A NY State of Scrutiny: Energy Affordability Index Invites More Bill Monitoring; 3Q Results Split JPMe/Street; 2026 EPS Guide Narrowed, Same Midpoint; Capex Upside Pot'l in Focus

Affordability scrutiny intensifies with the introduction of an Energy Affordability Index, which allows the NYSPSC to install an independent utility affordability monitor if a rate change pushes customer energy burden above 3% for electric or gas individually, or 6% combined, adding regulatory friction around future rate requests. 3Q26 adjusted EPS of $2.07 rose 9% YoY, $0.03 below JPMe of $2.10 but above the $2.04 Street median, with higher CECONY earnings driving the increase while O&R, Transmission and Other were roughly in line. ConEdison narrowed 2026 adjusted EPS guidance to $6.05-6.15, with the midpoint unchanged versus the prior $6.00-6.20 range and matching the $6.10 JPMe/Street estimate. O&R cut its five-year average annual summer peak demand growth forecast from +4.1% to +2.6%, driven by lower EV adoption and fewer large load interconnection requests, while CECONY held near +0.7% to +0.8%. Capex upside prospects remain in focus across proactive planning, utility-owned renewa