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Regulatory Matters (Tables) | 9 Months Ended
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Sep. 30, 2025
Regulated Operations [Abstract] |
Schedule of Regulatory Assets | Regulatory assets and liabilities at September 30, 2025 and December 31, 2024 were comprised of the following items:
| Con Edison |  | CECONY
(Millions of Dollars) | 2025 | 2024 |  | 2025 | 2024
Regulatory assets |  |  |  |  |
Energy efficiency and other clean energy programs (a) | $1,772 | $1,675 |  | $1,680 | $1,601
Customer account deferrals (b) | 1,178 | 1,073 |  | 1,169 | 1,058
Environmental investigation and remediation costs | 1,024 | 1,038 |  | 937 | 952
Revenue taxes | 616 | 540 |  | 589 | 517
Legacy meters (c) | 390 | 413 |  | 377 | 398
Property tax reconciliation (d) | 111 | 131 |  | 109 | 131
Deferred storm costs (e) | 88 | 147 |  | 10 | 53
Deferred derivative losses - long term | 64 | 106 |  | 57 | 94
Unrecognized pension and other postretirement costs (f) | 21 | — |  | 13 | —
MTA power reliability deferral (g) | 8 | 31 |  | 8 | 31
Pension and other postretirement benefits deferrals | — | 2 |  | — | 2
Other | 282 | 367 |  | 248 | 321
Regulatory assets – noncurrent | 5,554 | 5,523 |  | 5,197 | 5,158
Deferred derivative losses - short term | 116 | 102 |  | 108 | 92
Recoverable energy costs | 2 | 39 |  | 2 | 14
Regulatory assets – current | 118 | 141 |  | 110 | 106
Total Regulatory Assets | $5,672 | $5,664 |  | $5,307 | $5,264
Regulatory liabilities |  |  |  |  |
Allowance for cost of removal less salvage (h) | $1,597 | $1,527 |  | $1,383 | $1,322
Future income tax* | 1,146 | 1,224 |  | 1,039 | 1,112
Unrecognized pension and other postretirement costs (f) | 736 | 1,054 |  | 684 | 984
Pension and other postretirement benefit deferrals | 373 | 368 |  | 324 | 304
Net unbilled revenue deferrals | 296 | 436 |  | 296 | 436
Late payment charge deferral | 223 | 231 |  | 219 | 224
System benefit charge carrying charge | 103 | 115 |  | 96 | 110
Deferred derivative gains - long term | 16 | 8 |  | 12 | 6
Settlement of prudence proceeding (i) | 9 | 10 |  | 9 | 10
Other | 447 | 471 |  | 404 | 432
Regulatory liabilities – noncurrent | 4,946 | 5,444 |  | 4,466 | 4,940
Refundable energy costs | 84 | 59 |  | 55 | 18
Deferred derivative gains - short term | 22 | 25 |  | 18 | 22
Revenue decoupling mechanism | 17 | 18 |  | — | —
Regulatory liabilities – current | 123 | 102 |  | 73 | 40
Total Regulatory Liabilities | $5,069 | $5,546 |  | $4,539 | $4,980
* See "Other Regulatory Matters" above. (a) Energy Efficiency and Other Clean Energy Programs represent programs designed to increase energy efficiency achievements and other clean energy transformation efforts. (b) Customer account deferrals include (1) the amount to be collected from customers related to the Emergency Summer Cooling Credits program for CECONY, (2) deferrals under CECONY and O&R's electric and gas rate plans for the reconciliation of write-offs of customer accounts receivable balances to amounts reflected in rates as well as for increases to the allowance for uncollectible accounts receivable and (3) deferral related to the arrears relief programs. Amounts deferred under the arrears relief programs w ere $279.3 million and $1.2 million for CECONY and O&R at September 30, 2025, respectively, and $323.7 million and $1.4 million at December 31, 2024, respectively, and receive a return at the pre-tax weighted average cost of capital. The Phase I and Phase II Arrears relief programs' recovery periods end in August 2026 and April 2033, respectively. The Emergency Summer Cooling Credits program recovery period ends in December 2025. (c) Pursuant to their rate plans, CECONY and O&R are recovering the costs of legacy meters over a 15-year period beginning January 1, 2024 and a 12-year period beginning January 1, 2022, respectively. (d) Property tax reconciliation represents the amount deferred between actual property taxes incurred and the level included in rates subject to the provisions of the respective rate plans. (e) Deferred storm costs represent response and restoration costs, other than capital expenditures, in connection with Tropical Storm Isaias and other major storms that were deferred by the Utilities. (f) Unrecognized pension and other postretirement costs represent the deferrals associated with the accounting rules for retirement benefits. (g) MTA power reliability deferral represents CECONY’s costs in excess of those reflected in its prior electric rate plan to take certain actions relating to the electrical equipment that serves the Metropolitan Transportation Authority (MTA) subway system. The company is recovering this regulatory asset pursuant to its current electric rate plan. (h) Allowance for cost of removal less salvage represents cash previously collected from customers to fund future anticipated removal expenditures. (i) Settlement of prudence proceeding represents the remaining amount to be credited to customers pursuant to a Joint Proposal, approved by the NYSPSC in April 2016, with respect to the prudence of certain CECONY expenditures and related matters.
Schedule of Regulatory Liabilities | Regulatory assets and liabilities at September 30, 2025 and December 31, 2024 were comprised of the following items:
| Con Edison |  | CECONY
(Millions of Dollars) | 2025 | 2024 |  | 2025 | 2024
Regulatory assets |  |  |  |  |
Energy efficiency and other clean energy programs (a) | $1,772 | $1,675 |  | $1,680 | $1,601
Customer account deferrals (b) | 1,178 | 1,073 |  | 1,169 | 1,058
Environmental investigation and remediation costs | 1,024 | 1,038 |  | 937 | 952
Revenue taxes | 616 | 540 |  | 589 | 517
Legacy meters (c) | 390 | 413 |  | 377 | 398
Property tax reconciliation (d) | 111 | 131 |  | 109 | 131
Deferred storm costs (e) | 88 | 147 |  | 10 | 53
Deferred derivative losses - long term | 64 | 106 |  | 57 | 94
Unrecognized pension and other postretirement costs (f) | 21 | — |  | 13 | —
MTA power reliability deferral (g) | 8 | 31 |  | 8 | 31
Pension and other postretirement benefits deferrals | — | 2 |  | — | 2
Other | 282 | 367 |  | 248 | 321
Regulatory assets – noncurrent | 5,554 | 5,523 |  | 5,197 | 5,158
Deferred derivative losses - short term | 116 | 102 |  | 108 | 92
Recoverable energy costs | 2 | 39 |  | 2 | 14
Regulatory assets – current | 118 | 141 |  | 110 | 106
Total Regulatory Assets | $5,672 | $5,664 |  | $5,307 | $5,264
Regulatory liabilities |  |  |  |  |
Allowance for cost of removal less salvage (h) | $1,597 | $1,527 |  | $1,383 | $1,322
Future income tax* | 1,146 | 1,224 |  | 1,039 | 1,112
Unrecognized pension and other postretirement costs (f) | 736 | 1,054 |  | 684 | 984
Pension and other postretirement benefit deferrals | 373 | 368 |  | 324 | 304
Net unbilled revenue deferrals | 296 | 436 |  | 296 | 436
Late payment charge deferral | 223 | 231 |  | 219 | 224
System benefit charge carrying charge | 103 | 115 |  | 96 | 110
Deferred derivative gains - long term | 16 | 8 |  | 12 | 6
Settlement of prudence proceeding (i) | 9 | 10 |  | 9 | 10
Other | 447 | 471 |  | 404 | 432
Regulatory liabilities – noncurrent | 4,946 | 5,444 |  | 4,466 | 4,940
Refundable energy costs | 84 | 59 |  | 55 | 18
Deferred derivative gains - short term | 22 | 25 |  | 18 | 22
Revenue decoupling mechanism | 17 | 18 |  | — | —
Regulatory liabilities – current | 123 | 102 |  | 73 | 40
Total Regulatory Liabilities | $5,069 | $5,546 |  | $4,539 | $4,980
* See "Other Regulatory Matters" above. (a) Energy Efficiency and Other Clean Energy Programs represent programs designed to increase energy efficiency achievements and other clean energy transformation efforts. (b) Customer account deferrals include (1) the amount to be collected from customers related to the Emergency Summer Cooling Credits program for CECONY, (2) deferrals under CECONY and O&R's electric and gas rate plans for the reconciliation of write-offs of customer accounts receivable balances to amounts reflected in rates as well as for increases to the allowance for uncollectible accounts receivable and (3) deferral related to the arrears relief programs. Amounts deferred under the arrears relief programs w ere $279.3 million and $1.2 million for CECONY and O&R at September 30, 2025, respectively, and $323.7 million and $1.4 million at December 31, 2024, respectively, and receive a return at the pre-tax weighted average cost of capital. The Phase I and Phase II Arrears relief programs' recovery periods end in August 2026 and April 2033, respectively. The Emergency Summer Cooling Credits program recovery period ends in December 2025. (c) Pursuant to their rate plans, CECONY and O&R are recovering the costs of legacy meters over a 15-year period beginning January 1, 2024 and a 12-year period beginning January 1, 2022, respectively. (d) Property tax reconciliation represents the amount deferred between actual property taxes incurred and the level included in rates subject to the provisions of the respective rate plans. (e) Deferred storm costs represent response and restoration costs, other than capital expenditures, in connection with Tropical Storm Isaias and other major storms that were deferred by the Utilities. (f) Unrecognized pension and other postretirement costs represent the deferrals associated with the accounting rules for retirement benefits. (g) MTA power reliability deferral represents CECONY’s costs in excess of those reflected in its prior electric rate plan to take certain actions relating to the electrical equipment that serves the Metropolitan Transportation Authority (MTA) subway system. The company is recovering this regulatory asset pursuant to its current electric rate plan. (h) Allowance for cost of removal less salvage represents cash previously collected from customers to fund future anticipated removal expenditures. (i) Settlement of prudence proceeding represents the remaining amount to be credited to customers pursuant to a Joint Proposal, approved by the NYSPSC in April 2016, with respect to the prudence of certain CECONY expenditures and related matters.
Schedule of Regulatory Assets Not Earning Return | Regulatory Assets Not Earning a Return*
| Con Edison | CECONY |
(Millions of Dollars) | 2025 | 2024 | 2025 | 2024 |
Environmental investigation and remediation costs | $1,022 | $1,037 | $935 | $942 |
Revenue taxes | 612 | 567 | 586 | 543 |
UB deferral for uncollectible accounts receivable | 541 | 551 | 536 | 541 |
Deferred derivative losses - short-term | 116 | 102 | 108 | 92 |
Deferred derivative losses - long-term | 64 | 106 | 57 | 94 |
Unrecognized pension and other postretirement costs | 21 | — | 13 | — |
Other | 76 | 39 | 64 | 28 |
Total | $2,452 | $2,402 | $2,299 | $2,240 |
*This table presents regulatory assets not earning a return for which no cash outlay has been made.
Public Utilities General Disclosures |
CECONY – Electric |
Effective period | January 2026 – December 2028
Base rate changes | Yr. 1 – $222 million (a) Yr. 2 – $473 million (a) Yr. 3 – $329 million (a)
Capital expenditures | Yr. 1 - $4,550 million Yr. 2 - $4,474 million Yr. 3 - $4,712 million
Amortizations to income of net liabilities | Yr. 1 – $88 million (b) Yr. 2 – $81 million (b) Yr. 3 – $78 million (b)
Other revenue sources | Retention of $75 million of annual transmission congestion revenues Potential earnings adjustment mechanism incentives for energy efficiency and other potential incentives of up to: Yr. 1 – $40 million Yr. 2 – $42 million Yr. 3 – $47 million
Revenue decoupling mechanisms | Continuation of reconciliation of actual to authorized electric delivery revenues.
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 – $653 million Yr. 2 – $688 million Yr. 3 – $745 million
Regulatory reconciliations | Reconciliation of late payment charges and expenses for uncollectibles (c), expenses for pension and other postretirement benefits, variable-rate debt, major storms, 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 | Target levels reflected in rates: Electric average net plant target: Yr. 1 – $33,590 million Yr. 2 – $35,186 million Yr. 3 – $38,624 million
Average rate base | Yr. 1 – $32,935 million Yr. 2 – $35,149 million Yr. 3 – $39,174 million
Weighted average cost of capital (after-tax) | Yr. 1 – 6.98 percent Yr. 2 – 7.04 percent Yr. 3 – 7.10 percent
Authorized return on common equity | 9.40 percent
Earnings sharing | Most earnings above an annual earnings threshold of 9.90 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 – 4.78 percent Yr. 2 – 4.90 percent Yr. 3 – 5.01 percent
Common equity ratio | 48 percent
(a) The electric base rate increases shown above will be implemented on a shaped bill impact basis resulting in a consistent total bill impact of 2.80% each year with corresponding base rate increases of $234 million in Yr. 1; $410 million in Yr. 2; and $421 million in Yr. 3. New rates will be effective as of January 1, 2026. CECONY will begin billing customers at the new shaped 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 including a carrying charge on the outstanding balance. (b) Reflects regulatory liability amortization of $63 million in Yr. 1, $58 million in Yr. 2, and $55 million in Yr. 3; amortization of the protected portion of the regulatory liability for excess deferred income taxes allocable to CECONY’s electric customers of $24 million in Yr. 1, $22 million in Yr. 2, and $22 million in Yr. 3; and amortization of the non-plant portion of the regulatory liability for excess deferred income taxes allocable to CECONY’s electric customers of $1 million in Yr. 1, $1 million in Yr. 2, and $1 million in Yr. 3. (c) During the rate plan, CECONY will calculate the annual difference between (i) its actual uncollectible expenses and late payment charges and (ii) the levels of uncollectible expenses and late payment charges provided in rates. In the event the actual net expenses (late payment charge revenues minus uncollectible expenses) are below the amounts in rates, CECONY will defer the full variance as a regulatory liability and refund to customers via surcredit. In the event the actual net expenses are above the amounts in rates, CECONY will defer the full annual variance above $8.5 million in Yr. 1; $12.75 million in Yr. 2; and $17 million in Yr. 3; as a regulatory asset for recovery via surcharge. (d) If the level of actual expense for property taxes, excluding the effect of property tax refunds, varies in any rate year from the projected level provided in rates, the full amount of the variation will be recovered from or credited to customers via surcharge/surcredit. (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 amounts reflected in rates, the company will defer for recovery from customers 80 percent of the difference subject to a maximum deferral, subject to certain conditions, of 15 percent of the amount reflected in the rate plans. (f) In addition, the NYSDPS continues its focused operations audit to investigate CECONY's income tax accounting. Any NYSPSC ordered adjustment to CECONY's income tax accounting is expected to be refunded to or collected from customers, as determined by the NYSPSC. See "Other Regulatory Matters," below.
CECONY – Gas |
Effective period | January 2026 – December 2028
Base rate changes | Yr. 1 – $(46) million (a) Yr. 2 – $170 million (a) Yr. 3 – $93 million (a)
Capital expenditures | Yr. 1 – $1,093 million Yr. 2 – $1,057 million Yr. 3 – $1,065 million
Amortizations to income of net liabilities | Yr. 1 – $90 million (b) Yr. 2 – $88 million (b) Yr. 3 – $86 million (b)
Other revenue sources | Retention of annual revenues from non-firm customers of up to $65 million and 15 percent of any such revenues above $65 million.
Revenue decoupling mechanisms | Continuation of reconciliation of actual to authorized gas delivery revenues calculated based upon revenue per customer class.
Recoverable energy costs | Continuation of current rate recovery of purchased gas costs.
Negative revenue adjustments (c) | Potential charges if performance targets relating to service, safety and other matters are not met: Yr. 1 – $133 million (h) Yr. 2 – $140 million (h) Yr. 3 – $149 million (h)
Regulatory reconciliations | Reconciliation of late payment charges and expenses for uncollectibles (d), expenses for pension and other postretirement benefits, variable-rate debt, property taxes (e), municipal infrastructure support costs (f), the impact of new laws and environmental site investigation and remediation to amounts reflected in rates (g).
Net utility plant reconciliations | Target levels reflected in rates: Gas average net plant target: Yr. 1 – $12,931 million Yr. 2 – $13,472 million Yr. 3 – $14,014 million
Average rate base | Yr. 1 – $11,485 million Yr. 2 – $12,050 million Yr. 3 – $12,615 million
Weighted average cost of capital (after-tax) | Yr. 1 – 6.98 percent Yr. 2 – 7.04 percent Yr. 3 – 7.10 percent
Authorized return on common equity | 9.40 percent
Earnings sharing | Most earnings above an annual earnings threshold of 9.90 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 – 4.78 percent Yr. 2 – 4.90 percent Yr. 3 – 5.01 percent
Common equity ratio | 48 percent
(a) The gas base rate increases shown above will be implemented on a shaped bill impact basis resulting in a consistent total bill impact of 2.01% each year with corresponding base rate increases of $28 million in Yr. 1; $69 million in Yr. 2; and $70 million in Yr. 3. New rates will be effective as of January 1, 2026. CECONY will begin billing customers at the new shaped 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 including a carrying charge on the outstanding balance. (b) Reflects regulatory liability amortization of $48 million in Yr. 1, $46 million in Yr. 2, and $45 million in Yr. 3; amortization of the protected portion of the regulatory liability for excess deferred income taxes allocable to CECONY’s gas customers of $6 million in Yr. 1, $6 million in Yr. 2, and $5 million in Yr. 3; and amortization of the unprotected portion of the regulatory liability for excess deferred income taxes allocable to CECONY’s gas customers of $36 million in Yr. 1, $36 million in Yr. 2, and $36 million in Yr. 3. (c) $33.33 million in annual gas revenue requirement ($100 million over three years) will be recovered through a rate adjustment mechanism, subject to refund to customers relating to NYSDPS's review of CECONY's gas main welds. See "Other Regulatory Matters," below (d) During the rate plan, CECONY will calculate the annual difference between (i) its actual uncollectible expenses and late payment charges and (ii) the levels of uncollectible expenses and late payment charges provided in rates. In the event the actual net expenses (late payment charge revenues minus uncollectible expenses) are below the amounts in rates, CECONY will defer the full variance as a regulatory liability and refund to customers via surcredit. In the event the actual net expenses are above the amounts in rates, CECONY will defer the full annual variance above $1.5 million in Yr. 1; $2.25 million in Yr. 2; and $3 million in Yr. 3; as a regulatory asset for recovery via surcharge. (e) If the level of actual expense for property taxes, excluding the effect of property tax refunds, varies in any rate year from the projected level provided in rates, the full amount of the variation will be recovered from or credited to customers via surcharge/surcredit. (f) 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 amounts reflected in rates the company will defer for recovery from customers 80 percent of the difference subject to a maximum deferral, subject to certain conditions, of 15 percent of the amount reflected in the rate plans. (g) In addition, the NYSDPS continues its focused operations audit to investigate CECONY's income tax accounting. Any NYSPSC ordered adjustment to CECONY’s income tax accounting is expected to be refunded to or collected from customers, as determined by the NYSPSC. See "Other Regulatory Matters," below. (h) The rate plan includes the potential for CECONY to earn Offsetting Credit Adjustments (OCAs) to offset any gas negative revenue adjustments. OCAs may only be applied in the calendar year they are earned. Potential OCAs that may be earned are $12 million in Yr. 1, $13 million in Yr. 2, and $14 million in Yr. 3.

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