Shedding Light on Con Edison
In a second "Executive Decision" segment, Cramer also sat down with Kevin Burke, chairman, president and CEO of
(ED - Get Report)
, a safe, domestic utility with a 4.1% dividend yield and zero exposure to Europe.
The outlook for ConEd is simple, Burke said: "We're growing." He said New York City is once again one of the fastest-growing markets in the country and ConEd is seeing lots of demand for both electricity and natural gas.
for their recent approval to bring a new natural gas pipeline from the Marcellus shale region of Pennsylvania onto the island of Manhattan. He said the city's initiative to convert 7,000 buildings from using dirty oil to cleaner natural gas will be a boon for ConEd, as well as for cleaner air in New York City.
When asked why 7,000 buildings would convert to natural gas, Burke said it all comes down to price. While the cost of oil is high and only going higher, natural gas is at record lows and will stay there given how much gas the U.S. is now able to pull from the ground. He said that Spectre's new pipeline will mean that ConEd can increase reliability and deliver more cleaner, cheaper natural gas to a growing city.
Cramer once again praised ConEd as one of his favorite utilities, with both growth and a terrific dividend yield.
No Huddle Offense
In his "No Huddle Offense" segment, Cramer offered some words of advice for leaders of Europe. He said while there aren't any good solutions for the beleaguered continent, there are a few not-so-bad solutions.
Cramer said that more than anything else, Europeans need jobs. With jobs come more taxes and more productivity, all things that are desperately needed. He said no amount of austerity will be any good without solid economic growth behind it.
Second, Cramer said the European Central Bank needs to give people a reason to keep their money in Europe's banks. Currently, money is flowing out of European banks as people fear their euros will be suddenly converted into lesser currencies. There needs to be deposit insurance that insures in euros, said Cramer, even if that means higher inflation for the currency.
Without those two things, Cramer said, the European banks will most certainty default, starting the cycle of panic and chaos all over again.
--Written by Scott Rutt in Washington, D.C.
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