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Regulatory Matters (Tables) | 9 Months Ended
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Sep. 30, 2023
Regulated Operations [Abstract] |
Schedule of Public Utilities | The Joint Proposal is subject to approval by the NYSPSC. The following table contains a summary of the steam Joint Proposal.
CECONY – Steam |  |  |
Effective period |  |  | November 2023 – October 2026
Base rate changes |  |  | Yr. 1 – $110 million (a) Yr. 2 – $44 million (a) Yr. 3 – $45 million (a)
Capital expenditures |  |  | Yr. 1 - $106 million Yr. 2 - $107 million Yr. 3 - $105 million
Amortizations to income of net regulatory liabilities |  |  | Yr. 1 – $15 million (b) Yr. 2 – $3 million (b) Yr. 3 – $3 million (b)
Weather Normalization Adjustment |  |  | Implementation of a weather normalization adjustment that adjusts base rates to reflect normal weather conditions during the heating season.
Recoverable energy costs |  |  | Continuation of current rate recovery of purchased power and fuel costs.
Negative revenue adjustments |  |  | Potential charges if certain performance targets relating to service, reliability, safety and other matters are not met: Yr. 1 - $3.7 million Yr. 2 - $3.8 million Yr. 3 - $3.8 million
Regulatory reconciliations |  |  | Reconciliation of uncollectible expenses and late payment charges (c) and expenses for pension and other postretirement benefits, variable-rate debt, property taxes (d), municipal infrastructure support costs (e), the impact of new laws and environmental site investigation and remediation to amounts reflected in rates. (f)
Net utility plant reconciliations |  |  | Yr. 1 - $2,025 million Yr. 2 - $2,029 million Yr. 3 - $2,015 million
Average rate base |  |  | Yr. 1 - $1,799 million Yr. 2 - $1,848 million Yr. 3 - $1,882 million
Weighted average cost of capital (after-tax) |  |  | Yr. 1 - 6.78 percent Yr. 2 - 6.81 percent Yr. 3 - 6.83 percent
Authorized return on common equity |  |  | 9.25 percent
Earnings sharing |  |  | Most earnings above an annual earnings threshold of 9.75 percent are to be applied to reduce regulatory assets for environmental remediation and other costs accumulated in the rate year.
Cost of long-term debt |  |  | Yr. 1 – 4.51 percent Yr. 2 – 4.58 percent Yr. 3 – 4.62 percent
Common equity ratio |  |  | 48 percent
(a)The base rate increases will be implemented with increases of $77.8 million in Yr. 1; $77.8 million in Yr. 2; and $77.8 million in Yr. 3 to levelize the customer bill impact. New rates will be effective as of November 1, 2023. CECONY will begin billing customers at the new levelized rate once the Joint Proposal is approved by the NYSPSC. Any shortfall in revenues due to the timing of billing to customers will be collected through a surcharge. (b)Amounts reflect amortization of the tax savings under the federal Tax Cuts and Jobs Act of 2017 (TCJA) for the unprotected portion of the regulatory liability for excess deferred income taxes allocable to CECONY’s steam customers (the entire $24 million in Yr.1), the protected portion of the regulatory liability for excess deferred income taxes allocable to CECONY’s steam customers over the remaining lives of the related assets ($3 million in Yr. 1; $5 million in Yr. 2; and $6 million in Yr. 3) and the non-plant portion of the regulatory asset for deficient deferred income taxes allocable to CECONY’s steam customers (the entire $11 million in Yr.1). (c)CECONY will defer the difference between its actual write-offs of uncollectible expenses and late payment fees (from January 1, 2020 through October 31, 2026) to amounts reflected in rates, with recovery/refund from or to customers via surcharge/sur-credit. Surcharge recoveries for write-offs of uncollectible expenses and late payment fees will each be subject to an annual cap that produces no more than a half percent (0.5 percent) total customer bill impact (estimated to be $2.5 million, $3.0 million, $3.5 million for Yr. 1, Yr. 2 and Yr. 3, respectively). Amounts in excess of the annual surcharge cap in a specific year may be rolled forward for recovery and will count towards the following year’s surcharge cap. Amounts in excess of the surcharge cap will be deferred as a regulatory asset for recovery in CECONY’s next steam base rate case. (d)Deferrals for property taxes are limited to 90 percent of the difference from amounts reflected in rates, subject to an annual maximum for the remaining difference of not more than a maximum number of basis points impact on return on common equity (Yr. 1 – 10.0 basis points; Yr. 2 – 7.5 basis points; and Yr. 3 – 5.0 basis points), with recovery/refund from or to customers via surcharge/sur-credit. Surcharge recoveries will be subject to an annual cap that produces no more than a half percent (0.5 percent) total customer bill impact (estimated to be $2.5 million, $3.0 million, $3.5 million for Yr. 1, Yr. 2 and Yr. 3, respectively). Amounts in excess of the annual surcharge cap in a specific year may be rolled forward for recovery and will count towards the following year’s surcharge cap. Amounts in excess of the surcharge cap will be deferred as a regulatory asset for recovery in CECONY’s next steam base rate case. (e)In general, if actual expenses for municipal infrastructure support (other than company labor) are below the amounts reflected in rates, CECONY will defer the difference for credit to customers, and if the actual expenses are above the amount reflected in rates, CECONY will defer for recovery from customers 80 percent of the difference subject to a maximum deferral, subject to certain conditions, of 30 percent of the amount reflected in the rate plan. (f)In addition, the NYSDPS continues its focused operations audit to investigate CECONY's income tax accounting. The audit is investigating CECONY’s inadvertent understatement of a portion, the amount of which may be material, of its calculation of total federal income tax expense for ratemaking purposes. The understatement was related to the tax accounting treatment of its plant retirement-related cost of removal. As a result of such understatement, CECONY accumulated significant income tax regulatory assets that were not reflected in CECONY’s steam rate plans prior to November 1, 2023. A prospective correction is set forth for steam rates in the joint proposal.
Schedule of Regulatory Assets | Regulatory assets and liabilities at September 30, 2023 and December 31, 2022 were comprised of the following items:
| Con Edison |  | CECONY
(Millions of Dollars) | 2023 | 2022 |  | 2023 | 2022
Regulatory assets |  |  |  |  |
Unrecognized pension and other postretirement costs | $125 | $78 |  | $125 | $78
Environmental remediation costs | 983 | 991 |  | 899 | 906
Revenue taxes | 468 | 436 |  | 448 | 417
Deferred storm costs | 221 | 270 |  | 129 | 173
Municipal infrastructure support costs | 20 | 29 |  | 20 | 29 |
Brooklyn Queens Demand Management (BQDM) program | 31 | 33 |  | 31 | 33
Meadowlands heater odorization project | 24 | 27 |  | 24 | 27
Recoverable Demonstration project costs | 18 | 17 |  | 18 | 16
Gate station upgrade project | 14 | 14 |  | 14 | 14
System peak reduction and energy efficiency programs | 868 | 783 |  | 860 | 780
Unamortized loss on reacquired debt | 9 | 11 |  | 8 | 10
Deferred derivative losses - long term | 99 | 31 |  | 89 | 26
Property tax reconciliation | 195 | 121 |  | 195 | 121
Legacy meters | 17 | 20 |  | — | —
Gas service line deferred costs | 49 | 99 |  | 49 | 99
COVID - 19 customer arrears relief programs | 418 | 104 |  |  | 415 | 101 |
Pension and other postretirement benefits deferrals | 56 | 279 |  | 41 | 240
Preferred stock redemption | 18 | 19 |  | 18 | 19
MTA power reliability deferral | 69 | 92 |  | 69 | 92
Non-wire alternative projects | 20 | 22 |  | 20 | 22
COVID - 19 pandemic deferrals | 333 | 292 |  | 329 | 288
Electric vehicle make ready | 59 | 33 |  | 55 | 30
Other | 220 | 173 |  | 201 | 148
Regulatory assets – noncurrent | 4,334 | 3,974 |  | 4,057 | 3,669
Deferred derivative losses - short term | 137 | 184 |  | 132 | 178
Recoverable energy costs | 43 | 121 |  | 31 | 108
Regulatory assets – current | 180 | 305 |  | 163 | 286
Total Regulatory Assets | $4,514 | $4,279 |  | $4,220 | $3,955
Regulatory liabilities |  |  |  |  |
Future income tax* | 1,583 | 1,753 |  | 1,450 | 1,616
Allowance for cost of removal less salvage | 1,368 | 1,315 |  | 1,181 | 1,137
Net unbilled revenue deferrals | 214 | 204 |  | 214 | 204 |
Energy efficiency portfolio standard unencumbered funds | 5 | 5 |  | 7 | 7
Settlement of prudence proceeding | 8 | 10 |  | 8 | 10
Earnings sharing - electric, gas and steam | 13 | 13 |  |  | 10 | 10 |
System benefit charge carrying charge | 87 | 73 |  | 83 | 69
BQDM and Demonstration project reconciliations | 15 | 23 |  | 15 | 21
Pension and other postretirement benefit deferrals | 194 | 144 |  | 146 | 98
Property tax refunds | 35 | 35 |  | 35 | 35
COVID - 19 pandemic uncollectible reconciliation deferral | 1 | 12 |  | 1 | 12
Late payment charge deferral | 160 | 127 |  |  | 155 | 123 |
Unrecognized pension and other postretirement costs | 1,276 | 1,638 |  | 1,197 | 1,536
Net proceeds from sale of property | 54 | 69 |  | 52 | 69
Sales and use tax refunds | 29 | 37 |  | 27 | 36
Workers’ compensation | 15 | 11 |  | 15 | 11 |
Deferred derivative gains - long term | 17 | 145 |  | 17 | 130
Other | 327 | 413 |  | 277 | 357
Regulatory liabilities – noncurrent | 5,401 | 6,027 |  | 4,890 | 5,481
Refundable energy costs | 99 | 34 |  | 70 | —
Revenue decoupling mechanism | — | 29 |  | — | 21
Deferred derivative gains - short term | 90 | 311 |  | 83 | 287
Regulatory liabilities – current | 189 | 374 |  | 153 | 308
Total Regulatory Liabilities | $5,590 | $6,401 |  | $5,043 | $5,789
* See "Other Regulatory Matters," above.
Schedule of Regulatory Liabilities | Regulatory assets and liabilities at September 30, 2023 and December 31, 2022 were comprised of the following items:
| Con Edison |  | CECONY
(Millions of Dollars) | 2023 | 2022 |  | 2023 | 2022
Regulatory assets |  |  |  |  |
Unrecognized pension and other postretirement costs | $125 | $78 |  | $125 | $78
Environmental remediation costs | 983 | 991 |  | 899 | 906
Revenue taxes | 468 | 436 |  | 448 | 417
Deferred storm costs | 221 | 270 |  | 129 | 173
Municipal infrastructure support costs | 20 | 29 |  | 20 | 29 |
Brooklyn Queens Demand Management (BQDM) program | 31 | 33 |  | 31 | 33
Meadowlands heater odorization project | 24 | 27 |  | 24 | 27
Recoverable Demonstration project costs | 18 | 17 |  | 18 | 16
Gate station upgrade project | 14 | 14 |  | 14 | 14
System peak reduction and energy efficiency programs | 868 | 783 |  | 860 | 780
Unamortized loss on reacquired debt | 9 | 11 |  | 8 | 10
Deferred derivative losses - long term | 99 | 31 |  | 89 | 26
Property tax reconciliation | 195 | 121 |  | 195 | 121
Legacy meters | 17 | 20 |  | — | —
Gas service line deferred costs | 49 | 99 |  | 49 | 99
COVID - 19 customer arrears relief programs | 418 | 104 |  |  | 415 | 101 |
Pension and other postretirement benefits deferrals | 56 | 279 |  | 41 | 240
Preferred stock redemption | 18 | 19 |  | 18 | 19
MTA power reliability deferral | 69 | 92 |  | 69 | 92
Non-wire alternative projects | 20 | 22 |  | 20 | 22
COVID - 19 pandemic deferrals | 333 | 292 |  | 329 | 288
Electric vehicle make ready | 59 | 33 |  | 55 | 30
Other | 220 | 173 |  | 201 | 148
Regulatory assets – noncurrent | 4,334 | 3,974 |  | 4,057 | 3,669
Deferred derivative losses - short term | 137 | 184 |  | 132 | 178
Recoverable energy costs | 43 | 121 |  | 31 | 108
Regulatory assets – current | 180 | 305 |  | 163 | 286
Total Regulatory Assets | $4,514 | $4,279 |  | $4,220 | $3,955
Regulatory liabilities |  |  |  |  |
Future income tax* | 1,583 | 1,753 |  | 1,450 | 1,616
Allowance for cost of removal less salvage | 1,368 | 1,315 |  | 1,181 | 1,137
Net unbilled revenue deferrals | 214 | 204 |  | 214 | 204 |
Energy efficiency portfolio standard unencumbered funds | 5 | 5 |  | 7 | 7
Settlement of prudence proceeding | 8 | 10 |  | 8 | 10
Earnings sharing - electric, gas and steam | 13 | 13 |  |  | 10 | 10 |
System benefit charge carrying charge | 87 | 73 |  | 83 | 69
BQDM and Demonstration project reconciliations | 15 | 23 |  | 15 | 21
Pension and other postretirement benefit deferrals | 194 | 144 |  | 146 | 98
Property tax refunds | 35 | 35 |  | 35 | 35
COVID - 19 pandemic uncollectible reconciliation deferral | 1 | 12 |  | 1 | 12
Late payment charge deferral | 160 | 127 |  |  | 155 | 123 |
Unrecognized pension and other postretirement costs | 1,276 | 1,638 |  | 1,197 | 1,536
Net proceeds from sale of property | 54 | 69 |  | 52 | 69
Sales and use tax refunds | 29 | 37 |  | 27 | 36
Workers’ compensation | 15 | 11 |  | 15 | 11 |
Deferred derivative gains - long term | 17 | 145 |  | 17 | 130
Other | 327 | 413 |  | 277 | 357
Regulatory liabilities – noncurrent | 5,401 | 6,027 |  | 4,890 | 5,481
Refundable energy costs | 99 | 34 |  | 70 | —
Revenue decoupling mechanism | — | 29 |  | — | 21
Deferred derivative gains - short term | 90 | 311 |  | 83 | 287
Regulatory liabilities – current | 189 | 374 |  | 153 | 308
Total Regulatory Liabilities | $5,590 | $6,401 |  | $5,043 | $5,789
* See "Other Regulatory Matters," above.
Schedule of Regulatory Assets Not Earning Return | Regulatory Assets Not Earning a Return*
| Con Edison | CECONY
(Millions of Dollars) | 2023 | 2022 | 2023 | 2022
Unrecognized pension and other postretirement costs | $125 | $78 | $125 | $78
Environmental remediation costs | 983 | 987 | 899 | 903
Revenue taxes | 494 | 414 | 474 | 397
COVID-19 Deferral for Uncollectible Accounts Receivable | 207 | 253 | 205 | 249
Deferred derivative losses - current | 137 | 184 | 133 | 178
Deferred derivative losses - long term | 99 | 31 | 89 | 26
Other | 63 | 28 | 62 | 27
Total | $2,108 | $1,975 | $1,987 | $1,858
*This table presents regulatory assets not earning a return for which no cash outlay has been made.

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