LOL, only for the last 40 years or so. They're not subject to materials costs, they fix prices, they basically enjoy a monopoly. Listen to market noise in the wake of Sandy if you like. Thanks, no, I bought the dip.
Are they a growth company? Heck no! But when you already have a government enforced monpoly, growth is overrated.
I wouldn't recommend them for growth portfolios and there is an argument that other utilities have mildly better fundamentals (though at the current price, not many) and is subject to political pressures, but ED tends to be more insulated from commodity fluctuations, customer turnover, pensions, etc. It also manages to increase rates fairly consistently.
Regardless of which you pick, utilities are a cornerstone of any passive value/dividend investor.