Hello, welcome to the Annual Meeting of stockholders 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 Consolidated Edison.
Good morning. Thank you for taking the time to join me virtually for our 2026 meeting of the stockholders of Consolidated Edison, Inc. We're 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, 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. We hope 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 will 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 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 members of our accomplished board of directors attending today's annual meeting virtually. Our board has the combination of skills, backgrounds, experiences, and perspectives that keep our company strong and sustainable. They're each critical to our success. I'd also like to welcome Gavin Hamilton from PricewaterhouseCoopers, our independent accountants, Edelyn Mosqueda, Consolidated 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 8th to all stockholders of record as of March 23rd. 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 2026. 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.
New York never quits. Every hour, small businesses hum, subways and airports run, and millions of homes glow. Proof that Consolidated Edison is always on. We deliver the reliable, safe, resilient energy New York needs and deserves. We power the region's economic engine, hospitals, transportation networks, and more high-rises than anywhere in the nation. Our skilled workforce understands how critical electricity, gas, and steam are to this dynamic region. We're up to the challenge. For more than 200 years, we've operated in the country's most complex energy environment. Our technical expertise, operational efficiency, and disciplined investment strategy create long-term value. Collaboration with the union leadership of Local 1-2, Local 3, and Local 503 are essential to our success. This is one of the most exciting times in our history.
We're preparing to invest $38 billion over the next five years across our utilities and Consolidated Edison Transmission, a 65% increase over the prior five-year period. These multipurpose investments advance cleaner energy, reliability, and resilience. They'll prepare our system for expected electric demand growth we haven't seen since air conditioning became widespread in the 1960s. We're seeing unprecedented electrification of heating and transportation across our area, driven by years of state and local policy that have been reinforced by strong customer preference and sustained economic growth in our region. This is durable structural demand growth. Our strategy is working, and we continue investing to address that growth and deliver the reliable, resilient energy our customers depend on. Four new substations in Brooklyn and Queens are under construction. These upgrades will help ensure city buses can electrify and support the development and expansion of JFK International Airport.
This work means cleaner air for our communities. In Orange and Rockland service area, we're modernizing infrastructure and expanding electric capacity to keep pace with growing demand. We continue to prioritize the safety and reliability of our gas system. It will remain essential for years to come. In fact, during the recent frigid winter, our system was tested, and it delivered. Our steam operations also play a vital role in delivering the energy New York requires. We recently filed an investment plan focused on safety, reliability, and decarbonization. Consolidated Edison Transmission is making solid progress on Propel New York, which will strengthen power flow between Long Island and the rest of New York State. Reliability is non-negotiable for 10 million New Yorkers, hundreds of thousands of businesses, and the broader economy that needs our city to run. That's why we're investing in our infrastructure while balancing customer costs.
We know customers are facing cost of living pressures, and we're determined to help them manage their energy use. Through innovation and operational efficiency, we're making every dollar count. I couldn't be more excited about our outlook. We delivered strong performance last year, and since 2021, we've met or exceeded our adjusted earnings per share forecasts. I'm also proud to report that our annualized dividend grew for the 52nd consecutive year to $3.55 per share. We'll continue to focus on providing unparalleled value to our shareholders in the region. Our strategy will enable Consolidated Edison to keep delivering reliable, safe, resilient, cleaner energy so New York can thrive. Thank you for your confidence and support.
Next, we will go to the question and answer session. Tim, we do have a couple of questions. The first question is from Joseph Mattia. Question is as follows. Do you foresee Consolidated Edison either merging with another utility or being absorbed by another utility in an effort to create a kind of mega utility in the Northeast?
Thanks for the question. Mergers in the regulated utility sector in certain circumstances can yield positive results for both customers and shareholders over the long haul. As we've said in the past and continue to hold, mergers must be good for customers, employees, and shareholders, and they must be able to overcome regulatory approvals.
Thank you, Tim. I have a second question from Joseph Mattia. In the latest rate case, the company received significantly less than it asked for both electric and gas. Does this now open the door for regulators to more aggressively and significantly cut future rate increases?
Thanks, Jan. Every rate case process is an opportunity to present investment plans and projects essential to the safe, reliable delivery of energy to our customers. The process, which is 11 months in New York, allows for a robust hearing of those plans by the regulator and various interveners. That process is both healthy and robust, has been, and we expect it to continue to be robust as we move forward.
Thank you, Tim. I have one last question from Joseph Mattia as follows. What is your vision for the company's natural gas delivery infrastructure?
Thanks, Jan. The vision is really about delivering safe, reliable gas service to the 1.2 million customers we serve. This winter was particularly frigid, and the systems and our people really rose to the occasion and performed very well. We replace about 100 mi of main a year, and that's really for safety to reduce leaks and to reduce methane emissions from our system. Moving forward, we see more and more of our customers gravitating toward the electrification of heating, mostly air source heat pumps and some geothermal heat pumps. Over time, we expect we'll sell less gas, but we need to serve these 1.2 million customers safely and reliably as we progress to that point.
Thank you, Tim. We also have a question from David Millman. David asks the following. What form of clean energy will replace the wind power that has been blocked?
Thanks, Jan. While some wind power has been blocked, there is some in service. About 132 MW is in service at South Fork on Long Island, and there are two projects currently being constructed that will deliver about 2,000 MW to the Long Island and New York City region. The New York State Energy Plan calls for an all-of-the-above approach to supply issues. Governor Hochul and her team have focused on all kinds of generation, onshore wind, solar, and nuclear development. There's also currently a proceeding that considers by the New York State Public Service Commission to look at whether utilities can and should own a renewable energy. We are proponents of that, and we'll see the outcome of that proceeding.
Thank you, Tim. All questions or comments pertinent to annual meeting matters have been addressed. There are no further questions or comments.
Thanks, Jan. The 2026 Annual Meeting of stockholders is now adjourned.
This concludes the meeting. You may now disconnect.