I'll start with the business of the meeting. I'd like to acknowledge the members of our accomplished Board of Directors. Like you, our Board members are attending today's annual meeting virtually. They have the combination of skills, backgrounds, experiences, and perspectives that keeps our company strong and sustainable. They are each critical to our success. I'd also like to welcome Gavin Hamilton and Michael Interdonato from PricewaterhouseCoopers, our independent accountants, Edlyn Misquita, Con Edison's general auditor, and Peter Descovich from Broadridge Financial Solutions, our Proxy Solicitation Firm and Inspector of Election. Also attending virtually are a number of our executive officers. The company's proxy statement, along with notice of this meeting, were mailed beginning on April 9th to all stockholders of record as of March 24th.
We have a quorum of the outstanding shares of the common stock of the company entitled to vote, and this meeting is officially convened. The polls are open. If you have not voted or wish to change your vote, you may do so now by clicking on the appropriate link provided online. If you have already voted and do not wish to change your vote, you do not need to do anything. Votes were cast for three management proposals. Proposal one is to elect the company's directors. Proposal two is to ratify the appointment of PricewaterhouseCoopers as the company's independent accountants for 2025. Proposal three is to approve, on an advisory basis, named executive officer compensation. The polls are now closed. The official record will include all valid votes cast during today's meeting. Our stockholders voted in favor of proposals one, two, and three as recommended by the Board.
The voting results will be published later this week. That concludes today's official business. Now we'll go to a video where I'll share our company's outlook.
Your investments are fueling New York's unmatched energy reliability. The electric service we provide is nine times more reliable than the national average. Customers from the New York Stock Exchange to JFK Airport depend on us. Simply put, New York wouldn't run without us. That's why we're working 24/7 and strategically investing in our systems to maintain our reliability and to enable New York's growth and the region's transition to clean energy. Our pioneering workforce, commitment to sustainability, and support for city and state clean energy policies are driving opportunities for Con Edison. We plan to invest about $38 billion over the next five years to build and maintain the systems needed to provide safe, reliable, resilient, and affordable energy. Our strategy will make possible the equitable clean energy transition.
Let me tell you about how we're building the grid of the future now to prepare for electric demand growth in our region. While utilities around the country are looking to data centers for growth, our potential stems from elsewhere. Over the next few decades, New Yorkers' demand for electricity will increase each year as they electrify their heating and transportation. This means years of steady, consistent investments in our systems and growth for the company. We also continue to shore up the grid in the face of more frequent and severe weather. We're working to mitigate rising flood risks and installing smart switches to reduce the impact of storms and speed restoration. Our regulators recently approved a three-year electric and gas investment plan for our Orange and Rockland Utilities. The funding will support new substations and equipment upgrades, providing more reliable and resilient service.
We're now going through the investment plan process for Con Edison of New York's gas and electric business. It's a rigorous 11-month procedure with significant stakeholder input. At the same time, we're advancing New York's clean energy transition. We're empowering our customers to be part of the change. Last year, consistent with state policy, we distributed almost $160 million in clean heat incentives, allowing thousands of homeowners and businesses to install air and ground source heat pumps. We're making energy efficiency upgrades more affordable for customers with low to moderate incomes. In 2024, we distributed $85 million in incentives to those New Yorkers. We also gave bill discounts to almost 500,000 customers in our energy affordability program. On the transportation side, we're developing charging infrastructure for fast charging hubs, electric school buses, EV fleets, and city buses.
Reimagining our gas system is also a focus area for the company. We'll continue to invest in the safety and reliability of our gas system while also considering its future. Our overall goal is to reduce building carbon emissions by advocating for electric heating. Simultaneously, we're exploring strategies to deeply reduce carbon emissions in our steam system, which powers some of New York City's most iconic landmarks, like the Empire State Building and the United Nations. Our commitment to our service territory goes beyond delivering energy. Our innovative, dedicated people not only work here; many live here. We've hired in large numbers, bringing in talent reflective of our communities. Our partnerships with the leaders of Local 1- 2, Local 3, and Local 503 are essential to our success. Our company plays a significant role in our local economy. Did you know that we support more than 41,000 jobs?
In fact, our economic impact is equal to 1% of New York State's gross domestic product. Our strong corporate governance and skilled Board of Directors keep us focused. I'm proud to report our annualized dividend grew for the 51st consecutive year to $3.40 per share. Con Edison has served New York City and the surrounding area for over 200 years, and we're privileged to be part of the fabric of this great region. I've never been more confident and excited about what's ahead: innovative work that delivers the safe, reliable, resilient, and clean energy that New Yorkers deserve. Thanks for your support.
Next, we will go to the question and answer session. Tim, while we wait for our questions, in January, Con Edison Company of New York filed a proposal with the New York State Public Service Commission for new electric and gas rates. Can you please share some of the investments proposed in anticipation of customer electrification needs?
Thanks, Jan. I really appreciate the question. In January, we proposed an investment plan that included $21 billion of capital investment over three years from 2026 through 2028 to continue to deliver safe, reliable, resilient energy while transitioning to a clean energy future. When I talk about reliability, Jan, I'm talking about service that is nine times better than the national average. When I talk about clean energy transition, it means our customers are continuing to transition to electric vehicles, and they're electrifying heating systems in homes and office buildings across our service territory. In terms of investment, we're expanding our capacity at every level of our electric system, from transmission lines to substations to the distribution networks that deliver that service. Our rate review is an 11-month process, which involves extensive stakeholder input.
The process is geared toward achieving the right balance between those objectives and affordability. Historically, in our rate cases, we've been able to reach a three-year settlement with the PSC that balances system investment needs with stakeholder feedback, and we're in the middle of that process right now.
Great. Thank you. Tim, we have a question from David Millman. The question is, the Trump administration has blocked offshore wind turbines in the New York area. How will Con Edison meet its goals for renewable energy?
Thanks for the question. New York State has established very aggressive climate targets in the CLCPA, or Climate Leadership and Community Protection Act. Those targets are amongst the most aggressive in the nation, and they include the level of renewables on the system. As the utility serving New York City and the surrounding region, we're supportive of the goals, and we work with policymakers and stakeholders to facilitate New York State's achievement of them. As the delivery company, we do not own the generation. I'd say that, in general, the generation mix will evolve over time, sometimes at an uneven pace, and the offshore wind ruling is an example of that. Regardless of that mix, we'll continue to deliver safe, reliable, resilient energy to customers at the most affordable rates possible.
Tim, the next question comes from Ronald Lehman. The question is as follows: Have the multiple tariff threats and changes had any material effect on our company?
Really timely question. That situation is very dynamic, and the team looks at it continuously. We will look at and evaluate impact on our partners and customers as that situation evolves. Our initial estimates are aligned with what has been reported by our peers at this time, and the tariffs are not expected to have an overly significant impact on our overall plans. We will continue to actively assess and participate with industry groups to work through the most efficient way to address these tariffs into our overall plans.
Thank you. The next question comes from Michael Piccarrello. It reads as follows: My name is Michael Piccarrello from the United Brotherhood of Carpenters Pension Funds. This is not a question. I just want to express the appreciation of the carpenters for the positive work relationship with the company that has afforded our members employment opportunities with fair wages and benefits. As long-term investors through our pension funds, we support the Board and Management team and their strategic plans for long-term corporate value growth.
Thanks, Jan.
Tim, it looks like we have one more question, and this is from Vincent Petrolino. Mr. Petrolino asks the following: Hi, Tim. Please consider, with recommendation from the Board, consideration to split the common stock since the stock hovers around $100 a share and has been there for a while now. The last split was in 1982 and in 1989. Thank you, Vincent.
Thanks, Jan. Vincent, you have the history down. There are many factors to consider related to a stock split. What they do is they increase the share count, but they do not change the fundamentals of the business. We feel like we are on a really strong footing now. We appreciate the recommendation, and we will continue to consider all options to drive value for stockholders now and into the future.
Tim, all questions or comments pertinent to the annual meeting matters have been addressed. There are no further comments or questions.
Thank you, Jan. The 2025 annual meeting of stockholders is now adjourned.