Quarterly Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Commission File Number | Exact name of registrant as specified in its charter and principal executive office address and telephone number | State of Incorporation | I.R.S. Employer ID. Number | |||||||||||||||||||||||||||||
1-14514 | Consolidated Edison, Inc. | New York | 13-3965100 | |||||||||||||||||||||||||||||
4 Irving Place, | New York, | New York | 10003 | |||||||||||||||||||||||||||||
(212) | 460-4600 | |||||||||||||||||||||||||||||||
1-1217 | Consolidated Edison Company of New York, Inc. | New York | 13-5009340 | |||||||||||||||||||||||||||||
4 Irving Place, | New York, | New York | 10003 | |||||||||||||||||||||||||||||
(212) | 460-4600 |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||||||
Consolidated Edison, Inc., | ED | New York | Stock Exchange | |||||||||||||||
Common Shares ($.10 par value) |
Consolidated Edison, Inc. (Con Edison) | Yes | ☒ | No | |||||||||
Consolidated Edison Company of New York, Inc. (CECONY) | Yes | ☒ | No |
Con Edison | Yes | ☒ | No | |||||||||
CECONY | Yes | ☒ | No |
Con Edison | ||||||||||||||||||||
Large accelerated filer | ☒ | Accelerated filer☐ | Non-accelerated filer | ☐ | ||||||||||||||||
Smaller reporting company | ☐ | Emerging growth company | ☐ | |||||||||||||||||
CECONY | ||||||||||||||||||||
Large accelerated filer | ☐ | Accelerated filer | Non-accelerated filer | ☒ | ||||||||||||||||
Smaller reporting company | ☐ | Emerging growth company | ||||||||||||||||||
Con Edison | Yes | ☐ | No | ☒ | ||||||||||
CECONY | Yes | ☐ | No | ☒ |
Con Edison Companies | ||||||||
Con Edison | Consolidated Edison, Inc. | |||||||
CECONY | Consolidated Edison Company of New York, Inc. | |||||||
Clean Energy Businesses | Con Edison Clean Energy Businesses, Inc., together with its subsidiaries, | |||||||
including Consolidated Edison Development, Inc. | ||||||||
, Consolidated Edison Energy, Inc. | ||||||||
and Consolidated Edison Solutions, Inc. | ||||||||
Con Edison Transmission | Con Edison Transmission, Inc., together with its subsidiaries | |||||||
CET Electric | Consolidated Edison Transmission, LLC | |||||||
CET Gas | Con Edison Gas Pipeline and Storage, LLC | |||||||
O&R | Orange and Rockland Utilities, Inc. | |||||||
RECO | Rockland Electric Company | |||||||
The Companies | Con Edison and CECONY | |||||||
The Utilities | CECONY and O&R | |||||||
Regulatory Agencies, Government Agencies and Other Organizations | ||||||||
EPA | U.S. Environmental Protection Agency | |||||||
FASB | Financial Accounting Standards Board | |||||||
FERC | Federal Energy Regulatory Commission | |||||||
Internal Revenue Service | ||||||||
NJBPU | New Jersey Board of Public Utilities | |||||||
NJDEP | New Jersey Department of Environmental Protection | |||||||
NYISO | New York Independent System Operator | |||||||
NYPA | New York Power Authority | |||||||
NYSDEC | New York State Department of Environmental Conservation | |||||||
New York State Department of Public Service | ||||||||
NYSERDA | New York State Energy Research and Development Authority | |||||||
NYSPSC | New York State Public Service Commission | |||||||
NYSRC | New York State Reliability Council, LLC | |||||||
Office of Temporary Disability Assistance | ||||||||
PJM | PJM Interconnection LLC | |||||||
SEC | U.S. Securities and Exchange Commission | |||||||
Accounting | ||||||||
AFUDC | Allowance for funds used during construction | |||||||
ASU | Accounting Standards Update | |||||||
GAAP | Generally Accepted Accounting Principles in the United States of America | |||||||
Hypothetical Liquidation at Book Value | ||||||||
NOL | Net Operating Loss | |||||||
OCI | Other Comprehensive Income | |||||||
VIE | Variable Interest Entity |
GHG | Greenhouse gases | |||||||
MGP Sites | Manufactured gas plant sites | |||||||
PCBs | Polychlorinated biphenyls | |||||||
PRP | Potentially responsible party | |||||||
RGGI | Regional Greenhouse Gas Initiative | |||||||
Superfund | Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 and similar state statutes | |||||||
Units of Measure | ||||||||
AC | Alternating current | |||||||
Bcf | Billion cubic feet | |||||||
Dt | Dekatherms | |||||||
kV | Kilovolt | |||||||
kWh | Kilowatt-hour | |||||||
MDt | Thousand dekatherms | |||||||
MMlb | Million pounds | |||||||
MVA | Megavolt ampere | |||||||
MW | Megawatt or thousand kilowatts | |||||||
MWh | Megawatt hour | |||||||
Other | ||||||||
AMI | Advanced | |||||||
Coronavirus Aid, Relief, and Economic Security Act, as enacted on March 27, 2020 | ||||||||
CLCPA | Climate Leadership and Community Protection Act | |||||||
COSO | Committee of Sponsoring Organizations of the Treadway Commission | |||||||
Coronavirus Disease 2019 | ||||||||
DER | Distributed energy resources | |||||||
First Quarter Form 10-Q | The Companies' combined Quarterly Report on Form 10-Q for the quarterly period ended March 31 of the current year | |||||||
Form 10-K | The Companies’ combined Annual Report on Form 10-K for the year ended December 31, | |||||||
LTIP | Long Term Incentive Plan | |||||||
Moody’s | Moody’s Investors Service | |||||||
REV | Reforming the Energy Vision | |||||||
S&P | S&P Global Ratings | |||||||
The federal Tax Cuts and Jobs Act of 2017, as enacted on December 22, 2017 | ||||||||
VaR | Value-at-Risk |
PAGE | ||||||||
ITEM 1 | Financial Statements (Unaudited) | |||||||
Con Edison | ||||||||
CECONY | ||||||||
ITEM 2 | ||||||||
ITEM 3 | ||||||||
ITEM 4 | ||||||||
ITEM 1 | ||||||||
ITEM 1A | ||||||||
ITEM 6 | ||||||||
For the Three Months Ended March 31, | |||||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||
(Millions of Dollars/ Except Per Share Data) | |||||||||||||||||||
(Millions of Dollars/Except Share Data) | (Millions of Dollars/Except Share Data) | 2022 | 2021 | ||||||||||||||||
OPERATING REVENUES | OPERATING REVENUES | ||||||||||||||||||
Electric | $2,675 | $2,769 | $6,573 | $6,717 | Electric | $2,250 | $2,113 | ||||||||||||
Gas | 296 | 235 | 1,593 | 1,246 | Gas | 1,250 | 1,076 | ||||||||||||
Steam | 62 | 63 | 448 | 406 | Steam | 302 | 264 | ||||||||||||
Non-utility | 178 | 350 | 458 | 999 | Non-utility | 258 | 224 | ||||||||||||
TOTAL OPERATING REVENUES | 3,211 | 3,417 | 9,072 | 9,368 | TOTAL OPERATING REVENUES | 4,060 | 3,677 | ||||||||||||
OPERATING EXPENSES | OPERATING EXPENSES | ||||||||||||||||||
Purchased power | 460 | 798 | 1,253 | 2,047 | Purchased power | 487 | 437 | ||||||||||||
Fuel | 30 | 29 | 169 | 133 | Fuel | 144 | 93 | ||||||||||||
Gas purchased for resale | 115 | 81 | 584 | 320 | Gas purchased for resale | 443 | 296 | ||||||||||||
Other operations and maintenance | 852 | 840 | 2,406 | 2,447 | Other operations and maintenance | 905 | 790 | ||||||||||||
Depreciation and amortization | 337 | 305 | 998 | 905 | Depreciation and amortization | 529 | 497 | ||||||||||||
Taxes, other than income taxes | 544 | 528 | 1,597 | 1,523 | Taxes, other than income taxes | 753 | 704 | ||||||||||||
TOTAL OPERATING EXPENSES | 2,338 | 2,581 | 7,007 | 7,375 | TOTAL OPERATING EXPENSES | 3,261 | 2,817 | ||||||||||||
Gain on sale of retail electric supply business and solar electric production project | — | 104 | 1 | 104 | |||||||||||||||
OPERATING INCOME | 873 | 940 | 2,066 | 2,097 | OPERATING INCOME | 799 | 860 | ||||||||||||
OTHER INCOME (DEDUCTIONS) | OTHER INCOME (DEDUCTIONS) | ||||||||||||||||||
Investment income | 20 | 20 | 59 | 27 | |||||||||||||||
Investment income (loss) | Investment income (loss) | 5 | (161) | ||||||||||||||||
Other income | 20 | 31 | 43 | Other income | 82 | 6 | |||||||||||||
Allowance for equity funds used during construction | 3 | 3 | 8 | 7 | Allowance for equity funds used during construction | 5 | |||||||||||||
Other deductions | (4) | (5) | (12) | (16) | Other deductions | (2) | (36) | ||||||||||||
TOTAL OTHER INCOME | 39 | 49 | 98 | 61 | |||||||||||||||
TOTAL OTHER INCOME (DEDUCTIONS) | TOTAL OTHER INCOME (DEDUCTIONS) | 90 | (186) | ||||||||||||||||
INCOME BEFORE INTEREST AND INCOME TAX EXPENSE | 912 | 989 | 2,164 | 2,158 | INCOME BEFORE INTEREST AND INCOME TAX EXPENSE | 889 | 674 | ||||||||||||
INTEREST EXPENSE | |||||||||||||||||||
INTEREST EXPENSE (INCOME) | INTEREST EXPENSE (INCOME) | ||||||||||||||||||
Interest on long-term debt | 183 | 174 | 539 | 504 | Interest on long-term debt | 241 | 227 | ||||||||||||
Other interest | 4 | 5 | 11 | 17 | |||||||||||||||
Other interest income | Other interest income | (56) | (47) | ||||||||||||||||
Allowance for borrowed funds used during construction | (2) | (1) | (5) | (4) | Allowance for borrowed funds used during construction | (3) | (4) | ||||||||||||
NET INTEREST EXPENSE | 185 | 178 | 545 | 517 | NET INTEREST EXPENSE | 182 | 176 | ||||||||||||
INCOME BEFORE INCOME TAX EXPENSE | 727 | 811 | 1,619 | 1,641 | INCOME BEFORE INCOME TAX EXPENSE | 707 | 498 | ||||||||||||
INCOME TAX EXPENSE | 270 | 314 | 599 | 602 | INCOME TAX EXPENSE | 153 | 78 | ||||||||||||
NET INCOME | $457 | $497 | $1,020 | $1,039 | NET INCOME | 554 | 420 | ||||||||||||
(Loss) Income attributable to non-controlling interest | (Loss) Income attributable to non-controlling interest | (48) | 1 | ||||||||||||||||
NET INCOME FOR COMMON STOCK | NET INCOME FOR COMMON STOCK | $602 | $419 | ||||||||||||||||
Net income per common share—basic | $1.48 | $1.63 | $3.33 | $3.47 | Net income per common share—basic | $1.70 | $1.23 | ||||||||||||
Net income per common share—diluted | $1.48 | $1.62 | $3.31 | $3.46 | Net income per common share—diluted | $1.70 | $1.22 | ||||||||||||
DIVIDENDS DECLARED PER COMMON SHARE | $0.69 | $0.67 | $2.07 | $2.01 | |||||||||||||||
AVERAGE NUMBER OF SHARES OUTSTANDING—BASIC (IN MILLIONS) | 307.8 | 304.5 | 306.2 | 299.1 | AVERAGE NUMBER OF SHARES OUTSTANDING—BASIC (IN MILLIONS) | 354.1 | 342.2 | ||||||||||||
AVERAGE NUMBER OF SHARES OUTSTANDING—DILUTED (IN MILLIONS) | 309.3 | 305.9 | 307.7 | 300.5 | AVERAGE NUMBER OF SHARES OUTSTANDING—DILUTED (IN MILLIONS) | 355.1 | 343.0 |
Three Months Ended March 31, | ||||||||||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||
(Millions of Dollars) | ||||||||||||||||||||||||
(Millions of Dollars) | (Millions of Dollars) | 2022 | 2021 | |||||||||||||||||||||
NET INCOME | $457 | $497 | $1,020 | $1,039 | NET INCOME | $554 | $420 | |||||||||||||||||
LOSS/(INCOME) ATTRIBUTABLE TO NON-CONTROLLING INTEREST | LOSS/(INCOME) ATTRIBUTABLE TO NON-CONTROLLING INTEREST | 48 | (1) | |||||||||||||||||||||
OTHER COMPREHENSIVE INCOME, NET OF TAXES | OTHER COMPREHENSIVE INCOME, NET OF TAXES | |||||||||||||||||||||||
Pension and other postretirement benefit plan liability adjustments, net of taxes | 1 | 2 | Pension and other postretirement benefit plan liability adjustments, net of taxes | — | 4 | |||||||||||||||||||
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAXES | 1 | 2 | TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAXES | — | 4 | |||||||||||||||||||
COMPREHENSIVE INCOME | $458 | $498 | $1,021 | $1,041 | COMPREHENSIVE INCOME | $602 | $423 |
For the Three Months Ended March 31, | ||||||||
(Millions of Dollars) | 2022 | 2021 | ||||||
OPERATING ACTIVITIES | ||||||||
Net income | $554 | $420 | ||||||
PRINCIPAL NON-CASH CHARGES/(CREDITS) TO INCOME | ||||||||
Depreciation and amortization | 529 | 497 | ||||||
Investment loss/impairment | — | 172 | ||||||
Deferred income taxes | 167 | 77 | ||||||
Rate case amortization and accruals | 18 | (7) | ||||||
Common equity component of allowance for funds used during construction | (5) | (5) | ||||||
Net derivative losses/(gains) | (68) | (65) | ||||||
Unbilled revenue and net unbilled revenue deferrals | 45 | 31 | ||||||
Other non-cash items, net | 34 | 6 | ||||||
CHANGES IN ASSETS AND LIABILITIES | ||||||||
Accounts receivable – customers | (252) | (281) | ||||||
Allowance for uncollectible accounts – customers | 19 | 33 | ||||||
Materials and supplies, including fuel oil and gas in storage | 33 | 17 | ||||||
Revenue decoupling mechanism receivable | (28) | (42) | ||||||
Other receivables and other current assets | (198) | 43 | ||||||
Taxes receivable | 4 | 15 | ||||||
Prepayments | (471) | (500) | ||||||
Accounts payable | (156) | (178) | ||||||
Pensions and retiree benefits obligations, net | 50 | 73 | ||||||
Pensions and retiree benefits contributions | (5) | (4) | ||||||
Accrued taxes | (27) | (35) | ||||||
Accrued interest | 129 | 116 | ||||||
Superfund and environmental remediation costs | (7) | (5) | ||||||
Distributions from equity investments | 4 | 10 | ||||||
System benefit charge | (21) | (20) | ||||||
Deferred charges, noncurrent assets and other regulatory assets | (214) | (42) | ||||||
Deferred credits and other regulatory liabilities | 440 | 50 | ||||||
Other current and noncurrent liabilities | (101) | (87) | ||||||
NET CASH FLOWS FROM OPERATING ACTIVITIES | 473 | 289 | ||||||
INVESTING ACTIVITIES | ||||||||
Utility construction expenditures | (837) | (868) | ||||||
Cost of removal less salvage | (80) | (86) | ||||||
Non-utility construction expenditures | (25) | (141) | ||||||
Investments in electric and gas transmission projects | (10) | (5) | ||||||
Other investing activities | — | 4 | ||||||
NET CASH FLOWS USED IN INVESTING ACTIVITIES | (952) | (1,096) | ||||||
FINANCING ACTIVITIES | ||||||||
Net issuance (repayment) of short-term debt | (175) | 183 | ||||||
Issuance of long-term debt | — | 250 | ||||||
Retirement of long-term debt | (26) | (695) | ||||||
Debt issuance costs | (1) | (3) | ||||||
Common stock dividends | (276) | (253) | ||||||
Issuance of common shares for stock plans | 14 | 16 | ||||||
Distribution to noncontrolling interest | (6) | (3) | ||||||
Sale of equity interest | — | 33 | ||||||
NET CASH FLOWS USED IN FINANCING ACTIVITIES | (470) | (472) | ||||||
CASH, TEMPORARY CASH INVESTMENTS, AND RESTRICTED CASH: | ||||||||
NET CHANGE FOR THE PERIOD | (949) | (1,279) | ||||||
BALANCE AT BEGINNING OF PERIOD | 1,146 | 1,436 | ||||||
BALANCE AT END OF PERIOD | $197 | $157 | ||||||
SUPPLEMENTAL DISCLOSURE OF CASH INFORMATION | ||||||||
Cash paid/(received) during the period for: | ||||||||
Interest | $104 | $112 | ||||||
Income taxes | $(1) | $(15) | ||||||
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION | ||||||||
Construction expenditures in accounts payable | $424 | $390 | ||||||
Issuance of common shares for dividend reinvestment | $4 | $12 | ||||||
Software licenses acquired but unpaid as of end of period | $23 | $51 | ||||||
Equipment acquired but unpaid as of end of period | $22 | $28 |
For the Nine Months Ended September 30, | |||
2017 | 2016 | ||
(Millions of Dollars) | |||
OPERATING ACTIVITIES | |||
Net income | $1,020 | $1,039 | |
PRINCIPAL NON-CASH CHARGES/(CREDITS) TO INCOME | |||
Depreciation and amortization | 998 | 905 | |
Deferred income taxes | 626 | 524 | |
Rate case amortization and accruals | (93) | (157) | |
Common equity component of allowance for funds used during construction | (8) | (7) | |
Net derivative gains | (4) | (7) | |
Gain on sale of retail electric supply business and solar electric production project | (1) | (104) | |
Other non-cash items, net | (1) | 99 | |
CHANGES IN ASSETS AND LIABILITIES | |||
Accounts receivable – customers | 1 | (138) | |
Materials and supplies, including fuel oil and gas in storage | 2 | 15 | |
Other receivables and other current assets | (39) | 90 | |
Income taxes receivable | 33 | 100 | |
Prepayments | (433) | (403) | |
Accounts payable | (54) | 142 | |
Pensions and retiree benefits obligations, net | 305 | 464 | |
Pensions and retiree benefits contributions | (462) | (510) | |
Accrued taxes | (21) | (21) | |
Accrued interest | 59 | 66 | |
Superfund and environmental remediation costs, net | (9) | 68 | |
Distributions from equity investments | 87 | 45 | |
System benefit charge | 194 | 193 | |
Deferred charges, noncurrent assets and other regulatory assets | (18) | (104) | |
Deferred credits and other regulatory liabilities | (40) | 116 | |
Other current and noncurrent liabilities | 85 | (79) | |
NET CASH FLOWS FROM OPERATING ACTIVITIES | 2,227 | 2,336 | |
INVESTING ACTIVITIES | |||
Utility construction expenditures | (2,148) | (2,057) | |
Cost of removal less salvage | (185) | (149) | |
Non-utility construction expenditures | (288) | (436) | |
Investments in electric and gas transmission projects | (29) | (1,040) | |
Investments in/acquisitions of renewable electric production projects | (1) | (241) | |
Proceeds from the transfer of assets to NY Transco | — | 122 | |
Proceeds from sale of assets | 34 | 250 | |
Restricted cash | 13 | (21) | |
Other investing activities | 32 | (145) | |
NET CASH FLOWS USED IN INVESTING ACTIVITIES | (2,572) | (3,717) | |
FINANCING ACTIVITIES | |||
Net payment of short-term debt | (698) | (928) | |
Issuance of long-term debt | 997 | 1,765 | |
Retirement of long-term debt | (429) | (407) | |
Debt issuance costs | (12) | (16) | |
Common stock dividends | (600) | (570) | |
Issuance of common shares - public offering | 343 | 702 | |
Issuance of common shares for stock plans | 37 | 38 | |
Distribution to noncontrolling interest | — | (1) | |
NET CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES | (362) | 583 | |
CASH AND TEMPORARY CASH INVESTMENTS: | |||
NET CHANGE FOR THE PERIOD | (707) | (798) | |
BALANCE AT BEGINNING OF PERIOD | 776 | 944 | |
BALANCE AT END OF PERIOD | $69 | $146 | |
LESS: CHANGE IN CASH BALANCES HELD FOR SALE | — | (4) | |
BALANCE AT END OF PERIOD EXCLUDING HELD FOR SALE | $69 | $150 | |
SUPPLEMENTAL DISCLOSURE OF CASH INFORMATION | |||
Cash paid/(received) during the period for: | |||
Interest | $479 | $437 | |
Income taxes | $(34) | $(144) | |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION | |||
Construction expenditures in accounts payable | $352 | $242 | |
Issuance of common shares for dividend reinvestment | $35 | $35 |
September 30, 2017 | December 31, 2016 | |||||||||
(Millions of Dollars) | ||||||||||
(Millions of Dollars) | (Millions of Dollars) | March 31, 2022 | December 31, 2021 | |||||||
ASSETS | ASSETS | |||||||||
CURRENT ASSETS | CURRENT ASSETS | |||||||||
Cash and temporary cash investments | $69 | $776 | Cash and temporary cash investments | $108 | $992 | |||||
Accounts receivable – customers, less allowance for uncollectible accounts of $63 and $69 in 2017 and 2016, respectively | 1,111 | 1,106 | ||||||||
Other receivables, less allowance for uncollectible accounts of $8 and $14 in 2017 and 2016, respectively | 181 | 195 | ||||||||
Income taxes receivable | 46 | 79 | ||||||||
Accounts receivable – customers, net allowance for uncollectible accounts of $336 and $317 in 2022 and 2021, respectively | Accounts receivable – customers, net allowance for uncollectible accounts of $336 and $317 in 2022 and 2021, respectively | 2,176 | 1,943 | |||||||
Other receivables, net allowance for uncollectible accounts of $25 and $22 in 2022 and 2021, respectively | Other receivables, net allowance for uncollectible accounts of $25 and $22 in 2022 and 2021, respectively | 295 | 298 | |||||||
Taxes receivable | Taxes receivable | 9 | 13 | |||||||
Accrued unbilled revenue | 411 | 447 | Accrued unbilled revenue | 539 | 662 | |||||
Fuel oil, gas in storage, materials and supplies, at average cost | 337 | 339 | Fuel oil, gas in storage, materials and supplies, at average cost | 404 | 437 | |||||
Prepayments | 592 | 159 | Prepayments | 796 | 295 | |||||
Regulatory assets | 109 | 100 | Regulatory assets | 289 | 206 | |||||
Restricted cash | 41 | 54 | Restricted cash | 89 | 154 | |||||
Revenue decoupling mechanism receivable | Revenue decoupling mechanism receivable | 218 | 190 | |||||||
Fair value of derivatives assets | Fair value of derivatives assets | 310 | 128 | |||||||
Other current assets | 199 | 151 | Other current assets | 229 | 233 | |||||
TOTAL CURRENT ASSETS | 3,096 | 3,406 | TOTAL CURRENT ASSETS | 5,462 | 5,551 | |||||
INVESTMENTS | 1,977 | 1,921 | INVESTMENTS | 833 | 853 | |||||
UTILITY PLANT, AT ORIGINAL COST | UTILITY PLANT, AT ORIGINAL COST | |||||||||
Electric | 28,595 | 27,747 | Electric | 35,324 | 34,938 | |||||
Gas | 7,972 | 7,524 | Gas | 12,579 | 12,303 | |||||
Steam | 2,458 | 2,421 | Steam | 2,848 | 2,828 | |||||
General | 2,891 | 2,719 | General | 4,241 | 4,170 | |||||
TOTAL | 41,916 | 40,411 | TOTAL | 54,992 | 54,239 | |||||
Less: Accumulated depreciation | 8,904 | 8,541 | Less: Accumulated depreciation | 12,419 | 12,177 | |||||
Net | 33,012 | 31,870 | Net | 42,573 | 42,062 | |||||
Construction work in progress | 1,415 | 1,175 | Construction work in progress | 2,060 | 2,152 | |||||
NET UTILITY PLANT | 34,427 | 33,045 | NET UTILITY PLANT | 44,633 | 44,214 | |||||
NON-UTILITY PLANT | NON-UTILITY PLANT | |||||||||
Non-utility property, less accumulated depreciation of $185 and $140 in 2017 and 2016, respectively | 1,686 | 1,482 | ||||||||
Non-utility property, net accumulated depreciation of $660 and $626 in 2022 and 2021, respectively | Non-utility property, net accumulated depreciation of $660 and $626 in 2022 and 2021, respectively | 4,163 | 4,194 | |||||||
Construction work in progress | 615 | 689 | Construction work in progress | 222 | 188 | |||||
NET PLANT | 36,728 | 35,216 | NET PLANT | 49,018 | 48,596 | |||||
OTHER NONCURRENT ASSETS | OTHER NONCURRENT ASSETS | |||||||||
Goodwill | 428 | Goodwill | 439 | |||||||
Intangible assets, less accumulated amortization of $12 and $6 in 2017 and 2016, respectively | 114 | 124 | ||||||||
Intangible assets, net accumulated amortization of $320 and $297 in 2022 and 2021, respectively | Intangible assets, net accumulated amortization of $320 and $297 in 2022 and 2021, respectively | 1,268 | 1,293 | |||||||
Regulatory assets | 6,769 | 7,024 | Regulatory assets | 3,680 | 3,639 | |||||
Pension and retiree benefits | Pension and retiree benefits | 1,902 | 1,654 | |||||||
Operating lease right-of-use asset | Operating lease right-of-use asset | 803 | 809 | |||||||
Fair value of derivatives assets | Fair value of derivatives assets | 136 | 77 | |||||||
Other deferred charges and noncurrent assets | 134 | 136 | Other deferred charges and noncurrent assets | 196 | 205 | |||||
TOTAL OTHER NONCURRENT ASSETS | 7,445 | 7,712 | TOTAL OTHER NONCURRENT ASSETS | 8,424 | 8,116 | |||||
TOTAL ASSETS | $49,246 | $48,255 | TOTAL ASSETS | $63,737 | $63,116 |
September 30, 2017 | December 31, 2016 | |||||||||
(Millions of Dollars) | ||||||||||
(Millions of Dollars) | (Millions of Dollars) | March 31, 2022 | December 31, 2021 | |||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||
CURRENT LIABILITIES | CURRENT LIABILITIES | |||||||||
Long-term debt due within one year | $687 | $39 | Long-term debt due within one year | $439 | $440 | |||||
Notes payable | 356 | 1,054 | Notes payable | 1,313 | 1,488 | |||||
Accounts payable | 1,057 | 1,147 | Accounts payable | 1,308 | 1,497 | |||||
Customer deposits | 344 | 352 | Customer deposits | 313 | 300 | |||||
Accrued taxes | 43 | 64 | Accrued taxes | 77 | 104 | |||||
Accrued interest | 209 | 150 | Accrued interest | 280 | 151 | |||||
Accrued wages | 105 | 101 | Accrued wages | 113 | ||||||
Fair value of derivative liabilities | 70 | 77 | Fair value of derivative liabilities | 134 | 152 | |||||
Regulatory liabilities | 58 | 128 | Regulatory liabilities | 543 | 185 | |||||
System benefit charge | 628 | 434 | System benefit charge | 410 | 423 | |||||
Operating lease liabilities | Operating lease liabilities | 120 | 113 | |||||||
Other current liabilities | 358 | 297 | Other current liabilities | 365 | 461 | |||||
TOTAL CURRENT LIABILITIES | 3,915 | 3,843 | TOTAL CURRENT LIABILITIES | 5,415 | 5,427 | |||||
NONCURRENT LIABILITIES | NONCURRENT LIABILITIES | |||||||||
Provision for injuries and damages | 164 | 160 | Provision for injuries and damages | 179 | 183 | |||||
Pensions and retiree benefits | 1,443 | 1,847 | Pensions and retiree benefits | 761 | 737 | |||||
Superfund and other environmental costs | 745 | 753 | Superfund and other environmental costs | 934 | 940 | |||||
Asset retirement obligations | 256 | 246 | Asset retirement obligations | 581 | 577 | |||||
Fair value of derivative liabilities | 83 | 40 | Fair value of derivative liabilities | 76 | 84 | |||||
Deferred income taxes and unamortized investment tax credits | 10,744 | 10,205 | Deferred income taxes and unamortized investment tax credits | 7,105 | 6,873 | |||||
Operating lease liabilities | Operating lease liabilities | 716 | 717 | |||||||
Regulatory liabilities | 1,873 | 1,905 | Regulatory liabilities | 4,503 | 4,381 | |||||
Other deferred credits and noncurrent liabilities | 262 | 215 | Other deferred credits and noncurrent liabilities | 261 | 257 | |||||
TOTAL NONCURRENT LIABILITIES | 15,570 | 15,371 | TOTAL NONCURRENT LIABILITIES | 15,116 | 14,749 | |||||
LONG-TERM DEBT | 14,651 | 14,735 | LONG-TERM DEBT | 22,583 | 22,604 | |||||
COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Note B, Note G, and Note H) | COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Note B, Note G, and Note H) | 0 | ||||||||
EQUITY | EQUITY | |||||||||
Common shareholders’ equity | 15,102 | 14,298 | Common shareholders’ equity | 20,378 | 20,037 | |||||
Noncontrolling interest | 8 | Noncontrolling interest | 245 | 299 | ||||||
TOTAL EQUITY (See Statement of Equity) | 15,110 | 14,306 | TOTAL EQUITY (See Statement of Equity) | 20,623 | 20,336 | |||||
TOTAL LIABILITIES AND EQUITY | $49,246 | $48,255 | TOTAL LIABILITIES AND EQUITY | $63,737 | $63,116 |
(In Millions, except for dividends per share) | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Capital Stock Expense | Accumulated Other Comprehensive Income/(Loss) | Non- controlling Interest | Total | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||
BALANCE AS OF DECEMBER 31, 2020 | 342 | $36 | $8,808 | $11,178 | 23 | $(1,038) | $(112) | $(25) | $218 | $19,065 | ||||||||||||||||||||||
Net income | 419 | 1 | 420 | |||||||||||||||||||||||||||||
Common stock dividends ($0.775 per share) | (265) | (265) | ||||||||||||||||||||||||||||||
Issuance of common shares for stock plans | 28 | 28 | ||||||||||||||||||||||||||||||
Other comprehensive income | 4 | 4 | ||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | (3) | (3) | ||||||||||||||||||||||||||||||
Net proceeds from sale of equity interest | 33 | 33 | ||||||||||||||||||||||||||||||
BALANCE AS OF MARCH 31, 2021 | 342 | $36 | $8,836 | $11,332 | 23 | $(1,038) | $(112) | $(21) | $249 | $19,282 | ||||||||||||||||||||||
BALANCE AS OF DECEMBER 31, 2021 | 354 | $37 | $9,710 | $11,445 | 23 | $(1,038) | $(122) | $5 | $299 | $20,336 | ||||||||||||||||||||||
Net income (loss) | 602 | (48) | 554 | |||||||||||||||||||||||||||||
Common stock dividends ($0.79 per share) | (280) | (280) | ||||||||||||||||||||||||||||||
Issuance of common shares - public offering | 1 | 1 | ||||||||||||||||||||||||||||||
Issuance of common shares for stock plans | 18 | 18 | ||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | (6) | (6) | ||||||||||||||||||||||||||||||
BALANCE AS OF MARCH 31, 2022 | 354 | $37 | $9,728 | $11,767 | 23 | $(1,038) | $(121) | $5 | $245 | $20,623 |
(In Millions) | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Capital Stock Expense | Accumulated Other Comprehensive Income/(Loss) | Noncontrolling Interest | Total | ||||
Shares | Amount | Shares | Amount | |||||||||
BALANCE AS OF DECEMBER 31, 2015 | 293 | $32 | $5,030 | $9,123 | 23 | $(1,038) | $(61) | $(34) | $9 | $13,061 | ||
Net income | 310 | 310 | ||||||||||
Common stock dividends | (197) | (197) | ||||||||||
Issuance of common shares for stock plans | 1 | 28 | 28 | |||||||||
Other comprehensive income | — | |||||||||||
Noncontrolling interest | (1) | (1) | ||||||||||
BALANCE AS OF MARCH 31, 2016 | 294 | $32 | $5,058 | $9,236 | 23 | $(1,038) | $(61) | $(34) | $8 | $13,201 | ||
Net income | 232 | 232 | ||||||||||
Common stock dividends | (204) | (204) | ||||||||||
Issuance of common shares - public offering | 10 | 1 | 723 | (22) | 702 | |||||||
Issuance of common shares for stock plans | 26 | 26 | ||||||||||
Other comprehensive income | 1 | 1 | ||||||||||
BALANCE AS OF JUNE 30, 2016 | 304 | $33 | $5,807 | $9,264 | 23 | $(1,038) | $(83) | $(33) | $8 | $13,958 | ||
Net income | 497 | 497 | ||||||||||
Common stock dividends | (204) | (204) | ||||||||||
Issuance of common shares for stock plans | 1 | 23 | 23 | |||||||||
Other comprehensive income | 1 | 1 | ||||||||||
BALANCE AS OF SEPTEMBER 30, 2016 | 305 | $33 | $5,830 | $9,557 | 23 | $(1,038) | $(83) | $(32) | $8 | $14,275 | ||
BALANCE AS OF DECEMBER 31, 2016 | 305 | $33 | $5,854 | $9,559 | 23 | $(1,038) | $(83) | $(27) | $8 | $14,306 | ||
Net income | 388 | 388 | ||||||||||
Common stock dividends | (211) | (211) | ||||||||||
Issuance of common shares for stock plans | 24 | 24 | ||||||||||
Other comprehensive loss | (1) | (1) | ||||||||||
BALANCE AS OF MARCH 31, 2017 | 305 | $33 | $5,878 | $9,736 | 23 | $(1,038) | $(83) | $(28) | $8 | $14,506 | ||
Net income | 175 | 175 | ||||||||||
Common stock dividends | (210) | (210) | ||||||||||
Issuance of common shares for stock plans | 1 | 26 | 26 | |||||||||
Other comprehensive income | 1 | 1 | ||||||||||
BALANCE AS OF JUNE 30, 2017 | 306 | $33 | $5,904 | $9,701 | 23 | $(1,038) | $(83) | $(27) | $8 | $14,498 | ||
Net income | 457 | 457 | ||||||||||
Common stock dividends | (214) | (214) | ||||||||||
Issuance of common shares - public offering | 4 | 345 | (2) | 343 | ||||||||
Issuance of common shares for stock plans | 25 | 25 | ||||||||||
Other comprehensive income | 1 | 1 | ||||||||||
BALANCE AS OF SEPTEMBER 30, 2017 | 310 | $33 | $6,274 | $9,944 | 23 | $(1,038) | $(85) | $(26) | $8 | $15,110 |
For the Three Months Ended March 31, | |||||||||||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||||
(Millions of Dollars) | |||||||||||||||||||||||||
(Millions of Dollars) | (Millions of Dollars) | 2022 | 2021 | ||||||||||||||||||||||
OPERATING REVENUES | OPERATING REVENUES | ||||||||||||||||||||||||
Electric | $2,469 | $2,557 | $6,079 | $6,222 | Electric | $2,084 | $1,968 | ||||||||||||||||||
Gas | 268 | 208 | 1,421 | 1,113 | Gas | 1,131 | 973 | ||||||||||||||||||
Steam | 62 | 63 | 448 | 406 | Steam | 302 | 264 | ||||||||||||||||||
TOTAL OPERATING REVENUES | 2,799 | 2,828 | 7,948 | 7,741 | TOTAL OPERATING REVENUES | 3,517 | 3,205 | ||||||||||||||||||
OPERATING EXPENSES | OPERATING EXPENSES | ||||||||||||||||||||||||
Purchased power | 400 | 495 | 1,110 | 1,216 | Purchased power | 430 | 396 | ||||||||||||||||||
Fuel | 30 | 29 | 169 | 133 | Fuel | 144 | 93 | ||||||||||||||||||
Gas purchased for resale | 58 | 34 | 372 | 217 | Gas purchased for resale | 324 | 233 | ||||||||||||||||||
Other operations and maintenance | 691 | 724 | 1,992 | 2,105 | Other operations and maintenance | 741 | 608 | ||||||||||||||||||
Depreciation and amortization | 300 | 278 | 891 | 825 | Depreciation and amortization | 446 | 415 | ||||||||||||||||||
Taxes, other than income taxes | 520 | 502 | 1,523 | 1,446 | Taxes, other than income taxes | 721 | 674 | ||||||||||||||||||
TOTAL OPERATING EXPENSES | 1,999 | 2,062 | 6,057 | 5,942 | TOTAL OPERATING EXPENSES | 2,806 | 2,419 | ||||||||||||||||||
OPERATING INCOME | 800 | 766 | 1,891 | 1,799 | OPERATING INCOME | 711 | 786 | ||||||||||||||||||
OTHER INCOME (DEDUCTIONS) | OTHER INCOME (DEDUCTIONS) | ||||||||||||||||||||||||
Investment and other income | 2 | 4 | 9 | 6 | Investment and other income | 82 | 4 | ||||||||||||||||||
Allowance for equity funds used during construction | 3 | 2 | 7 | 6 | Allowance for equity funds used during construction | 5 | |||||||||||||||||||
Other deductions | (5) | (4) | (10) | Other deductions | (6) | (32) | |||||||||||||||||||
TOTAL OTHER INCOME | — | 2 | 6 | 2 | |||||||||||||||||||||
TOTAL OTHER INCOME (DEDUCTIONS) | TOTAL OTHER INCOME (DEDUCTIONS) | 81 | (23) | ||||||||||||||||||||||
INCOME BEFORE INTEREST AND INCOME TAX EXPENSE | 800 | 768 | 1,897 | 1,801 | INCOME BEFORE INTEREST AND INCOME TAX EXPENSE | 792 | 763 | ||||||||||||||||||
INTEREST EXPENSE | |||||||||||||||||||||||||
INTEREST EXPENSE (INCOME) | INTEREST EXPENSE (INCOME) | ||||||||||||||||||||||||
Interest on long-term debt | 155 | 150 | 456 | 440 | Interest on long-term debt | 200 | 184 | ||||||||||||||||||
Other interest | 4 | 5 | 11 | 14 | Other interest | 3 | 4 | ||||||||||||||||||
Allowance for borrowed funds used during construction | (2) | (1) | (4) | (3) | Allowance for borrowed funds used during construction | (3) | (4) | ||||||||||||||||||
NET INTEREST EXPENSE | 157 | 154 | 463 | 451 | NET INTEREST EXPENSE | 200 | 184 | ||||||||||||||||||
INCOME BEFORE INCOME TAX EXPENSE | 643 | 614 | 1,434 | 1,350 | INCOME BEFORE INCOME TAX EXPENSE | 592 | 579 | ||||||||||||||||||
INCOME TAX EXPENSE | 242 | 226 | 551 | 491 | INCOME TAX EXPENSE | 117 | 114 | ||||||||||||||||||
NET INCOME | $401 | $388 | $883 | $859 | NET INCOME | $475 | $465 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
(Millions of Dollars) | (Millions of Dollars) | 2022 | 2021 | |||||||||||||||||||||||
NET INCOME | NET INCOME | $475 | $465 | |||||||||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||||
(Millions of Dollars) | ||||||||||||||||||||||||||
NET INCOME | $401 | $388 | $883 | $859 | ||||||||||||||||||||||
OTHER COMPREHENSIVE INCOME, NET OF TAXES | ||||||||||||||||||||||||||
Pension and other postretirement benefit plan liability adjustments, net of taxes | 1 | — | 1 | Pension and other postretirement benefit plan liability adjustments, net of taxes | 1 | — | ||||||||||||||||||||
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAXES | 1 | — | 1 | TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAXES | 1 | — | ||||||||||||||||||||
COMPREHENSIVE INCOME | $402 | $388 | $884 | $860 | COMPREHENSIVE INCOME | $476 | $465 |
For the Three Months Ended March 31, | |||||||||||
For the Nine Months Ended September 30, | |||||||||||
2017 | 2016 | ||||||||||
(Millions of Dollars) | |||||||||||
(Millions of Dollars) | (Millions of Dollars) | 2022 | 2021 | ||||||||
OPERATING ACTIVITIES | OPERATING ACTIVITIES | ||||||||||
Net income | $883 | $859 | Net income | $475 | $465 | ||||||
PRINCIPAL NON-CASH CHARGES/(CREDITS) TO INCOME | PRINCIPAL NON-CASH CHARGES/(CREDITS) TO INCOME | ||||||||||
Depreciation and amortization | 891 | 825 | Depreciation and amortization | 446 | 415 | ||||||
Deferred income taxes | 566 | 569 | Deferred income taxes | 118 | 113 | ||||||
Rate case amortization and accruals | (107) | (170) | Rate case amortization and accruals | 14 | (9) | ||||||
Common equity component of allowance for funds used during construction | (7) | (6) | Common equity component of allowance for funds used during construction | (5) | |||||||
Unbilled revenue and net unbilled revenue deferrals | Unbilled revenue and net unbilled revenue deferrals | 49 | 53 | ||||||||
Other non-cash items, net | (14) | 7 | Other non-cash items, net | 34 | (27) | ||||||
CHANGES IN ASSETS AND LIABILITIES | CHANGES IN ASSETS AND LIABILITIES | ||||||||||
Accounts receivable – customers | 18 | (79) | Accounts receivable – customers | (205) | (269) | ||||||
Allowance for uncollectible accounts – customers | Allowance for uncollectible accounts – customers | 20 | 33 | ||||||||
Materials and supplies, including fuel oil and gas in storage | (18) | 15 | Materials and supplies, including fuel oil and gas in storage | 27 | 10 | ||||||
Revenue decoupling mechanism receivable | Revenue decoupling mechanism receivable | (27) | (40) | ||||||||
Other receivables and other current assets | 29 | 18 | Other receivables and other current assets | (150) | 28 | ||||||
Accounts receivable from affiliated companies | 12 | 38 | Accounts receivable from affiliated companies | 6 | (5) | ||||||
Prepayments | (398) | (351) | Prepayments | (467) | (496) | ||||||
Accounts payable | (20) | 82 | Accounts payable | (129) | (117) | ||||||
Accounts payable to affiliated companies | 1 | 8 | Accounts payable to affiliated companies | (1) | 17 | ||||||
Pensions and retiree benefits obligations, net | 274 | 439 | Pensions and retiree benefits obligations, net | 43 | 72 | ||||||
Pensions and retiree benefits contributions | (416) | (472) | Pensions and retiree benefits contributions | (4) | |||||||
Superfund and environmental remediation costs, net | (7) | 76 | |||||||||
Superfund and environmental remediation costs | Superfund and environmental remediation costs | (8) | (7) | ||||||||
Accrued taxes | (18) | (17) | Accrued taxes | (6) | (35) | ||||||
Accrued taxes to affiliated companies | (119) | (2) | Accrued taxes to affiliated companies | (1) | — | ||||||
Accrued interest | 61 | 43 | Accrued interest | 108 | 90 | ||||||
System benefit charge | 175 | 176 | System benefit charge | (17) | (17) | ||||||
Deferred charges, noncurrent assets and other regulatory assets | (60) | (153) | Deferred charges, noncurrent assets and other regulatory assets | (193) | (34) | ||||||
Deferred credits and other regulatory liabilities | 77 | 165 | Deferred credits and other regulatory liabilities | 397 | 47 | ||||||
Other current and noncurrent liabilities | (13) | (53) | Other current and noncurrent liabilities | (47) | (58) | ||||||
NET CASH FLOWS FROM OPERATING ACTIVITIES | 1,790 | 2,017 | NET CASH FLOWS FROM OPERATING ACTIVITIES | 477 | 220 | ||||||
INVESTING ACTIVITIES | INVESTING ACTIVITIES | ||||||||||
Utility construction expenditures | (2,020) | (1,932) | Utility construction expenditures | (794) | (818) | ||||||
Cost of removal less salvage | (179) | (146) | Cost of removal less salvage | (79) | (84) | ||||||
Proceeds from the transfer of assets to NY Transco | — | 122 | |||||||||
Restricted cash | 2 | 13 | |||||||||
NET CASH FLOWS USED IN INVESTING ACTIVITIES | (2,197) | (1,943) | NET CASH FLOWS USED IN INVESTING ACTIVITIES | (873) | (902) | ||||||
FINANCING ACTIVITIES | FINANCING ACTIVITIES | ||||||||||
Net payment of short-term debt | (453) | (553) | Net payment of short-term debt | (300) | (233) | ||||||
Issuance of long-term debt | 500 | 550 | |||||||||
Retirement of long-term debt | — | (400) | |||||||||
Debt issuance costs | (7) | (6) | Debt issuance costs | (1) | — | ||||||
Capital contribution by parent | 279 | 76 | Capital contribution by parent | 75 | 125 | ||||||
Dividend to parent | (597) | (558) | Dividend to parent | (245) | (247) | ||||||
NET CASH FLOWS USED IN FINANCING ACTIVITIES | (278) | (891) | NET CASH FLOWS USED IN FINANCING ACTIVITIES | (471) | (355) | ||||||
CASH AND TEMPORARY CASH INVESTMENTS: | |||||||||||
CASH AND TEMPORARY CASH INVESTMENTS | CASH AND TEMPORARY CASH INVESTMENTS | ||||||||||
NET CHANGE FOR THE PERIOD | (685) | (817) | NET CHANGE FOR THE PERIOD | (867) | (1,037) | ||||||
BALANCE AT BEGINNING OF PERIOD | 702 | 843 | BALANCE AT BEGINNING OF PERIOD | 920 | 1,067 | ||||||
BALANCE AT END OF PERIOD | $17 | $26 | BALANCE AT END OF PERIOD | $53 | $30 | ||||||
SUPPLEMENTAL DISCLOSURE OF CASH INFORMATION | SUPPLEMENTAL DISCLOSURE OF CASH INFORMATION | ||||||||||
Cash paid/(received) during the period for: | Cash paid/(received) during the period for: | ||||||||||
Interest | $388 | $386 | Interest | $87 | $88 | ||||||
Income taxes | $96 | $(130) | Income taxes | $— | $5 | ||||||
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION | SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION | ||||||||||
Construction expenditures in accounts payable | $240 | $195 | Construction expenditures in accounts payable | $366 | $332 | ||||||
Software licenses acquired but unpaid as of end of period | Software licenses acquired but unpaid as of end of period | $22 | $48 | ||||||||
Equipment acquired but unpaid as of end of period | Equipment acquired but unpaid as of end of period | $22 | $28 |
September 30, 2017 | December 31, 2016 | ||||||||||
(Millions of Dollars) | |||||||||||
(Millions of Dollars) | (Millions of Dollars) | March 31, 2022 | December 31, 2021 | ||||||||
ASSETS | ASSETS | ||||||||||
CURRENT ASSETS | CURRENT ASSETS | ||||||||||
Cash and temporary cash investments | $17 | $702 | Cash and temporary cash investments | $49 | $920 | ||||||
Accounts receivable – customers, less allowance for uncollectible accounts of $58 and $65 in 2017 and 2016, respectively | 1,021 | 1,032 | |||||||||
Other receivables, less allowance for uncollectible accounts of $7 and $13 in 2017 and 2016, respectively | 85 | 81 | |||||||||
Accounts receivable – customers, net allowance for uncollectible accounts of $324 and $304 in 2022 and 2021, respectively | Accounts receivable – customers, net allowance for uncollectible accounts of $324 and $304 in 2022 and 2021, respectively | 2,026 | 1,841 | ||||||||
Other receivables, net allowance for uncollectible accounts of $23 and $19 in 2022 and 2021, respectively | Other receivables, net allowance for uncollectible accounts of $23 and $19 in 2022 and 2021, respectively | 165 | 121 | ||||||||
Taxes receivable | Taxes receivable | 5 | |||||||||
Accrued unbilled revenue | 382 | 399 | Accrued unbilled revenue | 422 | 549 | ||||||
Accounts receivable from affiliated companies | 97 | 109 | Accounts receivable from affiliated companies | 32 | 38 | ||||||
Fuel oil, gas in storage, materials and supplies, at average cost | 288 | 270 | Fuel oil, gas in storage, materials and supplies, at average cost | 342 | 369 | ||||||
Prepayments | 498 | 100 | Prepayments | 679 | 212 | ||||||
Regulatory assets | 100 | 90 | Regulatory assets | 269 | 188 | ||||||
Restricted cash | — | 2 | Restricted cash | 4 | — | ||||||
Revenue decoupling mechanism receivable | Revenue decoupling mechanism receivable | 218 | 191 | ||||||||
Fair value of derivatives assets | Fair value of derivatives assets | 227 | 71 | ||||||||
Other current assets | 62 | 95 | Other current assets | 144 | 198 | ||||||
TOTAL CURRENT ASSETS | 2,550 | 2,880 | TOTAL CURRENT ASSETS | 4,582 | 4,703 | ||||||
INVESTMENTS | 370 | 315 | INVESTMENTS | 579 | 608 | ||||||
UTILITY PLANT, AT ORIGINAL COST | UTILITY PLANT, AT ORIGINAL COST | ||||||||||
Electric | 26,930 | 26,122 | Electric | 33,177 | 32,846 | ||||||
Gas | 7,229 | 6,814 | Gas | 11,586 | 11,321 | ||||||
Steam | 2,458 | 2,421 | Steam | 2,848 | 2,828 | ||||||
General | 2,640 | 2,490 | General | 3,922 | 3,854 | ||||||
TOTAL | 39,257 | 37,847 | TOTAL | 51,533 | 50,849 | ||||||
Less: Accumulated depreciation | 8,170 | 7,836 | Less: Accumulated depreciation | 11,453 | 11,223 | ||||||
Net | 31,087 | 30,011 | Net | 40,080 | 39,626 | ||||||
Construction work in progress | 1,327 | 1,104 | Construction work in progress | 1,933 | 1,985 | ||||||
NET UTILITY PLANT | 32,414 | 31,115 | NET UTILITY PLANT | 42,013 | 41,611 | ||||||
NON-UTILITY PROPERTY | NON-UTILITY PROPERTY | ||||||||||
Non-utility property, less accumulated depreciation of $25 in 2017 and 2016 | 4 | 4 | |||||||||
Non-utility property, net accumulated depreciation of $25 in 2022 and 2021 | Non-utility property, net accumulated depreciation of $25 in 2022 and 2021 | 2 | |||||||||
NET PLANT | 32,418 | 31,119 | NET PLANT | 42,015 | 41,613 | ||||||
OTHER NONCURRENT ASSETS | OTHER NONCURRENT ASSETS | ||||||||||
Regulatory assets | 6,248 | 6,473 | Regulatory assets | 3,351 | 3,316 | ||||||
Operating lease right-of-use asset | Operating lease right-of-use asset | 536 | 545 | ||||||||
Pension and retiree benefits | Pension and retiree benefits | 1,932 | 1,677 | ||||||||
Fair value of derivatives assets | Fair value of derivatives assets | 88 | 56 | ||||||||
Other deferred charges and noncurrent assets | 61 | 69 | Other deferred charges and noncurrent assets | 130 | 137 | ||||||
TOTAL OTHER NONCURRENT ASSETS | 6,309 | 6,542 | TOTAL OTHER NONCURRENT ASSETS | 6,037 | 5,731 | ||||||
TOTAL ASSETS | $41,647 | $40,856 | TOTAL ASSETS | $53,213 | $52,655 |
(Millions of Dollars) | (Millions of Dollars) | March 31, 2022 | December 31, 2021 | ||||||||||
LIABILITIES AND SHAREHOLDER’S EQUITY | LIABILITIES AND SHAREHOLDER’S EQUITY | ||||||||||||
CURRENT LIABILITIES | CURRENT LIABILITIES | ||||||||||||
September 30, 2017 | December 31, 2016 | ||||||||||||
(Millions of Dollars) | |||||||||||||
LIABILITIES AND SHAREHOLDER’S EQUITY | |||||||||||||
CURRENT LIABILITIES | |||||||||||||
Long-term debt due within one year | $600 | $— | |||||||||||
Notes payable | 147 | 600 | Notes payable | $1,061 | $1,361 | ||||||||
Accounts payable | 802 | 876 | Accounts payable | 1,116 | 1,285 | ||||||||
Accounts payable to affiliated companies | 11 | 10 | Accounts payable to affiliated companies | 17 | 18 | ||||||||
Customer deposits | 332 | 336 | Customer deposits | 298 | 285 | ||||||||
Accrued taxes | 32 | 50 | Accrued taxes | 72 | 78 | ||||||||
Accrued taxes to affiliated companies | — | 119 | Accrued taxes to affiliated companies | 9 | 10 | ||||||||
Accrued interest | 172 | 111 | Accrued interest | 235 | 127 | ||||||||
Accrued wages | 95 | 91 | Accrued wages | 103 | |||||||||
Fair value of derivative liabilities | 59 | 66 | Fair value of derivative liabilities | 96 | 88 | ||||||||
Regulatory liabilities | 38 | 90 | Regulatory liabilities | 462 | 134 | ||||||||
System benefit charge | 573 | 398 | System benefit charge | 367 | 372 | ||||||||
Operating lease liabilities | Operating lease liabilities | 92 | 90 | ||||||||||
Other current liabilities | 207 | 242 | Other current liabilities | 310 | 370 | ||||||||
TOTAL CURRENT LIABILITIES | 3,068 | 2,989 | TOTAL CURRENT LIABILITIES | 4,238 | 4,321 | ||||||||
NONCURRENT LIABILITIES | NONCURRENT LIABILITIES | ||||||||||||
Provision for injuries and damages | 158 | 154 | Provision for injuries and damages | 173 | 178 | ||||||||
Pensions and retiree benefits | 1,150 | 1,544 | Pensions and retiree benefits | 692 | 669 | ||||||||
Superfund and other environmental costs | 648 | 655 | Superfund and other environmental costs | 843 | 850 | ||||||||
Asset retirement obligations | 234 | 227 | Asset retirement obligations | 507 | 504 | ||||||||
Fair value of derivative liabilities | 73 | 33 | Fair value of derivative liabilities | 63 | 40 | ||||||||
Deferred income taxes and unamortized investment tax credits | 10,060 | 9,450 | Deferred income taxes and unamortized investment tax credits | 6,977 | 6,796 | ||||||||
Operating lease liabilities | Operating lease liabilities | 465 | 462 | ||||||||||
Regulatory liabilities | 1,673 | 1,712 | Regulatory liabilities | 4,034 | 3,921 | ||||||||
Other deferred credits and noncurrent liabilities | 217 | 190 | Other deferred credits and noncurrent liabilities | 219 | 220 | ||||||||
TOTAL NONCURRENT LIABILITIES | 14,213 | 13,965 | TOTAL NONCURRENT LIABILITIES | 13,973 | 13,640 | ||||||||
LONG-TERM DEBT | 11,971 | 12,073 | LONG-TERM DEBT | 18,384 | 18,382 | ||||||||
COMMITMENTS AND CONTINGENCIES (Note B and Note G) | COMMITMENTS AND CONTINGENCIES (Note B and Note G) | 0 | |||||||||||
SHAREHOLDER’S EQUITY (See Statement of Shareholder’s Equity) | 12,395 | 11,829 | SHAREHOLDER’S EQUITY (See Statement of Shareholder’s Equity) | 16,618 | 16,312 | ||||||||
TOTAL LIABILITIES AND SHAREHOLDER’S EQUITY | $41,647 | $40,856 | TOTAL LIABILITIES AND SHAREHOLDER’S EQUITY | $53,213 | $52,655 |
Common Stock | Additional Paid-In Capital | Retained Earnings | Repurchased Con Edison Stock | Capital Stock Expense | Accumulated Other Comprehensive Income/(Loss) | Total | ||||||||||||||||||||||||||||||
(In Millions) | (In Millions) | Shares | Amount | |||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Retained Earnings | Repurchased Con Edison Stock | Capital Stock Expense | Accumulated Other Comprehensive Income/(Loss) | Total | ||||||||||||||||||||||||||||||
(In Millions) | Shares | Amount | ||||||||||||||||||||||||||||||||||
BALANCE AS OF DECEMBER 31, 2015 | 235 | $589 | $4,247 | $7,611 | $(962) | $(61) | $(9) | $11,415 | ||||||||||||||||||||||||||||
BALANCE AS OF DECEMBER 31, 2020 | BALANCE AS OF DECEMBER 31, 2020 | 235 | $589 | $6,169 | $9,122 | $(962) | $(62) | $(7) | $14,849 | |||||||||||||||||||||||||||
Net income | Net income | 465 | 465 | |||||||||||||||||||||||||||||||||
Common stock dividend to parent | Common stock dividend to parent | (247) | (247) | |||||||||||||||||||||||||||||||||
Capital contribution by parent | Capital contribution by parent | 125 | 125 | |||||||||||||||||||||||||||||||||
BALANCE AS OF MARCH 31, 2021 | BALANCE AS OF MARCH 31, 2021 | 235 | $589 | $6,294 | $9,340 | $(962) | $(62) | $(7) | $15,192 | |||||||||||||||||||||||||||
BALANCE AS OF DECEMBER 31, 2021 | BALANCE AS OF DECEMBER 31, 2021 | 235 | $589 | $7,269 | $9,478 | $(962) | $(62) | $— | $16,312 | |||||||||||||||||||||||||||
Net income | 310 | 310 | Net income | 475 | 475 | |||||||||||||||||||||||||||||||
Common stock dividend to parent | (186) | (186) | Common stock dividend to parent | (245) | (245) | |||||||||||||||||||||||||||||||
Capital contribution by parent | 23 | 23 | Capital contribution by parent | 75 | 75 | |||||||||||||||||||||||||||||||
Other comprehensive income | — | — | Other comprehensive income | 1 | ||||||||||||||||||||||||||||||||
BALANCE AS OF MARCH 31, 2016 | 235 | $589 | $4,270 | $7,735 | $(962) | $(61) | $(9) | $11,562 | ||||||||||||||||||||||||||||
Net income | 161 | 161 | ||||||||||||||||||||||||||||||||||
Common stock dividend to parent | (186) | (186) | ||||||||||||||||||||||||||||||||||
Capital contribution by parent | 28 | 28 | ||||||||||||||||||||||||||||||||||
Other comprehensive income | 1 | |||||||||||||||||||||||||||||||||||
BALANCE AS OF JUNE 30, 2016 | 235 | $589 | $4,298 | $7,710 | $(962) | $(61) | $(8) | $11,566 | ||||||||||||||||||||||||||||
Net income | 388 | 388 | ||||||||||||||||||||||||||||||||||
Common stock dividend to parent | (186) | (186) | ||||||||||||||||||||||||||||||||||
Capital contribution by parent | 25 | 25 | ||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | ||||||||||||||||||||||||||||||||||
BALANCE AS OF SEPTEMBER 30, 2016 | 235 | $589 | $4,323 | $7,912 | $(962) | $(61) | $(8) | $11,793 | ||||||||||||||||||||||||||||
BALANCE AS OF MARCH 31, 2022 | BALANCE AS OF MARCH 31, 2022 | 235 | $589 | $7,344 | $9,708 | $(962) | $(62) | $1 | $16,618 | |||||||||||||||||||||||||||
BALANCE AS OF DECEMBER 31, 2016 | 235 | $589 | $4,347 | $7,923 | $(962) | $(61) | $(7) | $11,829 | ||||||||||||||||||||||||||||
Net income | 339 | 339 | ||||||||||||||||||||||||||||||||||
Common stock dividend to parent | (199) | (199) | ||||||||||||||||||||||||||||||||||
Capital contribution by parent | 22 | 22 | ||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | ||||||||||||||||||||||||||||||||||
BALANCE AS OF MARCH 31, 2017 | 235 | $589 | $4,369 | $8,063 | $(962) | $(61) | $(7) | $11,991 | ||||||||||||||||||||||||||||
Net income | 143 | 143 | ||||||||||||||||||||||||||||||||||
Common stock dividend to parent | (199) | (199) | ||||||||||||||||||||||||||||||||||
Capital contribution by parent | 23 | 23 | ||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | ||||||||||||||||||||||||||||||||||
BALANCE AS OF JUNE 30, 2017 | 235 | $589 | $4,392 | $8,007 | $(962) | $(61) | $(7) | $11,958 | ||||||||||||||||||||||||||||
Net income | 401 | 401 | ||||||||||||||||||||||||||||||||||
Common stock dividend to parent | (199) | (199) | ||||||||||||||||||||||||||||||||||
Capital contribution by parent | 235 | (1) | 234 | |||||||||||||||||||||||||||||||||
Other comprehensive income | 1 | |||||||||||||||||||||||||||||||||||
BALANCE AS OF SEPTEMBER 30, 2017 | 235 | $589 | $4,627 | $8,209 | $(962) | $(62) | $(6) | $12,395 |
For the Three Months Ended March 31, | ||||||||
(Millions of Dollars, except per share amounts/Shares in Millions) | 2022 | 2021 | ||||||
Net income for common stock | $602 | $419 | ||||||
Weighted average common shares outstanding – basic | 354.1 | 342.2 | ||||||
Add: Incremental shares attributable to effect of potentially dilutive securities | 1.0 | 0.8 | ||||||
Adjusted weighted average common shares outstanding – diluted | 355.1 | 343.0 | ||||||
Net Income per common share – basic | $1.70 | $1.23 | ||||||
Net Income per common share – diluted | $1.70 | $1.22 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||
(Millions of Dollars, except per share amounts/Shares in Millions) | 2017 | 2016 | 2017 | 2016 |
Net income | $457 | $497 | $1,020 | $1,039 |
Weighted average common shares outstanding – basic | 307.8 | 304.5 | 306.2 | 299.1 |
Add: Incremental shares attributable to effect of potentially dilutive securities | 1.5 | 1.4 | 1.5 | 1.4 |
Adjusted weighted average common shares outstanding – diluted | 309.3 | 305.9 | 307.7 | 300.5 |
Net Income per common share – basic | $1.48 | $1.63 | $3.33 | $3.47 |
Net Income per common share – diluted | $1.48 | $1.62 | $3.31 | $3.46 |
For the Three Months Ended March 31, | ||||||||||||||
Con Edison | CECONY | |||||||||||||
(Millions of Dollars) | 2022 | 2021 | 2022 | 2021 | ||||||||||
Beginning balance, accumulated OCI, net of taxes (a) | $5 | $(25) | $— | $(7) | ||||||||||
OCI before reclassifications, net of tax of $1 and $(1) for Con Edison in 2022 and 2021, respectively | (1) | 2 | — | — | ||||||||||
Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax of $(1) for Con Edison in 2021 (a)(b) | 1 | 2 | 1 | — | ||||||||||
Current period OCI, net of taxes | — | 4 | 1 | — | ||||||||||
Ending balance, accumulated OCI, net of taxes (a) | $5 | $(21) | $1 | $(7) |
For the Three Months Ended September 30, | |||||
Con Edison | CECONY | ||||
(Millions of Dollars) | 2017 | 2016 | 2017 | 2016 | |
Beginning balance, accumulated OCI, net of taxes (a) | $(27) | $(33) | $(7) | $(8) | |
Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax of $(1) for Con Edison in 2017 and 2016 (a)(b) | 1 | 1 | 1 | — | |
Current period OCI, net of taxes | 1 | 1 | 1 | — | |
Ending balance, accumulated OCI, net of taxes | $(26) | $(32) | $(6) | $(8) |
At March 31, | ||||||||||||||
Con Edison | CECONY | |||||||||||||
(Millions of Dollars) | 2022 | 2021 | 2022 | 2021 | ||||||||||
Cash and temporary cash investments | $108 | $76 | $49 | $30 | ||||||||||
Restricted cash (a)(b) | 89 | 81 | 4 | — | ||||||||||
Total cash, temporary cash investments and restricted cash | $197 | $157 | $53 | $30 |
For the Nine Months Ended September 30, | ||||||
Con Edison | CECONY | |||||
(Millions of Dollars) | 2017 | 2016 | 2017 | 2016 | ||
Beginning balance, accumulated OCI, net of taxes (a) | $(27) | $(34) | $(7) | $(9) | ||
OCI before reclassifications, net of tax of $1 for Con Edison in 2017 and 2016 | (2) | (1) | — | — | ||
Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax of $(2) for Con Edison in 2017 and 2016 (a)(b) | 3 | 3 | 1 | 1 | ||
Current period OCI, net of taxes | 1 | 2 | 1 | 1 | ||
Ending balance, accumulated OCI, net of taxes | $(26) | $(32) | $(6) | $(8) |
Con Edison | CECONY | ||||||||||||||||
(Millions of Dollars) | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Regulatory assets | |||||||||||||||||
Environmental remediation costs | $933 | $938 | $854 | $860 | |||||||||||||
Pension and other postretirement benefits deferrals | 447 | 496 | 392 | 435 | |||||||||||||
Revenue taxes | 409 | 395 | 391 | 378 | |||||||||||||
System peak reduction and energy efficiency programs | 330 | 285 | 329 | 284 | |||||||||||||
COVID-19 pandemic deferrals | 304 | 282 | 297 | 277 | |||||||||||||
Deferred storm costs | 292 | 276 | 178 | 158 | |||||||||||||
Property tax reconciliation | 178 | 202 | 178 | 202 | |||||||||||||
MTA power reliability deferral | 128 | 140 | 128 | 140 | |||||||||||||
Unrecognized pension and other postretirement costs | 112 | 128 | 89 | 110 | |||||||||||||
Deferred derivative losses - long term | 85 | 51 | 80 | 45 | |||||||||||||
Municipal infrastructure support costs | 41 | 44 | 41 | 44 | |||||||||||||
Brooklyn Queens demand management program | 34 | 36 | 34 | 36 | |||||||||||||
Meadowlands heater odorization project | 29 | 29 | 29 | 29 | |||||||||||||
Non-wire alternative projects | 23 | 23 | 23 | 23 | |||||||||||||
Preferred stock redemption | 20 | 20 | 20 | 20 | |||||||||||||
Unamortized loss on reacquired debt | 14 | 16 | 13 | 14 | |||||||||||||
Recoverable REV demonstration project costs | 14 | 16 | 13 | 15 | |||||||||||||
Gate station upgrade project | 14 | 14 | 14 | 14 | |||||||||||||
Other | 273 | 248 | 248 | 232 | |||||||||||||
Regulatory assets – noncurrent | 3,680 | 3,639 | 3,351 | 3,316 | |||||||||||||
Deferred derivative losses - short term | 177 | 141 | 165 | 133 | |||||||||||||
Recoverable energy costs | 112 | 65 | 104 | 55 | |||||||||||||
Regulatory assets – current | 289 | 206 | 269 | 188 | |||||||||||||
Total Regulatory Assets | $3,969 | $3,845 | $3,620 | $3,504 | |||||||||||||
Regulatory liabilities | |||||||||||||||||
Future income tax | $1,931 | $1,984 | $1,790 | $1,840 | |||||||||||||
Allowance for cost of removal less salvage | 1,215 | 1,199 | 1,046 | 1,033 | |||||||||||||
Unrecognized pension and other postretirement costs | 231 | 32 | 199 | — | |||||||||||||
Net unbilled revenue deferrals | 131 | 209 | 131 | 209 | |||||||||||||
Pension and other postretirement benefit deferrals | 108 | 102 | 63 | 55 | |||||||||||||
Deferred derivative gains - long term | 106 | 61 | 96 | 55 | |||||||||||||
Net proceeds from sale of property | 95 | 103 | 94 | 103 | |||||||||||||
TCJA net benefits* | 92 | 125 | 91 | 123 | |||||||||||||
System benefit charge carrying charge | 72 | 70 | 64 | 63 | |||||||||||||
Property tax refunds | 35 | 35 | 35 | 35 | |||||||||||||
Sales and use tax refunds | 30 | 17 | 29 | 16 | |||||||||||||
BQDM and REV Demo reconciliations | 25 | 25 | 22 | 22 | |||||||||||||
Earnings sharing - electric, gas and steam | 13 | 13 | 10 | 10 | |||||||||||||
Settlement of gas proceedings | 10 | 12 | 10 | 12 | |||||||||||||
Workers' compensation | 10 | 8 | 10 | 8 | |||||||||||||
Energy efficiency portfolio standard unencumbered funds | 6 | 15 | 7 | 19 | |||||||||||||
Settlement of prudence proceeding | 6 | 6 | 6 | 6 | |||||||||||||
Other | 387 | 365 | 331 | 312 | |||||||||||||
Regulatory liabilities – noncurrent | 4,503 | 4,381 | 4,034 | 3,921 | |||||||||||||
Deferred derivative gains - short term | 480 | 142 | 443 | 132 | |||||||||||||
Refundable energy costs | 50 | 32 | 19 | 2 | |||||||||||||
Revenue decoupling mechanism | 13 | 11 | — | — | |||||||||||||
Regulatory liabilities – current | 543 | 185 | 462 | 134 | |||||||||||||
Total Regulatory Liabilities | $5,046 | $4,566 | $4,496 | $4,055 |
Con Edison | CECONY | ||||||
(Millions of Dollars) | 2017 | 2016 | 2017 | 2016 | |||
Regulatory assets | |||||||
Unrecognized pension and other postretirement costs | $2,626 | $2,874 | $2,476 | $2,730 | |||
Future income tax | 2,419 | 2,439 | 2,308 | 2,325 | |||
Environmental remediation costs | 803 | 823 | 690 | 711 | |||
Revenue taxes | 341 | 295 | 325 | 280 | |||
Deferred derivative losses | 88 | 48 | 78 | 42 | |||
Pension and other postretirement benefits deferrals | 70 | 38 | 45 | 7 | |||
Municipal infrastructure support costs | 57 | 44 | 57 | 44 | |||
Deferred storm costs | 43 | 56 | — | 3 | |||
Unamortized loss on reacquired debt | 39 | 43 | 37 | 41 | |||
Indian Point Energy Center program costs | 32 | 50 | 32 | 50 | |||
O&R property tax reconciliation | 29 | 37 | — | — | |||
Brooklyn Queens demand management program | 28 | 29 | 28 | 29 | |||
Preferred stock redemption | 24 | 25 | 24 | 25 | |||
Surcharge for New York State assessment | 18 | 28 | 16 | 26 | |||
Net electric deferrals | 13 | 24 | 13 | 24 | |||
Workers’ compensation | 12 | 13 | 12 | 13 | |||
O&R transition bond charges | 10 | 15 | — | — | |||
Recoverable energy costs | 4 | 42 | 4 | 38 | |||
Other | 113 | 101 | 103 | 85 | |||
Regulatory assets – noncurrent | 6,769 | 7,024 | 6,248 | 6,473 | |||
Deferred derivative losses | 81 | 91 | 75 | 86 | |||
Recoverable energy costs | 28 | 9 | 25 | 4 | |||
Regulatory assets – current | 109 | 100 | 100 | 90 | |||
Total Regulatory Assets | $6,878 | $7,124 | $6,348 | $6,563 | |||
Regulatory liabilities | |||||||
Allowance for cost of removal less salvage | $798 | $755 | $671 | $641 | |||
Pension and other postretirement benefit deferrals | 202 | 193 | 174 | 162 | |||
Net unbilled revenue deferrals | 166 | 145 | 166 | 145 | |||
Property tax reconciliation | 140 | 178 | 140 | 178 | |||
Unrecognized other postretirement costs | 84 | 60 | 84 | 60 | |||
Settlement of prudence proceeding | 73 | 95 | 73 | 95 | |||
Carrying charges on repair allowance and bonus depreciation | 49 | 68 | 48 | 67 | |||
New York State income tax rate change | 48 | 61 | 48 | 60 | |||
Variable-rate tax-exempt debt – cost rate reconciliation | 36 | 55 | 32 | 48 | |||
Property tax refunds | 28 | 1 | 28 | 1 | |||
Settlement of gas proceedings | 27 | 27 | 27 | 27 | |||
Base rate change deferrals | 26 | 40 | 26 | 40 | |||
Earnings sharing - electric, gas and steam | 24 | 39 | 15 | 28 | |||
Net utility plant reconciliations | 11 | 16 | 8 | 15 | |||
Other | 161 | 172 | 133 | 145 | |||
Regulatory liabilities – noncurrent | 1,873 | 1,905 | 1,673 | 1,712 | |||
Refundable energy costs | 29 | 29 | 9 | 5 | |||
Revenue decoupling mechanism | 27 | 71 | 27 | 61 | |||
Deferred derivative gains | 2 | 28 | 2 | 24 | |||
Regulatory liabilities – current | 58 | 128 | 38 | 90 | |||
Total Regulatory Liabilities | $1,931 | $2,033 | $1,711 | $1,802 |
Con Edison | CECONY | |||||||||||||
(Millions of Dollars) | 2022 | 2021 | 2022 | 2021 | ||||||||||
Unrecognized pension and other postretirement costs | $112 | $128 | $89 | $110 | ||||||||||
Environmental remediation costs | 922 | 928 | 843 | 850 | ||||||||||
Revenue taxes | 388 | 375 | 372 | 359 | ||||||||||
COVID-19 Deferral for Uncollectible Accounts Receivable | 265 | 236 | 258 | 231 | ||||||||||
Deferred derivative losses - current | 177 | 141 | 165 | 134 | ||||||||||
Deferred derivative losses - long term | 85 | 51 | 80 | 45 | ||||||||||
Other | 37 | 24 | 36 | 24 | ||||||||||
Total | $1,986 | $1,883 | $1,843 | $1,753 |
(Millions of Dollars) | 2022 | 2021 | ||||||||||||
Long-Term Debt (including current portion) (a) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||
Con Edison | $23,022 | $23,812 | $23,044 | $26,287 | ||||||||||
CECONY | $18,384 | $19,175 | $18,382 | $21,382 |
(Millions of Dollars) | 2017 | 2016 | ||
Long-Term Debt (including current portion) (a) | Carrying Amount | Fair Value | Carrying Amount | Fair Value |
Con Edison | $15,338 | $17,195 | $14,774 | $16,093 |
CECONY | $12,571 | $14,213 | $12,073 | $13,268 |
For the Three Months Ended March 31, | ||||||||||||||
Con Edison | CECONY | |||||||||||||
(Millions of Dollars) | 2022 | 2021 | 2022 | 2021 | ||||||||||
Service cost – including administrative expenses | $72 | $86 | $67 | $81 | ||||||||||
Interest cost on projected benefit obligation | 126 | 118 | 119 | 111 | ||||||||||
Expected return on plan assets | (292) | (276) | (277) | (262) | ||||||||||
Recognition of net actuarial loss | 94 | 199 | 89 | 189 | ||||||||||
Recognition of prior service credit | (4) | (4) | (5) | (5) | ||||||||||
TOTAL PERIODIC BENEFIT COST/(CREDIT) | $(4) | $123 | $(7) | $114 | ||||||||||
Cost capitalized | (33) | (39) | (32) | (37) | ||||||||||
Reconciliation to rate level | 64 | (57) | 61 | (55) | ||||||||||
Total expense recognized | $27 | $27 | $22 | $22 |
For the Three Months Ended September 30, | |||||
Con Edison | CECONY | ||||
(Millions of Dollars) | 2017 | 2016 | 2017 | 2016 | |
Service cost – including administrative expenses | $66 | $69 | $61 | $65 | |
Interest cost on projected benefit obligation | 148 | 149 | 139 | 140 | |
Expected return on plan assets | (243) | (237) | (229) | (225) | |
Recognition of net actuarial loss | 149 | 149 | 141 | 141 | |
Recognition of prior service costs | (4) | 1 | (5) | — | |
TOTAL PERIODIC BENEFIT COST | $116 | $131 | $107 | $121 | |
Cost capitalized | (40) | (51) | (37) | (49) | |
Reconciliation to rate level | (14) | 10 | (16) | 13 | |
Cost charged to operating expenses | $62 | $90 | $54 | $85 |
For the Nine Months Ended September 30, | ||||
Con Edison | CECONY | |||
(Millions of Dollars) | 2017 | 2016 | 2017 | 2016 |
Service cost – including administrative expenses | $197 | $207 | $184 | $194 |
Interest cost on projected benefit obligation | 444 | 447 | 416 | 419 |
Expected return on plan assets | (726) | (711) | (689) | (674) |
Recognition of net actuarial loss | 446 | 447 | 423 | 424 |
Recognition of prior service costs | (13) | 3 | (14) | 1 |
TOTAL PERIODIC BENEFIT COST | $348 | $393 | $320 | $364 |
Cost capitalized | (134) | (157) | (125) | (148) |
Reconciliation to rate level | (28) | 35 | (32) | 39 |
Cost charged to operating expenses | $186 | $271 | $163 | $255 |
For the Three Months Ended March 31, | ||||||||||||||
Con Edison | CECONY | |||||||||||||
(Millions of Dollars) | 2022 | 2021 | 2022 | 2021 | ||||||||||
Service cost - including administrative expenses | $5 | $7 | $4 | $5 | ||||||||||
Interest cost on projected other postretirement benefit obligation | 9 | 8 | 8 | 7 | ||||||||||
Expected return on plan assets | (18) | (17) | (14) | (14) | ||||||||||
Recognition of net actuarial loss | (1) | 6 | (1) | 5 | ||||||||||
Recognition of prior service credit | — | (1) | — | — | ||||||||||
TOTAL PERIODIC OTHER POSTRETIREMENT BENEFIT COST | $(5) | $3 | $(3) | $3 | ||||||||||
Cost capitalized | (2) | (3) | (2) | (2) | ||||||||||
Reconciliation to rate level | 4 | — | 4 | (2) | ||||||||||
Total credit recognized | ($3) | $— | $(1) | $(1) |
For the Three Months Ended September 30, | |||||
Con Edison | CECONY | ||||
(Millions of Dollars) | 2017 | 2016 | 2017 | 2016 | |
Service cost | $5 | $4 | $3 | $3 | |
Interest cost on accumulated other postretirement benefit obligation | 11 | 12 | 9 | 10 | |
Expected return on plan assets | (17) | (19) | (15) | (17) | |
Recognition of net actuarial loss | 1 | 1 | — | 1 | |
Recognition of prior service cost | (5) | (5) | (3) | (3) | |
TOTAL PERIODIC OTHER POSTRETIREMENT BENEFIT COST | $(5) | $(7) | $(6) | $(6) | |
Cost capitalized | 2 | 2 | 2 | 2 | |
Reconciliation to rate level | (1) | 7 | — | 6 | |
Cost charged to operating expenses | $(4) | $2 | $(4) | $2 |
For the Nine Months Ended September 30, | ||||
Con Edison | CECONY | |||
(Millions of Dollars) | 2017 | 2016 | 2017 | 2016 |
Service cost | $15 | $13 | $10 | $10 |
Interest cost on accumulated other postretirement benefit obligation | 34 | 36 | 28 | 30 |
Expected return on plan assets | (52) | (58) | (45) | (50) |
Recognition of net actuarial loss/(gain) | 2 | 4 | (2) | 2 |
Recognition of prior service cost | (13) | (15) | (9) | (11) |
TOTAL PERIODIC OTHER POSTRETIREMENT BENEFIT COST | $(14) | $(20) | $(18) | $(19) |
Cost capitalized | 6 | 5 | 7 | 5 |
Reconciliation to rate level | (3) | 20 | (1) | 19 |
Cost charged to operating expenses | $(11) | $5 | $(12) | $5 |
Con Edison | CECONY | |||||||||||||
(Millions of Dollars) | 2022 | 2021 | 2022 | 2021 | ||||||||||
Accrued Liabilities: | ||||||||||||||
Manufactured gas plant sites | $840 | $845 | $750 | $755 | ||||||||||
Other Superfund Sites | 94 | 95 | 93 | 95 | ||||||||||
Total | $934 | $940 | $843 | $850 | ||||||||||
Regulatory assets | $933 | $938 | $854 | $860 |
Con Edison | CECONY | |||
(Millions of Dollars) | 2017 | 2016 | 2017 | 2016 |
Accrued Liabilities: | ||||
Manufactured gas plant sites | $659 | $664 | $563 | $567 |
Other Superfund Sites | 86 | 89 | 85 | 88 |
Total | $745 | $753 | $648 | $655 |
Regulatory assets | $803 | $823 | $690 | $711 |
For the Three Months Ended September 30, | ||||
Con Edison | CECONY | |||
(Millions of Dollars) | 2017 | 2016 | 2017 | 2016 |
Remediation costs incurred | $4 | $8 | $3 | $5 |
For the Three Months Ended March 31, | ||||||||||||||
Con Edison | CECONY | |||||||||||||
(Millions of Dollars) | 2022 | 2021 | 2022 | 2021 | ||||||||||
Remediation costs incurred | $8 | $8 | $7 | $8 |
For the Nine Months Ended September 30, | ||||
Con Edison | CECONY | |||
(Millions of Dollars) | 2017 | 2016 | 2017 | 2016 |
Remediation costs incurred | $18 | $20 | $13 | $10 |
Con Edison | CECONY | |||||||||||||
(Millions of Dollars) | 2022 | 2021 | 2022 | 2021 | ||||||||||
Accrued liability – asbestos suits | $8 | $8 | $7 | $7 | ||||||||||
Regulatory assets – asbestos suits | $8 | $8 | $7 | $7 | ||||||||||
Accrued liability – workers’ compensation | $63 | $65 | $60 | $62 | ||||||||||
Regulatory liabilities – workers’ compensation | $10 | $8 | $10 | $8 |
Con Edison | CECONY | |||
(Millions of Dollars) | 2017 | 2016 | 2017 | 2016 |
Accrued liability – asbestos suits | $8 | $8 | $7 | $7 |
Regulatory assets – asbestos suits | $8 | $8 | $7 | $7 |
Accrued liability – workers’ compensation | $87 | $88 | $83 | $83 |
Regulatory assets – workers’ compensation | $12 | $13 | $12 | $13 |
Guarantee Type | 0 – 3 years | 4 – 10 years | > 10 years | Total | ||||||||||
(Millions of Dollars) | ||||||||||||||
Con Edison Transmission | $480 | $— | $— | $480 | ||||||||||
Energy transactions | 456 | 31 | 292 | 779 | ||||||||||
Renewable electric projects | 303 | 59 | 376 | 738 | ||||||||||
Other | 70 | — | — | 70 | ||||||||||
Total | $1,309 | $90 | $668 | $2,067 |
Guarantee Type | 0 – 3 years | 4 – 10 years | > 10 years | Total | |||
(Millions of Dollars) | |||||||
Con Edison Transmission | $643 | $404 | $— | $1,047 | |||
Energy transactions | 459 | 30 | 211 | 700 | |||
Renewable electric production projects | 268 | — | 19 | 287 | |||
Other | 128 | — | — | 128 | |||
Total | $1,498 | $434 | $230 | $2,162 |
For the Three Months Ended March 31, | ||||||||||||||
Con Edison | CECONY | |||||||||||||
(Millions of Dollars) | 2022 | 2021 | 2022 | 2021 | ||||||||||
Operating lease cost | $21 | $22 | $16 | $17 | ||||||||||
Operating lease cash flows | $9 | $8 | $4 | $4 |
Con Edison | CECONY | |||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||
Weighted Average Remaining Lease Term: | ||||||||||||||
Operating leases | 18.2 years | 18.5 years | 11.9 years | 12.1 years | ||||||||||
Finance leases | 7.2 years | 7.1 years | 3.0 years | 3.1 years | ||||||||||
Weighted Average Discount Rate: | ||||||||||||||
Operating leases | 4.3% | 4.3% | 3.5% | 3.5% | ||||||||||
Finance leases | 1.8% | 1.8% | 1.1% | 1.1% |
(Millions of Dollars) | Con Edison | CECONY | ||||||||||||
Year Ending March 31, | Operating Leases | Finance Leases | Operating Leases | Finance Leases | ||||||||||
2023 | $84 | $— | $60 | $— | ||||||||||
2024 | 77 | — | 59 | — | ||||||||||
2025 | 78 | 1 | 59 | 1 | ||||||||||
2026 | 78 | — | 60 | — | ||||||||||
2027 | 76 | — | 60 | — | ||||||||||
All years thereafter | 871 | 1 | 394 | — | ||||||||||
Total future minimum lease payments | $1,264 | $2 | $692 | $1 | ||||||||||
Less: imputed interest | (428) | — | (135) | — | ||||||||||
Total | $836 | $2 | $557 | $1 | ||||||||||
Reported as of March 31, 2022 | ||||||||||||||
Operating lease liabilities (current) | $120 | $— | $92 | $— | ||||||||||
Operating lease liabilities (noncurrent) | 716 | — | 465 | — | ||||||||||
Other noncurrent liabilities | — | 2 | — | 1 | ||||||||||
Total | $836 | $2 | $557 | $1 |
Con Edison | CECONY | |||||||||||||
(% of Pre-tax income) | 2022 | 2021 | 2022 | 2021 | ||||||||||
STATUTORY TAX RATE | ||||||||||||||
Federal | 21 | % | 21 | % | 21 | % | 21 | % | ||||||
Changes in computed taxes resulting from: | ||||||||||||||
State income tax, net of federal income tax benefit | 5 | 4 | 5 | 5 | ||||||||||
Amortization of excess deferred federal income taxes | (6) | (9) | (7) | (7) | ||||||||||
Taxes attributable to non-controlling interests | 2 | — | — | — | ||||||||||
Cost of removal | 1 | 2 | 1 | 1 | ||||||||||
Other plant-related items | — | (1) | — | — | ||||||||||
Renewable energy credits | (1) | (1) | — | — | ||||||||||
Effective tax rate | 22 | % | 16 | % | 20 | % | 20 | % |
For the Three Months Ended March 31, 2022 | For the Three Months Ended March 31, 2021 | |||||||||||||||||||||||||
(Millions of Dollars) | Revenues from contracts with customers | Other revenues (a) | Total operating revenues | Revenues from contracts with customers | Other revenues (a) | Total operating revenues | ||||||||||||||||||||
CECONY | ||||||||||||||||||||||||||
Electric | $2,107 | $(23) | $2,084 | $1,966 | $2 | $1,968 | ||||||||||||||||||||
Gas | 1,104 | 27 | 1,131 | 946 | 27 | 973 | ||||||||||||||||||||
Steam | 299 | 3 | 302 | 261 | 3 | 264 | ||||||||||||||||||||
Total CECONY | $3,510 | $7 | $3,517 | $3,173 | $32 | $3,205 | ||||||||||||||||||||
O&R | ||||||||||||||||||||||||||
Electric | 163 | 3 | 166 | 144 | 1 | 145 | ||||||||||||||||||||
Gas | 120 | (1) | 119 | 108 | (5) | 103 | ||||||||||||||||||||
Total O&R | $283 | $2 | $285 | $252 | ($4) | $248 | ||||||||||||||||||||
Clean Energy Businesses | ||||||||||||||||||||||||||
Renewables | 140 | — | 140 | 154 | — | 154 | ||||||||||||||||||||
Energy services | 19 | — | 19 | 22 | — | 22 | ||||||||||||||||||||
Other | — | 101 | 101 | — | 48 | 48 | ||||||||||||||||||||
Total Clean Energy Businesses | $159 | $101 | $260 | $176 | $48 | $224 | ||||||||||||||||||||
Con Edison Transmission | 1 | — | 1 | 1 | — | 1 | ||||||||||||||||||||
Other (b) | — | (3) | (3) | — | (1) | (1) | ||||||||||||||||||||
Total Con Edison | $3,953 | $107 | $4,060 | $3,602 | $75 | $3,677 |
2022 | 2021 | |||||||||||||||||||
(Millions of Dollars) | Unbilled contract revenue (a) | Unearned revenue (b) | Unbilled contract revenue (a) | Unearned revenue (b) | ||||||||||||||||
Beginning balance as of January 1, | $35 | $7 | $11 | $41 | ||||||||||||||||
Additions (c) | 21 | — | 24 | — | ||||||||||||||||
Subtractions (c) | 36 | 4 | (d) | 13 | 1 | (d) | ||||||||||||||
Ending balance as of March 31, | $20 | $3 | $22 | $40 |
For the Three Months Ended March 31, | ||||||||||||||||||||||||||
Con Edison | CECONY | |||||||||||||||||||||||||
Accounts receivable - customers | Other receivables | Accounts receivable - customers | Other receivables | |||||||||||||||||||||||
(Millions of Dollars) | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||
Allowance for credit losses | ||||||||||||||||||||||||||
Beginning Balance at January 1, | $317 | $148 | $22 | $7 | $304 | $138 | $19 | $4 | ||||||||||||||||||
Recoveries | 5 | 3 | — | — | 4 | 3 | — | — | ||||||||||||||||||
Write-offs | (30) | (21) | (3) | (1) | (28) | (20) | (2) | — | ||||||||||||||||||
Reserve adjustments | 44 | 51 | 6 | 1 | 44 | 50 | 6 | 1 | ||||||||||||||||||
Ending Balance March 31, | $336 | $181 | $25 | $7 | $324 | $171 | $23 | $5 |
For the Three Months Ended March 31, | ||||||||||||||||||||||||||
Operating revenues | Inter-segment revenues | Depreciation and amortization | Operating income/(loss) | |||||||||||||||||||||||
(Millions of Dollars) | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||
CECONY | ||||||||||||||||||||||||||
Electric | $2,084 | $1,968 | $4 | $4 | $332 | $315 | $170 | $247 | ||||||||||||||||||
Gas | 1,131 | 973 | 2 | 2 | 90 | 77 | 451 | 439 | ||||||||||||||||||
Steam | 302 | 264 | 19 | 19 | 24 | 23 | 90 | 100 | ||||||||||||||||||
Consolidation adjustments | — | — | (25) | (25) | — | — | — | — | ||||||||||||||||||
Total CECONY | $3,517 | $3,205 | $— | $— | $446 | $415 | $711 | $786 | ||||||||||||||||||
O&R | ||||||||||||||||||||||||||
Electric | $166 | $145 | $— | $— | $17 | $17 | $8 | $9 | ||||||||||||||||||
Gas | 119 | 103 | — | — | 7 | 7 | 38 | 40 | ||||||||||||||||||
Total O&R | $285 | $248 | $— | $— | $24 | $24 | $46 | $49 | ||||||||||||||||||
Clean Energy Businesses | $260 | $224 | $— | $— | $59 | $58 | $46 | $28 | ||||||||||||||||||
Con Edison Transmission | 1 | 1 | — | — | — | — | (3) | (3) | ||||||||||||||||||
Other (a) | (3) | (1) | — | — | — | — | (1) | — | ||||||||||||||||||
Total Con Edison | $4,060 | $3,677 | $— | $— | $529 | $497 | $799 | $860 |
For the Three Months Ended September 30, | ||||||||||||||||||
Operating revenues | Inter-segment revenues | Depreciation and amortization | Operating income/(loss) | |||||||||||||||
(Millions of Dollars) | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | ||||||||||
CECONY | ||||||||||||||||||
Electric | $2,469 | $2,557 | $4 | $5 | $232 | $217 | $855 | $841 | ||||||||||
Gas | 268 | 208 | 2 | 1 | 47 | 41 | (12) | (28) | ||||||||||
Steam | 62 | 63 | 19 | 22 | 21 | 20 | (43) | (47) | ||||||||||
Consolidation adjustments | — | — | (25) | (28) | — | — | — | — | ||||||||||
Total CECONY | $2,799 | $2,828 | $— | $— | $300 | $278 | $800 | $766 | ||||||||||
O&R | ||||||||||||||||||
Electric | $206 | $213 | $— | $— | $13 | $12 | $56 | $55 | ||||||||||
Gas | 28 | 27 | — | — | 5 | 5 | (11) | (7) | ||||||||||
Total O&R | $234 | $240 | $— | $— | $18 | $17 | $45 | $48 | ||||||||||
Clean Energy Businesses | $177 | $350 | $— | $(2) | $19 | $11 | $29 | $125 | ||||||||||
Con Edison Transmission | 1 | — | — | — | — | — | (2) | (1) | ||||||||||
Other (a) | — | (1) | — | 2 | — | (1) | 1 | 2 | ||||||||||
Total Con Edison | $3,211 | $3,417 | $— | $— | $337 | $305 | $873 | $940 |
For the Nine Months Ended September 30, | ||||||||||||||||||
Operating revenues | Inter-segment revenues | Depreciation and amortization | Operating income/(loss) | |||||||||||||||
(Millions of Dollars) | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | ||||||||||
CECONY | ||||||||||||||||||
Electric | $6,079 | $6,222 | $12 | $13 | $690 | $645 | $1,477 | $1,487 | ||||||||||
Gas | 1,421 | 1,113 | 5 | 4 | 137 | 118 | 362 | 273 | ||||||||||
Steam | 448 | 406 | 55 | 65 | 64 | 62 | 52 | 39 | ||||||||||
Consolidation adjustments | — | — | (72) | (82) | — | — | — | — | ||||||||||
Total CECONY | $7,948 | $7,741 | $— | $— | $891 | $825 | $1,891 | $1,799 | ||||||||||
O&R | ||||||||||||||||||
Electric | $495 | $497 | $— | $— | $38 | $37 | $83 | $86 | ||||||||||
Gas | 172 | 133 | — | — | 15 | 13 | 33 | 28 | ||||||||||
Total O&R | $667 | $630 | $— | $— | $53 | $50 | $116 | $114 | ||||||||||
Clean Energy Businesses | $460 | $998 | $— | $7 | $54 | $30 | $63 | $184 | ||||||||||
Con Edison Transmission | 1 | — | — | — | — | — | (6) | (1) | ||||||||||
Other (a) | (4) | (1) | — | (7) | — | — | 2 | 1 | ||||||||||
Total Con Edison | $9,072 | $9,368 | $— | $— | $998 | $905 | $2,066 | $2,097 |
(Millions of Dollars) | 2022 | 2021 | ||||||||||||||||||||||||
Balance Sheet Location | Gross Amounts of Recognized Assets/(Liabilities) | Gross Amounts Offset | Net Amounts of Assets/ (Liabilities) (a) | Gross Amounts of Recognized Assets/(Liabilities) | Gross Amounts Offset | Net Amounts of Assets/ (Liabilities) (a) | ||||||||||||||||||||
Con Edison | ||||||||||||||||||||||||||
Fair value of derivative assets | ||||||||||||||||||||||||||
Current | $637 | $(328) | $309 | (b) | $285 | $(158) | $127 | (b) | ||||||||||||||||||
Noncurrent | 154 | (18) | 136 | (c) | 90 | (13) | 77 | |||||||||||||||||||
Total fair value of derivative assets | $791 | $(346) | $445 | $375 | $(171) | $204 | ||||||||||||||||||||
Fair value of derivative liabilities | ||||||||||||||||||||||||||
Current | $(330) | $196 | $(134) | (c) | $(289) | $137 | $(152) | (d) | ||||||||||||||||||
Noncurrent | (94) | 18 | (76) | (c) | (94) | 10 | (84) | (d) | ||||||||||||||||||
Total fair value of derivative liabilities | $(424) | $214 | $(210) | $(383) | $147 | $(236) | ||||||||||||||||||||
Net fair value derivative assets/(liabilities) | $367 | ($132) | $235 | $(8) | $(24) | $(32) | ||||||||||||||||||||
CECONY | ||||||||||||||||||||||||||
Fair value of derivative assets | ||||||||||||||||||||||||||
Current | $497 | $(270) | $227 | (b) | $135 | $(64) | $71 | (b) | ||||||||||||||||||
Noncurrent | 110 | (22) | 88 | 71 | (15) | 56 | ||||||||||||||||||||
Total fair value of derivative assets | $607 | $(292) | $315 | $206 | $(79) | $127 | ||||||||||||||||||||
Fair value of derivative liabilities | ||||||||||||||||||||||||||
Current | $(215) | $119 | $(96) | $(131) | $43 | $(88) | ||||||||||||||||||||
Noncurrent | (82) | 19 | (63) | (50) | 10 | (40) | ||||||||||||||||||||
Total fair value of derivative liabilities | $(297) | $138 | $(159) | $(181) | $53 | $(128) | ||||||||||||||||||||
Net fair value derivative assets/(liabilities) | $310 | $(154) | $156 | $25 | $(26) | $(1) |
(Millions of Dollars) | 2017 | 2016 | ||||||
Balance Sheet Location | Gross Amounts of Recognized Assets/(Liabilities) | Gross Amounts Offset | Net Amounts of Assets/ (Liabilities) (a) | Gross Amounts of Recognized Assets/(Liabilities) | Gross Amounts Offset | Net Amounts of Assets/ (Liabilities) (a) | ||
Con Edison | ||||||||
Fair value of derivative assets | ||||||||
Current | $77 | $(67) | $10 | (b) | $81 | $(64) | $17 | (b) |
Noncurrent | 64 | (61) | 3 | 49 | (43) | 6 | ||
Total fair value of derivative assets | $141 | $(128) | $13 | $130 | $(107) | $23 | ||
Fair value of derivative liabilities | ||||||||
Current | $(141) | $71 | $(70) | $(138) | $61 | $(77) | ||
Noncurrent | (143) | 60 | (83) | (91) | 52 | (39) | (c) | |
Total fair value of derivative liabilities | $(284) | $131 | $(153) | $(229) | $113 | $(116) | ||
Net fair value derivative assets/(liabilities) | $(143) | $3 | $(140) | (b) | $(99) | $6 | $(93) | (b) (c) |
CECONY | ||||||||
Fair value of derivative assets | ||||||||
Current | $55 | $(53) | $2 | (b) | $52 | $(45) | $7 | (b) |
Noncurrent | 57 | (55) | 2 | 41 | (35) | 6 | ||
Total fair value of derivative assets | $112 | $(108) | $4 | $93 | $(80) | $13 | ||
Fair value of derivative liabilities | ||||||||
Current | $(116) | $57 | $(59) | $(111) | $45 | $(66) | ||
Noncurrent | (127) | 54 | (73) | (77) | 44 | (33) | ||
Total fair value of derivative liabilities | $(243) | $111 | $(132) | $(188) | $89 | $(99) | ||
Net fair value derivative assets/(liabilities) | $(131) | $3 | $(128) | (b) | $(95) | $9 | $(86) | (b) |
For the Three Months Ended March 31, | ||||||||||||||||||||
Con Edison | CECONY | |||||||||||||||||||
(Millions of Dollars) | Balance Sheet Location | 2022 | 2021 | 2022 | 2021 | |||||||||||||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||||||||||||||||||||
Current | Deferred derivative gains | $339 | $19 | $312 | $17 | |||||||||||||||
Noncurrent | Deferred derivative gains | 45 | (3) | 41 | (3) | |||||||||||||||
Total deferred gains/(losses) | $384 | $16 | $353 | $14 | ||||||||||||||||
Current | Deferred derivative losses | $(36) | $4 | $(32) | $3 | |||||||||||||||
Current | Recoverable energy costs | 157 | — | 143 | 2 | |||||||||||||||
Noncurrent | Deferred derivative losses | (34) | 23 | (34) | 20 | |||||||||||||||
Total deferred gains/(losses) | 87 | $27 | $77 | $25 | ||||||||||||||||
Net deferred gains/(losses) (a) | $471 | $43 | $430 | $39 | ||||||||||||||||
Income Statement Location | ||||||||||||||||||||
Pre-tax gains/(losses) recognized in income | ||||||||||||||||||||
Gas purchased for resale | $5 | $1 | $— | $— | ||||||||||||||||
Non-utility revenue | (17) | 3 | — | — | ||||||||||||||||
Other operations and maintenance expense | 3 | 2 | 3 | 2 | ||||||||||||||||
Other interest expense | 65 | 59 | — | — | ||||||||||||||||
Total pre-tax gains/(losses) recognized in income | $56 | $65 | $3 | $2 |
For the Three Months Ended September 30, | |||||||||||||
Con Edison | CECONY | ||||||||||||
(Millions of Dollars) | Balance Sheet Location | 2017 | 2016 | 2017 | 2016 | ||||||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | |||||||||||||
Current | Deferred derivative gains | $(4) | $(1) | $(3) | $(3) | ||||||||
Noncurrent | Deferred derivative gains | 1 | (2) | 1 | — | ||||||||
Total deferred gains/(losses) | $(3) | $(3) | $(2) | $(3) | |||||||||
Current | Deferred derivative losses | $(11) | $(19) | $(9) | $(18) | ||||||||
Current | Recoverable energy costs | (40) | (39) | (38) | (35) | ||||||||
Noncurrent | Deferred derivative losses | (12) | (17) | (8) | (14) | ||||||||
Total deferred gains/(losses) | $(63) | $(75) | $(55) | $(67) | |||||||||
Net deferred gains/(losses) | $(66) | $(78) | $(57) | $(70) | |||||||||
Income Statement Location | |||||||||||||
Pre-tax gains/(losses) recognized in income | |||||||||||||
Purchased power expense | $— | $(37) | (b) | $— | $— | ||||||||
Gas purchased for resale | (47) | (38) | — | — | |||||||||
Non-utility revenue | 5 | (a) | (2) | (b) | — | — | |||||||
Total pre-tax gains/(losses) recognized in income | $(42) | $(77) | $— | $— |
For the Nine Months Ended September 30, | |||||||||||||
Con Edison | CECONY | ||||||||||||
(Millions of Dollars) | Balance Sheet Location | 2017 | 2016 | 2017 | 2016 | ||||||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | |||||||||||||
Current | Deferred derivative gains | $(26) | $6 | $(22) | $2 | ||||||||
Noncurrent | Deferred derivative gains | (2) | (1) | (2) | (1) | ||||||||
Total deferred gains/(losses) | $(28) | $5 | $(24) | $1 | |||||||||
Current | Deferred derivative losses | $10 | $19 | $11 | $16 | ||||||||
Current | Recoverable energy costs | (125) | (163) | (116) | (148) | ||||||||
Noncurrent | Deferred derivative losses | (40) | (5) | (36) | (3) | ||||||||
Total deferred gains/(losses) | $(155) | $(149) | $(141) | $(135) | |||||||||
Net deferred gains/(losses) | $(183) | $(144) | $(165) | $(134) | |||||||||
Income Statement Location | |||||||||||||
Pre-tax gains/(losses) recognized in income | |||||||||||||
Purchased power expense | $— | $(106) | (b) | $— | $— | ||||||||
Gas purchased for resale | (161) | (72) | — | — | |||||||||
Non-utility revenue | 11 | (a) | 15 | (b) | — | — | |||||||
Total pre-tax gains/(losses) recognized in income | $(150) | $(163) | $— | $— |
Electric Energy (MWh) (a)(b) | Capacity (MW) (a) | Natural Gas (Dt) (a)(b) | Refined Fuels (gallons) | |||||||||||
Con Edison | 24,078,605 | 37,114 | 229,787,936 | 2,688,000 | ||||||||||
CECONY | 22,015,475 | 26,100 | 214,090,000 | 2,688,000 |
Electric Energy (MWh) (a)(b) | Capacity (MW) (a) | Natural Gas (Dt) (a)(b) | Refined Fuels (gallons) | |||||
Con Edison | 32,596,372 | 6,790 | 166,913,644 | 672,000 | ||||
CECONY | 30,492,575 | 3,000 | 158,500,000 | 672,000 |
(Millions of Dollars) | Con Edison (a) | CECONY (a) | ||||||||||||
Aggregate fair value – net liabilities | $130 | $99 | ||||||||||||
Collateral posted | 100 | 100 | ||||||||||||
Additional collateral (b) (downgrade one level from current ratings) | 36 | 2 | ||||||||||||
Additional collateral (b)(c) (downgrade to below investment grade from current ratings) | 88 | 37 |
(Millions of Dollars) | Con Edison (a) | CECONY (a) | ||
Aggregate fair value – net liabilities | $148 | $131 | ||
Collateral posted | 61 | 56 | ||
Additional collateral (b) (downgrade one level from current ratings) | 23 | 22 | ||
Additional collateral (b) (downgrade to below investment grade from current ratings) | 101 | (c) | 88 | (c) |
(a)Non-derivative transactions for the purchase and sale of electricity and gas and qualifying derivative instruments, which have been designated as normal purchases or normal sales, are excluded from the table. These transactions primarily include purchases of electricity from independent system operators. In the event the Utilities and |
2022 | 2021 | |||||||||||||||||||||||||||||||
(Millions of Dollars) | Level 1 | Level 2 | Level 3 | Netting Adjustment (e) | Total | Level 1 | Level 2 | Level 3 | Netting Adjustment (e) | Total | ||||||||||||||||||||||
Con Edison | ||||||||||||||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||||||||||
Commodity (a)(b)(c) | $191 | $482 | $28 | $(279) | $422 | $95 | $260 | $17 | $(171) | $201 | ||||||||||||||||||||||
Interest rate swaps (a)(b)(c) | — | 24 | — | — | 24 | — | 4 | — | — | 4 | ||||||||||||||||||||||
Other (a)(b)(d) | 467 | 129 | — | — | 596 | 492 | 135 | — | — | 627 | ||||||||||||||||||||||
Total assets | $658 | $635 | $28 | $(279) | $1,042 | $587 | $399 | $17 | $(171) | $832 | ||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||||||||
Commodity (a)(b)(c) | $24 | $309 | $14 | $(150) | $197 | $33 | $266 | $28 | $(148) | $179 | ||||||||||||||||||||||
Interest rate swaps (a)(b)(c) | — | 13 | — | — | 13 | — | 57 | — | — | 57 | ||||||||||||||||||||||
Total liabilities | $24 | $322 | $14 | $(150) | $210 | $33 | $323 | $28 | $(148) | $236 | ||||||||||||||||||||||
CECONY | ||||||||||||||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||||||||||
Commodity (a)(b)(c) | $163 | $381 | $— | $(228) | $316 | $67 | $138 | $1 | $(79) | $127 | ||||||||||||||||||||||
Other (a)(b)(d) | 450 | 122 | — | — | 572 | 474 | 127 | — | — | 601 | ||||||||||||||||||||||
Total assets | $613 | $503 | $— | $(228) | $888 | $541 | $265 | $1 | $(79) | $728 | ||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||||||||
Commodity (a)(b)(c) | $— | $229 | $6 | $(75) | $160 | $1 | $172 | $8 | $(53) | $128 |
2017 | 2016 | ||||||||||||||||||
(Millions of Dollars) | Level 1 | Level 2 | Level 3 | Netting Adjustment (e) | Total | Level 1 | Level 2 | Level 3 | Netting Adjustment (e) | Total | |||||||||
Con Edison | |||||||||||||||||||
Derivative assets: | |||||||||||||||||||
Commodity (a)(b)(c) | $6 | $28 | $2 | $(18) | $18 | $14 | $33 | $7 | $(24) | $30 | |||||||||
Other (a)(b)(d) | 271 | 118 | — | — | 389 | 222 | 111 | — | — | 333 | |||||||||
Total assets | $277 | $146 | $2 | $(18) | $407 | $236 | $144 | $7 | $(24) | $363 | |||||||||
Derivative liabilities: | |||||||||||||||||||
Commodity (a)(b)(c) | $2 | $155 | $22 | $(26) | $153 | $4 | $144 | $6 | $(38) | $116 | |||||||||
Interest Rate Swap (a)(b)(c) | — | — | — | — | — | — | 1 | — | — | 1 | |||||||||
Total liabilities | $2 | $155 | $22 | $(26) | $153 | $4 | $145 | $6 | $(38) | $117 | |||||||||
CECONY | |||||||||||||||||||
Derivative assets: | |||||||||||||||||||
Commodity (a)(b)(c) | $5 | $12 | $1 | $(9) | $9 | $10 | $19 | $1 | $(10) | $20 | |||||||||
Other (a)(b)(d) | 248 | 113 | — | — | 361 | 200 | 106 | — | — | 306 | |||||||||
Total assets | $253 | $125 | $1 | $(9) | $370 | $210 | $125 | $1 | $(10) | $326 | |||||||||
Derivative liabilities: | |||||||||||||||||||
Commodity (a)(b)(c) | $1 | $133 | $15 | $(17) | $132 | $1 | $124 | $— | $(26) | $99 |
Fair Value of Level 3 at September 30, 2017 | Valuation Techniques | Unobservable Inputs | Range | |
(Millions of Dollars) | ||||
Con Edison – Commodity | ||||
Electricity | $(21) | Discounted Cash Flow | Forward energy prices (a) | $19.00-$76.25 per MWh |
Discounted Cash Flow | Forward capacity prices (a) | $1.26-$9.47 per kW-month | ||
Transmission Congestion Contracts/Financial Transmission Rights | 1 | Discounted Cash Flow | Discount to adjust auction prices for inter-zonal forward price curves (b) | 50.0% |
Inter-zonal forward price curves adjusted for historical zonal losses (b) | $0.50-$6.75 per MWh | |||
Total Con Edison—Commodity | $(20) | |||
CECONY – Commodity | ||||
Electricity | $(15) | Discounted Cash Flow | Forward energy prices (a) | $20.50-$76.25 per MWh |
Transmission Congestion Contracts | 1 | Discounted Cash Flow | Discount to adjust auction prices for inter-zonal forward price curves (b) | 50.0% |
Total CECONY—Commodity | $(14) |
Valuation Techniques | Unobservable Inputs | Range |
(Millions of Dollars) | ||||||||||||||
Con Edison – Commodity | ||||||||||||||
Electricity | $20 | Discounted Cash Flow | Forward energy prices (a) | $22.50-$82.00 per MWh | ||||||||||
(7) | Discounted Cash Flow | Forward capacity prices (a) | $0.45-$7.13 per kW-month | |||||||||||
Transmission Congestion Contracts/Financial Transmission Rights | 1 | Discounted Cash Flow | Inter-zonal forward price curves adjusted for historical zonal losses (b) | $(44.01)-$13.89 per MWh | ||||||||||
Total Con Edison—Commodity | $14 | |||||||||||||
CECONY – Commodity | ||||||||||||||
Discounted Cash Flow | Forward capacity prices (a) | $1.51-$7.13 per kW-month | ||||||||||||
Total CECONY—Commodity | $(6) |
For the Three Months Ended March 31, | ||||||||||||||
Con Edison | CECONY | |||||||||||||
(Millions of Dollars) | 2022 | 2021 | 2022 | 2021 | ||||||||||
Beginning balance as of January 1, | $(11) | $(19) | $(7) | $(10) | ||||||||||
Included in earnings | 24 | (2) | (1) | (2) | ||||||||||
Included in regulatory assets and liabilities | 1 | 4 | — | 2 | ||||||||||
Settlements | — | 5 | 2 | 3 | ||||||||||
Ending balance as of March 31, | $14 | $(12) | $(6) | $(7) |
For the Three Months Ended September 30, | ||||||||
�� Con Edison | CECONY | |||||||
(Millions of Dollars) | 2017 | 2016 | 2017 | 2016 | ||||
Beginning balance as of July 1, | $(10) | $5 | $(6) | $2 | ||||
Included in earnings | 7 | (4) | 1 | — | ||||
Included in regulatory assets and liabilities | (13) | (5) | (8) | (3) | ||||
Sales | — | 4 | — | — | ||||
Settlements | (4) | 1 | (1) | 1 | ||||
Ending balance as of September 30, | $(20) | $1 | $(14) | $— |
For the Nine Months Ended September 30, | ||||||||
Con Edison | CECONY | |||||||
(Millions of Dollars) | 2017 | 2016 | 2017 | 2016 | ||||
Beginning balance as of January 1, | $1 | $6 | $1 | $8 | ||||
Included in earnings | 8 | (1) | 1 | (1) | ||||
Included in regulatory assets and liabilities | (21) | (11) | (14) | (6) | ||||
Purchases | 1 | 2 | 1 | 1 | ||||
Sales | — | 4 | — | — | ||||
Settlements | (9) | 1 | (3) | (2) | ||||
Ending balance as of September 30, | $(20) | $1 | $(14) | $— |
Project Name (a) | Generating Capacity (b) (MW AC) | Power Purchase Agreement Term (in Years) | Year of Initial Investment | Location | Maximum Exposure to Loss (Millions of Dollars) (c) |
Copper Mountain Solar 3 | 128 | 20 | 2014 | Nevada | $175 |
Mesquite Solar 1 | 83 | 20 | 2013 | Arizona | 102 |
Copper Mountain Solar 2 | 75 | 25 | 2013 | Nevada | 83 |
California Solar | 55 | 25 | 2012 | California | 64 |
Broken Bow II | 38 | 25 | 2014 | Nebraska | 44 |
Texas Solar 4 | 32 | 25 | 2014 | Texas | 47 |
Tax Equity Projects | ||||||||||||||||||||
Great Valley Solar (c)(d) | Copper Mountain - Mesquite Solar (c)(e) | CED Nevada Virginia (c)(h) | ||||||||||||||||||
(Millions of Dollars) | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||
Non-utility property, less accumulated depreciation (f)(g) | $273 | $275 | $428 | $431 | $636 | $643 | ||||||||||||||
Other assets | 41 | 37 | 169 | 167 | 57 | 55 | ||||||||||||||
Total assets (a) | $314 | $312 | $597 | $598 | $693 | $698 | ||||||||||||||
Other liabilities | 15 | 14 | 77 | 74 | 327 | 315 | ||||||||||||||
Total liabilities (b) | $15 | $14 | $77 | $74 | $327 | $315 |
For the Three Months Ended March 31, | ||||||||
CECONY | ||||||||
(Millions of Dollars) | 2022 | 2021 | ||||||
Cost of services provided | $33 | $31 | ||||||
Cost of services received | 17 | 17 |
Con Edison | ||||||||||||||||||||||||||||||||
CECONY | O&R | Clean Energy Businesses | Con Edison Transmission | |||||||||||||||||||||||||||||
•RECO | •CET Electric | |||||||||||||||||||||||||||||||
•CET Gas |
For the Three Months Ended March 31, 2022 | At March 31, 2022 | |||||||||||||||||||||||||||||||
(Millions of Dollars, except percentages) | Operating Revenues | Net Income for Common Stock | Assets | |||||||||||||||||||||||||||||
CECONY | $3,517 | 87 | % | $475 | 79 | % | $53,213 | 84 | % | |||||||||||||||||||||||
O&R | 285 | 7 | 30 | 5 | 3,359 | 5 | ||||||||||||||||||||||||||
Total Utilities | 3,802 | 94 | 505 | 84 | 56,572 | 89 | ||||||||||||||||||||||||||
Clean Energy Businesses (a) | 260 | 6 | 107 | 18 | 6,554 | 10 | ||||||||||||||||||||||||||
Con Edison Transmission | 1 | — | — | — | 260 | — | ||||||||||||||||||||||||||
Other (b) | (3) | — | (10) | (2) | 351 | 1 | ||||||||||||||||||||||||||
Total Con Edison | $4,060 | 100 | % | $602 | 100 | % | $63,737 | 100 | % |
For the Three Months Ended September 30, 2017 | For the Nine Months Ended September 30, 2017 | At September 30, 2017 | ||||||||||||||
(Millions of Dollars, except percentages) | Operating Revenues | Net Income | Operating Revenues | Net Income | Assets | |||||||||||
CECONY | $2,799 | 87 | % | $401 | 88 | % | $7,948 | 88 | % | $883 | 87 | % | $41,647 | 85 | % | |
O&R | 234 | 7 | 22 | 5 | 667 | 7 | 53 | 5 | 2,832 | 6 | ||||||
Total Utilities | 3,033 | 94 | 423 | 93 | 8,615 | 95 | 936 | 92 | 44,479 | 91 | ||||||
Clean Energy Businesses (a) | 177 | 6 | 26 | 5 | 460 | 5 | 54 | 5 | 2,811 | 6 | ||||||
Con Edison Transmission | 1 | — | 9 | 2 | 1 | — | 25 | 2 | 1,210 | 2 | ||||||
Other (b) | — | — | (1) | — | (4) | — | 5 | 1 | 746 | 1 | ||||||
Total Con Edison | $3,211 | 100 | % | $457 | 100 | % | $9,072 | 100 | % | $1,020 | 100 | % | $49,246 | 100 | % |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |||||||||
(Millions of Dollars, except per share amounts) | Net Income | Earnings per Share | Net Income | Earnings per Share | ||||||||||||
CECONY | $401 | $388 | $1.30 | $1.27 | $883 | $859 | $2.88 | $2.87 | ||||||||
O&R | 22 | 27 | 0.07 | 0.09 | 53 | 55 | 0.18 | 0.18 | ||||||||
Clean Energy Businesses (a) | 26 | 78 | 0.08 | 0.26 | 54 | 120 | 0.18 | 0.40 | ||||||||
Con Edison Transmission | 9 | 10 | 0.03 | 0.03 | 25 | 11 | 0.08 | 0.04 | ||||||||
Other (b) | (1) | (6) | — | (0.02 | ) | 5 | (6) | 0.01 | (0.02 | ) | ||||||
Con Edison (c) | $457 | $497 | $1.48 | $1.63 | $1,020 | $1,039 | $3.33 | $3.47 |
For the Three Months Ended March 31, | ||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
(Millions of Dollars, except per share amounts) | Net Income for Common Stock | Earnings per Share | ||||||||||||||||||||||||
CECONY | $475 | $465 | $1.34 | $1.36 | ||||||||||||||||||||||
O&R | 30 | 27 | 0.09 | 0.08 | ||||||||||||||||||||||
Clean Energy Businesses (a) | 107 | 49 | 0.30 | 0.14 | ||||||||||||||||||||||
Con Edison Transmission (b) | — | (122) | — | (0.35) | ||||||||||||||||||||||
Other (c) | (10) | — | (0.03) | — | ||||||||||||||||||||||
Con Edison (d) | $602 | $419 | $1.70 | $1.23 |
Three Months Variation | Nine Months Variation | ||||||
(Millions of Dollars, except per share amounts) | Earnings per Share Variation | Net Income Variation | Earnings per Share Variation | Net Income Variation | |||
CECONY (a) | |||||||
Changes in rate plans and regulatory charges (b) | $0.12 | $35 | $0.29 | $87 | |||
Weather impact on steam revenues | — | (1) | 0.01 | 4 | |||
Other operations and maintenance expenses (c) | 0.07 | 22 | 0.24 | 73 | |||
Depreciation, property taxes and other tax matters (d) | (0.10) | (30) | (0.36) | (108) | |||
Other (e) | (0.06) | (13) | (0.17) | (32) | |||
Total CECONY | 0.03 | 13 | 0.01 | 24 | |||
O&R (a) | |||||||
Changes in rate plans and regulatory charges | — | 1 | 0.04 | 12 | |||
Other operations and maintenance expenses (f) | (0.01) | (2) | (0.03) | (9) | |||
Depreciation and property taxes | (0.01) | (4) | (0.02) | (6) | |||
Other (e) | — | — | 0.01 | 1 | |||
Total O&R | (0.02) | (5) | — | (2) | |||
Clean Energy Businesses | |||||||
Operating revenues less energy costs (g) | 0.10 | 32 | 0.10 | 31 | |||
Other operations and maintenance expenses (h) | (0.08) | (23) | (0.10) | (30) | |||
Depreciation | (0.02) | (5) | (0.05) | (15) | |||
Net interest expense | (0.01) | (3) | (0.02) | (6) | |||
Other (e) (i) | (0.17) | (53) | (0.15) | (46) | |||
Total Clean Energy Businesses | (0.18) | (52) | (0.22) | (66) | |||
Con Edison Transmission (e) (j) | — | (1) | 0.04 | 14 | |||
Other, including parent company expenses (e) (k) | 0.02 | 5 | 0.03 | 11 | |||
Total variations | $(0.15) | $(40) | $(0.14) | $(19) |
Variation for the Three Months Ended March 31, 2022 vs. 2021 | ||||||||
Net Income for Common Stock (Millions of Dollars) | Earnings per Share | |||||||
CECONY (a) | ||||||||
Higher gas rate base | $29 | $0.08 | ||||||
Resumption of the billing of late payment charges and other fees to allowed rate plan levels | 14 | 0.04 | ||||||
Higher electric rate base | 6 | 0.02 | ||||||
Higher interest expense | (10) | (0.03) | ||||||
Lower incentives earned under the electric and gas earnings adjustment mechanisms (EAMs) | (9) | (0.03) | ||||||
Higher stock based compensation costs | (6) | (0.02) | ||||||
Higher payroll taxes | (4) | (0.01) | ||||||
Weather impact on steam revenues | (3) | (0.01) | ||||||
Dilutive effect of stock issuances | — | (0.05) | ||||||
Other | (7) | (0.01) | ||||||
Total CECONY | 10 | (0.02) | ||||||
O&R (a) | ||||||||
Electric base rate increase | 2 | 0.01 | ||||||
Gas base rate increase | 2 | 0.01 | ||||||
Other | (1) | (0.01) | ||||||
Total O&R | 3 | 0.01 | ||||||
Clean Energy Businesses | ||||||||
HLBV effects | 37 | 0.10 | ||||||
Higher operating revenue | 26 | 0.08 | ||||||
Lower operation and maintenance expense | 17 | 0.05 | ||||||
Net mark-to-market effects | 2 | 0.01 | ||||||
Higher gas purchased for resale | (29) | (0.09) | ||||||
Other | 5 | 0.01 | ||||||
Total Clean Energy Businesses | 58 | 0.16 | ||||||
Con Edison Transmission | ||||||||
Impairment loss related to investment in Stagecoach in 2021 | 125 | 0.36 | ||||||
Other | (3) | (0.01) | ||||||
Total Con Edison Transmission | 122 | 0.35 | ||||||
Other, including parent company expenses | ||||||||
Impairment tax benefits related to investment in Stagecoach in 2021 | (5) | (0.01) | ||||||
HLBV effects | (3) | (0.01) | ||||||
Other | (2) | (0.01) | ||||||
Total Other, including parent company expenses | (10) | (0.03) | ||||||
Total Reported (GAAP basis) | $183 | $0.47 | ||||||
a.Under the revenue decoupling mechanisms in the Utilities’ NY electric and gas rate plans and the weather-normalization clause applicable to their gas businesses, revenues are generally not affected by changes in delivery volumes from levels assumed when rates were approved. In general, the Utilities recover on a current basis the fuel, gas purchased for resale and purchased power costs they incur in supplying energy to their full-service customers. Accordingly, such costs do not generally affect Con Edison’s results of operations. |
For the Three Months Ended March 31, | ||||||||||||||
(Millions of Dollars) | 2022 | 2021 | ||||||||||||
CECONY | ||||||||||||||
Operations | $437 | $428 | ||||||||||||
Pensions and other postretirement benefits | 102 | (10) | ||||||||||||
Health care and other benefits | 35 | 37 | ||||||||||||
Regulatory fees and assessments (a) | 87 | 78 | ||||||||||||
Other | 80 | 75 | ||||||||||||
Total CECONY | 741 | 608 | ||||||||||||
O&R | 86 | 80 | ||||||||||||
Clean Energy Businesses | 76 | 99 | ||||||||||||
Con Edison Transmission | 4 | 4 | ||||||||||||
Other (b) | (2) | (1) | ||||||||||||
Total other operations and maintenance expenses | $905 | $790 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||
(Millions of Dollars) | 2017 | 2016 | 2017 | 2016 |
CECONY | ||||
Operations | $386 | $381 | $1,147 | $1,109 |
Pensions and other postretirement benefits | 51 | 87 | 152 | 261 |
Health care and other benefits | 45 | 47 | 127 | 124 |
Regulatory fees and assessments (a) | 142 | 135 | 355 | 361 |
Other | 67 | 74 | 211 | 250 |
Total CECONY | 691 | 724 | 1,992 | 2,105 |
O&R | 80 | 77 | 236 | 220 |
Clean Energy Businesses | 79 | 40 | 174 | 124 |
Con Edison Transmission | 3 | 1 | 7 | 1 |
Other (b) | (1) | (2) | (3) | (3) |
Total other operations and maintenance expenses | $852 | $840 | $2,406 | $2,447 |
CECONY | O&R | Clean Energy Businesses | Con Edison Transmission | Other (a) | Con Edison (b) | |||||||||||||||||||||||||||||||||
(Millions of Dollars) | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||
Operating revenues | $3,517 | $3,205 | $285 | $248 | $260 | $224 | $1 | $1 | $(3) | $(1) | $4,060 | $3,677 | ||||||||||||||||||||||||||
Purchased power | 430 | 396 | 59 | 41 | — | — | — | — | (2) | — | 487 | 437 | ||||||||||||||||||||||||||
Fuel | 144 | 93 | — | — | — | — | — | — | — | — | 144 | 93 | ||||||||||||||||||||||||||
Gas purchased for resale | 324 | 233 | 47 | 31 | 72 | 32 | — | — | — | — | 443 | 296 | ||||||||||||||||||||||||||
Other operations and maintenance | 741 | 608 | 86 | 80 | 76 | 99 | 4 | 4 | (2) | (1) | 905 | 790 | ||||||||||||||||||||||||||
Depreciation and amortization | 446 | 415 | 24 | 24 | 59 | 58 | — | — | — | — | 529 | 497 | ||||||||||||||||||||||||||
Taxes, other than income taxes | 721 | 674 | 23 | 23 | 7 | 7 | — | — | 2 | — | 753 | 704 | ||||||||||||||||||||||||||
Operating income | 711 | 786 | 46 | 49 | 46 | 28 | (3) | (3) | (1) | — | 799 | 860 | ||||||||||||||||||||||||||
Other income (deductions) (c) | 81 | (23) | 5 | (3) | — | — | 4 | (159) | — | (1) | 90 | (186) | ||||||||||||||||||||||||||
Net interest expense | 200 | 184 | 11 | 11 | (37) | (28) | 1 | 5 | 7 | 4 | 182 | 176 | ||||||||||||||||||||||||||
Income before income tax expense | 592 | 579 | 40 | 35 | 83 | 56 | — | (167) | (8) | (5) | 707 | 498 | ||||||||||||||||||||||||||
Income tax expense | 117 | 114 | 10 | 8 | 24 | 6 | — | (45) | 2 | (5) | 153 | 78 | ||||||||||||||||||||||||||
Net income | $475 | $465 | $30 | $27 | $59 | $50 | $— | ($122) | $(10) | $— | $554 | $420 | ||||||||||||||||||||||||||
Income (loss) attributable to non-controlling interest | — | — | — | — | (48) | 1 | — | — | — | — | (48) | 1 | ||||||||||||||||||||||||||
Net income for common stock | $475 | $465 | $30 | $27 | $107 | $49 | $— | ($122) | $(10) | $— | $602 | $419 | ||||||||||||||||||||||||||
CECONY | O&R | Clean Energy Businesses | Con Edison Transmission | Other (a) | Con Edison (b) | ||||||||||||||||||
(Millions of Dollars) | Increases (Decreases) Amount | Increases (Decreases) Percent | Increases (Decreases) Amount | Increases (Decreases) Percent | Increases (Decreases) Amount | Increases (Decreases) Percent | Increases (Decreases) Amount | Increases (Decreases) Percent | Increases (Decreases) Amount | Increases (Decreases) Percent | Increases (Decreases) Amount | Increases (Decreases) Percent | |||||||||||
Operating revenues | $(29) | (1.0 | )% | $(6) | (2.5 | )% | $(173) | (49.4 | )% | $1 | — | % | $1 | Large | $(206) | (6.0 | )% | ||||||
Purchased power | (95) | (19.2 | ) | (9) | (13.0 | ) | (234) | Large | — | — | — | — | (338) | (42.4 | ) | ||||||||
Fuel | 1 | 3.4 | — | — | — | — | — | — | — | — | 1 | 3.4 | |||||||||||
Gas purchased for resale | 24 | 70.6 | 2 | 25.0 | 8 | 20.5 | — | — | — | — | 34 | 42.0 | |||||||||||
Other operations and maintenance | (33) | (4.6 | ) | 3 | 3.9 | 39 | 97.5 | 2 | Large | 1 | (50.0 | ) | 12 | 1.4 | |||||||||
Depreciation and amortization | 22 | 7.9 | 1 | 5.9 | 8 | 72.7 | — | — | 1 | Large | 32 | 10.5 | |||||||||||
Taxes, other than income taxes | 18 | 3.6 | — | — | (2) | (40.0 | ) | — | — | — | — | 16 | 3.0 | ||||||||||
Gain on sale of retail electric supply business (2016) | — | — | — | — | (104) | Large | — | — | — | — | (104) | Large | |||||||||||
Operating income | 34 | 4.4 | (3) | (6.3 | ) | (96) | (76.8 | ) | (1) | Large | (1) | (50.0 | ) | (67) | (7.1 | ) | |||||||
Other income less deductions | (2) | Large | (1) | Large | (9) | (33.3 | ) | 1 | 5.0 | 1 | Large | (10) | (20.4 | ) | |||||||||
Net interest expense | 3 | 1.9 | — | — | 5 | 71.4 | 1 | 33.3 | (2) | (40.0 | ) | 7 | 3.9 | ||||||||||
Income before income tax expense | 29 | 4.7 | (4) | (10.0 | ) | (110) | (75.9 | ) | (1) | (6.3 | ) | 2 | 50.0 | (84) | (10.4 | ) | |||||||
Income tax expense | 16 | 7.1 | 1 | 7.7 | (58) | (86.6 | ) | — | — | (3) | Large | (44) | (14.0 | ) | |||||||||
Net income | $13 | 3.4 | % | $(5) | (18.5 | )% | $(52) | (66.7 | )% | $(1) | (10.0 | )% | $5 | 83.3 | % | $(40) | (8.0 | )% |
For the Three Months Ended March 31, 2022 | For the Three Months Ended March 31, 2021 | ||||||||||||||||||||||||||||
(Millions of Dollars) | Electric | Gas | Steam | 2022 Total | Electric | Gas | Steam | 2021 Total | 2022-2021 Variation | ||||||||||||||||||||
Operating revenues | $2,084 | $1,131 | $302 | $3,517 | $1,968 | $973 | $264 | $3,205 | $312 | ||||||||||||||||||||
Purchased power | 411 | — | 20 | 431 | 383 | — | 13 | 396 | 35 | ||||||||||||||||||||
Fuel | 66 | — | 78 | 144 | 45 | — | 48 | 93 | 51 | ||||||||||||||||||||
Gas purchased for resale | — | 323 | — | 323 | — | 233 | — | 233 | 90 | ||||||||||||||||||||
Other operations and maintenance | 573 | 118 | 50 | 741 | 475 | 92 | 41 | 608 | 133 | ||||||||||||||||||||
Depreciation and amortization | 332 | 90 | 24 | 446 | 315 | 77 | 23 | 415 | 31 | ||||||||||||||||||||
Taxes, other than income taxes | 532 | 149 | 40 | 721 | 503 | 132 | 39 | 674 | 47 | ||||||||||||||||||||
Operating income | $170 | $451 | $90 | $711 | $247 | $439 | $100 | $786 | $(75) |
For the Three Months Ended September 30, 2017 | For the Three Months Ended September 30, 2016 | ||||||||||||||
(Millions of Dollars) | Electric | Gas | Steam | 2017 Total | Electric | Gas | Steam | 2016 Total | 2017-2016 Variation | ||||||
Operating revenues | $2,469 | $268 | $62 | $2,799 | $2,557 | $208 | $63 | $2,828 | $(29) | ||||||
Purchased power | 393 | — | 7 | 400 | 486 | — | 9 | 495 | (95) | ||||||
Fuel | 24 | — | 6 | 30 | 21 | — | 8 | 29 | 1 | ||||||
Gas purchased for resale | — | 58 | — | 58 | — | 34 | — | 34 | 24 | ||||||
Other operations and maintenance | 547 | 104 | 40 | 691 | 578 | 102 | 44 | 724 | (33) | ||||||
Depreciation and amortization | 232 | 47 | 21 | 300 | 217 | 41 | 20 | 278 | 22 | ||||||
Taxes, other than income taxes | 418 | 71 | 31 | 520 | 414 | 59 | 29 | 502 | 18 | ||||||
Operating income | $855 | $(12) | $(43) | $800 | $841 | $(28) | $(47) | $766 | $34 |
For the Three Months Ended | |||||||||||
(Millions of Dollars) | March 31, 2022 | March 31, 2021 | Variation | ||||||||
Operating revenues | $2,084 | $1,968 | $116 | ||||||||
Purchased power | 411 | 383 | 28 | ||||||||
Fuel | 66 | 45 | 21 | ||||||||
Other operations and maintenance | 573 | 475 | 98 | ||||||||
Depreciation and amortization | 332 | 315 | 17 | ||||||||
Taxes, other than income taxes | 532 | 503 | 29 | ||||||||
Electric operating income | $170 | $247 | $(77) |
For the Three Months Ended | |||
(Millions of Dollars) | September 30, 2017 | September 30, 2016 | Variation |
Operating revenues | $2,469 | $2,557 | $(88) |
Purchased power | 393 | 486 | (93) |
Fuel | 24 | 21 | 3 |
Other operations and maintenance | 547 | 578 | (31) |
Depreciation and amortization | 232 | 217 | 15 |
Taxes, other than income taxes | 418 | 414 | 4 |
Electric operating income | $855 | $841 | $14 |
Millions of kWh Delivered | Revenues in Millions (a) | ||||||||||||||||||||||||||||
For the Three Months Ended | For the Three Months Ended | ||||||||||||||||||||||||||||
Description | March 31, 2022 | March 31, 2021 | Variation | Percent Variation | March 31, 2022 | March 31, 2021 | Variation | Percent Variation | |||||||||||||||||||||
Residential/Religious (b) | 2,641 | 2,606 | 35 | 1.3 | % | $783 | $753 | $30 | 4.0 | % | |||||||||||||||||||
Commercial/Industrial | 2,515 | 2,354 | 161 | 6.8 | 614 | 528 | 86 | 16.3 | |||||||||||||||||||||
Retail choice customers | 5,144 | 5,229 | (85) | (1.6) | 537 | 581 | (44) | (7.6) | |||||||||||||||||||||
NYPA, Municipal Agency and other sales | 2,398 | 2,288 | 110 | 4.8 | 162 | 148 | 14 | 9.5 | |||||||||||||||||||||
Other operating revenues (c) | — | — | — | — | (12) | (42) | 30 | (71.4) | |||||||||||||||||||||
Total | 12,698 | 12,477 | 221 | 1.8 | % | (d) | $2,084 | $1,968 | $116 | 5.9 | % |
Millions of kWh Delivered | Revenues in Millions (a) | |||||||||||||
For the Three Months Ended | For the Three Months Ended | |||||||||||||
Description | September 30, 2017 | September 30, 2016 | Variation | Percent Variation | September 30, 2017 | September 30, 2016 | Variation | Percent Variation | ||||||
Residential/Religious (b) | 3,237 | 3,653 | (416 | ) | (11.4 | )% | $805 | $883 | $(78) | (8.8 | )% | |||
Commercial/Industrial | 2,570 | 2,749 | (179 | ) | (6.5 | ) | 534 | 551 | (17) | (3.1 | ) | |||
Retail choice customers | 7,510 | 8,136 | (626 | ) | (7.7 | ) | 867 | 918 | (51) | (5.6 | ) | |||
NYPA, Municipal Agency and other sales | 2,705 | 2,764 | (59 | ) | (2.1 | ) | 207 | 204 | 3 | 1.5 | ||||
Other operating revenues (c) | — | — | — | — | 56 | 1 | 55 | Large | ||||||
Total | 16,022 | 17,302 | (1,280 | ) | (7.4 | )% | (d) | $2,469 | $2,557 | $(88) | (3.4 | )% |
For the Three Months Ended | |||||||||||
(Millions of Dollars) | March 31, 2022 | March 31, 2021 | Variation | ||||||||
Operating revenues | $1,131 | $973 | $158 | ||||||||
Gas purchased for resale | 323 | 233 | 90 | ||||||||
Other operations and maintenance | 118 | 92 | 26 | ||||||||
Depreciation and amortization | 90 | 77 | 13 | ||||||||
Taxes, other than income taxes | 149 | 132 | 17 | ||||||||
Gas operating income | $451 | $439 | $12 |
For the Three Months Ended | |||
(Millions of Dollars) | September 30, 2017 | September 30, 2016 | Variation |
Operating revenues | $268 | $208 | $60 |
Gas purchased for resale | 58 | 34 | 24 |
Other operations and maintenance | 104 | 102 | 2 |
Depreciation and amortization | 47 | 41 | 6 |
Taxes, other than income taxes | 71 | 59 | 12 |
Gas operating income | $(12) | $(28) | $16 |
Thousands of Dt Delivered | Revenues in Millions (a) | ||||||||||||||||||||||||||||
For the Three Months Ended | For the Three Months Ended | ||||||||||||||||||||||||||||
Description | March 31, 2022 | March 31, 2021 | Variation | Percent Variation | March 31, 2022 | March 31, 2021 | Variation | Percent Variation | |||||||||||||||||||||
Residential | 25,058 | 26,221 | (1,163) | (4.4 | %) | $522 | $455 | $67 | 14.7 | % | |||||||||||||||||||
General | 13,960 | 12,912 | 1,048 | 8.1 | 210 | 168 | 42 | 25.0 | |||||||||||||||||||||
Firm transportation | 32,847 | 34,846 | (1,999) | (5.7) | 348 | 305 | 43 | 14.1 | |||||||||||||||||||||
Total firm sales and transportation | 71,865 | 73,979 | (2,114) | (2.9) | (b) | 1,080 | 928 | 152 | 16.4 | ||||||||||||||||||||
Interruptible sales (c) | 2,697 | 1,853 | 844 | 45.5 | 20 | 9 | 11 | Large | |||||||||||||||||||||
NYPA | 7,785 | 9,378 | (1,593) | (17.0) | 1 | 1 | — | — | |||||||||||||||||||||
Generation plants | 9,952 | 5,974 | 3,978 | 66.6 | 5 | 5 | — | — | |||||||||||||||||||||
Other | 5,979 | 6,920 | (941) | (13.6) | 12 | 13 | (1) | (7.7) | |||||||||||||||||||||
Other operating revenues (d) | — | — | — | — | 13 | 17 | (4) | (23.5) | |||||||||||||||||||||
Total | 98,278 | 98,104 | 174 | 0.2 | % | $1,131 | $973 | $158 | 16.2 | % |
Thousands of Dt Delivered | Revenues in Millions (a) | ||||||||||||||
For the Three Months Ended | For the Three Months Ended | ||||||||||||||
Description | September 30, 2017 | September 30, 2016 | Variation | Percent Variation | September 30, 2017 | September 30, 2016 | Variation | Percent Variation | |||||||
Residential | 4,731 | 4,335 | 396 | 9.1 | % | $104 | $88 | $16 | 18.2 | % | |||||
General | 4,292 | 3,963 | 329 | 8.3 | 49 | 41 | 8 | 19.5 | |||||||
Firm transportation | 8,766 | 8,305 | 461 | 5.6 | 67 | 53 | 14 | 26.4 | |||||||
Total firm sales and transportation | 17,789 | 16,603 | 1,186 | 7.1 | (b) | 220 | 182 | 38 | 20.9 | ||||||
Interruptible sales (c) | 2,108 | 1,664 | 444 | 26.7 | 8 | 4 | 4 | Large | |||||||
NYPA | 10,148 | 12,800 | (2,652 | ) | (20.7 | ) | 1 | 1 | — | — | |||||
Generation plants | 24,068 | 35,745 | (11,677 | ) | (32.7 | ) | 7 | 7 | — | — | |||||
Other | 4,487 | 4,975 | (488 | ) | (9.8 | ) | 6 | 6 | — | — | |||||
Other operating revenues (d) | — | — | — | — | 26 | 8 | 18 | Large | |||||||
Total | 58,600 | 71,787 | (13,187 | ) | (18.4 | )% | $268 | $208 | $60 | 28.8 | % |
For the Three Months Ended | |||||||||||
(Millions of Dollars) | March 31, 2022 | March 31, 2021 | Variation | ||||||||
Operating revenues | $302 | $264 | $38 | ||||||||
Purchased power | 20 | 13 | 7 | ||||||||
Fuel | 78 | 48 | 30 | ||||||||
Other operations and maintenance | 50 | 41 | 9 | ||||||||
Depreciation and amortization | 24 | 23 | 1 | ||||||||
Taxes, other than income taxes | 40 | 39 | 1 | ||||||||
Steam operating income | $90 | $100 | $(10) |
For the Three Months Ended | |||
(Millions of Dollars) | September 30, 2017 | September 30, 2016 | Variation |
Operating revenues | $62 | $63 | $(1) |
Purchased power | 7 | 9 | (2) |
Fuel | 6 | 8 | (2) |
Other operations and maintenance | 40 | 44 | (4) |
Depreciation and amortization | 21 | 20 | 1 |
Taxes, other than income taxes | 31 | 29 | 2 |
Steam operating income | $(43) | $(47) | $4 |
Millions of Pounds Delivered | Revenues in Millions | ||||||||||||||||||||||||||||
For the Three Months Ended | For the Three Months Ended | ||||||||||||||||||||||||||||
Description | March 31, 2022 | March 31, 2021 | Variation | Percent Variation | March 31, 2022 | March 31, 2021 | Variation | Percent Variation | |||||||||||||||||||||
General | 315 | 334 | (19) | (5.7 | %) | $15 | $14 | $1 | 7.1 | % | |||||||||||||||||||
Apartment house | 2,252 | 2,313 | (61) | (2.6) | 76 | 66 | 10 | 15.2 | |||||||||||||||||||||
Annual power | 5,083 | 5,161 | (78) | (1.5) | 202 | 175 | 27 | 15.4 | |||||||||||||||||||||
Other operating revenues (a) | — | — | — | — | 9 | 9 | — | — | |||||||||||||||||||||
Total | 7,650 | 7,808 | (158) | (2.0) | % | (b) | $302 | $264 | $38 | 14.4 | % |
Millions of Pounds Delivered | Revenues in Millions | |||||||||||||||
For the Three Months Ended | For the Three Months Ended | |||||||||||||||
Description | September 30, 2017 | September 30, 2016 | Variation | Percent Variation | September 30, 2017 | September 30, 2016 | Variation | Percent Variation | ||||||||
General | 13 | 10 | 3 | 30.0 | % | $2 | $2 | $— | — | % | ||||||
Apartment house | 748 | 776 | (28 | ) | (3.6 | ) | 15 | 15 | — | — | ||||||
Annual power | 2,439 | 2,950 | (511 | ) | (17.3 | ) | 42 | 49 | (7) | (14.3 | ) | |||||
Other operating revenues (a) | — | — | — | — | 3 | (3) | 6 | Large | ||||||||
Total | 3,200 | 3,736 | (536 | ) | (14.3 | )% | (b) | $62 | $63 | $(1) | (1.6 | )% |
For the Three Months Ended March 31, 2022 | For the Three Months Ended March 31, 2021 | ||||||||||||||||||||||
(Millions of Dollars) | Electric | Gas | 2022 Total | Electric | Gas | 2021 Total | 2022-2021 Variation | ||||||||||||||||
Operating revenues | $166 | $119 | $285 | $145 | $103 | $248 | $37 | ||||||||||||||||
Purchased power | 59 | — | 59 | 41 | — | 41 | 18 | ||||||||||||||||
Gas purchased for resale | — | 47 | 47 | — | 31 | 31 | 16 | ||||||||||||||||
Other operations and maintenance | 67 | 19 | 86 | 64 | 16 | 80 | 6 | ||||||||||||||||
Depreciation and amortization | 17 | 7 | 24 | 17 | 7 | 24 | — | ||||||||||||||||
Taxes, other than income taxes | 15 | 8 | 23 | 14 | 9 | 23 | — | ||||||||||||||||
Operating income | $8 | $38 | $46 | $9 | $40 | $49 | $(3) |
For the Three Months Ended September 30, 2017 | For the Three Months Ended September 30, 2016 | |||||||||||
(Millions of Dollars) | Electric | Gas | 2017 Total | Electric | Gas | 2016 Total | 2017-2016 Variation | |||||
Operating revenues | $206 | $28 | $234 | $213 | $27 | $240 | $(6) | |||||
Purchased power | 60 | — | 60 | 69 | — | 69 | (9) | |||||
Gas purchased for resale | — | 10 | 10 | — | 8 | 8 | 2 | |||||
Other operations and maintenance | 63 | 17 | 80 | 63 | 14 | 77 | 3 | |||||
Depreciation and amortization | 13 | 5 | 18 | 12 | 5 | 17 | 1 | |||||
Taxes, other than income taxes | 14 | 7 | 21 | 14 | 7 | 21 | — | |||||
Operating income | $56 | $(11) | $45 | $55 | $(7) | $48 | $(3) |
For the Three Months Ended | |||||||||||
(Millions of Dollars) | March 31, 2022 | March 31, 2021 | Variation | ||||||||
Operating revenues | $166 | $145 | $21 | ||||||||
Purchased power | 59 | 41 | 18 | ||||||||
Other operations and maintenance | 67 | 64 | 3 | ||||||||
Depreciation and amortization | 17 | 17 | — | ||||||||
Taxes, other than income taxes | 15 | 14 | 1 | ||||||||
Electric operating income | $8 | $9 | $(1) |
For the Three Months Ended | |||||
(Millions of Dollars) | September 30, 2017 | September 30, 2016 | Variation | ||
Operating revenues | $206 | $213 | $(7) | ||
Purchased power | 60 | 69 | (9) | ||
Other operations and maintenance | 63 | 63 | — | ||
Depreciation and amortization | 13 | 12 | 1 | ||
Taxes, other than income taxes | 14 | 14 | — | ||
Electric operating income | $56 | $55 | $1 |
Millions of kWh Delivered | Revenues in Millions (a) | ||||||||||||||||||||||||||||
For the Three Months Ended | For the Three Months Ended | ||||||||||||||||||||||||||||
Description | March 31, 2022 | March 31, 2021 | Variation | Percent Variation | March 31, 2022 | March 31, 2021 | Variation | Percent Variation | |||||||||||||||||||||
Residential/Religious (b) | 417 | 381 | 36 | 9.4 | % | $85 | $70 | $15 | 21.4 | % | |||||||||||||||||||
Commercial/Industrial | 227 | 200 | 27 | 13.5 | 33 | 25 | 8 | 32.0 | |||||||||||||||||||||
Retail choice customers | 629 | 673 | (44) | (6.5) | 44 | 48 | (4) | (8.3) | |||||||||||||||||||||
Public authorities | 25 | 25 | — | — | 4 | 2 | 2 | Large | |||||||||||||||||||||
Other operating revenues (c) | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Total | 1,298 | 1,279 | 19 | 1.5 | % | (d) | $166 | $145 | $21 | 14.5 | % |
Millions of kWh Delivered | Revenues in Millions (a) | ||||||||||||||
For the Three Months Ended | For the Three Months Ended | ||||||||||||||
Description | September 30, 2017 | September 30, 2016 | Variation | Percent Variation | September 30, 2017 | September 30, 2016 | Variation | Percent Variation | |||||||
Residential/Religious (b) | 500 | 585 | (85 | ) | (14.5 | )% | $105 | $109 | $(4) | (3.7 | )% | ||||
Commercial/Industrial | 206 | 216 | (10 | ) | (4.6 | ) | 34 | 35 | (1) | (2.9 | ) | ||||
Retail choice customers | 818 | 925 | (107 | ) | (11.6 | ) | 64 | 70 | (6) | (8.6 | ) | ||||
Public authorities | 31 | 31 | — | — | 3 | 2 | 1 | 50.0 | |||||||
Other operating revenues (c) | — | — | — | — | — | (3) | 3 | Large | |||||||
Total | 1,555 | 1,757 | (202 | ) | (11.5 | )% | (d) | $206 | $213 | $(7) | (3.3 | )% |
For the Three Months Ended | |||||||||||
(Millions of Dollars) | March 31, 2022 | March 31, 2021 | Variation | ||||||||
Operating revenues | $119 | $103 | $16 | ||||||||
Gas purchased for resale | 47 | 31 | 16 | ||||||||
Other operations and maintenance | 19 | 16 | 3 | ||||||||
Depreciation and amortization | 7 | 7 | — | ||||||||
Taxes, other than income taxes | 8 | 9 | (1) | ||||||||
Gas operating income | $38 | $40 | ($2) |
For the Three Months Ended | ||||
(Millions of Dollars) | September 30, 2017 | September 30, 2016 | Variation | |
Operating revenues | $28 | $27 | $1 | |
Gas purchased for resale | 10 | 8 | 2 | |
Other operations and maintenance | 17 | 14 | 3 | |
Depreciation and amortization | 5 | 5 | — | |
Taxes, other than income taxes | 7 | 7 | — | |
Gas operating income | $(11) | $(7) | $(4) |
Thousands of Dt Delivered | Revenues in Millions (a) | ||||||||||||||||||||||||||||
For the Three Months Ended | For the Three Months Ended | ||||||||||||||||||||||||||||
Description | March 31, 2022 | March 31, 2021 | Variation | Percent Variation | March 31, 2022 | March 31, 2021 | Variation | Percent Variation | |||||||||||||||||||||
Residential | 6,165 | 5,260 | 905 | 17.2 | % | $84 | $66 | $18 | 27.3 | % | |||||||||||||||||||
General | 1,350 | 1,108 | 242 | 21.8 | 16 | 12 | 4 | 33.3 | |||||||||||||||||||||
Firm transportation | 3,074 | 3,582 | (508) | (14.2) | 20 | 25 | (5) | (20.0) | |||||||||||||||||||||
Total firm sales and transportation | 10,589 | 9,950 | 639 | 6.4 | (b) | 120 | 103 | 17 | 16.5 | ||||||||||||||||||||
Interruptible sales | 1,214 | 1,217 | (3) | (0.2) | 2 | 2 | — | — | |||||||||||||||||||||
Generation plants | 5 | 4 | 1 | 25.0 | — | — | — | — | |||||||||||||||||||||
Other | 285 | 181 | 104 | 57.5 | — | — | — | — | |||||||||||||||||||||
Other gas revenues | — | — | — | — | (3) | (2) | (1) | 50.0 | |||||||||||||||||||||
Total | 12,093 | 11,352 | 741 | 6.5 | % | $119 | $103 | $16 | 15.5 | % |
Thousands of Dt Delivered | Revenues in Millions (a) | ||||||||||||||||
For the Three Months Ended | For the Three Months Ended | ||||||||||||||||
Description | September 30, 2017 | September 30, 2016 | Variation | Percent Variation | September 30, 2017 | September 30, 2016 | Variation | Percent Variation | |||||||||
Residential | 579 | 550 | 29 | 5.3 | % | $11 | $9 | $2 | 22.2 | % | |||||||
General | 198 | 177 | 21 | 11.9 | 2 | 2 | — | — | |||||||||
Firm transportation | 898 | 884 | 14 | 1.6 | 8 | 8 | — | — | |||||||||
Total firm sales and transportation | 1,675 | 1,611 | 64 | 4.0 | (b) | 21 | 19 | 2 | 10.5 | ||||||||
Interruptible sales | 819 | 893 | (74 | ) | (8.3 | ) | 1 | — | 1 | — | |||||||
Generation plants | 5 | 3 | 2 | 66.7 | — | — | — | — | |||||||||
Other | 74 | 70 | 4 | 5.7 | — | — | — | — | |||||||||
Other gas revenues | — | — | — | — | 6 | 8 | (2) | (25.0 | ) | ||||||||
Total | 2,573 | 2,577 | (4 | ) | (0.2 | )% | $28 | $27 | $1 | 3.7 | % |
For the Three Months Ended | |||||||||||
(Millions of Dollars) | March 31, 2022 | March 31, 2021 | Variation | ||||||||
Operating revenues | $260 | $224 | $36 | ||||||||
Gas purchased for resale | 72 | 32 | 40 | ||||||||
Other operations and maintenance | 76 | 99 | (23) | ||||||||
Depreciation and amortization | 59 | 58 | 1 | ||||||||
Taxes, other than income taxes | 7 | 7 | — | ||||||||
Operating income | $46 | $28 | $18 |
For the Three Months Ended | ||||
(Millions of Dollars) | September 30, 2017 | September 30, 2016 | Variation | |
Operating revenues | $177 | $350 | $(173) | |
Purchased power | — | 234 | (234) | |
Gas purchased for resale | 47 | 39 | 8 | |
Other operations and maintenance | 79 | 40 | 39 | |
Depreciation and amortization | 19 | 11 | 8 | |
Taxes, other than income taxes | 3 | 5 | (2) | |
Gain on sale of retail electric supply business (2016) | — | (104) | 104 | |
Operating income | $29 | $125 | $(96) |
CECONY | O&R | Clean Energy Businesses | Con Edison Transmission | Other (a) | Con Edison (b) | ||||||||||||||||||
(Millions of Dollars) | Increases (Decreases) Amount | Increases (Decreases) Percent | Increases (Decreases) Amount | Increases (Decreases) Percent | Increases (Decreases) Amount | Increases (Decreases) Percent | Increases (Decreases) Amount | Increases (Decreases) Percent | Increases (Decreases) Amount | Increases (Decreases) Percent | Increases (Decreases) Amount | Increases (Decreases) Percent | |||||||||||
Operating revenues | $207 | 2.7 | % | $37 | 5.9 | % | $(538) | (53.9 | )% | $1 | — | % | $(3) | Large | $(296) | (3.2 | )% | ||||||
Purchased power | (106) | (8.7 | ) | (6) | (3.9 | ) | (679) | Large | — | — | (3) | Large | (794) | (38.8 | ) | ||||||||
Fuel | 36 | 27.1 | — | — | — | — | — | — | — | — | 36 | 27.1 | |||||||||||
Gas purchased for resale | 155 | 71.4 | 20 | 62.5 | 89 | Large | — | — | — | — | 264 | 82.5 | |||||||||||
Other operations and maintenance | (113) | (5.4 | ) | 16 | 7.3 | 50 | 40.3 | 6 | Large | — | — | (41) | (1.7 | ) | |||||||||
Depreciation and amortization | 66 | 8.0 | 3 | 6.0 | 24 | 80.0 | — | — | — | — | 93 | 10.3 | |||||||||||
Taxes, other than income taxes | 77 | 5.3 | 2 | 3.3 | (4) | (25.0 | ) | — | — | (1) | Large | 74 | 4.9 | ||||||||||
Gain on sale of retail electric supply business (2016) and solar electric production project (2017) | — | — | — | — | (103) | Large | — | — | — | — | (103) | Large | |||||||||||
Operating income | 92 | 5.1 | 2 | 1.8 | (121) | (65.8 | ) | (5) | Large | 1 | Large | (31) | (1.5 | ) | |||||||||
Other income less deductions | 4 | Large | (1) | Large | (2) | (5.7 | ) | 37 | Large | (1) | — | 37 | 60.7 | ||||||||||
Net interest expense | 12 | 2.7 | (1) | (3.6 | ) | 11 | 47.8 | 8 | Large | (2) | (18.2 | ) | 28 | 5.4 | |||||||||
Income before income tax expense | 84 | 6.2 | 2 | 2.3 | (134) | (68.4 | ) | 24 | Large | 2 | (20.0 | ) | (22) | (1.3 | ) | ||||||||
Income tax expense | 60 | 12.2 | 4 | 12.5 | (68) | (89.5 | ) | 10 | Large | (9) | Large | (3) | (0.5 | ) | |||||||||
Net income | $24 | 2.8 | % | $(2) | (3.6 | )% | $(66) | (55.0 | )% | $14 | Large | $11 | Large | $(19) | (1.8 | )% |
For the Nine Months Ended September 30, 2017 | For the Nine Months Ended September 30, 2016 | ||||||||||||||
(Millions of Dollars) | Electric | Gas | Steam | 2017 Total | Electric | Gas | Steam | 2016 Total | 2017-2016 Variation | ||||||
Operating revenues | $6,079 | $1,421 | $448 | $7,948 | $6,222 | $1,113 | $406 | $7,741 | $207 | ||||||
Purchased power | 1,084 | — | 26 | 1,110 | 1,191 | — | 25 | 1,216 | (106) | ||||||
Fuel | 95 | — | 74 | 169 | 81 | — | 52 | 133 | 36 | ||||||
Gas purchased for resale | — | 372 | — | 372 | — | 217 | — | 217 | 155 | ||||||
Other operations and maintenance | 1,528 | 330 | 134 | 1,992 | 1,659 | 307 | 139 | 2,105 | (113) | ||||||
Depreciation and amortization | 690 | 137 | 64 | 891 | 645 | 118 | 62 | 825 | 66 | ||||||
Taxes, other than income taxes | 1,205 | 220 | 98 | 1,523 | 1,159 | 198 | 89 | 1,446 | 77 | ||||||
Operating income | $1,477 | $362 | $52 | $1,891 | $1,487 | $273 | $39 | $1,799 | $92 |
For the Nine Months Ended | |||
(Millions of Dollars) | September 30, 2017 | September 30, 2016 | Variation |
Operating revenues | $6,079 | $6,222 | $(143) |
Purchased power | 1,084 | 1,191 | (107) |
Fuel | 95 | 81 | 14 |
Other operations and maintenance | 1,528 | 1,659 | (131) |
Depreciation and amortization | 690 | 645 | 45 |
Taxes, other than income taxes | 1,205 | 1,159 | 46 |
Electric operating income | $1,477 | $1,487 | $(10) |
Millions of kWh Delivered | Revenues in Millions (a) | |||||||||||||
For the Nine Months Ended | For the Nine Months Ended | |||||||||||||
Description | September 30, 2017 | September 30, 2016 | Variation | Percent Variation | September 30, 2017 | September 30, 2016 | Variation | Percent Variation | ||||||
Residential/Religious (b) | 7,576 | 8,130 | (554 | ) | (6.8 | )% | $1,925 | $2,017 | $(92) | (4.6 | )% | |||
Commercial/Industrial | 6,965 | 7,220 | (255 | ) | (3.5 | ) | 1,393 | 1,381 | 12 | 0.9 | ||||
Retail choice customers | 19,748 | 20,404 | (656 | ) | (3.2 | ) | 2,092 | 2,114 | (22) | (1.0 | ) | |||
NYPA, Municipal Agency and other sales | 7,548 | 7,641 | (93 | ) | (1.2 | ) | 483 | 474 | 9 | 1.9 | ||||
Other operating revenues (c) | — | — | — | — | 186 | 236 | (50) | (21.2 | ) | |||||
Total | 41,837 | 43,395 | (1,558 | ) | (3.6 | )% | (d) | $6,079 | $6,222 | $(143) | (2.3 | )% |
For the Nine Months Ended | |||
(Millions of Dollars) | September 30, 2017 | September 30, 2016 | Variation |
Operating revenues | $1,421 | $1,113 | $308 |
Gas purchased for resale | 372 | 217 | 155 |
Other operations and maintenance | 330 | 307 | 23 |
Depreciation and amortization | 137 | 118 | 19 |
Taxes, other than income taxes | 220 | 198 | 22 |
Gas operating income | $362 | $273 | $89 |
Thousands of Dt Delivered | Revenues in Millions (a) | |||||||||||||||
For the Nine Months Ended | For the Nine Months Ended | |||||||||||||||
Description | September 30, 2017 | September 30, 2016 | Variation | Percent Variation | September 30, 2017 | September 30, 2016 | Variation | Percent Variation | ||||||||
Residential | 39,814 | 35,565 | 4,249 | 11.9 | % | $613 | $506 | $107 | 21.1 | % | ||||||
General | 23,427 | 20,962 | 2,465 | 11.8 | 255 | 200 | 55 | 27.5 | ||||||||
Firm transportation | 53,952 | 51,333 | 2,619 | 5.1 | 390 | 332 | 58 | 17.5 | ||||||||
Total firm sales and transportation | 117,193 | 107,860 | 9,333 | 8.7 | (b) | 1,258 | 1,038 | 220 | 21.2 | |||||||
Interruptible sales (c) | 6,526 | 7,587 | (1,061 | ) | (14.0 | ) | 30 | 29 | 1 | 3.4 | ||||||
NYPA | 30,233 | 31,970 | (1,737 | ) | (5.4 | ) | 2 | 2 | — | — | ||||||
Generation plants | 48,989 | 70,895 | (21,906 | ) | (30.9 | ) | 19 | 19 | — | — | ||||||
Other | 16,756 | 16,442 | 314 | 1.9 | 24 | 25 | (1) | (4.0 | ) | |||||||
Other operating revenues (d) | — | — | — | — | 88 | — | 88 | — | ||||||||
Total | 219,697 | 234,754 | (15,057 | ) | (6.4 | )% | $1,421 | $1,113 | $308 | 27.7 | % |
For the Nine Months Ended | |||
(Millions of Dollars) | September 30, 2017 | September 30, 2016 | Variation |
Operating revenues | $448 | $406 | $42 |
Purchased power | 26 | 25 | 1 |
Fuel | 74 | 52 | 22 |
Other operations and maintenance | 134 | 139 | (5) |
Depreciation and amortization | 64 | 62 | 2 |
Taxes, other than income taxes | 98 | 89 | 9 |
Steam operating income | $52 | $39 | $13 |
Millions of Pounds Delivered | Revenues in Millions | |||||||||||||
For the Nine Months Ended | For the Nine Months Ended | |||||||||||||
Description | September 30, 2017 | September 30, 2016 | Variation | Percent Variation | September 30, 2017 | September 30, 2016 | Variation | Percent Variation | ||||||
General | 364 | 345 | 19 | 5.5 | % | $20 | $18 | $2 | 11.1 | % | ||||
Apartment house | 4,248 | 4,251 | (3 | ) | (0.1 | ) | 119 | 107 | 12 | 11.2 | ||||
Annual power | 10,074 | 10,640 | (566 | ) | (5.3 | ) | 300 | 284 | 16 | 5.6 | ||||
Other operating revenues (a) | — | — | — | — | 9 | (3) | 12 | Large | ||||||
Total | 14,686 | 15,236 | (550 | ) | (3.6 | )% | (b) | $448 | $406 | $42 | 10.3 | % |
For the Nine Months Ended September 30, 2017 | For the Nine Months Ended September 30, 2016 | ||||||||||
(Millions of Dollars) | Electric | Gas | 2017 Total | Electric | Gas | 2016 Total | 2017-2016 Variation | ||||
Operating revenues | $495 | $172 | $667 | $497 | $133 | $630 | $37 | ||||
Purchased power | 148 | — | 148 | 154 | — | 154 | (6) | ||||
Gas purchased for resale | — | 52 | 52 | — | 32 | 32 | 20 | ||||
Other operations and maintenance | 185 | 51 | 236 | 180 | 40 | 220 | 16 | ||||
Depreciation and amortization | 38 | 15 | 53 | 37 | 13 | 50 | 3 | ||||
Taxes, other than income taxes | 41 | 21 | 62 | 40 | 20 | 60 | 2 | ||||
Operating income | $83 | $33 | $116 | $86 | $28 | $114 | $2 |
For the Nine Months Ended | |||
(Millions of Dollars) | September 30, 2017 | September 30, 2016 | Variation |
Operating revenues | $495 | $497 | $(2) |
Purchased power | 148 | 154 | (6) |
Other operations and maintenance | 185 | 180 | 5 |
Depreciation and amortization | 38 | 37 | 1 |
Taxes, other than income taxes | 41 | 40 | 1 |
Electric operating income | $83 | $86 | $(3) |
Millions of kWh Delivered | Revenues in Millions (a) | |||||||||||||
For the Nine Months Ended | For the Nine Months Ended | |||||||||||||
Description | September 30, 2017 | September 30, 2016 | Variation | Percent Variation | September 30, 2017 | September 30, 2016 | Variation | Percent Variation | ||||||
Residential/Religious (b) | 1,208 | 1,307 | (99 | ) | (7.6 | )% | $242 | $240 | $2 | 0.8 | % | |||
Commercial/Industrial | 574 | 607 | (33 | ) | (5.4 | ) | 88 | 89 | (1) | (1.1 | ) | |||
Retail choice customers | 2,255 | 2,434 | (179 | ) | (7.4 | ) | 155 | 166 | (11) | (6.6 | ) | |||
Public authorities | 79 | 76 | 3 | 3.9 | 7 | 6 | 1 | 16.7 | ||||||
Other operating revenues (c) | — | — | — | — | 3 | (4) | 7 | Large | ||||||
Total | 4,116 | 4,424 | (308 | ) | (7.0 | )% | (d) | $495 | $497 | $(2) | (0.4 | )% |
Other |
For the Nine Months Ended | |||
(Millions of Dollars) | September 30, 2017 | September 30, 2016 | Variation |
Operating revenues | $172 | $133 | $39 |
Gas purchased for resale | 52 | 32 | 20 |
Other operations and maintenance | 51 | 40 | 11 |
Depreciation and amortization | 15 | 13 | 2 |
Taxes, other than income taxes | 21 | 20 | 1 |
Gas operating income | $33 | $28 | $5 |
Thousands of Dt Delivered | Revenues in Millions (a) | ||||||||||||||||
For the Nine Months Ended | For the Nine Months Ended | ||||||||||||||||
Description | September 30, 2017 | September 30, 2016 | Variation | Percent Variation | September 30, 2017 | September 30, 2016 | Variation | Percent Variation | |||||||||
Residential | 5,556 | 5,266 | 290 | 5.5 | % | $79 | $55 | $24 | 43.6 | % | |||||||
General | 1,447 | 1,224 | 223 | 18.2 | 16 | 10 | 6 | 60.0 | |||||||||
Firm transportation | 6,543 | 7,188 | (645 | ) | (9.0 | ) | 50 | 49 | 1 | 2.0 | |||||||
Total firm sales and transportation | 13,546 | 13,678 | (132 | ) | (1.0 | ) | (b) | 145 | 114 | 31 | 27.2 | ||||||
Interruptible sales | 2,966 | 3,020 | (54 | ) | (1.8 | ) | 5 | 2 | 3 | Large | |||||||
Generation plants | 6 | 15 | (9 | ) | (60.0 | ) | — | — | — | — | |||||||
Other | 589 | 583 | 6 | 1.0 | 1 | — | 1 | — | |||||||||
Other gas revenues | — | — | — | — | 21 | 17 | 4 | 23.5 | % | ||||||||
Total | 17,107 | 17,296 | (189 | ) | (1.1 | )% | $172 | $133 | $39 | 29.3 | % |
For the Nine Months Ended | |||
(Millions of Dollars) | September 30, 2017 | September 30, 2016 | Variation |
Operating revenues | $460 | $998 | $(538) |
Purchased power | (3) | 676 | (679) |
Gas purchased for resale | 161 | 72 | 89 |
Other operations and maintenance | 174 | 124 | 50 |
Depreciation and amortization | 54 | 30 | 24 |
Taxes, other than income taxes | 12 | 16 | (4) |
Gain on sale of retail electric supply business (2016) and solar electric production project (2017) (a) | (1) | (104) | 103 |
Operating income | $63 | $184 | $(121) |
For the Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||
CECONY | O&R | Clean Energy Businesses | Con Edison Transmission | Other (a) | Con Edison (b) | |||||||||||||||||||||||||||||||||
(Millions of Dollars) | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||
Operating activities | $477 | $220 | $47 | $15 | $13 | $(124) | $10 | $— | $(74) | $178 | $473 | $289 | ||||||||||||||||||||||||||
Investing activities | (873) | (902) | (44) | (52) | (25) | (141) | (10) | — | — | (1) | (952) | (1,096) | ||||||||||||||||||||||||||
Financing activities | (471) | (355) | (1) | 24 | (56) | 175 | — | — | 58 | (316) | (470) | (472) | ||||||||||||||||||||||||||
Net change for the period | (867) | (1,037) | 2 | (13) | (68) | (90) | — | — | (16) | (139) | (949) | (1,279) | ||||||||||||||||||||||||||
Balance at beginning of period | 920 | 1,067 | 29 | 37 | 178 | 187 | — | — | 19 | 145 | 1,146 | 1,436 | ||||||||||||||||||||||||||
Balance at end of period (c) | $53 | $30 | $31 | $24 | $110 | $97 | $— | $— | $3 | $6 | $197 | $157 | ||||||||||||||||||||||||||
For the Nine Months Ended September 30, | ||||||||||
Con Edison | CECONY | |||||||||
(Millions of Dollars) | 2017 | 2016 | Variation | 2017 | 2016 | Variation | ||||
Operating activities | $2,227 | $2,336 | $(109) | $1,790 | $2,017 | $(227) | ||||
Investing activities | (2,572) | (3,717) | 1,145 | (2,197) | (1,943) | (254) | ||||
Financing activities | (362) | 583 | (945) | (278) | (891) | 613 | ||||
Net change for the period | (707) | (798) | 91 | (685) | (817) | 132 | ||||
Balance at beginning of period | 776 | 944 | (168) | 702 | 843 | (141) | ||||
Balance at end of period | $69 | $146 | $(77) | $17 | $26 | $(9) | ||||
Less: Change in cash balances held for sale | — | (4) | 4 | — | — | — | ||||
Balance at end of period excluding held for sale | $69 | $150 | $(81) | $17 | $26 | $(9) |
2017 | 2016 | 2022 | 2021 | |||||||||||||||
(Millions of Dollars, except Weighted Average Yield) | Outstanding at September 30, | Daily average | Outstanding at September 30, | Daily average | (Millions of Dollars, except Weighted Average Yield) | Outstanding at March 31, | Daily average | Outstanding at March 31, | Daily average | |||||||||
Con Edison | $356 | $645 | $601 | $813 | Con Edison | $1,313 | $1,275 | $1,581 | $1,547 | |||||||||
CECONY | $147 | $323 | $480 | $385 | CECONY | $1,061 | $1,089 | $1,427 | $1,492 | |||||||||
Weighted average yield | 1.3 | 1.1 | 0.7 | 0.6 | Weighted average yield | 0.8 | % | 0.4 | % | 0.2 | % | 0.2 | % |
Ratio of Earnings to Fixed Charges | |||
For the Nine Months Ended September 30, 2017 | For the Nine Months Ended September 30, 2016 | For the Twelve Months Ended December 31, 2016 | |
Con Edison | 3.8 | 4.0 | 3.6 |
CECONY | 3.9 | 3.8 | 3.6 |
Common Equity Ratio (Percent of total capitalization) | ||||||||
March 31, 2022 | December 31, 2021 | |||||||
Con Edison | 47.7 | 47.4 | ||||||
CECONY | 47.5 | 47.0 |
Common Equity Ratio (Percent of total capitalization) | ||
September 30, 2017 | December 31, 2016 | |
Con Edison | 50.8 | 49.3 |
CECONY | 50.9 | 49.5 |
CECONY | O&R | Clean Energy Businesses | Con Edison Transmission | Other (a) | Con Edison (b) | |||||||||||||||||||||||||||||||||
(Millions of Dollars) | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||||
Current assets | $4,582 | $4,703 | $328 | $290 | $545 | $542 | $3 | $2 | $4 | $14 | $5,462 | $5,551 | ||||||||||||||||||||||||||
Investments | 579 | 608 | 24 | 26 | — | — | 233 | 223 | (3) | (4) | 833 | 853 | ||||||||||||||||||||||||||
Net plant | 42,015 | 41,613 | 2,616 | 2,599 | 4,370 | 4,367 | 17 | 17 | — | — | 49,018 | 48,596 | ||||||||||||||||||||||||||
Other noncurrent assets | 6,037 | 5,731 | 391 | 377 | 1,639 | 1,645 | 7 | 7 | 350 | 356 | 8,424 | 8,116 | ||||||||||||||||||||||||||
Total Assets | $53,213 | $52,655 | $3,359 | $3,292 | $6,554 | $6,554 | $260 | $249 | $351 | $366 | $63,737 | $63,116 | ||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||||||||||||||||
Current liabilities | $4,238 | $4,321 | $401 | $372 | $966 | $1,011 | $110 | $100 | $(300) | $(377) | $5,415 | $5,427 | ||||||||||||||||||||||||||
Noncurrent liabilities | 13,973 | 13,640 | 1,087 | 1,064 | 162 | 121 | (89) | (90) | (17) | 14 | 15,116 | 14,749 | ||||||||||||||||||||||||||
Long-term debt | 18,384 | 18,382 | 968 | 968 | 2,583 | 2,607 | — | — | 648 | 647 | 22,583 | 22,604 | ||||||||||||||||||||||||||
Equity | 16,618 | 16,312 | 903 | 888 | 2,843 | 2,815 | 239 | 239 | 20 | 82 | 20,623 | 20,336 | ||||||||||||||||||||||||||
Total Liabilities and Equity | $53,213 | $52,655 | $3,359 | $3,292 | $6,554 | $6,554 | $260 | $249 | $351 | $366 | $63,737 | $63,116 |
Con Edison | CECONY | ||
(Millions of Dollars) | 2017 vs. 2016 Variation | 2017 vs. 2016 Variation | |
Assets | |||
Prepayments | $433 | $398 | |
Non-utility property, less accumulated depreciation | 204 | — | |
Regulatory asset - Unrecognized pension and other postretirement costs | (248) | (254) | |
Liabilities | |||
Pension and retiree benefits | $(404) | $(394) | |
Deferred income taxes and unamortized investment tax credits | 539 | 610 | |
System benefit charge | 194 | 175 |
Project Name | Generating Capacity (MW AC) | Power Purchase Agreement (PPA) Term (In Years) (a) | Actual In-Service/Acquisition Date | State | PPA Counterparty | ||||||||||||
Utility Scale | |||||||||||||||||
Solar | |||||||||||||||||
PJM assets (c) | 73 | (b) | 2011/2013 | NJ/PA | Various | ||||||||||||
New England assets (c) | 24 | Various | 2011/2017 | MA/RI | Various | ||||||||||||
California Solar | 110 | 25 | 2012/2013 | CA | PG&E | ||||||||||||
Mesquite Solar 1 | 165 | 20 | 2013 | AZ | PG&E | ||||||||||||
Copper Mountain Solar 2 | 150 | 25 | 2013/2015 | NV | PG&E | ||||||||||||
Copper Mountain Solar 3 | 255 | 20 | 2014/2015 | NV | SCPPA | ||||||||||||
California Solar 2 | 80 | 20 | 2014/2016 | CA | SCE/PG&E | ||||||||||||
Texas Solar 4 | 40 | 25 | 2014 | TX | City of San Antonio | ||||||||||||
Texas Solar 5 | 100 | 25 | 2015 | TX | City of San Antonio | ||||||||||||
Texas Solar 7 | 112 | 25 | 2016 | TX | City of San Antonio | ||||||||||||
California Solar 3 | 110 | 20 | 2016/2017 | CA | SCE/PG&E | ||||||||||||
Upton Solar | 158 | 25 | 2017 | TX | City of Austin | ||||||||||||
California Solar 4 | 240 | 20 | 2017/2018 | CA | SCE | ||||||||||||
Copper Mountain Solar 1 | 58 | 12 | 2018 | NV | PG&E | ||||||||||||
Copper Mountain Solar 4 (d) | 94 | 20 | 2018 | NV | SCE | ||||||||||||
Mesquite Solar 2 (d) | 100 | 18 | 2018 | AZ | SCE | ||||||||||||
Mesquite Solar 3 (d) | 150 | 23 | 2018 | AZ | WAPA (U.S. Navy) | ||||||||||||
Great Valley Solar (d) | 200 | 17 | 2018 | CA | MCE/SMUD/PG&E/SCE | ||||||||||||
Water Strider Solar (d) | 80 | 20 | 2021 | VA | VEPCO | ||||||||||||
Battle Mountain Solar/Battery Energy Storage System (d) | 101 | 25 | 2021 | NV | SPP | ||||||||||||
Copper Mountain Solar 5 (d) | 250 | 25 | 2021 | NV | NPC | ||||||||||||
Other (c) | 26 | Various | Various | Various | Various | ||||||||||||
Total Solar | 2,676 | ||||||||||||||||
Wind | |||||||||||||||||
Broken Bow II | 75 | 25 | 2014 | NE | NPPD | ||||||||||||
Wind Holdings | 180 | Various | Various | SD/MT | NWE/Basin Electric | ||||||||||||
Adams Rose Wind | 23 | 7 | 2016 | MN | Dairyland | ||||||||||||
Other (c) | 42 | Various | Various | Various | Various | ||||||||||||
Total Wind | 320 | ||||||||||||||||
Total MW (AC) in Operation | 2,996 | ||||||||||||||||
Total MW (AC) in Construction (c) | 48 | ||||||||||||||||
Total MW (AC) Utility Scale | 3,044 | ||||||||||||||||
Behind the Meter | |||||||||||||||||
Total MW (AC) in Operation (c) | 66 | ||||||||||||||||
Total MW (AC) in Construction (c) | 3 | ||||||||||||||||
Total MW Behind the Meter | 69 |
Project Name | Production Technology | Generating Capacity (a) (MW AC) | Purchased Power Agreement (PPA)Term (In Years) (b) | Actual/Expected In-Service Date (c) | Location (State) |
Wholly owned projects | |||||
Pilesgrove | Solar | 18 | (d) | 2011 | New Jersey |
Flemington Solar | Solar | 8 | (d) | 2011 | New Jersey |
Frenchtown I, II and III | Solar | 14 | (d) | 2011-13 | New Jersey |
PA Solar | Solar | 10 | 2012 | Pennsylvania | |
California Solar 2 (e) | Solar | 80 | 20 | 2014-16 | California |
Oak Tree Wind | Wind | 20 | 20 | 2014 | South Dakota |
Texas Solar 3 | Solar | 6 | 25 | 2015 | Texas |
Texas Solar 5 (e) | Solar | 95 | 25 | 2015 | Texas |
Campbell County Wind | Wind | 95 | 30 | 2015 | South Dakota |
Texas Solar 7 (e) | Solar | 106 | 25 | 2016 | Texas |
California Solar 3 (e) | Solar | 110 | 20 | 2016 | California |
Adams Wind (e) | Wind | 23 | 7 | 2016 | Minnesota |
Valley View (e) | Wind | 10 | 14 | 2016 | Minnesota |
Coram (e) | Wind | 102 | 16 | 2016 | California |
Upton County Solar (e) | Solar | 158 | 25 | 2017 | Texas |
Projects of less than 5 MW | Solar / Wind | 25 | Various | Various | Various |
Jointly owned projects (e) (f) | |||||
California Solar | Solar | 55 | 25 | 2012-13 | California |
Mesquite Solar 1 | Solar | 83 | 20 | 2013 | Arizona |
Copper Mountain Solar 2 | Solar | 75 | 25 | 2013-15 | Nevada |
Copper Mountain Solar 3 | Solar | 128 | 20 | 2014-15 | Nevada |
Broken Bow II | Wind | 38 | 25 | 2014 | Nebraska |
Texas Solar 4 | Solar | 32 | 25 | 2014 | Texas |
Total MW (AC) in Operation | 1,291 | ||||
Panoche Valley | Solar | 240 | 20 | 2018 | California |
Total MW (AC) in Construction | 240 | ||||
Total MW (AC), All Projects | 1,531 |
Millions of kWh | ||||||||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||||||||
Description | March 31, 2022 | March 31, 2021 | Variation | Percent Variation | ||||||||||||||||||||||
Renewable electric projects | ||||||||||||||||||||||||||
Solar | 1,505 | 1,211 | 294 | 24.3 | % | |||||||||||||||||||||
Wind | 371 | 342 | 29 | 8.5 | % | |||||||||||||||||||||
Total | 1,876 | 1,553 | 323 | 20.8 | % |
Millions of kWh Generated | |||||||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||
Description | September 30, 2017 | September 30, 2016 | Variation | Percent Variation | September 30, 2017 | September 30, 2016 | Variation | Percent Variation | |||||
Renewable electric production projects | |||||||||||||
Solar | 668 | 458 | 210 | 45.9 | % | 1,679 | 1,215 | 464 | 38.2 | % | |||
Wind | 217 | 137 | 80 | 58.4 | % | 734 | 464 | 270 | 58.2 | % | |||
Total | 885 | 595 | 290 | 48.7 | % | 2,413 | 1,679 | 734 | 43.7 | % |
95% Confidence Level, One-Day Holding Period | March 31, 2022 | December 31, 2021 | ||||||
(Millions of Dollars) | ||||||||
Average for the period | $1 | $1 | ||||||
High | 2 | 3 | ||||||
Low | 1 | — |
95% Confidence Level, One-Day Holding Period | September 30, 2017 | December 31, 2016 | ||
(Millions of Dollars) | ||||
Average for the period | $— | $2 | ||
High | 1 | 4 | ||
Low | — | 1 |
10.1 | |||||
Exhibit 101.INS | XBRL Instance | ||||
Exhibit 101.SCH | XBRL Taxonomy Extension Schema. | ||||
Exhibit 101.CAL | XBRL Taxonomy Extension Calculation Linkbase. | ||||
Exhibit 101.DEF | XBRL Taxonomy Extension Definition Linkbase. | ||||
Exhibit 101.LAB | XBRL Taxonomy Extension Label Linkbase. | ||||
Exhibit 101.PRE | XBRL Taxonomy Extension Presentation Linkbase. | ||||
Exhibit 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. |
10.2 | 364-Day Revolving Credit Agreement, dated as of March 31, 2022, among CECONY, | ||||
Exhibit 101.INS | XBRL Instance | ||||
Exhibit 101.SCH | XBRL Taxonomy Extension Schema. | ||||
Exhibit 101.CAL | XBRL Taxonomy Extension Calculation Linkbase. | ||||
Exhibit 101.DEF | XBRL Taxonomy Extension Definition Linkbase. | ||||
Exhibit 101.LAB | XBRL Taxonomy Extension Label Linkbase. | ||||
Exhibit 101.PRE | XBRL Taxonomy Extension Presentation Linkbase. | ||||
Exhibit 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. |
Consolidated Edison, Inc. | ||||||||
Consolidated Edison Company of New York, Inc. | ||||||||
Date: | By | /s/ Robert Hoglund | ||||||
Robert Hoglund Senior Vice President, Chief Financial Officer and Duly Authorized Officer |