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 | |||||||||||||||||||||||||||||||
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. | |||||||
Con Edison Transmission | Con Edison Transmission, Inc., together with its subsidiaries | |||||||
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 | ||||||||
FASB | Financial Accounting Standards Board | |||||||
FERC | Federal Energy Regulatory Commission | |||||||
Internal Revenue Service | ||||||||
NJBPU | New Jersey Board of Public Utilities | |||||||
NYISO | New York Independent System Operator | |||||||
NYPA | New York Power Authority | |||||||
NYSDEC | New York State Department of Environmental Conservation | |||||||
New York State | ||||||||
NYSPSC | New York State Public Service Commission | |||||||
SEC | U.S. Securities and Exchange Commission | |||||||
Accounting | ||||||||
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 | |||||||
Environmental | ||||||||
Greenhouse gases | ||||||||
Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 and similar state statutes | ||||||||
Units of Measure | ||||||||
Dt | Dekatherms | |||||||
kWh | Kilowatt-hour | |||||||
MMlb | Million pounds | |||||||
MW | Megawatt or thousand kilowatts | |||||||
MWh | Megawatt hour | |||||||
Other | ||||||||
TCJA | The federal Tax Cuts and Jobs Act of 2017, as enacted on December 22, 2017 | |||||||
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 September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||
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) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||
OPERATING REVENUES | OPERATING REVENUES | ||||||||||||||||||
Electric | $2,675 | $2,769 | $6,573 | $6,717 | Electric | $3,469 | $3,328 | $8,309 | $7,994 | ||||||||||
Gas | 296 | 235 | 1,593 | 1,246 | Gas | 353 | 453 | 2,354 | 2,345 | ||||||||||
Steam | 62 | 63 | 448 | 406 | Steam | 49 | 58 | 425 | 444 | ||||||||||
Non-utility | 178 | 350 | 458 | 999 | Non-utility | 1 | 326 | 131 | 856 | ||||||||||
TOTAL OPERATING REVENUES | 3,211 | 3,417 | 9,072 | 9,368 | TOTAL OPERATING REVENUES | 3,872 | 4,165 | 11,219 | 11,639 | ||||||||||
OPERATING EXPENSES | OPERATING EXPENSES | ||||||||||||||||||
Purchased power | 460 | 798 | 1,253 | 2,047 | Purchased power | 796 | 731 | 1,993 | 1,851 | ||||||||||
Fuel | 30 | 29 | 169 | 133 | Fuel | 34 | 59 | 241 | 255 | ||||||||||
Gas purchased for resale | 115 | 81 | 584 | 320 | Gas purchased for resale | 73 | 185 | 640 | 833 | ||||||||||
Other operations and maintenance | 852 | 840 | 2,406 | 2,447 | Other operations and maintenance | 933 | 999 | 2,678 | 2,785 | ||||||||||
Depreciation and amortization | 337 | 305 | 998 | 905 | Depreciation and amortization | 512 | 525 | 1,506 | 1,593 | ||||||||||
Taxes, other than income taxes | 544 | 528 | 1,597 | 1,523 | Taxes, other than income taxes | 801 | 777 | 2,282 | 2,248 | ||||||||||
TOTAL OPERATING EXPENSES | 2,338 | 2,581 | 7,007 | 7,375 | TOTAL OPERATING EXPENSES | 3,149 | 3,276 | 9,340 | 9,565 | ||||||||||
Gain on sale of retail electric supply business and solar electric production project | — | 104 | 1 | 104 | |||||||||||||||
Gain (Loss) on sale of the Clean Energy Businesses | Gain (Loss) on sale of the Clean Energy Businesses | (1) | — | 866 | — | ||||||||||||||
OPERATING INCOME | 873 | 940 | 2,066 | 2,097 | OPERATING INCOME | 722 | 889 | 2,745 | 2,074 | ||||||||||
OTHER INCOME (DEDUCTIONS) | OTHER INCOME (DEDUCTIONS) | ||||||||||||||||||
Investment income | 20 | 20 | 59 | 27 | Investment income | 8 | 5 | 23 | 15 | ||||||||||
Other income | 20 | 31 | 43 | Other income | 210 | 101 | 625 | 296 | |||||||||||
Allowance for equity funds used during construction | 3 | 3 | 8 | 7 | Allowance for equity funds used during construction | 7 | 4 | 20 | 15 | ||||||||||
Other deductions | (4) | (5) | (12) | (16) | Other deductions | (18) | (21) | (57) | |||||||||||
TOTAL OTHER INCOME | 39 | 49 | 98 | 61 | TOTAL OTHER INCOME | 207 | 89 | 611 | 269 | ||||||||||
INCOME BEFORE INTEREST AND INCOME TAX EXPENSE | 912 | 989 | 2,164 | 2,158 | INCOME BEFORE INTEREST AND INCOME TAX EXPENSE | 929 | 978 | 3,356 | 2,343 | ||||||||||
INTEREST EXPENSE | |||||||||||||||||||
INTEREST EXPENSE (INCOME) | INTEREST EXPENSE (INCOME) | ||||||||||||||||||
Interest on long-term debt | 183 | 174 | 539 | 504 | Interest on long-term debt | 234 | 246 | 719 | 728 | ||||||||||
Other interest | 4 | 5 | 11 | 17 | |||||||||||||||
Other interest expense (income) | Other interest expense (income) | 39 | (32) | 78 | (119) | ||||||||||||||
Allowance for borrowed funds used during construction | (2) | (1) | (5) | (4) | Allowance for borrowed funds used during construction | (14) | (15) | (39) | (23) | ||||||||||
NET INTEREST EXPENSE | 185 | 178 | 545 | 517 | NET INTEREST EXPENSE | 259 | 199 | 758 | 586 | ||||||||||
INCOME BEFORE INCOME TAX EXPENSE | 727 | 811 | 1,619 | 1,641 | INCOME BEFORE INCOME TAX EXPENSE | 670 | 779 | 2,598 | 1,757 | ||||||||||
INCOME TAX EXPENSE | 270 | 314 | 599 | 602 | INCOME TAX EXPENSE | 144 | 160 | 416 | 330 | ||||||||||
NET INCOME | $457 | $497 | $1,020 | $1,039 | NET INCOME | 526 | 619 | 2,182 | 1,427 | ||||||||||
Income (Loss) attributable to non-controlling interest | Income (Loss) attributable to non-controlling interest | — | 6 | (3) | (43) | ||||||||||||||
NET INCOME FOR COMMON STOCK | NET INCOME FOR COMMON STOCK | $526 | $613 | $2,185 | $1,470 | ||||||||||||||
Net income per common share—basic | $1.48 | $1.63 | $3.33 | $3.47 | Net income per common share—basic | $1.53 | $1.73 | $6.27 | $4.15 | ||||||||||
Net income per common share—diluted | $1.48 | $1.62 | $3.31 | $3.46 | Net income per common share—diluted | $1.52 | $1.72 | $6.24 | $4.13 | ||||||||||
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) | 345.0 | 354.6 | 348.4 | 354.4 | ||||||||||
AVERAGE NUMBER OF SHARES OUTSTANDING—DILUTED (IN MILLIONS) | 309.3 | 305.9 | 307.7 | 300.5 | AVERAGE NUMBER OF SHARES OUTSTANDING—DILUTED (IN MILLIONS) | 346.5 | 355.9 | 349.9 | 355.7 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||
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) | 2023 | 2022 | 2023 | 2022 | |||||||||||||
NET INCOME | $457 | $497 | $1,020 | $1,039 | NET INCOME | $526 | $619 | $2,182 | $1,427 | |||||||||
(INCOME) LOSS ATTRIBUTABLE TO NON-CONTROLLING INTEREST | (INCOME) LOSS ATTRIBUTABLE TO NON-CONTROLLING INTEREST | — | (6) | 3 | 43 | |||||||||||||
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 | — | 1 | 3 | 6 | |||||||||||
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAXES | 1 | 2 | TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAXES | — | 1 | 3 | 6 | |||||||||||
COMPREHENSIVE INCOME | $458 | $498 | $1,021 | $1,041 | COMPREHENSIVE INCOME | $526 | $614 | $2,188 | $1,476 |
For the Nine Months Ended September 30, | ||||||||
(Millions of Dollars) | 2023 | 2022 | ||||||
OPERATING ACTIVITIES | ||||||||
Net income | $2,182 | $1,427 | ||||||
PRINCIPAL NON-CASH CHARGES/(CREDITS) TO INCOME | ||||||||
Depreciation and amortization | 1,506 | 1,593 | ||||||
Deferred income taxes | 99 | 317 | ||||||
Rate case amortization and accruals | 67 | 55 | ||||||
Net derivative gains | 11 | (161) | ||||||
Pre-tax gain on sale of the Clean Energy Businesses | (866) | — | ||||||
Other non-cash items, net | (87) | 180 | ||||||
CHANGES IN ASSETS AND LIABILITIES | ||||||||
Accounts receivable – customers | 179 | (140) | ||||||
Allowance for uncollectible accounts – customers | (46) | (12) | ||||||
Materials and supplies, including fuel oil and gas in storage | 53 | (96) | ||||||
Revenue decoupling mechanism receivable | (130) | 23 | ||||||
Other receivables and other current assets | 144 | (120) | ||||||
Unbilled revenue and net unbilled revenue deferrals | 78 | (40) | ||||||
Prepayments | (841) | (588) | ||||||
Accounts payable | (573) | 61 | ||||||
Pensions and retiree benefits obligations, net | (161) | 105 | ||||||
Pensions and retiree benefits contributions | (30) | (34) | ||||||
Accrued taxes | (1) | (10) | ||||||
Accrued interest | 108 | 126 | ||||||
Distributions from equity investments | 23 | 14 | ||||||
Deferred charges, noncurrent assets, leases, net and other regulatory assets | (613) | (550) | ||||||
Deferred credits, noncurrent liabilities and other regulatory liabilities | (31) | 468 | ||||||
Other current liabilities | 110 | — | ||||||
NET CASH FLOWS FROM OPERATING ACTIVITIES | 1,181 | 2,618 | ||||||
INVESTING ACTIVITIES | ||||||||
Utility construction expenditures | (3,097) | (2,844) | ||||||
Cost of removal less salvage | (289) | (247) | ||||||
Non-utility construction expenditures | (141) | (210) | ||||||
Investments in electric and gas transmission projects | (48) | (48) | ||||||
Proceeds from sale of the Clean Energy Businesses, net of cash and cash equivalents sold | 3,927 | — | ||||||
Other investing activities | — | 3 | ||||||
NET CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES | 352 | (3,346) | ||||||
FINANCING ACTIVITIES | ||||||||
Net issuance (retirement) of short-term debt | (1,160) | 1,003 | ||||||
Issuance of long-term debt | 500 | — | ||||||
Retirement of long-term debt | (60) | (383) | ||||||
Debt issuance costs | (5) | — | ||||||
Common stock dividends | (829) | (812) | ||||||
Issuance of common shares for stock plans | 41 | 43 | ||||||
Repurchase of common shares | (1,000) | — | ||||||
Distribution to noncontrolling interest | (4) | (28) | ||||||
NET CASH FLOWS USED IN FINANCING ACTIVITIES | (2,517) | (177) | ||||||
CASH, TEMPORARY CASH INVESTMENTS, AND RESTRICTED CASH: | ||||||||
NET CHANGE FOR THE PERIOD | (984) | (905) | ||||||
BALANCE AT BEGINNING OF PERIOD | 1,530 | 1,146 | ||||||
BALANCE AT END OF PERIOD | $546 | $241 | ||||||
LESS: CASH BALANCES HELD FOR SALE | 6 | — | ||||||
BALANCE AT END OF PERIOD EXCLUDING HELD FOR SALE | $540 | $241 | ||||||
SUPPLEMENTAL DISCLOSURE OF CASH INFORMATION | ||||||||
Cash paid/(received) during the period for: | ||||||||
Interest | $624 | $583 |
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 |
Income taxes | $360 | $30 | ||||||
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION | ||||||||
Construction expenditures in accounts payable | $419 | $486 | ||||||
Issuance of common shares for dividend reinvestment | $20 | $28 | ||||||
Software licenses acquired but unpaid as of end of period | $— | $2 | ||||||
Equipment acquired but unpaid as of end of period | $11 | $17 |
September 30, 2017 | December 31, 2016 | |||||||||
(Millions of Dollars) | ||||||||||
(Millions of Dollars) | (Millions of Dollars) | September 30, 2023 | December 31, 2022 | |||||||
ASSETS | ASSETS | |||||||||
CURRENT ASSETS | CURRENT ASSETS | |||||||||
Cash and temporary cash investments | $69 | $776 | Cash and temporary cash investments | $539 | $1,282 | |||||
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 $276 and $322 in 2023 and 2022, respectively | Accounts receivable – customers, net allowance for uncollectible accounts of $276 and $322 in 2023 and 2022, respectively | 2,048 | 2,192 | |||||||
Other receivables, net allowance for uncollectible accounts of $31 and $10 in 2023 and 2022, respectively | Other receivables, net allowance for uncollectible accounts of $31 and $10 in 2023 and 2022, respectively | 418 | 164 | |||||||
Taxes receivable | Taxes receivable | 3 | 10 | |||||||
Accrued unbilled revenue | 411 | 447 | Accrued unbilled revenue | 547 | 702 | |||||
Fuel oil, gas in storage, materials and supplies, at average cost | 337 | 339 | Fuel oil, gas in storage, materials and supplies, at average cost | 455 | 492 | |||||
Prepayments | 592 | 159 | Prepayments | 1,110 | 264 | |||||
Regulatory assets | 109 | 100 | Regulatory assets | 180 | 305 | |||||
Restricted cash | 41 | 54 | Restricted cash | 1 | — | |||||
Revenue decoupling mechanism receivable | Revenue decoupling mechanism receivable | 294 | 164 | |||||||
Fair value of derivative assets | Fair value of derivative assets | 62 | 59 | |||||||
Assets held for sale | Assets held for sale | 163 | 7,162 | |||||||
Other current assets | 199 | 151 | Other current assets | 119 | 176 | |||||
TOTAL CURRENT ASSETS | 3,096 | 3,406 | TOTAL CURRENT ASSETS | 5,939 | 12,972 | |||||
INVESTMENTS | 1,977 | 1,921 | INVESTMENTS | 933 | 841 | |||||
UTILITY PLANT, AT ORIGINAL COST | UTILITY PLANT, AT ORIGINAL COST | |||||||||
Electric | 28,595 | 27,747 | Electric | 38,283 | 36,819 | |||||
Gas | 7,972 | 7,524 | Gas | 13,986 | 13,378 | |||||
Steam | 2,458 | 2,421 | Steam | 3,029 | 2,935 | |||||
General | 2,891 | 2,719 | General | 4,340 | 4,205 | |||||
TOTAL | 41,916 | 40,411 | TOTAL | 59,638 | 57,337 | |||||
Less: Accumulated depreciation | 8,904 | 8,541 | Less: Accumulated depreciation | 13,865 | 13,069 | |||||
Net | 33,012 | 31,870 | Net | 45,773 | 44,268 | |||||
Construction work in progress | 1,415 | 1,175 | Construction work in progress | 2,748 | 2,484 | |||||
NET UTILITY PLANT | 34,427 | 33,045 | NET UTILITY PLANT | 48,521 | 46,752 | |||||
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 $24 and $23 in 2023 and 2022, respectively | Non-utility property, net accumulated depreciation of $24 and $23 in 2023 and 2022, respectively | 13 | ||||||||
Construction work in progress | 615 | 689 | Construction work in progress | 1 | ||||||
NET PLANT | 36,728 | 35,216 | NET PLANT | 48,535 | 46,766 | |||||
OTHER NONCURRENT ASSETS | OTHER NONCURRENT ASSETS | |||||||||
Goodwill | 428 | Goodwill | 408 | |||||||
Intangible assets, less accumulated amortization of $12 and $6 in 2017 and 2016, respectively | 114 | 124 | ||||||||
Regulatory assets | 6,769 | 7,024 | Regulatory assets | 4,334 | 3,974 | |||||
Pension and retiree benefits | Pension and retiree benefits | 3,384 | 3,269 | |||||||
Operating lease right-of-use asset | Operating lease right-of-use asset | 545 | 568 | |||||||
Fair value of derivative assets | Fair value of derivative assets | 26 | 85 | |||||||
Other deferred charges and noncurrent assets | 134 | 136 | Other deferred charges and noncurrent assets | 301 | 182 | |||||
TOTAL OTHER NONCURRENT ASSETS | 7,445 | 7,712 | TOTAL OTHER NONCURRENT ASSETS | 8,998 | 8,486 | |||||
TOTAL ASSETS | $49,246 | $48,255 | TOTAL ASSETS | $64,405 | $69,065 |
September 30, 2017 | December 31, 2016 | |||||||||
(Millions of Dollars) | ||||||||||
(Millions of Dollars) | (Millions of Dollars) | September 30, 2023 | December 31, 2022 | |||||||
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 | $650 | $649 | |||||
Term loan | Term loan | — | 400 | |||||||
Notes payable | 356 | 1,054 | Notes payable | 1,880 | 2,640 | |||||
Accounts payable | 1,057 | 1,147 | Accounts payable | 1,306 | 1,955 | |||||
Customer deposits | 344 | 352 | Customer deposits | 401 | 358 | |||||
Accrued taxes | 43 | 64 | Accrued taxes | 85 | 102 | |||||
Accrued interest | 209 | 150 | Accrued interest | 283 | 153 | |||||
Accrued wages | 105 | 101 | Accrued wages | 124 | 116 | |||||
Fair value of derivative liabilities | 70 | 77 | Fair value of derivative liabilities | 86 | 42 | |||||
Regulatory liabilities | 58 | 128 | Regulatory liabilities | 189 | 374 | |||||
System benefit charge | 628 | 434 | System benefit charge | 439 | 390 | |||||
Operating lease liabilities | Operating lease liabilities | 114 | 103 | |||||||
Liabilities held for sale | Liabilities held for sale | 76 | 3,610 | |||||||
Other current liabilities | 358 | 297 | Other current liabilities | 417 | 444 | |||||
TOTAL CURRENT LIABILITIES | 3,915 | 3,843 | TOTAL CURRENT LIABILITIES | 6,050 | 11,336 | |||||
NONCURRENT LIABILITIES | NONCURRENT LIABILITIES | |||||||||
Provision for injuries and damages | 164 | 160 | Provision for injuries and damages | 182 | 181 | |||||
Pensions and retiree benefits | 1,443 | 1,847 | Pensions and retiree benefits | 638 | 577 | |||||
Superfund and other environmental costs | 745 | 753 | Superfund and other environmental costs | 996 | 997 | |||||
Asset retirement obligations | 256 | 246 | Asset retirement obligations | 513 | 500 | |||||
Fair value of derivative liabilities | 83 | 40 | Fair value of derivative liabilities | 68 | 13 | |||||
Deferred income taxes and unamortized investment tax credits | 10,744 | 10,205 | Deferred income taxes and unamortized investment tax credits | 7,992 | 7,641 | |||||
Operating lease liabilities | Operating lease liabilities | 477 | 476 | |||||||
Regulatory liabilities | 1,873 | 1,905 | Regulatory liabilities | 5,401 | 6,027 | |||||
Other deferred credits and noncurrent liabilities | 262 | 215 | Other deferred credits and noncurrent liabilities | 360 | 281 | |||||
TOTAL NONCURRENT LIABILITIES | 15,570 | 15,371 | TOTAL NONCURRENT LIABILITIES | 16,627 | 16,693 | |||||
LONG-TERM DEBT | 14,651 | 14,735 | LONG-TERM DEBT | 20,650 | 20,147 | |||||
COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Note B, Note G, and Note H) | COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Note B, Note G, and Note H) | |||||||||
EQUITY | EQUITY | |||||||||
Common shareholders’ equity | 15,102 | 14,298 | Common shareholders’ equity | 21,078 | 20,687 | |||||
Noncontrolling interest | 8 | Noncontrolling interest | — | 202 | ||||||
TOTAL EQUITY (See Statement of Equity) | 15,110 | 14,306 | TOTAL EQUITY (See Statement of Equity) | 21,078 | 20,889 | |||||
TOTAL LIABILITIES AND EQUITY | $49,246 | $48,255 | TOTAL LIABILITIES AND EQUITY | $64,405 | $69,065 |
(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, 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 | ||||||||||||||||||||||
Net income (loss) | 255 | (1) | 254 | |||||||||||||||||||||||||||||
Common stock dividends ($0.79 per share) | (280) | (280) | ||||||||||||||||||||||||||||||
Issuance of common shares for stock plans | 29 | 29 | ||||||||||||||||||||||||||||||
Other comprehensive income | 5 | 5 | ||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | (10) | (10) | ||||||||||||||||||||||||||||||
BALANCE AS OF JUNE 30, 2022 | 354 | $37 | $9,757 | $11,742 | 23 | $(1,038) | $(121) | $10 | $234 | $20,621 | ||||||||||||||||||||||
Net income | 613 | 6 | 619 | |||||||||||||||||||||||||||||
Common stock dividends ($0.79 per share) | (280) | (280) | ||||||||||||||||||||||||||||||
Issuance of common shares - public offering | 1 | — | ||||||||||||||||||||||||||||||
Issuance of common shares for stock plans | 27 | 27 | ||||||||||||||||||||||||||||||
Other comprehensive income | 1 | 1 | ||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | (12) | (12) | ||||||||||||||||||||||||||||||
BALANCE AS OF SEPTEMBER 30, 2022 | 355 | $37 | $9,784 | $12,075 | 23 | $(1,038) | $(121) | $11 | $228 | $20,976 | ||||||||||||||||||||||
BALANCE AS OF DECEMBER 31, 2022 | 355 | $37 | $9,803 | $11,985 | 23 | $(1,038) | $(122) | $22 | $202 | $20,889 | ||||||||||||||||||||||
Net income (loss) | 1,433 | (3) | 1,430 | |||||||||||||||||||||||||||||
Common stock dividends ($0.81 per share) | (288) | (288) | ||||||||||||||||||||||||||||||
Issuance of common shares for stock plans | 15 | 15 | ||||||||||||||||||||||||||||||
Common stock repurchases | (9) | (200) | 9 | (808) | (1,008) | |||||||||||||||||||||||||||
Other comprehensive income | 4 | 4 | ||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | (4) | (4) | ||||||||||||||||||||||||||||||
Disposal of the Clean Energy Businesses | (195) | (195) | ||||||||||||||||||||||||||||||
BALANCE AS OF MARCH 31, 2023 | 346 | $37 | $9,618 | $13,130 | 32 | $(1,846) | $(122) | $26 | $— | $20,843 | ||||||||||||||||||||||
Net income | 226 | 226 | ||||||||||||||||||||||||||||||
Common stock dividends ($0.81 per share) | (281) | (281) | ||||||||||||||||||||||||||||||
Issuance of common shares for stock plans | 20 | 20 | ||||||||||||||||||||||||||||||
Common stock repurchases | (2) | 169 | 2 | (171) | (2) | |||||||||||||||||||||||||||
Other comprehensive loss | (1) | (1) | ||||||||||||||||||||||||||||||
BALANCE AS OF JUNE 30, 2023 | 344 | $37 | $9,807 | $13,075 | 34 | $(2,017) | $(122) | $25 | $— | $20,805 | ||||||||||||||||||||||
Net income | 526 | 526 |
(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 |
Common stock dividends ($0.81 per share) | (280) | (280) | ||||||||||||||||||||||||||||||
Issuance of common shares for stock plans | 1 | 27 | 27 | |||||||||||||||||||||||||||||
BALANCE AS OF SEPTEMBER 30, 2023 | 345 | $37 | $9,834 | $13,321 | 34 | $(2,017) | $(122) | $25 | $— | $21,078 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||
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) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||
OPERATING REVENUES | OPERATING REVENUES | ||||||||||||||||||
Electric | $2,469 | $2,557 | $6,079 | $6,222 | Electric | $3,223 | $3,077 | $7,722 | $7,401 | ||||||||||
Gas | 268 | 208 | 1,421 | 1,113 | Gas | 318 | 414 | 2,140 | 2,127 | ||||||||||
Steam | 62 | 63 | 448 | 406 | Steam | 49 | 58 | 425 | 444 | ||||||||||
TOTAL OPERATING REVENUES | 2,799 | 2,828 | 7,948 | 7,741 | TOTAL OPERATING REVENUES | 3,590 | 3,549 | 10,287 | 9,972 | ||||||||||
OPERATING EXPENSES | OPERATING EXPENSES | ||||||||||||||||||
Purchased power | 400 | 495 | 1,110 | 1,216 | Purchased power | 719 | 643 | 1,802 | 1,639 | ||||||||||
Fuel | 30 | 29 | 169 | 133 | Fuel | 34 | 59 | 241 | 255 | ||||||||||
Gas purchased for resale | 58 | 34 | 372 | 217 | Gas purchased for resale | 62 | 113 | 518 | 582 | ||||||||||
Other operations and maintenance | 691 | 724 | 1,992 | 2,105 | Other operations and maintenance | 834 | 807 | 2,341 | 2,267 | ||||||||||
Depreciation and amortization | 300 | 278 | 891 | 825 | Depreciation and amortization | 485 | 441 | 1,428 | 1,341 | ||||||||||
Taxes, other than income taxes | 520 | 502 | 1,523 | 1,446 | Taxes, other than income taxes | 777 | 748 | 2,207 | 2,159 | ||||||||||
TOTAL OPERATING EXPENSES | 1,999 | 2,062 | 6,057 | 5,942 | TOTAL OPERATING EXPENSES | 2,911 | 2,811 | 8,537 | 8,243 | ||||||||||
OPERATING INCOME | 800 | 766 | 1,891 | 1,799 | OPERATING INCOME | 679 | 738 | 1,750 | 1,729 | ||||||||||
OTHER INCOME (DEDUCTIONS) | OTHER INCOME (DEDUCTIONS) | ||||||||||||||||||
Investment and other income | 2 | 4 | 9 | 6 | Investment and other income | 191 | 93 | 566 | 280 | ||||||||||
Allowance for equity funds used during construction | 3 | 2 | 7 | 6 | Allowance for equity funds used during construction | 6 | 4 | 17 | 13 | ||||||||||
Other deductions | (5) | (4) | (10) | Other deductions | (13) | (16) | (33) | (48) | |||||||||||
TOTAL OTHER INCOME | — | 2 | 6 | 2 | TOTAL OTHER INCOME | 184 | 81 | 550 | 245 | ||||||||||
INCOME BEFORE INTEREST AND INCOME TAX EXPENSE | 800 | 768 | 1,897 | 1,801 | INCOME BEFORE INTEREST AND INCOME TAX EXPENSE | 863 | 819 | 2,300 | 1,974 | ||||||||||
INTEREST EXPENSE | |||||||||||||||||||
INTEREST EXPENSE (INCOME) | INTEREST EXPENSE (INCOME) | ||||||||||||||||||
Interest on long-term debt | 155 | 150 | 456 | 440 | Interest on long-term debt | 220 | 201 | 656 | 600 | ||||||||||
Other interest | 4 | 5 | 11 | 14 | |||||||||||||||
Other interest expense | Other interest expense | 32 | 15 | 75 | 25 | ||||||||||||||
Allowance for borrowed funds used during construction | (2) | (1) | (4) | (3) | Allowance for borrowed funds used during construction | (13) | (14) | (36) | (21) | ||||||||||
NET INTEREST EXPENSE | 157 | 154 | 463 | 451 | NET INTEREST EXPENSE | 239 | 202 | 695 | 604 | ||||||||||
INCOME BEFORE INCOME TAX EXPENSE | 643 | 614 | 1,434 | 1,350 | INCOME BEFORE INCOME TAX EXPENSE | 624 | 617 | 1,605 | 1,370 | ||||||||||
INCOME TAX EXPENSE | 242 | 226 | 551 | 491 | INCOME TAX EXPENSE | 109 | 124 | 297 | 232 | ||||||||||
NET INCOME | $401 | $388 | $883 | $859 | NET INCOME | $515 | $493 | $1,308 | $1,138 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||
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) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||
NET INCOME | $401 | $388 | $883 | $859 | NET INCOME | $515 | $493 | $1,308 | $1,138 | |||||||||||
OTHER COMPREHENSIVE INCOME, NET OF TAXES | ||||||||||||||||||||
OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAXES | OTHER COMPREHENSIVE INCOME/(LOSS), 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) | 1 | |||||||||||||
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAXES | 1 | — | 1 | |||||||||||||||||
TOTAL OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAXES | TOTAL OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAXES | — | (1) | 1 | ||||||||||||||||
COMPREHENSIVE INCOME | $402 | $388 | $884 | $860 | COMPREHENSIVE INCOME | $515 | $493 | $1,307 | $1,139 |
For the Nine Months Ended September 30, | |||||||||||
For the Nine Months Ended September 30, | |||||||||||
2017 | 2016 | ||||||||||
(Millions of Dollars) | |||||||||||
(Millions of Dollars) | (Millions of Dollars) | 2023 | 2022 | ||||||||
OPERATING ACTIVITIES | OPERATING ACTIVITIES | ||||||||||
Net income | $883 | $859 | Net income | $1,308 | $1,138 | ||||||
PRINCIPAL NON-CASH CHARGES/(CREDITS) TO INCOME | PRINCIPAL NON-CASH CHARGES/(CREDITS) TO INCOME | ||||||||||
Depreciation and amortization | 891 | 825 | Depreciation and amortization | 1,428 | 1,341 | ||||||
Deferred income taxes | 566 | 569 | Deferred income taxes | 674 | 235 | ||||||
Rate case amortization and accruals | (107) | (170) | Rate case amortization and accruals | 52 | 41 | ||||||
Common equity component of allowance for funds used during construction | (7) | (6) | |||||||||
Other non-cash items, net | (14) | 7 | Other non-cash items, net | (75) | 173 | ||||||
CHANGES IN ASSETS AND LIABILITIES | CHANGES IN ASSETS AND LIABILITIES | ||||||||||
Accounts receivable – customers | 18 | (79) | Accounts receivable – customers | 185 | (134) | ||||||
Allowance for uncollectible accounts – customers | Allowance for uncollectible accounts – customers | (45) | (7) | ||||||||
Materials and supplies, including fuel oil and gas in storage | (18) | 15 | Materials and supplies, including fuel oil and gas in storage | 36 | (71) | ||||||
Revenue decoupling mechanism receivable | Revenue decoupling mechanism receivable | (128) | 24 | ||||||||
Other receivables and other current assets | 29 | 18 | Other receivables and other current assets | (115) | 42 | ||||||
Unbilled revenue and net unbilled revenue deferrals | Unbilled revenue and net unbilled revenue deferrals | 77 | 16 | ||||||||
Accounts receivable from affiliated companies | 12 | 38 | Accounts receivable from affiliated companies | (400) | (66) | ||||||
Prepayments | (398) | (351) | Prepayments | (699) | (559) | ||||||
Accounts payable | (20) | 82 | Accounts payable | (408) | (12) | ||||||
Accounts payable to affiliated companies | 1 | 8 | Accounts payable to affiliated companies | 7 | 4 | ||||||
Pensions and retiree benefits obligations, net | 274 | 439 | Pensions and retiree benefits obligations, net | (161) | 101 | ||||||
Pensions and retiree benefits contributions | (416) | (472) | Pensions and retiree benefits contributions | (28) | (22) | ||||||
Superfund and environmental remediation costs, net | (7) | 76 | |||||||||
Accrued taxes | (18) | (17) | Accrued taxes | (42) | (3) | ||||||
Accrued taxes to affiliated companies | (119) | (2) | Accrued taxes to affiliated companies | (89) | 2 | ||||||
Accrued interest | 61 | 43 | Accrued interest | 128 | 109 | ||||||
System benefit charge | 175 | 176 | System benefit charge | 48 | (4) | ||||||
Deferred charges, noncurrent assets and other regulatory assets | (60) | (153) | |||||||||
Deferred credits and other regulatory liabilities | 77 | 165 | |||||||||
Other current and noncurrent liabilities | (13) | (53) | |||||||||
Deferred charges, noncurrent assets, leases, net and other regulatory assets | Deferred charges, noncurrent assets, leases, net and other regulatory assets | (598) | (553) | ||||||||
Deferred credits, noncurrent liabilities and other regulatory liabilities | Deferred credits, noncurrent liabilities and other regulatory liabilities | (15) | 409 | ||||||||
Other current liabilities | Other current liabilities | 81 | (13) | ||||||||
NET CASH FLOWS FROM OPERATING ACTIVITIES | 1,790 | 2,017 | NET CASH FLOWS FROM OPERATING ACTIVITIES | 1,221 | 2,191 | ||||||
INVESTING ACTIVITIES | INVESTING ACTIVITIES | ||||||||||
Utility construction expenditures | (2,020) | (1,932) | Utility construction expenditures | (2,894) | (2,687) | ||||||
Cost of removal less salvage | (179) | (146) | Cost of removal less salvage | (284) | (242) | ||||||
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 | (3,178) | (2,929) | ||||||
FINANCING ACTIVITIES | FINANCING ACTIVITIES | ||||||||||
Net payment of short-term debt | (453) | (553) | |||||||||
Net issuance (retirement) of short-term debt | Net issuance (retirement) of short-term debt | (502) | 428 | ||||||||
Issuance of long-term debt | 500 | 550 | Issuance of long-term debt | 500 | — | ||||||
Retirement of long-term debt | — | (400) | |||||||||
Debt issuance costs | (7) | (6) | Debt issuance costs | (5) | (1) | ||||||
Capital contribution by parent | 279 | 76 | |||||||||
Dividend to parent | (597) | (558) | |||||||||
NET CASH FLOWS USED IN FINANCING ACTIVITIES | (278) | (891) | |||||||||
CASH AND TEMPORARY CASH INVESTMENTS: | |||||||||||
Capital contribution by Con Edison | Capital contribution by Con Edison | 1,720 | 150 | ||||||||
Dividend to Con Edison | Dividend to Con Edison | (792) | (734) | ||||||||
NET CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES | NET CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES | 921 | (157) | ||||||||
CASH AND TEMPORARY CASH INVESTMENTS | CASH AND TEMPORARY CASH INVESTMENTS | ||||||||||
NET CHANGE FOR THE PERIOD | (685) | (817) | NET CHANGE FOR THE PERIOD | (1,036) | (895) | ||||||
BALANCE AT BEGINNING OF PERIOD | 702 | 843 | BALANCE AT BEGINNING OF PERIOD | 1,056 | 920 | ||||||
BALANCE AT END OF PERIOD | $17 | $26 | BALANCE AT END OF PERIOD | $20 | $25 | ||||||
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 | $538 | $466 | ||||||
Income taxes | $96 | $(130) | Income taxes | $90 | $60 | ||||||
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION | SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION | ||||||||||
Construction expenditures in accounts payable | $240 | $195 | Construction expenditures in accounts payable | $399 | $414 | ||||||
Software licenses acquired but unpaid as of end of period | Software licenses acquired but unpaid as of end of period | $— | $2 | ||||||||
Equipment acquired but unpaid as of end of period | Equipment acquired but unpaid as of end of period | $11 | $17 |
September 30, 2017 | December 31, 2016 | ||||||||||
(Millions of Dollars) | |||||||||||
(Millions of Dollars) | (Millions of Dollars) | September 30, 2023 | December 31, 2022 | ||||||||
ASSETS | ASSETS | ||||||||||
CURRENT ASSETS | CURRENT ASSETS | ||||||||||
Cash and temporary cash investments | $17 | $702 | Cash and temporary cash investments | $20 | $1,056 | ||||||
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 $269 and $314 in 2023 and 2022, respectively | Accounts receivable – customers, net allowance for uncollectible accounts of $269 and $314 in 2023 and 2022, respectively | 1,959 | 2,099 | ||||||||
Other receivables, net allowance for uncollectible accounts of $27 and $7 in 2023 and 2022, respectively | Other receivables, net allowance for uncollectible accounts of $27 and $7 in 2023 and 2022, respectively | 300 | 147 | ||||||||
Taxes receivable | Taxes receivable | 2 | 5 | ||||||||
Accrued unbilled revenue | 382 | 399 | Accrued unbilled revenue | 505 | 573 | ||||||
Accounts receivable from affiliated companies | 97 | 109 | Accounts receivable from affiliated companies | 446 | 46 | ||||||
Fuel oil, gas in storage, materials and supplies, at average cost | 288 | 270 | Fuel oil, gas in storage, materials and supplies, at average cost | 404 | 440 | ||||||
Prepayments | 498 | 100 | Prepayments | 922 | 223 | ||||||
Regulatory assets | 100 | 90 | Regulatory assets | 163 | 286 | ||||||
Restricted cash | — | 2 | |||||||||
Revenue decoupling mechanism receivable | Revenue decoupling mechanism receivable | 292 | 164 | ||||||||
Fair value of derivative assets | Fair value of derivative assets | 56 | 51 | ||||||||
Other current assets | 62 | 95 | Other current assets | 97 | 157 | ||||||
TOTAL CURRENT ASSETS | 2,550 | 2,880 | TOTAL CURRENT ASSETS | 5,166 | 5,247 | ||||||
INVESTMENTS | 370 | 315 | INVESTMENTS | 571 | 539 | ||||||
UTILITY PLANT, AT ORIGINAL COST | UTILITY PLANT, AT ORIGINAL COST | ||||||||||
Electric | 26,930 | 26,122 | Electric | 36,029 | 34,636 | ||||||
Gas | 7,229 | 6,814 | Gas | 12,908 | 12,338 | ||||||
Steam | 2,458 | 2,421 | Steam | 3,030 | 2,935 | ||||||
General | 2,640 | 2,490 | General | 4,052 | 3,879 | ||||||
TOTAL | 39,257 | 37,847 | TOTAL | 56,019 | 53,788 | ||||||
Less: Accumulated depreciation | 8,170 | 7,836 | Less: Accumulated depreciation | 12,864 | 12,047 | ||||||
Net | 31,087 | 30,011 | Net | 43,155 | 41,741 | ||||||
Construction work in progress | 1,327 | 1,104 | Construction work in progress | 2,501 | 2,268 | ||||||
NET UTILITY PLANT | 32,414 | 31,115 | NET UTILITY PLANT | 45,656 | 44,009 | ||||||
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 2023 and 2022 | Non-utility property, net accumulated depreciation of $25 in 2023 and 2022 | 2 | |||||||||
NET PLANT | 32,418 | 31,119 | NET PLANT | 45,658 | 44,011 | ||||||
OTHER NONCURRENT ASSETS | OTHER NONCURRENT ASSETS | ||||||||||
Regulatory assets | 6,248 | 6,473 | Regulatory assets | 4,057 | 3,669 | ||||||
Operating lease right-of-use asset | Operating lease right-of-use asset | 543 | 567 | ||||||||
Pension and retiree benefits | Pension and retiree benefits | 3,299 | 3,184 | ||||||||
Fair value of derivative assets | Fair value of derivative assets | 26 | 80 | ||||||||
Other deferred charges and noncurrent assets | 61 | 69 | Other deferred charges and noncurrent assets | 267 | 148 | ||||||
TOTAL OTHER NONCURRENT ASSETS | 6,309 | 6,542 | TOTAL OTHER NONCURRENT ASSETS | 8,192 | 7,648 | ||||||
TOTAL ASSETS | $41,647 | $40,856 | TOTAL ASSETS | $59,587 | $57,445 |
(Millions of Dollars) | (Millions of Dollars) | September 30, 2023 | December 31, 2022 | ||||||||||
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 | $1,798 | $2,300 | ||||||||
Accounts payable | 802 | 876 | Accounts payable | 1,194 | 1,763 | ||||||||
Accounts payable to affiliated companies | 11 | 10 | Accounts payable to affiliated companies | 24 | 17 | ||||||||
Customer deposits | 332 | 336 | Customer deposits | 383 | 341 | ||||||||
Accrued taxes | 32 | 50 | Accrued taxes | 48 | 93 | ||||||||
Accrued taxes to affiliated companies | — | 119 | Accrued taxes to affiliated companies | — | 89 | ||||||||
Accrued interest | 172 | 111 | Accrued interest | 262 | 134 | ||||||||
Accrued wages | 95 | 91 | Accrued wages | 113 | 105 | ||||||||
Fair value of derivative liabilities | 59 | 66 | Fair value of derivative liabilities | 79 | 35 | ||||||||
Regulatory liabilities | 38 | 90 | Regulatory liabilities | 153 | 308 | ||||||||
System benefit charge | 573 | 398 | System benefit charge | 399 | 351 | ||||||||
Operating lease liabilities | Operating lease liabilities | 113 | 103 | ||||||||||
Other current liabilities | 207 | 242 | Other current liabilities | 374 | 397 | ||||||||
TOTAL CURRENT LIABILITIES | 3,068 | 2,989 | TOTAL CURRENT LIABILITIES | 4,940 | 6,036 | ||||||||
NONCURRENT LIABILITIES | NONCURRENT LIABILITIES | ||||||||||||
Provision for injuries and damages | 158 | 154 | Provision for injuries and damages | 179 | 177 | ||||||||
Pensions and retiree benefits | 1,150 | 1,544 | Pensions and retiree benefits | 589 | 526 | ||||||||
Superfund and other environmental costs | 648 | 655 | Superfund and other environmental costs | 902 | 903 | ||||||||
Asset retirement obligations | 234 | 227 | Asset retirement obligations | 512 | 499 | ||||||||
Fair value of derivative liabilities | 73 | 33 | Fair value of derivative liabilities | 60 | 9 | ||||||||
Deferred income taxes and unamortized investment tax credits | 10,060 | 9,450 | Deferred income taxes and unamortized investment tax credits | 8,060 | 7,144 | ||||||||
Operating lease liabilities | Operating lease liabilities | 476 | 475 | ||||||||||
Regulatory liabilities | 1,673 | 1,712 | Regulatory liabilities | 4,890 | 5,481 | ||||||||
Other deferred credits and noncurrent liabilities | 217 | 190 | Other deferred credits and noncurrent liabilities | 283 | 237 | ||||||||
TOTAL NONCURRENT LIABILITIES | 14,213 | 13,965 | TOTAL NONCURRENT LIABILITIES | 15,951 | 15,451 | ||||||||
LONG-TERM DEBT | 11,971 | 12,073 | LONG-TERM DEBT | 19,583 | 19,080 | ||||||||
COMMITMENTS AND CONTINGENCIES (Note B and Note G) | COMMITMENTS AND CONTINGENCIES (Note B and Note G) | ||||||||||||
SHAREHOLDER’S EQUITY (See Statement of Shareholder’s Equity) | 12,395 | 11,829 | SHAREHOLDER’S EQUITY (See Statement of Shareholder’s Equity) | 19,113 | 16,878 | ||||||||
TOTAL LIABILITIES AND SHAREHOLDER’S EQUITY | $41,647 | $40,856 | TOTAL LIABILITIES AND SHAREHOLDER’S EQUITY | $59,587 | $57,445 |
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 | ||
Net income | 310 | 310 | ||||||||
Common stock dividend to parent | (186) | (186) | ||||||||
Capital contribution by parent | 23 | 23 | ||||||||
Other comprehensive income | — | — | ||||||||
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 | 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 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 | 1 | ||||||||
BALANCE AS OF SEPTEMBER 30, 2017 | 235 | $589 | $4,627 | $8,209 | $(962) | $(62) | $(6) | $12,395 |
Common Stock | Additional Paid-In Capital | Retained Earnings | Repurchased Con Edison Stock | Capital Stock Expense | Accumulated Other Comprehensive Income/(Loss) | Total | ||||||||||||||||||||
(In Millions)/Except Share Data) | Shares | Amount | ||||||||||||||||||||||||
BALANCE AS OF DECEMBER 31, 2021 | 235 | $589 | $7,269 | $9,478 | $(962) | $(62) | $— | $16,312 | ||||||||||||||||||
Net income | 475 | 475 | ||||||||||||||||||||||||
Common stock dividend to Con Edison | (245) | (245) | ||||||||||||||||||||||||
Capital contribution by Con Edison | 75 | 75 | ||||||||||||||||||||||||
Other comprehensive income | 1 | 1 | ||||||||||||||||||||||||
BALANCE AS OF MARCH 31, 2022 | 235 | $589 | $7,344 | $9,708 | $(962) | $(62) | $1 | $16,618 | ||||||||||||||||||
Net income | 170 | 170 | ||||||||||||||||||||||||
Common stock dividend to Con Edison | (245) | (245) | ||||||||||||||||||||||||
Capital contribution by Con Edison | 25 | 25 | ||||||||||||||||||||||||
BALANCE AS OF JUNE 30, 2022 | 235 | $589 | $7,369 | $9,633 | $(962) | $(62) | $1 | $16,568 | ||||||||||||||||||
Net income | 493 | 493 | ||||||||||||||||||||||||
Common stock dividend to Con Edison | (244) | (244) | ||||||||||||||||||||||||
Capital contribution by Con Edison | 50 | 50 | ||||||||||||||||||||||||
BALANCE AS OF SEPTEMBER 30, 2022 | 235 | $589 | $7,419 | $9,882 | $(962) | $(62) | $1 | $16,867 | ||||||||||||||||||
BALANCE AS OF DECEMBER 31, 2022 | 235 | $589 | $7,419 | $9,890 | $(962) | $(62) | $4 | $16,878 | ||||||||||||||||||
Net income | 604 | 604 | ||||||||||||||||||||||||
Common stock dividend to Con Edison | (264) | (264) | ||||||||||||||||||||||||
Capital contribution by Con Edison | 1,675 | 1,675 | ||||||||||||||||||||||||
Other comprehensive loss | (1) | (1) | ||||||||||||||||||||||||
BALANCE AS OF MARCH 31, 2023 | 235 | $589 | $9,094 | $10,230 | $(962) | $(62) | $3 | $18,892 | ||||||||||||||||||
Net income | 189 | 189 | ||||||||||||||||||||||||
Common stock dividend to Con Edison | (264) | (264) | ||||||||||||||||||||||||
Capital contribution by Con Edison | 26 | 26 | ||||||||||||||||||||||||
BALANCE AS OF JUNE 30, 2023 | 235 | $589 | $9,120 | $10,155 | $(962) | $(62) | $3 | $18,843 | ||||||||||||||||||
Net income | 515 | 515 | ||||||||||||||||||||||||
Common stock dividend to Con Edison | (264) | (264) | ||||||||||||||||||||||||
Capital contribution by Con Edison | 19 | 19 | ||||||||||||||||||||||||
BALANCE AS OF SEPTEMBER 30, 2023 | 235 | $589 | $9,139 | $10,406 | $(962) | $(62) | $3 | $19,113 | ||||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||
(Millions of Dollars, except per share amounts/Shares in Millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||
Net income for common stock | $526 | $613 | $2,185 | $1,470 | ||||||||||
Weighted average common shares outstanding – basic | 345.0 | 354.6 | 348.4 | 354.4 | ||||||||||
Add: Incremental shares attributable to effect of potentially dilutive securities | 1.5 | 1.3 | 1.5 | 1.3 | ||||||||||
Adjusted weighted average common shares outstanding – diluted | 346.5 | 355.9 | 349.9 | 355.7 | ||||||||||
Net Income per common share – basic | $1.53 | $1.73 | $6.27 | $4.15 | ||||||||||
Net Income per common share – diluted | $1.52 | $1.72 | $6.24 | $4.13 |
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 September 30, | ||||||||||||||
Con Edison | CECONY | |||||||||||||
(Millions of Dollars) | 2023 | 2022 | 2023 | 2022 | ||||||||||
Beginning balance, accumulated OCI, net of taxes (a) | $25 | $10 | $3 | $1 | ||||||||||
Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax (a)(b) | — | 1 | — | — | ||||||||||
Current period OCI, net of taxes | — | 1 | — | — | ||||||||||
Ending balance, accumulated OCI, net of taxes (a) | $25 | $11 | $3 | $1 |
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) |
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) |
For the Nine Months Ended September 30, | ||||||||||||||
Con Edison | CECONY | |||||||||||||
(Millions of Dollars) | 2023 | 2022 | 2023 | 2022 | ||||||||||
Beginning balance, accumulated OCI, net of taxes (a) | $22 | $5 | $4 | $— | ||||||||||
OCI before reclassifications, net of tax of $(1) for Con Edison in 2022 | 1 | 4 | (1) | — | ||||||||||
Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax of $(1) for Con Edison in 2022 (a)(b) | 2 | 2 | — | 1 | ||||||||||
Current period OCI, net of taxes | 3 | 6 | (1) | 1 | ||||||||||
Ending balance, accumulated OCI, net of taxes (a) | $25 | $11 | $3 | $1 |
At September 30, | ||||||||||||||
Con Edison | CECONY | |||||||||||||
(Millions of Dollars) | 2023 | 2022 | 2023 | 2022 | ||||||||||
Cash and temporary cash investments | $539 | $78 | $20 | $25 | ||||||||||
Restricted cash (a) | 6 | 163 | — | — | ||||||||||
Total cash, temporary cash investments and restricted cash | $545 | $241 | $20 | $25 |
Effective period | November 2023 – October 2026 | ||||||||||
Base rate changes | Yr. 1 – $110 million (a) Yr. 2 – $44 million (a) Yr. 3 – $45 million (a) | ||||||||||
Capital expenditures | Yr. 1 - Yr. 2 - $107 million Yr. 3 - $105 million | ||||||||||
Yr. 1 – $15 million Yr. 2 – $3 million Yr. 3 – $3 million (b) | |||||||||||
Weather Normalization Adjustment | Implementation of a weather normalization adjustment that adjusts base rates to reflect normal weather conditions during the heating season. | ||||||||||
Recoverable energy costs | Continuation of current rate recovery of purchased power and fuel costs. | ||||||||||
Potential charges if certain performance targets relating to service, reliability, safety and other matters are not met: Yr. 1 - Yr. 2 - $3.8 million Yr. 3 - $3.8 million | |||||||||||
Regulatory reconciliations | Reconciliation of uncollectible expenses and late payment charges (c) and expenses for pension and other postretirement benefits, variable-rate debt, property taxes (d), municipal infrastructure support costs (e), the impact of new laws and environmental site investigation and remediation to amounts reflected in rates. (f) | ||||||||||
Net utility plant reconciliations | Yr. 1 - $2,025 million Yr. 2 - $2,029 million Yr. 3 - $2,015 million | ||||||||||
Average rate base | Yr. 1 - $1,799 million Yr. 2 - $1,848 million Yr. 3 - $1,882 million | ||||||||||
Weighted average cost of capital (after-tax) | Yr. 1 - 6.78 percent Yr. 2 - 6.81 percent Yr. 3 - 6.83 percent | ||||||||||
Authorized return on common equity | 9.25 percent | ||||||||||
Earnings sharing | Most earnings above an annual earnings threshold of 9.75 percent are to be applied to reduce regulatory assets for environmental remediation and other costs accumulated in the rate year. | ||||||||||
Cost of long-term debt | Yr. 1 – 4.51 percent Yr. 2 – 4.58 percent Yr. 3 – 4.62 percent | ||||||||||
Common equity ratio | 48 percent |
Con Edison | CECONY | ||||||||||||||||
(Millions of Dollars) | 2023 | 2022 | 2023 | 2022 | |||||||||||||
Regulatory assets | |||||||||||||||||
Unrecognized pension and other postretirement costs | $125 | $78 | $125 | $78 | |||||||||||||
Environmental remediation costs | 983 | 991 | 899 | 906 | |||||||||||||
Revenue taxes | 468 | 436 | 448 | 417 | |||||||||||||
Deferred storm costs | 221 | 270 | 129 | 173 | |||||||||||||
Municipal infrastructure support costs | 20 | 29 | 20 | 29 | |||||||||||||
Brooklyn Queens Demand Management (BQDM) program | 31 | 33 | 31 | 33 | |||||||||||||
Meadowlands heater odorization project | 24 | 27 | 24 | 27 | |||||||||||||
Recoverable Demonstration project costs | 18 | 17 | 18 | 16 | |||||||||||||
Gate station upgrade project | 14 | 14 | 14 | 14 | |||||||||||||
System peak reduction and energy efficiency programs | 868 | 783 | 860 | 780 | |||||||||||||
Unamortized loss on reacquired debt | 9 | 11 | 8 | 10 | |||||||||||||
Deferred derivative losses - long term | 99 | 31 | 89 | 26 | |||||||||||||
Property tax reconciliation | 195 | 121 | 195 | 121 | |||||||||||||
Legacy meters | 17 | 20 | — | — | |||||||||||||
Gas service line deferred costs | 49 | 99 | 49 | 99 | |||||||||||||
COVID - 19 customer arrears relief programs | 418 | 104 | 415 | 101 | |||||||||||||
Pension and other postretirement benefits deferrals | 56 | 279 | 41 | 240 | |||||||||||||
Preferred stock redemption | 18 | 19 | 18 | 19 | |||||||||||||
MTA power reliability deferral | 69 | 92 | 69 | 92 | |||||||||||||
Non-wire alternative projects | 20 | 22 | 20 | 22 | |||||||||||||
COVID - 19 pandemic deferrals | 333 | 292 | 329 | 288 | |||||||||||||
Electric vehicle make ready | 59 | 33 | 55 | 30 | |||||||||||||
Other | 220 | 173 | 201 | 148 | |||||||||||||
Regulatory assets – noncurrent | 4,334 | 3,974 | 4,057 | 3,669 | |||||||||||||
Deferred derivative losses - short term | 137 | 184 | 132 | 178 | |||||||||||||
Recoverable energy costs | 43 | 121 | 31 | 108 | |||||||||||||
Regulatory assets – current | 180 | 305 | 163 | 286 | |||||||||||||
Total Regulatory Assets | $4,514 | $4,279 | $4,220 | $3,955 | |||||||||||||
Regulatory liabilities | |||||||||||||||||
Future income tax* | 1,583 | 1,753 | 1,450 | 1,616 | |||||||||||||
Allowance for cost of removal less salvage | 1,368 | 1,315 | 1,181 | 1,137 | |||||||||||||
Net unbilled revenue deferrals | 214 | 204 | 214 | 204 | |||||||||||||
Energy efficiency portfolio standard unencumbered funds | 5 | 5 | 7 | 7 | |||||||||||||
Settlement of prudence proceeding | 8 | 10 | 8 | 10 | |||||||||||||
Earnings sharing - electric, gas and steam | 13 | 13 | 10 | 10 | |||||||||||||
System benefit charge carrying charge | 87 | 73 | 83 | 69 | |||||||||||||
BQDM and Demonstration project reconciliations | 15 | 23 | 15 | 21 | |||||||||||||
Pension and other postretirement benefit deferrals | 194 | 144 | 146 | 98 | |||||||||||||
Property tax refunds | 35 | 35 | 35 | 35 | |||||||||||||
COVID - 19 pandemic uncollectible reconciliation deferral | 1 | 12 | 1 | 12 | |||||||||||||
Late payment charge deferral | 160 | 127 | 155 | 123 | |||||||||||||
Unrecognized pension and other postretirement costs | 1,276 | 1,638 | 1,197 | 1,536 | |||||||||||||
Net proceeds from sale of property | 54 | 69 | 52 | 69 | |||||||||||||
Sales and use tax refunds | 29 | 37 | 27 | 36 | |||||||||||||
Workers’ compensation | 15 | 11 | 15 | 11 | |||||||||||||
Deferred derivative gains - long term | 17 | 145 | 17 | 130 | |||||||||||||
Other | 327 | 413 | 277 | 357 | |||||||||||||
Regulatory liabilities – noncurrent | 5,401 | 6,027 | 4,890 | 5,481 | |||||||||||||
Refundable energy costs | 99 | 34 | 70 | — | |||||||||||||
Revenue decoupling mechanism | — | 29 | — | 21 | |||||||||||||
Deferred derivative gains - short term | 90 | 311 | 83 | 287 | |||||||||||||
Regulatory liabilities – current | 189 | 374 | 153 | 308 | |||||||||||||
Total Regulatory Liabilities | $5,590 | $6,401 | $5,043 | $5,789 |
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) | 2023 | 2022 | 2023 | 2022 | ||||||||||
Unrecognized pension and other postretirement costs | $125 | $78 | $125 | $78 | ||||||||||
Environmental remediation costs | 983 | 987 | 899 | 903 | ||||||||||
Revenue taxes | 494 | 414 | 474 | 397 | ||||||||||
COVID-19 Deferral for Uncollectible Accounts Receivable | 207 | 253 | 205 | 249 | ||||||||||
Deferred derivative losses - current | 137 | 184 | 133 | 178 | ||||||||||
Deferred derivative losses - long term | 99 | 31 | 89 | 26 | ||||||||||
Other | 63 | 28 | 62 | 27 | ||||||||||
Total | $2,108 | $1,975 | $1,987 | $1,858 |
(Millions of Dollars) | 2023 | 2022 | ||||||||||||||||||||||||
Long-Term Debt (including current portion) (a) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||||
Con Edison | $21,300 | (c) | $17,726 | (c) | $20,796 | (b) | $18,234 | (b) | ||||||||||||||||||
CECONY | $19,583 | $16,213 | $19,080 | $16,699 |
(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 September 30, | ||||||||||||||
Con Edison | CECONY | |||||||||||||
(Millions of Dollars) | 2023 | 2022 | 2023 | 2022 | ||||||||||
Service cost – including administrative expenses | $40 | $72 | $38 | $67 | ||||||||||
Interest cost on projected benefit obligation | 162 | 126 | 153 | 119 | ||||||||||
Expected return on plan assets | (279) | (292) | (265) | (277) | ||||||||||
Recognition of net actuarial loss/(gain) | (58) | 94 | (55) | 89 | ||||||||||
Recognition of prior service credit | (4) | (4) | (5) | (5) | ||||||||||
TOTAL PERIODIC BENEFIT CREDIT | $(139) | $(4) | $(134) | $(7) | ||||||||||
Cost capitalized | (19) | (32) | (18) | (30) | ||||||||||
Reconciliation to rate level | 72 | 63 | 66 | 59 | ||||||||||
Total expense (credit) recognized | $(86) | $27 | $(86) | $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) | 2023 | 2022 | 2023 | 2022 | ||||||||||
Service cost – including administrative expenses | $122 | $215 | $113 | $202 | ||||||||||
Interest cost on projected benefit obligation | 486 | 379 | 458 | 357 | ||||||||||
Expected return on plan assets | (837) | (876) | (795) | (832) | ||||||||||
Recognition of net actuarial loss/(gain) | (174) | 283 | (164) | 268 | ||||||||||
Recognition of prior service credit | (12) | (12) | (15) | (15) | ||||||||||
TOTAL PERIODIC BENEFIT CREDIT | $(415) | $(11) | $(403) | $(20) | ||||||||||
Cost capitalized | (61) | (100) | (58) | (95) | ||||||||||
Reconciliation to rate level | 218 | 192 | 202 | 182 | ||||||||||
Total expense (credit) recognized | $(258) | $81 | $(259) | $67 |
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 September 30, | ||||||||||||||
Con Edison | CECONY | |||||||||||||
(Millions of Dollars) | 2023 | 2022 | 2023 | 2022 | ||||||||||
Service cost - including administrative expenses | $4 | $5 | $3 | $4 | ||||||||||
Interest cost on projected other postretirement benefit obligation | 14 | 8 | 12 | 8 | ||||||||||
Expected return on plan assets | (18) | (18) | (14) | (14) | ||||||||||
Recognition of net actuarial gain | (4) | (4) | (2) | (3) | ||||||||||
Recognition of prior service credit | — | — | — | — | ||||||||||
TOTAL PERIODIC OTHER POSTRETIREMENT CREDIT | $(4) | $(9) | $(1) | $(5) | ||||||||||
Cost capitalized | (2) | (2) | (2) | (2) | ||||||||||
Reconciliation to rate level | 1 | 7 | — | 6 | ||||||||||
Total credit recognized | $(5) | $(4) | $(3) | $(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) | 2023 | 2022 | 2023 | 2022 | ||||||||||
Service cost - including administrative expenses | $11 | $14 | $9 | $11 | ||||||||||
Interest cost on projected other postretirement benefit obligation | 43 | 26 | 37 | 23 | ||||||||||
Expected return on plan assets | (53) | (54) | (42) | (43) | ||||||||||
Recognition of net actuarial gain | (12) | (11) | (6) | (7) | ||||||||||
Recognition of prior service credit | (1) | (1) | — | — | ||||||||||
TOTAL PERIODIC OTHER POSTRETIREMENT CREDIT | $(12) | $(26) | $(2) | $(16) | ||||||||||
Cost capitalized | (5) | (6) | (4) | (5) | ||||||||||
Reconciliation to rate level | 2 | 22 | (2) | 18 | ||||||||||
Total credit recognized | $(15) | $(10) | $(8) | $(3) |
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) | 2023 | 2022 | 2023 | 2022 | ||||||||||
Accrued Liabilities: | ||||||||||||||
Manufactured gas plant sites | $874 | $876 | $780 | $782 | ||||||||||
Other Superfund Sites | 122 | 121 | 121 | 121 | ||||||||||
Total | $996 | $997 | $901 | $903 | ||||||||||
Regulatory assets | $983 | $991 | $899 | $906 |
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) | 2023 | 2022 | 2023 | 2022 | ||||||||||
Remediation costs incurred | $1 | $3 | $1 | $3 |
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 Nine Months Ended September 30, | ||||||||||||||
Con Edison | CECONY | |||||||||||||
(Millions of Dollars) | 2023 | 2022 | 2023 | 2022 | ||||||||||
Remediation costs incurred | $8 | $17 | $8 | $16 |
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) | 2023 | 2022 | 2023 | 2022 | ||||||||||
Accrued liability – asbestos suits | $8 | $8 | $7 | $7 | ||||||||||
Regulatory assets – asbestos suits | $8 | $8 | $7 | $7 | ||||||||||
Accrued liability – workers’ compensation | $57 | $61 | $55 | $59 | ||||||||||
Regulatory liabilities – workers’ compensation | $12 | $11 | $15 | $11 |
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 | $78 | $— | $— | $78 | ||||||||||
Guarantees on behalf of the Clean Energy Businesses (a) | 100 | — | 31 | 131 | ||||||||||
Broken Bow II | — | — | 9 | 9 | ||||||||||
Total | $178 | $— | $40 | $218 |
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 September 30, | ||||||||||||||
Con Edison | CECONY | |||||||||||||
(Millions of Dollars) | 2023 | 2022 | 2023 | 2022 | ||||||||||
Operating lease cost | $17 | $22 | $17 | $17 | ||||||||||
Operating lease cash flows | $6 | $11 | $6 | $5 |
For the Nine Months Ended September 30, | ||||||||||||||
Con Edison (a) | CECONY | |||||||||||||
(Millions of Dollars) | 2023 | 2022 | 2023 | 2022 | ||||||||||
Operating lease cost | $53 | $66 | $49 | $50 | ||||||||||
Operating lease cash flows | $17 | $28 | $14 | $13 |
Con Edison | CECONY | |||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||
Weighted Average Remaining Lease Term: | ||||||||||||||
Operating leases (a)(b) | 11.6 years | 12.3 years | 11.6 years | 12.4 years | ||||||||||
Finance leases | 6.5 years | 7.2 years | 2.9 years | 2.3 years | ||||||||||
Weighted Average Discount Rate: | ||||||||||||||
Operating leases (a)(b) | 3.7% | 3.7% | 3.7% | 3.7% | ||||||||||
Finance leases | 3.0% | 1.9% | 3.0% | 1.0% |
(Millions of Dollars) | Con Edison | CECONY | ||||||||||||
Year Ending September 30, (b) | Operating Leases | Finance Leases | Operating Leases | Finance Leases | ||||||||||
2024 | $65 | $1 | $65 | $1 | ||||||||||
2025 | 66 | — | 65 | — | ||||||||||
2026 | 65 | — | 65 | — | ||||||||||
2027 | 65 | — | 65 | — | ||||||||||
2028 | 60 | — | 60 | — | ||||||||||
All years thereafter | 419 | 1 | 419 | — | ||||||||||
Total future minimum lease payments | $740 | $2 | $739 | $1 | ||||||||||
Less: imputed interest | (149) | — | (149) | — | ||||||||||
Total | $591 | $2 | $590 | $1 | ||||||||||
Reported as of September 30, 2023 | ||||||||||||||
Operating lease liabilities (current) (a) | $114 | $— | $114 | $— | ||||||||||
Operating lease liabilities (noncurrent) (a) | 477 | — | 476 | — | ||||||||||
Other noncurrent liabilities | — | 2 | — | 1 | ||||||||||
Total | $591 | $2 | $590 | $1 |
For the Three Months Ended September 30, | ||||||||||||||||||||
Con Edison | CECONY | |||||||||||||||||||
(% of Pre-tax income) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||
STATUTORY TAX RATE | ||||||||||||||||||||
Federal | 21 | % | 21 | % | 21 | % | 21 | % | ||||||||||||
Changes in computed taxes resulting from: | ||||||||||||||||||||
State income tax, net of federal income tax benefit | 8 | 6 | 5 | 5 | ||||||||||||||||
Amortization of excess deferred federal income taxes | (6) | (6) | (7) | (7) | ||||||||||||||||
Cost of removal | 1 | 1 | 1 | 1 | ||||||||||||||||
Renewable energy credits | — | (1) | — | — | ||||||||||||||||
Allowance for uncollectible accounts, net of COVID-19 assistance | (2) | — | (2) | 1 | ||||||||||||||||
Impacts from the sale of the Clean Energy Businesses: | ||||||||||||||||||||
State taxes on sale of subsidiary, net of federal income tax benefit | 1 | — | — | — | ||||||||||||||||
Other | (2) | — | (1) | (1) | ||||||||||||||||
Effective tax rate | 21 | % | 21 | % | 17 | % | 20 | % |
For the Nine Months Ended September 30, | ||||||||||||||
Con Edison | CECONY | |||||||||||||
(% of Pre-tax income) | 2023 | 2022 | 2023 | 2022 | ||||||||||
STATUTORY TAX RATE | ||||||||||||||
Federal | 21 | % | 21 | % | 21 | % | 21 | % | ||||||
Changes in computed taxes resulting from: | ||||||||||||||
State income tax, net of federal income tax benefit | 5 | 6 | 5 | 5 | ||||||||||
Taxes attributable to non-controlling interest | — | 1 | — | — | ||||||||||
Cost of removal | 1 | 1 | 2 | 2 | ||||||||||
Other plant-related items | — | — | (1) | (1) | ||||||||||
Renewable energy credits | (1) | (2) | — | — | ||||||||||
Amortization of excess deferred federal income taxes | (5) | (8) | (8) | (10) | ||||||||||
Impacts from the sale of the Clean Energy Businesses: | ||||||||||||||
Changes in state apportionments, net of federal income taxes | (1) | — | — | — | ||||||||||
Deferred unamortized investment tax credit recognized on sale of subsidiary | (4) | — | — | — | ||||||||||
Other | — | — | — | — | ||||||||||
Effective tax rate | 16 | % | 19 | % | 19 | % | 17 | % |
For the Three Months Ended September 30, 2023 | For the Three Months Ended September 30, 2022 | |||||||||||||||||||||||||
(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 | $3,195 | $28 | $3,223 | $3,165 | $(88) | $3,077 | ||||||||||||||||||||
Gas | 338 | (20) | 318 | 409 | 5 | 414 | ||||||||||||||||||||
Steam | 46 | 3 | 49 | 55 | 3 | 58 | ||||||||||||||||||||
Total CECONY | $3,579 | $11 | $3,590 | $3,629 | $(80) | $3,549 | ||||||||||||||||||||
O&R | ||||||||||||||||||||||||||
Electric | 242 | 4 | 246 | 256 | (4) | 252 | ||||||||||||||||||||
Gas | 31 | 4 | 35 | 29 | 10 | 39 | ||||||||||||||||||||
Total O&R | $273 | $8 | $281 | $285 | $6 | $291 | ||||||||||||||||||||
Clean Energy Businesses (c) | ||||||||||||||||||||||||||
Renewables | — | — | — | 197 | — | 197 | ||||||||||||||||||||
Energy services | — | — | — | 13 | — | 13 | ||||||||||||||||||||
Develop/Transfer Projects | — | — | — | 37 | — | 37 | ||||||||||||||||||||
Other | — | — | — | — | 78 | 78 | ||||||||||||||||||||
Total Clean Energy Businesses | $— | $— | $— | $247 | $78 | $325 | ||||||||||||||||||||
Con Edison Transmission | 1 | — | 1 | 1 | — | 1 | ||||||||||||||||||||
Other (b) | — | — | — | — | (1) | (1) | ||||||||||||||||||||
Total Con Edison | $3,853 | $19 | $3,872 | $4,162 | $3 | $4,165 |
For the Nine Months Ended September 30, 2023 | For the Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||
(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 | $7,449 | $273 | $7,722 | $7,525 | $(124) | $7,401 | ||||||||||||||||||||
Gas | 2,117 | 23 | 2,140 | 2,090 | 37 | 2,127 | ||||||||||||||||||||
Steam | 414 | 11 | 425 | 436 | 8 | 444 | ||||||||||||||||||||
Total CECONY | $9,980 | $307 | $10,287 | $10,051 | $(79) | $9,972 | ||||||||||||||||||||
O&R | ||||||||||||||||||||||||||
Electric | $574 | $14 | $588 | $595 | $(1) | $594 | ||||||||||||||||||||
Gas | 211 | 4 | 215 | 217 | 2 | 219 | ||||||||||||||||||||
Total O&R | $785 | $18 | $803 | $812 | $1 | $813 | ||||||||||||||||||||
Clean Energy Businesses (c) | ||||||||||||||||||||||||||
Renewables | $68 | $— | $68 | $524 | $— | $524 | ||||||||||||||||||||
Energy services | 7 | — | 7 | 57 | — | 57 | ||||||||||||||||||||
Develop/Transfer Projects | 7 | — | 7 | 56 | — | 56 | ||||||||||||||||||||
Other | — | 47 | 47 | — | 220 | 220 | ||||||||||||||||||||
Total Clean Energy Businesses | $82 | $47 | $129 | $637 | $220 | $857 | ||||||||||||||||||||
Con Edison Transmission | $3 | $— | $3 | $3 | — | $3 | ||||||||||||||||||||
Other (b) | — | (3) | (3) | — | (6) | (6) | ||||||||||||||||||||
Total Con Edison | $10,850 | $369 | $11,219 | $11,503 | $136 | $11,639 |
2023 | 2022 | ||||||||||||||||||||||
(Millions of Dollars) | Unbilled contract revenue (a) | Unearned revenue (b) | Unbilled contract revenue (a) | Unearned revenue (b) | |||||||||||||||||||
Beginning balance as of January 1, | $80 | $3 | $35 | $7 | |||||||||||||||||||
Additions (c) | 2 | — | 103 | — | |||||||||||||||||||
Subtractions (c) | 78 | 3 | (d) | 81 | 4 | (d) | |||||||||||||||||
Ending balance as of September 30, | $4 | (e) | $— | $57 | $3 |
For the Three Months Ended September 30, | ||||||||||||||||||||||||||
Con Edison | CECONY | |||||||||||||||||||||||||
Accounts receivable - customers | Other receivables | Accounts receivable - customers | Other receivables | |||||||||||||||||||||||
(Millions of Dollars) | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||
Allowance for credit losses | ||||||||||||||||||||||||||
Beginning Balance at July 1, | $275 | $336 | $28 | $9 | $266 | $324 | $24 | $7 | ||||||||||||||||||
Recoveries | 3 | 4 | — | — | 3 | 4 | — | — | ||||||||||||||||||
Write-offs | (43) | 2 | (4) | (2) | (41) | 4 | (3) | (1) | ||||||||||||||||||
Reserve adjustments | 41 | (37) | 7 | 2 | 41 | (35) | 6 | 1 | ||||||||||||||||||
Ending Balance September 30, | $276 | $305 | $31 | $9 | $269 | $297 | $27 | $7 |
For the Nine Months Ended September 30, | ||||||||||||||||||||||||||
Con Edison | CECONY | |||||||||||||||||||||||||
Accounts receivable - customers | Other receivables | Accounts receivable - customers | Other receivables | |||||||||||||||||||||||
(Millions of Dollars) | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||
Allowance for credit losses | ||||||||||||||||||||||||||
Beginning Balance at January 1, | $322 | $317 | $10 | $22 | $314 | $304 | $7 | $19 | ||||||||||||||||||
Recoveries | 11 | 13 | — | — | 10 | 12 | — | — | ||||||||||||||||||
Write-offs | (135) | (62) | (5) | (5) | (130) | (56) | (3) | (3) | ||||||||||||||||||
Reserve adjustments | 78 | 37 | 26 | (8) | 75 | 37 | 23 | (9) | ||||||||||||||||||
Ending Balance September 30, | $276 | $305 | $31 | $9 | $269 | $297 | $27 | $7 |
For the Three Months Ended September 30, | ||||||||||||||||||||||||||
Operating revenues | Inter-segment revenues | Depreciation and amortization | Operating income/(loss) | |||||||||||||||||||||||
(Millions of Dollars) | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||
CECONY | ||||||||||||||||||||||||||
Electric | $3,223 | $3,077 | $4 | $5 | $352 | $324 | $867 | $843 | ||||||||||||||||||
Gas | 318 | 414 | 2 | 2 | 108 | 93 | (108) | (40) | ||||||||||||||||||
Steam | 49 | 58 | 19 | 19 | 25 | 24 | (80) | (65) | ||||||||||||||||||
Consolidation adjustments | — | — | (25) | (26) | — | — | — | — | ||||||||||||||||||
Total CECONY | $3,590 | $3,549 | $— | $— | $485 | $441 | $679 | $738 | ||||||||||||||||||
O&R | ||||||||||||||||||||||||||
Electric | $246 | $252 | $— | $— | $19 | $18 | 59 | $61 | ||||||||||||||||||
Gas | 35 | 39 | — | — | 7 | 7 | (11) | (10) | ||||||||||||||||||
Total O&R | $281 | $291 | $— | $— | $26 | $25 | $48 | $51 | ||||||||||||||||||
Clean Energy Businesses (a) | $— | $325 | $— | $— | $— | $60 | — | $104 | ||||||||||||||||||
Con Edison Transmission | 1 | 1 | — | — | 1 | — | (2) | (2) | ||||||||||||||||||
Other (b) | — | (1) | — | — | — | (1) | (3) | (2) | ||||||||||||||||||
Total Con Edison | $3,872 | $4,165 | $— | $— | $512 | $525 | $722 | $889 |
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 |
For the Nine Months Ended September 30, | ||||||||||||||||||||||||||
Operating revenues | Inter-segment revenues | Depreciation and amortization | Operating income/(loss) | |||||||||||||||||||||||
(Millions of Dollars) | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||
CECONY | ||||||||||||||||||||||||||
Electric | $7,722 | $7,401 | $14 | $14 | $1,035 | $994 | $1,292 | $1,233 | ||||||||||||||||||
Gas | 2,140 | 2,127 | 6 | 6 | 319 | 275 | 533 | 511 | ||||||||||||||||||
Steam | 425 | 444 | 55 | 57 | 74 | 72 | (75) | (15) | ||||||||||||||||||
Consolidation adjustments | — | — | (75) | (77) | — | — | — | — | ||||||||||||||||||
Total CECONY | $10,287 | $9,972 | $— | $— | $1,428 | $1,341 | $1,750 | $1,729 | ||||||||||||||||||
O&R | ||||||||||||||||||||||||||
Electric | $588 | $594 | $— | $— | $56 | $53 | $73 | $85 | ||||||||||||||||||
Gas | 215 | 219 | — | — | 22 | 20 | 27 | 25 | ||||||||||||||||||
Total O&R | $803 | $813 | $— | $— | $78 | $73 | $100 | $110 | ||||||||||||||||||
Clean Energy Businesses (a) | $129 | $857 | $— | $— | $— | $178 | $37 | $248 | ||||||||||||||||||
Con Edison Transmission | 3 | 3 | — | — | 1 | 1 | (6) | (8) | ||||||||||||||||||
Other (b) | (3) | (6) | — | — | (1) | — | 864 | (5) | ||||||||||||||||||
Total Con Edison | $11,219 | $11,639 | $— | $— | $1,506 | $1,593 | $2,745 | $2,074 |
(Millions of Dollars) | 2023 | 2022 | ||||||||||||||||||||||||
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 | $115 | $(63) | $52 | (b) | $378 | $(332) | $46 | (b) | ||||||||||||||||||
Noncurrent | 63 | (37) | 26 | 193 | (108) | 85 | ||||||||||||||||||||
Total fair value of derivative assets held and used | 178 | (100) | 78 | 571 | (440) | 131 | ||||||||||||||||||||
Current - assets held for sale (d) | — | — | — | 93 | (8) | 85 | (c)(d) | |||||||||||||||||||
Noncurrent - assets held for sale (d) | — | — | — | 83 | 11 | 94 | (c)(d) | |||||||||||||||||||
Total fair value of derivative assets | $178 | $(100) | $78 | $747 | $(437) | $310 | ||||||||||||||||||||
Fair value of derivative liabilities | ||||||||||||||||||||||||||
Current | $(135) | $64 | $(71) | (b) | $(198) | $166 | $(32) | (b) | ||||||||||||||||||
Noncurrent | (108) | 40 | (68) | (49) | 36 | (13) | ||||||||||||||||||||
Total fair value of derivative liabilities held and used | $(243) | $104 | $(139) | $(247) | $202 | $(45) | ||||||||||||||||||||
Current - liabilities held for sale (d) | — | — | — | (31) | 6 | (25) | (d) | |||||||||||||||||||
Noncurrent - liabilities held for sale (d) | — | — | — | (3) | (8) | (11) | (d) | |||||||||||||||||||
Total fair value of derivative liabilities | $(243) | $104 | $(139) | $(281) | $200 | $(81) | ||||||||||||||||||||
Net fair value derivative assets/(liabilities) | $(65) | $4 | $(61) | $466 | $(237) | $229 | ||||||||||||||||||||
CECONY | ||||||||||||||||||||||||||
Fair value of derivative assets | ||||||||||||||||||||||||||
Current | $107 | $(60) | $47 | (b) | $350 | $(312) | $38 | (b) | ||||||||||||||||||
Noncurrent | 60 | (34) | 26 | 176 | (96) | 80 | ||||||||||||||||||||
Total fair value of derivative assets | $167 | $(94) | $73 | $526 | $(408) | $118 | ||||||||||||||||||||
Fair value of derivative liabilities | ||||||||||||||||||||||||||
Current | $(129) | $61 | $(68) | (b) | $(189) | $160 | $(29) | |||||||||||||||||||
Noncurrent | (98) | 38 | (60) | (43) | 34 | (9) | ||||||||||||||||||||
Total fair value of derivative liabilities | $(227) | $99 | $(128) | $(232) | $194 | $(38) | ||||||||||||||||||||
Net fair value derivative assets/(liabilities) | $(60) | $5 | $(55) | $294 | $(214) | $80 |
(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 September 30, | ||||||||||||||||||||
Con Edison | CECONY | |||||||||||||||||||
(Millions of Dollars) | Balance Sheet Location | 2023 | 2022 | 2023 | 2022 | |||||||||||||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||||||||||||||||||||
Current | Regulatory liabilities | $(11) | $31 | $(9) | $30 | |||||||||||||||
Noncurrent | Regulatory liabilities | (11) | 23 | (9) | 17 | |||||||||||||||
Total deferred gains/(losses) | $(22) | $54 | $(18) | $47 | ||||||||||||||||
Current | Regulatory assets | $22 | $41 | $20 | $37 | |||||||||||||||
Current | Recoverable energy costs | (98) | 168 | (94) | 152 | |||||||||||||||
Noncurrent | Regulatory assets | (34) | 49 | (29) | 45 | |||||||||||||||
Total deferred gains/(losses) | $(110) | $258 | $(103) | $234 | ||||||||||||||||
Net deferred gains/(losses) | $(132) | $312 | $(121) | $281 | ||||||||||||||||
Income Statement Location | ||||||||||||||||||||
Pre-tax gains/(losses) recognized in income | ||||||||||||||||||||
Gas purchased for resale | $— | $(2) | $— | $— | ||||||||||||||||
Non-utility revenue | — | (1) | — | — | ||||||||||||||||
Other operations and maintenance expense | 1 | (1) | 1 | (1) | ||||||||||||||||
Other interest expense (a) | — | 49 | — | — | ||||||||||||||||
Total pre-tax gains/(losses) recognized in income | $1 | $45 | $1 | ($1) |
For the Nine Months Ended September 30, | ||||||||||||||||||||
Con Edison | CECONY | |||||||||||||||||||
(Millions of Dollars) | Balance Sheet Location | 2023 | 2022 | 2023 | 2022 | |||||||||||||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||||||||||||||||||||
Current | Regulatory liabilities | $(221) | $379 | $(203) | $350 | |||||||||||||||
Noncurrent | Regulatory liabilities | (128) | 91 | (113) | 79 | |||||||||||||||
Total deferred gains/(losses) | $(349) | $470 | $(316) | $429 | ||||||||||||||||
Current | Regulatory assets | $47 | $50 | $45 | $45 | |||||||||||||||
Current | Recoverable energy costs | (474) | 357 | (449) | 324 | |||||||||||||||
Noncurrent | Regulatory assets | (68) | 19 | (63) | 18 | |||||||||||||||
Total deferred gains/(losses) | $(495) | $426 | $(467) | $387 | ||||||||||||||||
Net deferred gains/(losses) | $(844) | $896 | $(783) | $816 | ||||||||||||||||
Income Statement Location | ||||||||||||||||||||
Pre-tax gains/(losses) recognized in income | ||||||||||||||||||||
Gas purchased for resale | $4 | $1 | $— | $— | ||||||||||||||||
Non-utility revenue | 17 | (23) | — | — | ||||||||||||||||
Other operations and maintenance expense | 1 | 4 | 1 | 4 | ||||||||||||||||
Other interest expense (a) | 5 | 158 | — | — | ||||||||||||||||
Total pre-tax gains/(losses) recognized in income | $27 | $140 | $1 | $4 |
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 | 30,376,045 | 49,800 | 353,360,000 | 2,520,000 | ||||||||||
CECONY | 27,714,325 | 39,000 | 334,950,000 | 2,520,000 |
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 | $133 | $125 | ||||||||||||
Collateral posted | 73 | 67 | ||||||||||||
Additional collateral (b) (downgrade one level from current ratings) | 51 | 46 | ||||||||||||
Additional collateral (b)(c) (downgrade to below investment grade from current ratings) | 137 | 126 |
(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) |
(b)The Companies measure the collateral requirements by taking into consideration the fair value amounts of derivative instruments that contain credit-risk-related contingent features that are in a net liability position plus amounts owed to counterparties for settled transactions and amounts required by counterparties for minimum financial security. |
2023 | 2022 | |||||||||||||||||||||||||||||||
(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) | $21 | $137 | $5 | $(75) | $88 | $84 | $476 | $2 | $(420) | $142 | ||||||||||||||||||||||
Commodity held for sale (g) | — | — | — | — | — | 6 | 34 | 31 | 2 | 73 | ||||||||||||||||||||||
Interest rate swaps (a)(b)(c)(f)(g) | — | — | — | — | — | — | 106 | — | — | 106 | ||||||||||||||||||||||
Other (a)(b)(d) | 462 | 121 | — | — | 583 | 437 | 116 | — | — | 553 | ||||||||||||||||||||||
Total assets | $483 | $258 | $5 | $(75) | $671 | $527 | $732 | $33 | $(418) | $874 | ||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||||||||
Commodity (a)(b)(c) | $16 | $196 | $15 | $(72) | $155 | $18 | $204 | $16 | $(184) | $54 | ||||||||||||||||||||||
Commodity held for sale (g) | — | — | — | — | — | 8 | 24 | 2 | 2 | 36 | ||||||||||||||||||||||
Total liabilities | $16 | $196 | $15 | $(72) | $155 | $26 | $228 | $18 | $(182) | $90 | ||||||||||||||||||||||
CECONY | ||||||||||||||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||||||||||
Commodity (a)(b)(c) | $21 | $130 | $3 | $(73) | $81 | $83 | $434 | $2 | $(388) | $131 | ||||||||||||||||||||||
Other (a)(b)(d) | 450 | 114 | — | — | 564 | 422 | 110 | — | — | 532 | ||||||||||||||||||||||
Total assets | $471 | $244 | $3 | $(73) | $645 | $505 | $544 | $2 | $(388) | $663 | ||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||||||||
Commodity (a)(b)(c) | $15 | $187 | $10 | $(73) | $139 | $18 | $198 | $8 | $(180) | $44 | ||||||||||||||||||||||
Total liabilities | $15 | $187 | $10 | $(73) | $139 | $18 | $198 | $8 | $(180) | $44 |
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 | $(6) | Discounted Cash Flow | Forward energy prices (a) | $33.95-$137.60 per MWh | ||||||||||
Electricity | (5) | Discounted Cash Flow | Forward capacity prices (a) | $1.90-$11.75 per kW-month | ||||||||||
Discounted Cash Flow | Inter-zonal forward price curves adjusted for historical zonal losses (b) | $0.09-$3.80 per MWh | ||||||||||||
Total Con Edison—Commodity | $(10) | |||||||||||||
CECONY – Commodity | ||||||||||||||
Electricity | $(4) | Discounted Cash Flow | Forward energy prices (a) | $37.55-$137.60 per MWh | ||||||||||
Electricity | (4) | Discounted Cash Flow | Forward capacity prices (a) | $1.90-$11.75 per kW-month | ||||||||||
Transmission Congestion Contracts | 1 | Discounted Cash Flow | Inter-zonal forward price curves adjusted for historical zonal losses (b) | $0.09-$3.80 per MWh | ||||||||||
Total CECONY—Commodity | $(7) |
For the Three Months Ended September 30, | ||||||||||||||
Con Edison | CECONY | |||||||||||||
(Millions of Dollars) | 2023 | 2022 | 2023 | 2022 | ||||||||||
Beginning balance as of July 1, | $(7) | $9 | $(4) | $(11) | ||||||||||
Included in earnings | 2 | (10) | 1 | (1) | ||||||||||
Included in regulatory assets and liabilities | (3) | 14 | (3) | 11 | ||||||||||
Purchases | — | 1 | — | — | ||||||||||
Settlements | (2) | 2 | (1) | 1 | ||||||||||
Transfer out of level 3 | — | — | — | — | ||||||||||
Ending balance as of September 30, | $(10) | $16 | $(7) | $— |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
�� Con Edison | CECONY | Con Edison | CECONY | |||||||||||||||||||
(Millions of Dollars) | 2017 | 2016 | 2017 | 2016 | (Millions of Dollars) | 2023 | 2022 | 2023 | 2022 | |||||||||||||
Beginning balance as of July 1, | $(10) | $5 | $(6) | $2 | ||||||||||||||||||
Beginning balance as of January 1, | Beginning balance as of January 1, | $15 | $(11) | $(6) | $(7) | |||||||||||||||||
Included in earnings | 7 | (4) | 1 | — | Included in earnings | (2) | 13 | (1) | (3) | |||||||||||||
Included in regulatory assets and liabilities | (13) | (5) | (8) | (3) | Included in regulatory assets and liabilities | 16 | 7 | 10 | 5 | |||||||||||||
Sales | — | 4 | — | — | ||||||||||||||||||
Purchases | Purchases | — | 3 | — | — | |||||||||||||||||
Settlements | (4) | 1 | (1) | 1 | Settlements | — | 3 | — | 4 | |||||||||||||
Decrease due to the sale of the Clean Energy Businesses (a) | Decrease due to the sale of the Clean Energy Businesses (a) | (29) | — | — | — | |||||||||||||||||
Transfer out of level 3 | Transfer out of level 3 | (10) | 1 | (10) | 1 | |||||||||||||||||
Ending balance as of September 30, | $(20) | $1 | $(14) | $— | Ending balance as of September 30, | $(10) | $16 | $(7) | $— |
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 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||
(Millions of Dollars) | 2022 | 2022 | ||||||||||||
Income/(Loss) attributable to tax equity investor | $6 | $(36) | ||||||||||||
Income/(Loss) attributable to tax equity investor after tax | 5 | (27) | ||||||||||||
Income/(Loss) attributable to Con Edison | (7) | 32 | ||||||||||||
Income/(Loss) attributable to Con Edison after tax | (5) | 24 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||
(Millions of Dollars) | 2022 | 2022 | ||||||
Income/(Loss) attributable to tax equity investor | $— | $(7) | ||||||
Income/(Loss) attributable to tax equity investor after tax | — | (5) | ||||||
Income/(Loss) attributable to Con Edison | 16 | 44 | ||||||
Income/(Loss) attributable to Con Edison after tax | 12 | 33 |
Tax Equity Projects | |||||||||||
Great Valley Solar (c)(d) | Copper Mountain - Mesquite Solar (c)(e) | CED Nevada Virginia (c)(f) | |||||||||
(Millions of Dollars) | 2022 | 2022 | 2022 | ||||||||
Assets held for sale (a) | $305 | $580 | $686 | ||||||||
Total assets (a) | $305 | $580 | $686 | ||||||||
Liabilities held for sale (b) | 20 | 81 | 331 | ||||||||
Total liabilities (b) | $20 | $81 | $331 |
For the Three Months Ended September 30, | ||||||||
CECONY | ||||||||
(Millions of Dollars) | 2023 | 2022 | ||||||
Cost of services provided | $39 | $35 | ||||||
Cost of services received | $21 | $19 |
For the Nine Months Ended September 30, | ||||||||
CECONY (a) | ||||||||
(Millions of Dollars) | 2023 | 2022 | ||||||
Cost of services provided | $105 | $101 | ||||||
Cost of services received | $61 | $56 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||
(Millions of Dollars) | 2022 | 2023 | 2022 | ||||||||
Pre-tax operating income | $118 | $25 | $361 | ||||||||
Pre-tax operating income, excluding non-controlling interest | $123 | $21 | $317 |
(Millions of Dollars) | September 30, 2023 | ||||
ASSETS | |||||
CURRENT ASSETS | |||||
Restricted cash | $5 | ||||
Other current assets | 3 | ||||
TOTAL CURRENT ASSETS | 8 | ||||
NON-UTILITY PLANT | |||||
Non-utility property, net accumulated depreciation | 76 | ||||
NET PLANT | 76 | ||||
OTHER NONCURRENT ASSETS | |||||
Intangible Assets less accumulated amortization | 72 | ||||
Operating lease right-of-use asset | 7 | ||||
TOTAL OTHER NONCURRENT ASSETS | 79 | ||||
TOTAL ASSETS | $163 |
(Millions of Dollars) | September 30, 2023 | ||||
LIABILITIES | |||||
CURRENT LIABILITIES | |||||
Long-term debt due within one year | $2 | ||||
Operating lease liabilities | 2 | ||||
Other current liabilities | 3 | ||||
TOTAL CURRENT LIABILITIES | 7 | ||||
NONCURRENT LIABILITIES | |||||
Asset retirement obligations | 3 | ||||
Operating lease liabilities | 5 | ||||
TOTAL NONCURRENT LIABILITIES | 8 | ||||
LONG-TERM DEBT | 61 | ||||
TOTAL LIABILITIES | $76 |
Con Edison | |||||||||||||||||||||||||||||||||||
CECONY | O&R | Con Edison Transmission | |||||||||||||||||||||||||||||||||
•RECO | |||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2023 | For the Nine Months Ended September 30, 2023 | At September 30, 2023 | ||||||||||||||||||||||||||||||
(Millions of Dollars, except percentages) | Operating Revenues | Net Income for Common Stock | Operating Revenues | Net Income for Common Stock | Assets | |||||||||||||||||||||||||||
CECONY | $3,590 | 93 | % | $515 | 98 | % | $10,287 | 92 | % | $1,308 | 60 | % | $59,587 | 92 | % | |||||||||||||||||
O&R | 281 | 7 | 36 | 7 | 803 | 7 | 75 | 3 | 3,622 | 6 | ||||||||||||||||||||||
Total Utilities | $3,871 | 100 | % | $551 | 105 | % | $11,090 | 99 | % | $1,383 | 63 | % | $63,209 | 98 | % | |||||||||||||||||
Clean Energy Businesses (a)(c) | — | — | — | — | 129 | 1 | 22 | 1 | — | — | ||||||||||||||||||||||
Con Edison Transmission | 1 | — | 4 | 1 | 3 | — | 10 | — | 377 | 1 | ||||||||||||||||||||||
Other (b)(c) | — | — | (29) | (6) | (3) | — | 770 | 36 | 819 | 1 | ||||||||||||||||||||||
Total Con Edison | $3,872 | 100 | % | $526 | 100 | % | $11,219 | 100 | % | $2,185 | 100 | % | $64,405 | 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, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
(Millions of Dollars, except per share amounts) | Net Income for Common Stock | Earnings per Share | Net Income for Common Stock | Earnings per Share | ||||||||||||||||||||||
CECONY | $515 | $493 | $1.49 | $1.39 | $1,308 | $1,138 | $3.75 | $3.21 | ||||||||||||||||||
O&R | 36 | 33 | 0.10 | 0.09 | 75 | 72 | 0.21 | 0.20 | ||||||||||||||||||
Clean Energy Businesses (a) (d) | — | 97 | — | 0.28 | 22 | 293 | 0.06 | 0.83 | ||||||||||||||||||
Con Edison Transmission | 4 | 1 | 0.01 | — | 10 | 2 | 0.03 | 0.01 | ||||||||||||||||||
Other (b) | (29) | (11) | (0.07) | (0.03) | 770 | (35) | 2.22 | (0.10) | ||||||||||||||||||
Con Edison (c) | $526 | $613 | $1.53 | $1.73 | $2,185 | $1,470 | $6.27 | $4.15 |
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 |
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 September 30, 2023 vs. 2022 | |||||||||||
Net Income for Common Stock (Net of Tax) (Millions of Dollars) | Earnings per Share | ||||||||||
CECONY (a) | |||||||||||
Electric base rate increase | $123 | $0.35 | |||||||||
Higher operations maintenance activities | (40) | (0.11) | |||||||||
Higher interest expense | (28) | (0.08) | |||||||||
Higher operation and maintenance expense for stock-based compensation, health care costs and injuries and damages | (15) | (0.04) | |||||||||
Change in incentives earned under the electric and gas earnings adjustment mechanisms (EAMs) | (10) | (0.03) | |||||||||
Gas base rate change | (6) | (0.02) | |||||||||
Higher payroll taxes | (4) | (0.01) | |||||||||
Accretive effect of share repurchase | — | 0.04 | |||||||||
Other | 2 | — | |||||||||
Total CECONY | 22 | 0.10 | |||||||||
O&R (a) | |||||||||||
Electric base rate increase | 3 | 0.01 | |||||||||
Gas base rate increase | 1 | — | |||||||||
Other | (2) | — | |||||||||
Total O&R | 2 | 0.01 | |||||||||
Clean Energy Businesses (b) | |||||||||||
Total Clean Energy Businesses | (97) | (0.28) | |||||||||
Con Edison Transmission | |||||||||||
Higher investment income | 2 | 0.01 | |||||||||
Other | 1 | — | |||||||||
Total Con Edison Transmission | 3 | 0.01 | |||||||||
Other, including parent company expenses | |||||||||||
Higher interest income primarily related to the proceeds from sale of the Clean Energy Businesses | 5 | 0.01 | |||||||||
Lower interest expense | 4 | 0.01 | |||||||||
Net mark-to-market effects | 4 | 0.01 | |||||||||
Gain and other impacts related to the sale of the Clean Energy Businesses | (31) | (0.08) | |||||||||
HLBV effects | (4) | (0.01) | |||||||||
Other | 5 | 0.02 | |||||||||
Total Other, including parent company expenses | (17) | (0.04) | |||||||||
Total Reported (GAAP basis) | $(87) | $(0.20) | |||||||||
a.Under the revenue decoupling mechanisms in the Utilities’ New York 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. | |||||||||||
b. On March 1, 2023, Con Edison completed the sale of substantially all of the assets of the Clean Energy Businesses. |
Variation for the Nine Months Ended September 30, 2023 vs. 2022 | ||||||||
Net Income for Common Stock (Net of Tax) (Millions of Dollars) | Earnings per Share | |||||||
CECONY (a) | ||||||||
Electric base rate increase | $193 | $0.55 | ||||||
Gas base rate increase | 55 | 0.16 | ||||||
Higher interest income | 7 | 0.02 | ||||||
Lower operation and maintenance expense from stock-based compensation, health care costs and injuries and damages | 2 | 0.01 | ||||||
Higher income from allowance for equity funds used during construction | 2 | 0.01 | ||||||
Higher interest expense | (68) | (0.19) | ||||||
Weather impact on steam revenues | (25) | (0.07) | ||||||
Higher electric operations maintenance activities | (6) | (0.02) | ||||||
Change in incentives earned under the electric and gas earnings adjustment mechanisms (EAMs) | (3) | (0.01) | ||||||
Accretive effect of share repurchase | — | 0.06 | ||||||
Other | 13 | 0.02 | ||||||
Total CECONY | 170 | 0.54 | ||||||
O&R (a) | ||||||||
Electric base rate increase | 5 | 0.01 | ||||||
Gas base rate increase | 4 | 0.01 | ||||||
Higher storm-related costs | (3) | (0.01) | ||||||
Other | (3) | — | ||||||
Total O&R | 3 | 0.01 | ||||||
Clean Energy Businesses (b) | ||||||||
Total Clean Energy Businesses | (271) | (0.77) | ||||||
Con Edison Transmission | ||||||||
Higher investment income | 6 | 0.02 | ||||||
Other | 2 | — | ||||||
Total Con Edison Transmission | 8 | 0.02 | ||||||
Other, including parent company expenses | ||||||||
Gain and other impacts related to the sale of the Clean Energy Businesses | 753 | 2.16 | ||||||
Higher interest income primarily related to proceeds from sale of the Clean Energy Businesses | 15 | 0.04 | ||||||
Lower interest expense | 12 | 0.03 | ||||||
Net mark-to-market effects | 10 | 0.03 | ||||||
Production tax credit from deferred project | 4 | 0.01 | ||||||
Lower New York state capital taxes | 4 | 0.01 | ||||||
Lower expenses related to the capital funding facility | 4 | 0.01 | ||||||
HLBV effects | (4) | (0.01) | ||||||
Accretive effect of share repurchase | — | 0.04 | ||||||
Other | 7 | — | ||||||
Total Other, including parent company expenses | 805 | 2.32 | ||||||
Total Reported (GAAP basis) | $715 | $2.12 | ||||||
a.Under the revenue decoupling mechanisms in the Utilities’ New York 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. | ||||||||
b. On March 1, 2023, Con Edison completed the sale of substantially all of the assets of the Clean Energy Businesses. |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||
(Millions of Dollars) | 2023 | 2022 | 2023 | 2022 | ||||||||||
CECONY | ||||||||||||||
Operations | $513 | $420 | $1,383 | $1,276 | ||||||||||
Pensions and other postretirement benefits | 87 | 104 | 259 | 312 | ||||||||||
Health care and other benefits | 52 | 39 | 124 | 109 | ||||||||||
Regulatory fees and assessments (a) | 111 | 104 | 283 | 271 | ||||||||||
Other | 71 | 140 | 292 | 299 | ||||||||||
Total CECONY | $834 | $807 | $2,341 | $2,267 | ||||||||||
O&R | 96 | 88 | 283 | 259 | ||||||||||
Clean Energy Businesses (b) | — | 101 | 47 | 252 | ||||||||||
Con Edison Transmission | 2 | 3 | 8 | 10 | ||||||||||
Other (c) | 1 | — | (1) | (3) | ||||||||||
Total other operations and maintenance expenses | $933 | $999 | $2,678 | $2,785 |
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 (a) | Con Edison Transmission | Other (b) | Con Edison (c) | |||||||||||||||||||||||||||||||||
(Millions of Dollars) | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||
Operating revenues | $3,590 | $3,549 | $281 | $291 | $— | $325 | $1 | $1 | $— | $(1) | $3,872 | $4,165 | ||||||||||||||||||||||||||
Purchased power | 719 | 643 | 77 | 89 | — | — | — | — | — | (1) | 796 | 731 | ||||||||||||||||||||||||||
Fuel | 34 | 59 | — | — | — | — | — | — | — | — | 34 | 59 | ||||||||||||||||||||||||||
Gas purchased for resale | 62 | 113 | 11 | 16 | — | 55 | — | — | — | 1 | 73 | 185 | ||||||||||||||||||||||||||
Other operations and maintenance | 834 | 807 | 96 | 88 | — | 101 | 2 | 3 | 1 | — | 933 | 999 | ||||||||||||||||||||||||||
Depreciation and amortization | 485 | 441 | 26 | 25 | — | 60 | 1 | — | — | (1) | 512 | 525 | ||||||||||||||||||||||||||
Taxes, other than income taxes | 777 | 748 | 23 | 22 | — | 5 | — | — | 1 | 2 | 801 | 777 | ||||||||||||||||||||||||||
Gain on sale of the Clean Energy Businesses | — | — | — | — | — | — | — | — | (1) | — | (1) | — | ||||||||||||||||||||||||||
Operating income (loss) | 679 | 738 | 48 | 51 | — | 104 | (2) | (2) | (3) | (2) | 722 | 889 | ||||||||||||||||||||||||||
Other income (deductions) | 184 | 81 | 12 | 5 | — | 1 | 8 | 5 | 3 | (3) | 207 | 89 | ||||||||||||||||||||||||||
Net interest expense | 239 | 202 | 13 | 11 | — | (19) | — | 2 | 7 | 3 | 259 | 199 | ||||||||||||||||||||||||||
Income (loss) before income tax expense | 624 | 617 | 47 | 45 | — | 124 | 6 | 1 | (7) | (8) | 670 | 779 | ||||||||||||||||||||||||||
Income tax expense | 109 | 124 | 11 | 12 | — | 21 | 2 | — | 22 | 3 | 144 | 160 | ||||||||||||||||||||||||||
Net income (loss) | $515 | $493 | $36 | $33 | $— | $103 | $4 | $1 | $(29) | $(11) | $526 | $619 | ||||||||||||||||||||||||||
Income (loss) attributable to non-controlling interest | — | — | — | — | — | 6 | — | — | — | — | — | 6 | ||||||||||||||||||||||||||
Net income (loss) for common stock | $515 | $493 | $36 | $33 | $— | $97 | $4 | $1 | $(29) | $(11) | $526 | $613 | ||||||||||||||||||||||||||
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 September 30, 2023 | For the Three Months Ended September 30, 2022 | ||||||||||||||||||||||||||||
(Millions of Dollars) | Electric | Gas | Steam | 2023 Total | Electric | Gas | Steam | 2022 Total | 2023-2022 Variation | ||||||||||||||||||||
Operating revenues | $3,223 | $318 | $49 | $3,590 | $3,077 | $414 | $58 | $3,549 | $41 | ||||||||||||||||||||
Purchased power | 713 | — | 6 | 719 | 628 | — | 15 | 643 | 76 | ||||||||||||||||||||
Fuel | 33 | — | 1 | 34 | 58 | — | 1 | 59 | (25) | ||||||||||||||||||||
Gas purchased for resale | — | 62 | — | 62 | — | 113 | — | 113 | (51) | ||||||||||||||||||||
Other operations and maintenance | 644 | 129 | 61 | 834 | 645 | 114 | 48 | 807 | 27 | ||||||||||||||||||||
Depreciation and amortization | 352 | 108 | 25 | 485 | 324 | 93 | 24 | 441 | 44 | ||||||||||||||||||||
Taxes, other than income taxes | 614 | 127 | 36 | 777 | 579 | 134 | 35 | 748 | 29 | ||||||||||||||||||||
Operating income | $867 | $(108) | $(80) | $679 | $843 | $(40) | $(65) | $738 | $(59) |
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) | September 30, 2023 | September 30, 2022 | Variation | ||||||||
Operating revenues | $3,223 | $3,077 | $146 | ||||||||
Purchased power | 713 | 628 | 85 | ||||||||
Fuel | 33 | 58 | (25) | ||||||||
Other operations and maintenance | 644 | 645 | (1) | ||||||||
Depreciation and amortization | 352 | 324 | 28 | ||||||||
Taxes, other than income taxes | 614 | 579 | 35 | ||||||||
Electric operating income | $867 | $843 | $24 |
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 | September 30, 2023 | September 30, 2022 | Variation | Percent Variation | September 30, 2023 | September 30, 2022 | Variation | Percent Variation | |||||||||||||||||||||
Residential/Religious (b) | 3,960 | 4,303 | (343) | (8.0) | % | $1,233 | $1,069 | $164 | 15.3 | % | |||||||||||||||||||
Commercial/Industrial | 3,052 | 3,003 | 49 | 1.6 | 840 | 808 | 32 | 4.0 | |||||||||||||||||||||
Retail choice customers | 5,914 | 6,107 | (193) | (3.2) | 817 | 825 | (8) | (1.0) | |||||||||||||||||||||
NYPA, Municipal Agency and other sales | 2,657 | 2,611 | 46 | 1.8 | 284 | 240 | 44 | 18.3 | |||||||||||||||||||||
Other operating revenues (c) | — | — | — | — | 49 | 135 | (86) | (63.7) | |||||||||||||||||||||
Total | 15,583 | 16,024 | (441) | (2.8) | % | (d) | $3,223 | $3,077 | $146 | 4.7 | % |
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) | September 30, 2023 | September 30, 2022 | Variation | ||||||||
Operating revenues | $318 | $414 | $(96) | ||||||||
Gas purchased for resale | 62 | 113 | (51) | ||||||||
Other operations and maintenance | 129 | 114 | 15 | ||||||||
Depreciation and amortization | 108 | 93 | 15 | ||||||||
Taxes, other than income taxes | 127 | 134 | (7) | ||||||||
Gas operating income | $(108) | $(40) | $(68) |
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 | September 30, 2023 | September 30, 2022 | Variation | Percent Variation | September 30, 2023 | September 30, 2022 | Variation | Percent Variation | |||||||||||||||||||||
Residential | 3,884 | 4,467 | (583) | (13.1) | % | $131 | $150 | $(19) | (12.7) | % | |||||||||||||||||||
General | 4,094 | 4,759 | (665) | (14.0) | 58 | 94 | (36) | (38.3) | |||||||||||||||||||||
Firm transportation | 9,953 | 8,821 | 1,132 | 12.8 | 85 | 88 | (3) | (3.4) | |||||||||||||||||||||
Total firm sales and transportation | 17,931 | 18,047 | (116) | (0.6) | % | (b) | $274 | $332 | $(58) | (17.5) | % | ||||||||||||||||||
Interruptible sales (c) | 2,693 | 1,222 | 1,471 | Large | 13 | 10 | 3 | 30.0 | |||||||||||||||||||||
NYPA | 15,214 | 14,381 | 833 | 5.8 | 1 | 1 | — | — | |||||||||||||||||||||
Generation plants | 23,215 | 19,633 | 3,582 | 18.2 | 6 | 11 | (5) | (45.5) | |||||||||||||||||||||
Other | 4,023 | 4,141 | (118) | (2.8) | 6 | 6 | — | — | |||||||||||||||||||||
Other operating revenues (d) | — | — | — | — | 18 | 54 | (36) | (66.7) | |||||||||||||||||||||
Total | 63,076 | 57,424 | 5,652 | 9.8 | % | $318 | $414 | $(96) | (23.2) | % |
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) | September 30, 2023 | September 30, 2022 | Variation | ||||||||
Operating revenues | $49 | $58 | $(9) | ||||||||
Purchased power | 6 | 15 | (9) | ||||||||
Fuel | 1 | 1 | — | ||||||||
Other operations and maintenance | 61 | 48 | 13 | ||||||||
Depreciation and amortization | 25 | 24 | 1 | ||||||||
Taxes, other than income taxes | 36 | 35 | 1 | ||||||||
Steam operating income | $(80) | $(65) | $(15) |
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 | September 30, 2023 | September 30, 2022 | Variation | Percent Variation | September 30, 2023 | September 30, 2022 | Variation | Percent Variation | |||||||||||||||||||||
General | 7 | 7 | — | — | % | $2 | $2 | $— | — | % | |||||||||||||||||||
Apartment house | 568 | 582 | (14) | (2.4) | 12 | 13 | (1) | (7.7) | |||||||||||||||||||||
Annual power | 1,796 | 2,006 | (210) | (10.5) | 30 | 38 | (8) | (21.1) | |||||||||||||||||||||
Other operating revenues (a) | — | — | — | — | 5 | 5 | — | — | |||||||||||||||||||||
Total | 2,371 | 2,595 | (224) | (8.6) | % | (b) | $49 | $58 | $(9) | (15.5) | % |
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 September 30, | |||||||||||||||||
(Millions of Dollars) | 2023 | 2022 | Variation | ||||||||||||||
Property taxes | $681 | $604 | $77 | ||||||||||||||
State and local taxes related to revenue receipts | 115 | 114 | 1 | ||||||||||||||
Payroll taxes | 19 | 14 | 5 | ||||||||||||||
Other taxes | (38) | 16 | (54) | ||||||||||||||
Total | $777 | (a) | $748 | (a) | $29 |
For the Three Months Ended September 30, 2023 | For the Three Months Ended September 30, 2022 | ||||||||||||||||||||||
(Millions of Dollars) | Electric | Gas | 2023 Total | Electric | Gas | 2022 Total | 2023-2022 Variation | ||||||||||||||||
Operating revenues | $246 | $35 | $281 | $252 | $39 | $291 | $(10) | ||||||||||||||||
Purchased power | 77 | — | 77 | 89 | — | 89 | (12) | ||||||||||||||||
Gas purchased for resale | — | 11 | 11 | — | 16 | 16 | (5) | ||||||||||||||||
Other operations and maintenance | 76 | 20 | 96 | 69 | 19 | 88 | 8 | ||||||||||||||||
Depreciation and amortization | 19 | 7 | 26 | 18 | 7 | 25 | 1 | ||||||||||||||||
Taxes, other than income taxes | 15 | 8 | 23 | 15 | 7 | 22 | 1 | ||||||||||||||||
Operating income (loss) | $59 | $(11) | $48 | $61 | $(10) | $51 | $(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) | September 30, 2023 | September 30, 2022 | Variation | ||||||||
Operating revenues | $246 | $252 | $(6) | ||||||||
Purchased power | 77 | 89 | (12) | ||||||||
Other operations and maintenance | 76 | 69 | 7 | ||||||||
Depreciation and amortization | 19 | 18 | 1 | ||||||||
Taxes, other than income taxes | 15 | 15 | — | ||||||||
Electric operating income | $59 | $61 | $(2) |
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 | September 30, 2023 | September 30, 2022 | Variation | Percent Variation | September 30, 2023 | September 30, 2022 | Variation | Percent Variation | |||||||||||||||||||||
Residential/Religious (b) | 627 | 654 | (27) | (4.1) | % | $140 | $141 | $(1) | (0.7) | % | |||||||||||||||||||
Commercial/Industrial | 252 | 265 | (13) | (4.9) | 41 | 45 | (4) | (8.9) | |||||||||||||||||||||
Retail choice customers | 703 | 747 | (44) | (5.9) | 62 | 67 | (5) | (7.5) | |||||||||||||||||||||
Public authorities | 34 | 36 | (2) | (5.6) | 3 | 5 | (2) | (40.0) | |||||||||||||||||||||
Other operating revenues (c) | — | — | — | — | — | (6) | 6 | Large | |||||||||||||||||||||
Total | 1,616 | 1,702 | (86) | (5.1) | % | (d) | $246 | $252 | $(6) | (2.4) | % |
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) | September 30, 2023 | September 30, 2022 | Variation | ||||||||
Operating revenues | $35 | $39 | $(4) | ||||||||
Gas purchased for resale | 11 | 16 | (5) | ||||||||
Other operations and maintenance | 20 | 19 | 1 | ||||||||
Depreciation and amortization | 7 | 7 | — | ||||||||
Taxes, other than income taxes | 8 | 7 | 1 | ||||||||
Gas operating income | $(11) | $(10) | ($1) |
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 | September 30, 2023 | September 30, 2022 | Variation | Percent Variation | September 30, 2023 | September 30, 2022 | Variation | Percent Variation | |||||||||||||||||||||
Residential | 908 | 548 | 360 | 65.7 | % | $18 | $16 | $2 | 12.5 | % | |||||||||||||||||||
General | 262 | 139 | 123 | 88.5 | 3 | 3 | — | — | |||||||||||||||||||||
Firm transportation | 575 | 548 | 27 | 4.9 | 4 | 4 | — | — | |||||||||||||||||||||
Total firm sales and transportation | 1,745 | 1,235 | 510 | 41.3 | % | (b) | $25 | $23 | $2 | 8.7 | % | ||||||||||||||||||
Interruptible sales | 896 | 830 | 66 | 8.0 | 1 | 1 | — | — | |||||||||||||||||||||
Generation plants | 3 | 6 | (3) | (50.0) | — | — | — | — | |||||||||||||||||||||
Other | 7 | 56 | (49) | (87.5) | — | 1 | (1) | — | |||||||||||||||||||||
Other gas revenues | — | — | — | — | 9 | 14 | (5) | (35.7) | |||||||||||||||||||||
Total | 2,651 | 2,127 | 524 | 24.6 | % | $35 | $39 | $(4) | (10.3) | % |
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 September 30, | |||||||||||||||||
(Millions of Dollars) | 2023 | 2022 | Variation | ||||||||||||||
Property taxes | $18 | $17 | $1 | ||||||||||||||
State and local taxes related to revenue receipts | 3 | 3 | — | ||||||||||||||
Payroll taxes | 2 | 2 | — | ||||||||||||||
Total | $23 | (a) | $22 | (a) | $1 |
For the Three Months Ended | |||||||||||
(Millions of Dollars) | September 30, 2023 | September 30, 2022 | Variation | ||||||||
Operating revenues | $— | $325 | $(325) | ||||||||
Gas purchased for resale | — | 55 | (55) | ||||||||
Other operations and maintenance | — | 101 | (101) | ||||||||
Depreciation and amortization | — | 60 | (60) | ||||||||
Taxes, other than income taxes | — | 5 | (5) | ||||||||
Operating income | $— | $104 | $(104) |
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 (a) | Con Edison Transmission | Other (b) | Con Edison (c) | |||||||||||||||||||||||||||||||||
(Millions of Dollars) | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||
Operating revenues | $10,287 | $9,972 | $803 | $813 | $129 | $857 | $3 | $3 | $(3) | $(6) | $11,219 | $11,639 | ||||||||||||||||||||||||||
Purchased power | 1,802 | 1,639 | 191 | 210 | — | 6 | — | — | — | (4) | 1,993 | 1,851 | ||||||||||||||||||||||||||
Fuel | 241 | 255 | — | — | — | — | — | — | — | — | 241 | 255 | ||||||||||||||||||||||||||
Gas purchased for resale | 518 | 582 | 82 | 94 | 41 | 157 | — | — | (1) | — | 640 | 833 | ||||||||||||||||||||||||||
Other operations and maintenance | 2,341 | 2,267 | 283 | 259 | 47 | 252 | 8 | 10 | (1) | (3) | 2,678 | 2,785 | ||||||||||||||||||||||||||
Depreciation and amortization | 1,428 | 1,341 | 78 | 73 | — | 178 | 1 | 1 | (1) | — | 1,506 | 1,593 | ||||||||||||||||||||||||||
Taxes, other than income taxes | 2,207 | 2,159 | 69 | 67 | 4 | 16 | — | — | 2 | 6 | 2,282 | 2,248 | ||||||||||||||||||||||||||
Gain on sale of the Clean Energy Businesses | — | — | — | — | — | — | — | — | 866 | — | 866 | — | ||||||||||||||||||||||||||
Operating income | 1,750 | 1,729 | 100 | 110 | 37 | 248 | (6) | (8) | 864 | (5) | 2,745 | 2,074 | ||||||||||||||||||||||||||
Other income (deductions) | 550 | 245 | 36 | 16 | 1 | 2 | 22 | 14 | 2 | (8) | 611 | 269 | ||||||||||||||||||||||||||
Net interest expense | 695 | 604 | 38 | 33 | 16 | (68) | 2 | 3 | 7 | 14 | 758 | 586 | ||||||||||||||||||||||||||
Income before income tax expense | 1,605 | 1,370 | 98 | 93 | 22 | 318 | 14 | 3 | 859 | (27) | 2,598 | 1,757 | ||||||||||||||||||||||||||
Income tax expense | 297 | 232 | 23 | 21 | 3 | 68 | 4 | 1 | 89 | 8 | 416 | 330 | ||||||||||||||||||||||||||
Net income | $1,308 | $1,138 | $75 | $72 | $19 | $250 | $10 | $2 | $770 | $(35) | $2,182 | $1,427 | ||||||||||||||||||||||||||
Loss attributable to non-controlling interest | — | — | — | — | (3) | (43) | — | — | — | — | (3) | (43) | ||||||||||||||||||||||||||
Net income for common stock | $1,308 | $1,138 | $75 | $72 | $22 | $293 | $10 | $2 | $770 | $(35) | $2,185 | $1,470 |
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, 2023 | For the Nine Months Ended September 30, 2022 | ||||||||||||||||||||||||||||
(Millions of Dollars) | Electric | Gas | Steam | 2023 Total | Electric | Gas | Steam | 2022 Total | 2023-2022 Variation | ||||||||||||||||||||
Operating revenues | $7,722 | $2,140 | $425 | $10,287 | $7,401 | $2,127 | $444 | $9,972 | $315 | ||||||||||||||||||||
Purchased power | 1,771 | — | 31 | 1,802 | 1,593 | — | 46 | 1,639 | 163 | ||||||||||||||||||||
Fuel | 129 | — | 112 | 241 | 170 | — | 85 | 255 | (14) | ||||||||||||||||||||
Gas purchased for resale | — | 518 | — | 518 | — | 582 | — | 582 | (64) | ||||||||||||||||||||
Other operations and maintenance | 1,781 | 386 | 174 | 2,341 | 1,774 | 346 | 147 | 2,267 | 74 | ||||||||||||||||||||
Depreciation and amortization | 1,035 | 319 | 74 | 1,428 | 994 | 275 | 72 | 1,341 | 87 | ||||||||||||||||||||
Taxes, other than income taxes | 1,714 | 384 | 109 | 2,207 | 1,637 | 413 | 109 | 2,159 | 48 | ||||||||||||||||||||
Operating income | $1,292 | $533 | $(75) | $1,750 | $1,233 | $511 | $(15) | $1,729 | $21 |
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, 2023 | September 30, 2022 | Variation | ||||||||
Operating revenues | $7,722 | $7,401 | $321 | ||||||||
Purchased power | 1,771 | 1,593 | 178 | ||||||||
Fuel | 129 | 170 | (41) | ||||||||
Other operations and maintenance | 1,781 | 1,774 | 7 | ||||||||
Depreciation and amortization | 1,035 | 994 | 41 | ||||||||
Taxes, other than income taxes | 1,714 | 1,637 | 77 | ||||||||
Electric operating income | $1,292 | $1,233 | $59 |
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, 2023 | September 30, 2022 | Variation | Percent Variation | September 30, 2023 | September 30, 2022 | Variation | Percent Variation | |||||||||||||||||||||
Residential/Religious (b) | 8,854 | 9,283 | (429) | (4.6) | % | $2,614 | $2,600 | $14 | 0.5 | % | |||||||||||||||||||
Commercial/Industrial | 8,179 | 7,857 | 322 | 4.1 | 2,083 | 2,026 | 57 | 2.8 | |||||||||||||||||||||
Retail choice customers | 15,363 | 16,204 | (841) | (5.2) | 1,781 | 1,950 | (169) | (8.7) | |||||||||||||||||||||
NYPA, Municipal Agency and other sales | 7,113 | 7,185 | (72) | (1.0) | 609 | 576 | 33 | 5.7 | |||||||||||||||||||||
Other operating revenues (c) | — | — | — | — | 635 | 249 | 386 | Large | |||||||||||||||||||||
Total | 39,509 | 40,529 | (1,020) | (2.5) | % | (d) | $7,722 | $7,401 | $321 | 4.3 | % |
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) | 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, 2023 | September 30, 2022 | Variation | ||||||||
Operating revenues | $2,140 | $2,127 | $13 | ||||||||
Gas purchased for resale | 518 | 582 | (64) | ||||||||
Other operations and maintenance | 386 | 346 | 40 | ||||||||
Depreciation and amortization | 319 | 275 | 44 | ||||||||
Taxes, other than income taxes | 384 | 413 | (29) | ||||||||
Gas operating income | $533 | $511 | $22 |
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, 2023 | September 30, 2022 | Variation | Percent Variation | September 30, 2023 | September 30, 2022 | Variation | Percent Variation | |||||||||||||||||||||
Residential | 34,900 | 39,172 | (4,272) | (10.9) | % | $925 | $942 | $(17) | (1.8) | % | |||||||||||||||||||
General | 22,756 | 25,507 | (2,751) | (10.8) | 410 | 428 | (18) | (4.2) | |||||||||||||||||||||
Firm transportation | 55,808 | 57,307 | (1,499) | (2.6) | 643 | 590 | 53 | 9.0 | |||||||||||||||||||||
Total firm sales and transportation | 113,464 | 121,986 | (8,522) | (7.0) | (b) | 1,978 | 1,960 | 18 | 0.9 | ||||||||||||||||||||
Interruptible sales (c) | 6,136 | 4,875 | 1,261 | 25.9 | 43 | 40 | 3 | 7.5 | |||||||||||||||||||||
NYPA | 39,306 | 34,867 | 4,439 | 12.7 | 2 | 2 | — | — | |||||||||||||||||||||
Generation plants | 46,449 | 42,329 | 4,120 | 9.7 | 20 | 24 | (4) | (16.7) | |||||||||||||||||||||
Other | 14,767 | 14,956 | (189) | (1.3) | 27 | 27 | — | — | |||||||||||||||||||||
Other operating revenues (d) | — | — | — | — | 70 | 74 | (4) | (5.4) | |||||||||||||||||||||
Total | 220,122 | 219,013 | 1,109 | 0.5 | % | $2,140 | $2,127 | $13 | 0.6 | % |
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, 2023 | September 30, 2022 | Variation | ||||||||
Operating revenues | $425 | $444 | $(19) | ||||||||
Purchased power | 31 | 46 | (15) | ||||||||
Fuel | 112 | 85 | 27 | ||||||||
Other operations and maintenance | 174 | 147 | 27 | ||||||||
Depreciation and amortization | 74 | 72 | 2 | ||||||||
Taxes, other than income taxes | 109 | 109 | — | ||||||||
Steam operating income | $(75) | $(15) | $(60) |
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, 2023 | September 30, 2022 | Variation | Percent Variation | September 30, 2023 | September 30, 2022 | Variation | Percent Variation | |||||||||||||||||||||
General | 315 | 390 | (75) | (19.2) | % | $19 | $21 | $(2) | (9.5) | % | |||||||||||||||||||
Apartment house | 3,408 | 3,781 | (373) | (9.9) | 114 | 115 | (1) | (0.9) | |||||||||||||||||||||
Annual power | 7,924 | 9,109 | (1,185) | (13.0) | 278 | 297 | (19) | (6.4) | |||||||||||||||||||||
Other operating revenues (a) | — | — | — | — | 14 | 11 | 3 | 27.3 | |||||||||||||||||||||
Total | 11,647 | 13,280 | (1,633) | (12.3) | % | (b) | $425 | $444 | $(19) | (4.3) | % |
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, | |||||||||||||||||
(Millions of Dollars) | 2023 | 2022 | Variation | ||||||||||||||
Property taxes | $1,887 | $1,718 | $169 | ||||||||||||||
State and local taxes related to revenue receipts | 312 | 312 | — | ||||||||||||||
Payroll taxes | 66 | 62 | 4 | ||||||||||||||
Other taxes | (58) | 67 | (125) | ||||||||||||||
Total | $2,207 | (a) | $2,159 | (a) | $48 |
For the Nine Months Ended September 30, 2023 | For the Nine Months Ended September 30, 2022 | ||||||||||||||||||||||
(Millions of Dollars) | Electric | Gas | 2023 Total | Electric | Gas | 2022 Total | 2023-2022 Variation | ||||||||||||||||
Operating revenues | $588 | $215 | $803 | $594 | $219 | $813 | $(10) | ||||||||||||||||
Purchased power | 191 | — | 191 | 210 | — | 210 | (19) | ||||||||||||||||
Gas purchased for resale | — | 82 | 82 | — | 94 | 94 | (12) | ||||||||||||||||
Other operations and maintenance | 223 | 60 | 283 | 203 | 56 | 259 | 24 | ||||||||||||||||
Depreciation and amortization | 56 | 22 | 78 | 53 | 20 | 73 | 5 | ||||||||||||||||
Taxes, other than income taxes | 45 | 24 | 69 | 43 | 24 | 67 | 2 | ||||||||||||||||
Operating income | $73 | $27 | $100 | $85 | $25 | $110 | $(10) |
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, 2023 | September 30, 2022 | Variation | ||||||||
Operating revenues | $588 | $594 | $(6) | ||||||||
Purchased power | 191 | 210 | (19) | ||||||||
Other operations and maintenance | 223 | 203 | 20 | ||||||||
Depreciation and amortization | 56 | 53 | 3 | ||||||||
Taxes, other than income taxes | 45 | 43 | 2 | ||||||||
Electric operating income | $73 | $85 | $(12) |
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, 2023 | September 30, 2022 | Variation | Percent Variation | September 30, 2023 | September 30, 2022 | Variation | Percent Variation | |||||||||||||||||||||
Residential/Religious (b) | 1,510 | 1,482 | 28 | 1.9 | % | $329 | $315 | $14 | 4.4 | % | |||||||||||||||||||
Commercial/Industrial | 745 | 706 | 39 | 5.5 | 112 | 111 | 1 | 0.9 | |||||||||||||||||||||
Retail choice customers | 1,761 | 2,015 | (254) | (12.6) | 132 | 159 | (27) | (17.0) | |||||||||||||||||||||
Public authorities | 87 | 86 | 1 | 1.2 | 9 | 12 | (3) | (25.0) | |||||||||||||||||||||
Other operating revenues (c) | — | — | — | — | 6 | (3) | 9 | — | |||||||||||||||||||||
Total | 4,103 | 4,289 | (186) | (4.3) | % | (d) | $588 | $594 | $(6) | (1.0) | % |
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 | )% |
For the Nine Months Ended | |||||||||||
(Millions of Dollars) | September 30, 2023 | September 30, 2022 | Variation | ||||||||
Operating revenues | $215 | $219 | $(4) | ||||||||
Gas purchased for resale | 82 | 94 | (12) | ||||||||
Other operations and maintenance | 60 | 56 | 4 | ||||||||
Depreciation and amortization | 22 | 20 | 2 | ||||||||
Taxes, other than income taxes | 24 | 24 | — | ||||||||
Gas operating income | $27 | $25 | $2 |
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, 2023 | September 30, 2022 | Variation | Percent Variation | September 30, 2023 | September 30, 2022 | Variation | Percent Variation | |||||||||||||||||||||
Residential | 7,640 | 8,433 | (793) | (9.4) | % | $142 | $144 | $(2) | (1.4) | % | |||||||||||||||||||
General | 1,669 | 1,945 | (276) | (14.2) | 24 | 27 | (3) | (11.1) | |||||||||||||||||||||
Firm transportation | 3,783 | 4,702 | (919) | (19.5) | 29 | 33 | (4) | (12.1) | |||||||||||||||||||||
Total firm sales and transportation | 13,092 | 15,080 | (1,988) | (13.2) | (b) | $195 | $204 | $(9) | (4.4) | ||||||||||||||||||||
Interruptible sales | 2,656 | 2,936 | (280) | (9.5) | 4 | 4 | — | — | |||||||||||||||||||||
Generation plants | 4 | 11 | (7) | (63.6) | — | — | — | — | |||||||||||||||||||||
Other | 312 | 437 | (125) | (28.6) | 1 | 1 | — | — | |||||||||||||||||||||
Other gas revenues | — | — | — | — | 15 | 10 | 5 | 50.0 | |||||||||||||||||||||
Total | 16,064 | 18,464 | (2,400) | (13.0) | % | $215 | $219 | $(4) | (1.8) | % |
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 September 30, | |||||||||||||||||
(Millions of Dollars) | 2023 | 2022 | Variation | ||||||||||||||
Property taxes | $53 | $52 | $1 | ||||||||||||||
State and local taxes related to revenue receipts | 9 | 9 | — | ||||||||||||||
Payroll taxes | 7 | 6 | 1 | ||||||||||||||
Total | $69 | (a) | $67 | (a) | $2 |
For the Nine Months Ended | |||||||||||
(Millions of Dollars) | September 30, 2023 | September 30, 2022 | Variation | ||||||||
Operating revenues | $129 | $857 | $(728) | ||||||||
Purchased power | — | 6 | (6) | ||||||||
Gas purchased for resale | 41 | 157 | (116) | ||||||||
Other operations and maintenance | 47 | 252 | (205) | ||||||||
Depreciation and amortization | — | 178 | (178) | ||||||||
Taxes, other than income taxes | 4 | 16 | (12) | ||||||||
Operating income | $37 | $248 | $(211) |
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 Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||
CECONY | O&R | Clean Energy Businesses (d) | Con Edison Transmission | Other (a)(b) | Con Edison (c) | |||||||||||||||||||||||||||||||||
(Millions of Dollars) | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||
Operating activities | $1,221 | $2,191 | $127 | $165 | $— | $251 | $(145) | $49 | $(22) | $(38) | $1,181 | $2,618 | ||||||||||||||||||||||||||
Investing activities | (3,178) | (2,929) | (208) | (162) | (248) | (206) | (49) | (49) | 4,035 | — | 352 | (3,346) | ||||||||||||||||||||||||||
Financing activities | 921 | (157) | 75 | (2) | — | (42) | 212 | — | (3,725) | 24 | (2,517) | (177) | ||||||||||||||||||||||||||
Net change for the period | (1,036) | (895) | (6) | 1 | (248) | 3 | 18 | — | 288 | (14) | (984) | (905) | ||||||||||||||||||||||||||
Balance at beginning of period | 1,056 | 920 | 35 | 29 | 248 | 178 | — | — | 191 | 19 | 1,530 | 1,146 | ||||||||||||||||||||||||||
Balance at end of period (c) | $20 | $25 | $29 | $30 | $— | $181 | $18 | $— | $479 | $5 | $546 | $241 | ||||||||||||||||||||||||||
Less: Cash balances held for sale (d) | — | — | — | — | — | — | — | — | 6 | — | 6 | — | ||||||||||||||||||||||||||
Balance at end of period excluding held for sale | $20 | $25 | $29 | $30 | $— | $181 | $18 | $— | $473 | $5 | $540 | $241 |
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) |
2023 | 2022 | |||||||||||||
(Millions of Dollars, except Weighted Average Yield) | Outstanding at September 30, | Daily average | Outstanding at September 30, | Daily average | ||||||||||
Con Edison | $1,880 | $1,351 | $1,941 | $1,368 | ||||||||||
CECONY | $1,798 | $1,313 | $1,789 | $1,191 | ||||||||||
Weighted average yield | 5.5 | % | 5.2 | % | 3.4 | % | 1.5 | % |
2017 | 2016 | |||
(Millions of Dollars, except Weighted Average Yield) | Outstanding at September 30, | Daily average | Outstanding at September 30, | Daily average |
Con Edison | $356 | $645 | $601 | $813 |
CECONY | $147 | $323 | $480 | $385 |
Weighted average yield | 1.3 | 1.1 | 0.7 | 0.6 |
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) | ||||||||
September 30, 2023 | December 31, 2022 | |||||||
Con Edison | 50.5 | 50.9 | ||||||
CECONY | 49.4 | 46.9 |
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 (c) | Con Edison Transmission | Other (a) | Con Edison (b) | |||||||||||||||||||||||||||||||||
(Millions of Dollars) | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||||
Current assets | $5,166 | $5,247 | $355 | $332 | $— | $879 | $19 | $4 | $399 | $6,510 | $5,939 | $12,972 | ||||||||||||||||||||||||||
Investments | 571 | 539 | 19 | 20 | — | — | 334 | 286 | 9 | (4) | 933 | 841 | ||||||||||||||||||||||||||
Net plant | 45,658 | 44,011 | 2,860 | 2,738 | — | 4,718 | 17 | 17 | — | (4,718) | 48,535 | 46,766 | ||||||||||||||||||||||||||
Other noncurrent assets | 8,192 | 7,648 | 388 | 421 | — | 1,627 | 7 | 7 | 411 | (1,217) | 8,998 | 8,486 | ||||||||||||||||||||||||||
Total Assets | $59,587 | $57,445 | $3,622 | $3,511 | $— | $7,224 | $377 | $314 | $819 | $571 | $64,405 | $69,065 | ||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||||||||||||||||
Current liabilities | $4,940 | $6,036 | $362 | $409 | $— | $1,596 | $3 | $163 | $745 | $3,132 | $6,050 | $11,336 | ||||||||||||||||||||||||||
Noncurrent liabilities | 15,951 | 15,451 | 1,135 | 1,103 | — | 338 | (85) | (86) | (374) | (113) | 16,627 | 16,693 | ||||||||||||||||||||||||||
Long-term debt | 19,583 | 19,080 | 1,068 | 1,068 | — | 2,292 | — | — | (1) | (2,293) | 20,650 | 20,147 | ||||||||||||||||||||||||||
Equity | 19,113 | 16,878 | 1,057 | 931 | — | 2,998 | 459 | 237 | 449 | (155) | 21,078 | 20,889 | ||||||||||||||||||||||||||
Total Liabilities and Equity | $59,587 | $57,445 | $3,622 | $3,511 | $— | $7,224 | $377 | $314 | $819 | $571 | $64,405 | $69,065 |
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 | 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 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 | September 30, 2017 | December 31, 2016 | ||
(Millions of Dollars) | ||||
Average for the period | $— | $2 | ||
High | 1 | 4 | ||
Low | — | 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. |
3.2 | |||||
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: November 2, | By | /s/ Robert Hoglund | ||||||
Robert Hoglund Senior Vice President, Chief Financial Officer and Duly Authorized Officer |