☒ | Quarterly Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934 |
☐ | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Commission File Number | Exact name of registrant as specified in its charter and principal executive office address and telephone number | State of Incorporation | I.R.S. Employer ID. Number | |||||||||||||||||||||||||||||
1-14514 | Consolidated Edison, Inc. | New York | 13-3965100 | |||||||||||||||||||||||||||||
4 Irving Place, | New York, | New York | 10003 | |||||||||||||||||||||||||||||
(212) | 460-4600 | |||||||||||||||||||||||||||||||
1-1217 | Consolidated Edison Company of New York, Inc. | New York | 13-5009340 | |||||||||||||||||||||||||||||
4 Irving Place, | New York, | New York | 10003 | |||||||||||||||||||||||||||||
(212) | 460-4600 |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Consolidated Edison, Inc., | ED | New York Stock Exchange | ||||||||||||
Common Shares ($.10 par value) |
Consolidated Edison, Inc. (Con Edison) | Yes | ☒ | No ☐ | ||||||||
Consolidated Edison Company of New York, Inc. (CECONY) | Yes | ☒ | No ☐ |
Con Edison | Yes | ☒ | No ☐ | ||||||||
CECONY | Yes | ☒ | No ☐ |
Con Edison | ||||||||||||||||||||
Large accelerated filer | ☒ | Accelerated filer ☐ | Non-accelerated filer | ☐ | ||||||||||||||||
Smaller reporting company | ☐ | Emerging growth company | ☐ | |||||||||||||||||
CECONY | ||||||||||||||||||||
Large accelerated filer | ☐ | Accelerated filer ☐ | Non-accelerated filer | ☒ | ||||||||||||||||
Smaller reporting company | ☐ | Emerging growth company | ☐ |
Con Edison | Yes | ☐ | No | ☒ | ||||||||||
CECONY | Yes | ☐ | No | ☒ |
Con Edison Companies | ||||||||
Con Edison | Consolidated Edison, Inc. | |||||||
CECONY | Consolidated Edison Company of New York, Inc. | |||||||
Clean Energy Businesses | Con Edison Clean Energy Businesses, Inc., together with its subsidiaries | |||||||
Con Edison Transmission | Con Edison Transmission, Inc., together with its subsidiaries | |||||||
CET Electric | Consolidated Edison Transmission, LLC | |||||||
CET Gas | Con Edison Gas Pipeline and Storage, LLC | |||||||
O&R | Orange and Rockland Utilities, Inc. | |||||||
RECO | Rockland Electric Company | |||||||
The Companies | Con Edison and CECONY | |||||||
The Utilities | CECONY and O&R | |||||||
Regulatory Agencies, Government Agencies and Other Organizations | ||||||||
CPUC | California Public Utilities Commission | |||||||
EPA | U.S. Environmental Protection Agency | |||||||
FASB | Financial Accounting Standards Board | |||||||
FERC | Federal Energy Regulatory Commission | |||||||
IASB | International Accounting Standards Board | |||||||
IRS | Internal Revenue Service | |||||||
North American Electric Reliability Corporation | ||||||||
NJBPU | New Jersey Board of Public Utilities | |||||||
NJDEP | New Jersey Department of Environmental Protection | |||||||
NYISO | New York Independent System Operator | |||||||
NYPA | New York Power Authority | |||||||
NYSDEC | New York State Department of Environmental Conservation | |||||||
New York State Department of Public Service | ||||||||
NYSERDA | New York State Energy Research and Development Authority | |||||||
NYSPSC | New York State Public Service Commission | |||||||
NYSRC | New York State Reliability Council, LLC | |||||||
U.S. Department of Transportation’s Pipeline and Hazardous Materials Safety Administration | ||||||||
PJM | PJM Interconnection LLC | |||||||
SEC | U.S. Securities and Exchange Commission | |||||||
Accounting | ||||||||
AFUDC | Allowance for funds used during construction | |||||||
ASU | Accounting Standards Update | |||||||
GAAP | Generally Accepted Accounting Principles in the United States of America | |||||||
HLBV | Hypothetical liquidation at book value | |||||||
Net Operating Loss | ||||||||
OCI | Other Comprehensive Income | |||||||
VIE | Variable Interest Entity |
Environmental | ||||||||
CO2 | Carbon dioxide | |||||||
GHG | Greenhouse gases | |||||||
MGP Sites | Manufactured gas plant sites | |||||||
PCBs | Polychlorinated biphenyls | |||||||
PRP | Potentially responsible party | |||||||
RGGI | Regional Greenhouse Gas Initiative | |||||||
Superfund | Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 and similar state statutes | |||||||
Units of Measure | ||||||||
AC | Alternating current | |||||||
Bcf | Billion cubic feet | |||||||
Dt | Dekatherms | |||||||
kV | Kilovolt | |||||||
kWh | Kilowatt-hour | |||||||
MDt | Thousand dekatherms | |||||||
MMlb | Million pounds | |||||||
MVA | Megavolt ampere | |||||||
MW | Megawatt or thousand kilowatts | |||||||
MWh | Megawatt hour | |||||||
Other | ||||||||
AMI | Advanced metering infrastructure | |||||||
Coronavirus Aid, Relief, and Economic Security Act, as enacted on March 27, 2020 | ||||||||
COSO | Committee of Sponsoring Organizations of the Treadway Commission | |||||||
Coronavirus Disease 2019 | ||||||||
DER | Distributed energy resources | |||||||
Fitch | Fitch Ratings | |||||||
First Quarter Form 10-Q | The Companies' combined Quarterly Report on Form 10-Q for the quarterly period ended March 31 of the current year | |||||||
Second Quarter Form 10-Q | The Companies' combined Quarterly Report on Form 10-Q for the quarterly period ended June 30 of the current year | |||||||
Third Quarter Form 10-Q | The Companies' combined Quarterly Report on Form 10-Q for the quarterly period ended September 30 of the current year | |||||||
Form 10-K | The Companies’ combined Annual Report on Form 10-K for the year ended December 31, | |||||||
LTIP | Long Term Incentive Plan | |||||||
Moody’s | Moody’s Investors Service, Inc. | |||||||
REV | Reforming the Energy Vision | |||||||
S&P | S&P Global Ratings | |||||||
TCJA | The federal Tax Cuts and Jobs Act of 2017, as enacted on December 22, 2017 | |||||||
VaR | Value-at-Risk |
PAGE | ||||||||
ITEM 1 | Financial Statements (Unaudited) | |||||||
Con Edison | ||||||||
CECONY | ||||||||
ITEM 2 | ||||||||
ITEM 3 | ||||||||
ITEM 4 | ||||||||
ITEM 1 | ||||||||
ITEM 1A | ||||||||
ITEM 6 | ||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||
(Millions of Dollars/Except Share Data) | 2019 | 2018 | 2019 | 2018 | (Millions of Dollars/Except Share Data) | 2020 | 2019 | 2020 | 2019 | |||||||||||
OPERATING REVENUES | OPERATING REVENUES | |||||||||||||||||||
Electric | $2,753 | $2,783 | $6,665 | $6,611 | Electric | $2,770 | $2,753 | $6,660 | $6,665 | |||||||||||
Gas | 306 | 298 | 1,790 | 1,726 | Gas | 289 | 306 | 1,673 | 1,790 | |||||||||||
Steam | 58 | 64 | 469 | 474 | Steam | 51 | 58 | 385 | 469 | |||||||||||
Non-utility | 248 | 183 | 699 | 577 | Non-utility | 223 | 248 | 568 | 699 | |||||||||||
TOTAL OPERATING REVENUES | 3,365 | 3,328 | 9,623 | 9,388 | TOTAL OPERATING REVENUES | 3,333 | 3,365 | 9,286 | 9,623 | |||||||||||
OPERATING EXPENSES | OPERATING EXPENSES | |||||||||||||||||||
Purchased power | 483 | 545 | 1,203 | 1,287 | Purchased power | 503 | 483 | 1,192 | 1,203 | |||||||||||
Fuel | 31 | 39 | 163 | 201 | Fuel | 24 | 31 | 124 | 163 | |||||||||||
Gas purchased for resale | 98 | 164 | 671 | 736 | Gas purchased for resale | 55 | 98 | 364 | 671 | |||||||||||
Other operations and maintenance | 847 | 797 | 2,422 | 2,389 | Other operations and maintenance | 736 | 847 | 2,116 | 2,422 | |||||||||||
Depreciation and amortization | 421 | 360 | 1,253 | 1,061 | Depreciation and amortization | 482 | 421 | 1,428 | 1,253 | |||||||||||
Taxes, other than income taxes | 618 | 597 | 1,800 | 1,707 | Taxes, other than income taxes | 673 | 618 | 1,915 | 1,800 | |||||||||||
TOTAL OPERATING EXPENSES | 2,498 | 2,502 | 7,512 | 7,381 | TOTAL OPERATING EXPENSES | 2,473 | 2,498 | 7,139 | 7,512 | |||||||||||
OPERATING INCOME | 867 | 826 | 2,111 | 2,007 | OPERATING INCOME | 860 | 867 | 2,147 | 2,111 | |||||||||||
OTHER INCOME (DEDUCTIONS) | OTHER INCOME (DEDUCTIONS) | |||||||||||||||||||
Investment income | 25 | 39 | 70 | 96 | Investment income | 27 | 25 | 78 | 70 | |||||||||||
Other income | 10 | 7 | 26 | 18 | Other income | 8 | 10 | 15 | 26 | |||||||||||
Allowance for equity funds used during construction | 4 | 4 | 11 | 11 | Allowance for equity funds used during construction | 2 | 4 | 12 | 11 | |||||||||||
Other deductions | (25) | (61) | (76) | (154) | Other deductions | (50) | (25) | (177) | (76) | |||||||||||
TOTAL OTHER INCOME (DEDUCTIONS) | 14 | (11) | 31 | (29) | TOTAL OTHER INCOME (DEDUCTIONS) | (13) | 14 | (72) | 31 | |||||||||||
INCOME BEFORE INTEREST AND INCOME TAX EXPENSE | 881 | 815 | 2,142 | 1,978 | INCOME BEFORE INTEREST AND INCOME TAX EXPENSE | 847 | 881 | 2,075 | 2,142 | |||||||||||
INTEREST EXPENSE | INTEREST EXPENSE | |||||||||||||||||||
Interest on long-term debt | 220 | 195 | 660 | 576 | Interest on long-term debt | 227 | 220 | 685 | 660 | |||||||||||
Other interest | 45 | 13 | 122 | 28 | Other interest | 4 | 45 | 122 | ||||||||||||
Allowance for borrowed funds used during construction | (3) | (3) | (10) | (7) | Allowance for borrowed funds used during construction | (5) | (3) | (10) | ||||||||||||
NET INTEREST EXPENSE | 262 | 205 | 772 | 597 | NET INTEREST EXPENSE | 226 | 262 | 797 | 772 | |||||||||||
INCOME BEFORE INCOME TAX EXPENSE | 619 | 610 | 1,370 | 1,381 | INCOME BEFORE INCOME TAX EXPENSE | 621 | 619 | 1,278 | 1,370 | |||||||||||
INCOME TAX EXPENSE | 116 | 175 | 243 | 330 | INCOME TAX EXPENSE | 119 | 116 | 183 | 243 | |||||||||||
NET INCOME | $503 | $435 | $1,127 | $1,051 | NET INCOME | $502 | $503 | $1,095 | $1,127 | |||||||||||
Income attributable to non-controlling interest | 30 | — | 79 | — | Income attributable to non-controlling interest | 9 | 30 | 37 | 79 | |||||||||||
NET INCOME FOR COMMON STOCK | $473 | $435 | $1,048 | $1,051 | NET INCOME FOR COMMON STOCK | $493 | $473 | $1,058 | $1,048 | |||||||||||
Net income per common share—basic | $1.42 | $1.40 | $3.20 | $3.38 | Net income per common share—basic | $1.47 | $1.42 | $3.17 | $3.20 | |||||||||||
Net income per common share—diluted | $1.42 | $1.39 | $3.19 | $3.37 | Net income per common share—diluted | $1.47 | $1.42 | $3.16 | $3.19 | |||||||||||
AVERAGE NUMBER OF SHARES OUTSTANDING—BASIC (IN MILLIONS) | 332.2 | 311.1 | 327.3 | 310.8 | AVERAGE NUMBER OF SHARES OUTSTANDING—BASIC (IN MILLIONS) | 334.5 | 332.2 | 334.1 | 327.3 | |||||||||||
AVERAGE NUMBER OF SHARES OUTSTANDING—DILUTED (IN MILLIONS) | 333.2 | 312.3 | 328.3 | 311.9 | AVERAGE NUMBER OF SHARES OUTSTANDING—DILUTED (IN MILLIONS) | 335.4 | 333.2 | 335.0 | 328.3 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||
(Millions of Dollars) | 2019 | 2018 | 2019 | 2018 | (Millions of Dollars) | 2020 | 2019 | 2020 | 2019 | |||||||||||
NET INCOME | $503 | $435 | $1,127 | $1,051 | NET INCOME | $502 | $503 | $1,095 | $1,127 | |||||||||||
INCOME ATTRIBUTABLE TO NON-CONTROLLING INTEREST | (30) | — | (79) | — | INCOME ATTRIBUTABLE TO NON-CONTROLLING INTEREST | (9) | (30) | (37) | (79) | |||||||||||
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 | 6 | 8 | Pension and other postretirement benefit plan liability adjustments, net of taxes | 2 | 1 | 7 | 6 | |||||||||||
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAXES | 1 | 2 | 6 | 8 | TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAXES | 2 | 1 | 7 | 6 | |||||||||||
COMPREHENSIVE INCOME | $474 | $437 | $1,054 | $1,059 | COMPREHENSIVE INCOME | $495 | $474 | $1,065 | $1,054 |
For the Nine Months Ended September 30, | ||||||||
(Millions of Dollars) | 2020 | 2019 | ||||||
OPERATING ACTIVITIES | ||||||||
Net income | $1,095 | $1,127 | ||||||
PRINCIPAL NON-CASH CHARGES/(CREDITS) TO INCOME | ||||||||
Depreciation and amortization | 1,428 | 1,253 | ||||||
Deferred income taxes | 184 | 257 | ||||||
Rate case amortization and accruals | (30) | (88) | ||||||
Common equity component of allowance for funds used during construction | (12) | (11) | ||||||
Net derivative losses | 80 | 55 | ||||||
Unbilled revenue and net unbilled revenue deferrals | 29 | 29 | ||||||
Gain on sale of assets | 0 | (5) | ||||||
Other non-cash items, net | 91 | (25) | ||||||
CHANGES IN ASSETS AND LIABILITIES | ||||||||
Accounts receivable – customers | (322) | 8 | ||||||
Materials and supplies, including fuel oil and gas in storage | (1) | 0 | ||||||
Revenue decoupling mechanism receivable | (52) | (91) | ||||||
Other receivables and other current assets | (32) | 103 | ||||||
Taxes receivable | (6) | 39 | ||||||
Prepayments | (517) | (520) | ||||||
Accounts payable | 19 | (67) | ||||||
Pensions and retiree benefits obligations, net | 181 | 253 | ||||||
Pensions and retiree benefits contributions | (474) | (353) | ||||||
Accrued taxes | 13 | (27) | ||||||
Accrued interest | 102 | 95 | ||||||
Superfund and environmental remediation costs, net | (8) | (8) | ||||||
Distributions from equity investments | 29 | 46 | ||||||
System benefit charge | (56) | 9 | ||||||
Deferred charges, noncurrent assets and other regulatory assets | (443) | (238) | ||||||
Deferred credits and other regulatory liabilities | 35 | 144 | ||||||
Other current and noncurrent liabilities | 35 | (25) | ||||||
NET CASH FLOWS FROM OPERATING ACTIVITIES | 1,368 | 1,960 | ||||||
INVESTING ACTIVITIES | ||||||||
Utility construction expenditures | (2,346) | (2,428) | ||||||
Cost of removal less salvage | (216) | (219) | ||||||
Non-utility construction expenditures | (414) | (143) | ||||||
Investments in electric and gas transmission projects | (24) | (159) | ||||||
Proceeds from sale of assets | 0 | 48 | ||||||
Other investing activities | 16 | 17 | ||||||
NET CASH FLOWS USED IN INVESTING ACTIVITIES | (2,984) | (2,884) | ||||||
FINANCING ACTIVITIES | ||||||||
Net issuance/(payment) of short-term debt | 137 | (1,266) | ||||||
Issuance of long-term debt | 1,675 | 1,989 | ||||||
Retirement of long-term debt | (463) | (702) | ||||||
Debt issuance costs | (25) | (15) | ||||||
Common stock dividends | (731) | (690) | ||||||
Issuance of common shares - public offering | 88 | 825 | ||||||
Issuance of common shares for stock plans | 43 | 40 | ||||||
Distribution to noncontrolling interest | (11) | (10) | ||||||
NET CASH FLOWS FROM FINANCING ACTIVITIES | 713 | 171 | ||||||
CASH, TEMPORARY CASH INVESTMENTS, AND RESTRICTED CASH: | ||||||||
NET CHANGE FOR THE PERIOD | (903) | (753) | ||||||
BALANCE AT BEGINNING OF PERIOD | 1,217 | 1,006 | ||||||
BALANCE AT END OF PERIOD | $314 | $253 | ||||||
SUPPLEMENTAL DISCLOSURE OF CASH INFORMATION | ||||||||
Cash paid/(received) during the period for: | ||||||||
Interest | $583 | $576 | ||||||
Income taxes | $31 | $(28) | ||||||
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION | ||||||||
Construction expenditures in accounts payable | $432 | $328 | ||||||
Issuance of common shares for dividend reinvestment | $36 | $36 | ||||||
Software licenses acquired but unpaid as of end of period | $51 | $80 | ||||||
Equipment acquired but unpaid as of end of period | $28 | $33 |
For the Nine Months Ended September 30, | ||||
(Millions of Dollars) | 2019 | 2018 | ||
OPERATING ACTIVITIES | ||||
Net income | $1,127 | $1,051 | ||
PRINCIPAL NON-CASH CHARGES/(CREDITS) TO INCOME | ||||
Depreciation and amortization | 1,253 | 1,061 | ||
Deferred income taxes | 257 | 308 | ||
Rate case amortization and accruals | (88) | (85) | ||
Common equity component of allowance for funds used during construction | (11) | (11) | ||
Net derivative gains | 55 | 5 | ||
Unbilled revenue and net unbilled revenue deferrals | 29 | 135 | ||
Gain on sale of assets | (5) | — | ||
Other non-cash items, net | (25) | (44) | ||
CHANGES IN ASSETS AND LIABILITIES | ||||
Accounts receivable – customers | 8 | (246) | ||
Materials and supplies, including fuel oil and gas in storage | — | (4) | ||
Revenue decoupling mechanism receivable | (91) | — | ||
Other receivables and other current assets | 103 | (31) | ||
Taxes receivable | 39 | 47 | ||
Prepayments | (520) | (487) | ||
Accounts payable | (67) | (8) | ||
Pensions and retiree benefits obligations, net | 253 | 264 | ||
Pensions and retiree benefits contributions | (353) | (475) | ||
Accrued taxes | (27) | (60) | ||
Accrued interest | 95 | 67 | ||
Superfund and environmental remediation costs, net | (8) | (14) | ||
Distributions from equity investments | 46 | 88 | ||
System benefit charge | 9 | 74 | ||
Deferred charges, noncurrent assets and other regulatory assets | (238) | (223) | ||
Deferred credits and other regulatory liabilities | 144 | 382 | ||
Other current and noncurrent liabilities | (25) | (194) | ||
NET CASH FLOWS FROM OPERATING ACTIVITIES | 1,960 | 1,600 | ||
INVESTING ACTIVITIES | ||||
Utility construction expenditures | (2,428) | (2,457) | ||
Cost of removal less salvage | (219) | (188) | ||
Non-utility construction expenditures | (143) | (193) | ||
Investments in electric and gas transmission projects | (159) | (123) | ||
Investments in/acquisitions of renewable electric production projects | — | (15) | ||
Proceeds from sale of assets | 48 | — | ||
Other investing activities | 17 | 29 | ||
NET CASH FLOWS USED IN INVESTING ACTIVITIES | (2,884) | (2,947) | ||
FINANCING ACTIVITIES | ||||
Net issuance/(payment) of short-term debt | (1,266) | 775 | ||
Issuance of long-term debt | 1,989 | 1,905 | ||
Retirement of long-term debt | (702) | (1,319) | ||
Debt issuance costs | (15) | (21) | ||
Common stock dividends | (690) | (631) | ||
Issuance of common shares - public offering | 825 | — | ||
Issuance of common shares for stock plans | 40 | 39 | ||
Distribution to noncontrolling interest | (10) | — | ||
NET CASH FLOWS FROM FINANCING ACTIVITIES | 171 | 748 | ||
CASH, TEMPORARY CASH INVESTMENTS, AND RESTRICTED CASH: | ||||
NET CHANGE FOR THE PERIOD | (753) | (599) | ||
BALANCE AT BEGINNING OF PERIOD | 1,006 | 844 | ||
BALANCE AT END OF PERIOD | $253 | $245 | ||
SUPPLEMENTAL DISCLOSURE OF CASH INFORMATION | ||||
Cash paid/(received) during the period for: | ||||
Interest | $576 | $519 | ||
Income taxes | $(28) | $(1) | ||
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION | ||||
Construction expenditures in accounts payable | $328 | $318 | ||
Issuance of common shares for dividend reinvestment | $36 | $36 | ||
Software licenses acquired but unpaid as of end of period | $80 | $100 | ||
Equipment acquired but unpaid as of end of period | $33 | — |
(Millions of Dollars) | September 30, 2019 | December 31, 2018 | (Millions of Dollars) | September 30, 2020 | December 31, 2019 | ||||||
ASSETS | ASSETS | ||||||||||
CURRENT ASSETS | CURRENT ASSETS | ||||||||||
Cash and temporary cash investments | $78 | $895 | Cash and temporary cash investments | $153 | $981 | ||||||
Accounts receivable – customers, less allowance for uncollectible accounts of $67 and $62 in 2019 and 2018, respectively | 1,254 | 1,267 | |||||||||
Other receivables, less allowance for uncollectible accounts of $5 in 2019 and 2018 | 169 | 285 | |||||||||
Accounts receivable – customers, less allowance for uncollectible accounts of $118 and $70 in 2020 and 2019, respectively | Accounts receivable – customers, less allowance for uncollectible accounts of $118 and $70 in 2020 and 2019, respectively | 1,510 | 1,236 | ||||||||
Other receivables, less allowance for uncollectible accounts of $6 and $4 in 2020 and 2019, respectively | Other receivables, less allowance for uncollectible accounts of $6 and $4 in 2020 and 2019, respectively | 211 | 184 | ||||||||
Taxes receivable | 10 | 49 | Taxes receivable | 26 | 20 | ||||||
Accrued unbilled revenue | 505 | 514 | Accrued unbilled revenue | 511 | 599 | ||||||
Fuel oil, gas in storage, materials and supplies, at average cost | 358 | 358 | Fuel oil, gas in storage, materials and supplies, at average cost | 353 | 352 | ||||||
Prepayments | 707 | 187 | Prepayments | 777 | 260 | ||||||
Regulatory assets | 83 | 76 | Regulatory assets | 166 | 128 | ||||||
Restricted cash | 175 | 111 | Restricted cash | 161 | 236 | ||||||
Revenue decoupling mechanism | 91 | — | |||||||||
Revenue decoupling mechanism receivable | Revenue decoupling mechanism receivable | 128 | 76 | ||||||||
Other current assets | 151 | 122 | Other current assets | 208 | 200 | ||||||
TOTAL CURRENT ASSETS | 3,581 | 3,864 | TOTAL CURRENT ASSETS | 4,204 | 4,272 | ||||||
INVESTMENTS | 1,983 | 1,766 | INVESTMENTS | 2,124 | 2,065 | ||||||
UTILITY PLANT, AT ORIGINAL COST | UTILITY PLANT, AT ORIGINAL COST | ||||||||||
Electric | 31,584 | 30,378 | Electric | 32,978 | 31,866 | ||||||
Gas | 9,879 | 9,100 | Gas | 10,583 | 10,107 | ||||||
Steam | 2,594 | 2,562 | Steam | 2,638 | 2,601 | ||||||
General | 3,492 | 3,331 | General | 3,733 | 3,562 | ||||||
TOTAL | 47,549 | 45,371 | TOTAL | 49,932 | 48,136 | ||||||
Less: Accumulated depreciation | 10,329 | 9,769 | Less: Accumulated depreciation | 11,017 | 10,322 | ||||||
Net | 37,220 | 35,602 | Net | 38,915 | 37,814 | ||||||
Construction work in progress | 1,963 | 1,978 | Construction work in progress | 2,211 | 1,937 | ||||||
NET UTILITY PLANT | 39,183 | 37,580 | NET UTILITY PLANT | 41,126 | 39,751 | ||||||
NON-UTILITY PLANT | NON-UTILITY PLANT | ||||||||||
Non-utility property, less accumulated depreciation of $357 and $275 in 2019 and 2018, respectively | 3,848 | 4,000 | |||||||||
Non-utility property, less accumulated depreciation of $489 and $391 in 2020 and 2019, respectively | Non-utility property, less accumulated depreciation of $489 and $391 in 2020 and 2019, respectively | 3,911 | 3,829 | ||||||||
Construction work in progress | 203 | 169 | Construction work in progress | 527 | 309 | ||||||
NET PLANT | 43,234 | 41,749 | NET PLANT | 45,564 | 43,889 | ||||||
OTHER NONCURRENT ASSETS | OTHER NONCURRENT ASSETS | ||||||||||
Goodwill | 446 | 440 | Goodwill | 446 | |||||||
Intangible assets, less accumulated amortization of $103 and $29 in 2019 and 2018, respectively | 1,580 | 1,654 | |||||||||
Intangible assets, less accumulated amortization of $203 and $126 in 2020 and 2019, respectively | Intangible assets, less accumulated amortization of $203 and $126 in 2020 and 2019, respectively | 1,485 | 1,557 | ||||||||
Regulatory assets | 4,159 | 4,294 | Regulatory assets | 4,655 | 4,859 | ||||||
Operating lease right-of-use asset | 834 | — | Operating lease right-of-use asset | 844 | 857 | ||||||
Other deferred charges and noncurrent assets | 123 | 153 | Other deferred charges and noncurrent assets | 273 | 134 | ||||||
TOTAL OTHER NONCURRENT ASSETS | 7,142 | 6,541 | TOTAL OTHER NONCURRENT ASSETS | 7,703 | 7,853 | ||||||
TOTAL ASSETS | $55,940 | $53,920 | TOTAL ASSETS | $59,595 | $58,079 |
(Millions of Dollars) | September 30, 2019 | December 31, 2018 | (Millions of Dollars) | September 30, 2020 | December 31, 2019 | |||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
CURRENT LIABILITIES | CURRENT LIABILITIES | |||||||||||
Long-term debt due within one year | $1,914 | $650 | Long-term debt due within one year | $1,965 | $1,446 | |||||||
Term loan | — | 825 | Term loan | 820 | 0 | |||||||
Notes payable | 1,300 | 1,741 | Notes payable | 1,009 | 1,692 | |||||||
Accounts payable | 1,082 | 1,187 | Accounts payable | 1,279 | 1,164 | |||||||
Customer deposits | 348 | 351 | Customer deposits | 319 | 346 | |||||||
Accrued taxes | 35 | 61 | Accrued taxes | 89 | 76 | |||||||
Accrued interest | 224 | 129 | Accrued interest | 255 | 153 | |||||||
Accrued wages | 115 | 109 | Accrued wages | 110 | 102 | |||||||
Fair value of derivative liabilities | 72 | 50 | Fair value of derivative liabilities | 149 | 123 | |||||||
Regulatory liabilities | 93 | 114 | Regulatory liabilities | 90 | 102 | |||||||
System benefit charge | 636 | 627 | System benefit charge | 591 | 647 | |||||||
Operating lease liabilities | 59 | — | Operating lease liabilities | 90 | 65 | |||||||
Other current liabilities | 341 | 363 | Other current liabilities | 394 | 371 | |||||||
TOTAL CURRENT LIABILITIES | 6,219 | 6,207 | TOTAL CURRENT LIABILITIES | 7,160 | 6,287 | |||||||
NONCURRENT LIABILITIES | NONCURRENT LIABILITIES | |||||||||||
Provision for injuries and damages | 139 | 146 | Provision for injuries and damages | 173 | 130 | |||||||
Pensions and retiree benefits | 810 | 1,228 | Pensions and retiree benefits | 760 | 1,516 | |||||||
Superfund and other environmental costs | 767 | 779 | Superfund and other environmental costs | 726 | 734 | |||||||
Asset retirement obligations | 360 | 450 | Asset retirement obligations | 441 | 425 | |||||||
Fair value of derivative liabilities | 147 | 16 | Fair value of derivative liabilities | 298 | 105 | |||||||
Deferred income taxes and unamortized investment tax credits | 6,136 | 5,820 | Deferred income taxes and unamortized investment tax credits | 6,507 | 6,227 | |||||||
Operating lease liabilities | 819 | — | Operating lease liabilities | 807 | 809 | |||||||
Regulatory liabilities | 4,590 | 4,641 | Regulatory liabilities | 4,569 | 4,827 | |||||||
Other deferred credits and noncurrent liabilities | 282 | 299 | Other deferred credits and noncurrent liabilities | 237 | 279 | |||||||
TOTAL NONCURRENT LIABILITIES | 14,050 | 13,379 | TOTAL NONCURRENT LIABILITIES | 14,518 | 15,052 | |||||||
LONG-TERM DEBT | 17,537 | 17,495 | LONG-TERM DEBT | 19,206 | 18,527 | |||||||
EQUITY | EQUITY | |||||||||||
Common shareholders’ equity | 17,959 | 16,726 | Common shareholders’ equity | 18,494 | 18,022 | |||||||
Noncontrolling interest | 175 | 113 | Noncontrolling interest | 217 | 191 | |||||||
TOTAL EQUITY (See Statement of Equity) | 18,134 | 16,839 | TOTAL EQUITY (See Statement of Equity) | 18,711 | 18,213 | |||||||
TOTAL LIABILITIES AND EQUITY | $55,940 | $53,920 | TOTAL LIABILITIES AND EQUITY | $59,595 | $58,079 |
(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, 2018 | 321 | $34 | $7,117 | $10,728 | 23 | $(1,038) | $(99) | $(16) | $113 | $16,839 | ||||||||||||||||||||||
Net income | 424 | 21 | 445 | |||||||||||||||||||||||||||||
Common stock dividends ($0.74 per share) | (237) | (237) | ||||||||||||||||||||||||||||||
Issuance of common shares – public offering | 6 | 433 | (8) | 425 | ||||||||||||||||||||||||||||
Issuance of common shares for stock plans | 27 | 27 | ||||||||||||||||||||||||||||||
Other comprehensive income | 4 | 4 | ||||||||||||||||||||||||||||||
Distributions to noncontrolling interest | (2) | (2) | ||||||||||||||||||||||||||||||
BALANCE AS OF MARCH 31, 2019 | 327 | $34 | $7,577 | $10,915 | 23 | $(1,038) | $(107) | $(12) | $132 | $17,501 | ||||||||||||||||||||||
Net income | 152 | 27 | 179 | |||||||||||||||||||||||||||||
Common stock dividends ($0.74 per share) | (242) | (242) | ||||||||||||||||||||||||||||||
Issuance of common shares – public offering | 5 | 1 | 402 | (3) | 400 | |||||||||||||||||||||||||||
Issuance of common shares for stock plans | 29 | 29 | ||||||||||||||||||||||||||||||
Other comprehensive income | 1 | 1 | ||||||||||||||||||||||||||||||
Distributions to noncontrolling interest | (3) | (3) | ||||||||||||||||||||||||||||||
BALANCE AS OF JUNE 30, 2019 | 332 | $35 | $8,008 | $10,825 | 23 | $(1,038) | $(110) | $(11) | $156 | $17,865 | ||||||||||||||||||||||
Net income | 473 | 30 | 503 | |||||||||||||||||||||||||||||
Common stock dividends ($0.74 per share) | (247) | (247) | ||||||||||||||||||||||||||||||
Issuance of common shares – public offering | 0 | |||||||||||||||||||||||||||||||
Issuance of common shares for stock plans | 23 | 23 | ||||||||||||||||||||||||||||||
Other comprehensive income | 1 | 1 | ||||||||||||||||||||||||||||||
Distributions to noncontrolling interest | (11) | (11) | ||||||||||||||||||||||||||||||
BALANCE AS OF SEPTEMBER 30, 2019 | 332 | $35 | $8,031 | $11,051 | 23 | $(1,038) | $(110) | $(10) | $175 | $18,134 | ||||||||||||||||||||||
BALANCE AS OF DECEMBER 31, 2019 | 333 | $35 | $8,054 | $11,100 | 23 | $(1,038) | $(110) | $(19) | $191 | $18,213 | ||||||||||||||||||||||
Net income | 375 | 17 | 392 | |||||||||||||||||||||||||||||
Common stock dividends ($0.76 per share) | (255) | (255) | ||||||||||||||||||||||||||||||
Issuance of common shares - public offering | 1 | 88 | 88 | |||||||||||||||||||||||||||||
Issuance of common shares for stock plans | 26 | 26 | ||||||||||||||||||||||||||||||
Other comprehensive income | 5 | 5 | ||||||||||||||||||||||||||||||
Distributions to noncontrolling interest | (2) | (2) | ||||||||||||||||||||||||||||||
BALANCE AS OF MARCH 31, 2020 | 334 | $35 | $8,168 | $11,220 | 23 | $(1,038) | $(110) | $(14) | $206 | $18,467 | ||||||||||||||||||||||
Net income | 190 | 12 | 202 | |||||||||||||||||||||||||||||
Common stock dividends ($0.76 per share) | (256) | (256) | ||||||||||||||||||||||||||||||
Issuance of common shares - public offering | 0 | |||||||||||||||||||||||||||||||
Issuance of common shares for stock plans | 30 | 30 | ||||||||||||||||||||||||||||||
Other comprehensive income | 0 |
(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, 2017 | 310 | $34 | $6,298 | $10,235 | 23 | $(1,038) | $(85) | $(26) | $7 | $15,425 | |
Net income | 428 | 428 | |||||||||
Common stock dividends ($0.715 per share) | (221) | (221) | |||||||||
Issuance of common shares for stock plans | 1 | 25 | 25 | ||||||||
Other comprehensive income | 4 | 4 | |||||||||
Noncontrolling interest | — | ||||||||||
BALANCE AS OF MARCH 31, 2018 | 311 | $34 | $6,323 | $10,442 | 23 | $(1,038) | $(85) | $(22) | $7 | $15,661 | |
Net income | 188 | 188 | |||||||||
Common stock dividends ($0.715 per share) | (223) | (223) | |||||||||
Issuance of common shares for stock plans | 27 | 27 | |||||||||
Other comprehensive income | 2 | 2 | |||||||||
Noncontrolling interest | — | ||||||||||
BALANCE AS OF JUNE 30, 2018 | 311 | $34 | $6,350 | $10,407 | 23 | $(1,038) | $(85) | $(20) | $7 | $15,655 | |
Net income | 435 | 435 | |||||||||
Common stock dividends ($0.715 per share) | (223) | (223) | |||||||||
Issuance of common shares for stock plans | 25 | 25 | |||||||||
Other comprehensive income | 2 | 2 | |||||||||
Noncontrolling interest | 4 | 4 | |||||||||
BALANCE AS OF SEPTEMBER 30, 2018 | 311 | $34 | $6,375 | $10,619 | 23 | $(1,038) | $(85) | $(18) | $11 | $15,898 | |
Net income | 331 | 331 | |||||||||
Common stock dividends ($0.715 per share) | (222) | (222) | |||||||||
Issuance of common shares - public offering | 10 | 719 | (14) | 705 | |||||||
Issuance of common shares for stock plans | 23 | 23 | |||||||||
Other comprehensive income | 2 | 2 | |||||||||
Noncontrolling interest | 102 | 102 | |||||||||
BALANCE AS OF DECEMBER 31, 2018 | 321 | $34 | $7,117 | $10,728 | 23 | $(1,038) | $(99) | $(16) | $113 | $16,839 | |
Net income | 424 | 21 | 445 | ||||||||
Common stock dividends ($0.74 per share) | (237) | (237) | |||||||||
Issuance of common shares – public offering | 6 | 433 | (8) | 425 | |||||||
Issuance of common shares for stock plans | 27 | 27 | |||||||||
Other comprehensive income | 4 | 4 | |||||||||
Distributions to noncontrolling interest | (2) | (2) | |||||||||
BALANCE AS OF MARCH 31, 2019 | 327 | $34 | $7,577 | $10,915 | 23 | $(1,038) | $(107) | $(12) | $132 | $17,501 | |
Net income | 152 | 27 | 179 | ||||||||
Common stock dividends ($0.74 per share) | (242) | (242) | |||||||||
Issuance of common shares – public offering | 5 | 1 | 402 | (3) | 400 | ||||||
Issuance of common shares for stock plans | 29 | 29 | |||||||||
Other comprehensive income | 1 | 1 | |||||||||
Distributions to noncontrolling interest | (3) | (3) | |||||||||
BALANCE AS OF JUNE 30, 2019 | 332 | $35 | $8,008 | $10,825 | 23 | $(1,038) | $(110) | $(11) | $156 | $17,865 | |
Net income | 473 | 30 | 503 | ||||||||
Common stock dividends ($0.74 per share) | (247) | (247) | |||||||||
Issuance of common shares for stock plans | 23 | 23 | |||||||||
Other comprehensive income | 1 | 1 | |||||||||
Distributions to noncontrolling interest | (11) | (11) | |||||||||
BALANCE AS OF SEPTEMBER 30, 2019 | 332 | $35 | $8,031 | $11,051 | 23 | $(1,038) | $(110) | $(10) | $175 | $18,134 |
Distributions to noncontrolling interest | (2) | (2) | ||||||||||||||||||||||||||||||
BALANCE AS OF JUNE 30, 2020 | 334 | $35 | $8,198 | $11,154 | 23 | $(1,038) | $(110) | $(14) | $216 | $18,441 | ||||||||||||||||||||||
Net income | 493 | 9 | 502 | |||||||||||||||||||||||||||||
Common stock dividends ($0.76 per share) | (256) | (256) | ||||||||||||||||||||||||||||||
Issuance of common shares - public offering | 0 | |||||||||||||||||||||||||||||||
Issuance of common shares for stock plans | 30 | 30 | ||||||||||||||||||||||||||||||
Other comprehensive income | 2 | 2 | ||||||||||||||||||||||||||||||
Distributions to noncontrolling interest | (8) | (8) | ||||||||||||||||||||||||||||||
BALANCE AS OF SEPTEMBER 30, 2020 | 334 | $35 | $8,228 | $11,391 | 23 | $(1,038) | $(110) | $(12) | $217 | $18,711 |
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, | |||||||||||||||
(Millions of Dollars) | 2019 | 2018 | 2019 | 2018 | (Millions of Dollars) | 2020 | 2019 | 2020 | 2019 | |||||||||
OPERATING REVENUES | OPERATING REVENUES | |||||||||||||||||
Electric | $2,544 | $2,571 | $6,174 | $6,107 | Electric | $2,562 | $2,544 | $6,178 | $6,174 | |||||||||
Gas | 275 | 264 | 1,605 | 1,540 | Gas | 259 | 275 | 1,509 | 1,605 | |||||||||
Steam | 58 | 64 | 469 | 474 | Steam | 51 | 58 | 385 | 469 | |||||||||
TOTAL OPERATING REVENUES | 2,877 | 2,899 | 8,248 | 8,121 | TOTAL OPERATING REVENUES | 2,872 | 2,877 | 8,072 | 8,248 | |||||||||
OPERATING EXPENSES | OPERATING EXPENSES | |||||||||||||||||
Purchased power | 423 | 472 | 1,058 | 1,117 | Purchased power | 447 | 423 | 1,065 | 1,058 | |||||||||
Fuel | 31 | 39 | 163 | 201 | Fuel | 24 | 31 | 124 | 163 | |||||||||
Gas purchased for resale | 52 | 66 | 445 | 457 | Gas purchased for resale | 38 | 52 | 298 | 445 | |||||||||
Other operations and maintenance | 712 | 666 | 2,022 | 1,926 | Other operations and maintenance | 597 | 712 | 1,714 | 2,022 | |||||||||
Depreciation and amortization | 346 | 322 | 1,020 | 949 | Depreciation and amortization | 401 | 346 | 1,187 | 1,020 | |||||||||
Taxes, other than income taxes | 590 | 570 | 1,715 | 1,621 | Taxes, other than income taxes | 643 | 590 | 1,830 | 1,715 | |||||||||
TOTAL OPERATING EXPENSES | 2,154 | 2,135 | 6,423 | 6,271 | TOTAL OPERATING EXPENSES | 2,150 | 2,154 | 6,218 | 6,423 | |||||||||
OPERATING INCOME | 723 | 764 | 1,825 | 1,850 | OPERATING INCOME | 722 | 723 | 1,854 | 1,825 | |||||||||
OTHER INCOME (DEDUCTIONS) | OTHER INCOME (DEDUCTIONS) | |||||||||||||||||
Investment and other income | 10 | 6 | 23 | 14 | Investment and other income | 6 | 10 | 11 | 23 | |||||||||
Allowance for equity funds used during construction | 3 | 4 | 9 | 10 | Allowance for equity funds used during construction | 1 | 3 | 10 | 9 | |||||||||
Other deductions | (22) | (43) | (63) | (123) | Other deductions | (45) | (22) | (159) | (63) | |||||||||
TOTAL OTHER INCOME (DEDUCTIONS) | (9) | (33) | (31) | (99) | TOTAL OTHER INCOME (DEDUCTIONS) | (38) | (9) | (138) | (31) | |||||||||
INCOME BEFORE INTEREST AND INCOME TAX EXPENSE | 714 | 731 | 1,794 | 1,751 | INCOME BEFORE INTEREST AND INCOME TAX EXPENSE | 684 | 714 | 1,716 | 1,794 | |||||||||
INTEREST EXPENSE | INTEREST EXPENSE | |||||||||||||||||
Interest on long-term debt | 168 | 167 | 501 | 492 | Interest on long-term debt | 179 | 168 | 537 | 501 | |||||||||
Other interest | 16 | 10 | 52 | 23 | Other interest | 7 | 16 | 26 | 52 | |||||||||
Allowance for borrowed funds used during construction | (3) | (2) | (8) | (7) | Allowance for borrowed funds used during construction | (4) | (3) | (9) | (8) | |||||||||
NET INTEREST EXPENSE | 181 | 175 | 545 | 508 | NET INTEREST EXPENSE | 182 | 181 | 554 | 545 | |||||||||
INCOME BEFORE INCOME TAX EXPENSE | 533 | 556 | 1,249 | 1,243 | INCOME BEFORE INCOME TAX EXPENSE | 502 | 533 | 1,162 | 1,249 | |||||||||
INCOME TAX EXPENSE | 119 | 125 | 271 | 274 | INCOME TAX EXPENSE | 97 | 119 | 199 | 271 | |||||||||
NET INCOME | $414 | $431 | $978 | $969 | NET INCOME | $405 | $414 | $963 | $978 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
(Millions of Dollars) | 2019 | 2018 | 2019 | 2018 | (Millions of Dollars) | 2020 | 2019 | 2020 | 2019 | ||||||||||
NET INCOME | $414 | $431 | $978 | $969 | NET INCOME | $405 | $414 | $963 | $978 | ||||||||||
Pension and other postretirement benefit plan liability adjustments, net of taxes | 1 | — | 1 | Pension and other postretirement benefit plan liability adjustments, net of taxes | 0 | 1 | 2 | 1 | |||||||||||
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAXES | 1 | — | 1 | TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAXES | 0 | 1 | 2 | 1 | |||||||||||
COMPREHENSIVE INCOME | $415 | $431 | $979 | $970 | COMPREHENSIVE INCOME | $405 | $415 | $965 | $979 |
For the Nine Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||
(Millions of Dollars) | 2019 | 2018 | (Millions of Dollars) | 2020 | 2019 | |||||||
OPERATING ACTIVITIES | OPERATING ACTIVITIES | |||||||||||
Net income | $978 | $969 | Net income | $963 | $978 | |||||||
PRINCIPAL NON-CASH CHARGES/(CREDITS) TO INCOME | PRINCIPAL NON-CASH CHARGES/(CREDITS) TO INCOME | |||||||||||
Depreciation and amortization | 1,020 | 949 | Depreciation and amortization | 1,187 | 1,020 | |||||||
Deferred income taxes | 244 | 346 | Deferred income taxes | 201 | 244 | |||||||
Rate case amortization and accruals | (87) | (98) | Rate case amortization and accruals | (30) | (87) | |||||||
Common equity component of allowance for funds used during construction | (9) | (10) | Common equity component of allowance for funds used during construction | (10) | (9) | |||||||
Unbilled revenue and net unbilled revenue deferrals | 38 | 43 | Unbilled revenue and net unbilled revenue deferrals | 0 | 38 | |||||||
Gain on sale of assets | (5) | — | Gain on sale of assets | 0 | (5) | |||||||
Other non-cash items, net | (19) | (20) | Other non-cash items, net | 36 | (19) | |||||||
CHANGES IN ASSETS AND LIABILITIES | CHANGES IN ASSETS AND LIABILITIES | |||||||||||
Accounts receivable – customers | (2) | (218) | Accounts receivable – customers | (289) | (2) | |||||||
Materials and supplies, including fuel oil and gas in storage | 9 | (3) | Materials and supplies, including fuel oil and gas in storage | 6 | 9 | |||||||
Revenue decoupling mechanism | (91) | — | Revenue decoupling mechanism | (45) | (91) | |||||||
Other receivables and other current assets | 107 | (47) | Other receivables and other current assets | 3 | 107 | |||||||
Accounts receivable from affiliated companies | 14 | (267) | Accounts receivable from affiliated companies | (83) | 14 | |||||||
Prepayments | (499) | (448) | Prepayments | (481) | (499) | |||||||
Accounts payable | (92) | (32) | Accounts payable | 29 | (92) | |||||||
Accounts payable to affiliated companies | (4) | 8 | Accounts payable to affiliated companies | 1 | (4) | |||||||
Pensions and retiree benefits obligations, net | 237 | 242 | Pensions and retiree benefits obligations, net | 169 | 237 | |||||||
Pensions and retiree benefits contributions | (322) | (436) | Pensions and retiree benefits contributions | (434) | (322) | |||||||
Superfund and environmental remediation costs, net | (10) | (14) | Superfund and environmental remediation costs, net | (14) | (10) | |||||||
Accrued taxes | (23) | (63) | Accrued taxes | 10 | (23) | |||||||
Accrued taxes to affiliated companies | — | (72) | Accrued taxes to affiliated companies | 3 | 0 | |||||||
Accrued interest | 68 | 67 | Accrued interest | 97 | 68 | |||||||
System benefit charge | 9 | 70 | System benefit charge | (53) | 9 | |||||||
Deferred charges, noncurrent assets and other regulatory assets | (248) | (158) | Deferred charges, noncurrent assets and other regulatory assets | (420) | (248) | |||||||
Deferred credits and other regulatory liabilities | 184 | 376 | Deferred credits and other regulatory liabilities | 112 | 184 | |||||||
Other current and noncurrent liabilities | (7) | (99) | Other current and noncurrent liabilities | 1 | (7) | |||||||
NET CASH FLOWS FROM OPERATING ACTIVITIES | 1,490 | 1,085 | NET CASH FLOWS FROM OPERATING ACTIVITIES | 959 | 1,490 | |||||||
INVESTING ACTIVITIES | INVESTING ACTIVITIES | |||||||||||
Utility construction expenditures | (2,271) | (2,315) | Utility construction expenditures | (2,200) | (2,271) | |||||||
Cost of removal less salvage | (214) | (183) | Cost of removal less salvage | (212) | (214) | |||||||
Proceeds from sale of assets | 48 | — | Proceeds from sale of assets | 0 | 48 | |||||||
NET CASH FLOWS USED IN INVESTING ACTIVITIES | (2,437) | (2,498) | NET CASH FLOWS USED IN INVESTING ACTIVITIES | (2,412) | (2,437) | |||||||
FINANCING ACTIVITIES | FINANCING ACTIVITIES | |||||||||||
Net issuance/(payment) of short-term debt | (262) | 854 | ||||||||||
Net payment of short-term debt | Net payment of short-term debt | (146) | (262) | |||||||||
Issuance of long-term debt | 700 | 1,640 | Issuance of long-term debt | 1,600 | 700 | |||||||
Retirement of long-term debt | (475) | (1,236) | Retirement of long-term debt | (350) | (475) | |||||||
Debt issuance costs | (9) | (18) | Debt issuance costs | (24) | (9) | |||||||
Capital contribution by parent | 875 | 95 | Capital contribution by parent | 200 | 875 | |||||||
Dividend to parent | (685) | (635) | Dividend to parent | (737) | (685) | |||||||
NET CASH FLOWS FROM FINANCING ACTIVITIES | 144 | 700 | NET CASH FLOWS FROM FINANCING ACTIVITIES | 543 | 144 | |||||||
CASH, TEMPORARY CASH INVESTMENTS, AND RESTRICTED CASH: | ||||||||||||
CASH AND TEMPORARY CASH INVESTMENTS | CASH AND TEMPORARY CASH INVESTMENTS | |||||||||||
NET CHANGE FOR THE PERIOD | (803) | (713) | NET CHANGE FOR THE PERIOD | (910) | (803) | |||||||
BALANCE AT BEGINNING OF PERIOD | 818 | 730 | BALANCE AT BEGINNING OF PERIOD | 933 | 818 | |||||||
BALANCE AT END OF PERIOD | $15 | $17 | BALANCE AT END OF PERIOD | $23 | $15 | |||||||
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 | $439 | $424 | Interest | $430 | $439 | |||||||
Income taxes | $13 | $268 | Income taxes | $78 | $13 | |||||||
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION | SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION | |||||||||||
Construction expenditures in accounts payable | $295 | $279 | Construction expenditures in accounts payable | $340 | $295 | |||||||
Software licenses acquired but unpaid as of end of period | $76 | $95 | Software licenses acquired but unpaid as of end of period | $48 | $76 | |||||||
Equipment acquired but unpaid as of end of period | $33 | — | Equipment acquired but unpaid as of end of period | $28 | $33 |
(Millions of Dollars) | September 30, 2019 | December 31, 2018 | (Millions of Dollars) | September 30, 2020 | December 31, 2019 | |||||||
ASSETS | ASSETS | |||||||||||
CURRENT ASSETS | CURRENT ASSETS | |||||||||||
Cash and temporary cash investments | $15 | $818 | Cash and temporary cash investments | $23 | $933 | |||||||
Accounts receivable – customers, less allowance for uncollectible accounts of $62 and $57 in 2019 and 2018, respectively | 1,160 | 1,163 | ||||||||||
Other receivables, less allowance for uncollectible accounts of $3 in 2019 and 2018 | 104 | 211 | ||||||||||
Accounts receivable – customers, less allowance for uncollectible accounts of $110 and $65 in 2020 and 2019, respectively | Accounts receivable – customers, less allowance for uncollectible accounts of $110 and $65 in 2020 and 2019, respectively | 1,397 | 1,153 | |||||||||
Other receivables, less allowance for uncollectible accounts of $4 and $3 in 2020 and 2019, respectively | Other receivables, less allowance for uncollectible accounts of $4 and $3 in 2020 and 2019, respectively | 118 | 120 | |||||||||
Taxes receivable | — | 5 | Taxes receivable | 3 | 0 | |||||||
Accrued unbilled revenue | 374 | 392 | Accrued unbilled revenue | 418 | 477 | |||||||
Accounts receivable from affiliated companies | 200 | 214 | Accounts receivable from affiliated companies | 156 | 73 | |||||||
Fuel oil, gas in storage, materials and supplies, at average cost | 295 | 304 | Fuel oil, gas in storage, materials and supplies, at average cost | 287 | 293 | |||||||
Prepayments | 616 | 117 | Prepayments | 659 | 178 | |||||||
Regulatory assets | 69 | 64 | Regulatory assets | 144 | 113 | |||||||
Revenue decoupling mechanism receivable | 91 | — | Revenue decoupling mechanism receivable | 121 | 76 | |||||||
Other current assets | 81 | 69 | Other current assets | 121 | 127 | |||||||
TOTAL CURRENT ASSETS | 3,005 | 3,357 | TOTAL CURRENT ASSETS | 3,447 | 3,543 | |||||||
INVESTMENTS | 436 | 385 | INVESTMENTS | 505 | 461 | |||||||
UTILITY PLANT, AT ORIGINAL COST | UTILITY PLANT, AT ORIGINAL COST | |||||||||||
Electric | 29,736 | 28,595 | Electric | 31,019 | 29,989 | |||||||
Gas | 9,012 | 8,295 | Gas | 9,676 | 9,229 | |||||||
Steam | 2,594 | 2,562 | Steam | 2,638 | 2,601 | |||||||
General | 3,201 | 3,056 | General | 3,441 | 3,271 | |||||||
TOTAL | 44,543 | 42,508 | TOTAL | 46,774 | 45,090 | |||||||
Less: Accumulated depreciation | 9,504 | 8,988 | Less: Accumulated depreciation | 10,139 | 9,490 | |||||||
Net | 35,039 | 33,520 | Net | 36,635 | 35,600 | |||||||
Construction work in progress | 1,843 | 1,850 | Construction work in progress | 2,079 | 1,812 | |||||||
NET UTILITY PLANT | 36,882 | 35,370 | NET UTILITY PLANT | 38,714 | 37,412 | |||||||
NON-UTILITY PROPERTY | NON-UTILITY PROPERTY | |||||||||||
Non-utility property, less accumulated depreciation of $25 in 2019 and 2018 | 3 | 4 | ||||||||||
Non-utility property, less accumulated depreciation of $25 in 2020 and 2019 | Non-utility property, less accumulated depreciation of $25 in 2020 and 2019 | 2 | ||||||||||
NET PLANT | 36,885 | 35,374 | NET PLANT | 38,716 | 37,414 | |||||||
OTHER NONCURRENT ASSETS | OTHER NONCURRENT ASSETS | |||||||||||
Regulatory assets | 3,831 | 3,923 | Regulatory assets | 4,278 | 4,487 | |||||||
Operating lease right-of-use asset | 610 | — | Operating lease right-of-use asset | 584 | 601 | |||||||
Other deferred charges and noncurrent assets | 41 | 69 | Other deferred charges and noncurrent assets | 138 | 51 | |||||||
TOTAL OTHER NONCURRENT ASSETS | 4,482 | 3,992 | TOTAL OTHER NONCURRENT ASSETS | 5,000 | 5,139 | |||||||
TOTAL ASSETS | $44,808 | $43,108 | TOTAL ASSETS | $47,668 | $46,557 |
(Millions of Dollars) | September 30, 2019 | December 31, 2018 | (Millions of Dollars) | September 30, 2020 | December 31, 2019 | ||||||
LIABILITIES AND SHAREHOLDER’S EQUITY | LIABILITIES AND SHAREHOLDER’S EQUITY | ||||||||||
CURRENT LIABILITIES | CURRENT LIABILITIES | ||||||||||
Long-term debt due within one year | $350 | $475 | Long-term debt due within one year | $640 | $350 | ||||||
Notes payable | 930 | 1,192 | Notes payable | 991 | 1,137 | ||||||
Accounts payable | 883 | 977 | Accounts payable | 1,040 | 956 | ||||||
Accounts payable to affiliated companies | 13 | 17 | Accounts payable to affiliated companies | 14 | 13 | ||||||
Customer deposits | 335 | 339 | Customer deposits | 304 | 334 | ||||||
Accrued taxes | 33 | 55 | Accrued taxes | 81 | 71 | ||||||
Accrued taxes to affiliated companies | Accrued taxes to affiliated companies | 3 | 0 | ||||||||
Accrued interest | 180 | 112 | Accrued interest | 210 | 113 | ||||||
Accrued wages | 104 | 99 | Accrued wages | 99 | 92 | ||||||
Fair value of derivative liabilities | 33 | 25 | Fair value of derivative liabilities | 86 | 81 | ||||||
Regulatory liabilities | 56 | 73 | Regulatory liabilities | 62 | 63 | ||||||
System benefit charge | 578 | 569 | System benefit charge | 534 | 587 | ||||||
Operating lease liabilities | 49 | — | Operating lease liabilities | 69 | 54 | ||||||
Other current liabilities | 269 | 267 | Other current liabilities | 274 | 280 | ||||||
TOTAL CURRENT LIABILITIES | 3,813 | 4,200 | TOTAL CURRENT LIABILITIES | 4,407 | 4,131 | ||||||
NONCURRENT LIABILITIES | NONCURRENT LIABILITIES | ||||||||||
Provision for injuries and damages | 135 | 141 | Provision for injuries and damages | 165 | 125 | ||||||
Pensions and retiree benefits | 577 | 952 | Pensions and retiree benefits | 551 | 1,241 | ||||||
Superfund and other environmental costs | 684 | 693 | Superfund and other environmental costs | 647 | 654 | ||||||
Asset retirement obligations | 301 | 292 | Asset retirement obligations | 372 | 362 | ||||||
Fair value of derivative liabilities | 82 | 6 | Fair value of derivative liabilities | 134 | 65 | ||||||
Deferred income taxes and unamortized investment tax credits | 6,082 | 5,739 | Deferred income taxes and unamortized investment tax credits | 6,374 | 6,000 | ||||||
Operating lease liabilities | 595 | — | Operating lease liabilities | 554 | 551 | ||||||
Regulatory liabilities | 4,200 | 4,258 | Regulatory liabilities | 4,134 | 4,427 | ||||||
Other deferred credits and noncurrent liabilities | 236 | 241 | Other deferred credits and noncurrent liabilities | 198 | 240 | ||||||
TOTAL NONCURRENT LIABILITIES | 12,892 | 12,322 | TOTAL NONCURRENT LIABILITIES | 13,129 | 13,665 | ||||||
LONG-TERM DEBT | 14,024 | 13,676 | LONG-TERM DEBT | 15,557 | 14,614 | ||||||
SHAREHOLDER’S EQUITY (See Statement of Shareholder’s Equity) | 14,079 | 12,910 | SHAREHOLDER’S EQUITY (See Statement of Shareholder’s Equity) | 14,575 | 14,147 | ||||||
TOTAL LIABILITIES AND SHAREHOLDER’S EQUITY | $44,808 | $43,108 | TOTAL LIABILITIES AND SHAREHOLDER’S EQUITY | $47,668 | $46,557 |
Common Stock | Additional Paid-In Capital | Retained Earnings | Repurchased Con Edison Stock | Capital Stock Expense | Accumulated Other Comprehensive Income/(Loss) | Total | |||||||||||||||||||||||||||||||
(In Millions | (In Millions | Shares | Amount | ||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Retained Earnings | Repurchased Con Edison Stock | Capital Stock Expense | Accumulated Other Comprehensive Income/(Loss) | Total | |||||||||||||||||||||||||||||||
(In Millions, except for dividends per share) | Shares | Amount | |||||||||||||||||||||||||||||||||||
BALANCE AS OF DECEMBER 31, 2017 | 235 | $589 | $4,649 | $8,231 | $(962) | $(62) | $(6) | $12,439 | |||||||||||||||||||||||||||||
Net income | 389 | 389 | |||||||||||||||||||||||||||||||||||
Common stock dividend to parent | (211) | (211) | |||||||||||||||||||||||||||||||||||
Capital contribution by parent | 45 | 45 | |||||||||||||||||||||||||||||||||||
Other comprehensive income | — | ||||||||||||||||||||||||||||||||||||
BALANCE AS OF MARCH 31, 2018 | 235 | $589 | $4,694 | $8,409 | $(962) | $(62) | $(6) | $12,662 | |||||||||||||||||||||||||||||
Net income | 149 | 149 | |||||||||||||||||||||||||||||||||||
Common stock dividend to parent | $(212) | (212) | |||||||||||||||||||||||||||||||||||
Capital contribution by parent | 25 | 25 | |||||||||||||||||||||||||||||||||||
Other comprehensive income | 1 | 1 | |||||||||||||||||||||||||||||||||||
BALANCE AS OF JUNE 30, 2018 | 235 | $589 | $4,719 | $8,346 | $(962) | $(62) | $(5) | $12,625 | |||||||||||||||||||||||||||||
Net income | $431 | 431 | |||||||||||||||||||||||||||||||||||
Common stock dividend to parent | (212) | (212) | |||||||||||||||||||||||||||||||||||
Capital contribution by parent | 25 | 25 | |||||||||||||||||||||||||||||||||||
Other comprehensive income | — | ||||||||||||||||||||||||||||||||||||
BALANCE AS OF SEPTEMBER 30, 2018 | 235 | $589 | $4,744 | $8,565 | $(962) | $(62) | $(5) | $12,869 | |||||||||||||||||||||||||||||
Net income | 227 | 227 | |||||||||||||||||||||||||||||||||||
Common stock dividend to parent | (211) | (211) | |||||||||||||||||||||||||||||||||||
Capital contribution by parent | 25 | 25 | |||||||||||||||||||||||||||||||||||
Other comprehensive income | — | ||||||||||||||||||||||||||||||||||||
BALANCE AS OF DECEMBER 31, 2018 | 235 | $589 | $4,769 | $8,581 | $(962) | $(62) | $(5) | $12,910 | BALANCE AS OF DECEMBER 31, 2018 | 235 | $589 | $4,769 | $8,581 | $(962) | $(62) | $(5) | $12,910 | ||||||||||||||||||||
Net income | 412 | 412 | Net income | 412 | 412 | ||||||||||||||||||||||||||||||||
Common stock dividend to parent | (228) | (228) | Common stock dividend to parent | (228) | (228) | ||||||||||||||||||||||||||||||||
Capital contribution by parent | 225 | 225 | Capital contribution by parent | 225 | 225 | ||||||||||||||||||||||||||||||||
Other comprehensive income | — | Other comprehensive income | 0 | ||||||||||||||||||||||||||||||||||
BALANCE AS OF MARCH 31, 2019 | 235 | $589 | $4,994 | $8,765 | $(962) | $(62) | $(5) | $13,319 | BALANCE AS OF MARCH 31, 2019 | 235 | 589 | 4,994 | 8,765 | (962) | (62) | (5) | 13,319 | ||||||||||||||||||||
Net income | 152 | 152 | Net income | 152 | 152 | ||||||||||||||||||||||||||||||||
Common stock dividend to parent | (228) | (228) | Common stock dividend to parent | (228) | (228) | ||||||||||||||||||||||||||||||||
Capital contribution by parent | 625 | 625 | Capital contribution by parent | 625 | 625 | ||||||||||||||||||||||||||||||||
Other comprehensive income | — | Other comprehensive income | 0 | ||||||||||||||||||||||||||||||||||
BALANCE AS OF JUNE 30, 2019 | 235 | $589 | $5,619 | $8,689 | $(962) | $(62) | $(5) | $13,868 | BALANCE AS OF JUNE 30, 2019 | 235 | $589 | $5,619 | $8,689 | $(962) | $(62) | $(5) | $13,868 | ||||||||||||||||||||
Net income | 414 | 414 | Net income | 414 | 414 | ||||||||||||||||||||||||||||||||
Common stock dividend to parent | (229) | (229) | Common stock dividend to parent | (229) | (229) | ||||||||||||||||||||||||||||||||
Capital contribution by parent | 25 | 25 | Capital contribution by parent | 25 | 25 | ||||||||||||||||||||||||||||||||
Other comprehensive income | 1 | 1 | Other comprehensive income | 1 | 1 | ||||||||||||||||||||||||||||||||
BALANCE AS OF SEPTEMBER 30, 2019 | 235 | $589 | $5,644 | $8,874 | $(962) | $(62) | $(4) | $14,079 | BALANCE AS OF SEPTEMBER 30, 2019 | 235 | 589 | 5,644 | 8,874 | (962) | (62) | (4) | 14,079 | ||||||||||||||||||||
BALANCE AS OF DECEMBER 31, 2019 | BALANCE AS OF DECEMBER 31, 2019 | 235 | $589 | $5,669 | $8,919 | $(962) | $(62) | $(6) | $14,147 | ||||||||||||||||||||||||||||
Net income | Net income | 406 | 406 | ||||||||||||||||||||||||||||||||||
Common stock dividend to parent | Common stock dividend to parent | (246) | (246) | ||||||||||||||||||||||||||||||||||
Capital contribution by parent | Capital contribution by parent | 25 | 25 | ||||||||||||||||||||||||||||||||||
Other comprehensive income | Other comprehensive income | 1 | |||||||||||||||||||||||||||||||||||
BALANCE AS OF MARCH 31, 2020 | BALANCE AS OF MARCH 31, 2020 | 235 | $589 | $5,694 | $9,079 | $(962) | $(62) | $(5) | $14,333 | ||||||||||||||||||||||||||||
Net income | Net income | 152 | 152 | ||||||||||||||||||||||||||||||||||
Common stock dividend to parent | Common stock dividend to parent | (246) | (246) | ||||||||||||||||||||||||||||||||||
Capital contribution by parent | Capital contribution by parent | 25 | 25 | ||||||||||||||||||||||||||||||||||
Other comprehensive income | Other comprehensive income | 1 | |||||||||||||||||||||||||||||||||||
BALANCE AS OF JUNE 30, 2020 | BALANCE AS OF JUNE 30, 2020 | 235 | $589 | $5,719 | $8,985 | $(962) | $(62) | $(4) | $14,265 | ||||||||||||||||||||||||||||
Net income | Net income | 405 | 405 | ||||||||||||||||||||||||||||||||||
Common stock dividend to parent | Common stock dividend to parent | (245) | (245) | ||||||||||||||||||||||||||||||||||
Capital contribution by parent | Capital contribution by parent | 150 | 150 | ||||||||||||||||||||||||||||||||||
Other comprehensive income | Other comprehensive income | 0 | 0 | ||||||||||||||||||||||||||||||||||
BALANCE AS OF SEPTEMBER 30, 2020 | BALANCE AS OF SEPTEMBER 30, 2020 | 235 | $589 | $5,869 | $9,145 | $(962) | $(62) | $(4) | $14,575 |
For the Three Months Ended September 30, 2020 | ||||||||||||||
Con Edison | CECONY | |||||||||||||
(Millions of Dollars) | Accounts receivable - customers | Other receivables | Accounts receivable - customers | Other receivables | ||||||||||
Allowance for credit losses | ||||||||||||||
Beginning Balance at July 1, 2020 | $87 | $5 | $81 | $3 | ||||||||||
Recoveries | 2 | 0 | 2 | 0 | ||||||||||
Write-offs | (4) | 0 | (3) | 0 | ||||||||||
Reserve adjustments | 33 | 1 | 31 | 1 | ||||||||||
Ending Balance September 30, 2020 | $118 | $6 | $111 | $4 |
For the Three Months Ended September 30, 2019 | For the Three Months Ended September 30, 2018 | ||||||||||||
(Millions of Dollars) | Revenues from contracts with customers | Other revenues (a) | Total operating revenues | Revenues from contracts with customers | Other revenues (a) | Total operating revenues | |||||||
CECONY | |||||||||||||
Electric | $2,582 | $(38) | $2,544 | $2,631 | $(60) | $2,571 | |||||||
Gas | 263 | 12 | 275 | 264 | — | 264 | |||||||
Steam | 54 | 4 | 58 | 64 | — | 64 | |||||||
Total CECONY | $2,899 | $(22) | $2,877 | $2,959 | $(60) | $2,899 | |||||||
O&R | |||||||||||||
Electric | 205 | 5 | 210 | 215 | (3) | 212 | |||||||
Gas | 25 | 6 | 31 | 31 | 3 | 34 | |||||||
Total O&R | $230 | $11 | $241 | $246 | $— | $246 | |||||||
Clean Energy Businesses | |||||||||||||
Renewables | 193 | (b) | — | 193 | 68 | (b) | — | 68 | |||||
Energy services | 14 | — | 14 | 24 | — | 24 | |||||||
Other | — | 40 | 40 | — | 89 | 89 | |||||||
Total Clean Energy Businesses | $207 | $40 | $247 | $92 | $89 | $181 | |||||||
Con Edison Transmission | 1 | — | 1 | 1 | — | 1 | |||||||
Other (c) | — | (1) | (1) | — | 1 | 1 | |||||||
Total Con Edison | $3,337 | $28 | $3,365 | $3,298 | $30 | $3,328 |
For the Nine Months Ended September 30, 2020 | ||||||||||||||
Con Edison | CECONY | |||||||||||||
(Millions of Dollars) | Accounts receivable - customers | Other receivables | Accounts receivable - customers | Other receivables | ||||||||||
Allowance for credit losses | ||||||||||||||
Beginning Balance at January 1, 2020 | $70 | $4 | $65 | $3 | ||||||||||
Recoveries | 6 | 0 | 6 | 0 | ||||||||||
Write-offs | (37) | (1) | (35) | 0 | ||||||||||
Reserve adjustments | 79 | 3 | 75 | 1 | ||||||||||
Ending Balance September 30, 2020 | $118 | $6 | $111 | $4 |
For the Nine Months Ended September 30, 2019 | For the Nine Months Ended September 30, 2018 | ||||||||||||
(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 | $6,048 | $126 | $6,174 | $6,106 | $1 | $6,107 | |||||||
Gas | 1,573 | 32 | 1,605 | 1,516 | 24 | 1,540 | |||||||
Steam | 456 | 13 | 469 | 467 | 7 | 474 | |||||||
Total CECONY | $8,077 | $171 | $8,248 | $8,089 | $32 | $8,121 | |||||||
O&R | |||||||||||||
Electric | 488 | 5 | 493 | 508 | (3) | 505 | |||||||
Gas | 178 | 7 | 185 | 179 | 7 | 186 | |||||||
Total O&R | $666 | $12 | $678 | $687 | $4 | $691 | |||||||
Clean Energy Businesses | |||||||||||||
Renewables | 465 | (b) | — | 465 | 273 | (b) | — | 273 | |||||
Energy services | 53 | — | 53 | 65 | — | 65 | |||||||
Other | — | 178 | 178 | — | 235 | 235 | |||||||
Total Clean Energy Businesses | $518 | $178 | $696 | $338 | $235 | $573 | |||||||
Con Edison Transmission | 3 | — | 3 | 3 | — | 3 | |||||||
Other (c) | — | (2) | (2) | — | — | — | |||||||
Total Con Edison | $9,264 | $359 | $9,623 | $9,117 | $271 | $9,388 |
2019 | 2018 | |||||
(Millions of Dollars) | Unbilled contract revenue (a) | Unearned revenue (b) | Unbilled contract revenue (a) | Unearned revenue (b) | ||
Beginning balance as of January 1, | $29 | $20 | $58 | $87 | ||
Additions (c) | 63 | 2 | 111 | 34 | ||
Subtractions (c) | 68 | 2 | (d) | 138 | 105 | (d) |
Ending balance as of September 30, | $24 | $20 | $31 | $16 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||
(Millions of Dollars, except per share amounts/Shares in Millions) | 2020 | 2019 | 2020 | 2019 | ||||||||||
Net income for common stock | $493 | $473 | $1,058 | $1,048 | ||||||||||
Weighted average common shares outstanding – basic | 334.5 | 332.2 | 334.1 | 327.3 | ||||||||||
Add: Incremental shares attributable to effect of potentially dilutive securities | 0.9 | 1.0 | 0.9 | 1.0 | ||||||||||
Adjusted weighted average common shares outstanding – diluted | 335.4 | 333.2 | 335.0 | 328.3 | ||||||||||
Net Income per common share – basic | $1.47 | $1.42 | $3.17 | $3.20 | ||||||||||
Net Income per common share – diluted | $1.47 | $1.42 | $3.16 | $3.19 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||
(Millions of Dollars, except per share amounts/Shares in Millions) | 2019 | 2018 | 2019 | 2018 |
Net income for common stock | $473 | $435 | $1,048 | $1,051 |
Weighted average common shares outstanding – basic | 332.2 | 311.1 | 327.3 | 310.8 |
Add: Incremental shares attributable to effect of potentially dilutive securities | 1.0 | 1.2 | 1.0 | 1.1 |
Adjusted weighted average common shares outstanding – diluted | 333.2 | 312.3 | 328.3 | 311.9 |
Net Income per common share – basic | $1.42 | $1.40 | $3.20 | $3.38 |
Net Income per common share – diluted | $1.42 | $1.39 | $3.19 | $3.37 |
For the Three Months Ended September 30, | ||||||||||||||
Con Edison | CECONY | |||||||||||||
(Millions of Dollars) | 2020 | 2019 | 2020 | 2019 | ||||||||||
Beginning balance, accumulated OCI, net of taxes (a) | $(14) | $(11) | $(4) | $(5) | ||||||||||
Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax of $(1) for Con Edison in 2020 and 2019 (a)(b) | 2 | 1 | 0 | 1 | ||||||||||
Current period OCI, net of taxes | 2 | 1 | 0 | 1 | ||||||||||
Ending balance, accumulated OCI, net of taxes | $(12) | $(10) | $(4) | $(4) |
For the Three Months Ended September 30, | |||||
Con Edison | CECONY | ||||
(Millions of Dollars) | 2019 | 2018 | 2019 | 2018 | |
Beginning balance, accumulated OCI, net of taxes (a) | $(11) | $(20) | $(5) | $(5) | |
Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax of $(1) for Con Edison in 2019 and 2018 (a)(b) | 1 | 2 | 1 | — | |
Current period OCI, net of taxes | 1 | 2 | 1 | — | |
Ending balance, accumulated OCI, net of taxes | $(10) | $(18) | $(4) | $(5) |
For the Nine Months Ended September 30, | ||||||||||||||
Con Edison | CECONY | |||||||||||||
(Millions of Dollars) | 2020 | 2019 | 2020 | 2019 | ||||||||||
Beginning balance, accumulated OCI, net of taxes (a) | $(19) | $(16) | $(6) | $(5) | ||||||||||
OCI before reclassifications, net of tax of $(1) for Con Edison in 2020 and 2019 | 4 | 2 | 0 | 0 | ||||||||||
Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax of $(2) and $(1) for Con Edison in 2020 and 2019, respectively (a)(b) | 3 | 4 | 2 | 1 | ||||||||||
Current period OCI, net of taxes | 7 | 6 | 2 | 1 | ||||||||||
Ending balance, accumulated OCI, net of taxes | $(12) | $(10) | $(4) | $(4) |
For the Nine Months Ended September 30, | ||||||
Con Edison | CECONY | |||||
(Millions of Dollars) | 2019 | 2018 | 2019 | 2018 | ||
Beginning balance, accumulated OCI, net of taxes (a) | $(16) | $(26) | $(5) | $(6) | ||
OCI before reclassifications, net of tax of $(1) for Con Edison in 2019 and 2018 | 2 | 3 | — | — | ||
Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax of $(1) and $(2) for Con Edison in 2019 and 2018, respectively (a)(b) | 4 | 5 | 1 | 1 | ||
Current period OCI, net of taxes | 6 | 8 | 1 | 1 | ||
Ending balance, accumulated OCI, net of taxes | $(10) | $(18) | $(4) | $(5) |
At September 30, | ||||||
Con Edison | CECONY | |||||
(Millions of Dollars) | 2019 | 2018 | 2019 | 2018 | ||
Cash and temporary cash investments | $78 | $199 | $15 | $17 | ||
Restricted cash (a) | 175 | 46 | — | — | ||
Total cash, temporary cash investments and restricted cash | $253 | $245 | $15 | $17 |
At September 30, | ||||||||||||||
Con Edison | CECONY | |||||||||||||
(Millions of Dollars) | 2020 | 2019 | 2020 | 2019 | ||||||||||
Cash and temporary cash investments | $153 | $78 | $23 | $15 | ||||||||||
Restricted cash (a) | 161 | 175 | 0 | 0 | ||||||||||
Total cash, temporary cash investments and restricted cash | $314 | $253 | $23 | $15 |
Yr. 2 – $370 million Yr. 3 – $326 million | ||
Yr. 2 – $269 million Yr. 3 – $272 million | ||
Potential earnings adjustment mechanism incentives | ||
Electric average net plant target excluding advanced metering infrastructure (AMI): Yr. 1 - $24,572 million; Yr. 2 - $25,366 million; Yr. 3 - $26,197 million AMI: Yr. 1 - $572 million; Yr. 2 - $740 million; Yr. 3 - $806 million (g) | ||
Yr. 2 - $22,783 million Yr. 3 - $23,926 million | ||
Yr. 2 – $122 million Yr. 3 – $167 million | ||
Yr. 2 – $43 million Yr. 3 – $10 million | ||
Potential earnings adjusted mechanism incentives for energy efficiency and other potential incentives of up to Yr. 1 - $20 million; Yr. 2 - $22 million; and Yr. 3 - $25 million | ||
Gas average net plant target excluding AMI: Yr. 1 - $8,123 million; Yr. 2 - $8,861 million; Yr. 3 - $9,600 million AMI: Yr. 1 - $142 million; Yr. 2 - $183 million; Yr. 3 - $211 million (g) | ||
Yr. 2 - $7,911 million Yr. 3 - $8,622 million | ||
Con Edison | CECONY | Con Edison | CECONY | ||||||||||||||||||||||
(Millions of Dollars) | 2019 | 2018 | 2019 | 2018 | (Millions of Dollars) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||
Regulatory assets | Regulatory assets | ||||||||||||||||||||||||
Unrecognized pension and other postretirement costs | $1,919 | $2,238 | $1,816 | $2,111 | Unrecognized pension and other postretirement costs | $1,901 | $2,541 | $1,785 | $2,403 | ||||||||||||||||
Environmental remediation costs | 774 | 810 | 685 | 716 | Environmental remediation costs | 723 | 732 | 645 | 647 | ||||||||||||||||
Revenue taxes | 315 | 291 | 302 | 278 | Revenue taxes | 345 | 321 | 331 | 308 | ||||||||||||||||
Pension and other postretirement benefits deferrals | Pension and other postretirement benefits deferrals | 274 | 71 | 237 | 47 | ||||||||||||||||||||
Property tax reconciliation | Property tax reconciliation | 238 | 219 | 235 | 210 | ||||||||||||||||||||
MTA power reliability deferral | 245 | 229 | 245 | 229 | MTA power reliability deferral | 200 | 248 | 200 | 248 | ||||||||||||||||
Property tax reconciliation | 160 | 101 | 150 | 86 | |||||||||||||||||||||
Deferred storm costs | Deferred storm costs | 158 | 77 | 60 | 0 | ||||||||||||||||||||
Deferred derivative losses | 99 | 17 | 90 | 11 | Deferred derivative losses | 156 | 83 | 145 | 76 | ||||||||||||||||
COVID-19 pandemic deferrals | COVID-19 pandemic deferrals | 102 | 0 | 101 | 0 | ||||||||||||||||||||
System peak reduction and energy efficiency programs | System peak reduction and energy efficiency programs | 95 | 131 | 94 | 130 | ||||||||||||||||||||
Municipal infrastructure support costs | 80 | 67 | 80 | 67 | Municipal infrastructure support costs | 67 | 75 | 67 | 75 | ||||||||||||||||
Pension and other postretirement benefits deferrals | 77 | 73 | 55 | 56 | |||||||||||||||||||||
Deferred storm costs | 69 | 76 | — | — | |||||||||||||||||||||
System peak reduction and energy efficiency programs | 60 | 72 | 59 | 70 | |||||||||||||||||||||
Brooklyn Queens demand management program | Brooklyn Queens demand management program | 36 | 39 | 36 | 39 | ||||||||||||||||||||
Meadowlands heater odorization project | 35 | 36 | 35 | 36 | Meadowlands heater odorization project | 33 | 35 | 33 | 35 | ||||||||||||||||
Brooklyn Queens demand management program | 35 | 39 | 35 | 39 | |||||||||||||||||||||
Gate station upgrade project | Gate station upgrade project | 26 | 19 | 26 | 19 | ||||||||||||||||||||
Recoverable REV demonstration project costs | Recoverable REV demonstration project costs | 24 | 21 | 22 | 19 | ||||||||||||||||||||
Unamortized loss on reacquired debt | 30 | 36 | 28 | 34 | Unamortized loss on reacquired debt | 22 | 28 | 21 | 26 | ||||||||||||||||
Preferred stock redemption | 22 | 23 | 22 | 23 | Preferred stock redemption | 21 | 22 | 21 | 22 | ||||||||||||||||
Recoverable REV demonstration project costs | 21 | 20 | 18 | ||||||||||||||||||||||
Gate station upgrade project | 19 | 17 | 19 | 17 | |||||||||||||||||||||
Non-wire alternative projects | Non-wire alternative projects | 15 | 14 | 15 | 14 | ||||||||||||||||||||
Workers’ compensation | 5 | 5 | 5 | Workers’ compensation | 0 | 3 | 0 | 3 | |||||||||||||||||
O&R transition bond charges | — | 2 | — | — | |||||||||||||||||||||
Other | 194 | 142 | 187 | 127 | Other | 219 | 180 | 204 | 166 | ||||||||||||||||
Regulatory assets – noncurrent | 4,159 | 4,294 | 3,831 | 3,923 | Regulatory assets – noncurrent | 4,655 | 4,859 | 4,278 | 4,487 | ||||||||||||||||
Deferred derivative losses | 68 | 36 | 57 | 29 | Deferred derivative losses | 116 | 128 | 104 | 113 | ||||||||||||||||
Recoverable energy costs | 15 | 40 | 12 | 35 | Recoverable energy costs | 50 | 0 | 40 | 0 | ||||||||||||||||
Regulatory assets – current | 83 | 76 | 69 | 64 | Regulatory assets – current | 166 | 128 | 144 | 113 | ||||||||||||||||
Total Regulatory Assets | $4,242 | $4,370 | $3,900 | $3,987 | Total Regulatory Assets | $4,821 | $4,987 | $4,422 | $4,600 | ||||||||||||||||
Regulatory liabilities | Regulatory liabilities | ||||||||||||||||||||||||
Future income tax | $2,448 | $2,515 | $2,302 | $2,363 | Future income tax | $2,270 | $2,426 | $2,123 | $2,275 | ||||||||||||||||
Allowance for cost of removal less salvage | 952 | 928 | 808 | 790 | Allowance for cost of removal less salvage | 1,038 | 989 | 885 | 843 | ||||||||||||||||
TCJA net benefits* | 462 | 434 | 444 | 411 | TCJA net benefits* | 337 | 471 | 327 | 454 | ||||||||||||||||
Net proceeds from sale of property | Net proceeds from sale of property | 152 | 173 | 152 | 173 | ||||||||||||||||||||
Net unbilled revenue deferrals | 145 | 117 | 145 | 117 | Net unbilled revenue deferrals | 148 | 199 | 148 | 199 | ||||||||||||||||
Pension and other postretirement benefit deferrals | Pension and other postretirement benefit deferrals | 79 | 75 | 43 | 46 | ||||||||||||||||||||
Energy efficiency portfolio standard unencumbered funds | 123 | 127 | 119 | 122 | Energy efficiency portfolio standard unencumbered funds | 65 | 122 | 62 | 118 | ||||||||||||||||
Pension and other postretirement benefit deferrals | 67 | 62 | 41 | 40 | |||||||||||||||||||||
System benefit charge carrying charge | System benefit charge carrying charge | 60 | 48 | 54 | 44 | ||||||||||||||||||||
Property tax refunds | 45 | 45 | 45 | Property tax refunds | 35 | 45 | 34 | 45 | |||||||||||||||||
Net proceeds from sale of property | 44 | 6 | 44 | 6 | |||||||||||||||||||||
System benefit charge carrying charge | 43 | 27 | 38 | 24 | |||||||||||||||||||||
Unrecognized other postretirement costs | Unrecognized other postretirement costs | 33 | 9 | 0 | 0 | ||||||||||||||||||||
BQDM and REV Demo reconciliations | BQDM and REV Demo reconciliations | 26 | 27 | 24 | 26 | ||||||||||||||||||||
Settlement of gas proceedings | Settlement of gas proceedings | 22 | 10 | 22 | 10 | ||||||||||||||||||||
Sales and use tax refunds | Sales and use tax refunds | 17 | 8 | 17 | 8 | ||||||||||||||||||||
Earnings sharing - electric, gas and steam | 26 | 36 | 19 | 27 | Earnings sharing - electric, gas and steam | 16 | 22 | 10 | 15 | ||||||||||||||||
BQDM and REV Demo reconciliations | 25 | 18 | 24 | 18 | |||||||||||||||||||||
Settlement of prudence proceeding | 15 | 37 | 15 | 37 | Settlement of prudence proceeding | 6 | 8 | 6 | 8 | ||||||||||||||||
Settlement of gas proceedings | 11 | 15 | 11 | 15 | |||||||||||||||||||||
Unrecognized other postretirement costs | 5 | 7 | — | 7 | |||||||||||||||||||||
Carrying charges on repair allowance and bonus depreciation | 4 | 21 | 4 | 21 | |||||||||||||||||||||
New York State income tax rate change | 3 | 17 | 3 | 17 | |||||||||||||||||||||
Base rate change deferrals | 1 | 10 | 1 | 10 | |||||||||||||||||||||
Property tax reconciliation | — | 36 | — | 36 | |||||||||||||||||||||
Other | 171 | 183 | 137 | 152 | Other | 265 | 195 | 227 | 163 | ||||||||||||||||
Regulatory liabilities – noncurrent | 4,590 | 4,641 | 4,200 | 4,258 | Regulatory liabilities – noncurrent | 4,569 | 4,827 | 4,134 | 4,427 | ||||||||||||||||
Deferred derivative gains | Deferred derivative gains | 57 | 34 | 54 | 34 | ||||||||||||||||||||
Refundable energy costs | 36 | 31 | 8 | Refundable energy costs | 33 | 44 | 8 | 12 | |||||||||||||||||
Deferred derivative gains | 33 | 30 | 32 | 29 | |||||||||||||||||||||
Revenue decoupling mechanism | 24 | 53 | 16 | 36 | Revenue decoupling mechanism | 0 | 24 | 0 | 17 | ||||||||||||||||
Regulatory liabilities – current | 93 | 114 | 56 | 73 | Regulatory liabilities – current | 90 | 102 | 62 | 63 | ||||||||||||||||
Total Regulatory Liabilities | $4,683 | $4,755 | $4,256 | $4,331 | Total Regulatory Liabilities | $4,659 | $4,929 | $4,196 | $4,490 |
(Millions of Dollars) | 2020 | 2019 | ||||||||||||
Long-Term Debt (including current portion) (a) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||
Con Edison | $21,171 | $25,440 | $19,973 | $22,738 | ||||||||||
CECONY | $16,197 | $20,184 | $14,964 | $17,505 |
(Millions of Dollars) | 2019 | 2018 | ||
Long-Term Debt (including current portion) (a) | Carrying Amount | Fair Value | Carrying Amount | Fair Value |
Con Edison | $19,451 | $22,412 | $18,145 | $18,740 |
CECONY | $14,374 | $17,047 | $14,151 | $14,685 |
For the Three Months Ended September 30, | ||||||||||||||
Con Edison | CECONY | |||||||||||||
(Millions of Dollars) | 2020 | 2019 | 2020 | 2019 | ||||||||||
Service cost – including administrative expenses | $73 | $62 | $69 | $58 | ||||||||||
Interest cost on projected benefit obligation | 137 | 150 | 129 | 141 | ||||||||||
Expected return on plan assets | (258) | (247) | (245) | (234) | ||||||||||
Recognition of net actuarial loss | 175 | 130 | 165 | 123 | ||||||||||
Recognition of prior service credit | (4) | (4) | (5) | (5) | ||||||||||
TOTAL PERIODIC BENEFIT COST | $123 | $91 | $113 | $83 | ||||||||||
Cost capitalized | (34) | (26) | (32) | (24) | ||||||||||
Reconciliation to rate level | (62) | (5) | (59) | (4) | ||||||||||
Total expense recognized | $27 | $60 | $22 | $55 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||
Con Edison | CECONY | Con Edison | CECONY | |||||||||||||||
(Millions of Dollars) | 2019 | 2018 | 2019 | 2018 | (Millions of Dollars) | 2020 | 2019 | 2020 | 2019 | |||||||||
Service cost – including administrative expenses | $62 | $72 | $58 | $68 | Service cost – including administrative expenses | $220 | $187 | $206 | $175 | |||||||||
Interest cost on projected benefit obligation | 150 | 140 | 141 | 131 | Interest cost on projected benefit obligation | 412 | 451 | 387 | 423 | |||||||||
Expected return on plan assets | (247) | (258) | (234) | (245) | Expected return on plan assets | (775) | (741) | (735) | (702) | |||||||||
Recognition of net actuarial loss | 130 | 172 | 123 | 163 | Recognition of net actuarial loss | 524 | 389 | 496 | 369 | |||||||||
Recognition of prior service cost/(credit) | (4) | (4) | (5) | (5) | ||||||||||||||
Recognition of prior service credit | Recognition of prior service credit | (12) | (13) | (15) | (15) | |||||||||||||
TOTAL PERIODIC BENEFIT COST | $91 | $122 | $83 | $112 | TOTAL PERIODIC BENEFIT COST | $369 | $273 | $339 | $250 | |||||||||
Cost capitalized | (26) | (32) | (24) | (30) | Cost capitalized | (98) | (80) | (93) | (76) | |||||||||
Reconciliation to rate level | (5) | (22) | (4) | (24) | Reconciliation to rate level | (188) | (12) | (179) | (10) | |||||||||
Total expense recognized | $60 | $68 | $55 | $58 | Total expense recognized | $83 | $181 | $67 | $164 |
For the Nine Months Ended September 30, | ||||
Con Edison | CECONY | |||
(Millions of Dollars) | 2019 | 2018 | 2019 | 2018 |
Service cost – including administrative expenses | $187 | $218 | $175 | $204 |
Interest cost on projected benefit obligation | 451 | 420 | 423 | 394 |
Expected return on plan assets | (741) | (775) | (702) | (734) |
Recognition of net actuarial loss | 389 | 516 | 369 | 488 |
Recognition of prior service cost/(credit) | (13) | (13) | (15) | (15) |
TOTAL PERIODIC BENEFIT COST | $273 | $366 | $250 | $337 |
Cost capitalized | (80) | (94) | (76) | (89) |
Reconciliation to rate level | (12) | (68) | (10) | (74) |
Total expense recognized | $181 | $204 | $164 | $174 |
For the Three Months Ended September 30, | ||||||||||||||
Con Edison | CECONY | |||||||||||||
(Millions of Dollars) | 2020 | 2019 | 2020 | 2019 | ||||||||||
Service cost | $5 | $4 | $4 | $3 | ||||||||||
Interest cost on accumulated other postretirement benefit obligation | 9 | 11 | 8 | 9 | ||||||||||
Expected return on plan assets | (16) | (16) | (14) | (14) | ||||||||||
Recognition of net actuarial loss/(gain) | 3 | (2) | 3 | (2) | ||||||||||
Recognition of prior service credit | (1) | (1) | 0 | 0 | ||||||||||
TOTAL PERIODIC OTHER POSTRETIREMENT BENEFIT COST/(CREDIT) | $0 | $(4) | $1 | $(4) | ||||||||||
Cost capitalized | (2) | (1) | (2) | (2) | ||||||||||
Reconciliation to rate level | 2 | 3 | 0 | 2 | ||||||||||
Total credit recognized | $0 | $(2) | $(1) | $(4) |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||
Con Edison | CECONY | Con Edison | CECONY | ||||||||||||||||
(Millions of Dollars) | 2019 | 2018 | 2019 | 2018 | (Millions of Dollars) | 2020 | 2019 | 2020 | 2019 | ||||||||||
Service cost | $4 | $5 | $3 | $3 | Service cost | $16 | $13 | $12 | $9 | ||||||||||
Interest cost on accumulated other postretirement benefit obligation | 11 | 11 | 9 | 9 | Interest cost on accumulated other postretirement benefit obligation | 28 | 33 | 23 | 27 | ||||||||||
Expected return on plan assets | (16) | (18) | (14) | (16) | Expected return on plan assets | (49) | (41) | (41) | |||||||||||
Recognition of net actuarial loss/(gain) | (2) | 2 | (2) | 1 | Recognition of net actuarial loss/(gain) | 34 | (6) | 32 | (7) | ||||||||||
Recognition of prior service cost/(credit) | (1) | (2) | — | (1) | |||||||||||||||
Recognition of prior service credit | Recognition of prior service credit | (3) | (2) | (1) | (1) | ||||||||||||||
TOTAL PERIODIC OTHER POSTRETIREMENT BENEFIT COST/(CREDIT) | $(4) | $(2) | $(4) | $(4) | TOTAL PERIODIC OTHER POSTRETIREMENT BENEFIT COST/(CREDIT) | $26 | $(11) | $25 | $(13) | ||||||||||
Cost capitalized | (1) | (2) | (2) | (1) | Cost capitalized | (7) | (6) | (5) | (4) | ||||||||||
Reconciliation to rate level | 3 | 2 | 2 | 2 | Reconciliation to rate level | (19) | 10 | (24) | 6 | ||||||||||
Total expense/(credit) recognized | $(2) | $(4) | $(3) | ||||||||||||||||
Total credit recognized | Total credit recognized | $0 | $(7) | $(4) | $(11) |
For the Nine Months Ended September 30, | ||||
Con Edison | CECONY | |||
(Millions of Dollars) | 2019 | 2018 | 2019 | 2018 |
Service cost | $13 | $15 | $9 | $10 |
Interest cost on accumulated other postretirement benefit obligation | 33 | 32 | 27 | 26 |
Expected return on plan assets | (49) | (55) | (41) | (47) |
Recognition of net actuarial loss/(gain) | (6) | 6 | (7) | 2 |
Recognition of prior service cost/(credit) | (2) | (5) | (1) | (2) |
TOTAL PERIODIC OTHER POSTRETIREMENT BENEFIT COST/(CREDIT) | $(11) | $(7) | $(13) | $(11) |
Cost capitalized | (6) | (6) | (4) | (4) |
Reconciliation to rate level | 10 | 6 | 6 | 7 |
Total expense/(credit) recognized | $(7) | $(7) | $(11) | $(8) |
Con Edison | CECONY | |||
(Millions of Dollars) | 2019 | 2018 | 2019 | 2018 |
Accrued Liabilities: | ||||
Manufactured gas plant sites | $679 | $689 | $596 | $603 |
Other Superfund Sites | 88 | 90 | 88 | 90 |
Total | $767 | $779 | $684 | $693 |
Regulatory assets | $774 | $810 | $685 | $716 |
Con Edison | CECONY | |||||||||||||
(Millions of Dollars) | 2020 | 2019 | 2020 | 2019 | ||||||||||
Accrued Liabilities: | ||||||||||||||
Manufactured gas plant sites | $625 | $640 | $547 | $561 | ||||||||||
Other Superfund Sites | 101 | 94 | 100 | 93 | ||||||||||
Total | $726 | $734 | $647 | $654 | ||||||||||
Regulatory assets | $723 | $732 | $645 | $647 |
For the Three Months Ended September 30, | ||||||||||||||
Con Edison | CECONY | |||||||||||||
(Millions of Dollars) | 2020 | 2019 | 2020 | 2019 | ||||||||||
Remediation costs incurred | $8 | $4 | $8 | $2 |
For the Three Months Ended September 30, | ||||
Con Edison | CECONY | |||
(Millions of Dollars) | 2019 | 2018 | 2019 | 2018 |
Remediation costs incurred | $4 | $8 | $2 | $5 |
For the Nine Months Ended September 30, | ||||||||||||||
Con Edison | CECONY | |||||||||||||
(Millions of Dollars) | 2020 | 2019 | 2020 | 2019 | ||||||||||
Remediation costs incurred | $17 | $15 | $16 | $10 |
For the Nine Months Ended September 30, | ||||
Con Edison | CECONY | |||
(Millions of Dollars) | 2019 | 2018 | 2019 | 2018 |
Remediation costs incurred | $15 | $17 | $10 | $14 |
Con Edison | CECONY | |||||||||||||
(Millions of Dollars) | 2020 | 2019 | 2020 | 2019 | ||||||||||
Accrued liability – asbestos suits | $8 | $8 | $7 | $7 | ||||||||||
Regulatory assets – asbestos suits | $8 | $8 | $7 | $7 | ||||||||||
Accrued liability – workers’ compensation | $75 | $78 | $70 | $73 | ||||||||||
Regulatory assets – workers’ compensation | $0 | $3 | $0 | $3 |
Con Edison | CECONY | |||
(Millions of Dollars) | 2019 | 2018 | 2019 | 2018 |
Accrued liability – asbestos suits | $8 | $8 | $7 | $7 |
Regulatory assets – asbestos suits | $8 | $8 | $7 | $7 |
Accrued liability – workers’ compensation | $79 | $79 | $75 | $75 |
Regulatory assets – workers’ compensation | $5 | $5 | $5 | $5 |
Guarantee Type | 0 – 3 years | 4 – 10 years | > 10 years | Total | ||||||||||
(Millions of Dollars) | ||||||||||||||
Con Edison Transmission | $378 | $170 | $0 | $548 | ||||||||||
Energy transactions | 433 | 68 | 220 | 721 | ||||||||||
Renewable electric production projects | 171 | 9 | 376 | 556 | ||||||||||
Other | 70 | 0 | 0 | 70 | ||||||||||
Total | $1,052 | $247 | $596 | $1,895 |
Guarantee Type | 0 – 3 years | 4 – 10 years | > 10 years | Total | |||
(Millions of Dollars) | |||||||
Con Edison Transmission | $162 | $411 | $— | $573 | |||
Energy transactions | 501 | 29 | 194 | 724 | |||
Renewable electric production projects | 124 | 9 | 454 | 587 | |||
Other | 70 | — | — | 70 | |||
Total | $857 | $449 | $648 | $1,954 |
For the Three Months Ended September 30, | ||||||||||||||
Con Edison | CECONY | |||||||||||||
(Millions of Dollars) | 2020 | 2019 | 2020 | 2019 | ||||||||||
Operating lease cost | $21 | $21 | $16 | $16 | ||||||||||
Operating lease cash flows | $10 | $10 | $6 | $5 |
For the Three Months Ended September 30, 2019 | ||||||
(Millions of Dollars) | Con Edison | CECONY | ||||
Operating lease cost | $21 | $16 | ||||
Operating lease cash flows | $10 | $5 |
For the Nine Months Ended September 30, 2019 | ||||||
(Millions of Dollars) | Con Edison | CECONY | ||||
Operating lease cost | $62 | $48 | ||||
Operating lease cash flows | $27 | $13 |
For the Nine Months Ended September 30, 2020 | ||||||||||||||
Con Edison | CECONY | |||||||||||||
(Millions of Dollars) | 2020 | 2019 | 2020 | 2019 | ||||||||||
Operating lease cost | $63 | $62 | $48 | $48 | ||||||||||
Operating lease cash flows | $27 | $27 | $13 | $13 |
Con Edison | CECONY | |||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||
Weighted Average Remaining Lease Term: | ||||||||||||||
Operating leases | 19.0 years | 19.8 years | 13.3 years | 14.0 years | ||||||||||
Finance leases | 7.4 years | 12.2 years | 4.2 years | 2.4 years | ||||||||||
Weighted Average Discount Rate: | ||||||||||||||
Operating leases | 4.4% | 4.3% | 3.6% | 3.6% | ||||||||||
Finance leases | 1.8% | 3.5% | 1.3% | 4.1% |
Con Edison | CECONY | |
Weighted Average Remaining Lease Term: | ||
Operating leases | 18.9 years | 14.3 years |
Finance leases | 11.2 years | 2.3 years |
Weighted Average Discount Rate: | ||
Operating leases | 4.3% | 3.6% |
Finance leases | 3.8% | 4.7% |
(Millions of Dollars) | Con Edison | CECONY | ||||||||||||
Year Ending September 30, | Operating Leases | Finance Leases | Operating Leases | Finance Leases | ||||||||||
2021 | $79 | $1 | $60 | $1 | ||||||||||
2022 | 74 | 1 | 56 | 1 | ||||||||||
2023 | 73 | 0 | 55 | 0 | ||||||||||
2024 | 73 | 0 | 56 | 0 | ||||||||||
2025 | 74 | 0 | 57 | 0 | ||||||||||
All years thereafter | 990 | 1 | 501 | 0 | ||||||||||
Total future minimum lease payments | $1,363 | $3 | $785 | $2 | ||||||||||
Less: imputed interest | (466) | 0 | (162) | 0 | ||||||||||
Total | $897 | $3 | $623 | $2 | ||||||||||
Reported as of September 30, 2020 | ||||||||||||||
Operating lease liabilities (current) | $90 | $— | $69 | $— | ||||||||||
Operating lease liabilities (noncurrent) | 807 | — | 554 | — | ||||||||||
Other current liabilities | — | 1 | — | 1 | ||||||||||
Other noncurrent liabilities | — | 2 | — | 1 | ||||||||||
Total | $897 | $3 | $623 | $2 |
(Millions of Dollars) | Con Edison | CECONY | ||||||||
Year Ending September 30, | Operating Leases | Finance Leases | Operating Leases | Finance Leases | ||||||
2020 | $74 | $1 | $58 | $1 | ||||||
2021 | 73 | — | 57 | — | ||||||
2022 | 69 | — | 53 | — | ||||||
2023 | 69 | — | 53 | — | ||||||
2024 | 69 | — | 53 | — | ||||||
All years thereafter | 966 | 1 | 550 | — | ||||||
Total future minimum lease payments | $1,320 | $2 | $824 | $1 | ||||||
Less: imputed interest | (442) | — | (180) | — | ||||||
Total | $878 | $2 | $644 | $1 | ||||||
Reported as of September 30, 2019 | ||||||||||
Operating lease liabilities (current) | $59 | $— | $49 | $— | ||||||
Operating lease liabilities (noncurrent) | 819 | — | 595 | — | ||||||
Other current liabilities | — | 1 | — | 1 | ||||||
Other noncurrent liabilities | — | 1 | — | — | ||||||
Total | $878 | $2 | $644 | $1 |
(Millions of Dollars) | Con Edison | CECONY |
2019 | $72 | $56 |
2020 | 72 | 56 |
2021 | 71 | 54 |
2022 | 68 | 53 |
2023 | 68 | 53 |
All years thereafter | 890 | 592 |
Total | $1,241 | $864 |
Con Edison | CECONY | |||||||||||||
(% of Pre-tax income) | 2020 | 2019 | 2020 | 2019 | ||||||||||
STATUTORY TAX RATE | ||||||||||||||
Federal | 21 | % | 21 | % | 21 | % | 21 | % | ||||||
Changes in computed taxes resulting from: | ||||||||||||||
State income tax | 6 | 5 | 5 | 6 | ||||||||||
Amortization of excess deferred federal income taxes | (7) | (3) | (8) | (3) | ||||||||||
Taxes attributable to non-controlling interest | (1) | (1) | 0 | 0 | ||||||||||
Cost of removal | 1 | 1 | 2 | 0 | ||||||||||
Other plant-related items | (1) | (1) | (1) | 0 | ||||||||||
Renewable energy credits | (1) | (1) | 0 | 0 | ||||||||||
Amortization of excess deferred state income taxes | 0 | (1) | 0 | (1) | ||||||||||
Reserve for uncertain tax positions | 0 | 1 | 0 | 0 | ||||||||||
Prior period federal income tax return adjustments | 0 | (2) | 0 | 0 | ||||||||||
Other | 1 | 0 | 0 | (1) | ||||||||||
Effective tax rate | 19 | % | 19 | % | 19 | % | 22 | % |
Con Edison | CECONY | |||||||
(% of Pre-tax income) | 2019 | 2018 | 2019 | 2018 | ||||
STATUTORY TAX RATE | ||||||||
Federal | 21 | % | 21 | % | 21 | % | 21 | % |
Changes in computed taxes resulting from: | ||||||||
State income tax | 4 | 5 | 5 | 5 | ||||
Other plant-related items | — | (1 | ) | — | (1 | ) | ||
Renewable energy credits | (1 | ) | (1 | ) | — | — | ||
TCJA deferred tax re-measurement | — | 7 | — | — | ||||
Reserve for uncertain tax positions | 1 | — | — | — | ||||
Amortization of excess deferred federal income taxes | (3 | ) | (2 | ) | (3 | ) | (2 | ) |
Prior period return adjustments | (2 | ) | — | — | — | |||
Other | — | (1 | ) | (1 | ) | (1 | ) | |
Effective tax rate | 20 | % | 28 | % | 22 | % | 22 | % |
Con Edison | CECONY | |||||||||||||
(% of Pre-tax income) | 2020 | 2019 | 2020 | 2019 | ||||||||||
STATUTORY TAX RATE | ||||||||||||||
Federal | 21 | % | 21 | % | 21 | % | 21 | % | ||||||
Changes in computed taxes resulting from: | ||||||||||||||
State income tax | 5 | 5 | 5 | 6 | ||||||||||
Amortization of excess deferred federal income taxes | (10) | (3) | (10) | (3) | ||||||||||
Taxes attributable to non-controlling interest | (1) | (2) | 0 | 0 | ||||||||||
Cost of removal | 2 | 1 | 2 | 1 | ||||||||||
Other plant-related items | (1) | 0 | (2) | (1) | ||||||||||
Renewable energy credits | (2) | (2) | 0 | 0 | ||||||||||
Amortization of excess deferred state income taxes | 0 | (1) | 0 | (1) | ||||||||||
Prior period federal income tax return adjustments | 0 | (1) | 0 | 0 | ||||||||||
Other | 0 | 0 | 1 | (1) | ||||||||||
Effective tax rate | 14 | % | 18 | % | 17 | % | 22 | % |
Con Edison | CECONY | |||||||
(% of Pre-tax income) | 2019 | 2018 | 2019 | 2018 | ||||
STATUTORY TAX RATE | ||||||||
Federal | 21 | % | 21 | % | 21 | % | 21 | % |
Changes in computed taxes resulting from: | ||||||||
State income tax | 4 | 5 | 5 | 5 | ||||
Cost of removal | 1 | 1 | 1 | 1 | ||||
Other plant-related items | — | (1 | ) | (1 | ) | (1 | ) | |
Renewable energy credits | (2 | ) | (1 | ) | — | — | ||
TCJA deferred tax re-measurement | — | 3 | — | — | ||||
Amortization of excess deferred federal income taxes | (4 | ) | (3 | ) | (3 | ) | (3 | ) |
Other | (1 | ) | (1 | ) | (1 | ) | (1 | ) |
Effective tax rate | 19 | % | 24 | % | 22 | % | 22 | % |
For the Three Months Ended September 30, 2020 | For the Three Months Ended September 30, 2019 | |||||||||||||||||||||||||
(Millions of Dollars) | Revenues from contracts with customers | Other revenues (a) | Total operating revenues | Revenues from contracts with customers | Other revenues (a) | Total operating revenues | ||||||||||||||||||||
CECONY | ||||||||||||||||||||||||||
Electric | $2,594 | $(32) | $2,562 | $2,582 | $(38) | $2,544 | ||||||||||||||||||||
Gas | 248 | 11 | 259 | 263 | 12 | 275 | ||||||||||||||||||||
Steam | 50 | 1 | 51 | 54 | 4 | 58 | ||||||||||||||||||||
Total CECONY | $2,892 | $(20) | $2,872 | $2,899 | $(22) | $2,877 | ||||||||||||||||||||
O&R | ||||||||||||||||||||||||||
Electric | 210 | (2) | 208 | 205 | 5 | 210 | ||||||||||||||||||||
Gas | 27 | 3 | 30 | 25 | 6 | 31 | ||||||||||||||||||||
Total O&R | $237 | $1 | $238 | $230 | $11 | $241 | ||||||||||||||||||||
Clean Energy Businesses | ||||||||||||||||||||||||||
Renewables | 194 | (b) | 0 | 194 | 193 | (b) | 0 | 193 | ||||||||||||||||||
Energy services | 14 | 0 | 14 | 14 | 0 | 14 | ||||||||||||||||||||
Other | 0 | 14 | 14 | 0 | 40 | 40 | ||||||||||||||||||||
Total Clean Energy Businesses | $208 | $14 | $222 | $207 | $40 | $247 | ||||||||||||||||||||
Con Edison Transmission | 1 | 0 | 1 | 1 | 0 | 1 | ||||||||||||||||||||
Other (c) | 0 | 0 | 0 | 0 | (1) | (1) | ||||||||||||||||||||
Total Con Edison | $3,338 | $(5) | $3,333 | $3,337 | $28 | $3,365 |
For the Nine Months Ended September 30, 2020 | For the Nine Months Ended September 30, 2019 | |||||||||||||||||||||||||
(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 | $6,108 | $70 | $6,178 | $6,048 | $126 | $6,174 | ||||||||||||||||||||
Gas | 1,480 | 29 | 1,509 | 1,573 | 32 | 1,605 | ||||||||||||||||||||
Steam | 375 | 10 | 385 | 456 | 13 | 469 | ||||||||||||||||||||
Total CECONY | $7,963 | $109 | $8,072 | $8,077 | $171 | $8,248 | ||||||||||||||||||||
O&R | ||||||||||||||||||||||||||
Electric | 478 | 5 | 483 | 488 | 5 | 493 | ||||||||||||||||||||
Gas | 156 | 8 | 164 | 178 | 7 | 185 | ||||||||||||||||||||
Total O&R | $634 | $13 | $647 | $666 | $12 | $678 | ||||||||||||||||||||
Clean Energy Businesses | ||||||||||||||||||||||||||
Renewables | 487 | (b) | 0 | 487 | 465 | (b) | 0 | 465 | ||||||||||||||||||
Energy services | 36 | 0 | 36 | 53 | 0 | 53 | ||||||||||||||||||||
Other | 0 | 43 | 43 | 0 | 178 | 178 | ||||||||||||||||||||
Total Clean Energy Businesses | $523 | $43 | $566 | $518 | $178 | $696 | ||||||||||||||||||||
Con Edison Transmission | 3 | 0 | 3 | 3 | 0 | 3 | ||||||||||||||||||||
Other (c) | 0 | (2) | (2) | 0 | (2) | (2) | ||||||||||||||||||||
Total Con Edison | $9,123 | $163 | $9,286 | $9,264 | $359 | $9,623 |
2020 | 2019 | |||||||||||||||||||
(Millions of Dollars) | Unbilled contract revenue (a) | Unearned revenue (b) | Unbilled contract revenue (a) | Unearned revenue (b) | ||||||||||||||||
Beginning balance as of January 1, | $29 | $17 | $29 | $20 | ||||||||||||||||
Additions (c) | 74 | 31 | 63 | 2 | ||||||||||||||||
Subtractions (c) | 90 | 4 | (d) | 68 | 2 | (d) | ||||||||||||||
Ending balance as of September 30, | $13 | $44 | $24 | $20 |
For the Three Months Ended September 30, | For the Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
Operating revenues | Inter-segment revenues | Depreciation and amortization | Operating income/(loss) | Operating revenues | Inter-segment revenues | Depreciation and amortization | Operating income/(loss) | |||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | (Millions of Dollars) | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||
CECONY | CECONY | |||||||||||||||||||||||||||||||||||||||||||
Electric | $2,544 | $2,571 | $4 | $266 | $248 | $803 | $850 | Electric | $2,562 | $2,544 | $4 | $305 | $266 | $813 | $803 | |||||||||||||||||||||||||||||
Gas | 275 | 264 | 2 | 58 | 52 | (24) | (34) | Gas | 259 | 275 | 2 | 74 | 58 | (34) | (24) | |||||||||||||||||||||||||||||
Steam | 58 | 64 | 18 | 19 | 22 | (56) | (52) | Steam | 51 | 58 | 18 | 22 | (57) | (56) | ||||||||||||||||||||||||||||||
Consolidation adjustments | — | — | (24) | (25) | — | — | — | — | Consolidation adjustments | — | — | (24) | — | — | — | — | ||||||||||||||||||||||||||||
Total CECONY | $2,877 | $2,899 | $— | $— | $346 | $322 | $723 | $764 | Total CECONY | $2,872 | $2,877 | $— | $— | $401 | $346 | $722 | $723 | |||||||||||||||||||||||||||
O&R | O&R | |||||||||||||||||||||||||||||||||||||||||||
Electric | $210 | $212 | $— | $— | $16 | $14 | $56 | $52 | Electric | $208 | $210 | $— | $— | $17 | $16 | $58 | $56 | |||||||||||||||||||||||||||
Gas | 31 | 34 | — | — | 6 | 5 | (10) | Gas | 30 | 31 | — | — | 6 | (9) | (10) | |||||||||||||||||||||||||||||
Total O&R | $241 | $246 | $— | $— | $22 | $19 | $46 | $42 | Total O&R | $238 | $241 | $— | $— | $23 | $22 | $49 | $46 | |||||||||||||||||||||||||||
Clean Energy Businesses | $247 | $181 | $— | $— | $53 | $18 | $100 | $25 | Clean Energy Businesses | $222 | $247 | $— | $— | $58 | $53 | $92 | $100 | |||||||||||||||||||||||||||
Con Edison Transmission | 1 | — | — | — | — | (1) | (2) | Con Edison Transmission | 1 | — | — | 0 | 0 | (2) | (1) | |||||||||||||||||||||||||||||
Other (a) | (1) | 1 | — | — | — | 1 | (1) | (3) | Other (a) | 0 | (1) | — | — | 0 | 0 | (1) | ||||||||||||||||||||||||||||
Total Con Edison | $3,365 | $3,328 | $— | $— | $421 | $360 | $867 | $826 | Total Con Edison | $3,333 | $3,365 | $— | $— | $482 | $421 | $860 | $867 |
For the Nine Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
Operating revenues | Inter-segment revenues | Depreciation and amortization | Operating income/(loss) | Operating revenues | Inter-segment revenues | Depreciation and amortization | Operating income/(loss) | |||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | (Millions of Dollars) | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||
CECONY | CECONY | |||||||||||||||||||||||||||||||||||||||||||
Electric | $6,174 | $6,107 | $13 | $12 | $785 | $732 | $1,374 | $1,421 | Electric | $6,178 | $6,174 | $13 | $904 | $785 | $1,413 | $1,374 | ||||||||||||||||||||||||||||
Gas | 1,605 | 1,540 | 6 | 168 | 152 | 414 | 369 | Gas | 1,509 | 1,605 | 5 | 6 | 216 | 168 | 440 | 414 | ||||||||||||||||||||||||||||
Steam | 469 | 474 | 52 | 56 | 67 | 65 | 37 | 60 | Steam | 385 | 469 | 56 | 52 | 67 | 1 | 37 | ||||||||||||||||||||||||||||
Consolidation adjustments | — | — | (71) | (74) | — | — | — | — | Consolidation adjustments | — | — | (74) | (71) | — | — | — | — | |||||||||||||||||||||||||||
Total CECONY | $8,248 | $8,121 | $— | $— | $1,020 | $949 | $1,825 | $1,850 | Total CECONY | $8,072 | $8,248 | $— | $— | $1,187 | $1,020 | $1,854 | $1,825 | |||||||||||||||||||||||||||
O&R | O&R | |||||||||||||||||||||||||||||||||||||||||||
Electric | $493 | $505 | $— | $— | $46 | $41 | $88 | $79 | Electric | $483 | $493 | $— | $— | $48 | $46 | $86 | $88 | |||||||||||||||||||||||||||
Gas | 185 | 186 | — | — | 17 | 16 | 25 | 31 | Gas | 164 | 185 | — | — | 19 | 17 | 28 | 25 | |||||||||||||||||||||||||||
Total O&R | $678 | $691 | $— | $— | $63 | $57 | $113 | $110 | Total O&R | $647 | $678 | $— | $— | $67 | $63 | $114 | $113 | |||||||||||||||||||||||||||
Clean Energy Businesses | 696 | 573 | — | — | 169 | 55 | 183 | 59 | Clean Energy Businesses | $566 | $696 | $— | $— | $173 | $169 | $188 | $183 | |||||||||||||||||||||||||||
Con Edison Transmission | 3 | — | — | 1 | (5) | Con Edison Transmission | 3 | — | — | 1 | 1 | (6) | (5) | |||||||||||||||||||||||||||||||
Other (a) | (2) | — | — | — | — | (1) | (5) | (7) | Other (a) | (2) | — | — | 0 | 0 | (3) | (5) | ||||||||||||||||||||||||||||
Total Con Edison | $9,623 | $9,388 | $— | $— | $1,253 | $1,061 | $2,111 | $2,007 | Total Con Edison | $9,286 | $9,623 | $0 | $0 | $1,428 | $1,253 | $2,147 | $2,111 |
(Millions of Dollars) | 2020 | 2019 | ||||||||||||||||||||||||
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 | $88 | $(16) | $72 | $60 | $(3) | $57 | (b) | |||||||||||||||||||
Noncurrent | 33 | 42 | 75 | 19 | (13) | 6 | (d) | |||||||||||||||||||
Total fair value of derivative assets | $121 | $26 | $147 | $79 | $(16) | $63 | ||||||||||||||||||||
Fair value of derivative liabilities | ||||||||||||||||||||||||||
Current | $(160) | $13 | $(147) | (b)(c) | $(140) | $17 | $(123) | (d) | ||||||||||||||||||
Noncurrent | (258) | (40) | (298) | (c) | (122) | 16 | (106) | (d) | ||||||||||||||||||
Total fair value of derivative liabilities | $(418) | $(27) | $(445) | $(262) | $33 | $(229) | ||||||||||||||||||||
Net fair value derivative assets/(liabilities) | $(297) | $(1) | $(298) | $(183) | $17 | $(166) | ||||||||||||||||||||
CECONY | ||||||||||||||||||||||||||
Fair value of derivative assets | ||||||||||||||||||||||||||
Current | $70 | $(30) | $40 | $39 | $(6) | $33 | (b) | |||||||||||||||||||
Noncurrent | 28 | (13) | 15 | 17 | (12) | 5 | ||||||||||||||||||||
Total fair value of derivative assets | $98 | $(43) | $55 | $56 | $(18) | $38 | ||||||||||||||||||||
Fair value of derivative liabilities | ||||||||||||||||||||||||||
Current | $(113) | $29 | $(84) | (b) | $(100) | $19 | $(81) | |||||||||||||||||||
Noncurrent | (147) | 13 | (134) | (80) | 16 | (64) | ||||||||||||||||||||
Total fair value of derivative liabilities | $(260) | $42 | $(218) | $(180) | $35 | $(145) | ||||||||||||||||||||
Net fair value derivative assets/(liabilities) | $(162) | $(1) | $(163) | $(124) | $17 | $(107) |
(Millions of Dollars) | 2019 | 2018 | |||||||
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 | $51 | $(8) | $43 | (b) | $43 | $(14) | $29 | (b) | |
Noncurrent | 7 | (7) | — | 16 | (7) | 9 | (d) | ||
Total fair value of derivative assets | $58 | $(15) | $43 | $59 | $(21) | $38 | |||
Fair value of derivative liabilities | |||||||||
Current | $(89) | $17 | $(72) | (c) | $(61) | $11 | $(50) | ||
Noncurrent | (156) | 9 | (147) | (c) | (25) | 9 | (16) | (d) | |
Total fair value of derivative liabilities | $(245) | $26 | $(219) | $(86) | $20 | $(66) | |||
Net fair value derivative assets/(liabilities) | $(187) | $11 | $(176) | $(27) | $(1) | $(28) | |||
CECONY | |||||||||
Fair value of derivative assets | |||||||||
Current | $42 | $(19) | $23 | (b) | $25 | $(6) | $19 | (b) | |
Noncurrent | 6 | (6) | — | 11 | (5) | 6 | |||
Total fair value of derivative assets | $48 | $(25) | $23 | $36 | $(11) | $25 | |||
Fair value of derivative liabilities | |||||||||
Current | $(61) | $28 | $(33) | $(31) | $6 | $(25) | |||
Noncurrent | (90) | 8 | (82) | (12) | 6 | (6) | |||
Total fair value of derivative liabilities | $(151) | $36 | $(115) | $(43) | $12 | $(31) | |||
Net fair value derivative assets/(liabilities) | $(103) | $11 | $(92) | $(7) | $1 | $(6) |
For the Three Months Ended September 30, | ||||||||||||||||||||
Con Edison | CECONY | |||||||||||||||||||
(Millions of Dollars) | Balance Sheet Location | 2020 | 2019 | 2020 | 2019 | |||||||||||||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||||||||||||||||||||
Current | Deferred derivative gains | $26 | $15 | $24 | $15 | |||||||||||||||
Noncurrent | Deferred derivative gains | 17 | 0 | 16 | 0 | |||||||||||||||
Total deferred gains/(losses) | $43 | $15 | $40 | $15 | ||||||||||||||||
Current | Deferred derivative losses | $(9) | $6 | $(11) | $6 | |||||||||||||||
Current | Recoverable energy costs | (23) | (35) | (19) | (32) | |||||||||||||||
Noncurrent | Deferred derivative losses | (15) | 18 | (12) | 16 | |||||||||||||||
Total deferred gains/(losses) | $(47) | $(11) | $(42) | $(10) | ||||||||||||||||
Net deferred gains/(losses) | $(4) | $4 | $(2) | $5 | ||||||||||||||||
Income Statement Location | ||||||||||||||||||||
Pre-tax gains/(losses) recognized in income | ||||||||||||||||||||
Gas purchased for resale | $0 | $1 | $0 | $0 | ||||||||||||||||
Non-utility revenue | (2) | 5 | 0 | 0 | ||||||||||||||||
Other operations and maintenance expense | 0 | (1) | 0 | (1) | ||||||||||||||||
Other interest expense | 7 | (26) | 0 | 0 | ||||||||||||||||
Total pre-tax gains/(losses) recognized in income | $5 | $(21) | $0 | $(1) |
For the Three Months Ended September 30, | |||||||||||||
Con Edison | CECONY | ||||||||||||
(Millions of Dollars) | Balance Sheet Location | 2019 | 2018 | 2019 | 2018 | ||||||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | |||||||||||||
Current | Deferred derivative gains | $15 | $6 | $15 | $6 | ||||||||
Noncurrent | Deferred derivative gains | — | — | — | 2 | ||||||||
Total deferred gains/(losses) | $15 | $6 | $15 | $8 | |||||||||
Current | Deferred derivative losses | $6 | $25 | $6 | $25 | ||||||||
Current | Recoverable energy costs | (35) | (4) | (32) | (6) | ||||||||
Noncurrent | Deferred derivative losses | 18 | 15 | 16 | 14 | ||||||||
Total deferred gains/(losses) | $(11) | $36 | $(10) | $33 | |||||||||
Net deferred gains/(losses) | $4 | $42 | $5 | $41 | |||||||||
Income Statement Location | |||||||||||||
Pre-tax gains/(losses) recognized in income | |||||||||||||
Gas purchased for resale | $1 | $— | $— | $— | |||||||||
Non-utility revenue | 5 | (7) | — | — | |||||||||
Other operations and maintenance expense | (1) | — | (1) | ||||||||||
Other interest expense | (26) | — | — | — | |||||||||
Total pre-tax gains/(losses) recognized in income | $(21) | $(7) | $(1) | $— |
For the Nine Months Ended September 30, | |||||||||||
Con Edison | CECONY | ||||||||||
(Millions of Dollars) | Balance Sheet Location | 2019 | 2018 | 2019 | 2018 | ||||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | |||||||||||
Current | Deferred derivative gains | $3 | $(11) | $3 | $(10) | ||||||
Noncurrent | Deferred derivative gains | (8) | 5 | (5) | 4 | ||||||
Total deferred gains/(losses) | $(5) | $(6) | $(2) | $(6) | |||||||
Current | Deferred derivative losses | $(32) | $21 | $(28) | $23 | ||||||
Current | Recoverable energy costs | (94) | (13) | (82) | (14) | ||||||
Noncurrent | Deferred derivative losses | (82) | 23 | (79) | 21 | ||||||
Total deferred gains/(losses) | $(208) | $31 | $(189) | $30 | |||||||
Net deferred gains/(losses) | $(213) | $25 | $(191) | $24 | |||||||
Income Statement Location | |||||||||||
Pre-tax gains/(losses) recognized in income | |||||||||||
Gas purchased for resale | $(2) | $(1) | $— | $— | |||||||
Non-utility revenue | 20 | (7) | — | — | |||||||
Other interest expense | (60) | — | — | — | |||||||
Total pre-tax gains/(losses) recognized in income | $(42) | $(8) | $— | $— |
For the Nine Months Ended September 30, | ||||||||||||||||||||
Con Edison | CECONY | |||||||||||||||||||
(Millions of Dollars) | Balance Sheet Location | 2020 | 2019 | 2020 | 2019 | |||||||||||||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||||||||||||||||||||
Current | Deferred derivative gains | $23 | $3 | $20 | $3 | |||||||||||||||
Noncurrent | Deferred derivative gains | 15 | (8) | 14 | (5) | |||||||||||||||
Total deferred gains/(losses) | $38 | $(5) | $34 | $(2) | ||||||||||||||||
Current | Deferred derivative losses | $12 | $(32) | $9 | $(28) | |||||||||||||||
Current | Recoverable energy costs | (163) | (94) | (144) | (82) | |||||||||||||||
Noncurrent | Deferred derivative losses | (73) | (82) | (70) | (79) | |||||||||||||||
Total deferred gains/(losses) | $(224) | $(208) | $(205) | $(189) | ||||||||||||||||
Net deferred gains/(losses) | $(186) | $(213) | $(171) | $(191) | ||||||||||||||||
Income Statement Location | ||||||||||||||||||||
Pre-tax gains/(losses) recognized in income | ||||||||||||||||||||
Gas purchased for resale | (3) | (2) | 0 | 0 | ||||||||||||||||
Non-utility revenue | 3 | 20 | 0 | 0 | ||||||||||||||||
Other operations and maintenance expense | (5) | 0 | (5) | 0 | ||||||||||||||||
Other interest expense | (82) | (60) | 0 | 0 | ||||||||||||||||
Total pre-tax gains/(losses) recognized in income | $(87) | $(42) | $(5) | $0 |
Electric Energy (MWh) (a)(b) | Capacity (MW) (a) | Natural Gas (Dt) (a)(b) | Refined Fuels (gallons) | |||||||||||
Con Edison | 30,693,295 | 41,993 | 304,371,409 | 8,736,000 | ||||||||||
CECONY | 28,628,075 | 32,400 | 288,330,000 | 8,736,000 |
Electric Energy (MWh) (a)(b) | Capacity (MW) (a) | Natural Gas (Dt) (a)(b) | Refined Fuels (gallons) | |||||
Con Edison | 27,843,993 | 25,054 | 277,395,718 | 6,720,000 | ||||
CECONY | 25,361,275 | 16,800 | 260,350,000 | 6,720,000 |
(Millions of Dollars) | Con Edison (a) | CECONY (a) | ||||||||||||
Aggregate fair value – net liabilities | $259 | $241 | ||||||||||||
Collateral posted | 128 | 116 | ||||||||||||
Additional collateral (b) (downgrade one level from current ratings) | 46 | 39 | ||||||||||||
Additional collateral (b) (downgrade to below investment grade from current ratings) | 118 | (c) | 104 | (c) |
(Millions of Dollars) | Con Edison (a) | CECONY (a) | ||
Aggregate fair value – net liabilities | $112 | $95 | ||
Collateral posted | 26 | 20 | ||
Additional collateral (b) (downgrade one level from current ratings) | 18 | 14 | ||
Additional collateral (b) (downgrade to below investment grade from current ratings) | 123 | (c) | 92 | (c) |
2020 | 2019 | |||||||||||||||||||||||||||||||
(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) | $32 | $70 | $4 | $42 | $148 | $4 | $61 | $2 | $4 | $71 | ||||||||||||||||||||||
Interest rate swaps (a)(b)(c) | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 1 | ||||||||||||||||||||||
Other (a)(b)(d) | 401 | 121 | 0 | 0 | 522 | 353 | 125 | 0 | 0 | 478 | ||||||||||||||||||||||
Total assets | $433 | $191 | $4 | $42 | $670 | $357 | $187 | $2 | $4 | $550 | ||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||||||||
Commodity (a)(b)(c) | $1 | $258 | $21 | $45 | $325 | $18 | $174 | $18 | $(22) | $188 | ||||||||||||||||||||||
Interest rate swaps (a)(b)(c) | 0 | 122 | 0 | 0 | 122 | 0 | 41 | 0 | 0 | 41 | ||||||||||||||||||||||
Total liabilities | $1 | $380 | $21 | $45 | $447 | $18 | $215 | $18 | $(22) | $229 | ||||||||||||||||||||||
CECONY | ||||||||||||||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||||||||||
Commodity (a)(b)(c) | $29 | $56 | $1 | $(30) | $56 | $3 | $42 | $1 | $0 | $46 | ||||||||||||||||||||||
Other (a)(b)(d) | 381 | 115 | 0 | 0 | 496 | 333 | 119 | 0 | 0 | 452 | ||||||||||||||||||||||
Total assets | $410 | $171 | $1 | $(30) | $552 | $336 | $161 | $1 | $0 | $498 | ||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||||||||
Commodity (a)(b)(c) | $0 | $237 | $10 | $(27) | $220 | $15 | $147 | $7 | $(24) | $145 |
2019 | 2018 | ||||||||||||||||||
(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) | $4 | $33 | $2 | $11 | $50 | $6 | $36 | $7 | $(6) | $43 | |||||||||
Interest rate swaps (a)(b)(c) | — | — | — | — | — | — | 2 | — | — | 2 | |||||||||
Other (a)(b)(d) | 330 | 123 | — | — | 453 | 287 | 114 | — | — | 401 | |||||||||
Total assets | $334 | $156 | $2 | $11 | $503 | $293 | $152 | $7 | $(6) | $446 | |||||||||
Derivative liabilities: | |||||||||||||||||||
Commodity (a)(b)(c) | $18 | $98 | $46 | $(7) | $155 | $8 | $43 | $20 | $(11) | $60 | |||||||||
Interest rate swaps (a)(b)(c) | — | 64 | — | — | 64 | — | 6 | — | — | 6 | |||||||||
Total liabilities | $18 | $162 | $46 | $(7) | $219 | $8 | $49 | $20 | $(11) | $66 | |||||||||
CECONY | |||||||||||||||||||
Derivative assets: | |||||||||||||||||||
Commodity (a)(b)(c) | $3 | $25 | $1 | $— | $29 | $3 | $28 | $1 | $(1) | $31 | |||||||||
Other (a)(b)(d) | 310 | 117 | — | — | 427 | 267 | 109 | — | — | 376 | |||||||||
Total assets | $313 | $142 | $1 | $— | $456 | $270 | $137 | $1 | $(1) | $407 | |||||||||
Derivative liabilities: | |||||||||||||||||||
Commodity (a)(b)(c) | $15 | $87 | $32 | $(19) | $115 | $5 | $30 | $3 | $(6) | $32 |
(a)The Companies’ policy is to review the fair value hierarchy and recognize transfers into and transfers out of the levels at the end of each reporting period. |
Fair Value of Level 3 at September 30, | Valuation Techniques | Unobservable Inputs | Range | |||||||||||
(Millions of Dollars) | ||||||||||||||
Con Edison – Commodity | ||||||||||||||
Electricity | $ | Discounted Cash Flow | Forward energy prices (a) | $ | ||||||||||
Discounted Cash Flow | Forward capacity prices (a) | $ | ||||||||||||
Transmission Congestion Contracts/Financial Transmission Rights | 1 | Discounted Cash Flow | Inter-zonal forward price curves adjusted for historical zonal losses (b) | $ | ||||||||||
Total Con Edison—Commodity | $ | |||||||||||||
CECONY – Commodity | ||||||||||||||
Electricity | $ | Discounted Cash Flow | Forward energy prices (a) | $ | ||||||||||
Discounted Cash Flow | Forward capacity prices (a) | $ | ||||||||||||
Transmission Congestion Contracts | 1 | Discounted Cash Flow | Inter-zonal forward price curves adjusted for historical zonal losses (b) | $ | ||||||||||
Total CECONY—Commodity | $ |
For the Three Months Ended September 30, | ||||||||||||||
Con Edison | CECONY | |||||||||||||
(Millions of Dollars) | 2020 | 2019 | 2020 | 2019 | ||||||||||
Beginning balance as of July 1, | $(14) | $(46) | $(7) | $(30) | ||||||||||
Included in earnings | 0 | 4 | 0 | 1 | ||||||||||
Included in regulatory assets and liabilities | (3) | (1) | (1) | (1) | ||||||||||
Settlements | 0 | (1) | (1) | (1) | ||||||||||
Ending balance as of September 30, | $(17) | $(44) | $(9) | $(31) |
For the Three Months Ended September 30, | ||||||
Con Edison | CECONY | |||||
(Millions of Dollars) | 2019 | 2018 | 2019 | 2018 | ||
Beginning balance as of July 1, | $(46) | $(4) | $(30) | $— | ||
Included in earnings | 4 | 4 | 1 | 2 | ||
Included in regulatory assets and liabilities | (1) | (4) | (1) | — | ||
Settlements | (1) | (6) | (1) | (2) | ||
Ending balance as of September 30, | $(44) | $(10) | $(31) | $— |
For the Nine Months Ended September 30, | ||||||||||||||
Con Edison | CECONY | |||||||||||||
(Millions of Dollars) | 2020 | 2019 | 2020 | 2019 | ||||||||||
Beginning balance as of January 1, | $(16) | $(13) | $(6) | $(2) | ||||||||||
Included in earnings | (7) | (2) | (3) | 1 | ||||||||||
Included in regulatory assets and liabilities | (3) | (32) | (3) | (29) | ||||||||||
Settlements | 9 | 3 | 3 | (1) | ||||||||||
Ending balance as of September 30, | $(17) | $(44) | $(9) | $(31) |
For the Nine Months Ended September 30, | ||||||||
Con Edison | CECONY | |||||||
(Millions of Dollars) | 2019 | 2018 | 2019 | 2018 | ||||
Beginning balance as of January 1, | $(13) | $1 | $(2) | $4 | ||||
Included in earnings | (2) | 4 | 1 | 4 | ||||
Included in regulatory assets and liabilities | (32) | (7) | (29) | (5) | ||||
Settlements | 3 | (9) | (1) | (4) | ||||
Transfer out of level 3 | — | 1 | — | 1 | ||||
Ending balance as of September 30, | $(44) | $(10) | $(31) | $— |
Tax Equity Projects | ||||||||||||||
Great Valley Solar (c)(d) | Copper Mountain - Mesquite Solar (c)(e) | |||||||||||||
(Millions of Dollars) | 2020 | 2019 | 2020 | 2019 | ||||||||||
Non-utility property, less accumulated depreciation (f)(g) | $286 | $293 | $449 | $461 | ||||||||||
Other assets | 41 | 40 | 181 | 128 | ||||||||||
Total assets (a) | $327 | $333 | $630 | $589 | ||||||||||
Other liabilities | 15 | 17 | 72 | 18 | ||||||||||
Total liabilities (b) | $15 | $17 | $72 | $18 |
Tax Equity Projects | |||||||||||||
Great Valley Solar (c)(d) | Copper Mountain - Mesquite Solar (c)(e) | Texas Solar 4 (c)(f) | |||||||||||
(Millions of Dollars) | 2019 | 2018 | 2019 | 2018 | 2018 | ||||||||
Restricted cash | $— | $— | $— | $— | $4 | ||||||||
Non-utility property, less accumulated depreciation (g)(h) | 295 | 313 | 465 | 492 | 98 | ||||||||
Other assets | 47 | 18 | 131 | 97 | 9 | ||||||||
Total assets (a) | $342 | $331 | $596 | $589 | $111 | ||||||||
Long-term debt due within one year | $— | $— | $— | $— | $2 | ||||||||
Other liabilities | 19 | 17 | 22 | 33 | 26 | ||||||||
Long-term debt | — | — | — | — | 56 | ||||||||
Total liabilities (b) | $19 | $17 | $22 | $33 | $84 |
Con Edison | ||||||||||||||||||||||||||||||||
CECONY | O&R | Clean Energy Businesses | Con Edison Transmission | |||||||||||||||||||||||||||||
•RECO | •CET Electric | |||||||||||||||||||||||||||||||
•CET Gas |
For the Three Months Ended September 30, 2020 | For the Nine Months Ended September 30, 2020 | At September 30, 2020 | ||||||||||||||||||||||||||||||
(Millions of Dollars, except percentages) | Operating Revenues | Net Income for Common Stock | Operating Revenues | Net Income for Common Stock | Assets | |||||||||||||||||||||||||||
CECONY | $2,872 | 86 | % | $405 | 82 | % | $8,072 | 87 | % | $963 | 91 | % | $47,668 | 80 | % | |||||||||||||||||
O&R | 238 | 7 | 27 | 6 | 647 | 7 | 57 | 5 | 3,094 | 5 | ||||||||||||||||||||||
Total Utilities | 3,110 | 93 | 432 | 88 | 8,719 | 94 | 1,020 | 96 | 50,762 | 85 | ||||||||||||||||||||||
Clean Energy Businesses (a) | 222 | 7 | 56 | 11 | 566 | 6 | 8 | 1 | 6,766 | 11 | ||||||||||||||||||||||
Con Edison Transmission | 1 | — | 15 | 3 | 3 | — | 42 | 4 | 1,652 | 3 | ||||||||||||||||||||||
Other (b) | — | — | (10) | (2) | (2) | — | (12) | (1) | 415 | 1 | ||||||||||||||||||||||
Total Con Edison | $3,333 | 100 | % | $493 | 100 | % | $9,286 | 100 | % | $1,058 | 100 | % | $59,595 | 100 | % |
For the Three Months Ended September 30, 2019 | For the Nine Months Ended September 30, 2019 | At September 30, 2019 | |||||||||||||
(Millions of Dollars, except percentages) | Operating Revenues | Net Income for Common Stock | Operating Revenues | Net Income for Common Stock | Assets | ||||||||||
CECONY | $2,877 | 86 | % | $414 | 88 | % | $8,248 | 86 | % | $978 | 93 | % | $44,808 | 80 | % |
O&R | 241 | 7 | 25 | 5 | 678 | 7 | 60 | 6 | 2,935 | 5 | |||||
Total Utilities | 3,118 | 93 | 439 | 93 | 8,926 | 93 | 1,038 | 99 | 47,743 | 85 | |||||
Clean Energy Businesses (a) | 247 | 7 | 22 | 5 | 696 | 7 | (19) | (2 | ) | 6,376 | 12 | ||||
Con Edison Transmission | 1 | — | 14 | 2 | 3 | — | 38 | 4 | 1,559 | 3 | |||||
Other (b) | (1) | — | (2) | — | (2) | — | (9) | (1 | ) | 262 | — | ||||
Total Con Edison | $3,365 | 100 | % | $473 | 100 | % | $9,623 | 100 | % | $1,048 | 100 | % | $55,940 | 100 | % |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
(Millions of Dollars, except per share amounts) | Net Income for Common Stock | Earnings per Share | Net Income for Common Stock | Earnings per Share | ||||||||||||||||||||||
CECONY | $405 | $414 | $1.21 | $1.25 | $963 | $978 | $2.88 | $2.99 | ||||||||||||||||||
O&R | 27 | 25 | 0.08 | 0.07 | 57 | 60 | 0.17 | 0.18 | ||||||||||||||||||
Clean Energy Businesses (a) | 56 | 22 | 0.17 | 0.07 | 8 | (19) | 0.03 | (0.06) | ||||||||||||||||||
Con Edison Transmission | 15 | 14 | 0.04 | 0.04 | 42 | 38 | 0.13 | 0.11 | ||||||||||||||||||
Other (b) | (10) | (2) | (0.03) | (0.01) | (12) | (9) | (0.04) | (0.02) | ||||||||||||||||||
Con Edison (c) | $493 | $473 | $1.47 | $1.42 | $1,058 | $1,048 | $3.17 | $3.20 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |
(Millions of Dollars, except per share amounts) | Net Income for Common Stock | Earnings per Share | Net Income for Common Stock | Earnings per Share | ||||
CECONY | $414 | $431 | $1.25 | $1.38 | $978 | $969 | $2.99 | $3.12 |
O&R | 25 | 21 | 0.07 | 0.07 | 60 | 52 | 0.18 | 0.17 |
Clean Energy Businesses (a) | 22 | 27 | 0.07 | 0.10 | (19) | 58 | (0.06) | 0.19 |
Con Edison Transmission | 14 | 13 | 0.04 | 0.04 | 38 | 35 | 0.11 | 0.11 |
Other (b) | (2) | (57) | (0.01) | (0.19) | (9) | (63) | (0.02) | (0.21) |
Con Edison (c) | $473 | $435 | $1.42 | $1.40 | $1,048 | $1,051 | $3.20 | $3.38 |
Variation for the Three Months Ended September 30, 2020 vs. 2019 | |||||||||||
Earnings per Share | Net Income for Common Stock (Millions of Dollars) | ||||||||||
CECONY (a) | |||||||||||
Changes in rate plans | $(0.02) | $(6) | Primarily reflects lower non-weather related steam net revenues due to lower usage by customers. | ||||||||
Operations and maintenance expenses | 0.26 | 85 | Reflects lower costs for pension and other postretirement benefits of $0.12 a share, which are reconciled under the rate plans, lower regulatory assessments and fees of $0.09 a share, which are collected in revenues from customers, and the deferral in September 2020, under the legislative, regulatory and related actions provisions of the company's electric and gas rate plans, of the previously recorded reserve increases to the allowance for uncollectible accounts associated with the Coronavirus Disease 2019 (COVID-19) pandemic of $0.02 a share, offset in part by estimated food and medicine spoilage claims related to outages caused by Tropical Storm Isaias of $(0.01) a share. | ||||||||
Depreciation, property taxes and other tax matters | (0.24) | (79) | Reflects higher depreciation and amortization expense of $(0.12) a share and higher property taxes of $(0.10) a share, both of which are recoverable under the rate plans and the absence in 2020 of a reduction in the sales and use tax reserve upon conclusion of the audit assessment of $(0.02) a share. | ||||||||
Other | (0.04) | (9) | Primarily reflects foregone revenues from the suspension of customers' late payment charges and certain other fees associated with the COVID-19 pandemic of $(0.05) a share and the dilutive effect of Con Edison's stock issuances of $(0.01) a share. | ||||||||
Total CECONY | (0.04) | (9) | |||||||||
O&R (a) | |||||||||||
Changes in rate plans | 0.01 | 2 | Reflects an electric base rate increase under the company's rate plans. | ||||||||
Operations and maintenance expenses | — | 1 | Reflects the deferral in September 2020, under the legislative, regulatory and related actions provision of the company's New York electric rate plan, of the previously recorded reserve increase to the allowance for uncollectible accounts associated with the COVID-19 pandemic, offset by estimated food and medicine spoilage claims related to outages caused by Tropical Storm Isaias. | ||||||||
Depreciation, property taxes and other tax matters | — | (1) | |||||||||
Total O&R | 0.01 | 2 | |||||||||
Clean Energy Businesses | |||||||||||
Operating revenues less energy costs | — | 2 | |||||||||
Operations and maintenance expenses | (0.01) | (4) | Primarily reflects timing of maintenance costs. | ||||||||
Depreciation and amortization | (0.01) | (4) | Reflects an increase in renewable electric production projects in operation during 2020. | ||||||||
Net interest expense | 0.09 | 29 | Primarily reflects lower unrealized losses on interest rate swaps in the 2020 period. | ||||||||
HLBV effects | 0.05 | 16 | Primarily reflects lower losses from tax equity projects in the 2020 period. | ||||||||
Other | (0.02) | (5) | Primarily reflects the absence of a prior period adjustment related to research & development credits recorded in 2019. | ||||||||
Total Clean Energy Businesses | 0.10 | 34 | |||||||||
Con Edison Transmission | — | 1 | |||||||||
Other, including parent company expenses | (0.02) | (8) | Primarily reflects higher New York State income tax. | ||||||||
Total Reported (GAAP basis) | $0.05 | $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. |
Variation for the Nine Months Ended September 30, 2020 vs. 2019 | |||||||||||
Earnings per Share | Net Income for Common Stock (Millions of Dollars) | ||||||||||
CECONY (a) | |||||||||||
Changes in rate plans | $0.07 | $24 | Primarily reflects higher gas net base revenues due to gas base rates increase in January 2020 under the company's gas rate plan. | ||||||||
Weather impact on steam revenues | (0.06) | (20) | Reflects the impact of warmer winter weather in the 2020 period. | ||||||||
Operations and maintenance expenses | 0.69 | 227 | Reflects lower costs for pension and other postretirement benefits of $0.41 a share, which are reconciled under the rate plans, lower regulatory assessments and fees that are collected in revenues from customers of $0.23 a share, lower stock-based compensation of $0.04 a share and lower healthcare costs of $0.02 a share, offset in part by estimated food and medicine spoilage claims related to outages caused by Tropical Storm Isaias of $(0.01) a share. | ||||||||
Depreciation, property taxes and other tax matters | (0.65) | (209) | Reflects higher depreciation and amortization expense of $(0.38) a share and higher property taxes of $(0.26) a share, both of which are recoverable under the rate plans, the absence in 2020 of a reduction in the sales and use tax reserve upon conclusion of the audit assessment of $(0.02) a share, offset in part by the Employee Retention Tax Credit under the CARES Act of $0.01 a share. | ||||||||
Other | (0.16) | (37) | Primarily reflects foregone revenues from the suspension of customers' late payment charges and certain other fees associated with the COVID-19 pandemic of $(0.10) a share and the dilutive effect of Con Edison's stock issuances of $(0.06) a share. | ||||||||
Total CECONY | (0.11) | (15) | |||||||||
O&R (a) | |||||||||||
Changes in rate plans | 0.04 | 11 | Reflects electric and gas base rate increases of $0.03 a share and $0.01 a share, respectively, under the company's rate plans. | ||||||||
Operations and maintenance expenses | (0.02) | (5) | Primarily reflects incremental costs associated with the COVID-19 pandemic and estimated food and medicine spoilage claims related to outages caused by Tropical Storm Isaias. | ||||||||
Depreciation, property taxes and other tax matters | (0.01) | (4) | Reflects higher depreciation and amortization expense, offset in part by the Employee Retention Tax Credit under the CARES Act. | ||||||||
Other | (0.02) | (5) | Primarily reflects higher costs associated with components of pension and other postretirement benefits other than service cost of $(0.01) a share. | ||||||||
Total O&R | (0.01) | (3) | |||||||||
Clean Energy Businesses | |||||||||||
Operating revenues less energy costs | 0.01 | 4 | Reflects higher revenues from renewable electric production projects of $0.05 a share, offset in part by lower energy services revenues of $(0.04) a share. | ||||||||
Operations and maintenance expenses | 0.01 | 2 | Primarily reflects lower energy services costs. | ||||||||
Depreciation and amortization | (0.01) | (3) | Reflects an increase in renewable electric production projects in operation during 2020. | ||||||||
Net interest expense | (0.03) | (9) | Primarily reflects higher unrealized losses on interest rate swaps in the 2020 period. | ||||||||
HLBV effects | 0.10 | 31 | Primarily reflects lower losses from tax equity projects in the 2020 period. | ||||||||
Other | 0.01 | 2 | Primarily reflects re-measurement of deferred tax assets and the Employee Retention Tax Credit under the CARES Act. | ||||||||
Total Clean Energy Businesses | 0.09 | 27 | |||||||||
Con Edison Transmission | 0.02 | 4 | Primarily reflects lower operations and maintenance expenses and higher allowance for funds used during construction (AFUDC) income from Mountain Valley Pipeline, LLC. | ||||||||
Other, including parent company expenses | (0.02) | (3) | Primarily reflects higher New York State income tax. | ||||||||
Total Reported (GAAP basis) | $(0.03) | $10 | |||||||||
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. |
Variation for the Three Months Ended September 30, 2019 vs. 2018 | ||||
Earnings per Share | Net Income for Common Stock (Millions of Dollars) | |||
CECONY (a) | ||||
Changes in rate plans | $0.11 | $35 | Reflects higher electric and gas net base revenues of $0.19 a share and $0.01 a share, respectively, due primarily to electric and gas base rates increases in January 2019 under the company's rate plans. | |
Weather impact on steam revenues | — | (1) | ||
Operations and maintenance expenses | (0.11) | (34) | Reflects higher costs for pension and other postretirement benefits of $(0.04) a share, stock-based compensation of $(0.03) a share and uncollectibles of $(0.02) a share. | |
Depreciation, property taxes and other tax matters | (0.10) | (31) | Reflects higher property taxes of $(0.06) a share and higher depreciation and amortization expense of $(0.06) a share, offset, in part, by the reduction in the sales and use tax reserve upon conclusion of the audit assessment of $0.02 a share. | |
Other | (0.03) | 14 | Reflects primarily the dilutive effect of Con Edison's stock issuances of $(0.09) a share, offset, in part, by lower costs associated with components of pension and other postretirement benefits other than service cost of $0.05 a share. | |
Total CECONY | (0.13) | (17) | ||
O&R (a) | ||||
Changes in rate plans | 0.03 | 11 | Reflects primarily an electric base rate increase under the company's new rate plan, effective January 1, 2019. | |
Operations and maintenance expenses | — | (1) | ||
Depreciation, property taxes and other tax matters | (0.01) | (2) | Reflects higher depreciation and amortization expense. | |
Other | (0.02) | (4) | Reflects primarily the dilutive effect of Con Edison's stock issuances of $(0.01) a share. | |
Total O&R | — | 4 | ||
Clean Energy Businesses | ||||
Operating revenues less energy costs | 0.27 | 85 | Reflects primarily higher revenues from renewable electric production projects resulting from the December 2018 acquisition of Sempra Solar Holdings, LLC, including the consolidation of certain jointly-owned projects that were previously accounted for as equity investments of $0.30 a share, and lower gas purchased for resale due to lower purchased volume of $0.12 a share, offset, in part, by lower wholesale revenues of $(0.13) a share. | |
Operations and maintenance expenses | (0.01) | (2) | Reflects higher costs associated with additional renewable electric production projects in operation resulting from the December 2018 acquisition of Sempra Solar Holdings, LLC. of $(0.03) a share, offset, in part, by lower energy services costs of $0.02 a share. | |
Depreciation and amortization | (0.08) | (26) | Reflects an increase in renewable electric production projects resulting from the December 2018 acquisition of Sempra Solar Holdings, LLC. | |
Net interest expense | (0.12) | (35) | Reflects primarily an increase in debt resulting from the December 2018 acquisition of Sempra Solar Holdings, LLC. | |
HLBV effects | (0.07) | (23) | ||
Other | (0.02) | (4) | Reflects primarily the absence in 2019 of equity income from certain jointly-owned projects that were accounted for as equity investments in 2018 but consolidated after the December 2018 acquisition of Sempra Solar Holdings, LLC. | |
Total Clean Energy Businesses | (0.03) | (5) | ||
Con Edison Transmission | — | 1 | Reflects income from equity investments. | |
Other, including parent company expenses | 0.18 | 55 | ||
Total Reported (GAAP basis) | $0.02 | $38 | ||
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. |
Variation for the Nine Months Ended September 30, 2019 vs. 2018 | ||||
Earnings per Share | Net Income for Common Stock (Millions of Dollars) | |||
CECONY (a) | ||||
Changes in rate plans | $0.59 | $185 | Reflects higher electric and gas net base revenues of $0.42 a share and $0.12 a share, respectively, due primarily to electric and gas base rates increases in January 2019 under the company's rate plans and growth in the number of gas customers of $0.02 a share. | |
Weather impact on steam revenues | (0.05) | (15) | Reflects the impact of warmer winter weather in 2019. | |
Operations and maintenance expenses | (0.23) | (71) | Reflects higher costs for pension and other postretirement benefits of $(0.11) a share, stock-based compensation of $(0.07) a share and regulatory assessments and fees that are collected in revenues from customers of $(0.05) a share. | |
Depreciation, property taxes and other tax matters | (0.38) | (121) | Reflects higher property taxes of $(0.19) a share, higher depreciation and amortization expense of $(0.17) a share and the absence of New York State sales and use tax refunds received in 2018 of $(0.04) a share; offset, in part, by the reduction in the sales and use tax reserve upon conclusion of the audit assessment of $0.02 a share. | |
Other | (0.06) | 31 | Reflects primarily the dilutive effect of Con Edison's stock issuances of $(0.16) a share and higher interest expense on long-term debt of $(0.09) a share, offset, in part, by lower costs associated with components of pension and other postretirement benefits other than service cost of $0.14 a share. | |
Total CECONY | (0.13) | 9 | ||
O&R (a) | ||||
Changes in rate plans | 0.03 | 10 | Reflects an electric base rate increase of $0.05 a share, offset, in part, by a gas base rate decrease of $(0.02) a share under the company's new rate plans, effective January 1, 2019. | |
Operations and maintenance expenses | 0.02 | 6 | Reflects primarily a reduction of a regulatory asset associated with certain site investigation and environmental remediation costs in 2018. | |
Depreciation, property taxes and other tax matters | (0.02) | (5) | Reflects higher depreciation and amortization expense. | |
Other | (0.02) | (3) | Reflects primarily the dilutive effect of Con Edison's stock issuances of $(0.01) a share. | |
Total O&R | 0.01 | 8 | ||
Clean Energy Businesses | ||||
Operating revenues less energy costs | 0.44 | 137 | Reflects primarily higher revenues from renewable electric production projects resulting from the December 2018 acquisition of Sempra Solar Holdings, LLC, including the consolidation of certain jointly-owned projects that were previously accounted for as equity investments of $0.68 a share, offset, in part, by lower engineering, procurement and construction services revenues of $(0.22) a share. | |
Operations and maintenance expenses | 0.14 | 43 | Reflects primarily lower engineering, procurement and construction costs of $0.20 a share and lower energy services costs of $0.02 a share, offset, in part, by higher costs associated with additional renewable electric production projects in operation resulting from the December 2018 acquisition of Sempra Solar Holdings, LLC. of $(0.08) a share. | |
Depreciation and amortization | (0.27) | (84) | Reflects an increase in renewable electric production projects resulting from the December 2018 acquisition of Sempra Solar Holdings, LLC. | |
Net interest expense | (0.31) | (96) | Reflects primarily an increase in debt resulting from the December 2018 acquisition of Sempra Solar Holdings, LLC. | |
HLBV effects | (0.18) | (60) | ||
Other | (0.07) | (17) | Reflects primarily the absence in 2019 of equity income from certain jointly-owned projects that were accounted for as equity investments in 2018 but consolidated after the December 2018 acquisition of Sempra Solar Holdings, LLC. | |
Total Clean Energy Businesses | (0.25) | (77) | ||
Con Edison Transmission | — | 3 | Reflects income from equity investments. | |
Other, including parent company expenses | 0.19 | 54 | ||
Total Reported (GAAP basis) | $(0.18) | $(3) | ||
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. |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||
(Millions of Dollars) | 2020 | 2019 | 2020 | 2019 | ||||||||||
CECONY | ||||||||||||||
Operations | $423 | $414 | $1,210 | $1,190 | ||||||||||
Pensions and other postretirement benefits | (20) | 34 | (83) | 100 | ||||||||||
Health care and other benefits | 49 | 46 | 115 | 126 | ||||||||||
Regulatory fees and assessments (a) | 94 | 134 | 253 | 356 | ||||||||||
Other | 51 | 84 | 219 | 250 | ||||||||||
Total CECONY | 597 | 712 | 1,714 | 2,022 | ||||||||||
O&R | 79 | 81 | 232 | 225 | ||||||||||
Clean Energy Businesses | 59 | 53 | 165 | 168 | ||||||||||
Con Edison Transmission | 2 | 2 | 8 | 7 | ||||||||||
Other (b) | (1) | (1) | (3) | — | ||||||||||
Total other operations and maintenance expenses | $736 | $847 | $2,116 | $2,422 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||
(Millions of Dollars) | 2019 | 2018 | 2019 | 2018 | |
CECONY | |||||
Operations | $414 | $393 | $1,190 | $1,186 | |
Pensions and other postretirement benefits | 34 | 18 | 100 | 53 | |
Health care and other benefits | 46 | 46 | 126 | 132 | |
Regulatory fees and assessments (a) | 134 | 132 | 356 | 335 | |
Other | 84 | 77 | 250 | 220 | |
Total CECONY | 712 | 666 | 2,022 | 1,926 | |
O&R | 81 | 80 | 225 | 234 | |
Clean Energy Businesses (b) | 53 | 50 | 168 | 226 | |
Con Edison Transmission | 2 | 3 | 7 | 7 | |
Other (c) | (1) | (2) | — | (4) | |
Total other operations and maintenance expenses | $847 | $797 | $2,422 | $2,389 |
CECONY | O&R | Clean Energy Businesses | Con Edison Transmission | Other (a) | Con Edison (b) | |||||||||||||||||||||||||||||||||
(Millions of Dollars) | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||
Operating revenues | $2,872 | $2,877 | $238 | $241 | $222 | $247 | $1 | $1 | $— | $(1) | $3,333 | $3,365 | ||||||||||||||||||||||||||
Purchased power | 447 | 423 | 56 | 61 | — | — | — | — | — | (1) | 503 | 483 | ||||||||||||||||||||||||||
Fuel | 24 | 31 | — | — | — | — | — | — | — | — | 24 | 31 | ||||||||||||||||||||||||||
Gas purchased for resale | 38 | 52 | 9 | 10 | 8 | 36 | — | — | — | — | 55 | 98 | ||||||||||||||||||||||||||
Other operations and maintenance | 597 | 712 | 79 | 81 | 59 | 53 | 2 | 2 | (1) | (1) | 736 | 847 | ||||||||||||||||||||||||||
Depreciation and amortization | 401 | 346 | 23 | 22 | 58 | 53 | — | — | — | — | 482 | 421 | ||||||||||||||||||||||||||
Taxes, other than income taxes | 643 | 590 | 22 | 21 | 5 | 5 | 1 | — | 2 | 2 | 673 | 618 | ||||||||||||||||||||||||||
Operating income | 722 | 723 | 49 | 46 | 92 | 100 | (2) | (1) | (1) | (1) | 860 | 867 | ||||||||||||||||||||||||||
Other income less deductions | (38) | (9) | (4) | (3) | 3 | 1 | 27 | 27 | (1) | (2) | (13) | 14 | ||||||||||||||||||||||||||
Net interest expense | 182 | 181 | 10 | 10 | 22 | 61 | 4 | 7 | 8 | 3 | 226 | 262 | ||||||||||||||||||||||||||
Income before income tax expense | 502 | 533 | 35 | 33 | 73 | 40 | 21 | 19 | (10) | (6) | 621 | 619 | ||||||||||||||||||||||||||
Income tax expense | 97 | 119 | 8 | 8 | 8 | (12) | 6 | 5 | — | (4) | 119 | 116 | ||||||||||||||||||||||||||
Net income | $405 | $414 | $27 | $25 | $65 | $52 | $15 | $14 | $(10) | $(2) | $502 | $503 | ||||||||||||||||||||||||||
Income attributable to non-controlling interest | — | — | — | — | 9 | 30 | — | — | — | — | 9 | 30 | ||||||||||||||||||||||||||
Net income for common stock | $405 | $414 | $27 | $25 | $56 | $22 | $15 | $14 | $(10) | $(2) | $493 | $473 |
CECONY | O&R | Clean Energy Businesses | Con Edison Transmission | Other (a) | Con Edison (b) | ||||||||||||||||||
(Millions of Dollars) | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||
Operating revenues | $2,877 | $2,899 | $241 | $246 | $247 | $181 | $1 | $1 | $(1) | $1 | $3,365 | $3,328 | |||||||||||
Purchased power | 423 | 472 | 61 | 73 | — | — | — | — | (1) | — | 483 | 545 | |||||||||||
Fuel | 31 | 39 | — | — | — | — | — | — | — | — | 31 | 39 | |||||||||||
Gas purchased for resale | 52 | 66 | 10 | 12 | 36 | 85 | — | — | — | 1 | 98 | 164 | |||||||||||
Other operations and maintenance | 712 | 666 | 81 | 80 | 53 | 50 | 2 | 3 | (1) | (2) | 847 | 797 | |||||||||||
Depreciation and amortization | 346 | 322 | 22 | 19 | 53 | 18 | — | — | — | 1 | 421 | 360 | |||||||||||
Taxes, other than income taxes | 590 | 570 | 21 | 20 | 5 | 3 | — | — | 2 | 4 | 618 | 597 | |||||||||||
Operating income | 723 | 764 | 46 | 42 | 100 | 25 | (1) | (2) | (1) | (3) | 867 | 826 | |||||||||||
Other income less deductions | (9) | (33) | (3) | (5) | 1 | 18 | 27 | 24 | (2) | (15) | 14 | (11) | |||||||||||
Net interest expense | 181 | 175 | 10 | 10 | 61 | 13 | 7 | 5 | 3 | 2 | 262 | 205 | |||||||||||
Income before income tax expense | 533 | 556 | 33 | 27 | 40 | 30 | 19 | 17 | (6) | (20) | 619 | 610 | |||||||||||
Income tax expense | 119 | 125 | 8 | 6 | (12) | 3 | 5 | 4 | (4) | 37 | 116 | 175 | |||||||||||
Net income | $414 | $431 | $25 | $21 | $52 | $27 | $14 | $13 | $(2) | $(57) | $503 | $435 | |||||||||||
Income attributable to non-controlling interest | — | — | — | — | 30 | — | — | — | — | — | 30 | — | |||||||||||
Net income for common stock | $414 | $431 | $25 | $21 | $22 | $27 | $14 | $13 | $(2) | $(57) | $473 | $435 |
For the Three Months Ended September 30, 2020 | For the Three Months Ended September 30, 2019 | ||||||||||||||||||||||||||||
(Millions of Dollars) | Electric | Gas | Steam | 2020 Total | Electric | Gas | Steam | 2019 Total | 2020-2019 Variation | ||||||||||||||||||||
Operating revenues | $2,562 | $259 | $51 | $2,872 | $2,544 | $275 | $58 | $2,877 | $(5) | ||||||||||||||||||||
Purchased power | 443 | — | 4 | 447 | 418 | — | 5 | 423 | 24 | ||||||||||||||||||||
Fuel | 18 | — | 6 | 24 | 27 | — | 4 | 31 | (7) | ||||||||||||||||||||
Gas purchased for resale | — | 38 | — | 38 | — | 52 | — | 52 | (14) | ||||||||||||||||||||
Other operations and maintenance | 469 | 87 | 41 | 597 | 565 | 102 | 45 | 712 | (115) | ||||||||||||||||||||
Depreciation and amortization | 305 | 74 | 22 | 401 | 266 | 58 | 22 | 346 | 55 | ||||||||||||||||||||
Taxes, other than income taxes | 514 | 94 | 35 | 643 | 465 | 87 | 38 | 590 | 53 | ||||||||||||||||||||
Operating income | $813 | $(34) | $(57) | $722 | $803 | $(24) | $(56) | $723 | $(1) |
For the Three Months Ended September 30, 2019 | For the Three Months Ended September 30, 2018 | ||||||||||||||
(Millions of Dollars) | Electric | Gas | Steam | 2019 Total | Electric | Gas | Steam | 2018 Total | 2019-2018 Variation | ||||||
Operating revenues | $2,544 | $275 | $58 | $2,877 | $2,571 | $264 | $64 | $2,899 | $(22) | ||||||
Purchased power | 418 | — | 5 | 423 | 465 | — | 7 | 472 | (49) | ||||||
Fuel | 27 | — | 4 | 31 | 34 | — | 5 | 39 | (8) | ||||||
Gas purchased for resale | — | 52 | — | 52 | — | 66 | — | 66 | (14) | ||||||
Other operations and maintenance | 565 | 102 | 45 | 712 | 518 | 101 | 47 | 666 | 46 | ||||||
Depreciation and amortization | 266 | 58 | 22 | 346 | 248 | 52 | 22 | 322 | 24 | ||||||
Taxes, other than income taxes | 465 | 87 | 38 | 590 | 456 | 79 | 35 | 570 | 20 | ||||||
Operating income | $803 | $(24) | $(56) | $723 | $850 | $(34) | $(52) | $764 | $(41) |
For the Three Months Ended | |||||||||||
(Millions of Dollars) | September 30, 2020 | September 30, 2019 | Variation | ||||||||
Operating revenues | $2,562 | $2,544 | $18 | ||||||||
Purchased power | 443 | 418 | 25 | ||||||||
Fuel | 18 | 27 | (9) | ||||||||
Other operations and maintenance | 469 | 565 | (96) | ||||||||
Depreciation and amortization | 305 | 266 | 39 | ||||||||
Taxes, other than income taxes | 514 | 465 | 49 | ||||||||
Electric operating income | $813 | $803 | $10 |
For the Three Months Ended | |||
(Millions of Dollars) | September 30, 2019 | September 30, 2018 | Variation |
Operating revenues | $2,544 | $2,571 | $(27) |
Purchased power | 418 | 465 | (47) |
Fuel | 27 | 34 | (7) |
Other operations and maintenance | 565 | 518 | 47 |
Depreciation and amortization | 266 | 248 | 18 |
Taxes, other than income taxes | 465 | 456 | 9 |
Electric operating income | $803 | $850 | $(47) |
Millions of kWh Delivered | Revenues in Millions (a) | |||||||||||||
For the Three Months Ended | For the Three Months Ended | |||||||||||||
Description | September 30, 2019 | September 30, 2018 | Variation | Percent Variation | September 30, 2019 | September 30, 2018 | Variation | Percent Variation | ||||||
Residential/Religious (b) | 3,687 | 3,777 | (90) | (2.4 | )% | $923 | $988 | $(65) | (6.6 | )% | ||||
Commercial/Industrial | 2,831 | 2,706 | 125 | 4.6 | 557 | 542 | 15 | 2.8 | ||||||
Retail choice customers | 7,339 | 7,756 | (417) | (5.4 | ) | 854 | 910 | (56) | (6.2 | ) | ||||
NYPA, Municipal Agency and other sales | 2,756 | 2,758 | (2) | (0.1 | ) | 219 | 225 | (6) | (2.7 | ) | ||||
Other operating revenues (c) | — | — | — | — | (9) | (94) | 85 | (90.4 | ) | |||||
Total | 16,613 | 16,997 | (384) | (2.3 | )% | (d) | $2,544 | $2,571 | $(27) | (1.1 | )% |
Millions of kWh Delivered | Revenues in Millions (a) | ||||||||||||||||||||||||||||
For the Three Months Ended | For the Three Months Ended | ||||||||||||||||||||||||||||
Description | September 30, 2020 | September 30, 2019 | Variation | Percent Variation | September 30, 2020 | September 30, 2019 | Variation | Percent Variation | |||||||||||||||||||||
Residential/Religious (b) | 4,001 | 3,687 | 314 | 8.5 | % | $995 | $923 | $72 | 7.8 | % | |||||||||||||||||||
Commercial/Industrial | 2,627 | 2,831 | (204) | (7.2) | 556 | 557 | (1) | (0.2) | |||||||||||||||||||||
Retail choice customers | 6,294 | 7,339 | (1045) | (14.2) | 784 | 854 | (70) | (8.2) | |||||||||||||||||||||
NYPA, Municipal Agency and other sales | 2,532 | 2,756 | (224) | (8.1) | 217 | 219 | (2) | (0.9) | |||||||||||||||||||||
Other operating revenues (c) | — | — | — | — | 10 | (9) | 19 | Large | |||||||||||||||||||||
Total | 15,454 | 16,613 | (1,159) | (7.0) | % | (d) | $2,562 | $2,544 | $18 | 0.7 | % |
For the Three Months Ended | |||||||||||
(Millions of Dollars) | September 30, 2020 | September 30, 2019 | Variation | ||||||||
Operating revenues | $259 | $275 | $(16) | ||||||||
Gas purchased for resale | 38 | 52 | (14) | ||||||||
Other operations and maintenance | 87 | 102 | (15) | ||||||||
Depreciation and amortization | 74 | 58 | 16 | ||||||||
Taxes, other than income taxes | 94 | 87 | 7 | ||||||||
Gas operating income | $(34) | $(24) | $(10) |
For the Three Months Ended | |||
(Millions of Dollars) | September 30, 2019 | September 30, 2018 | Variation |
Operating revenues | $275 | $264 | $11 |
Gas purchased for resale | 52 | 66 | (14) |
Other operations and maintenance | 102 | 101 | 1 |
Depreciation and amortization | 58 | 52 | 6 |
Taxes, other than income taxes | 87 | 79 | 8 |
Gas operating income | $(24) | $(34) | $10 |
Thousands of Dt Delivered | Revenues in Millions (a) | ||||||||||||||||||||||||||||
For the Three Months Ended | For the Three Months Ended | ||||||||||||||||||||||||||||
Description | September 30, 2020 | September 30, 2019 | Variation | Percent Variation | September 30, 2020 | September 30, 2019 | Variation | Percent Variation | |||||||||||||||||||||
Residential | 4,314 | 4,032 | 282 | 7.0 | % | $117 | $103 | $14 | 13.6 | % | |||||||||||||||||||
General | 3,504 | 4,097 | (593) | (14.5) | 35 | 45 | (10) | (22.2) | |||||||||||||||||||||
Firm transportation | 8,668 | 9,071 | (403) | (4.4) | 70 | 71 | (1) | (1.4) | |||||||||||||||||||||
Total firm sales and transportation | 16,486 | 17,200 | (714) | (4.2) | (b) | 222 | 219 | 3 | 1.4 | ||||||||||||||||||||
Interruptible sales (c) | 1,882 | 1,974 | (92) | (4.7) | 4 | 6 | (2) | (33.3) | |||||||||||||||||||||
NYPA | 13,701 | 12,329 | 1,372 | 11.1 | 1 | 1 | — | — | |||||||||||||||||||||
Generation plants | 19,658 | 19,558 | 100 | 0.5 | 7 | 7 | — | — | |||||||||||||||||||||
Other | 4,457 | 4,604 | (147) | (3.2) | 6 | 6 | — | — | |||||||||||||||||||||
Other operating revenues (d) | — | — | — | — | 19 | 36 | (17) | (47.2) | |||||||||||||||||||||
Total | 56,184 | 55,665 | 519 | 0.9 | % | $259 | $275 | $(16) | (5.8) | % |
Thousands of Dt Delivered | Revenues in Millions (a) | ||||||||||||||
For the Three Months Ended | For the Three Months Ended | ||||||||||||||
Description | September 30, 2019 | September 30, 2018 | Variation | Percent Variation | September 30, 2019 | September 30, 2018 | Variation | Percent Variation | |||||||
Residential | 4,032 | 4,469 | (437 | ) | (9.8 | )% | $103 | $118 | $(15) | (12.7 | )% | ||||
General | 4,097 | 4,191 | (94 | ) | (2.2 | ) | 45 | 54 | (9) | (16.7 | ) | ||||
Firm transportation | 9,071 | 9,211 | (140 | ) | (1.5 | ) | 71 | 71 | — | — | |||||
Total firm sales and transportation | 17,200 | 17,871 | (671 | ) | (3.8 | ) | (b) | 219 | 243 | (24) | (9.9 | ) | |||
Interruptible sales (c) | 1,974 | 1,481 | 493 | 33.3 | 6 | 6 | — | — | |||||||
NYPA | 12,329 | 12,815 | (486 | ) | (3.8 | ) | 1 | 1 | — | — | |||||
Generation plants | 19,558 | 29,128 | (9,570 | ) | (32.9 | ) | 7 | 9 | (2) | (22.2 | ) | ||||
Other | 4,604 | 3,953 | 651 | 16.5 | 6 | 6 | — | — | |||||||
Other operating revenues (d) | — | — | — | — | 36 | (1) | 37 | Large | |||||||
Total | 55,665 | 65,248 | (9,583 | ) | (14.7 | )% | $275 | $264 | $11 | 4.2 | % |
For the Three Months Ended | |||||||||||
(Millions of Dollars) | September 30, 2020 | September 30, 2019 | Variation | ||||||||
Operating revenues | $51 | $58 | $(7) | ||||||||
Purchased power | 4 | 5 | (1) | ||||||||
Fuel | 6 | 4 | 2 | ||||||||
Other operations and maintenance | 41 | 45 | (4) | ||||||||
Depreciation and amortization | 22 | 22 | — | ||||||||
Taxes, other than income taxes | 35 | 38 | (3) | ||||||||
Steam operating income | $(57) | $(56) | $(1) |
For the Three Months Ended | ||||
(Millions of Dollars) | September 30, 2019 | September 30, 2018 | Variation | |
Operating revenues | $58 | $64 | $(6) | |
Purchased power | 5 | 7 | (2) | |
Fuel | 4 | 5 | (1) | |
Other operations and maintenance | 45 | 47 | (2) | |
Depreciation and amortization | 22 | 22 | — | |
Taxes, other than income taxes | 38 | 35 | 3 | |
Steam operating income | $(56) | $(52) | $(4) |
Millions of Pounds Delivered | Revenues in Millions | ||||||||||||||||||||||||||||
For the Three Months Ended | For the Three Months Ended | ||||||||||||||||||||||||||||
Description | September 30, 2020 | September 30, 2019 | Variation | Percent Variation | September 30, 2020 | September 30, 2019 | Variation | Percent Variation | |||||||||||||||||||||
General | 7 | 6 | 1 | 16.7 | % | $1 | $2 | $(1) | (50.0) | % | |||||||||||||||||||
Apartment house | 617 | 722 | (105) | (14.5) | 12 | 13 | (1) | (7.7) | |||||||||||||||||||||
Annual power | 2,023 | 2,443 | (420) | (17.2) | 33 | 36 | (3) | (8.3) | |||||||||||||||||||||
Other operating revenues (a) | — | — | — | — | 5 | 7 | (2) | (28.6) | |||||||||||||||||||||
Total | 2,647 | 3,171 | (524) | (16.5) | % | (b) | $51 | $58 | $(7) | (12.1) | % |
Millions of Pounds Delivered | Revenues in Millions | |||||||||||||||
For the Three Months Ended | For the Three Months Ended | |||||||||||||||
Description | September 30, 2019 | September 30, 2018 | Variation | Percent Variation | September 30, 2019 | September 30, 2018 | Variation | Percent Variation | ||||||||
General | 6 | 12 | (6 | ) | (50.0 | )% | $2 | $2 | $— | — | % | |||||
Apartment house | 722 | 781 | (59 | ) | (7.6 | ) | 13 | 16 | (3) | (18.8 | ) | |||||
Annual power | 2,443 | 2,711 | (268 | ) | (9.9 | ) | 36 | 45 | (9) | (20.0 | ) | |||||
Other operating revenues (a) | — | — | — | — | 7 | 1 | 6 | Large | ||||||||
Total | 3,171 | 3,504 | (333 | ) | (9.5 | )% | (b) | $58 | $64 | $(6) | (9.4 | )% |
For the Three Months Ended September 30, 2020 | For the Three Months Ended September 30, 2019 | ||||||||||||||||||||||
(Millions of Dollars) | Electric | Gas | 2020 Total | Electric | Gas | 2019 Total | 2020-2019 Variation | ||||||||||||||||
Operating revenues | $208 | $30 | $238 | $210 | $31 | $241 | $(3) | ||||||||||||||||
Purchased power | 56 | — | 56 | 61 | — | 61 | (5) | ||||||||||||||||
Gas purchased for resale | — | 9 | 9 | — | 10 | 10 | (1) | ||||||||||||||||
Other operations and maintenance | 62 | 17 | 79 | 63 | 18 | 81 | (2) | ||||||||||||||||
Depreciation and amortization | 17 | 6 | 23 | 16 | 6 | 22 | 1 | ||||||||||||||||
Taxes, other than income taxes | 15 | 7 | 22 | 14 | 7 | 21 | 1 | ||||||||||||||||
Operating income | $58 | $(9) | $49 | $56 | $(10) | $46 | $3 |
For the Three Months Ended September 30, 2019 | For the Three Months Ended September 30, 2018 | ||||||||||
(Millions of Dollars) | Electric | Gas | 2019 Total | Electric | Gas | 2018 Total | 2019-2018 Variation | ||||
Operating revenues | $210 | $31 | $241 | $212 | $34 | $246 | $(5) | ||||
Purchased power | 61 | — | 61 | 73 | — | 73 | (12) | ||||
Gas purchased for resale | — | 10 | 10 | — | 12 | 12 | (2) | ||||
Other operations and maintenance | 63 | 18 | 81 | 60 | 20 | 80 | 1 | ||||
Depreciation and amortization | 16 | 6 | 22 | 14 | 5 | 19 | 3 | ||||
Taxes, other than income taxes | 14 | 7 | 21 | 13 | 7 | 20 | 1 | ||||
Operating income | $56 | $(10) | $46 | $52 | $(10) | $42 | $4 |
For the Three Months Ended | |||
(Millions of Dollars) | September 30, 2019 | September 30, 2018 | Variation |
Operating revenues | $210 | $212 | $(2) |
Purchased power | 61 | 73 | (12) |
Other operations and maintenance | 63 | 60 | 3 |
Depreciation and amortization | 16 | 14 | 2 |
Taxes, other than income taxes | 14 | 13 | 1 |
Electric operating income | $56 | $52 | $4 |
For the Three Months Ended | |||||||||||
(Millions of Dollars) | September 30, 2020 | September 30, 2019 | Variation | ||||||||
Operating revenues | $208 | $210 | $(2) | ||||||||
Purchased power | 56 | 61 | (5) | ||||||||
Other operations and maintenance | 62 | 63 | (1) | ||||||||
Depreciation and amortization | 17 | 16 | 1 | ||||||||
Taxes, other than income taxes | 15 | 14 | 1 | ||||||||
Electric operating income | $58 | $56 | $2 |
Millions of kWh Delivered | Revenues in Millions (a) | ||||||||||||||||||||||||||||
For the Three Months Ended | For the Three Months Ended | ||||||||||||||||||||||||||||
Description | September 30, 2020 | September 30, 2019 | Variation | Percent Variation | September 30, 2020 | September 30, 2019 | Variation | Percent Variation | |||||||||||||||||||||
Residential/Religious (b) | 647 | 586 | 61 | 10.4 | % | $110 | $106 | $4 | 3.8 | % | |||||||||||||||||||
Commercial/Industrial | 230 | 235 | (5) | (2.1) | 35 | 36 | (1) | (2.8) | |||||||||||||||||||||
Retail choice customers | 741 | 796 | (55) | (6.9) | 62 | 62 | — | — | |||||||||||||||||||||
Public authorities | 32 | 30 | 2 | 6.7 | 3 | 2 | 1 | 50.0 | |||||||||||||||||||||
Other operating revenues (c) | — | — | — | — | (2) | 4 | (6) | Large | |||||||||||||||||||||
Total | 1,650 | 1,647 | 3 | 0.2 | % | (d) | $208 | $210 | $(2) | (1.0) | % |
Millions of kWh Delivered | Revenues in Millions (a) | |||||||||||||
For the Three Months Ended | For the Three Months Ended | |||||||||||||
Description | September 30, 2019 | September 30, 2018 | Variation | Percent Variation | September 30, 2019 | September 30, 2018 | Variation | Percent Variation | ||||||
Residential/Religious (b) | 586 | 595 | (9 | ) | (1.5 | )% | $106 | $115 | $(9) | (7.8 | )% | |||
Commercial/Industrial | 235 | 219 | 16 | 7.3 | 36 | 34 | 2 | 5.9 | ||||||
Retail choice customers | 796 | 864 | (68 | ) | (7.9 | ) | 62 | 67 | (5) | (7.5 | ) | |||
Public authorities | 30 | 32 | (2 | ) | (6.3 | ) | 2 | 4 | (2) | (50.0 | ) | |||
Other operating revenues (c) | — | — | — | — | 4 | (8) | 12 | Large | ||||||
Total | 1,647 | 1,710 | (63 | ) | (3.7 | )% | (d) | $210 | $212 | $(2) | (0.9 | )% |
For the Three Months Ended | |||||
(Millions of Dollars) | September 30, 2019 | September 30, 2018 | Variation | ||
Operating revenues | $31 | $34 | $(3) | ||
Gas purchased for resale | 10 | 12 | (2) | ||
Other operations and maintenance | 18 | 20 | (2) | ||
Depreciation and amortization | 6 | 5 | 1 | ||
Taxes, other than income taxes | 7 | 7 | — | ||
Gas operating income | $(10) | $(10) | $— |
For the Three Months Ended | |||||||||||
(Millions of Dollars) | September 30, 2020 | September 30, 2019 | Variation | ||||||||
Operating revenues | $30 | $31 | $(1) | ||||||||
Gas purchased for resale | 9 | 10 | (1) | ||||||||
Other operations and maintenance | 17 | 18 | (1) | ||||||||
Depreciation and amortization | 6 | 6 | — | ||||||||
Taxes, other than income taxes | 7 | 7 | — | ||||||||
Gas operating income | $(9) | $(10) | $1 |
Thousands of Dt Delivered | Revenues in Millions (a) | ||||||||||||||||
For the Three Months Ended | For the Three Months Ended | ||||||||||||||||
Description | September 30, 2019 | September 30, 2018 | Variation | Percent Variation | September 30, 2019 | September 30, 2018 | Variation | Percent Variation | |||||||||
Residential | 621 | 605 | 16 | 2.6 | % | $11 | $13 | $(2) | (15.4 | )% | |||||||
General | 161 | 202 | (41 | ) | (20.3 | ) | 1 | 3 | (2) | (66.7 | ) | ||||||
Firm transportation | 851 | 795 | 56 | 7.0 | 6 | 8 | (2) | (25.0 | ) | ||||||||
Total firm sales and transportation | 1,633 | 1,602 | 31 | 1.9 | (b) | 18 | 24 | (6) | (25.0 | ) | |||||||
Interruptible sales | 798 | 772 | 26 | 3.4 | 1 | 1 | — | — | |||||||||
Generation plants | 6 | 1 | 5 | Large | — | — | — | — | |||||||||
Other | 74 | 62 | 12 | 19.4 | 1 | — | 1 | — | |||||||||
Other gas revenues | — | — | — | — | 11 | 9 | 2 | 22.2 | |||||||||
Total | 2,511 | 2,437 | 74 | 3.0 | % | $31 | $34 | $(3) | (8.8 | )% |
Thousands of Dt Delivered | Revenues in Millions (a) | ||||||||||||||||||||||||||||
For the Three Months Ended | For the Three Months Ended | ||||||||||||||||||||||||||||
Description | September 30, 2020 | September 30, 2019 | Variation | Percent Variation | September 30, 2020 | September 30, 2019 | Variation | Percent Variation | |||||||||||||||||||||
Residential | 724 | 621 | 103 | 16.6 | % | $13 | $11 | $2 | 18.2 | % | |||||||||||||||||||
General | 218 | 161 | 57 | 35.4 | 2 | 1 | 1 | Large | |||||||||||||||||||||
Firm transportation | 804 | 851 | (47) | (5.5) | 7 | 6 | 1 | 16.7 | |||||||||||||||||||||
Total firm sales and transportation | 1,746 | 1,633 | 113 | 6.9 | (b) | 22 | 18 | 4 | 22.2 | ||||||||||||||||||||
Interruptible sales | 787 | 798 | (11) | (1.4) | 1 | 1 | — | — | |||||||||||||||||||||
Generation plants | 21 | 6 | 15 | Large | — | — | — | — | |||||||||||||||||||||
Other | 30 | 74 | (44) | (59.5) | — | 1 | (1) | Large | |||||||||||||||||||||
Other gas revenues | — | — | — | — | 7 | 11 | (4) | (36.4) | |||||||||||||||||||||
Total | 2,584 | 2,511 | 73 | 2.9 | % | $30 | $31 | $(1) | (3.2) | % |
For the Three Months Ended | |||||||||||
(Millions of Dollars) | September 30, 2020 | September 30, 2019 | Variation | ||||||||
Operating revenues | $222 | $247 | $(25) | ||||||||
Gas purchased for resale | 8 | 36 | (28) | ||||||||
Other operations and maintenance | 59 | 53 | 6 | ||||||||
Depreciation and amortization | 58 | 53 | 5 | ||||||||
Taxes, other than income taxes | 5 | 5 | — | ||||||||
Operating income | $92 | $100 | $(8) |
For the Three Months Ended | |||
(Millions of Dollars) | September 30, 2019 | September 30, 2018 | Variation |
Operating revenues | $247 | $181 | $66 |
Gas purchased for resale | 36 | 85 | (49) |
Other operations and maintenance | 53 | 50 | 3 |
Depreciation and amortization | 53 | 18 | 35 |
Taxes, other than income taxes | 5 | 3 | 2 |
Operating income | $100 | $25 | $75 |
CECONY | O&R | Clean Energy Businesses | Con Edison Transmission | Other (a) | Con Edison (b) | |||||||||||||||||||
(Millions of Dollars) | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Operating revenues | $8,248 | $8,121 | $678 | $691 | $696 | $573 | $3 | $3 | $(2) | $— | $9,623 | $9,388 | ||||||||||||
Purchased power | 1,058 | 1,117 | 146 | 167 | — | 2 | — | — | (1) | 1 | 1,203 | 1,287 | ||||||||||||
Fuel | 163 | 201 | — | — | — | — | — | — | — | — | 163 | 201 | ||||||||||||
Gas purchased for resale | 445 | 457 | 68 | 60 | 159 | 219 | — | — | (1) | — | 671 | 736 | ||||||||||||
Other operations and maintenance | 2,022 | 1,926 | 225 | 234 | 168 | 226 | 7 | 7 | — | (4) | 2,422 | 2,389 | ||||||||||||
Depreciation and amortization | 1,020 | 949 | 63 | 57 | 169 | 55 | 1 | 1 | — | (1) | 1,253 | 1,061 | ||||||||||||
Taxes, other than income taxes | 1,715 | 1,621 | 63 | 63 | 17 | 12 | — | — | 5 | 11 | 1,800 | 1,707 | ||||||||||||
Operating income | 1,825 | 1,850 | 113 | 110 | 183 | 59 | (5) | (5) | (5) | (7) | 2,111 | 2,007 | ||||||||||||
Other income less deductions | (31) | (99) | (8) | (15) | 3 | 34 | 76 | 67 | (9) | (16) | 31 | (29) | ||||||||||||
Net interest expense | 545 | 508 | 30 | 29 | 170 | 39 | 18 | 14 | 9 | 7 | 772 | 597 | ||||||||||||
Income before income tax expense | 1,249 | 1,243 | 75 | 66 | 16 | 54 | 53 | 48 | (23) | (30) | 1,370 | 1,381 | ||||||||||||
Income tax expense | 271 | 274 | 15 | 14 | (44) | (4) | 15 | 13 | (14) | 33 | 243 | 330 | ||||||||||||
Net income | $978 | $969 | $60 | $52 | $60 | $58 | $38 | $35 | $(9) | $(63) | $1,127 | $1,051 | ||||||||||||
Income attributable to non-controlling interest | — | — | — | — | 79 | — | — | — | — | — | 79 | — | ||||||||||||
Net income for common stock | $978 | $969 | $60 | $52 | $(19) | $58 | $38 | $35 | $(9) | $(63) | $1,048 | $1,051 |
For the Nine Months Ended September 30, 2019 | For the Nine Months Ended September 30, 2018 | ||||||||||||||
(Millions of Dollars) | Electric | Gas | Steam | 2019 Total | Electric | Gas | Steam | 2018 Total | 2019-2018 Variation | ||||||
Operating revenues | $6,174 | $1,605 | $469 | $8,248 | $6,107 | $1,540 | $474 | $8,121 | $127 | ||||||
Purchased power | 1,033 | — | 25 | 1,058 | 1,091 | — | 26 | 1,117 | (59) | ||||||
Fuel | 74 | — | 89 | 163 | 118 | — | 83 | 201 | (38) | ||||||
Gas purchased for resale | — | 445 | — | 445 | — | 457 | — | 457 | (12) | ||||||
Other operations and maintenance | 1,582 | 306 | 134 | 2,022 | 1,480 | 315 | 131 | 1,926 | 96 | ||||||
Depreciation and amortization | 785 | 168 | 67 | 1,020 | 732 | 152 | 65 | 949 | 71 | ||||||
Taxes, other than income taxes | 1,326 | 272 | 117 | 1,715 | 1,265 | 247 | 109 | 1,621 | 94 | ||||||
Operating income | $1,374 | $414 | $37 | $1,825 | $1,421 | $369 | $60 | $1,850 | $(25) |
For the Nine Months Ended | |||
(Millions of Dollars) | September 30, 2019 | September 30, 2018 | Variation |
Operating revenues | $6,174 | $6,107 | $67 |
Purchased power | 1,033 | 1,091 | (58) |
Fuel | 74 | 118 | (44) |
Other operations and maintenance | 1,582 | 1,480 | 102 |
Depreciation and amortization | 785 | 732 | 53 |
Taxes, other than income taxes | 1,326 | 1,265 | 61 |
Electric operating income | $1,374 | $1,421 | $(47) |
Millions of kWh Delivered | Revenues in Millions (a) | |||||||||||||
For the Nine Months Ended | For the Nine Months Ended | |||||||||||||
Description | September 30, 2019 | September 30, 2018 | Variation | Percent Variation | September 30, 2019 | September 30, 2018 | Variation | Percent Variation | ||||||
Residential/Religious (b) | 8,203 | 8,374 | (171 | ) | (2.0 | )% | $2,060 | $2,211 | $(151) | (6.8 | )% | |||
Commercial/Industrial | 7,574 | 7,343 | 231 | 3.1 | 1,405 | 1,433 | (28) | (2.0 | ) | |||||
Retail choice customers | 18,968 | 19,996 | (1,028 | ) | (5.1 | ) | 1,879 | 2,030 | (151) | (7.4 | ) | |||
NYPA, Municipal Agency and other sales | 7,477 | 7,747 | (270 | ) | (3.5 | ) | 511 | 509 | 2 | 0.4 | ||||
Other operating revenues (c) | — | — | — | — | 319 | (76) | 395 | Large | ||||||
Total | 42,222 | 43,460 | (1,238 | ) | (2.8 | )% | (d) | $6,174 | $6,107 | $67 | 1.1 | % |
For the Nine Months Ended | |||
(Millions of Dollars) | September 30, 2019 | September 30, 2018 | Variation |
Operating revenues | $1,605 | $1,540 | $65 |
Gas purchased for resale | 445 | 457 | (12) |
Other operations and maintenance | 306 | 315 | (9) |
Depreciation and amortization | 168 | 152 | 16 |
Taxes, other than income taxes | 272 | 247 | 25 |
Gas operating income | $414 | $369 | $45 |
Thousands of Dt Delivered | Revenues in Millions (a) | ||||||||||||||
For the Nine Months Ended | For the Nine Months Ended | ||||||||||||||
Description | September 30, 2019 | September 30, 2018 | Variation | Percent Variation | September 30, 2019 | September 30, 2018 | Variation | Percent Variation | |||||||
Residential | 41,035 | 43,731 | (2,696 | ) | (6.2 | )% | $724 | $728 | $(4) | (0.5 | )% | ||||
General | 25,018 | 25,894 | (876 | ) | (3.4 | ) | 299 | 298 | 1 | 0.3 | |||||
Firm transportation | 60,590 | 61,628 | (1,038 | ) | (1.7 | ) | 444 | 448 | (4) | (0.9 | ) | ||||
Total firm sales and transportation | 126,643 | 131,253 | (4,610 | ) | (3.5 | ) | (b) | 1,467 | 1,474 | (7) | (0.5 | ) | |||
Interruptible sales (c) | 7,375 | 4,956 | 2,419 | 48.8 | 34 | 31 | 3 | 9.7 | |||||||
NYPA | 30,296 | 27,528 | 2,768 | 10.1 | 2 | 2 | — | — | |||||||
Generation plants | 41,545 | 55,949 | (14,404 | ) | (25.7 | ) | 18 | 20 | (2) | (10.0 | ) | ||||
Other | 16,058 | 15,399 | 659 | 4.3 | 24 | 24 | — | — | |||||||
Other operating revenues (d) | — | — | — | — | 60 | (11) | 71 | Large | |||||||
Total | 221,917 | 235,085 | (13,168 | ) | (5.6 | )% | $1,605 | $1,540 | $65 | 4.2 | % |
For the Nine Months Ended | |||
(Millions of Dollars) | September 30, 2019 | September 30, 2018 | Variation |
Operating revenues | $469 | $474 | $(5) |
Purchased power | 25 | 26 | (1) |
Fuel | 89 | 83 | 6 |
Other operations and maintenance | 134 | 131 | 3 |
Depreciation and amortization | 67 | 65 | 2 |
Taxes, other than income taxes | 117 | 109 | 8 |
Steam operating income | $37 | $60 | $(23) |
Millions of Pounds Delivered | Revenues in Millions | |||||||||||||
For the Nine Months Ended | For the Nine Months Ended | |||||||||||||
Description | September 30, 2019 | September 30, 2018 | Variation | Percent Variation | September 30, 2019 | September 30, 2018 | Variation | Percent Variation | ||||||
General | 394 | 442 | (48 | ) | (10.9 | )% | $20 | $23 | $(3) | (13.0 | )% | |||
Apartment house | 4,331 | 4,670 | (339 | ) | (7.3 | ) | 120 | 129 | (9) | (7.0 | ) | |||
Annual power | 10,383 | 11,313 | (930 | ) | (8.2 | ) | 304 | 333 | (29) | (8.7 | ) | |||
Other operating revenues (a) | — | — | — | — | 25 | (11) | 36 | Large | ||||||
Total | 15,108 | 16,425 | (1,317 | ) | (8.0 | )% | (b) | $469 | $474 | $(5) | (1.1 | )% |
For the Nine Months Ended September 30, 2019 | For the Nine Months Ended September 30, 2018 | ||||||||||||
(Millions of Dollars) | Electric | Gas | 2019 Total | Electric | Gas | 2018 Total | 2019-2018 Variation | ||||||
Operating revenues | $493 | $185 | $678 | $505 | $186 | $691 | $(13) | ||||||
Purchased power | 146 | — | 146 | 167 | — | 167 | (21) | ||||||
Gas purchased for resale | — | 68 | 68 | — | 60 | 60 | 8 | ||||||
Other operations and maintenance | 173 | 52 | 225 | 178 | 56 | 234 | (9) | ||||||
Depreciation and amortization | 46 | 17 | 63 | 41 | 16 | 57 | 6 | ||||||
Taxes, other than income taxes | 40 | 23 | 63 | 40 | 23 | 63 | — | ||||||
Operating income | $88 | $25 | $113 | $79 | $31 | $110 | $3 |
For the Nine Months Ended | ||||
(Millions of Dollars) | September 30, 2019 | September 30, 2018 | Variation | |
Operating revenues | $493 | $505 | $(12) | |
Purchased power | 146 | 167 | (21) | |
Other operations and maintenance | 173 | 178 | (5) | |
Depreciation and amortization | 46 | 41 | 5 | |
Taxes, other than income taxes | 40 | 40 | — | |
Electric operating income | $88 | $79 | $9 |
Millions of kWh Delivered | Revenues in Millions (a) | |||||||||||||
For the Nine Months Ended | For the Nine Months Ended | |||||||||||||
Description | September 30, 2019 | September 30, 2018 | Variation | Percent Variation | September 30, 2019 | September 30, 2018 | Variation | Percent Variation | ||||||
Residential/Religious (b) | 1,339 | 1,348 | (9 | ) | (0.7 | )% | $243 | $260 | $(17) | (6.5 | )% | |||
Commercial/Industrial | 621 | 609 | 12 | 2.0 | 87 | 91 | (4) | (4.4 | ) | |||||
Retail choice customers | 2,194 | 2,274 | (80 | ) | (3.5 | ) | 147 | 158 | (11) | (7.0 | ) | |||
Public authorities | 80 | 104 | (24 | ) | (23.1 | ) | 7 | 10 | (3) | (30.0 | ) | |||
Other operating revenues (c) | — | — | — | — | 9 | (14) | 23 | Large | ||||||
Total | 4,234 | 4,335 | (101 | ) | (2.3 | )% | (d) | $493 | $505 | $(12) | (2.4 | )% |
For the Nine Months Ended | ||||
(Millions of Dollars) | September 30, 2019 | September 30, 2018 | Variation | |
Operating revenues | $185 | $186 | $(1) | |
Gas purchased for resale | 68 | 60 | 8 | |
Other operations and maintenance | 52 | 56 | (4) | |
Depreciation and amortization | 17 | 16 | 1 | |
Taxes, other than income taxes | 23 | 23 | — | |
Gas operating income | $25 | $31 | $(6) |
Thousands of Dt Delivered | Revenues in Millions (a) | ||||||||||||||||
For the Nine Months Ended | For the Nine Months Ended | ||||||||||||||||
Description | September 30, 2019 | September 30, 2018 | Variation | Percent Variation | September 30, 2019 | September 30, 2018 | Variation | Percent Variation | |||||||||
Residential | 6,875 | 6,503 | 372 | 5.7 | % | $98 | $96 | $2 | 2.1 | % | |||||||
General | 1,608 | 1,502 | 106 | 7.1 | 18 | 18 | — | — | |||||||||
Firm transportation | 6,430 | 6,867 | (437 | ) | (6.4 | ) | 44 | 57 | (13) | (22.8 | ) | ||||||
Total firm sales and transportation | 14,913 | 14,872 | 41 | 0.3 | (b) | 160 | 171 | (11) | (6.4 | ) | |||||||
Interruptible sales | 2,690 | 2,842 | (152 | ) | (5.3 | ) | 4 | 5 | (1) | (20.0 | ) | ||||||
Generation plants | 6 | 1 | 5 | Large | — | — | — | — | |||||||||
Other | 637 | 636 | 1 | 0.2 | 1 | 1 | — | — | |||||||||
Other gas revenues | — | — | — | — | 20 | 9 | 11 | Large | |||||||||
Total | 18,246 | 18,351 | (105 | ) | (0.6 | )% | $185 | $186 | $(1) | (0.5 | )% |
For the Nine Months Ended | ||||
(Millions of Dollars) | September 30, 2019 | September 30, 2018 | Variation | |
Operating revenues | $696 | $573 | $123 | |
Purchased power | — | 2 | (2) | |
Gas purchased for resale | 159 | 219 | (60) | |
Other operations and maintenance | 168 | 226 | (58) | |
Depreciation and amortization | 169 | 55 | 114 | |
Taxes, other than income taxes | 17 | 12 | 5 | |
Operating income | $183 | $59 | $124 |
CECONY | O&R | Clean Energy Businesses | Con Edison Transmission | Other (a) | Con Edison (b) | |||||||||||||||||||||||||||||||||
(Millions of Dollars) | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||
Operating revenues | $8,072 | $8,248 | $647 | $678 | $566 | $696 | $3 | $3 | $(2) | $(2) | $9,286 | $9,623 | ||||||||||||||||||||||||||
Purchased power | 1,065 | 1,058 | 127 | 146 | — | — | — | — | — | (1) | 1,192 | 1,203 | ||||||||||||||||||||||||||
Fuel | 124 | 163 | — | — | — | — | — | — | — | — | 124 | 163 | ||||||||||||||||||||||||||
Gas purchased for resale | 298 | 445 | 43 | 68 | 24 | 159 | — | — | (1) | (1) | 364 | 671 | ||||||||||||||||||||||||||
Other operations and maintenance | 1,714 | 2,022 | 232 | 225 | 165 | 168 | 8 | 7 | (3) | — | 2,116 | 2,422 | ||||||||||||||||||||||||||
Depreciation and amortization | 1,187 | 1,020 | 67 | 63 | 173 | 169 | 1 | 1 | — | — | 1,428 | 1,253 | ||||||||||||||||||||||||||
Taxes, other than income taxes | 1,830 | 1,715 | 64 | 63 | 16 | 17 | — | — | 5 | 5 | 1,915 | 1,800 | ||||||||||||||||||||||||||
Operating income | 1,854 | 1,825 | 114 | 113 | 188 | 183 | (6) | (5) | (3) | (5) | 2,147 | 2,111 | ||||||||||||||||||||||||||
Other income less deductions | (138) | (31) | (11) | (8) | 4 | 3 | 78 | 76 | (5) | (9) | (72) | 31 | ||||||||||||||||||||||||||
Net interest expense | 554 | 545 | 30 | 30 | 183 | 170 | 14 | 18 | 16 | 9 | 797 | 772 | ||||||||||||||||||||||||||
Income before income tax expense | 1,162 | 1,249 | 73 | 75 | 9 | 16 | 58 | 53 | (24) | (23) | 1,278 | 1,370 | ||||||||||||||||||||||||||
Income tax expense | 199 | 271 | 16 | 15 | (36) | (44) | 16 | 15 | (12) | (14) | 183 | 243 | ||||||||||||||||||||||||||
Net income | $963 | $978 | $57 | $60 | $45 | $60 | $42 | $38 | $(12) | $(9) | $1,095 | $1,127 | ||||||||||||||||||||||||||
Income attributable to non-controlling interest | — | — | — | — | 37 | 79 | — | — | — | — | 37 | 79 | ||||||||||||||||||||||||||
Net income for common stock | $963 | $978 | $57 | $60 | $8 | $(19) | $42 | $38 | $(12) | $(9) | $1,058 | $1,048 |
For the Nine Months Ended September 30, 2020 | For the Nine Months Ended September 30, 2019 | ||||||||||||||||||||||||||||
(Millions of Dollars) | Electric | Gas | Steam | 2020 Total | Electric | Gas | Steam | 2019 Total | 2020-2019 Variation | ||||||||||||||||||||
Operating revenues | $6,178 | $1,509 | $385 | $8,072 | $6,174 | $1,605 | $469 | $8,248 | $(176) | ||||||||||||||||||||
Purchased power | 1,046 | — | 19 | 1,065 | 1,033 | — | 25 | 1,058 | 7 | ||||||||||||||||||||
Fuel | 56 | — | 68 | 124 | 74 | — | 89 | 163 | (39) | ||||||||||||||||||||
Gas purchased for resale | — | 298 | — | 298 | — | 445 | — | 445 | (147) | ||||||||||||||||||||
Other operations and maintenance | 1,322 | 269 | 123 | 1,714 | 1,582 | 306 | 134 | 2,022 | (308) | ||||||||||||||||||||
Depreciation and amortization | 904 | 216 | 67 | 1,187 | 785 | 168 | 67 | 1,020 | 167 | ||||||||||||||||||||
Taxes, other than income taxes | 1,437 | 286 | 107 | 1,830 | 1,326 | 272 | 117 | 1,715 | 115 | ||||||||||||||||||||
Operating income | $1,413 | $440 | $1 | $1,854 | $1,374 | $414 | $37 | $1,825 | $29 |
For the Nine Months Ended | |||||||||||
(Millions of Dollars) | September 30, 2020 | September 30, 2019 | Variation | ||||||||
Operating revenues | $6,178 | $6,174 | $4 | ||||||||
Purchased power | 1,046 | 1,033 | 13 | ||||||||
Fuel | 56 | 74 | (18) | ||||||||
Other operations and maintenance | 1,322 | 1,582 | (260) | ||||||||
Depreciation and amortization | 904 | 785 | 119 | ||||||||
Taxes, other than income taxes | 1,437 | 1,326 | 111 | ||||||||
Electric operating income | $1,413 | $1,374 | $39 |
Millions of kWh Delivered | Revenues in Millions (a) | ||||||||||||||||||||||||||||
For the Nine Months Ended | For the Nine Months Ended | ||||||||||||||||||||||||||||
Description | September 30, 2020 | September 30, 2019 | Variation | Percent Variation | September 30, 2020 | September 30, 2019 | Variation | Percent Variation | |||||||||||||||||||||
Residential/Religious (b) | 8,638 | 8,203 | 435 | 5.3 | % | $2,220 | $2,060 | $160 | 7.8 | % | |||||||||||||||||||
Commercial/Industrial | 7,145 | 7,574 | (429) | (5.7) | 1,407 | 1,405 | 2 | 0.1 | |||||||||||||||||||||
Retail choice customers | 17,014 | 18,968 | (1,954) | (10.3) | 1,838 | 1,879 | (41) | (2.2) | |||||||||||||||||||||
NYPA, Municipal Agency and other sales | 6,972 | 7,477 | (505) | (6.8) | 506 | 511 | (5) | (1.0) | |||||||||||||||||||||
Other operating revenues (c) | — | — | — | — | 207 | 319 | (112) | (35.1) | |||||||||||||||||||||
Total | 39,769 | 42,222 | (2,453) | (5.8) | % | (d) | $6,178 | $6,174 | $4 | 0.1 | % |
For the Nine Months Ended | |||||||||||
(Millions of Dollars) | September 30, 2020 | September 30, 2019 | Variation | ||||||||
Operating revenues | $1,509 | $1,605 | $(96) | ||||||||
Gas purchased for resale | 298 | 445 | (147) | ||||||||
Other operations and maintenance | 269 | 306 | (37) | ||||||||
Depreciation and amortization | 216 | 168 | 48 | ||||||||
Taxes, other than income taxes | 286 | 272 | 14 | ||||||||
Gas operating income | $440 | $414 | $26 |
Thousands of Dt Delivered | Revenues in Millions (a) | ||||||||||||||||||||||||||||
For the Nine Months Ended | For the Nine Months Ended | ||||||||||||||||||||||||||||
Description | September 30, 2020 | September 30, 2019 | Variation | Percent Variation | September 30, 2020 | September 30, 2019 | Variation | Percent Variation | |||||||||||||||||||||
Residential | 37,161 | 41,035 | (3,874) | (9.4) | % | $691 | $724 | $(33) | (4.6) | % | |||||||||||||||||||
General | 22,551 | 25,018 | (2,467) | (9.9) | 237 | 299 | (62) | (20.7) | |||||||||||||||||||||
Firm transportation | 58,697 | 60,590 | (1,893) | (3.1) | 487 | 444 | 43 | 9.7 | |||||||||||||||||||||
Total firm sales and transportation | 118,409 | 126,643 | (8,234) | (6.5) | (b) | 1,415 | 1,467 | (52) | (3.5) | ||||||||||||||||||||
Interruptible sales (c) | 6,869 | 7,375 | (506) | (6.9) | 23 | 34 | (11) | (32.4) | |||||||||||||||||||||
NYPA | 29,403 | 30,296 | (893) | (2.9) | 2 | 2 | — | — | |||||||||||||||||||||
Generation plants | 40,073 | 41,545 | (1,472) | (3.5) | 17 | 18 | (1) | (5.6) | |||||||||||||||||||||
Other | 16,481 | 16,058 | 423 | 2.6 | 27 | 24 | 3 | 12.5 | |||||||||||||||||||||
Other operating revenues (d) | — | — | — | — | 25 | 60 | (35) | (58.3) | |||||||||||||||||||||
Total | 211,235 | 221,917 | (10,682) | (4.8) | % | $1,509 | $1,605 | $(96) | (6.0) | % |
For the Nine Months Ended | |||||||||||
(Millions of Dollars) | September 30, 2020 | September 30, 2019 | Variation | ||||||||
Operating revenues | $385 | $469 | $(84) | ||||||||
Purchased power | 19 | 25 | (6) | ||||||||
Fuel | 68 | 89 | (21) | ||||||||
Other operations and maintenance | 123 | 134 | (11) | ||||||||
Depreciation and amortization | 67 | 67 | — | ||||||||
Taxes, other than income taxes | 107 | 117 | (10) | ||||||||
Steam operating income | $1 | $37 | $(36) |
Millions of Pounds Delivered | Revenues in Millions | ||||||||||||||||||||||||||||
For the Nine Months Ended | For the Nine Months Ended | ||||||||||||||||||||||||||||
Description | September 30, 2020 | September 30, 2019 | Variation | Percent Variation | September 30, 2020 | September 30, 2019 | Variation | Percent Variation | |||||||||||||||||||||
General | 334 | 394 | (60) | (15.2) | % | $17 | $20 | $(3) | (15.0) | % | |||||||||||||||||||
Apartment house | 3,830 | 4,331 | (501) | (11.6) | 103 | 120 | (17) | (14.2) | |||||||||||||||||||||
Annual power | 8,462 | 10,383 | (1,921) | (18.5) | 245 | 304 | (59) | (19.4) | |||||||||||||||||||||
Other operating revenues (a) | — | — | — | — | 20 | 25 | (5) | (20.0) | |||||||||||||||||||||
Total | 12,626 | 15,108 | (2,482) | (16.4) | % | (b) | $385 | $469 | $(84) | (17.9) | % |
For the Nine Months Ended September 30, 2020 | For the Nine Months Ended September 30, 2019 | ||||||||||||||||||||||
(Millions of Dollars) | Electric | Gas | 2020 Total | Electric | Gas | 2019 Total | 2020-2019 Variation | ||||||||||||||||
Operating revenues | $483 | $164 | $647 | $493 | $185 | $678 | $(31) | ||||||||||||||||
Purchased power | 127 | — | 127 | 146 | — | 146 | (19) | ||||||||||||||||
Gas purchased for resale | — | 43 | 43 | — | 68 | 68 | (25) | ||||||||||||||||
Other operations and maintenance | 181 | 51 | 232 | 173 | 52 | 225 | 7 | ||||||||||||||||
Depreciation and amortization | 48 | 19 | 67 | 46 | 17 | 63 | 4 | ||||||||||||||||
Taxes, other than income taxes | 41 | 23 | 64 | 40 | 23 | 63 | 1 | ||||||||||||||||
Operating income | $86 | $28 | $114 | $88 | $25 | $113 | $1 |
For the Nine Months Ended | |||||||||||
(Millions of Dollars) | September 30, 2020 | September 30, 2019 | Variation | ||||||||
Operating revenues | $483 | $493 | $(10) | ||||||||
Purchased power | 127 | 146 | (19) | ||||||||
Other operations and maintenance | 181 | 173 | 8 | ||||||||
Depreciation and amortization | 48 | 46 | 2 | ||||||||
Taxes, other than income taxes | 41 | 40 | 1 | ||||||||
Electric operating income | $86 | $88 | $(2) |
Millions of kWh Delivered | Revenues in Millions (a) | ||||||||||||||||||||||||||||
For the Nine Months Ended | For the Nine Months Ended | ||||||||||||||||||||||||||||
Description | September 30, 2020 | September 30, 2019 | Variation | Percent Variation | September 30, 2020 | September 30, 2019 | Variation | Percent Variation | |||||||||||||||||||||
Residential/Religious (b) | 1,414 | 1,339 | 75 | 5.6 | % | $247 | $243 | $4 | 1.6 | % | |||||||||||||||||||
Commercial/Industrial | 612 | 621 | (9) | (1.4) | 88 | 87 | 1 | 1.1 | |||||||||||||||||||||
Retail choice customers | 1,995 | 2,194 | (199) | (9.1) | 144 | 147 | (3) | (2.0) | |||||||||||||||||||||
Public authorities | 82 | 80 | 2 | 2.5 | 6 | 7 | (1) | (14.3) | |||||||||||||||||||||
Other operating revenues (c) | — | — | — | — | (2) | 9 | (11) | Large | |||||||||||||||||||||
Total | 4,103 | 4,234 | (131) | (3.1) | % | (d) | $483 | $493 | $(10) | (2.0) | % |
For the Nine Months Ended | |||||||||||
(Millions of Dollars) | September 30, 2020 | September 30, 2019 | Variation | ||||||||
Operating revenues | $164 | $185 | $(21) | ||||||||
Gas purchased for resale | 43 | 68 | (25) | ||||||||
Other operations and maintenance | 51 | 52 | (1) | ||||||||
Depreciation and amortization | 19 | 17 | 2 | ||||||||
Taxes, other than income taxes | 23 | 23 | — | ||||||||
Gas operating income | $28 | $25 | $3 |
Thousands of Dt Delivered | Revenues in Millions (a) | ||||||||||||||||||||||||||||
For the Nine Months Ended | For the Nine Months Ended | ||||||||||||||||||||||||||||
Description | September 30, 2020 | September 30, 2019 | Variation | Percent Variation | September 30, 2020 | September 30, 2019 | Variation | Percent Variation | |||||||||||||||||||||
Residential | 6,484 | 6,875 | (391) | (5.7) | % | $83 | $98 | $(15) | (15.3) | % | |||||||||||||||||||
General | 1,443 | 1,608 | (165) | (10.3) | 14 | 18 | (4) | (22.2) | |||||||||||||||||||||
Firm transportation | 5,799 | 6,430 | (631) | (9.8) | 45 | 44 | 1 | 2.3 | |||||||||||||||||||||
Total firm sales and transportation | 13,726 | 14,913 | (1,187) | (8.0) | (b) | 142 | 160 | (18) | (11.3) | ||||||||||||||||||||
Interruptible sales | 2,723 | 2,690 | 33 | 1.2 | 4 | 4 | — | — | |||||||||||||||||||||
Generation plants | 24 | 6 | 18 | Large | — | — | — | — | |||||||||||||||||||||
Other | 529 | 637 | (108) | (17.0) | 1 | 1 | — | — | |||||||||||||||||||||
Other gas revenues | — | — | — | — | 17 | 20 | (3) | (15) | |||||||||||||||||||||
Total | 17,002 | 18,246 | (1,244) | (6.8) | % | $164 | $185 | $(21) | (11.4) | % |
For the Nine Months Ended | |||||||||||
(Millions of Dollars) | September 30, 2020 | September 30, 2019 | Variation | ||||||||
Operating revenues | $566 | $696 | $(130) | ||||||||
Gas purchased for resale | 24 | 159 | (135) | ||||||||
Other operations and maintenance | 165 | 168 | (3) | ||||||||
Depreciation and amortization | 173 | 169 | 4 | ||||||||
Taxes, other than income taxes | 16 | 17 | (1) | ||||||||
Operating income | $188 | $183 | $5 |
For the Nine Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
CECONY | O&R | Clean Energy Businesses | Con Edison Transmission | Other (a) | Con Edison (b) | CECONY | O&R | Clean Energy Businesses | Con Edison Transmission | Other (a) | Con Edison (b) | |||||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | (Millions of Dollars) | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||
Operating activities | $1,490 | $1,085 | $168 | $102 | $285 | $(7) | $150 | $114 | $(133) | $306 | $1,960 | $1,600 | Operating activities | $959 | $1,490 | $82 | $168 | $810 | $285 | $(8) | $150 | $(475) | $(133) | $1,368 | $1,960 | |||||||||||||||||||||||||||||
Investing activities | (2,437) | (2,498) | (163) | (147) | (142) | (195) | (143) | (106) | 1 | (1) | (2,884) | (2,947) | Investing activities | (2,412) | (2,437) | (150) | (163) | (438) | (142) | 16 | (143) | — | 1 | (2,984) | (2,884) | |||||||||||||||||||||||||||||
Financing activities | 144 | 700 | (20) | 22 | (79) | 198 | (9) | (8) | 135 | (164) | 171 | 748 | Financing activities | 543 | 144 | 50 | (20) | (440) | (79) | (8) | (9) | 568 | 135 | 713 | 171 | |||||||||||||||||||||||||||||
Net change for the period | (803) | (713) | (15) | (23) | 64 | (4) | (2) | — | 3 | 141 | (753) | (599) | Net change for the period | (910) | (803) | (18) | (15) | (68) | 64 | — | (2) | 93 | 3 | (903) | (753) | |||||||||||||||||||||||||||||
Balance at beginning of period | 818 | 730 | 52 | 47 | 126 | 56 | 2 | 2 | 8 | 9 | 1,006 | 844 | Balance at beginning of period | 933 | 818 | 32 | 52 | 251 | 126 | — | 2 | 1 | 8 | 1,217 | 1,006 | |||||||||||||||||||||||||||||
Balance at end of period (c) | $15 | $17 | $37 | $24 | $190 | $52 | $— | $2 | $11 | $150 | $253 | $245 | Balance at end of period (c) | $23 | $15 | $14 | $37 | $183 | $190 | $— | $— | $94 | $11 | $314 | $253 |
2020 | 2019 | |||||||||||||
(Millions of Dollars, except Weighted Average Yield) | Outstanding at September 30, | Daily average | Outstanding at September 30, | Daily average | ||||||||||
Con Edison | $1,009 | $1,027 | $1,300 | $1,122 | ||||||||||
CECONY | $991 | $633 | $930 | $743 | ||||||||||
Weighted average yield | 0.2 | % | 1.2 | % | 2.3 | % | 2.6 | % |
2019 | 2018 | |||
(Millions of Dollars, except Weighted Average Yield) | Outstanding at September 30, | Daily average | Outstanding at September 30, | Daily average |
Con Edison | $1,300 | $1,122 | $1,352 | $830 |
CECONY | $930 | $743 | $1,004 | $447 |
Weighted average yield | 2.3 | 2.6 | 2.3 | 2.1 |
(Millions of Dollars) | 2020 | 2021 | 2022 |
Electric | $2,135 | $2,137 | $1,917 |
Gas | $1,073 | $1,055 | $989 |
Common Equity Ratio (Percent of total capitalization) | ||||||||
September 30, 2020 | December 31, 2019 | |||||||
Con Edison | 49.3 | 49.6 | ||||||
CECONY | 48.4 | 49.2 |
Moody's | S&P | Fitch | |||||||||
Con Edison | |||||||||||
Senior Unsecured Debt | Baa2 | BBB+ | BBB+ | ||||||||
Commercial Paper | P-2 | A-2 | F2 | ||||||||
CECONY | |||||||||||
Senior Unsecured Debt | Baa1 | A- | A- | ||||||||
Commercial Paper | P-2 | A-2 | F2 | ||||||||
O&R | |||||||||||
Senior Unsecured Debt | Baa1 | A- | A- | ||||||||
Commercial Paper | P-2 | A-2 | F2 |
Common Equity Ratio (Percent of total capitalization) | ||
September 30, 2019 | December 31, 2018 | |
Con Edison | 50.8 | 49.0 |
CECONY | 50.1 | 48.6 |
CECONY | O&R | Clean Energy Businesses | Con Edison Transmission | Other (a) | Con Edison (b) | CECONY | O&R | Clean Energy Businesses | Con Edison Transmission | Other (a) | Con Edison (b) | |||||||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | (Millions of Dollars) | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||
ASSETS | ASSETS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current assets | $3,005 | $3,357 | $255 | $263 | $458 | $372 | $— | $32 | $(137) | $(160) | $3,581 | $3,864 | Current assets | $3,447 | $3,543 | $255 | $243 | $460 | $511 | $22 | $2 | $20 | $(27) | $4,204 | $4,272 | |||||||||||||||||||||||||||||||
Investments | 436 | 385 | 26 | 25 | — | — | 1,528 | 1,362 | (7) | (6) | 1,983 | 1,766 | Investments | 505 | 461 | 26 | 26 | — | — | 1,599 | 1,585 | (6) | (7) | 2,124 | 2,065 | |||||||||||||||||||||||||||||||
Net plant | 36,885 | 35,374 | 2,299 | 2,210 | 4,033 | 4,148 | 17 | 17 | — | — | 43,234 | 41,749 | Net plant | 38,716 | 37,414 | 2,410 | 2,336 | 4,421 | 4,121 | 17 | 17 | — | 1 | 45,564 | 43,889 | |||||||||||||||||||||||||||||||
Other noncurrent assets | 4,482 | 3,992 | 355 | 394 | 1,885 | 1,736 | 14 | 14 | 406 | 405 | 7,142 | 6,541 | Other noncurrent assets | 5,000 | 5,139 | 403 | 401 | 1,885 | 1,896 | 14 | 14 | 401 | 403 | 7,703 | 7,853 | |||||||||||||||||||||||||||||||
Total Assets | $44,808 | $43,108 | $2,935 | $2,892 | $6,376 | $6,256 | $1,559 | $1,425 | $262 | $239 | $55,940 | $53,920 | Total Assets | $47,668 | $46,557 | $3,094 | $3,006 | $6,766 | $6,528 | $1,652 | $1,618 | $415 | $370 | $59,595 | $58,079 | |||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | LIABILITIES AND SHAREHOLDERS' EQUITY | LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current liabilities | $3,813 | $4,200 | $410 | $392 | $1,819 | $1,608 | $94 | $5 | $83 | $2 | $6,219 | $6,207 | Current liabilities | $4,407 | $4,131 | $294 | $311 | $1,192 | $1,525 | $115 | $135 | $1,152 | $185 | $7,160 | $6,287 | |||||||||||||||||||||||||||||||
Noncurrent liabilities | 12,892 | 12,322 | 1,060 | 1,094 | 44 | (32) | 82 | 66 | (28) | (71) | 14,050 | 13,379 | Noncurrent liabilities | 13,129 | 13,665 | 1,108 | 1,115 | 217 | 201 | 108 | 88 | (44) | (17) | 14,518 | 15,052 | |||||||||||||||||||||||||||||||
Long-term debt | 14,024 | 13,676 | 694 | 694 | 2,124 | 2,330 | 500 | 500 | 195 | 295 | 17,537 | 17,495 | Long-term debt | 15,557 | 14,614 | 893 | 818 | 2,838 | 2,400 | 500 | 500 | (582) | 195 | 19,206 | 18,527 | |||||||||||||||||||||||||||||||
Equity | 14,079 | 12,910 | 771 | 712 | 2,389 | 2,350 | 883 | 854 | 12 | 13 | 18,134 | 16,839 | Equity | 14,575 | 14,147 | 799 | 762 | 2,519 | 2,402 | 929 | 895 | (111) | 7 | 18,711 | 18,213 | |||||||||||||||||||||||||||||||
Total Liabilities and Equity | $44,808 | $43,108 | $2,935 | $2,892 | $6,376 | $6,256 | $1,559 | $1,425 | $262 | $239 | $55,940 | $53,920 | Total Liabilities and Equity | $47,668 | $46,557 | $3,094 | $3,006 | $6,766 | $6,528 | $1,652 | $1,618 | $415 | $370 | $59,595 | $58,079 |
Project Name | Generating Capacity (MW AC) | Power Purchase Agreement (PPA) Term (In Years) (a) | Actual/Expected In-Service Date (b) | State | PPA Counterparty (c) | ||||||||||||
Utility Scale | |||||||||||||||||
Solar | |||||||||||||||||
PJM assets | 73 | (d) | 2011/2013 | New Jersey/Pennsylvania | Various | ||||||||||||
New England assets | 24 | Various | 2011/2017 | Massachusetts/Rhode Island | Various | ||||||||||||
California Solar (e) | 110 | 25 | 2012/2013 | California | PG&E | ||||||||||||
Mesquite Solar 1 (e) | 165 | 20 | 2013 | Arizona | PG&E | ||||||||||||
Copper Mountain Solar 2 (e) | 150 | 25 | 2013/2015 | Nevada | PG&E | ||||||||||||
Copper Mountain Solar 3 (e) | 255 | 20 | 2014/2015 | Nevada | SCPPA | ||||||||||||
California Solar 2 (e) | 80 | 20 | 2014/2016 | California | SCE/PG&E | ||||||||||||
Texas Solar 4 (e) | 40 | 25 | 2014 | Texas | City of San Antonio | ||||||||||||
Texas Solar 5 (e) | 100 | 25 | 2015 | Texas | City of San Antonio | ||||||||||||
Texas Solar 7 (e) | 112 | 25 | 2016 | Texas | City of San Antonio | ||||||||||||
California Solar 3 (e) | 110 | 20 | 2016/2017 | California | SCE/PG&E | ||||||||||||
Upton Solar (e) | 158 | 25 | 2017 | Texas | City of Austin | ||||||||||||
California Solar 4 (e) | 240 | 20 | 2017/2018 | California | SCE | ||||||||||||
Copper Mountain Solar 1 (e) | 58 | 12 | 2018 | Nevada | PG&E | ||||||||||||
Copper Mountain Solar 4 (e) (f) | 94 | 20 | 2018 | Nevada | SCE | ||||||||||||
Mesquite Solar 2 (e) (f) | 100 | 18 | 2018 | Arizona | SCE | ||||||||||||
Mesquite Solar 3 (e) (f) | 150 | 23 | 2018 | Arizona | WAPA (U.S. Navy) | ||||||||||||
Great Valley Solar (e) (f) | 200 | 17 | 2018 | California | MCE/SMUD/PG&E/SCE | ||||||||||||
Crane Solar | 150 | 12 | 2020 | Texas | Vistra | ||||||||||||
Other | 26 | Various | Various | Various | Various | ||||||||||||
Total Solar | 2,395 | ||||||||||||||||
Wind | |||||||||||||||||
Broken Bow II (e) | 75 | 25 | 2014 | Nebraska | NPPD | ||||||||||||
Wind Holdings (e) | 180 | Various | Various | South Dakota/ Montana | NWE/Basin Electric | ||||||||||||
Adams Rose Wind (e) | 23 | 7 | 2016 | Minnesota | Dairyland | ||||||||||||
Coram Wind (e) | 102 | 16 | 2016 | California | PG&E | ||||||||||||
Other | 30 | Various | Various | Various | Various | ||||||||||||
Total Wind | 410 | ||||||||||||||||
Total MW (AC) in Operation | 2,805 | ||||||||||||||||
Total MW (AC) in Construction | 436 | ||||||||||||||||
Total MW (AC) Utility Scale | 3,241 | ||||||||||||||||
Behind the Meter | |||||||||||||||||
Total MW (AC) in Operation | 58 | ||||||||||||||||
Total MW (AC) in Construction | 11 | ||||||||||||||||
Total MW Behind the Meter | 69 |
Project Name | Generating Capacity (MW AC) | Power Purchase Agreement (PPA) Term (In Years) (a) | Actual/Expected In-Service Date (b) | Location (State) | PPA Counterparty (c) |
Utility Scale | |||||
Solar | |||||
PJM assets | 53 | (d) | 2011/2013 | New Jersey/Pennsylvania | Various |
New England assets | 24 | Various | 2011/2017 | Massachusetts/Rhode Island | Various |
California Solar (e) (g) | 110 | 25 | 2012/2013 | California | PG&E |
Mesquite Solar 1 (e) (g) | 165 | 20 | 2013 | Arizona | PG&E |
Copper Mountain Solar 2 (e) (g) | 150 | 25 | 2013/2015 | Nevada | PG&E |
Copper Mountain Solar 3 (e) (g) | 255 | 20 | 2014/2015 | Nevada | SCPPA |
California Solar 2 (e) | 80 | 20 | 2014/2016 | California | SCE/PG&E |
Texas Solar 4 (e) | 40 | 25 | 2014 | Texas | City of San Antonio |
Texas Solar 5 (e) | 95 | 25 | 2015 | Texas | City of San Antonio |
Texas Solar 7 (e) | 106 | 25 | 2016 | Texas | City of San Antonio |
California Solar 3 (e) | 110 | 20 | 2016/2017 | California | SCE/PG&E |
Upton Solar (e) | 158 | 25 | 2017 | Texas | City of Austin |
Panoche Valley | 140 | 20 | 2017/2018 | California | SCE |
Copper Mountain Solar 1 (e) | 58 | 12 | 2018 | Nevada | PG&E |
Copper Mountain Solar 4 (f) (e) | 94 | 20 | 2018 | Nevada | SCE |
Mesquite Solar 2 (f) (e) | 100 | 18 | 2018 | Arizona | SCE |
Mesquite Solar 3 (f) (e) | 150 | 23 | 2018 | Arizona | WAPA (Navy) |
Great Valley Solar (f) (e) | 200 | 17 | 2018 | California | MCE/SMUD/PG&E/SCE |
Wistaria Solar | 100 | 20 | 2018 | California | SCE |
Other | 26 | Various | Various | Various | Various |
Total Solar | 2,214 | ||||
Wind | |||||
Broken Bow II (e) | 75 | 25 | 2014 | Nebraska | NPPD |
Wind Holdings (e) | 180 | Various | Various | Various | NWE/Basin Electric |
Adams Rose Wind | 23 | 7 | 2016 | Minnesota | Dairyland |
Coram Wind (e) | 102 | 16 | 2016 | California | PG&E |
Other | 22 | Various | Various | Various | Various |
Total Wind | 402 | ||||
Total MW (AC) in Operation | 2,616 | ||||
Total MW (AC) in Construction | 18 | ||||
Total MW (AC) Utility Scale | 2,634 | ||||
Behind the Meter | |||||
Total MW (AC) in Operation | 46 | ||||
Total MW (AC) in Construction | 8 | ||||
Total MW Behind the Meter | 54 |
Millions of kWh | ||||||||||||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||||||||
Description | September 30, 2020 | September 30, 2019 | Variation | Percent Variation | September 30, 2020 | September 30, 2019 | Variation | Percent Variation | ||||||||||||||||||
Renewable electric production projects | ||||||||||||||||||||||||||
Solar | 1,667 | 1,710 | (43) | (2.5) | % | 4,606 | 4,443 | 163 | 3.7 | % | ||||||||||||||||
Wind | 303 | 317 | (14) | (4.4) | % | 1,042 | 978 | 64 | 6.5 | % | ||||||||||||||||
Total | 1,970 | 2,027 | (57) | (2.8) | % | 5,648 | 5,421 | 227 | 4.2 | % |
Millions of kWh | |||||||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||
Description | September 30, 2019 | September 30, 2018 | Variation | Percent Variation | September 30, 2019 | September 30, 2018 | Variation | Percent Variation | |||||
Renewable electric production projects | |||||||||||||
Solar | 1,710 | 752 | 958 | Large | 4,443 | 2,087 | 2,356 | Large | |||||
Wind | 317 | 245 | 72 | 29.4 | % | 978 | 776 | 202 | 26.0 | % | |||
Total | 2,027 | 997 | 1,030 | Large | 5,421 | 2,863 | 2,558 | 89.3 | % |
95% Confidence Level, One-Day Holding Period | September 30, 2020 | December 31, 2019 | ||||||
(Millions of Dollars) | ||||||||
Average for the period | $— | $— | ||||||
High | — | 1 | ||||||
Low | — | — |
95% Confidence Level, One-Day Holding Period | September 30, 2019 | December 31, 2018 | ||||
(Millions of Dollars) | ||||||
Average for the period | $— | $— | ||||
High | 1 | 1 | ||||
Low | — | — |
Exhibit 10.1 | |||||
Exhibit 31.1.1 | |||||
Exhibit 31.1.2 | |||||
Exhibit 32.1.1 | |||||
Exhibit 32.1.2 | |||||
Exhibit 101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||||
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. |
Exhibit 31.2.1 | |||||
Exhibit 31.2.2 | |||||
Exhibit 32.2.1 | |||||
Exhibit 32.2.2 | |||||
Exhibit 101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||||
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 | By | /s/ Robert Hoglund | ||||||
Robert Hoglund Senior Vice President, Chief Financial Officer and Duly Authorized Officer |