Con Ed made $737M in profits

While customers in Western Queens spent up to 10 days without power for their homes and businesses in 2006, Con Edison was racking $737 million in earnings last year an increase of $16 million from the previous year.
“We are the small guy,” said Philippe Flory, who owns Ste. Honore Patisserie on Ditmars Boulevard and lost more than $25,000 during the blackout, but was only compensated $7,000 by Con Ed. “We have no way of defending ourselves no matter what they do.”
During the fourth quarter of 2006, Con Ed reported earnings of $201 million, a substantial increase of more than $63 million from the same period in 2005.
“Our 2006 results reflect the capital investments we’ve made in our infrastructure to meet the growing energy needs of our customers and the improved performance of our competitive energy business,” Con Ed Chairman, President and Chief Executive Officer Kevin Burke said in a statement.
Meanwhile, local Queens representatives who were very critical of Con Ed’s handling of the blackout while it was occurring and immediately after power was restored said they were still not confident in the utility giant.
“Now we have to ask ourselves every time the power goes out, if we can trust this company to give us the right information,” said City Councilmember Eric Gioia. “Con Ed still owes a huge debt to the people of Queens. They still have not repaid all that was lost or assured us that this could never happen again.”
Although residents and businesses are not happy, they say they do not expect anything to change.
“We can talk as much as we want, but we have to put the negative behind us and move on.”