Consolidated Edison is a regulated electric, natural gas and steam utility serving New York City and surrounding Westchester County, generating and delivering energy under rates approved by state utility regulators. As a regulated utility, its profitability is tied to a rate of return approved by regulators on the capital it invests in its grid, pipelines and infrastructure, providing steady, predictable earnings in exchange for accepting limits on customer rates. Serving one of the most densely populated urban areas in the country gives Con Edison a distinctly urban infrastructure challenge compared to utilities serving sprawling suburban or rural territories, including a steam distribution system that heats and cools many Manhattan buildings. The company's rate cases, the regulatory proceedings that determine how much it can charge customers and earn on its infrastructure investments, are a key driver of its earnings growth given the built-up, already dense nature of its New York City service territory.