Its assets give it several valuable moats around its business, including high financial and structural barriers to competitive entry, consistent, often inflation-resistant cash flows, and in most cases limited downside risk to economic recessions. Con Ed's a highly regulated business that sells electricity and gas at decoupled rates, which means its revenue is pre-determined by the regulatory commission regardless of sales volumes. Long story short, the defensive nature of Con Ed's business, combined with its strong dividend growth potential and yield, makes it a great stock to own for conservative investors.