Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2021 | Jan. 31, 2022 | Jun. 30, 2021 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 1-14514 | ||
Entity Registrant Name | Consolidated Edison, Inc. | ||
Entity Incorporation, State or Country Code | NY | ||
Entity Tax Identification Number | 13-3965100 | ||
Entity Address, Address Line One | 4 Irving Place, | ||
Entity Address, City or Town | New York, | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10003 | ||
City Area Code | (212) | ||
Local Phone Number | 460-4600 | ||
Title of 12(b) Security | Common Shares ($.10 par value) | ||
Trading Symbol | ED | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 25.3 | ||
Entity Common Stock, Shares Outstanding | 354,090,402 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001047862 | ||
Documents Incorporated by Reference | Documents Incorporated By Reference Portions of Con Edison’s definitive proxy statement for its Annual Meeting of Stockholders to be held on May 16, 2022, to be filed with the Commission pursuant to Regulation 14A, not later than 120 days after December 31, 2021, is incorporated in Part III of this report. | ||
CECONY | |||
Document Information [Line Items] | |||
Entity File Number | 1-1217 | ||
Entity Registrant Name | Consolidated Edison Company of New York, Inc. | ||
Entity Incorporation, State or Country Code | NY | ||
Entity Tax Identification Number | 13-5009340 | ||
Entity Address, Address Line One | 4 Irving Place, | ||
Entity Address, City or Town | New York, | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10003 | ||
City Area Code | (212) | ||
Local Phone Number | 460-4600 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000023632 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Auditor Information [Abstract] | |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | New York, New York |
Auditor Firm ID | 238 |
Consolidated Income Statement
Consolidated Income Statement - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
OPERATING REVENUES | |||
Total operating revenues | $ 13,676 | $ 12,246 | $ 12,574 |
OPERATING EXPENSES | |||
Depreciation and amortization | 2,032 | 1,920 | 1,684 |
Taxes, other than income taxes | 2,810 | 2,575 | 2,406 |
TOTAL OPERATING EXPENSES | 10,850 | 9,592 | 9,898 |
OPERATING INCOME | 2,826 | 2,654 | 2,676 |
OTHER INCOME (DEDUCTIONS) | |||
Investment income (loss) | (420) | (214) | 96 |
Other income | 22 | 23 | 45 |
Allowance for equity funds used during construction | 21 | 17 | 14 |
Other deductions | (161) | (227) | (104) |
TOTAL OTHER INCOME (DEDUCTIONS) | (538) | (401) | 51 |
INCOME BEFORE INTEREST AND INCOME TAX EXPENSE | 2,288 | 2,253 | 2,727 |
INTEREST EXPENSE | |||
Interest on long-term debt | 930 | 915 | 888 |
Other interest | (14) | 118 | 116 |
Allowance for borrowed funds used during construction | (11) | (14) | (13) |
NET INTEREST EXPENSE | 905 | 1,019 | 991 |
INCOME BEFORE INCOME TAX EXPENSE | 1,383 | 1,234 | 1,736 |
INCOME TAX EXPENSE | 190 | 90 | 296 |
NET INCOME | 1,193 | 1,144 | 1,440 |
(Loss) Income attributable to non-controlling interest | (153) | 43 | 97 |
NET INCOME FOR COMMON STOCK | $ 1,346 | $ 1,101 | $ 1,343 |
Net income per common share — basic (in dollars per share) | $ 3.86 | $ 3.29 | $ 4.09 |
Net income per common share — diluted (in dollars per share) | $ 3.85 | $ 3.28 | $ 4.08 |
AVERAGE NUMBER OF SHARES OUTSTANDING — BASIC (in shares) | 348.4 | 334.8 | 328.5 |
AVERAGE NUMBER OF SHARES OUTSTANDING — DILUTED (in shares) | 349.4 | 335.7 | 329.5 |
CECONY | |||
OPERATING REVENUES | |||
Total operating revenues | $ 11,716 | $ 10,647 | $ 10,821 |
OPERATING EXPENSES | |||
Depreciation and amortization | 1,705 | 1,598 | 1,373 |
Taxes, other than income taxes | 2,696 | 2,456 | 2,295 |
TOTAL OPERATING EXPENSES | 9,256 | 8,337 | 8,473 |
OPERATING INCOME | 2,460 | 2,310 | 2,348 |
OTHER INCOME (DEDUCTIONS) | |||
Investment income (loss) | 16 | 19 | 40 |
Allowance for equity funds used during construction | 19 | 14 | 12 |
Other deductions | (143) | (204) | (87) |
TOTAL OTHER INCOME (DEDUCTIONS) | (108) | (171) | (35) |
INCOME BEFORE INTEREST AND INCOME TAX EXPENSE | 2,352 | 2,139 | 2,313 |
INTEREST EXPENSE | |||
Interest on long-term debt | 759 | 718 | 672 |
Other interest | 13 | 33 | 67 |
Allowance for borrowed funds used during construction | (10) | (12) | (11) |
NET INTEREST EXPENSE | 762 | 739 | 728 |
INCOME BEFORE INCOME TAX EXPENSE | 1,590 | 1,400 | 1,585 |
INCOME TAX EXPENSE | 246 | 215 | 335 |
NET INCOME FOR COMMON STOCK | 1,344 | 1,185 | 1,250 |
Electric | |||
OPERATING REVENUES | |||
Total operating revenues | 9,485 | 8,730 | 8,694 |
Electric | CECONY | |||
OPERATING REVENUES | |||
Total operating revenues | 8,806 | 8,103 | 8,062 |
Gas | |||
OPERATING REVENUES | |||
Total operating revenues | 2,638 | 2,269 | 2,391 |
OPERATING EXPENSES | |||
Operating costs | 690 | 527 | 880 |
Gas | CECONY | |||
OPERATING REVENUES | |||
Total operating revenues | 2,378 | 2,036 | 2,132 |
OPERATING EXPENSES | |||
Operating costs | 541 | 426 | 606 |
Steam | |||
OPERATING REVENUES | |||
Total operating revenues | 532 | 508 | 627 |
Steam | CECONY | |||
OPERATING REVENUES | |||
Total operating revenues | 532 | 508 | 627 |
Non-utility | |||
OPERATING REVENUES | |||
Total operating revenues | 1,021 | 739 | 862 |
Purchased power | |||
OPERATING EXPENSES | |||
Operating costs | 1,835 | 1,600 | 1,546 |
Purchased power | CECONY | |||
OPERATING EXPENSES | |||
Operating costs | 1,633 | 1,432 | 1,357 |
Fuel | |||
OPERATING EXPENSES | |||
Operating costs | 229 | 156 | 207 |
Fuel | CECONY | |||
OPERATING EXPENSES | |||
Operating costs | 229 | 156 | 207 |
Other operations and maintenance | |||
OPERATING EXPENSES | |||
Operating costs | 3,254 | 2,814 | 3,175 |
Other operations and maintenance | CECONY | |||
OPERATING EXPENSES | |||
Operating costs | $ 2,452 | $ 2,269 | $ 2,635 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net income | $ 1,346 | $ 1,101 | $ 1,343 |
Net Income | 1,193 | 1,144 | 1,440 |
LOSS (INCOME) ATTRIBUTABLE TO NON-CONTROLLING INTEREST | 153 | (43) | (97) |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES | |||
Pension and other postretirement benefit plan liability adjustments, net of taxes | 30 | (6) | (5) |
Other income, net of taxes | 0 | 0 | 2 |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES | 30 | (6) | (3) |
COMPREHENSIVE INCOME | 1,376 | 1,095 | 1,340 |
CECONY | |||
Net income | 1,344 | 1,185 | 1,250 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES | |||
Pension and other postretirement benefit plan liability adjustments, net of taxes | 7 | (1) | (3) |
Other income, net of taxes | 0 | 0 | 2 |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES | 7 | (1) | (1) |
COMPREHENSIVE INCOME | $ 1,351 | $ 1,184 | $ 1,249 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
OPERATING ACTIVITIES | |||
Net Income | $ 1,193 | $ 1,144 | $ 1,440 |
PRINCIPAL NON-CASH CHARGES/(CREDITS) TO INCOME | |||
Depreciation and amortization | 2,032 | 1,920 | 1,684 |
Impairment of assets | 443 | 320 | 0 |
Deferred income taxes | 133 | 85 | 308 |
Rate case amortization and accruals | (16) | (40) | (116) |
Common equity component of allowance for funds used during construction | (21) | (17) | (14) |
Net derivative (gains)/losses | (53) | 57 | 27 |
Gain on Sale of Assets | 0 | 0 | (14) |
Unbilled revenue and net unbilled revenue deferrals | (53) | (1) | (3) |
Other non-cash items, net | 148 | 49 | (26) |
CHANGES IN ASSETS AND LIABILITIES | |||
Accounts receivable - customers | (411) | (543) | 23 |
Reserve adjustments | 169 | 78 | 8 |
Materials and supplies, including fuel oil and gas in storage | (82) | (4) | 6 |
Revenue decoupling mechanism receivable | (53) | (61) | (76) |
Other receivables and other current assets | (103) | (134) | 54 |
Taxes receivable | 13 | (6) | 29 |
Prepayments | (24) | (11) | (73) |
Accounts payable | 44 | 170 | 10 |
Pensions and retiree benefits obligations, net | 266 | 285 | 357 |
Pensions and retiree benefits contributions | (472) | (478) | (357) |
Accrued taxes | (46) | 74 | 10 |
Accrued interest | 4 | (4) | 24 |
Superfund and environmental remediation costs | (10) | (22) | (9) |
Distributions from equity investments | 18 | 39 | 57 |
System benefit charge | (34) | (119) | 20 |
Deferred charges, noncurrent assets and other regulatory assets | (563) | (653) | (492) |
Deferred credits and other regulatory liabilities | 175 | 10 | 278 |
Other current and noncurrent liabilities | 36 | 60 | (21) |
NET CASH FLOWS FROM OPERATING ACTIVITIES | 2,733 | 2,198 | 3,134 |
INVESTING ACTIVITIES | |||
Utility construction expenditures | (3,630) | (3,326) | (3,238) |
Cost of removal less salvage | (323) | (310) | (295) |
Non-utility construction expenditures | (323) | (583) | (248) |
Proceeds from sale of assets | 629 | 0 | 192 |
Other investing activities | 10 | 22 | 22 |
Net (payment)/issuance of short-term debt | (382) | 178 | (874) |
Divestiture of renewable electric projects | 183 | 0 | 0 |
NET CASH FLOWS USED IN INVESTING ACTIVITIES | (3,484) | (4,224) | (3,782) |
FINANCING ACTIVITIES | |||
Issuance of long-term debt | 2,804 | 2,925 | 3,017 |
Retirement of long-term debt | (1,960) | (518) | (1,195) |
Debt issuance costs | (40) | (47) | (32) |
Common stock dividends | (1,030) | (975) | (924) |
Issuance of common shares - public offering | 775 | 640 | 825 |
Issuance of common shares for stock plans | 60 | 58 | 54 |
Distribution to noncontrolling interest | (23) | (16) | (12) |
Proceeds from Other Equity | 257 | 0 | 0 |
NET CASH FLOWS FROM FINANCING ACTIVITIES | 461 | 2,245 | 859 |
CASH, TEMPORARY CASH INVESTMENTS AND RESTRICTED CASH: | |||
NET CHANGE FOR THE PERIOD | (290) | 219 | 211 |
BALANCE AT BEGINNING OF PERIOD | 1,436 | 1,217 | 1,006 |
BALANCE AT END OF PERIOD | 1,146 | 1,436 | 1,217 |
Cash paid/(received) during the period for: | |||
Interest | 924 | 920 | 876 |
Income taxes | 9 | 38 | (26) |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION | |||
Construction expenditures in accounts payable | 457 | 478 | 336 |
Issuance of common shares for dividend reinvestment | 49 | 48 | 47 |
Electric and Gas Transmission Projects | |||
INVESTING ACTIVITIES | |||
Investments in/acquisitions of projects | (30) | (3) | (205) |
Renewable Electric Production Projects | |||
INVESTING ACTIVITIES | |||
Investments in/acquisitions of projects | 0 | (24) | (10) |
Software Licenses | |||
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION | |||
Capital expenditures incurred but unpaid as of end of period | 23 | 51 | 80 |
Equipment | |||
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION | |||
Capital expenditures incurred but unpaid as of end of period | $ 22 | $ 28 | $ 33 |
Consolidated Statement of Cas_2
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
OPERATING ACTIVITIES | |||
Net income | $ 1,346 | $ 1,101 | $ 1,343 |
PRINCIPAL NON-CASH CHARGES/(CREDITS) TO INCOME | |||
Depreciation and amortization | 2,032 | 1,920 | 1,684 |
Deferred income taxes | 133 | 85 | 308 |
Rate case amortization and accruals | (16) | (40) | (116) |
Common equity component of allowance for funds used during construction | (21) | (17) | (14) |
Gain on Sale of Assets | 0 | 0 | (14) |
Unbilled revenue and net unbilled revenue deferrals | (53) | (1) | (3) |
Other non-cash items, net | 148 | 49 | (26) |
CHANGES IN ASSETS AND LIABILITIES | |||
Accounts receivable - customers | (411) | (543) | 23 |
Reserve adjustments | 169 | 78 | 8 |
Materials and supplies, including fuel oil and gas in storage | (82) | (4) | 6 |
Revenue decoupling mechanism receivable | (53) | (61) | (76) |
Other receivables and other current assets | (103) | (134) | 54 |
Prepayments | (24) | (11) | (73) |
Accounts payable | 44 | 170 | 10 |
Pensions and retiree benefits obligations, net | 266 | 285 | 357 |
Pensions and retiree benefits contributions | (472) | (478) | (357) |
Superfund and environmental remediation costs | (10) | (22) | (9) |
Accrued taxes | (46) | 74 | 10 |
Accrued interest | 4 | (4) | 24 |
System benefit charge | (34) | (119) | 20 |
Deferred charges, noncurrent assets and other regulatory assets | (563) | (653) | (492) |
Deferred credits and other regulatory liabilities | 175 | 10 | 278 |
Other current and noncurrent liabilities | 36 | 60 | (21) |
NET CASH FLOWS FROM OPERATING ACTIVITIES | 2,733 | 2,198 | 3,134 |
INVESTING ACTIVITIES | |||
Utility construction expenditures | (3,630) | (3,326) | (3,238) |
Cost of removal less salvage | (323) | (310) | (295) |
Proceeds from sale of assets | 629 | 0 | 192 |
NET CASH FLOWS USED IN INVESTING ACTIVITIES | (3,484) | (4,224) | (3,782) |
FINANCING ACTIVITIES | |||
Net (payment)/issuance of short-term debt | (382) | 178 | (874) |
Issuance of long-term debt | 2,804 | 2,925 | 3,017 |
Retirement of long-term debt | (1,960) | (518) | (1,195) |
Debt issuance costs | (40) | (47) | (32) |
NET CASH FLOWS FROM FINANCING ACTIVITIES | 461 | 2,245 | 859 |
CASH, TEMPORARY CASH INVESTMENTS AND RESTRICTED CASH: | |||
NET CHANGE FOR THE PERIOD | (290) | 219 | 211 |
BALANCE AT BEGINNING OF PERIOD | 1,436 | 1,217 | 1,006 |
BALANCE AT END OF PERIOD | 1,146 | 1,436 | 1,217 |
Cash paid/(received) during the period for: | |||
Interest | 924 | 920 | 876 |
Income taxes | 9 | 38 | (26) |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION | |||
Construction expenditures in accounts payable | 457 | 478 | 336 |
CECONY | |||
OPERATING ACTIVITIES | |||
Net income | 1,344 | 1,185 | 1,250 |
PRINCIPAL NON-CASH CHARGES/(CREDITS) TO INCOME | |||
Depreciation and amortization | 1,705 | 1,598 | 1,373 |
Deferred income taxes | 124 | 168 | 128 |
Rate case amortization and accruals | (16) | (40) | (117) |
Common equity component of allowance for funds used during construction | (19) | (14) | (12) |
Gain on Sale of Assets | 0 | 0 | (14) |
Unbilled revenue and net unbilled revenue deferrals | (16) | (47) | (3) |
Other non-cash items, net | 33 | (8) | 0 |
CHANGES IN ASSETS AND LIABILITIES | |||
Accounts receivable - customers | (412) | (516) | 3 |
Reserve adjustments | 166 | 74 | 7 |
Materials and supplies, including fuel oil and gas in storage | (78) | 2 | 11 |
Revenue decoupling mechanism receivable | (62) | (53) | (76) |
Other receivables and other current assets | (85) | (49) | 54 |
Accounts receivables from affiliated companies | 96 | (61) | 141 |
Prepayments | (53) | 19 | (61) |
Accounts payable | 65 | 145 | (7) |
Accounts payable to affiliated companies | (4) | 9 | (4) |
Pensions and retiree benefits obligations, net | 283 | 253 | 330 |
Pensions and retiree benefits contributions | (433) | (438) | (325) |
Superfund and environmental remediation costs | (18) | (30) | (12) |
Accrued taxes | (54) | 61 | 11 |
Accrued taxes to affiliated companies | 9 | 1 | 0 |
Accrued interest | 1 | 13 | 1 |
System benefit charge | (32) | (112) | 18 |
Deferred charges, noncurrent assets and other regulatory assets | (544) | (603) | (486) |
Deferred credits and other regulatory liabilities | 128 | 92 | 306 |
Other current and noncurrent liabilities | 58 | 44 | (14) |
NET CASH FLOWS FROM OPERATING ACTIVITIES | 2,186 | 1,693 | 2,502 |
INVESTING ACTIVITIES | |||
Utility construction expenditures | (3,413) | (3,112) | (3,028) |
Cost of removal less salvage | (316) | (304) | (288) |
Proceeds from sale of assets | 0 | 0 | 192 |
NET CASH FLOWS USED IN INVESTING ACTIVITIES | (3,729) | (3,416) | (3,124) |
FINANCING ACTIVITIES | |||
Net (payment)/issuance of short-term debt | (299) | 523 | (55) |
Issuance of long-term debt | 2,250 | 2,200 | 1,300 |
Retirement of long-term debt | (640) | (350) | (475) |
Debt issuance costs | (27) | (34) | (21) |
Capital contribution by parent | 1,100 | 500 | 900 |
Dividend to parent | (988) | (982) | (912) |
NET CASH FLOWS FROM FINANCING ACTIVITIES | 1,396 | 1,857 | 737 |
CASH, TEMPORARY CASH INVESTMENTS AND RESTRICTED CASH: | |||
NET CHANGE FOR THE PERIOD | (147) | 134 | 115 |
BALANCE AT BEGINNING OF PERIOD | 1,067 | 933 | 818 |
BALANCE AT END OF PERIOD | 920 | 1,067 | 933 |
Cash paid/(received) during the period for: | |||
Interest | 739 | 693 | 676 |
Income taxes | 5 | 102 | 73 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION | |||
Construction expenditures in accounts payable | 406 | 417 | 285 |
Software Licenses | |||
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION | |||
Capital expenditures incurred but unpaid as of end of period | 23 | 51 | 80 |
Software Licenses | CECONY | |||
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION | |||
Capital expenditures incurred but unpaid as of end of period | 22 | 48 | 76 |
Equipment | |||
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION | |||
Capital expenditures incurred but unpaid as of end of period | 22 | 28 | 33 |
Equipment | CECONY | |||
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION | |||
Capital expenditures incurred but unpaid as of end of period | $ 22 | $ 28 | $ 33 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
CURRENT ASSETS | ||
Cash and temporary cash investments | $ 992 | $ 1,272 |
Accounts receivable - customers, less allowance for uncollectible accounts | 1,943 | 1,701 |
Other receivables, less allowance for uncollectible accounts | 298 | 278 |
Taxes receivable | 13 | 26 |
Accrued unbilled revenue | 662 | 599 |
Fuel oil, gas in storage, materials and supplies, at average cost | 437 | 356 |
Prepayments | 295 | 271 |
Regulatory assets | 206 | 266 |
Restricted cash | 154 | 164 |
Revenue decoupling mechanism receivable | 190 | 137 |
Other current assets | 361 | 231 |
TOTAL CURRENT ASSETS | 5,551 | 5,301 |
INVESTMENTS | 853 | 1,816 |
UTILITY PLANT, AT ORIGINAL COST | ||
General | 4,170 | 3,880 |
TOTAL | 54,239 | 50,738 |
Less: Accumulated depreciation | 12,177 | 11,188 |
Net | 42,062 | 39,550 |
Construction work in progress | 2,152 | 2,474 |
NET UTILITY PLANT | 44,214 | 42,024 |
NON-UTILITY PLANT | ||
Non-utility property, less accumulated depreciation | 4,194 | 3,893 |
Construction work in progress | 188 | 638 |
NET PLANT | 48,596 | 46,555 |
OTHER NONCURRENT ASSETS | ||
Goodwill | 439 | 446 |
Intangible assets, net of accumulated amortization of $297 and $228 in 2021 and 2020, respectively | 1,293 | 1,460 |
Operating lease right-of-use-asset | 809 | 837 |
Regulatory assets | 3,639 | 6,195 |
Pension and Retiree Benefits | 1,654 | 0 |
Other deferred charges and noncurrent assets | 282 | 285 |
TOTAL OTHER NONCURRENT ASSETS | 8,116 | 9,223 |
TOTAL ASSETS | 63,116 | 62,895 |
CURRENT LIABILITIES | ||
Long-term debt due within one year | 440 | 1,967 |
Term Loan | 0 | 165 |
Notes payable | 1,488 | 1,705 |
Accounts payable | 1,497 | 1,475 |
Customer deposits | 300 | 311 |
Accrued taxes | 104 | 150 |
Accrued interest | 151 | 149 |
Accrued wages | 113 | 108 |
Fair value of derivative liabilities | 152 | 238 |
Regulatory liabilities | 185 | 36 |
System benefit charge | 423 | 528 |
Operating lease liabilities | 113 | 96 |
Other current liabilities | 461 | 426 |
TOTAL CURRENT LIABILITIES | 5,427 | 7,354 |
NONCURRENT LIABILITIES | ||
Provision for injuries and damages | 183 | 178 |
Pensions and retiree benefits | 737 | 2,257 |
Superfund and other environmental costs | 940 | 857 |
Asset retirement obligations | 577 | 576 |
Fair value of derivative liabilities | 84 | 240 |
Deferred income taxes and unamortized investment tax credits | 6,873 | 6,475 |
Operating lease liabilities | 717 | 764 |
Regulatory liabilities | 4,381 | 4,513 |
Other deferred credits and noncurrent liabilities | 257 | 234 |
TOTAL NONCURRENT LIABILITIES | 14,749 | 16,094 |
LONG-TERM DEBT | 22,604 | 20,382 |
COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Note B, Note G, and Note H) | ||
EQUITY | ||
Common shareholders’ equity | 20,037 | 18,847 |
Noncontrolling interest | 299 | 218 |
TOTAL EQUITY (See Statement of Equity) | 20,336 | 19,065 |
TOTAL LIABILITIES AND EQUITY | 63,116 | 62,895 |
Electric | ||
UTILITY PLANT, AT ORIGINAL COST | ||
Utility plant, at original cost | 34,938 | 33,315 |
Gas | ||
UTILITY PLANT, AT ORIGINAL COST | ||
Utility plant, at original cost | 12,303 | 10,847 |
Steam | ||
UTILITY PLANT, AT ORIGINAL COST | ||
Utility plant, at original cost | $ 2,828 | $ 2,696 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts receivable - customers, allowance for uncollectible accounts | $ 317 | $ 148 |
Other receivables, allowance for uncollectible accounts | 22 | 7 |
Non-utility property, accumulated depreciation | 626 | 522 |
Intangible assets, accumulated amortization | 297 | 228 |
CECONY | ||
Accounts receivable - customers, allowance for uncollectible accounts | 304 | 138 |
Other receivables, allowance for uncollectible accounts | 19 | 4 |
Non-utility property, accumulated depreciation | $ 25 | $ 25 |
Consolidated Balance Sheet_2
Consolidated Balance Sheet - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
CURRENT ASSETS | ||
Cash and temporary cash investments | $ 992 | $ 1,272 |
Accounts receivable - customers, less allowance for uncollectible accounts | 1,943 | 1,701 |
Other receivables, less allowance for uncollectible accounts | 298 | 278 |
Taxes receivable | 13 | 26 |
Accrued unbilled revenue | 662 | 599 |
Fuel oil, gas in storage, materials and supplies, at average cost | 437 | 356 |
Prepayments | 295 | 271 |
Regulatory assets | 206 | 266 |
Revenue decoupling mechanism receivable | 190 | 137 |
Other current assets | 361 | 231 |
TOTAL CURRENT ASSETS | 5,551 | 5,301 |
INVESTMENTS | 853 | 1,816 |
UTILITY PLANT, AT ORIGINAL COST | ||
General | 4,170 | 3,880 |
TOTAL | 54,239 | 50,738 |
Less: Accumulated depreciation | 12,177 | 11,188 |
Net | 42,062 | 39,550 |
Construction work in progress | 2,152 | 2,474 |
NET UTILITY PLANT | 44,214 | 42,024 |
NON-UTILITY PLANT | ||
Non-utility property, less accumulated depreciation | 4,194 | 3,893 |
NET PLANT | 48,596 | 46,555 |
OTHER NONCURRENT ASSETS | ||
Regulatory assets | 3,639 | 6,195 |
Operating lease right-of-use-asset | 809 | 837 |
Pension and Retiree Benefits | 1,654 | 0 |
Other deferred charges and noncurrent assets | 282 | 285 |
TOTAL OTHER NONCURRENT ASSETS | 8,116 | 9,223 |
TOTAL ASSETS | 63,116 | 62,895 |
CURRENT LIABILITIES | ||
Long-term debt due within one year | 440 | 1,967 |
Notes payable | 1,488 | 1,705 |
Accounts payable | 1,497 | 1,475 |
Customer deposits | 300 | 311 |
Accrued taxes | 104 | 150 |
Accrued interest | 151 | 149 |
Accrued wages | 113 | 108 |
Fair value of derivative liabilities | 152 | 238 |
Regulatory liabilities | 185 | 36 |
System benefit charge | 423 | 528 |
Operating lease liabilities | 113 | 96 |
Other current liabilities | 461 | 426 |
TOTAL CURRENT LIABILITIES | 5,427 | 7,354 |
NONCURRENT LIABILITIES | ||
Provision for injuries and damages | 183 | 178 |
Pensions and retiree benefits | 737 | 2,257 |
Superfund and other environmental costs | 940 | 857 |
Asset retirement obligations | 577 | 576 |
Fair value of derivative liabilities | 84 | 240 |
Deferred income taxes and unamortized investment tax credits | 6,873 | 6,475 |
Operating lease liabilities | 717 | 764 |
Regulatory liabilities | 4,381 | 4,513 |
Other deferred credits and noncurrent liabilities | 257 | 234 |
TOTAL NONCURRENT LIABILITIES | 14,749 | 16,094 |
LONG-TERM DEBT | 22,604 | 20,382 |
COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Note B, Note G, and Note H) | ||
EQUITY | ||
Common shareholders’ equity | 20,037 | 18,847 |
TOTAL LIABILITIES AND EQUITY | 63,116 | 62,895 |
Electric | ||
UTILITY PLANT, AT ORIGINAL COST | ||
Utility plant, at original cost | 34,938 | 33,315 |
Gas | ||
UTILITY PLANT, AT ORIGINAL COST | ||
Utility plant, at original cost | 12,303 | 10,847 |
Steam | ||
UTILITY PLANT, AT ORIGINAL COST | ||
Utility plant, at original cost | 2,828 | 2,696 |
CECONY | ||
CURRENT ASSETS | ||
Cash and temporary cash investments | 920 | 1,067 |
Accounts receivable - customers, less allowance for uncollectible accounts | 1,841 | 1,595 |
Other receivables, less allowance for uncollectible accounts | 121 | 134 |
Taxes receivable | 5 | 8 |
Accrued unbilled revenue | 549 | 523 |
Accounts receivable from affiliated companies | 38 | 134 |
Fuel oil, gas in storage, materials and supplies, at average cost | 369 | 291 |
Prepayments | 212 | 159 |
Regulatory assets | 188 | 244 |
Revenue decoupling mechanism receivable | 191 | 129 |
Other current assets | 269 | 123 |
TOTAL CURRENT ASSETS | 4,703 | 4,407 |
INVESTMENTS | 608 | 541 |
UTILITY PLANT, AT ORIGINAL COST | ||
General | 3,854 | 3,585 |
TOTAL | 50,849 | 47,529 |
Less: Accumulated depreciation | 11,223 | 10,297 |
Net | 39,626 | 37,232 |
Construction work in progress | 1,985 | 2,320 |
NET UTILITY PLANT | 41,611 | 39,552 |
NON-UTILITY PLANT | ||
Non-utility property, less accumulated depreciation | 2 | 2 |
NET PLANT | 41,613 | 39,554 |
OTHER NONCURRENT ASSETS | ||
Regulatory assets | 3,316 | 5,745 |
Operating lease right-of-use-asset | 545 | 578 |
Pension and Retiree Benefits | 1,677 | 0 |
Other deferred charges and noncurrent assets | 193 | 142 |
TOTAL OTHER NONCURRENT ASSETS | 5,731 | 6,465 |
TOTAL ASSETS | 52,655 | 50,967 |
CURRENT LIABILITIES | ||
Long-term debt due within one year | 0 | 640 |
Notes payable | 1,361 | 1,660 |
Accounts payable | 1,285 | 1,232 |
Accounts payable to affiliated companies | 18 | 22 |
Customer deposits | 285 | 296 |
Accrued taxes | 78 | 132 |
Accrued taxes to affiliated companies | 10 | 1 |
Accrued interest | 127 | 126 |
Accrued wages | 103 | 97 |
Fair value of derivative liabilities | 88 | 163 |
Regulatory liabilities | 134 | 11 |
System benefit charge | 372 | 475 |
Operating lease liabilities | 90 | 73 |
Other current liabilities | 370 | 319 |
TOTAL CURRENT LIABILITIES | 4,321 | 5,247 |
NONCURRENT LIABILITIES | ||
Provision for injuries and damages | 178 | 172 |
Pensions and retiree benefits | 669 | 1,943 |
Superfund and other environmental costs | 850 | 780 |
Asset retirement obligations | 504 | 508 |
Fair value of derivative liabilities | 40 | 105 |
Deferred income taxes and unamortized investment tax credits | 6,796 | 6,411 |
Operating lease liabilities | 462 | 512 |
Regulatory liabilities | 3,921 | 4,094 |
Other deferred credits and noncurrent liabilities | 220 | 197 |
TOTAL NONCURRENT LIABILITIES | 13,640 | 14,722 |
LONG-TERM DEBT | 18,382 | 16,149 |
COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Note B, Note G, and Note H) | ||
EQUITY | ||
Common shareholders’ equity | 16,312 | 14,849 |
TOTAL LIABILITIES AND EQUITY | 52,655 | 50,967 |
CECONY | Electric | ||
UTILITY PLANT, AT ORIGINAL COST | ||
Utility plant, at original cost | 32,846 | 31,327 |
CECONY | Gas | ||
UTILITY PLANT, AT ORIGINAL COST | ||
Utility plant, at original cost | 11,321 | 9,921 |
CECONY | Steam | ||
UTILITY PLANT, AT ORIGINAL COST | ||
Utility plant, at original cost | $ 2,828 | $ 2,696 |
Consolidated Balance Sheet (P_2
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts receivable - customers, allowance for uncollectible accounts | $ 317 | $ 148 |
Other receivables, allowance for uncollectible accounts | 22 | 7 |
Non-utility property, accumulated depreciation | 626 | 522 |
Intangible assets, accumulated amortization | 297 | 228 |
CECONY | ||
Accounts receivable - customers, allowance for uncollectible accounts | 304 | 138 |
Other receivables, allowance for uncollectible accounts | 19 | 4 |
Non-utility property, accumulated depreciation | $ 25 | $ 25 |
Consolidated Statement of Equit
Consolidated Statement of Equity - USD ($) $ in Millions | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Capital Stock Expense | Accumulated Other Comprehensive Income/(Loss) | Noncontrolling Interest | CECONY | CECONYCommon Stock | CECONYAdditional Paid-In Capital | CECONYRetained Earnings | CECONYRepurchased Con Edison Stock | CECONYCapital Stock Expense | CECONYAccumulated Other Comprehensive Income/(Loss) |
BALANCE AS OF BEGINNING OF PERIOD (in shares) at Dec. 31, 2018 | 321,000,000 | 235,000,000 | |||||||||||||
BALANCE AS OF BEGINNING OF PERIOD at Dec. 31, 2018 | $ 16,839 | $ 34 | $ 7,117 | $ 10,728 | $ (1,038) | $ (99) | $ (16) | $ 113 | |||||||
BALANCE AS OF BEGINNING OF PERIOD at Dec. 31, 2018 | $ 12,910 | $ 589 | $ 4,769 | $ 8,581 | $ (962) | $ (62) | $ (5) | ||||||||
TREASURY STOCK, BALANCE AS OF BEGINNING OF PERIOD (in shares) at Dec. 31, 2018 | 23,000,000 | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net income | 1,343 | 1,250 | 1,250 | ||||||||||||
Net Income | 1,440 | 1,343 | 97 | ||||||||||||
Common stock dividends | (971) | (971) | (912) | (912) | |||||||||||
Issuance of common shares - public offering (in shares) | 12,000,000 | ||||||||||||||
Issuance of common shares - public offering | 825 | $ 1 | 835 | (11) | |||||||||||
Issuance of common shares for stock plans | 102 | 102 | |||||||||||||
Capital contribution by parent | 900 | 900 | |||||||||||||
Other comprehensive income | (3) | (3) | (1) | (1) | |||||||||||
Noncontrolling interest | (19) | (19) | |||||||||||||
BALANCE AS OF END OF PERIOD (in shares) at Dec. 31, 2019 | 333,000,000 | 235,000,000 | |||||||||||||
BALANCE AS OF END OF PERIOD at Dec. 31, 2019 | 18,213 | $ 35 | 8,054 | 11,100 | $ (1,038) | (110) | (19) | 191 | |||||||
BALANCE AS OF END OF PERIOD at Dec. 31, 2019 | 14,147 | $ 589 | 5,669 | 8,919 | (962) | (62) | (6) | ||||||||
TREASURY STOCK, BALANCE AS OF END OF PERIOD (in shares) at Dec. 31, 2019 | 23,000,000 | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net income | 1,101 | 1,185 | 1,185 | ||||||||||||
Net Income | 1,144 | 1,101 | 43 | ||||||||||||
Common stock dividends | (1,023) | (1,023) | (982) | (982) | |||||||||||
Issuance of common shares - public offering (in shares) | 9,000,000 | ||||||||||||||
Issuance of common shares - public offering | 640 | $ 1 | 641 | (2) | |||||||||||
Issuance of common shares for stock plans | 113 | 113 | |||||||||||||
Capital contribution by parent | 500 | 500 | |||||||||||||
Other comprehensive income | (6) | (6) | $ (1) | (1) | |||||||||||
Noncontrolling interest | $ (16) | (16) | |||||||||||||
BALANCE AS OF END OF PERIOD (in shares) at Dec. 31, 2020 | 342,297,534 | 342,000,000 | 235,488,094 | 235,000,000 | |||||||||||
BALANCE AS OF END OF PERIOD at Dec. 31, 2020 | $ 19,065 | $ 36 | 8,808 | 11,178 | $ (1,038) | (112) | (25) | 218 | |||||||
BALANCE AS OF END OF PERIOD at Dec. 31, 2020 | 18,847 | $ 14,849 | $ 589 | 6,169 | 9,122 | (962) | (62) | (7) | |||||||
TREASURY STOCK, BALANCE AS OF END OF PERIOD (in shares) at Dec. 31, 2020 | 23,000,000 | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net income | 1,346 | 1,344 | 1,344 | ||||||||||||
Net Income | 1,193 | 1,346 | (153) | ||||||||||||
Common stock dividends | (1,079) | (1,079) | (988) | (988) | |||||||||||
Issuance of common shares - public offering (in shares) | 10,000,000 | ||||||||||||||
Issuance of common shares - public offering | 766 | $ 1 | 775 | (10) | |||||||||||
Issuance of common shares for stock plans | 127 | 127 | |||||||||||||
Capital contribution by parent | 1,100 | 1,100 | |||||||||||||
Other comprehensive income | 30 | 30 | $ 7 | 7 | |||||||||||
Distributions to noncontrolling interests | (23) | (23) | |||||||||||||
Net proceeds from sale of equity interest | $ 257 | 257 | |||||||||||||
BALANCE AS OF END OF PERIOD (in shares) at Dec. 31, 2021 | 353,983,712 | 354,000,000 | 235,488,094 | 235,000,000 | |||||||||||
BALANCE AS OF END OF PERIOD at Dec. 31, 2021 | $ 20,336 | $ 37 | $ 9,710 | $ 11,445 | $ (1,038) | $ (122) | $ 5 | $ 299 | |||||||
BALANCE AS OF END OF PERIOD at Dec. 31, 2021 | $ 20,037 | $ 16,312 | $ 589 | $ 7,269 | $ 9,478 | $ (962) | $ (62) | $ 0 | |||||||
TREASURY STOCK, BALANCE AS OF END OF PERIOD (in shares) at Dec. 31, 2021 | 23,000,000 |
Consolidated Statement of Equ_2
Consolidated Statement of Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | |||
Common stock dividends per share (in dollars per share) | $ 3.10 | $ 3.06 | $ 2.96 |
Consolidated Statement of Capit
Consolidated Statement of Capitalization - USD ($) shares in Millions, $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Capitalization, Equity [Line Items] | ||
TOTAL EQUITY BEFORE ACCUMULATED OTHER COMPREHENSIVE LOSS (in shares) | 354 | 342 |
TOTAL EQUITY BEFORE ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | $ 20,032 | $ 18,872 |
Pension plan liability adjustments, net of taxes | 7 | (23) |
Unrealized gains/(losses) on derivatives qualified as cash flow hedges, less reclassification adjustment for gains/(losses) included in net income and reclassification adjustment for unrealized losses included in regulatory assets, net of taxes | (2) | (2) |
TOTAL ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES | 5 | (25) |
Equity | 20,037 | 18,847 |
Noncontrolling interest | 299 | 218 |
TOTAL EQUITY (See Statement of Equity) | $ 20,336 | $ 19,065 |
CECONY | ||
Schedule of Capitalization, Equity [Line Items] | ||
TOTAL EQUITY BEFORE ACCUMULATED OTHER COMPREHENSIVE LOSS (in shares) | 235 | 235 |
TOTAL EQUITY BEFORE ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | $ 16,312 | $ 14,856 |
Pension plan liability adjustments, net of taxes | 1 | (5) |
Unrealized gains/(losses) on derivatives qualified as cash flow hedges, less reclassification adjustment for gains/(losses) included in net income and reclassification adjustment for unrealized losses included in regulatory assets, net of taxes | (1) | (2) |
TOTAL ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES | 0 | (7) |
Equity | 16,312 | 14,849 |
TOTAL SHAREHOLDER’S EQUITY (See Statement of Shareholder’s Equity) | $ 16,312 | $ 14,849 |
Consolidated Statement of Cap_2
Consolidated Statement of Capitalization - Long-term Debt - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Other long-term debt | $ 293 | $ 971 | |
Unamortized debt expense | (177) | (168) | |
Unamortized debt discount | (49) | (47) | |
TOTAL | 23,044 | 22,349 | |
Less: Long-term debt due within one year | 1,967 | ||
TOTAL LONG-TERM DEBT | 22,604 | 20,382 | |
TOTAL CAPITALIZATION | 42,641 | 39,229 | |
CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Unamortized debt expense | (145) | (130) | |
Unamortized debt discount | (48) | (46) | |
TOTAL | 18,382 | 16,789 | |
Less: Long-term debt due within one year | 640 | ||
TOTAL LONG-TERM DEBT | 18,382 | 16,149 | |
TOTAL CAPITALIZATION | $ 34,694 | 30,998 | |
Copper Mountain Solar 2 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | [1] | 4.07% | |
TOTAL PROJECT DEBT | [1] | $ 192 | 204 |
Coram | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
TOTAL PROJECT DEBT | $ 0 | 141 | |
Coram | Minimum | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 3.77% | ||
Coram | Maximum | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.52% | ||
Copper Mountain Solar 3 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | [1] | 4.12% | |
TOTAL PROJECT DEBT | [1] | $ 247 | 264 |
CED Southwest | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | [1] | 3.72% | |
TOTAL PROJECT DEBT | [1] | $ 418 | 437 |
Wind Holdings | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.41% | ||
TOTAL PROJECT DEBT | $ 95 | 109 | |
Copper Mountain Solar 1 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | [1] | 3.42% | |
TOTAL PROJECT DEBT | [1] | $ 49 | 56 |
CED California Texas | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | [1] | 3.39% | |
TOTAL PROJECT DEBT | [1] | $ 248 | 0 |
Mesquite Solar 1 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
TOTAL PROJECT DEBT | $ 165 | 180 | |
Mesquite Solar 1 | Minimum | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 2.24% | ||
Mesquite Solar 1 | Maximum | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 3.03% | ||
Texas Solar 4 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
TOTAL PROJECT DEBT | $ 52 | 54 | |
Texas Solar 4 | Minimum | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 5.25% | ||
Texas Solar 4 | Maximum | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.95% | ||
California Solar 2 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 3.94% | ||
TOTAL PROJECT DEBT | $ 88 | 93 | |
California Solar 3 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.07% | ||
TOTAL PROJECT DEBT | $ 79 | 82 | |
California Solar | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.78% | ||
TOTAL PROJECT DEBT | $ 171 | 178 | |
California Solar 4 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 3.82% | ||
TOTAL PROJECT DEBT | $ 271 | 284 | |
Broken Bow II | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.82% | ||
TOTAL PROJECT DEBT | $ 65 | 67 | |
Texas Solar 5 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.53% | ||
TOTAL PROJECT DEBT | $ 135 | 140 | |
Texas Solar 7 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.21% | ||
TOTAL PROJECT DEBT | $ 184 | 192 | |
Upton County Solar | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.45% | ||
TOTAL PROJECT DEBT | $ 83 | 87 | |
CED Nevada Virginia | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 3.77% | ||
TOTAL PROJECT DEBT | $ 228 | 0 | |
Other project debt | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
TOTAL PROJECT DEBT | 7 | 10 | |
Project Debt | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
TOTAL PROJECT DEBT | 2,777 | 2,578 | |
Debentures | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
TOTAL | 19,750 | 18,565 | |
Debentures | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
TOTAL | $ 18,125 | 16,515 | |
Debentures | Debenture Series 2016A, 2.00% Due 2021 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 2.00% | ||
TOTAL | $ 0 | 500 | |
Debentures | Debenture 2018C, 0.65 Percent, Due 2021 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 0.60% | ||
TOTAL | $ 0 | 640 | |
Debentures | Debenture 2020A, 0.65 Percent, Due 2023 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 0.65% | ||
TOTAL | $ 650 | 650 | |
Debentures | Debenture 2014B, 3.30 Percent, Due 2024 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 3.30% | ||
TOTAL | $ 250 | 250 | |
Debentures | Debenture 2014B, 3.30 Percent, Due 2024 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 3.30% | ||
TOTAL | $ 250 | 250 | |
Debentures | Debenture Series 2016B, 2.90% Due 2026 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 2.90% | ||
TOTAL | $ 250 | 250 | |
Debentures | Debenture Series 2016B, 2.90% Due 2026 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 2.90% | ||
TOTAL | $ 250 | 250 | |
Debentures | Debenture Series 1997F, 6.50% Due 2027 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 6.50% | ||
TOTAL | $ 80 | 80 | |
Debentures | Debenture Series 2017B, 3.125% Due 2027 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 3.125% | ||
TOTAL | $ 350 | 350 | |
Debentures | Debenture Series 2017B, 3.125% Due 2027 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 3.125% | ||
TOTAL | $ 350 | 350 | |
Debentures | Debenture Series 2018A, 3.80% Due 2028 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 3.80% | ||
TOTAL | $ 300 | 300 | |
Debentures | Debenture Series 2018A, 3.80% Due 2028 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 3.80% | ||
TOTAL | $ 300 | 300 | |
Debentures | Debenture Series 2018D, 4.00% Due 2028 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.00% | ||
TOTAL | $ 500 | 500 | |
Debentures | Debenture Series 2018D, 4.00% Due 2028 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.00% | ||
TOTAL | $ 500 | 500 | |
Debentures | Debenture 2019B, 2.94 Percent, Due 2029 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 2.94% | ||
TOTAL | $ 44 | 44 | |
Debentures | Debenture 2020A, 3.35 Percent, Due 2030 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 3.35% | ||
TOTAL | $ 600 | 600 | |
Debentures | Debenture 2020A, 3.35 Percent, Due 2030 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 3.35% | ||
TOTAL | $ 600 | 600 | |
Debentures | Debenture 2020A, 2.02 Percent, Due 2030 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 2.02% | ||
TOTAL | $ 35 | 35 | |
Debentures | Debenture 2021A, 2.40 Percent, Due 2031 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 2.40% | ||
TOTAL | $ 900 | 0 | |
Debentures | Debenture 2021A, 2.40 Percent, Due 2031 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 2.40% | ||
TOTAL | $ 900 | 0 | |
Debentures | Debenture 2021A, 2.31 Percent, Due 2031 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 2.31% | ||
TOTAL | $ 45 | 0 | |
Debentures | Debenture Series 2003A, 5.875% Due 2033 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 5.875% | ||
TOTAL | $ 175 | 175 | |
Debentures | Debenture Series 2003A, 5.875% Due 2033 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 5.875% | ||
TOTAL | $ 175 | 175 | |
Debentures | Debenture Series 2003C, 5.10% Due 2033 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 5.10% | ||
TOTAL | $ 200 | 200 | |
Debentures | Debenture Series 2003C, 5.10% Due 2033 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 5.10% | ||
TOTAL | $ 200 | 200 | |
Debentures | Debenture Series 2004B, 5.70% Due 2034 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 5.70% | ||
TOTAL | $ 200 | 200 | |
Debentures | Debenture Series 2004B, 5.70% Due 2034 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 5.70% | ||
TOTAL | $ 200 | 200 | |
Debentures | Debenture Series 2005A, 5.30% Due 2035 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 5.30% | ||
TOTAL | $ 350 | 350 | |
Debentures | Debenture Series 2005A, 5.30% Due 2035 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 5.30% | ||
TOTAL | $ 350 | 350 | |
Debentures | Debenture Series 2005B, 5.25% Due 2035 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 5.25% | ||
TOTAL | $ 125 | 125 | |
Debentures | Debenture Series 2005B, 5.25% Due 2035 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 5.25% | ||
TOTAL | $ 125 | 125 | |
Debentures | Debenture Series 2006A, 5.85% Due 2036 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 5.85% | ||
TOTAL | $ 400 | 400 | |
Debentures | Debenture Series 2006A, 5.85% Due 2036 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 5.85% | ||
TOTAL | $ 400 | 400 | |
Debentures | Debenture Series 2006B, 6.20% Due 2036 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 6.20% | ||
TOTAL | $ 400 | 400 | |
Debentures | Debenture Series 2006B, 6.20% Due 2036 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 6.20% | ||
TOTAL | $ 400 | 400 | |
Debentures | Debenture Series 2006E, 5.70% Due 2036 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 5.70% | ||
TOTAL | $ 250 | 250 | |
Debentures | Debenture Series 2006E, 5.70% Due 2036 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 5.70% | ||
TOTAL | $ 250 | 250 | |
Debentures | Debenture Series 2007A, 6.30% Due 2037 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 6.30% | ||
TOTAL | $ 525 | 525 | |
Debentures | Debenture Series 2007A, 6.30% Due 2037 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 6.30% | ||
TOTAL | $ 525 | 525 | |
Debentures | Debenture 2008B, 6.75 Percent, Due 2038 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 6.75% | ||
TOTAL | $ 600 | 600 | |
Debentures | Debenture 2008B, 6.75 Percent, Due 2038 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 6.75% | ||
TOTAL | $ 600 | 600 | |
Debentures | Debenture 2009B, 6.00 Percent, Due 2039 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 6.00% | ||
TOTAL | $ 60 | 60 | |
Debentures | Debenture 2009C, 5.50 Percent, Due 2039 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 5.50% | ||
TOTAL | $ 600 | 600 | |
Debentures | Debenture 2009C, 5.50 Percent, Due 2039 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 5.50% | ||
TOTAL | $ 600 | 600 | |
Debentures | Debenture 2019C, 3.46 Percent, Due 2039 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 3.46% | ||
TOTAL | $ 38 | 38 | |
Debentures | Debenture 2010B, 5.70 Percent, Due 2040 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 5.70% | ||
TOTAL | $ 350 | 350 | |
Debentures | Debenture 2010B, 5.70 Percent, Due 2040 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 5.70% | ||
TOTAL | $ 350 | 350 | |
Debentures | Debenture 2010B, 5.50 Percent, Due 2040 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 5.50% | ||
TOTAL | $ 115 | 115 | |
Debentures | Debenture 2012A, 4.20 Percent, Due 2042 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.20% | ||
TOTAL | $ 400 | 400 | |
Debentures | Debenture 2012A, 4.20 Percent, Due 2042 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.20% | ||
TOTAL | $ 400 | 400 | |
Debentures | Debenture 2013A, 3.95 Percent, Due 2043 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 3.95% | ||
TOTAL | $ 700 | 700 | |
Debentures | Debenture 2013A, 3.95 Percent, Due 2043 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 3.95% | ||
TOTAL | $ 700 | 700 | |
Debentures | Debenture 2014A, 4.45 Percent, Due 2044 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.45% | ||
TOTAL | $ 850 | 850 | |
Debentures | Debenture 2014A, 4.45 Percent, Due 2044 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.45% | ||
TOTAL | $ 850 | 850 | |
Debentures | Debenture 2015A, 4.50 Percent, Due 2045 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.50% | ||
TOTAL | $ 650 | 650 | |
Debentures | Debenture 2015A, 4.50 Percent, Due 2045 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.50% | ||
TOTAL | $ 650 | 650 | |
Debentures | Debenture 2015A, 4.95 Percent, Due 2045 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.95% | ||
TOTAL | $ 120 | 120 | |
Debentures | Debenture Series 2015B, 4.69% due 2045 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.69% | ||
TOTAL | $ 100 | 100 | |
Debentures | Debenture 2016A, 3.85 Percent, Due 2046 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 3.85% | ||
TOTAL | $ 550 | 550 | |
Debentures | Debenture 2016A, 3.85 Percent, Due 2046 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 3.85% | ||
TOTAL | $ 550 | 550 | |
Debentures | Debenture Series 2016A. 3.88% Due 2046 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 3.88% | ||
TOTAL | $ 75 | 75 | |
Debentures | Debenture Series 2017A, 3.875% Due 2047 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 3.875% | ||
TOTAL | $ 500 | 500 | |
Debentures | Debenture Series 2017A, 3.875% Due 2047 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 3.875% | ||
TOTAL | $ 500 | 500 | |
Debentures | Debenture Series 2018E, 4.65% Due 2048 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.65% | ||
TOTAL | $ 600 | 600 | |
Debentures | Debenture Series 2018E, 4.65% Due 2048 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.65% | ||
TOTAL | $ 600 | 600 | |
Debentures | Debenture Series 2018A, 4.35% Due 2048 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.35% | ||
TOTAL | $ 125 | 125 | |
Debentures | Debenture Series 2018B, 4.35% Due 2048 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.35% | ||
TOTAL | $ 25 | 25 | |
Debentures | Debenture 2019A, 4.125 Percent, Due 2049 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.125% | ||
TOTAL | $ 700 | 700 | |
Debentures | Debenture 2019A, 4.125 Percent, Due 2049 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.125% | ||
TOTAL | $ 700 | 700 | |
Debentures | Debenture 2019A, 3.73 Percent, Due 2049 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 3.73% | ||
TOTAL | $ 43 | 43 | |
Debentures | Debenture 2020B, 3.95 Percent, Due 2050 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 3.95% | ||
TOTAL | $ 1,000 | 1,000 | |
Debentures | Debenture 2020B, 3.95 Percent, Due 2050 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 3.95% | ||
TOTAL | $ 1,000 | 1,000 | |
Debentures | Debenture 2020B, 3.24 Percent, Due 2050 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 3.24% | ||
TOTAL | $ 40 | 40 | |
Debentures | Debenture 2021B, 3.170 Percent, Due 2051 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 3.17% | ||
TOTAL | $ 30 | 0 | |
Debentures | Debenture 2021C, 3.20 Percent, Due 2051 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 3.20% | ||
TOTAL | $ 600 | 0 | |
Debentures | Debenture 2021C, 3.200 Percent, Due 2051 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 3.20% | ||
TOTAL | $ 600 | 0 | |
Debentures | Debenture Series 2014C, 4.625% Due 2054 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.625% | ||
TOTAL | $ 750 | 750 | |
Debentures | Debenture Series 2014C, 4.625% Due 2054 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.625% | ||
TOTAL | $ 750 | 750 | |
Debentures | Debenture Series 2016C, 4.30% Due 2056 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.30% | ||
TOTAL | $ 500 | 500 | |
Debentures | Debenture Series 2016C, 4.30% Due 2056 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.30% | ||
TOTAL | $ 500 | 500 | |
Debentures | Debenture Series 2017C, 4.00% Due 2057 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.00% | ||
TOTAL | $ 350 | 350 | |
Debentures | Debenture Series 2017C, 4.00% Due 2057 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.00% | ||
TOTAL | $ 350 | 350 | |
Debentures | Debenture Series 2018B, 4.50% Due 2058 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.50% | ||
TOTAL | $ 700 | 700 | |
Debentures | Debenture Series 2018B, 4.50% Due 2058 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.50% | ||
TOTAL | $ 700 | 700 | |
Debentures | Debenture 2019B, 3.70 Percent, Due 2059 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 3.70% | ||
TOTAL | $ 600 | 600 | |
Debentures | Debenture 2019B, 3.70 Percent, Due 2059 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 3.70% | ||
TOTAL | $ 600 | 600 | |
Debentures | Debenture 2018C, 2.75 Percent, Due 2021 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 0.60% | ||
TOTAL | $ 0 | 640 | |
Debentures | Debenture 2020C, 3.00 Percent, Due 2060 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 3.00% | ||
TOTAL | $ 600 | 600 | |
Debentures | Debenture 2020C, 3.00 Percent, Due 2060 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 3.00% | ||
TOTAL | $ 600 | 600 | |
Debentures | Debenture 2021B, 3.60 Percent, Due 2061 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 3.60% | ||
TOTAL | $ 750 | 0 | |
Debentures | Debenture 2021B, 3.60 Percent, Due 2061 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 3.60% | ||
TOTAL | $ 750 | 0 | |
Tax-Exempt Debt | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
TOTAL PROJECT DEBT | 450 | 450 | |
Tax-Exempt Debt | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
TOTAL | $ 450 | 450 | |
Tax-Exempt Debt | Tax Exempt Debt Series 2010A Due 2036 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | [2] | 0.10% | |
TOTAL PROJECT DEBT | [2] | $ 225 | 225 |
Tax-Exempt Debt | Tax Exempt Debt Series 2010A Due 2036 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | [3] | 0.10% | |
TOTAL | [3] | $ 225 | 225 |
Tax-Exempt Debt | Tax Exempt Debt Series 2004C, 1.663% Due 2039 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | [2] | 0.10% | |
TOTAL PROJECT DEBT | [2] | $ 99 | 99 |
Tax-Exempt Debt | Tax Exempt Debt Series 2004C, 1.663% Due 2039 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | [3] | 0.10% | |
TOTAL | [3] | $ 99 | 99 |
Tax-Exempt Debt | Tax-Exempt Debt Series 2005A, 1.627% Due 2039 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | [2] | 0.09% | |
TOTAL PROJECT DEBT | [2] | $ 126 | 126 |
Tax-Exempt Debt | Tax-Exempt Debt Series 2005A, 1.627% Due 2039 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | [3] | 0.09% | |
TOTAL | [3] | $ 126 | $ 126 |
[1] | (b) December 31, 2021 effective rates shown, reflecting variable interest rates on the debt that are reset quarterly or semi-annually and the effect of applicable interest rate swaps, if any. | ||
[2] | Rates reset weekly; December 31, 2021 rates shown. | ||
[3] | Rates reset weekly; December 31, 2021 rates shown. |
General
General | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | General These combined notes accompany and form an integral part of the separate consolidated financial statements of each of the two separate registrants: Consolidated Edison, Inc. and its subsidiaries (Con Edison) and Consolidated Edison Company of New York, Inc. and its subsidiaries (CECONY). CECONY is a subsidiary of Con Edison and as such its financial condition and results of operations and cash flows, which are presented separately in the CECONY consolidated financial statements, are also consolidated, along with those of Orange and Rockland Utilities, Inc. (O&R), Con Edison Clean Energy Businesses, Inc. (together with its subsidiaries, the Clean Energy Businesses) and Con Edison Transmission, Inc. (together with its subsidiaries, Con Edison Transmission) in Con Edison’s consolidated financial statements. The term “Utilities” is used in these notes to refer to CECONY and O&R. As used in these notes, the term “Companies” refers to Con Edison and CECONY and, except as otherwise noted, the information in these combined notes relates to each of the Companies. However, CECONY makes no representation as to information relating to Con Edison or the subsidiaries of Con Edison other than itself. |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Other Matters | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies and Other Matters | Summary of Significant Accounting Policies and Other Matters Principles of Consolidation The Companies’ consolidated financial statements include the accounts of their respective majority-owned subsidiaries, and variable interest entities (see Note S), as required. All intercompany balances and intercompany transactions have been eliminated. Accounting Policies The accounting policies of Con Edison and its subsidiaries conform to generally accepted accounting principles in the United States of America (GAAP). For the Utilities, these accounting principles include the accounting rules for regulated operations and the accounting requirements of the Federal Energy Regulatory Commission (FERC) and the state regulators having jurisdiction. The accounting rules for regulated operations specify the economic effects that result from the causal relationship of costs and revenues in the rate-regulated environment and how these effects are to be accounted for by a regulated enterprise. Revenues intended to cover some costs may be recorded either before or after the costs are incurred. If regulation provides assurance that incurred costs will be recovered in the future, these costs would be recorded as deferred charges or “regulatory assets” under the accounting rules for regulated operations. If revenues are recorded for costs that are expected to be incurred in the future, these revenues would be recorded as deferred credits or “regulatory liabilities” under the accounting rules for regulated operations. The Utilities’ principal regulatory assets and liabilities are detailed in Note B. In general, the Utilities are receiving or being credited with a return on their regulatory assets for which a cash outflow has been made, and are paying or being charged with a return on their regulatory liabilities for which a cash inflow has been received. The Utilities’ regulatory assets and liabilities at December 31, 2021 are recoverable from customers, or to be applied for customer benefit, in accordance with rate provisions that have been approved by state regulators. Other significant accounting policies of the Companies are referenced below in this Note A and in the notes that follow. Revenues CECONY’s electric and gas rate plans and O&R’s NY electric and gas rate plans each contain a revenue decoupling mechanism, that covers all residential and most commercial customers, under which the company’s actual energy delivery revenues are compared with the authorized delivery revenues and the difference accrued, with interest, for refund to, or recovery from, customers, as applicable. See “Rate Plans” in Note B. The NYSPSC requires utilities to record gross receipts tax revenues and expenses on a gross income statement presentation basis (i.e., included in both revenue and expense). The recovery of these taxes is generally provided for in the revenue requirement within each of the respective NYSPSC-approved rate plans. Total excise taxes (inclusive of gross receipts taxes) recorded in operating revenues were as follows: For the Years Ended December 31, (Millions of Dollars) 2021 2020 2019 Con Edison $358 $335 $323 CECONY 346 323 312 For information about the Companies' revenue recognition policies, see Note M. Plant and Depreciation Utility Plant Utility plant is stated at original cost. The cost of repairs and maintenance is charged to expense and the cost of betterments is capitalized. The capitalized cost of additions to utility plant includes indirect costs such as engineering, supervision, payroll taxes, pensions, other benefits and an allowance for funds used during construction (AFUDC). The original cost of property is charged to expense over the estimated useful lives of the assets. Upon retirement, the original cost of property is charged to accumulated depreciation. See Note T. Rates used for AFUDC include the cost of borrowed funds and a reasonable rate of return on the Utilities’ own funds when so used, determined in accordance with regulations of the FERC or the state public utility regulatory authority having jurisdiction. The rate is compounded semiannually, and the amounts applicable to borrowed funds are treated as a reduction of interest charges, while the amounts applicable to the Utilities’ own funds are credited to other income (deductions). The AFUDC rates for CECONY were 4.5 percent, 5.2 percent and 5.1 percent for 2021, 2020 and 2019, respectively. The AFUDC rates for O&R were 4.8 percent, 5.3 percent and 5.3 percent for 2021, 2020 and 2019, respectively. The Utilities generally compute annual charges for depreciation using the straight-line method for financial statement purposes, with rates based on average service lives and net salvage factors. The average depreciation rates for CECONY were 3.5 percent for 2021 and 3.5 percent for 2020 and 3.2 percent for 2019. The average depreciation rates for O&R were 3.1 percent for 2021, 3.2 percent for 2020 and 3.0 percent for 2019. The estimated lives for utility plant for CECONY range from 5 to 85 years for electric, 5 to 90 years for gas, 5 to 80 years for steam and 5 to 55 years for general plant. For O&R, the estimated lives for utility plant range from 5 to 75 years for electric and gas and 5 to 50 years for general plant. At December 31, 2021 and 2020, the capitalized cost of the Companies’ utility plant, net of accumulated depreciation, was as follows: Con Edison CECONY (Millions of Dollars) 2021 2020 2021 2020 Electric Generation $559 $572 $559 $572 Transmission 3,955 3,786 3,658 3,496 Distribution 22,418 21,481 21,240 20,366 General 87 52 87 52 Gas (a) 10,473 9,206 9,748 8,522 Steam 1,924 1,854 1,924 1,854 General 2,566 2,507 2,338 2,286 Held for future use 80 92 72 84 Construction work in progress 2,152 2,474 1,985 2,320 Net Utility Plant $44,214 $42,024 $41,611 $39,552 (a) Primarily distribution. General utility plant of Con Edison and CECONY included $79 million and $74 million, respectively, at December 31, 2021, and $86 million and $81 million, respectively, at December 31, 2020, related to a May 2018 acquisition of software licenses. The estimated aggregate annual amortization expense related to the software licenses for Con Edison and CECONY is $7 million. The accumulated amortization for Con Edison and CECONY was $24 million at December 31, 2021 and $17 million at December 31, 2020. Under the Utilities’ rate plans, the aggregate annual depreciation allowance for the period ended December 31, 2021 was $1,802 million, including $1,710 million under CECONY’s electric, gas and steam rate plans that have been approved by the NYSPSC. Non–Utility Plant Non-utility plant is stated at original cost. For Con Edison, non-utility plant consists primarily of the Clean Energy Businesses’ renewable electric projects. Property, plant and equipment are stated at cost, less accumulated depreciation and include capitalized interest during construction. Depreciation is computed under the straight-line method over the useful lives of the assets. Solar power generating assets and wind power generating assets have useful lives of 35 years and 30, respectively. For the Utilities, non-utility plant consists of land and conduit for telecommunication use. Depreciation on non-utility plant, other than land, is computed using the straight-line method for financial statement purposes over their estimated useful lives, which is 10 years. Other Deferred Charges and Noncurrent Assets and Prepayments Other deferred charges and noncurrent assets and prepayments, net of accumulated depreciation, included the following related to implementation costs incurred in cloud computing arrangements: Con Edison CECONY (Millions of Dollars) 2021 2020 2021 2020 Prepayments (a)(b) $16 $12 $15 $11 Other Deferred Charges and Noncurrent Assets (a)(b) $81 $54 $78 $51 (a) Depreciation on these assets is computed using the straight-line method for financial statement purposes over their estimated useful lives. (b) Depreciation expense related to these assets incurred during the year ended December 31, 2021 for Con Edison and CECONY was $12 million and $11 million, respectively, and for the year ended December 31, 2020 for Con Edison and CECONY was $7 million and $6 million, respectively. Accumulated depreciation related to these assets for Con Edison and CECONY was $22 million and $19 million, respectively at December 31, 2021 and was $10 million and $8 million, respectively at December 31, 2020. Long–Lived and Intangible Assets The Companies test long-lived and intangible assets for recoverability when events or changes in circumstances indicate that the carrying value of long-lived or intangible assets may not be recoverable. The carrying amount of a long-lived asset or intangible asset with a definite life is deemed not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the assets. In the event a test indicates that such cash flows cannot be expected to be sufficient to fully recover the assets, the assets are considered impaired and written down to their estimated fair value. Con Edison's intangible assets with definite lives consist primarily of power purchase agreements, which were identified as part of purchase price allocations associated with acquisitions made by the Clean Energy Businesses in 2016 and 2018. At December 31, 2021 and 2020, intangible assets arising from power purchase agreements were $1,290 million and $1,457 million, net of accumulated amortization of $288 million and $220 million, respectively, and are being amortized over the life of each agreement. Excluding power purchase agreements, Con Edison’s other intangible assets were $3 million, net of accumulated amortization of $9 million and $8 million, at December 31, 2021 and 2020, respectively. CECONY’s other intangible assets were immaterial at December 31, 2021 and 2020. Con Edison recorded amortization expense related to its intangible assets of $95 million in 2021, $102 million in 2020, and $99 million in 2019. Con Edison expects amortization expense to be $95 million per year over the next five years. No impairment charges were recorded on Con Edison's long-lived assets or intangible assets with definite lives in 2021 or 2020. Recoverable Energy Costs The Utilities generally recover all of their prudently incurred fuel, purchased power and gas costs, including hedging gains and losses, in accordance with rate provisions approved by the applicable state public utility regulators. If the actual energy supply costs for a given month are more or less than the amounts billed to customers for that month, the difference in most cases is recoverable from or refundable to customers. Differences between actual and billed electric and steam supply costs and costs of its electric demand management programs are generally deferred for charge or refund to customers during the next billing cycle (normally within one New York Independent System Operator (NYISO) The Utilities purchase electricity through the wholesale electricity market administered by the NYISO. The difference between purchased power and related costs initially billed to the Utilities by the NYISO and the actual cost of power subsequently calculated by the NYISO is refunded by the NYISO to the Utilities, or paid to the NYISO by the Utilities. The reconciliation payments or receipts are recoverable from or refundable to the Utilities’ customers. Certain other payments to or receipts from the NYISO are also subject to reconciliation, with shortfalls or amounts in excess of specified rate allowances recoverable from or refundable to customers. These include proceeds from the sale through the NYISO of transmission rights on CECONY’s transmission system (transmission congestion contracts or TCCs). Temporary Cash Investments Temporary cash investments are short-term, highly-liquid investments that generally have maturities of three months or less at the date of purchase. They are stated at cost, which approximates market. The Companies consider temporary cash investments to be cash equivalents. Investments Accounting for Investments Con Edison’s investments consist primarily of the investments of Con Edison Transmission that are accounted for under the equity method and the fair value of the Utilities’ supplemental retirement income plan and deferred income plan assets. The accounting rules require Con Edison to evaluate its investments periodically to determine whether they are impaired. The standard for determining whether an impairment exists and must be recorded is whether an other-than-temporary decline in carrying value has occurred. Changes in economic conditions, forecasted cash flows and the regulatory environment, among other factors, could require equity method investments to recognize a decrease in carrying value for an other-than-temporary decline. When management believes such a decline may have occurred, the fair value of the investment is estimated using market inputs, when observable, or a market valuation model such as a discounted cash flow analysis. The fair value is compared to the carrying value of the investment in order to determine the amount of impairment to record, if any. The evaluation and measurement of impairments involve uncertainties. The judgments that Con Edison makes to estimate the fair value of its equity method investments are based on assumptions that management believes are reasonable, and variations in these estimates or the underlying assumptions, or the receipt of additional market information, could have a material impact on whether a triggering event is determined to exist or the amount of any such impairment. Additionally, if the projects in which Con Edison holds these investments recognize an impairment, Con Edison may record a share of that impairment loss and would evaluate its investment for an other-than-temporary decline in carrying value as described above. Partial Impairment of Investment in Stagecoach Gas Services LLC (Stagecoach) In 2021, a subsidiary of Con Edison Gas Pipeline and Storage, LLC (CET Gas) and its joint venture partner agreed to sell their combined interests in Stagecoach Gas Services LLC (Stagecoach) for a total of $1,225 million, of which $629 million, including closing adjustments, was attributed to CET Gas for its 50 percent interest. The purchase and sale agreement provided for a two-stage closing, the first of which was completed in July 2021 and the second of which was completed in November 2021. As a result of information made available to Stagecoach as part of the sale process, Stagecoach performed impairment tests that resulted in Stagecoach recording impairment charges of $414 million for the year ended December 31, 2021. Accordingly, Con Edison recorded pre-tax impairment losses on its 50 percent interest in Stagecoach of $212 million ($147 million after-tax), including working capital and transaction cost adjustments, within "Investment income/(loss)" on Con Edison's consolidated income statement for the year ended December 31, 2021. Stagecoach’s impairment charges and information obtained from the sales process constituted triggering events for Con Edison's investment in Stagecoach as of March 31, 2021 and June 30, 2021. Con Edison evaluated the carrying value of its investment in Stagecoach for other-than-temporary declines in value using income and market-based approaches. Con Edison determined that the carrying value of its investment in Stagecoach of $667 million and $630 million as of March 31, 2021 and June 30, 2021, respectively, was not impaired. The carrying value of $630 million at June 30, 2021 reflected the final sales price received in July 2021 and the remaining amount received in November 2021, including closing adjustments. 2020 and 2021 Partial Impairments of Investment in Mountain Valley Pipeline, LLC (MVP) In January 2016, Con Edison Gas Pipeline and Storage, LLC (CET Gas), an indirect subsidiary of Con Edison, acquired a 12.5 percent equity interest in MVP, a company developing a proposed 300-mile gas transmission project (the Project) in West Virginia and Virginia. During 2019, Con Edison exercised its right to limit, and did limit, its cash contributions to the joint venture to approximately $530 million, which reduced CET Gas' interest in MVP to 11.3 percent and 10.2 percent as of December 31, 2020 and 2021, respectively. CET Gas' interest in MVP is expected to be reduced to 8.5 percent based on the Project's current cost estimate and CET Gas' previous capping of its cash contributions. As of December 31, 2020 and 2021, the Project was approximately 92 percent and 94 percent complete, respectively. During 2020, progress was made on the construction of the Project, and the U.S. Supreme Court issued favorable decisions in cases unrelated to MVP regarding the permitting process for pipeline construction and water crossings. In November 2020, the U.S. Court of Appeals for the Fourth Circuit issued a stay on the Nationwide Permit 12, effectively blocking the Project’s ability to pursue water crossings under that permit. As a result, in November 2020 the Project applied to the FERC for a certificate amendment to bore under water bodies in a portion of the Project in West Virginia, allowing this portion of the pipe to be completed and placed in-service while a plan for the remaining water crossings was pursued. If approved, this certificate amendment would have led to additional Project costs and would have extended the anticipated in-service date. In January 2021, the FERC did not approve the requested certificate amendment. Later in January 2021, the Project indicated its plans to apply for U.S. Army Corps of Engineers individual permits for certain water crossings and a new certificate amendment application to the FERC to bore under other water crossings that, in total, would cover the entire Project length. The uncertainty related to obtaining necessary water crossing permits, the resulting Project costs and the likelihood of the Project not reaching eventual completion increased as a result of actions taken by the U.S. Court of Appeals for the Fourth Circuit. This action and associated delays constituted a triggering event (the "2020 triggering event") that required Con Edison to test its investment in MVP for an other-than-temporary impairment as of December 31, 2020. In December 2021, the Virginia Department of Environmental Quality and the West Virginia Department of Environmental Protection both issued water quality certification permits which are required in order for the U.S. Army Corps of Engineers to proceed with the permitting process for construction of certain Project water crossings. In January 2022, the U.S. Court of Appeals for the Fourth Circuit rejected permits for crossings through the Jefferson National Forest issued by the U.S. Forest Service and Bureau of Land Management. In February 2022, the U.S. Court of Appeals for the Fourth Circuit vacated a biological opinion from the U.S. Fish and Wildlife Service, applicable to all remaining construction. The biological opinion had been issued and was the subject of litigation prior to December 31, 2021. Con Edison believes that the February 2022 action by the U.S. Court of Appeals for the Fourth Circuit, along with the potential outcome of other matters pending before that Court, may lead to further delays and increased Project costs, which constituted a triggering event (the “2021 triggering event”) that required Con Edison to test its investment in MVP for an other-than-temporary impairment as of December 31, 2021. In response to the 2020 triggering event and 2021 triggering event, Con Edison assessed the value of its equity investment in the Project to determine whether the fair value of its investment in MVP had declined below its carrying value on an other-than-temporary basis as of December 31, 2020 and 2021, respectively. The estimated fair value of the investment was determined using a discounted cash flow analysis, which is a level 3 fair value measurement. The analysis discounted probability-weighted future cash flows, including revenues based on long-term firm transportation contracts, that are secured for the first 20 years following completion of the Project. See Note U. Con Edison has also assumed cash flows extending beyond this period. All cash flows were discounted at a pre-tax discount rate of 8.3 percent and then weighted based on Con Edison’s estimate of the likelihood that the Project will be completed. For the 2020 triggering event, Con Edison estimated that the likelihood of Project completion was in the upper end of a reasonably possible range. For the 2021 triggering event, Con Edison anticipated that the Project faces legal and regulatory challenges that make construction completion increasingly remote. The Project faces additional delays and increased costs that could further reduce CET Gas' interest in MVP to below 8 percent based on CET Gas' previous capping of its cash contributions. The likelihood that the Project will be completed and, for 2020, the discount rate, are the most significant and sensitive assumptions; changes in these assumptions may materially change the results of the impairment calculation. Based on the discounted cash flow analyses, Con Edison concluded as of December 31, 2020 and 2021 that the fair value of its investment in MVP declined below its carrying value and the declines were other-than-temporary. Accordingly, Con Edison recorded a pre-tax impairment loss of $320 million ($223 million, after tax) for the year ended December 31, 2020 that reduced the carrying value of its investment in MVP from $662 million to $342 million, with an associated deferred tax asset of $53 million. Additionally, Con Edison recorded a pre-tax impairment loss of $231 million ($162 million, after tax) for the year ended December 31, 2021 that reduced the carrying value of its investment in MVP from $342 million to $111 million, with an additional $77 million associated deferred tax asset, totaling a deferred tax asset of $130 million at December 31, 2021. The impairments were recorded within “Investment income (loss)” on Con Edison’s Consolidated Income Statement. In addition, Con Edison did not record non-cash equity in earnings from allowance for funds used during construction from MVP beginning in January 2021 and will continue to refrain from recording such amounts until such time as substantial construction activities resume, which would be indicative of probable Project completion. There is risk that the fair value of Con Edison’s investment in MVP may be further or fully impaired in the future. There are ongoing legal and regulatory matters that must be resolved favorably before the Project can be completed. Assumptions and estimates used to test Con Edison’s investment in MVP for impairment may change if adverse or delayed resolutions to the Project’s pending legal and regulatory challenges were to occur, which could have a material adverse effect on the fair value of Con Edison’s investment in MVP. Summary of Investment Balances The following investment assets are included in the Companies' consolidated balance sheets at December 31, 2021 and 2020: Con Edison CECONY (Millions of Dollars) 2021 2020 2021 2020 CET Gas investment in Stagecoach Gas Services LLC $— $845 $— $— CET Gas investment in Mountain Valley Pipeline, LLC (a) 111 342 — — Supplemental retirement income plan assets (b) 525 465 499 439 Deferred income plan assets 102 92 102 92 CET Electric investment in New York Transco, LLC (c) 112 69 — — Other 3 3 7 10 Total investments $853 $1,816 $608 $541 (a) At December 31, 2021 and 2020, CET Gas' cash investment in MVP was $530 million. In May 2021, the operator of the Mountain Valley Pipeline indicated that, subject to receipt of certain authorizations and resolution of certain challenges, it is targeting an in-service date for the project of summer 2022 at an overall project cost of approximately $6,200 million excluding allowance for funds used during construction. See "2020 and 2021 Partial Impairments of Investment in Mountain Valley Pipeline, LLC (MVP)" above. (b) See Note E. (c) CET Electric owns a 45.7 percent interest in New York Transco, LLC. Pension and Other Postretirement Benefits The accounting rules for retirement benefits require an employer to recognize an asset or liability for the overfunded or underfunded status of its pension and other postretirement benefit plans. For a pension plan, the asset or liability is the difference between the fair value of the plan’s assets and the projected benefit obligation. For any other postretirement benefit plan, the asset or liability is the difference between the fair value of the plan’s assets and the accumulated postretirement benefit obligation. The accounting rules generally require employers to recognize all unrecognized prior service costs and credits and unrecognized actuarial gains and losses in accumulated other comprehensive income/(loss) (OCI), net of tax. Such amounts will be adjusted as they are subsequently recognized as components of total periodic benefit cost or income pursuant to the current recognition and amortization provisions. For the Utilities’ pension and other postretirement benefit plans, regulatory accounting treatment is generally applied in accordance with the accounting rules for regulated operations. Unrecognized prior service costs or credits and unrecognized actuarial gains and losses are recorded to regulatory assets or liabilities, rather than OCI. See Notes E and F. The total periodic benefit costs are recognized in accordance with the accounting rules for retirement benefits. Investment gains and losses are recognized in expense over a 15-year period and other actuarial gains and losses are recognized in expense over a 10-year period, subject to the deferral provisions in the rate plans. In accordance with the Statement of Policy issued by the NYSPSC and its current electric, gas and steam rate plans, CECONY defers for payment to or recovery from customers the difference between such expenses and the amounts for such expenses reflected in rates. O&R also defers such difference pursuant to its NY rate plans. See Note B. The Companies calculate the expected return on pension and other postretirement benefit plan assets by multiplying the expected rate of return on plan assets by the market-related value (MRV) of plan assets at the beginning of the year, taking into consideration anticipated contributions and benefit payments that are to be made during the year. The accounting rules allow the MRV of plan assets to be either fair value or a calculated value that recognizes changes in fair value in a systematic and rational manner over not more than five years. The Companies use a calculated value when determining the MRV of the plan assets that adjusts for 20 percent of the difference between fair value and expected MRV of plan assets. This calculated value has the effect of stabilizing variability in assets to which the Companies apply the expected return. Federal Income Tax In accordance with accounting rules for income taxes, the Companies have recorded an accumulated deferred federal income tax liability at current tax rates for temporary differences between the book and tax basis of assets and liabilities. In accordance with rate plans, the Utilities have recovered amounts from customers for a portion of the tax liability they will pay in the future as a result of the reversal or “turn-around” of these temporary differences. As to the remaining deferred tax liability, the Utilities had established regulatory assets for the net revenue requirements to be recovered from customers for the related future tax expense pursuant to the NYSPSC's 1993 Policy Statement approving accounting procedures consistent with accounting rules for income taxes and providing assurances that these future increases in taxes will be recoverable in rates. Accumulated deferred investment tax credits are amortized ratably over the lives of the related properties and applied as a reduction to future federal income tax expense. Con Edison and its subsidiaries file a consolidated federal income tax return. The consolidated income tax liability is allocated to each member of the consolidated group using the separate return method. Each member pays or receives an amount based on its own taxable income or loss in accordance with a consolidated tax allocation agreement. Tax loss and tax credit carryforwards are allocated among members in accordance with consolidated tax return regulations. State Income Tax Con Edison and its subsidiaries file a combined New York State Corporation Business Franchise Tax Return. Similar to a federal consolidated income tax return, the income of all entities in the combined group is subject to New York State taxation, after adjustments for differences between federal and New York law and apportionment of income among the states in which the company does business. Each member’s share of the New York State tax is based on its own New York State taxable income or loss. Research and Development Costs Research and development costs are charged to operating expenses as incurred. Research and development costs were as follows: For the Years Ended December 31, (Millions of Dollars) 2021 2020 2019 Con Edison $25 $24 $24 CECONY 24 23 23 Reclassification Certain prior year amounts have been reclassified to conform with current year presentation. Earnings Per Common Share Con Edison presents basic and diluted earnings per share (EPS) on the face of its consolidated income statement. Basic EPS is calculated by dividing earnings available to common shareholders (“Net income for common stock” on Con Edison’s consolidated income statement) by the weighted average number of Con Edison common shares outstanding during the period. In the calculation of diluted EPS, weighted average shares outstanding are increased for additional shares that would be outstanding if potentially dilutive securities were converted to common stock. Potentially dilutive securities for Con Edison consist of restricted stock units and deferred stock units for which the average market price of the common shares for the period was greater than the exercise price (see Note O) and its common shares that are subject to forward sale agreements (see Note C). Before the issuance of common shares upon settlement of the forward sale agreements, the shares will be reflected in the company’s diluted earnings per share calculations using the treasury stock method. Under this method, the number of common shares used in calculating diluted earnings per share is deemed to be increased by the excess, if any, of the number of shares that would be issued upon physical settlement of the forward sale agreements over the number of shares that could be purchased by the company in the market (based on the average market price during the period) using the proceeds due upon physical settlement (based on the adjusted forward sale price at the end of the reporting period). Basic and diluted EPS for Con Edison are calculated as follows: For the Years Ended December 31, (Millions of Dollars, except per share amounts/Shares in Millions) 2021 2020 2019 Net income for common stock $1,346 $1,101 $1,343 Weighted average common shares outstanding – basic 348.4 334.8 328.5 Add: Incremental shares attributable to effect of potentially dilutive securities 1.0 0.9 1.0 Adjusted weighted average common shares outstanding – diluted 349.4 335.7 329.5 Net Income per common share – basic $3.86 $3.29 $4.09 Net Income per common share – diluted $3.85 $3.28 $4.08 The computation of diluted EPS for the years ended December 31, 2021, 2020 and 2019 excludes immaterial amounts of performance share awards that were not included because of their anti-dilutive effect. Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Changes in Accumulated Other Comprehensive Income/(Loss) by Component Changes to accumulated other comprehensive income/(loss) (OCI) for Con Edison and CECONY are as follows: (Millions of Dollars) Con Edison CECONY Accumulated OCI, net of taxes, at December 31, 2018 (a) $(16) $(5) OCI before reclassifications, net of tax of $(6) and $(1) for Con Edison and CECONY, respect |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2021 | |
Regulated Operations [Abstract] | |
Regulatory Matters | Note B – Regulatory Matters Rate Plans The Utilities provide service to NY customers according to the terms of tariffs approved by the NYSPSC. Tariffs for service to customers of Rockland Electric Company (RECO), O&R’s NJ regulated utility subsidiary, are approved by the NJBPU. The tariffs include schedules of rates for service that limit the rates charged by the Utilities to amounts that the Utilities recover from their customers costs approved by the regulator, including capital costs, of providing service to customers as defined by the tariff. The tariffs implement rate plans adopted by state utility regulators in rate orders issued at the conclusion of rate proceedings. Pursuant to the Utilities’ rate plans, there generally can be no change to the charges to customers during the respective terms of the rate plans other than specified adjustments provided for in the rate plans. The Utilities’ rate plans each cover specified periods, but rates determined pursuant to a plan generally continue in effect until a new rate plan is approved by the state utility regulator. Common provisions of the Utilities’ NY rate plans include: Recoverable energy costs that allow the Utilities to recover on a current basis the costs for the energy they supply with no mark-up to their full-service customers. Cost reconciliations that reconcile pension and other postretirement benefit costs, environmental remediation costs, property taxes, variable-rate tax-exempt debt and certain other costs to amounts reflected in delivery rates for such costs. In addition, changes in the Utilities' costs not reflected in rates, in excess of certain amounts, resulting from changes in tax or changes in legislation, regulation or related actions, are deferred as a regulatory asset or regulatory liability to be reflected in the Utilities' next rate plan or in a manner to be determined by the NYSPSC. Also, the Utilities generally retain the right to petition for recovery or accounting deferral of extraordinary and material cost increases and provision is sometimes made for the utility to retain a share of cost reductions, for example, property tax refunds. Revenue decoupling mechanisms that reconcile actual energy delivery revenues to the authorized delivery revenues approved by the NYSPSC. The difference is accrued with interest for refund to, or recovery from customers, as applicable. Earnings sharing that require the Utilities to defer for customer benefit a portion of earnings over specified rates of return on common equity. There is no symmetric mechanism for earnings below specified rates of return on common equity. Negative revenue adjustments for failure to meet certain performance standards relating to service, reliability, safety and other matters. Other revenue adjustments represent positive revenue adjustments, positive incentives, and earnings adjustments mechanisms for achievement of performance standards related to achievement of clean energy goals, safety and other matters. Net utility plant reconciliations that require deferral as a regulatory liability of the revenue requirement impact of the amount, if any, by which actual average net utility plant balances are less than amounts reflected in rates. There is generally no symmetric mechanism if actual average net utility plant balances are more than amounts reflected in rates. Rate base , as reflected in the rate plans, is, in general, the sum of the Utilities’ net plant, working capital and certain regulatory assets less deferred taxes and certain regulatory liabilities. For each rate plan, the NYSPSC uses a forecast of the average rate base for each year that new rates would be in effect (“rate year”). Weighted average cost of capital is determined based on the authorized common equity ratio, return on common equity, cost of long-term debt and cost of customer deposits reflected in each rate plan. For each rate plan, the revenues designed to provide the utility a return on invested capital for each rate year are determined by multiplying each utility rate base by its pre – tax weighted average cost of capital. The Utilities’ actual return on common equity will reflect their actual operations for each rate year, and may be more or less than the authorized return on equity reflected in their rate plans (and if more, may be subject to earnings sharing). The following tables contain a summary of the Utilities’ rate plans: CECONY – Electric Effective period January 2017 – December 2019 January 2020 – December 2022 (a) Base rate changes Yr. 1 – $195 million (b) Yr. 2 – $155 million (b) Yr. 3 – $155 million (b) Yr. 1 – $113 million (c) Yr. 2 – $370 million (c) Yr. 3 – $326 million (c) Amortizations to income of net regulatory (assets) and liabilities Yr. 1 – $84 million Yr. 2 – $83 million Yr. 3 – $69 million Yr. 1 – $267 million (d) Yr. 2 – $269 million (d) Yr. 3 – $272 million (d) 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 – $28 million Yr. 2 – $47 million Yr. 3 – $64 million In 2017, 2018 and 2019, the company recorded $13 million, $25 million and $43 million of earnings adjustment mechanism incentives for energy efficiency, respectively. The company also achieved $5 million of incentives for service terminations in 2017, 2018 and 2019 that, pursuant to the rate plan, is being recorded ratably in earnings from 2018 to 2020. In 2018 and 2019, the company recorded $3 million and $7 million of incentives for service terminations, respectively. 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 - $69 million Yr. 2 - $74 million Yr. 3 - $79 million In 2020 and 2021, the company recorded $34 million and $64 million primarily related to earnings adjustment mechanism incentives for energy efficiency, respectively. Revenue decoupling mechanisms Continuation of reconciliation of actual to authorized electric delivery revenues. In 2017, 2018 and 2019, the company deferred for customer benefit $45 million, $(6) million and $169 million of revenues, respectively. Continuation of reconciliation of actual to authorized electric delivery revenues. In 2020 and 2021, the company deferred for recovery from customers $242 million and $226 million of revenues, respectively. Recoverable energy costs Continuation of current rate recovery of purchased power and fuel 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 – $376 million Yr. 2 – $341 million Yr. 3 – $352 million In 2017 and 2018, the company did not record any negative revenue adjustments. In 2019, the company recorded negative revenue adjustments of $15 million. Potential charges if certain performance targets relating to service, reliability, safety and other matters are not met: Yr. 1 - $450 million Yr. 2 - $461 million Yr. 3 - $476 million In 2020, the company recorded negative revenue adjustments of $5 million. In 2021, the company did not record any negative revenue adjustments. Cost reconciliations Continuation of reconciliation of expenses for pension and other postretirement benefits, variable-rate tax-exempt debt, major storms, 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). In 2017, 2018 and 2019, the company deferred $35 million, $189 million and $10 million of net regulatory assets, respectively. Continuation of reconciliation of expenses for pension and other postretirement benefits, variable-rate debt, major storms, 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). In 2020 and 2021, the company deferred $288 million and $191 million of net regulatory assets, respectively. Net utility plant reconciliations Target levels reflected in rates: Electric average net plant target excluding advanced metering infrastructure (AMI): Yr. 1 – $21,689 million Yr. 2 – $22,338 million Yr. 3 – $23,002 million AMI: Yr. 1 – $126 million Yr. 2 – $257 million Yr. 3 – $415 million The company deferred $0.4 million as a regulatory asset in 2017. In 2018 and 2019, $0.4 and $11.8 million was deferred as a regulatory liability, respectively. Target levels reflected in rates: Electric average net plant target excluding advanced metering infrastructure (AMI): Yr. 1 - $24,491 million Yr. 2 - $25,092 million Yr. 3 - $25,708 million AMI: Yr. 1 - $572 million Yr. 2 - $740 million Yr. 3 - $806 million (h) The company deferred $4.1 million as a regulatory asset in 2020 and $3.2 million as a regulatory liability in 2021. Average rate base Yr. 1 – $18,902 million Yr. 2 – $19,530 million Yr. 3 – $20,277 million Yr. 1 - $21,660 million Yr. 2 - $22,783 million Yr. 3 - $23,926 million Weighted average cost of capital (after-tax) Yr. 1 – 6.82 percent Yr. 2 – 6.80 percent Yr. 3 – 6.73 percent Yr. 1 to Yr. 3 – 6.61 percent Authorized return on common equity 9.0 percent 8.80 percent Actual return on common equity (i) (j) Yr. 1 – 9.30 percent Yr. 2 – 9.36 percent Yr. 3 – 8.82 percent Yr. 1 – 8.50 percent Yr. 2 – 8.03 percent Earnings sharing Most earnings above an annual earnings threshold of 9.5 percent are to be applied to reduce regulatory assets for environmental remediation and other costs accumulated in the rate year. In 2017, the company had no earnings above the threshold but recorded a positive adjustment related to 2016 of $5.7 million in earnings. In 2018 and 2019, the company had no earnings sharing above the threshold. Most earnings above an annual earnings threshold of 9.3 percent are to be applied to reduce regulatory assets for environmental remediation and other costs accumulated in the rate year. In 2020 and 2021, the company had no earnings sharing above the threshold. A reserve of $4.3 million was recorded in 2021 related to a potential adjustment to the excess earnings sharing amount for 2016. Cost of long-term debt Yr. 1 – 4.93 percent Yr. 2 – 4.88 percent Yr. 3 – 4.74 percent Yr. 1 to Yr. 3 – 4.63 percent Common equity ratio 48 percent 48 percent (a) In January 2020, the NYSPSC approved the October 2019 Joint Proposal for CECONY's electric rate plan for January 2020 through December 2022. If at the end of any semi-annual period ending June 30 and December 31, Con Edison’s investments in its non-utility businesses exceed 15 percent of its total consolidated revenues, assets or cash flow, or if the ratio of holding company debt to total consolidated debt rises above 20 percent, CECONY is required to notify the NYSPSC and submit a ring-fencing plan or a demonstration why additional ring-fencing measures (see Note U) are not necessary. (b) The electric base rate increases were in addition to a $48 million increase resulting from the December 2016 expiration of a temporary credit under the prior rate plan. At the NYSPSC’s option, these increases were implemented with increases of $199 million in each rate year. Base rates reflect recovery by the company of certain costs of its energy efficiency, system peak reduction and electric vehicle programs (Yr. 1 - $20.5 million; Yr. 2 - $49 million; and Yr. 3 - $107.5 million) over a 10-year period, including the overall pre-tax rate of return on such costs. (c) Base rates reflect recovery by the company of certain costs of its energy efficiency, Reforming the Energy Vision demonstration projects, non-wire alternative projects (including the Brooklyn Queens demand management program), and off-peak electric vehicle charging programs (Yr. 1 - $206 million; Yr. 2 - $245 million; and Yr. 3 - $251 million) over a ten-year period, including the overall pre-tax rate of return on such costs. (d) Amounts reflect amortization of the 2018 tax savings under the federal Tax Cuts and Jobs Act of 2017 (TCJA) allocable to CECONY’s electric customers ($377 million) over a three-year period ($126 million annually), the protected portion of the regulatory liability for excess deferred income taxes allocable to CECONY’s electric customers ($1,663 million) over the remaining lives of the related assets ($49 million in Yr. 1, $50 million in Yr. 2, and $53 million in Yr. 3) and the unprotected portion of the net regulatory liability ($784 million) over five years ($157 million annually). Amounts also reflect amortization of the regulatory asset for deferred MTA power reliability costs ($238 million) over a five-year period ($48 million annually). (e) 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. (f) In general, if actual expenses for municipal infrastructure support (other than company labor) are below the amounts reflected in rates the company will defer the difference for credit to customers, and if the actual expenses are above the amount 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 30 percent of the amount reflected in the January 2017-December 2019 rate plan and 15 percent of the amount reflected in the January 2020-December 2022 rate plan. (g) In addition, the NYSPSC staff has commenced a 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) Reconciliation of net utility plant for AMI will be done on a combined basis for electric and gas. (i) Calculated in accordance with the earnings calculation method prescribed in the rate order. (j) In November 2021, the NYSPSC issued an order that allowed CECONY to recover $43 million of late payment charges and fees that were not billed for the year ended December 31, 2020. The recalculated return on equity for 2020 which reflects the recovery of these fees is 8.81 percent. In January 2022, CECONY filed a request with the NYSPSC for an electric rate increase of $1,199 million, effective January 2023. The filing reflects a return on common equity of 10.0 percent and a common equity ratio of 50 percent. The company is requesting provisions pursuant to which expenses for pension and other post-retirement benefits, long-term debt, storm restoration, property taxes, municipal infrastructure support, the impact of new laws, late payment charges, and environmental site investigation and remediation are reconciled to amounts reflected in rates. In addition, the company is proposing a reconciliation and current recovery or surcharge mechanism of uncollectible write-offs to the level in rates and a reconciliation of the impacts of inflation on operation and maintenance expenses under certain circumstances. The company is proposing the continuation of earnings opportunities from Earnings Adjustment Mechanisms for meeting energy efficiency goals. The filing also reflects continuation of the revenue decoupling mechanism and the provisions pursuant to which the company recovers its purchased power and fuel costs from customers. The filing includes supplemental information regarding electric rate plans for 2024 and 2025, which the company is not requesting, but would consider through settlement discussions. For purposes of illustration, rate increases of $853 million and $608 million effective January 2024 and 2025, respectively, were calculated based upon an assumed return on common equity of 10.0 percent and a common equity ratio of 50 percent. CECONY – Gas Effective period January 2017 - December 2019 January 2020 – December 2022 (a) Base rate changes Yr. 1 – $(5) million (b) Yr. 2 – $92 million Yr. 3 – $90 million Yr. 1 – $84 million (c) Yr. 2 – $122 million (c) Yr. 3 – $167 million (c) Amortizations to income of net Yr. 1 – $39 million Yr. 2 – $37 million Yr. 3 – $36 million Yr. 1 – $45 million (d) Yr. 2 – $43 million (d) Yr. 3 – $10 million (d) 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. Potential incentives if performance targets related to gas leak backlog, leak prone pipe and service terminations are met: Yr. 1 – $7 million Yr. 2 – $8 million Yr. 3 – $8 million In 2017, 2018 and 2019, the company achieved incentives of $7 million, $6 million and $7 million, respectively, that, pursuant to the rate plan, was recorded ratably in earnings from 2018 to 2020. In 2018 and 2019, the company recorded incentives of $5 million and $9 million, respectively, for gas leak backlog, leak prone pipe and service terminations. Retention of annual revenues from non-firm customers of up to $65 million and 15 percent of any such revenues above $65 million. Potential earnings adjusted mechanism incentives for energy efficiency and other potential incentives of up to: Yr. 1 - $20 million Yr. 2 - $22 million Yr. 3 - $25 million In 2020 and 2021, the company recorded $3 million and $26 million of earnings adjustment mechanism incentives for energy efficiency, respectively. In 2020 and 2021, the company recorded positive incentives of $13 million and $7 million, respectively. In 2021, the company reversed $6 million of positive incentives recorded in 2020 pursuant to an order issued by the NYSPSC in December 2021. Revenue decoupling mechanisms Continuation of reconciliation of actual to authorized gas delivery revenues. In 2017, 2018 and 2019, the company deferred $3 million, $12 million and $10 million of regulatory liabilities, respectively. Continuation of reconciliation of actual to authorized gas delivery revenues, modified to be calculated based upon revenue per customer class instead of revenue per customer. In 2020 and 2021, the company deferred for recovery from customers $27 million and $100 million of revenues, respectively. Recoverable energy costs Continuation of current rate recovery of purchased gas costs. Continuation of current rate recovery of purchased gas costs. Negative revenue adjustments Potential charges if performance targets relating to service, safety and other matters are not met: Yr. 1 – $68 million Yr. 2 – $63 million Yr. 3 – $70 million In 2017 and 2018, the company recorded negative revenue adjustments of $5 million and $4 million, respectively. In 2019, the company did not record any negative revenue adjustments. Potential charges if performance targets relating to service, safety and other matters are not met: Yr. 1 - $81 million Yr. 2 - $88 million Yr. 3 - $96 million In 2020 and 2021, the company did not record any negative revenue adjustments. Cost reconciliations Continuation of reconciliation of expenses for pension and other postretirement benefits, variable-rate tax-exempt debt, major storms, 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). In 2017, 2018 and 2019, the company deferred $2 million of net regulatory liabilities, $44 million of net regulatory assets and $18 million of net regulatory assets, respectively. Continuation of reconciliation of expenses for pension and other postretirement benefits, variable-rate debt, major storms, 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). In 2020 and 2021, the company deferred $91 million and $14 million of net regulatory assets, respectively. Net utility plant reconciliations Target levels reflected in rates: Gas average net plant target excluding AMI: Yr. 1 – $5,844 million Yr. 2 – $6,512 million Yr. 3 – $7,177 million AMI: Yr. 1 – $27 million Yr. 2 – $57 million Yr. 3 – $100 million In 2017 and 2018 the company deferred $2.2 million as regulatory liabilities. In 2019, the company deferred $1.7 million as a regulatory liability. Target levels reflected in rates: Gas average net plant target excluding AMI: Yr. 1 - $8,108 million Yr. 2 - $8,808 million Yr. 3 - $9,510 million AMI: Yr. 1 - $142 million Yr. 2 - $183 million Yr. 3 - $211 million (h) In 2020 and 2021, the company deferred $24.7 million and $26 million as a regulatory liability, respectively. Average rate base Yr. 1 – $4,841 million Yr. 2 – $5,395 million Yr. 3 – $6,005 million Yr. 1 - $7,171 million Yr. 2 - $7,911 million Yr. 3 - $8,622 million Weighted average cost of capital Yr. 1 – 6.82 percent Yr. 2 – 6.80 percent Yr. 3 – 6.73 percent Yr. 1 to Yr. 3 – 6.61 percent Authorized return on common equity 9.0 percent 8.8 percent Actual return on common equity (i) (j) Yr. 1 – 9.22 percent Yr. 2 – 9.04 percent Yr. 3 – 8.72 percent Yr. 1 – 8.40 percent Yr. 2 – 8.48 percent Earnings sharing Most earnings above an annual earnings threshold of 9.5 percent are to be applied to reduce regulatory assets for environmental remediation and other costs accumulated in the rate year. In 2017, 2018 and 2019, the company had no earnings above the threshold. Most earnings above an annual earnings threshold of 9.3 percent are to be applied to reduce regulatory assets for environmental remediation and other costs accumulated in the rate year. In 2020 and 2021, the company had no earnings above the threshold. Cost of long-term debt Yr. 1 – 4.93 percent Yr. 2 – 4.88 percent Yr. 3 – 4.74 percent Yr. 1 to Yr. 3 – 4.63 percent Common equity ratio 48 percent 48 percent (a) In January 2020, the NYSPSC approved the October 2019 Joint Proposal for CECONY's gas rate plan for January 2020 through December 2022. If at the end of any semi-annual period ending June 30 and December 31, Con Edison’s investments in its non-utility businesses exceed 15 percent of its total consolidated revenues, assets or cash flow, or if the ratio of holding company debt to total consolidated debt rises above 20 percent, CECONY is required to notify the NYSPSC and submit a ring-fencing plan or a demonstration why additional ring-fencing measures (see Note U) are not necessary. (b) The gas base rate decrease was offset by a $41 million increase resulting from the December 2016 expiration of a temporary credit under the prior rate plan. (c) The gas base rate increases shown above will be implemented with increases of $47 million in Yr. 1; $176 million in Yr. 2; and $170 million in Yr. 3 in order to levelize customer bill impacts. Base rates reflect recovery by the company of certain costs of its energy efficiency program (Yr. 1 - $30 million; Yr. 2 - $37 million; and Yr. 3 - $40 million) over a ten-year period, including the overall pre-tax rate of return on such costs. (d) Amounts reflect amortization of the remaining 2018 TCJA tax savings allocable to CECONY’s gas customers ($63 million) over a two year period ($32 million annually), the protected portion of the regulatory liability for excess deferred income taxes allocable to CECONY’s gas customers ($725 million) over the remaining lives of the related assets ($14 million in Yr. 1, $14 million in Yr. 2, and $12 million in Yr. 3) and the unprotected portion of the net regulatory liability ($107 million) over five years ($21 million annually) (e)-(i) See footnotes (e) - (i) to the table under “CECONY Electric,” above. (j) In November 2021, the NYSPSC issued an order that allowed CECONY to recover $7 million of late payment charges and fees that were not billed for the year ended December 31, 2020. The recalculated return on equity for 2020 which reflects the recovery of these fees is 8.56 percent. In January 2022, CECONY filed a request with the NYSPSC for a gas rate increase of $503 million, effective January 2023. The filing reflects a return on common equity of 10.0 percent and a common equity ratio of 50 percent. The company is requesting provisions pursuant to which expenses for pension and other post-retirement benefits, long-term debt, storm restoration, property taxes, municipal infrastructure support, the impact of new laws, late payment charges, and environmental site investigation and remediation are reconciled to amounts reflected in rates. In addition, the company is proposing a reconciliation and current recovery or surcharge mechanism of uncollectible write-offs to the level in rates and a reconciliation of the impacts of inflation on operation and maintenance expenses under certain circumstances. The company is proposing the continuation of earnings opportunities from Earnings Adjustment Mechanisms for meeting energy efficiency goals. The filing also reflects continuation of the revenue decoupling mechanism and the provisions pursuant to which the company recovers its purchased power and fuel costs from customers. The filed gas revenue requirement includes additional depreciation expense of $48 million. Included in this increase is the impact of the company’s proposal to decrease the service lives for the longer-lived gas accounts by five years. The filing includes supplemental information regarding gas rate plans for 2024 and 2025, which the company is not requesting, but would consider through settlement discussions. For purposes of illustration, rate increases of $234 million and $218 million effective January 2024 and 2025, respectively, were calculated based upon an assumed return on common equity of 10.0 percent and a common equity ratio of 50 percent. CECONY – Steam Effective period January 2014 – December 2016 (a) Base rate changes Yr. 1 – $(22.4) million (b) Yr. 2 – $19.8 million (b) Yr. 3 – $20.3 million (b) Yr. 4 – None Yr. 5 – None Yr. 6 – None Yr. 7 – None Yr. 8 – None Amortizations to income of net $37 million over three years Recoverable energy costs Current rate recovery of purchased power and fuel costs. Negative revenue adjustments Potential charges (up to $1 million annually) if certain steam performance targets are not met. In years 2014 through 2021, the company did not record any negative revenue adjustments. Cost reconciliations (c)(d) In 2014, 2015, 2016, 2017, 2018, 2019, 2020 and 2021, the company deferred $42 million of net regulatory liabilities, $17 million of net regulatory assets, $8 million and $14 million of net regulatory liabilities, $1 million of net regulatory assets, $8 million of net regulatory liabilities, $35 million of net regulatory assets and $32 million of net regulatory assets, respectively. Net utility plant reconciliations Target levels reflected in rates were: Production: Yr. 1 – $1,752 million Yr. 2 – $1,732 million Yr. 3 – $1,720 million Distribution: Yr. 1 – $6 million Yr. 2 – $11 million Yr. 3 – $25 million The company reduced its regulatory liability by $0.1 million in 2014 and immaterial amounts in 2015 and 2016 and no deferrals were recorded in 2017, 2018, 2019. The company reduced its regulatory liability by $1.6 million in 2020 and by $0.6 million in 2021. Average rate base Yr. 1 – $1,511 million Yr. 2 – $1,547 million Yr. 3 – $1,604 million Weighted average cost of capital (after-tax) Yr. 1 – 7.10 percent Yr. 2 – 7.13 percent Yr. 3 – 7.21 percent Authorized return on common equity 9.3 percent Actual return on common equity (e) Yr. 1 – 9.82 percent Yr. 2 – 10.88 percent Yr. 3 – 10.54 percent Yr. 4 – 9.51 percent Yr. 5 – 11.73 percent Yr. 6 – 10.45 percent Yr. 7 – 7.91 percent Yr. 8 – 5.99 percent Earnings sharing Weather normalized earnings above an annual earnings threshold of 9.9 percent are to be applied to reduce regulatory assets for environmental remediation and other costs. In 2014, the company had no earnings above the threshold. Actual earnings were $11.5 million and $7.8 million above the threshold in 2015 and 2016, respectively. In 2017, actual earnings were $8.5 million above the threshold, offset in part by a positive adjustment related to 2016 of $4 million. In 2018, actual earnings were $16.5 million above the threshold, and an additional $1.1 million related to 2017 was recorded. In 2019 actual earnings were $5 million above the threshold, offset in part by an adjustment related to 2018 of $2.3 million. In 2020 and 2021, the company had no earnings sharing above the threshold. Reserve adjustments of $0.4 million and $0.2 million were recorded in 2021 related to potential adjustment to the excess earnings sharing amounts for 2016 and 2018, respectively. Cost of long-term debt Yr. 1 – 5.17 percent Yr. 2 – 5.23 percent Yr. 3 – 5.39 percent Common equity ratio 48 percent (a) Rates determined pursuant to this rate plan continue in effect until a new rate plan is approved by the NYSPSC. (b) The impact of these base rate changes was deferred which resulted in an $8 million regulatory liability at December 31, 2016. (c) 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 10 basis point impact on return on common equity. (d) In addition, the NYSPSC staff has commenced a 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. CECONY’s historical inadvertent understatement of its calculation of total federal income tax expense for ratemaking purposes has not been addressed in the current steam rate plan. See "Other Regulatory Matters," below. (e) Calculated in accordance with the earnings calculation method prescribed in the rate order. In October 2021, O&R, the New York State Department of Public Service (NYSDPS) and other parties entered into a Joint Proposal for new electric and gas rate plans for the three-year period January 2022 through December 2024 (the Joint Proposal). The Joint Proposal is subject to NYSPSC approval. The Joint Proposal includes certain COVID-19 provisions, such as: recovery of 2020 late payment charges over three years ( $2.8 million ); reconciliation of late payment charges to amounts reflected in rates for years 2021 through 2024, with full recovery/refund via surcharge/sur-credit once the annual variance equals or exceeds 5 basis points of return on equity; and reconciliation of write-offs of customer accounts receivable balances to amounts reflected in rates from January 1, 2020 through December 31, 2024, with full recovery/refund via surcharge/sur-credit once the annual variance equals or exceeds 5 basis points of return on equity. The following tables contain a summary of the current and proposed rate plans. O&R New York – Electric Effective period (a) January 2019 – December 2021 January 2022 – December 2024 Base rate changes Yr. 1 – $13.4 million (b) Yr. 2 – $8.0 million (b) Yr. 3 – $5.8 million (b) Yr. 1 – $4.9 million (i) Yr. 2 – $16.2 million (i) Yr. 3 – $23.1 million (i) Amortizations to income of net Yr. 1 – $(1.5) million (c) Yr. 2 – $(1.5) million (c) Yr. 3 – $(1.5) million (c) Yr. 1 – $11.8 million (j) Yr. 2 – $13.5 million (j) Yr. 3 – $15.2 million (j) Other revenue sources Potential earnings adjustment mechanism incentives for peak reduction, energy efficiency, Distributed Energy Resources utilization and other potential incentives of up to: Yr. 1 - $3.6 million Yr. 2 - $4.0 million Yr. 3 - $4.2 million Potential incentive if performance target related to customer service is met: $0.5 million annually. In 2019, 2020 and 2021, the company recorded $2.6 million, $1.9 million and $1.8 million of earnings adjustment mechanism incentives for energy efficiency, respectively. In 2019 and 2020, the company recorded $0.2 million and $0.5 million of incentives for customer service, respectively. In 2021, the company did not record incentives for customer service. In 2021, the company reversed the $0.5 million of incentives recorded in 2020 pursuant to the October 2021 Joint Proposal. Potential earnings adjustment mechanism incentives for energy efficiency and other potential incentives of up to: Revenue decoupling mechanisms Continuation of reconciliation of actual to authorized electric delivery revenues. In 2019 and 2020, the company deferred $0.1 million and $6 million regulatory assets, respectively. In 2021, $1 |
Capitalization
Capitalization | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Capitalization | Capitalization Common Stock Con Edison is authorized to issue 500,000,000 shares of its common stock and CECONY is authorized to issue 340,000,000 of its common stock. At December 31, 2021 and 2020, 353,983,712 and 342,297,534 shares, respectively, of Con Edison common stock were outstanding. At December 31, 2021 and 2020, 235,488,094 million shares of CECONY common stock were outstanding, all of which were owned by Con Edison. At December 31, 2021 and 2020, Con Edison had 23,210,700 treasury shares, including 21,976,200 shares of Con Edison stock that CECONY purchased prior to 2001 in connection with Con Edison’s stock repurchase plan. CECONY presents in the financial statements the cost of the Con Edison stock it owns as a reduction of common shareholder’s equity. In June 2021, Con Edison issued 10,100,000 shares of its common stock resulting in net proceeds of approximately $775 million, after issuance expenses. Capitalization of Con Edison Con Edison's capitalization shown on its Consolidated Statement of Capitalization includes its outstanding common stock and long-term debt and the outstanding long-term debt of the Utilities and the Clean Energy Businesses. Dividends In accordance with NYSPSC requirements, the dividends that the Utilities generally pay are limited to not more than 100 percent of their respective income available for dividends calculated on a two–year rolling average basis. See Note U. Excluded from the calculation of “income available for dividends” are non-cash charges to income resulting from accounting changes or charges to income resulting from significant unanticipated events. The restriction also does not apply to dividends paid in order to transfer to Con Edison proceeds from major transactions, such as asset sales, or to dividends reducing each utility subsidiary’s equity ratio to a level appropriate to its business risk. Long-term Debt Long-term debt maturing in the period 2022-2026 is as follows: (Millions of Dollars) Con Edison CECONY 2022 $440 $— 2023 969 — 2024 393 250 2025 319 — 2026 385 250 CECONY has issued $450 million of tax – exempt debt through the New York State Energy Research and Development Authority (NYSERDA) that currently bears interest at a rate determined weekly and is subject to tender by bondholders for purchase by the company. The carrying amounts and fair values of long-term debt at December 31, 2021 and 2020 are: (Millions of Dollars) 2021 2020 Long-Term Debt (including current portion) (a) Carrying Amount Fair Value Carrying Amount Fair Value Con Edison $23,044 $26,287 $22,349 $26,808 CECONY $18,382 $21,382 $16,789 $20,974 (a) Amounts shown are net of unamortized debt expense and unamortized debt discount of $226 million and $193 million for Con Edison and CECONY, respectively, as of December 31, 2021 and $215 million and $176 million for Con Edison and CECONY, respectively, as of December 31, 2020. The fair values of the Companies' long-term debt have been estimated primarily using available market information and at December 31, 2021 are classified as Level 2 (see Note R). Significant Debt Covenants The significant debt covenants under the financing arrangements for the Companies' debentures and Con Edison's notes include obligations to pay principal and interest when due and covenants not to consolidate with or merge into any other entity unless certain conditions are met. In addition, Con Edison’s notes include covenants that the company shall continue its utility business in New York City and shall not permit its ratio of consolidated debt to consolidated total capital to exceed 0.675 to 1 and include cross default provisions with respect to the failure by the company or any material subsidiary to make one or more payments in respect of material financial obligations (in excess of an aggregate $100 million of debt, excluding non-recourse debt, of the company or any of its material subsidiaries and the occurrence of an event or condition which results in the acceleration of the maturity of any material debt in excess of an aggregate $100 million, not including non-recourse debt, of the company or any of its material subsidiaries or enables the holders of such debt to accelerate the maturity thereof. The Companies' debentures have no cross default provisions. The tax–exempt financing arrangements of CECONY are subject to covenants for the debentures discussed above and the covenants discussed below. The Companies were in compliance with their significant debt covenants at December 31, 2021. The tax-exempt financing arrangements involved the issuance of uncollateralized promissory notes of CECONY to NYSERDA in exchange for the net proceeds of a like amount of tax – exempt bonds with substantially the same terms sold to the public by NYSERDA. The tax-exempt financing arrangements include covenants with respect to the tax – exempt status of the financing, including covenants with respect to the use of the facilities financed. The arrangements include provisions for the maintenance of liquidity and credit facilities, the failure to comply with which would, except as otherwise provided, constitute an event of default for the debt to which such provisions applied. The failure to comply with debt covenants would, except as otherwise provided, constitute an event of default for the debt to which such provisions applied. If an event of default were to occur, the principal and accrued interest on the debt to which such event of default applied and, in the case of the Con Edison notes, a make-whole premium might and, in the case of certain events of default would, become due and payable immediately. The liquidity and credit facilities currently in effect for the tax – exempt financing include covenants that the ratio of debt to total capital of CECONY will not at any time exceed 0.65 to 1 and that, subject to certain exceptions, CECONY will not mortgage, lien, pledge or otherwise encumber its assets. Certain of the facilities also include as events of default, defaults in payments of other debt obligations in excess of specified levels ($150 million or $100 million, depending on the facility). |
Short-Term Borrowing
Short-Term Borrowing | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowing | Short-Term Borrowing In December 2016, Con Edison and the Utilities entered into a credit agreement (Credit Agreement), under which banks are committed to provide loans and letters of credit on a revolving credit basis. The Credit Agreement, as amended in 2019, expires in December 2023. There is a maximum of $2,250 million of credit available through December 2022 and $2,200 million of credit available from then through December 2023 . The full amount is available to CECONY and $1,000 million (subject to increase up to $1,500 million) is available to Con Edison, including up to $1,200 million of letters of credit. The Credit Agreement supports the Companies’ commercial paper programs. The Companies have not borrowed under the Credit Agreement. At December 31, 2021, Con Edison had $1,488 million of commercial paper outstanding, of which $1,361 million was outstanding under CECONY’s program. The weighted average interest rate at December 31, 2021 was 0.3 percent for both Con Edison and CECONY. At December 31, 2020, Con Edison had $1,705 million of commercial paper outstanding of which $1,660 million was outstanding under CECONY’s program. The weighted average interest rate at December 31, 2020 was 0.3 percent for both Con Edison and CECONY. At December 31, 2021 and 2020, no loans were outstanding under the Credit Agreement. An immaterial amount of letters of credit were outstanding under the Credit Agreement as of December 31, 2021 and 2020. The banks’ commitments under the Credit Agreement are subject to certain conditions, including that there be no event of default. The commitments are not subject to maintenance of credit rating levels or the absence of a material adverse change. Upon a change of control of, or upon an event of default by one of the Companies, the banks may terminate their commitments with respect to that company, declare any amounts owed by that company under the Credit Agreement immediately due and payable and require that company to provide cash collateral relating to the letters of credit issued for it under the Credit Agreement. Events of default for a company include that company exceeding at any time of a ratio of consolidated debt to consolidated total capital of 0.65 to 1 (at December 31, 2021 this ratio was 0.52 to 1 for Con Edison and 0.55 to 1 for CECONY); that company having liens on its assets in an aggregate amount exceeding five percent of its consolidated total capital, subject to certain exceptions; that company or any of its material subsidiaries failing to make one or more payments in respect of material financial obligations (in excess of an aggregate $150 million of debt or derivative obligations other than non-recourse debt) of that company; the occurrence of an event or condition which results in the acceleration of the maturity of any material debt (in excess of an aggregate $150 million of debt other than non-recourse debt) of that company or enables the holders of such debt to accelerate the maturity thereof; and other customary events of default. Interest and fees charged for the revolving credit facilities and any loans made or letters of credit issued under the Credit Agreement reflect the Companies’ respective credit ratings. The Companies were in compliance with their significant debt covenants at December 31, 2021. See Note U for information about short-term borrowing between related parties. |
Pension Benefits
Pension Benefits | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Pension Benefits | Pension Benefits Con Edison maintains a tax-qualified, non-contributory pension plan that covers substantially all employees of CECONY, O&R and Con Edison Transmission and certain employees of the Clean Energy Businesses. The plan is designed to comply with the Internal Revenue Code and the Employee Retirement Income Security Act of 1974. Con Edison also maintains additional non – qualified supplemental pension plans. Total Periodic Benefit Cost The components of the Companies’ total periodic benefit costs for 2021, 2020 and 2019 were as follows: Con Edison CECONY (Millions of Dollars) 2021 2020 2019 2021 2020 2019 Service cost – including administrative expenses $343 $293 $250 $321 $274 $232 Interest cost on projected benefit obligation 471 549 601 443 515 564 Expected return on plan assets (1,096) (1,034) (988) (1,040) (980) (936) Recognition of net actuarial loss 787 699 518 746 661 492 Recognition of prior service credit (17) (16) (17) (19) (19) (19) TOTAL PERIODIC BENEFIT COST $488 $491 $364 $451 $451 $333 Cost capitalized (154) (130) (108) (146) (123) (102) Reconciliation to rate level (226) (250) (15) (216) (239) (12) Total expense recognized $108 $111 $241 $89 $89 $219 In March 2017, the FASB issued amendments to the guidance for retirement benefits through ASU 2017-07, “Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.” The Companies adopted ASU 2017-07 beginning on January 1, 2018. The guidance requires that components of net periodic benefit cost other than service cost be presented outside of operating income on consolidated income statements, and that only the service cost component is eligible for capitalization. Accordingly, the service cost components are included in the line "Other operations and maintenance" and the non-service cost components are included in the line “Other deductions” in the Companies' consolidated income statements. In August 2018, the FASB issued amendments to the guidance for retirement benefits through ASU 2018-14, “Compensation-Retirement Benefits (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans." The guidance requires disclosure of the weighted-average interest crediting rate used for cash balance plans for all periods presented, and a narrative description of significant changes in the benefit obligation. The Companies adopted ASU 2018-14 for fiscal years ending after December 15, 2020 and the required disclosures are included below and, as applicable, in Note F. Funded Status The funded status at December 31, 2021, 2020 and 2019 was as follows: Con Edison CECONY (Millions of Dollars) 2021 2020 2019 2021 2020 2019 CHANGE IN PROJECTED BENEFIT OBLIGATION Projected benefit obligation at beginning of year $18,965 $16,792 $14,449 $17,821 $15,750 $13,542 Service cost – excluding administrative expenses 337 288 245 317 269 228 Interest cost on projected benefit obligation 471 549 601 443 515 564 Net actuarial loss/(gain) (1,547) 2,281 2,191 (1,441) 2,154 2,076 Plan amendments — — 15 — — — Benefits paid (869) (945) (709) (799) (867) (660) PROJECTED BENEFIT OBLIGATION AT END OF YEAR $17,357 $18,965 $16,792 $16,341 $17,821 $15,750 CHANGE IN PLAN ASSETS Fair value of plan assets at beginning of year $17,022 $15,608 $13,450 $16,147 $14,790 $12,744 Actual return on plan assets 1,935 1,927 2,556 1,838 1,830 2,425 Employer contributions 469 475 350 432 435 318 Benefits paid (869) (945) (709) (799) (867) (660) Administrative expenses (53) (43) (39) (52) (41) (37) FAIR VALUE OF PLAN ASSETS AT END OF YEAR $18,504 $17,022 $15,608 $17,566 $16,147 $14,790 FUNDED STATUS $1,147 $(1,943) $(1,184) $1,225 $(1,674) $(960) Unrecognized net loss $205 $3,330 $2,604 $207 $3,145 $2,466 Unrecognized prior service costs/(credits) (140) (156) (173) (163) (183) (202) Accumulated benefit obligation 15,469 16,768 15,015 14,504 15,676 14,010 The increase in the pension funded status at December 31, 2021 for Con Edison and CECONY of $3,090 million and $2,899 million, respectively, compared with December 31, 2020, was primarily due to a decrease in the plan's projected benefit obligation as a result of an increase in the discount rate and actuarial gains on plan assets exceeding the expected rate of return. The increase in the pension funded status liability at December 31, 2020 for Con Edison and CECONY of $759 million and $714 million, respectively, compared with December 31, 2019, was primarily due to an increase in the plan’s projected benefit obligation as a result of a decrease in the discount rate, partially offset by an increase in plan assets as a result of the actual return on plan assets. See below for further information on the change in the discount rate and determination of the discount rate assumption. For Con Edison, the 2021 change in pension funded status from a liability to an asset corresponds with a decrease to regulatory assets of $3,067 million for unrecognized net losses and unrecognized prior service costs associated with the Utilities consistent with the accounting rules for regulated operations, a credit to OCI of $30 million (net of taxes) for the unrecognized net losses, and an immaterial change to OCI (net of taxes) for the unrecognized prior service costs associated with certain employees of the Clean Energy Businesses, Con Edison Transmission, and RECO who previously worked for the Utilities. For 2021, included within the funded status are noncurrent liabilities of $459 million and $381 million for Con Edison and CECONY, respectively. For CECONY, the change in pension funded status from a liability to an asset at December 31, 2021 corresponds with a decrease to regulatory assets of $2,910 million for unrecognized net losses and unrecognized prior service costs consistent with the accounting rules for regulated operations, and also a credit to OCI of $6 million (net of taxes) for unrecognized net losses, and an immaterial change to OCI (net of taxes) for the unrecognized prior service costs associated with certain employees of the Clean Energy Businesses and Con Edison Transmission who previously worked for CECONY. At December 31, 2021 and 2020, Con Edison’s investments included $525 million and $465 million, respectively, held in external trust accounts for benefit payments pursuant to the supplemental retirement plans. Included in these amounts for CECONY were $499 million and $439 million, respectively. See Note R. The accumulated benefit obligations for the supplemental retirement plans for Con Edison and CECONY were $386 million and $352 million as of December 31, 2021, respectively, and $414 million and $377 million as of December 31, 2020, respectively. Assumptions The actuarial assumptions were as follows: 2021 2020 2019 Weighted-average assumptions used to determine benefit obligations at December 31: Discount rate 3.00 % 2.55 % 3.35 % Interest crediting rate for cash balance plan 3.50 % 3.00 % 3.30 % Rate of compensation increase CECONY 3.80 % 3.80 % 3.80 % O&R 3.20 % 3.20 % 3.20 % Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31: Discount rate 2.55 % 3.35 % 4.25 % Interest crediting rate for cash balance plan 3.00 % 3.30 % 4.00 % Expected return on plan assets 7.00 % 7.00 % 7.00 % Rate of compensation increase CECONY 3.80 % 3.80 % 4.25 % O&R 3.20 % 3.20 % 4.00 % The expected return assumption reflects anticipated returns on the plan’s current and future assets. The Companies’ expected return was based on an evaluation of the current environment, market and economic outlook, relationships between the economy and asset class performance patterns, and recent and long-term trends in asset class performance. The projections were based on the plan’s target asset allocation. Discount Rate Assumption To determine the assumed discount rate, the Companies use a model that produces a yield curve based on discounting plan specific cash flows with corresponding spot rates on a yield curve. Term structures of interest rates are based on AA rated corporate bonds. Bonds with questionable pricing information and bonds that are not representative of the overall market are excluded from consideration. For example, the bonds used in the model cannot be callable (with the exception of "make whole" callable bonds). The spot rates defined by the yield curve and the plan’s projected benefit payments are used to develop a weighted average discount rate. Expected Benefit Payments Based on current assumptions, the Companies expect to make the following benefit payments over the next ten years: (Millions of Dollars) 2022 2023 2024 2025 2026 2027-2031 Con Edison $765 $782 $791 $841 $818 $4,219 CECONY 704 721 730 780 756 3,924 Expected Contributions Based on estimates as of December 31, 2021, the Companies expect to make contributions to the pension plans during 2022 of $29 million (of which $20 million is to be made by CECONY). The Companies’ policy is to fund the total periodic benefit cost of the qualified plan to the extent tax deductible and to also contribute to the non-qualified supplemental plans. Plan Assets The asset allocations for the pension plan at the end of 2021, 2020 and 2019, and the target allocation for 2022 are as follows: Target Allocation Range Plan Assets at December 31, Asset Category 2022 2021 2020 2019 Equity Securities 45% - 55% 50 % 51 % 51 % Debt Securities 33% - 43% 38 % 38 % 38 % Real Estate 10% - 14% 12 % 11 % 11 % Total 100% 100 % 100 % 100 % Con Edison has established a pension trust for the investment of assets to be used for the exclusive purpose of providing retirement benefits to participants and beneficiaries and payment of plan expenses. Pursuant to resolutions adopted by Con Edison’s Board of Directors, the Management Development and Compensation Committee of the Board of Directors (the Committee) has general oversight responsibility for Con Edison’s pension and other employee benefit plans. The pension plan’s named fiduciaries have been granted the authority to control and manage the operation and administration of the plans, including overall responsibility for the investment of assets in the trust and the power to appoint and terminate investment managers. The investment objectives of the Con Edison pension plan are to maintain a level and form of assets adequate to meet benefit obligations to participants, to achieve the expected long-term total return on the trust assets within a prudent level of risk and maintain a level of volatility that is not expected to have a material impact on the company’s expected contribution and expense or the company’s ability to meet plan obligations. The assets of the plan have no significant concentration of risk in one country (other than the United States), industry or entity. The strategic asset allocation is intended to meet the objectives of the pension plan by diversifying its funds across asset classes, investment styles and fund managers. An asset/liability study typically is conducted every few years to determine whether the current strategic asset allocation continues to represent the appropriate balance of expected risk and reward for the plan to meet expected liabilities. Each study considers the investment risk of the asset allocation and determines the optimal asset allocation for the plan. The target asset allocation for 2022 reflects the results of such a study conducted in 2018. Individual fund managers operate under written guidelines provided by Con Edison, which cover such areas as investment objectives, performance measurement, permissible investments, investment restrictions, trading and execution, and communication and reporting requirements. Con Edison management regularly monitors, and the named fiduciaries review and report to the Committee regarding, asset class performance, total fund performance, and compliance with asset allocation guidelines. Management changes fund managers and rebalances the portfolio as appropriate. At the direction of the named fiduciaries, such changes are reported to the Committee. Assets measured at fair value on a recurring basis are summarized below as defined by the accounting rules for fair value measurements (see Note R). The fair values of the pension plan assets at December 31, 2021 by asset category are as follows: (Millions of Dollars) Level 1 Level 2 Total Investments within the fair value hierarchy U.S. Equity (a) $4,381 $— $4,381 International Equity (b) 3,536 — 3,536 U.S. Government Issued Debt (c) 1,500 1,500 Corporate Bonds Debt (d) — 3,936 3,936 Structured Assets Debt (e) — 262 262 Other Fixed Income Debt (f) — 1,186 1,186 Cash and Cash Equivalents (g) 80 425 505 Futures (h) 2 — 2 Total investments within the fair value hierarchy $7,999 $7,309 $15,308 Investments measured at NAV per share (n) Private Equity (i) 913 Real Estate (j) 2,306 Hedge Funds (k) 315 Total investments valued using NAV per share $3,534 Funds for retiree health benefits (l) (110) (100) (210) Funds for retiree health benefits measured at NAV per share (l)(n) (48) Total funds for retiree health benefits $(258) Investments (excluding funds for retiree health benefits) $7,889 $7,209 $18,584 Pending activities (m) (80) Total fair value of plan net assets $18,504 (a) U.S. Equity includes both actively- and passively-managed assets with investments in domestic equity index funds and actively-managed small-capitalization equities. (b) International Equity includes international equity index funds and actively-managed international equities. (c) U.S. Government Issued Debt includes agency and treasury securities. (d) Corporate Bonds Debt consists of debt issued by various corporations. (e) Structured Assets Debt includes commercial-mortgage-backed securities and collateralized mortgage obligations. (f) Other Fixed Income Debt includes municipal bonds, sovereign debt and regional governments. (g) Cash and Cash Equivalents include short term investments, money markets, foreign currency and cash collateral. (h) Futures consist of exchange-traded financial contracts encompassing U.S. Equity, International Equity and U.S. Government indices. (i) Private Equity consists of global equity funds that are not exchange-traded. (j) Real Estate investments include real estate funds based on appraised values that are broadly diversified by geography and property type. (k) Hedge Funds are within a commingled structure which invests in various hedge fund managers who can invest in all financial instruments. (l) The Companies set aside funds for retiree health benefits through a separate account within the pension trust, as permitted under Section 401(h) of the Internal Revenue Code of 1986, as amended. In accordance with the Code, the plan’s investments in the 401(h) account may not be used for, or diverted to, any purpose other than providing health benefits for retirees. The net assets held in the 401(h) account are calculated based on a pro-rata percentage allocation of the net assets in the pension plan. The related obligations for health benefits are not included in the pension plan’s obligations and are included in the Companies’ other postretirement benefit obligation. See Note F. (m) Pending activities include security purchases and sales that have not settled, interest and dividends that have not been received and reflects adjustments for available estimates at year end. (n) In accordance with ASU 2015-07, Fair Value Measurements (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or its equivalent), certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair values of the pension plan assets at December 31, 2020 by asset category are as follows: (Millions of Dollars) Level 1 Level 2 Total Investments within the fair value hierarchy U.S. Equity (a) $4,202 $— $4,202 International Equity (b) 3,693 — 3,693 U.S. Government Issued Debt (c) — 1,424 1,424 Corporate Bonds Debt (d) — 3,535 3,535 Structured Assets Debt (e) — 188 188 Other Fixed Income Debt (f) — 1,067 1,067 Cash and Cash Equivalents (g) 51 408 459 Total investments within the fair value hierarchy $7,946 $6,622 $14,568 Investments measured at NAV per share (m) Private Equity (h) 635 Real Estate (i) 1,880 Hedge Funds (j) 292 Total investments valued using NAV per share $2,807 Funds for retiree health benefits (k) (116) (97) (213) Funds for retiree health benefits measured at NAV per share (k)(m) (41) Total funds for retiree health benefits $(254) Investments (excluding funds for retiree health benefits) $7,830 $6,525 $17,121 Pending activities (l) (99) Total fair value of plan net assets $17,022 (a) - (n) Reference is made to footnotes (a) through (n) in the above table of pension plan assets at December 31, 2021 by asset category. The Companies also offer a defined contribution savings plan that covers substantially all employees and made contributions to the plan as follows: For the Years Ended December 31, (Millions of Dollars) 2021 2020 2019 Con Edison $55 $52 $49 CECONY 46 43 42 |
Other Postretirement Benefits
Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Other Postretirement Benefits | Other Postretirement Benefits The Utilities and Con Edison Transmission currently have contributory comprehensive hospital, medical and prescription drug programs for eligible retirees, their dependents and surviving spouses. CECONY also has a contributory life insurance program for bargaining unit employees and provides basic life insurance benefits up to a specified maximum at no cost to certain retired management employees. O&R has a non-contributory life insurance program for retirees. Certain employees of the Clean Energy Businesses and Con Edison Transmission are eligible to receive benefits under these programs. Total Periodic Benefit Cost The components of the Companies’ total periodic postretirement benefit costs for 2021, 2020 and 2019 were as follows: Con Edison CECONY (Millions of Dollars) 2021 2020 2019 2021 2020 2019 Service cost $22 $21 $18 $16 $16 $13 Interest cost on accumulated other postretirement benefit obligation 33 37 44 28 31 36 Expected return on plan assets (68) (66) (66) (56) (54) (54) Recognition of net actuarial loss/(gain) 31 37 (9) 27 36 (10) Recognition of prior service credit (3) (3) (2) (1) (2) (2) TOTAL PERIODIC POSTRETIREMENT BENEFIT COST/(CREDIT) $15 $26 $(15) $14 $27 $(17) Cost capitalized (9) (9) (7) (7) (7) (5) Reconciliation to rate level (7) (17) 12 (12) (25) 7 Total credit recognized $(1) $— $(10) $(5) $(5) $(15) For information about the adoption of ASU 2017-07, “Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,” and ASU 2018-14, “Compensation-Retirement Benefits (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans," see Note E. Funded Status The funded status of the programs at December 31, 2021, 2020 and 2019 were as follows: Con Edison CECONY (Millions of Dollars) 2021 2020 2019 2021 2020 2019 CHANGE IN BENEFIT OBLIGATION Benefit obligation at beginning of year $1,425 $1,357 $1,114 $1,209 $1,154 $913 Service cost 22 21 18 16 16 13 Interest cost on accumulated postretirement benefit obligation 33 37 44 28 31 36 Amendments — — (14) — — — Net actuarial loss/(gain) (13) 74 264 (3) 63 252 Benefits paid and administrative expenses, net of subsidies (117) (117) (110) (107) (107) (100) Participant contributions 48 53 41 46 52 40 BENEFIT OBLIGATION AT END OF YEAR $1,398 $1,425 $1,357 $1,189 $1,209 $1,154 CHANGE IN PLAN ASSETS Fair value of plan assets at beginning of year $1,115 $1,026 $885 $940 $872 $759 Actual return on plan assets 92 142 198 67 117 165 Employer contributions 6 7 7 3 4 6 Employer group waiver plan subsidies 21 20 23 19 19 22 Participant contributions 48 53 40 46 51 40 Benefits paid (132) (133) (127) (120) (123) (120) FAIR VALUE OF PLAN ASSETS AT END OF YEAR $1,150 $1,115 $1,026 $955 $940 $872 FUNDED STATUS $(248) $(310) $(331) $(234) $(269) $(282) Unrecognized net loss/(gain) $41 $115 $155 $67 $114 $149 Unrecognized prior service costs (13) (16) (19) — (1) (3) The decrease in the other postretirement benefits funded status liability at December 31, 2021 for Con Edison and CECONY of $62 million and $35 million, respectively, compared with December 31, 2020, was primarily due to an increase in the fair value of plan assets as a result of the actual return on plan assets, along with a decrease in the plans' projected benefit obligation as a result of an increase in the discount rate. See below for further information on the change in the discount rate and see Note E for determination of the discount rate assumption. The decrease in the other postretirement benefits funded status liability at December 31, 2020 for Con Edison and CECONY of $21 million and $13 million, respectively, compared with December 31, 2019, was primarily due to an increase in the fair value of plan assets as a result of the actual return on plan assets, partially offset by an increase in the plans' projected benefit obligation as a result of a decrease in the discount rate. For 2021, included within the funded status are noncurrent assets of $79 million and $55 million for Con Edison and CECONY, respectively. For Con Edison, the decrease in funded status liability at December 31, 2021 corresponds with a net decrease to regulatory assets of $67 million for unrecognized net losses and unrecognized prior service costs associated with the Utilities consistent with the accounting rules for regulated operations, and immaterial changes to OCI for the unrecognized net losses and the unrecognized prior service costs associated with the Clean Energy Businesses, Con Edison Transmission, and RECO. For CECONY, the decrease in funded status liability at December 31, 2021 corresponds with a decrease to regulatory assets of $46 million for unrecognized net losses and the unrecognized prior service costs associated with the company consistent with the accounting rules for regulated operations, and immaterial changes to OCI for the unrecognized net losses and the unrecognized prior service costs associated with eligible employees of the Clean Energy Businesses and Con Edison Transmission who previously worked for CECONY. Assumptions The actuarial assumptions were as follows: 2021 2020 2019 Weighted-average assumptions used to determine benefit obligations at December 31: Discount Rate CECONY 2.75 % 2.25 % 3.10 % O&R 3.00 % 2.55 % 3.35 % Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31: Discount Rate CECONY 2.25 % 3.10 % 4.15 % O&R 2.55 % 3.35 % 4.30 % Expected Return on Plan Assets 6.80 % 6.80 % 6.80 % Refer to Note E for descriptions of the basis for determining the expected return on assets, investment policies and strategies and the assumed discount rate. The health care cost trend rates for covered medical and prescription medication expenses used to determine the accumulated other postretirement benefit obligations (APBO) at December 31, 2021 were assumed to increase each year, with the initial rate gradually decreasing to the ultimate rate as follows: Initial Cost Trend Rate Ultimate Cost Trend Rate Year That Ultimate Rate is Reached Pre-65 Medical 6.80% 4.50% 2034 Post-65 Medical 4.50% 4.50% — Prescription Medications 7.25% 4.50% 2033 Expected Benefit Payments Based on current assumptions, the Companies expect to make the following benefit payments over the next ten years, net of receipt of governmental subsidies and participant contributions: (Millions of Dollars) 2022 2023 2024 2025 2026 2027-2031 Con Edison $75 $77 $77 $78 $78 $385 CECONY 84 86 86 87 88 435 Expected Contributions Based on estimates as of December 31, 2021, Con Edison and CECONY expect to make a contribution of $8 million (all of which is expected to be made by CECONY) to the other postretirement benefit plans in 2022. The Companies’ policy is to fund the total periodic benefit cost of the plans to the extent tax deductible. Plan Assets The asset allocations for CECONY’s other postretirement benefit plans at the end of 2021, 2020 and 2019, and the target allocation for 2022 are as follows: Target Allocation Range Plan Assets at December 31, Asset Category 2022 2021 2020 2019 Equity Securities 42%-80% 55 % 54 % 54 % Debt Securities 20%-58% 45 % 46 % 46 % Total 100% 100 % 100 % 100 % Con Edison has established postretirement health and life insurance benefit plan trusts for the investment of assets to be used for the exclusive purpose of providing other postretirement benefits to participants and beneficiaries. Refer to Note E for a discussion of Con Edison’s investment policy for its benefit plans. The fair values of the plans' assets at December 31, 2021 by asset category as defined by the accounting rules for fair value measurements (see Note R) are as follows: (Millions of Dollars) Level 1 Level 2 Total Equity (a) $— $474 $474 Other Fixed Income Debt (b) — 379 379 Cash and Cash Equivalents (c) — 22 22 Total investments $— $875 $875 Funds for retiree health benefits (d) 110 100 210 Investments (including funds for retiree health benefits) $110 $975 $1,085 Funds for retiree health benefits measured at net asset value (d)(e) 48 Pending activities (f) 17 Total fair value of plan net assets $1,150 (a) Equity includes a passively managed commingled index fund benchmarked to the MSCI All Country World Index. (b) Other Fixed Income Debt includes a passively managed commingled index fund benchmarked to the Bloomberg Barclays U.S. Long Credit Index and an active separately managed fund indexed to the Bloomberg Barclays U.S. Long Credit Index. (c) Cash and Cash Equivalents include short-term investments and money markets. (d) The Companies set aside funds for retiree health benefits through a separate account within the pension trust, as permitted under Section 401(h) of the Internal Revenue Code of 1986, as amended. In accordance with the Code, the plan’s investments in the 401(h) account may not be used for, or diverted to, any purpose other than providing health benefits for retirees. The net assets held in the 401(h) account are calculated based on a pro-rata percentage allocation of the net assets in the pension plan. The related obligations for health benefits are not included in the pension plan’s obligations and are included in the Companies’ other postretirement benefit obligation. See Note E. (e) In accordance with ASU 2015-07, Fair Value Measurements (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or its equivalent), certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. (f) Pending activities include security purchases and sales that have not settled, interest and dividends that have not been received, and reflects adjustments for available estimates at year-end. The fair values of the plans' assets at December 31, 2020 by asset category (see Note R) are as follows: (Millions of Dollars) Level 1 Level 2 Total Equity (a) $— $448 $448 Other Fixed Income Debt (b) — 367 367 Cash and Cash Equivalents (c) — 27 27 Total investments $— $842 $842 Funds for retiree health benefits (d) 116 97 213 Investments (including funds for retiree health benefits) $116 $939 $1,055 Funds for retiree health benefits measured at net asset value (d)(e) 41 Pending activities (f) 19 Total fair value of plan net assets $1,115 |
Environmental Matters
Environmental Matters | 12 Months Ended |
Dec. 31, 2021 | |
Environmental Remediation Obligations [Abstract] | |
Environmental Matters | Environmental Matters Superfund Sites Hazardous substances, such as asbestos, polychlorinated biphenyls (PCBs) and coal tar, have been used or generated in the course of operations of the Utilities and their predecessors and are present at sites and in facilities and equipment they currently or previously owned, including sites at which gas was manufactured or stored. The Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 and similar state statutes (Superfund) impose joint and several liability, regardless of fault, upon generators of hazardous substances for investigation and remediation costs (which include costs of demolition, removal, disposal, storage, replacement, containment and monitoring) and natural resource damages. Liability under these laws can be material and may be imposed for contamination from past acts, even though such past acts may have been lawful at the time they occurred. The sites at which the Utilities have been asserted to have liability under these laws, including their manufactured gas plant sites and any neighboring areas to which contamination may have migrated, are referred to herein as “Superfund Sites.” For Superfund Sites where there are other potentially responsible parties and the Utilities are not managing the site investigation and remediation, the accrued liability represents an estimate of the amount the Utilities will need to pay to investigate and, where determinable, discharge their related obligations. For Superfund Sites (including the manufactured gas plant sites) for which one of the Utilities is managing the investigation and remediation, the accrued liability represents an estimate of the company’s share of the undiscounted cost to investigate the sites and, for sites that have been investigated in whole or in part, the cost to remediate the sites, if remediation is necessary and if a reasonable estimate of such cost can be made. Remediation costs are estimated in light of the information available, applicable remediation standards and experience with similar sites. The accrued liabilities and regulatory assets related to Superfund Sites at December 31, 2021 and 2020 were as follows: Con Edison CECONY (Millions of Dollars) 2021 2020 2021 2020 Accrued Liabilities: Manufactured gas plant sites $845 $752 $755 $676 Other Superfund Sites 95 105 95 104 Total $940 $857 $850 $780 Regulatory assets $938 $865 $860 $791 Most of the accrued Superfund Site liability relates to sites that have been investigated, in whole or in part. However, for some of the sites, the extent and associated cost of the required remediation has not yet been determined. As investigations progress and information pertaining to the required remediation becomes available, the Utilities expect that additional liability may be accrued, the amount of which is not presently determinable but may be material. The Utilities are permitted to recover or defer as regulatory assets (for subsequent recovery through rates) prudently incurred site investigation and remediation costs. Environmental remediation costs incurred related to Superfund Sites at December 31, 2021 and 2020 were as follows: Con Edison CECONY (Millions of Dollars) 2021 2020 2021 2020 Remediation costs incurred $25 $33 $24 $32 Insurance and other third party recoveries received by Con Edison or CECONY were immaterial in 2021 and 2020. Con Edison and CECONY estimate that in 2022 they will incur costs for remediation of approximately $40 million and $38 million, respectively. The Companies are unable to estimate the time period over which the remaining accrued liability will be incurred because, among other things, the required remediation has not been determined for some of the sites. In 2021, Con Edison and CECONY estimated that for their manufactured gas plant sites (including CECONY’s Astoria site), the aggregate undiscounted potential liability for the investigation and remediation of coal tar and/or other environmental contaminants could range up to $2,980 million and $2,840 million, respectively. These estimates were based on the assumption that there is contamination at all sites, including those that have not yet been fully investigated and additional assumptions about the extent of the contamination and the type and extent of the remediation that may be required. Actual experience may be materially different. Asbestos Proceedings Suits have been brought in NY State and federal courts against the Utilities and many other defendants, wherein a large number of plaintiffs sought large amounts of compensatory and punitive damages for deaths and injuries allegedly caused by exposure to asbestos at various premises of the Utilities. The suits that have been resolved, which are many, have been resolved without any payment by the Utilities, or for amounts that were not, in the aggregate, material to them. The amounts specified in all the remaining thousands of suits total billions of dollars; however, the Utilities believe that these amounts are greatly exaggerated, based on the disposition of previous claims. At December 31, 2021, Con Edison and CECONY have accrued their estimated aggregate undiscounted potential liabilities for these suits and additional suits that may be brought over the next 15 years as shown in the following table. These estimates were based upon a combination of modeling, historical data analysis and risk factor assessment. Courts have begun, and unless otherwise determined on appeal may continue, to apply different standards for determining liability in asbestos suits than the standard that applied historically. As a result, the Companies currently believe that there is a reasonable possibility of an exposure to loss in excess of the liability accrued for the suits. The Companies are unable to estimate the amount or range of such loss. In addition, certain current and former employees have claimed or are claiming workers’ compensation benefits based on alleged disability from exposure to asbestos. CECONY is permitted to defer as regulatory assets (for subsequent recovery through rates) costs incurred for its asbestos lawsuits and workers’ compensation claims. The accrued liability for asbestos suits and workers’ compensation proceedings (including those related to asbestos exposure) and the amounts deferred as regulatory assets or liabilities for the Companies at December 31, 2021 and 2020 were as follows: Con Edison CECONY (Millions of Dollars) 2021 2020 2021 2020 Accrued liability – asbestos suits $8 $8 $7 $7 Regulatory assets – asbestos suits $8 $8 $7 $7 Accrued liability – workers’ compensation $65 $72 $62 $68 Regulatory liabilities – workers’ compensation $8 $3 $8 $3 |
Material Contingencies
Material Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Material Contingencies | 10 years Total (Millions of Dollars) Con Edison Transmission $490 $— $— $490 Energy transactions 469 37 325 831 Renewable electric projects 319 51 396 766 Other 70 — — 70 Total $1,348 $88 $721 $2,157 Con Edison Transmission – Con Edison has guaranteed payment by CET Electric of the contributions CET Electric agreed to make to New York Transco LLC (NY Transco). CET Electric owns a 45.7 percent interest in NY Transco. In April 2019, the New York Independent System Operator (NYISO) selected a transmission project that was jointly proposed by National Grid and NY Transco. The siting, construction and operation of the project will require approvals and permits from appropriate governmental agencies and authorities, including the NYSPSC. The NYISO indicated it will work with the developers to enter into agreements for the development and operation of the projects, including a schedule for entry into service by December 2023. Guarantee amount shown includes the maximum possible required amount of CET Electric’s contributions for this project as calculated based on the assumptions that the project is completed at 175 percent of its estimated costs and NY Transco does not use any debt financing for the project. Energy Transactions — Con Edison and the Clean Energy Businesses guarantee payments on behalf of their subsidiaries in order to facilitate physical and financial transactions in electricity, gas, pipeline capacity, transportation, oil, renewable energy credits and energy services. To the extent that liabilities exist under the contracts subject to these guarantees, such liabilities are included in Con Edison’s consolidated balance sheet. Renewable Electric Projects – Con Edison and the Clean Energy Businesses guarantee payments on behalf of their wholly-owned subsidiaries associated with their investment in, or development for others of, solar and wind energy facilities." id="sjs-B4">Material Contingencies Manhattan Explosion and Fire On March 12, 2014, two multi-use five-story tall buildings located on Park Avenue between 116th and 117th Streets in Manhattan were destroyed by an explosion and fire. CECONY had delivered gas to the buildings through service lines from a distribution main located below ground on Park Avenue. Eight people died and more than 50 people were injured. Additional buildings were also damaged. The National Transportation Safety Board (NTSB) investigated. The parties to the investigation included the company, the City of New York, the Pipeline and Hazardous Materials Safety Administration and the NYSPSC. In June 2015, the NTSB issued a final report concerning the incident, its probable cause and safety recommendations. The NTSB determined that the probable cause of the incident was (1) the failure of a defective fusion joint at a service tee (which joined a plastic service line to a plastic distribution main) installed by the company that allowed gas to leak from the distribution main and migrate into a building where it ignited and (2) a breach in a City sewer line that allowed groundwater and soil to flow into the sewer, resulting in a loss of support for the distribution main, which caused it to sag and overstressed the defective fusion joint. The NTSB also made safety recommendations, including recommendations to the company that addressed its procedures for the preparation and examination of plastic fusions, training of its staff on conditions for notifications to the City’s Fire Department and extension of its gas main isolation valve installation program. In February 2017, the NYSPSC approved a settlement agreement with the company related to the NYSPSC's investigations of the incident and the practices of qualifying persons to perform plastic fusions. Pursuant to the agreement, the company is providing $27 million of future benefits to customers (for which it has accrued a regulatory liability) and will not recover from customers $126 million of costs for gas emergency response activities that it had previously incurred and expensed. Approximately eighty suits are pending against the company seeking generally unspecified damages and, in some cases, punitive damages, for wrongful death, personal injury, property damage and business interruption. The company notified its insurers of the incident and believes that the policies in force at the time of the incident will cover the company’s costs, in excess of a required retention (the amount of which is not material), to satisfy any liability it may have for damages in connection with the incident. During 2020, the company accrued its estimated liability for the suits of $40 million and an insurance receivable in the same amount, which estimated liability did not change in 2021. Other Contingencies For additional contingencies, see “Other Regulatory Matters” in Note B, Note G and "Uncertain Tax Positions" in Note L. Guarantees Con Edison and its subsidiaries have entered into various agreements providing financial or performance assurance primarily to third parties on behalf of their subsidiaries. Maximum amounts guaranteed by Con Edison and its subsidiaries under these agreements totaled $2,157 million and $2,042 million at December 31, 2021 and 2020, respectively. A summary, by type and term, of Con Edison’s total guarantees under these other agreements at December 31, 2021 is as follows: Guarantee Type 0 – 3 years 4 – 10 years > 10 years Total (Millions of Dollars) Con Edison Transmission $490 $— $— $490 Energy transactions 469 37 325 831 Renewable electric projects 319 51 396 766 Other 70 — — 70 Total $1,348 $88 $721 $2,157 Con Edison Transmission – Con Edison has guaranteed payment by CET Electric of the contributions CET Electric agreed to make to New York Transco LLC (NY Transco). CET Electric owns a 45.7 percent interest in NY Transco. In April 2019, the New York Independent System Operator (NYISO) selected a transmission project that was jointly proposed by National Grid and NY Transco. The siting, construction and operation of the project will require approvals and permits from appropriate governmental agencies and authorities, including the NYSPSC. The NYISO indicated it will work with the developers to enter into agreements for the development and operation of the projects, including a schedule for entry into service by December 2023. Guarantee amount shown includes the maximum possible required amount of CET Electric’s contributions for this project as calculated based on the assumptions that the project is completed at 175 percent of its estimated costs and NY Transco does not use any debt financing for the project. Energy Transactions — Con Edison and the Clean Energy Businesses guarantee payments on behalf of their subsidiaries in order to facilitate physical and financial transactions in electricity, gas, pipeline capacity, transportation, oil, renewable energy credits and energy services. To the extent that liabilities exist under the contracts subject to these guarantees, such liabilities are included in Con Edison’s consolidated balance sheet. Renewable Electric Projects – Con Edison and the Clean Energy Businesses guarantee payments on behalf of their wholly-owned subsidiaries associated with their investment in, or development for others of, solar and wind energy facilities. |
Electricity Purchase Agreements
Electricity Purchase Agreements | 12 Months Ended |
Dec. 31, 2021 | |
Regulated Operations [Abstract] | |
Electricity Purchase Agreements | Note B – Regulatory Matters Rate Plans The Utilities provide service to NY customers according to the terms of tariffs approved by the NYSPSC. Tariffs for service to customers of Rockland Electric Company (RECO), O&R’s NJ regulated utility subsidiary, are approved by the NJBPU. The tariffs include schedules of rates for service that limit the rates charged by the Utilities to amounts that the Utilities recover from their customers costs approved by the regulator, including capital costs, of providing service to customers as defined by the tariff. The tariffs implement rate plans adopted by state utility regulators in rate orders issued at the conclusion of rate proceedings. Pursuant to the Utilities’ rate plans, there generally can be no change to the charges to customers during the respective terms of the rate plans other than specified adjustments provided for in the rate plans. The Utilities’ rate plans each cover specified periods, but rates determined pursuant to a plan generally continue in effect until a new rate plan is approved by the state utility regulator. Common provisions of the Utilities’ NY rate plans include: Recoverable energy costs that allow the Utilities to recover on a current basis the costs for the energy they supply with no mark-up to their full-service customers. Cost reconciliations that reconcile pension and other postretirement benefit costs, environmental remediation costs, property taxes, variable-rate tax-exempt debt and certain other costs to amounts reflected in delivery rates for such costs. In addition, changes in the Utilities' costs not reflected in rates, in excess of certain amounts, resulting from changes in tax or changes in legislation, regulation or related actions, are deferred as a regulatory asset or regulatory liability to be reflected in the Utilities' next rate plan or in a manner to be determined by the NYSPSC. Also, the Utilities generally retain the right to petition for recovery or accounting deferral of extraordinary and material cost increases and provision is sometimes made for the utility to retain a share of cost reductions, for example, property tax refunds. Revenue decoupling mechanisms that reconcile actual energy delivery revenues to the authorized delivery revenues approved by the NYSPSC. The difference is accrued with interest for refund to, or recovery from customers, as applicable. Earnings sharing that require the Utilities to defer for customer benefit a portion of earnings over specified rates of return on common equity. There is no symmetric mechanism for earnings below specified rates of return on common equity. Negative revenue adjustments for failure to meet certain performance standards relating to service, reliability, safety and other matters. Other revenue adjustments represent positive revenue adjustments, positive incentives, and earnings adjustments mechanisms for achievement of performance standards related to achievement of clean energy goals, safety and other matters. Net utility plant reconciliations that require deferral as a regulatory liability of the revenue requirement impact of the amount, if any, by which actual average net utility plant balances are less than amounts reflected in rates. There is generally no symmetric mechanism if actual average net utility plant balances are more than amounts reflected in rates. Rate base , as reflected in the rate plans, is, in general, the sum of the Utilities’ net plant, working capital and certain regulatory assets less deferred taxes and certain regulatory liabilities. For each rate plan, the NYSPSC uses a forecast of the average rate base for each year that new rates would be in effect (“rate year”). Weighted average cost of capital is determined based on the authorized common equity ratio, return on common equity, cost of long-term debt and cost of customer deposits reflected in each rate plan. For each rate plan, the revenues designed to provide the utility a return on invested capital for each rate year are determined by multiplying each utility rate base by its pre – tax weighted average cost of capital. The Utilities’ actual return on common equity will reflect their actual operations for each rate year, and may be more or less than the authorized return on equity reflected in their rate plans (and if more, may be subject to earnings sharing). The following tables contain a summary of the Utilities’ rate plans: CECONY – Electric Effective period January 2017 – December 2019 January 2020 – December 2022 (a) Base rate changes Yr. 1 – $195 million (b) Yr. 2 – $155 million (b) Yr. 3 – $155 million (b) Yr. 1 – $113 million (c) Yr. 2 – $370 million (c) Yr. 3 – $326 million (c) Amortizations to income of net regulatory (assets) and liabilities Yr. 1 – $84 million Yr. 2 – $83 million Yr. 3 – $69 million Yr. 1 – $267 million (d) Yr. 2 – $269 million (d) Yr. 3 – $272 million (d) 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 – $28 million Yr. 2 – $47 million Yr. 3 – $64 million In 2017, 2018 and 2019, the company recorded $13 million, $25 million and $43 million of earnings adjustment mechanism incentives for energy efficiency, respectively. The company also achieved $5 million of incentives for service terminations in 2017, 2018 and 2019 that, pursuant to the rate plan, is being recorded ratably in earnings from 2018 to 2020. In 2018 and 2019, the company recorded $3 million and $7 million of incentives for service terminations, respectively. 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 - $69 million Yr. 2 - $74 million Yr. 3 - $79 million In 2020 and 2021, the company recorded $34 million and $64 million primarily related to earnings adjustment mechanism incentives for energy efficiency, respectively. Revenue decoupling mechanisms Continuation of reconciliation of actual to authorized electric delivery revenues. In 2017, 2018 and 2019, the company deferred for customer benefit $45 million, $(6) million and $169 million of revenues, respectively. Continuation of reconciliation of actual to authorized electric delivery revenues. In 2020 and 2021, the company deferred for recovery from customers $242 million and $226 million of revenues, respectively. Recoverable energy costs Continuation of current rate recovery of purchased power and fuel 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 – $376 million Yr. 2 – $341 million Yr. 3 – $352 million In 2017 and 2018, the company did not record any negative revenue adjustments. In 2019, the company recorded negative revenue adjustments of $15 million. Potential charges if certain performance targets relating to service, reliability, safety and other matters are not met: Yr. 1 - $450 million Yr. 2 - $461 million Yr. 3 - $476 million In 2020, the company recorded negative revenue adjustments of $5 million. In 2021, the company did not record any negative revenue adjustments. Cost reconciliations Continuation of reconciliation of expenses for pension and other postretirement benefits, variable-rate tax-exempt debt, major storms, 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). In 2017, 2018 and 2019, the company deferred $35 million, $189 million and $10 million of net regulatory assets, respectively. Continuation of reconciliation of expenses for pension and other postretirement benefits, variable-rate debt, major storms, 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). In 2020 and 2021, the company deferred $288 million and $191 million of net regulatory assets, respectively. Net utility plant reconciliations Target levels reflected in rates: Electric average net plant target excluding advanced metering infrastructure (AMI): Yr. 1 – $21,689 million Yr. 2 – $22,338 million Yr. 3 – $23,002 million AMI: Yr. 1 – $126 million Yr. 2 – $257 million Yr. 3 – $415 million The company deferred $0.4 million as a regulatory asset in 2017. In 2018 and 2019, $0.4 and $11.8 million was deferred as a regulatory liability, respectively. Target levels reflected in rates: Electric average net plant target excluding advanced metering infrastructure (AMI): Yr. 1 - $24,491 million Yr. 2 - $25,092 million Yr. 3 - $25,708 million AMI: Yr. 1 - $572 million Yr. 2 - $740 million Yr. 3 - $806 million (h) The company deferred $4.1 million as a regulatory asset in 2020 and $3.2 million as a regulatory liability in 2021. Average rate base Yr. 1 – $18,902 million Yr. 2 – $19,530 million Yr. 3 – $20,277 million Yr. 1 - $21,660 million Yr. 2 - $22,783 million Yr. 3 - $23,926 million Weighted average cost of capital (after-tax) Yr. 1 – 6.82 percent Yr. 2 – 6.80 percent Yr. 3 – 6.73 percent Yr. 1 to Yr. 3 – 6.61 percent Authorized return on common equity 9.0 percent 8.80 percent Actual return on common equity (i) (j) Yr. 1 – 9.30 percent Yr. 2 – 9.36 percent Yr. 3 – 8.82 percent Yr. 1 – 8.50 percent Yr. 2 – 8.03 percent Earnings sharing Most earnings above an annual earnings threshold of 9.5 percent are to be applied to reduce regulatory assets for environmental remediation and other costs accumulated in the rate year. In 2017, the company had no earnings above the threshold but recorded a positive adjustment related to 2016 of $5.7 million in earnings. In 2018 and 2019, the company had no earnings sharing above the threshold. Most earnings above an annual earnings threshold of 9.3 percent are to be applied to reduce regulatory assets for environmental remediation and other costs accumulated in the rate year. In 2020 and 2021, the company had no earnings sharing above the threshold. A reserve of $4.3 million was recorded in 2021 related to a potential adjustment to the excess earnings sharing amount for 2016. Cost of long-term debt Yr. 1 – 4.93 percent Yr. 2 – 4.88 percent Yr. 3 – 4.74 percent Yr. 1 to Yr. 3 – 4.63 percent Common equity ratio 48 percent 48 percent (a) In January 2020, the NYSPSC approved the October 2019 Joint Proposal for CECONY's electric rate plan for January 2020 through December 2022. If at the end of any semi-annual period ending June 30 and December 31, Con Edison’s investments in its non-utility businesses exceed 15 percent of its total consolidated revenues, assets or cash flow, or if the ratio of holding company debt to total consolidated debt rises above 20 percent, CECONY is required to notify the NYSPSC and submit a ring-fencing plan or a demonstration why additional ring-fencing measures (see Note U) are not necessary. (b) The electric base rate increases were in addition to a $48 million increase resulting from the December 2016 expiration of a temporary credit under the prior rate plan. At the NYSPSC’s option, these increases were implemented with increases of $199 million in each rate year. Base rates reflect recovery by the company of certain costs of its energy efficiency, system peak reduction and electric vehicle programs (Yr. 1 - $20.5 million; Yr. 2 - $49 million; and Yr. 3 - $107.5 million) over a 10-year period, including the overall pre-tax rate of return on such costs. (c) Base rates reflect recovery by the company of certain costs of its energy efficiency, Reforming the Energy Vision demonstration projects, non-wire alternative projects (including the Brooklyn Queens demand management program), and off-peak electric vehicle charging programs (Yr. 1 - $206 million; Yr. 2 - $245 million; and Yr. 3 - $251 million) over a ten-year period, including the overall pre-tax rate of return on such costs. (d) Amounts reflect amortization of the 2018 tax savings under the federal Tax Cuts and Jobs Act of 2017 (TCJA) allocable to CECONY’s electric customers ($377 million) over a three-year period ($126 million annually), the protected portion of the regulatory liability for excess deferred income taxes allocable to CECONY’s electric customers ($1,663 million) over the remaining lives of the related assets ($49 million in Yr. 1, $50 million in Yr. 2, and $53 million in Yr. 3) and the unprotected portion of the net regulatory liability ($784 million) over five years ($157 million annually). Amounts also reflect amortization of the regulatory asset for deferred MTA power reliability costs ($238 million) over a five-year period ($48 million annually). (e) 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. (f) In general, if actual expenses for municipal infrastructure support (other than company labor) are below the amounts reflected in rates the company will defer the difference for credit to customers, and if the actual expenses are above the amount 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 30 percent of the amount reflected in the January 2017-December 2019 rate plan and 15 percent of the amount reflected in the January 2020-December 2022 rate plan. (g) In addition, the NYSPSC staff has commenced a 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) Reconciliation of net utility plant for AMI will be done on a combined basis for electric and gas. (i) Calculated in accordance with the earnings calculation method prescribed in the rate order. (j) In November 2021, the NYSPSC issued an order that allowed CECONY to recover $43 million of late payment charges and fees that were not billed for the year ended December 31, 2020. The recalculated return on equity for 2020 which reflects the recovery of these fees is 8.81 percent. In January 2022, CECONY filed a request with the NYSPSC for an electric rate increase of $1,199 million, effective January 2023. The filing reflects a return on common equity of 10.0 percent and a common equity ratio of 50 percent. The company is requesting provisions pursuant to which expenses for pension and other post-retirement benefits, long-term debt, storm restoration, property taxes, municipal infrastructure support, the impact of new laws, late payment charges, and environmental site investigation and remediation are reconciled to amounts reflected in rates. In addition, the company is proposing a reconciliation and current recovery or surcharge mechanism of uncollectible write-offs to the level in rates and a reconciliation of the impacts of inflation on operation and maintenance expenses under certain circumstances. The company is proposing the continuation of earnings opportunities from Earnings Adjustment Mechanisms for meeting energy efficiency goals. The filing also reflects continuation of the revenue decoupling mechanism and the provisions pursuant to which the company recovers its purchased power and fuel costs from customers. The filing includes supplemental information regarding electric rate plans for 2024 and 2025, which the company is not requesting, but would consider through settlement discussions. For purposes of illustration, rate increases of $853 million and $608 million effective January 2024 and 2025, respectively, were calculated based upon an assumed return on common equity of 10.0 percent and a common equity ratio of 50 percent. CECONY – Gas Effective period January 2017 - December 2019 January 2020 – December 2022 (a) Base rate changes Yr. 1 – $(5) million (b) Yr. 2 – $92 million Yr. 3 – $90 million Yr. 1 – $84 million (c) Yr. 2 – $122 million (c) Yr. 3 – $167 million (c) Amortizations to income of net Yr. 1 – $39 million Yr. 2 – $37 million Yr. 3 – $36 million Yr. 1 – $45 million (d) Yr. 2 – $43 million (d) Yr. 3 – $10 million (d) 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. Potential incentives if performance targets related to gas leak backlog, leak prone pipe and service terminations are met: Yr. 1 – $7 million Yr. 2 – $8 million Yr. 3 – $8 million In 2017, 2018 and 2019, the company achieved incentives of $7 million, $6 million and $7 million, respectively, that, pursuant to the rate plan, was recorded ratably in earnings from 2018 to 2020. In 2018 and 2019, the company recorded incentives of $5 million and $9 million, respectively, for gas leak backlog, leak prone pipe and service terminations. Retention of annual revenues from non-firm customers of up to $65 million and 15 percent of any such revenues above $65 million. Potential earnings adjusted mechanism incentives for energy efficiency and other potential incentives of up to: Yr. 1 - $20 million Yr. 2 - $22 million Yr. 3 - $25 million In 2020 and 2021, the company recorded $3 million and $26 million of earnings adjustment mechanism incentives for energy efficiency, respectively. In 2020 and 2021, the company recorded positive incentives of $13 million and $7 million, respectively. In 2021, the company reversed $6 million of positive incentives recorded in 2020 pursuant to an order issued by the NYSPSC in December 2021. Revenue decoupling mechanisms Continuation of reconciliation of actual to authorized gas delivery revenues. In 2017, 2018 and 2019, the company deferred $3 million, $12 million and $10 million of regulatory liabilities, respectively. Continuation of reconciliation of actual to authorized gas delivery revenues, modified to be calculated based upon revenue per customer class instead of revenue per customer. In 2020 and 2021, the company deferred for recovery from customers $27 million and $100 million of revenues, respectively. Recoverable energy costs Continuation of current rate recovery of purchased gas costs. Continuation of current rate recovery of purchased gas costs. Negative revenue adjustments Potential charges if performance targets relating to service, safety and other matters are not met: Yr. 1 – $68 million Yr. 2 – $63 million Yr. 3 – $70 million In 2017 and 2018, the company recorded negative revenue adjustments of $5 million and $4 million, respectively. In 2019, the company did not record any negative revenue adjustments. Potential charges if performance targets relating to service, safety and other matters are not met: Yr. 1 - $81 million Yr. 2 - $88 million Yr. 3 - $96 million In 2020 and 2021, the company did not record any negative revenue adjustments. Cost reconciliations Continuation of reconciliation of expenses for pension and other postretirement benefits, variable-rate tax-exempt debt, major storms, 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). In 2017, 2018 and 2019, the company deferred $2 million of net regulatory liabilities, $44 million of net regulatory assets and $18 million of net regulatory assets, respectively. Continuation of reconciliation of expenses for pension and other postretirement benefits, variable-rate debt, major storms, 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). In 2020 and 2021, the company deferred $91 million and $14 million of net regulatory assets, respectively. Net utility plant reconciliations Target levels reflected in rates: Gas average net plant target excluding AMI: Yr. 1 – $5,844 million Yr. 2 – $6,512 million Yr. 3 – $7,177 million AMI: Yr. 1 – $27 million Yr. 2 – $57 million Yr. 3 – $100 million In 2017 and 2018 the company deferred $2.2 million as regulatory liabilities. In 2019, the company deferred $1.7 million as a regulatory liability. Target levels reflected in rates: Gas average net plant target excluding AMI: Yr. 1 - $8,108 million Yr. 2 - $8,808 million Yr. 3 - $9,510 million AMI: Yr. 1 - $142 million Yr. 2 - $183 million Yr. 3 - $211 million (h) In 2020 and 2021, the company deferred $24.7 million and $26 million as a regulatory liability, respectively. Average rate base Yr. 1 – $4,841 million Yr. 2 – $5,395 million Yr. 3 – $6,005 million Yr. 1 - $7,171 million Yr. 2 - $7,911 million Yr. 3 - $8,622 million Weighted average cost of capital Yr. 1 – 6.82 percent Yr. 2 – 6.80 percent Yr. 3 – 6.73 percent Yr. 1 to Yr. 3 – 6.61 percent Authorized return on common equity 9.0 percent 8.8 percent Actual return on common equity (i) (j) Yr. 1 – 9.22 percent Yr. 2 – 9.04 percent Yr. 3 – 8.72 percent Yr. 1 – 8.40 percent Yr. 2 – 8.48 percent Earnings sharing Most earnings above an annual earnings threshold of 9.5 percent are to be applied to reduce regulatory assets for environmental remediation and other costs accumulated in the rate year. In 2017, 2018 and 2019, the company had no earnings above the threshold. Most earnings above an annual earnings threshold of 9.3 percent are to be applied to reduce regulatory assets for environmental remediation and other costs accumulated in the rate year. In 2020 and 2021, the company had no earnings above the threshold. Cost of long-term debt Yr. 1 – 4.93 percent Yr. 2 – 4.88 percent Yr. 3 – 4.74 percent Yr. 1 to Yr. 3 – 4.63 percent Common equity ratio 48 percent 48 percent (a) In January 2020, the NYSPSC approved the October 2019 Joint Proposal for CECONY's gas rate plan for January 2020 through December 2022. If at the end of any semi-annual period ending June 30 and December 31, Con Edison’s investments in its non-utility businesses exceed 15 percent of its total consolidated revenues, assets or cash flow, or if the ratio of holding company debt to total consolidated debt rises above 20 percent, CECONY is required to notify the NYSPSC and submit a ring-fencing plan or a demonstration why additional ring-fencing measures (see Note U) are not necessary. (b) The gas base rate decrease was offset by a $41 million increase resulting from the December 2016 expiration of a temporary credit under the prior rate plan. (c) The gas base rate increases shown above will be implemented with increases of $47 million in Yr. 1; $176 million in Yr. 2; and $170 million in Yr. 3 in order to levelize customer bill impacts. Base rates reflect recovery by the company of certain costs of its energy efficiency program (Yr. 1 - $30 million; Yr. 2 - $37 million; and Yr. 3 - $40 million) over a ten-year period, including the overall pre-tax rate of return on such costs. (d) Amounts reflect amortization of the remaining 2018 TCJA tax savings allocable to CECONY’s gas customers ($63 million) over a two year period ($32 million annually), the protected portion of the regulatory liability for excess deferred income taxes allocable to CECONY’s gas customers ($725 million) over the remaining lives of the related assets ($14 million in Yr. 1, $14 million in Yr. 2, and $12 million in Yr. 3) and the unprotected portion of the net regulatory liability ($107 million) over five years ($21 million annually) (e)-(i) See footnotes (e) - (i) to the table under “CECONY Electric,” above. (j) In November 2021, the NYSPSC issued an order that allowed CECONY to recover $7 million of late payment charges and fees that were not billed for the year ended December 31, 2020. The recalculated return on equity for 2020 which reflects the recovery of these fees is 8.56 percent. In January 2022, CECONY filed a request with the NYSPSC for a gas rate increase of $503 million, effective January 2023. The filing reflects a return on common equity of 10.0 percent and a common equity ratio of 50 percent. The company is requesting provisions pursuant to which expenses for pension and other post-retirement benefits, long-term debt, storm restoration, property taxes, municipal infrastructure support, the impact of new laws, late payment charges, and environmental site investigation and remediation are reconciled to amounts reflected in rates. In addition, the company is proposing a reconciliation and current recovery or surcharge mechanism of uncollectible write-offs to the level in rates and a reconciliation of the impacts of inflation on operation and maintenance expenses under certain circumstances. The company is proposing the continuation of earnings opportunities from Earnings Adjustment Mechanisms for meeting energy efficiency goals. The filing also reflects continuation of the revenue decoupling mechanism and the provisions pursuant to which the company recovers its purchased power and fuel costs from customers. The filed gas revenue requirement includes additional depreciation expense of $48 million. Included in this increase is the impact of the company’s proposal to decrease the service lives for the longer-lived gas accounts by five years. The filing includes supplemental information regarding gas rate plans for 2024 and 2025, which the company is not requesting, but would consider through settlement discussions. For purposes of illustration, rate increases of $234 million and $218 million effective January 2024 and 2025, respectively, were calculated based upon an assumed return on common equity of 10.0 percent and a common equity ratio of 50 percent. CECONY – Steam Effective period January 2014 – December 2016 (a) Base rate changes Yr. 1 – $(22.4) million (b) Yr. 2 – $19.8 million (b) Yr. 3 – $20.3 million (b) Yr. 4 – None Yr. 5 – None Yr. 6 – None Yr. 7 – None Yr. 8 – None Amortizations to income of net $37 million over three years Recoverable energy costs Current rate recovery of purchased power and fuel costs. Negative revenue adjustments Potential charges (up to $1 million annually) if certain steam performance targets are not met. In years 2014 through 2021, the company did not record any negative revenue adjustments. Cost reconciliations (c)(d) In 2014, 2015, 2016, 2017, 2018, 2019, 2020 and 2021, the company deferred $42 million of net regulatory liabilities, $17 million of net regulatory assets, $8 million and $14 million of net regulatory liabilities, $1 million of net regulatory assets, $8 million of net regulatory liabilities, $35 million of net regulatory assets and $32 million of net regulatory assets, respectively. Net utility plant reconciliations Target levels reflected in rates were: Production: Yr. 1 – $1,752 million Yr. 2 – $1,732 million Yr. 3 – $1,720 million Distribution: Yr. 1 – $6 million Yr. 2 – $11 million Yr. 3 – $25 million The company reduced its regulatory liability by $0.1 million in 2014 and immaterial amounts in 2015 and 2016 and no deferrals were recorded in 2017, 2018, 2019. The company reduced its regulatory liability by $1.6 million in 2020 and by $0.6 million in 2021. Average rate base Yr. 1 – $1,511 million Yr. 2 – $1,547 million Yr. 3 – $1,604 million Weighted average cost of capital (after-tax) Yr. 1 – 7.10 percent Yr. 2 – 7.13 percent Yr. 3 – 7.21 percent Authorized return on common equity 9.3 percent Actual return on common equity (e) Yr. 1 – 9.82 percent Yr. 2 – 10.88 percent Yr. 3 – 10.54 percent Yr. 4 – 9.51 percent Yr. 5 – 11.73 percent Yr. 6 – 10.45 percent Yr. 7 – 7.91 percent Yr. 8 – 5.99 percent Earnings sharing Weather normalized earnings above an annual earnings threshold of 9.9 percent are to be applied to reduce regulatory assets for environmental remediation and other costs. In 2014, the company had no earnings above the threshold. Actual earnings were $11.5 million and $7.8 million above the threshold in 2015 and 2016, respectively. In 2017, actual earnings were $8.5 million above the threshold, offset in part by a positive adjustment related to 2016 of $4 million. In 2018, actual earnings were $16.5 million above the threshold, and an additional $1.1 million related to 2017 was recorded. In 2019 actual earnings were $5 million above the threshold, offset in part by an adjustment related to 2018 of $2.3 million. In 2020 and 2021, the company had no earnings sharing above the threshold. Reserve adjustments of $0.4 million and $0.2 million were recorded in 2021 related to potential adjustment to the excess earnings sharing amounts for 2016 and 2018, respectively. Cost of long-term debt Yr. 1 – 5.17 percent Yr. 2 – 5.23 percent Yr. 3 – 5.39 percent Common equity ratio 48 percent (a) Rates determined pursuant to this rate plan continue in effect until a new rate plan is approved by the NYSPSC. (b) The impact of these base rate changes was deferred which resulted in an $8 million regulatory liability at December 31, 2016. (c) 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 10 basis point impact on return on common equity. (d) In addition, the NYSPSC staff has commenced a 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. CECONY’s historical inadvertent understatement of its calculation of total federal income tax expense for ratemaking purposes has not been addressed in the current steam rate plan. See "Other Regulatory Matters," below. (e) Calculated in accordance with the earnings calculation method prescribed in the rate order. In October 2021, O&R, the New York State Department of Public Service (NYSDPS) and other parties entered into a Joint Proposal for new electric and gas rate plans for the three-year period January 2022 through December 2024 (the Joint Proposal). The Joint Proposal is subject to NYSPSC approval. The Joint Proposal includes certain COVID-19 provisions, such as: recovery of 2020 late payment charges over three years ( $2.8 million ); reconciliation of late payment charges to amounts reflected in rates for years 2021 through 2024, with full recovery/refund via surcharge/sur-credit once the annual variance equals or exceeds 5 basis points of return on equity; and reconciliation of write-offs of customer accounts receivable balances to amounts reflected in rates from January 1, 2020 through December 31, 2024, with full recovery/refund via surcharge/sur-credit once the annual variance equals or exceeds 5 basis points of return on equity. The following tables contain a summary of the current and proposed rate plans. O&R New York – Electric Effective period (a) January 2019 – December 2021 January 2022 – December 2024 Base rate changes Yr. 1 – $13.4 million (b) Yr. 2 – $8.0 million (b) Yr. 3 – $5.8 million (b) Yr. 1 – $4.9 million (i) Yr. 2 – $16.2 million (i) Yr. 3 – $23.1 million (i) Amortizations to income of net Yr. 1 – $(1.5) million (c) Yr. 2 – $(1.5) million (c) Yr. 3 – $(1.5) million (c) Yr. 1 – $11.8 million (j) Yr. 2 – $13.5 million (j) Yr. 3 – $15.2 million (j) Other revenue sources Potential earnings adjustment mechanism incentives for peak reduction, energy efficiency, Distributed Energy Resources utilization and other potential incentives of up to: Yr. 1 - $3.6 million Yr. 2 - $4.0 million Yr. 3 - $4.2 million Potential incentive if performance target related to customer service is met: $0.5 million annually. In 2019, 2020 and 2021, the company recorded $2.6 million, $1.9 million and $1.8 million of earnings adjustment mechanism incentives for energy efficiency, respectively. In 2019 and 2020, the company recorded $0.2 million and $0.5 million of incentives for customer service, respectively. In 2021, the company did not record incentives for customer service. In 2021, the company reversed the $0.5 million of incentives recorded in 2020 pursuant to the October 2021 Joint Proposal. Potential earnings adjustment mechanism incentives for energy efficiency and other potential incentives of up to: Revenue decoupling mechanisms Continuation of reconciliation of actual to authorized electric delivery revenues. In 2019 and 2020, the company deferred $0.1 million and $6 million regulatory assets, respectively. In 2021, $1 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | Leases The Companies lease land, office buildings, equipment and access rights to support electric transmission facilities. The Companies recognize lease right-of-use assets and lease liabilities on their consolidated balance sheets for virtually all of their leases (other than leases that meet the definition of a short-term lease, the expense for which was immaterial). A lease right-of-use asset represents a right to use an identifiable underlying asset and obtain substantially all of the economic benefits from the use of that asset for the lease term. A lease liability represents an obligation to make lease payments arising from the lease. Leases are classified as either operating leases or finance leases. Operating leases are included in operating lease right-of-use asset and operating lease liabilities on the Companies’ consolidated balance sheets. Finance leases are included in other noncurrent assets, other current liabilities and other noncurrent liabilities. The Utilities, as regulated entities, are permitted to continue to recognize expense for operating leases using the timing that conforms to the regulatory rate treatment as rental payments are recovered from our customers and to account the same way for finance leases. For new operating leases, the Companies recognize operating lease right-of-use assets and operating lease liabilities based on the present value of the future minimum lease payments over the lease term at commencement date. As most of the Companies’ leases do not provide an implicit rate, the Companies used their collateralized incremental borrowing rate based on the information available at the commencement date to determine the present value of future payments. Most of the Companies’ leases have remaining lease terms of one year to 40 years and may include options to renew or extend the leases for up to five years at the fair rental value. The Companies' lease terms include options to renew, extend or terminate the lease when it is reasonably certain that the Companies will exercise that option. There were no leases with material variable lease payments or residual value guarantees. The Companies account for lease and non-lease components as a single lease component. Operating lease cost and cash paid for amounts included in the measurement of lease liabilities for the twelve months ended December 31, 2021 and 2020 were as follows: Con Edison CECONY (Millions of Dollars) 2021 2020 2021 2020 Operating lease cost $86 $85 $66 $65 Operating lease cash flows $80 $79 $63 $61 As of December 31, 2021, assets recorded as finance leases for Con Edison and CECONY were $2 million and $1 million, respectively, and the accumulated amortization associated with finance leases for Con Edison and CECONY were $4 million and $2 million, respectively. As of December 31, 2020, assets recorded as finance leases were $3 million for Con Edison and $2 million for CECONY, and the accumulated amortization associated with finance leases for Con Edison and CECONY were $3 million and $1 million, respectively. For the twelve months ended December 31, 2021 and 2020, finance lease costs and cash flows for Con Edison and CECONY were immaterial. Right-of-use assets obtained in exchange for lease obligations for Con Edison and CECONY were $58 million and $12 million, respectively, for the twelve months ended December 31, 2021 and $23 million and $11 million, respectively, for the twelve months ended December 31, 2020. Other information related to leases for Con Edison and CECONY at December 31, 2021 and 2020 was as follows: Con Edison CECONY 2021 2020 2021 2020 Weighted Average Remaining Lease Term: Operating leases 18.5 years 19.1 years 12.1 years 13.0 years Finance leases 7.1 years 7.3 years 3.1 years 4.0 years Weighted Average Discount Rate: Operating leases 4.3% 4.3% 3.5% 3.6% Finance leases 1.8% 1.8% 1.1% 1.3% Future minimum lease payments under non-cancellable leases at December 31, 2021 were as follows: (Millions of Dollars) Con Edison CECONY Year Ending December 31, Operating Leases Finance Leases Operating Leases Finance Leases 2022 $81 $— $60 $— 2023 77 — 59 — 2024 77 1 59 1 2025 78 — 60 — 2026 76 — 59 — All years thereafter 877 1 394 — Total future minimum lease payments $1,266 $2 $691 $1 Less: imputed interest (436) — (139) — Total $830 $2 $552 $1 Reported as of December 31, 2021 Operating lease liabilities (current) $113 $— $90 $— Operating lease liabilities (noncurrent) 717 — 462 — Other current liabilities — — — — Other noncurrent liabilities — 2 — 1 Total $830 $2 $552 $1 At December 31, 2021, the Companies had an additional operating lease agreement that had not yet commenced, for an asset under construction at the Clean Energy Businesses, for which the present value of lease payments is $6 million. This lease is expected to commence within one year, with a lease term of approximately 45 years. |
Leases | Leases The Companies lease land, office buildings, equipment and access rights to support electric transmission facilities. The Companies recognize lease right-of-use assets and lease liabilities on their consolidated balance sheets for virtually all of their leases (other than leases that meet the definition of a short-term lease, the expense for which was immaterial). A lease right-of-use asset represents a right to use an identifiable underlying asset and obtain substantially all of the economic benefits from the use of that asset for the lease term. A lease liability represents an obligation to make lease payments arising from the lease. Leases are classified as either operating leases or finance leases. Operating leases are included in operating lease right-of-use asset and operating lease liabilities on the Companies’ consolidated balance sheets. Finance leases are included in other noncurrent assets, other current liabilities and other noncurrent liabilities. The Utilities, as regulated entities, are permitted to continue to recognize expense for operating leases using the timing that conforms to the regulatory rate treatment as rental payments are recovered from our customers and to account the same way for finance leases. For new operating leases, the Companies recognize operating lease right-of-use assets and operating lease liabilities based on the present value of the future minimum lease payments over the lease term at commencement date. As most of the Companies’ leases do not provide an implicit rate, the Companies used their collateralized incremental borrowing rate based on the information available at the commencement date to determine the present value of future payments. Most of the Companies’ leases have remaining lease terms of one year to 40 years and may include options to renew or extend the leases for up to five years at the fair rental value. The Companies' lease terms include options to renew, extend or terminate the lease when it is reasonably certain that the Companies will exercise that option. There were no leases with material variable lease payments or residual value guarantees. The Companies account for lease and non-lease components as a single lease component. Operating lease cost and cash paid for amounts included in the measurement of lease liabilities for the twelve months ended December 31, 2021 and 2020 were as follows: Con Edison CECONY (Millions of Dollars) 2021 2020 2021 2020 Operating lease cost $86 $85 $66 $65 Operating lease cash flows $80 $79 $63 $61 As of December 31, 2021, assets recorded as finance leases for Con Edison and CECONY were $2 million and $1 million, respectively, and the accumulated amortization associated with finance leases for Con Edison and CECONY were $4 million and $2 million, respectively. As of December 31, 2020, assets recorded as finance leases were $3 million for Con Edison and $2 million for CECONY, and the accumulated amortization associated with finance leases for Con Edison and CECONY were $3 million and $1 million, respectively. For the twelve months ended December 31, 2021 and 2020, finance lease costs and cash flows for Con Edison and CECONY were immaterial. Right-of-use assets obtained in exchange for lease obligations for Con Edison and CECONY were $58 million and $12 million, respectively, for the twelve months ended December 31, 2021 and $23 million and $11 million, respectively, for the twelve months ended December 31, 2020. Other information related to leases for Con Edison and CECONY at December 31, 2021 and 2020 was as follows: Con Edison CECONY 2021 2020 2021 2020 Weighted Average Remaining Lease Term: Operating leases 18.5 years 19.1 years 12.1 years 13.0 years Finance leases 7.1 years 7.3 years 3.1 years 4.0 years Weighted Average Discount Rate: Operating leases 4.3% 4.3% 3.5% 3.6% Finance leases 1.8% 1.8% 1.1% 1.3% Future minimum lease payments under non-cancellable leases at December 31, 2021 were as follows: (Millions of Dollars) Con Edison CECONY Year Ending December 31, Operating Leases Finance Leases Operating Leases Finance Leases 2022 $81 $— $60 $— 2023 77 — 59 — 2024 77 1 59 1 2025 78 — 60 — 2026 76 — 59 — All years thereafter 877 1 394 — Total future minimum lease payments $1,266 $2 $691 $1 Less: imputed interest (436) — (139) — Total $830 $2 $552 $1 Reported as of December 31, 2021 Operating lease liabilities (current) $113 $— $90 $— Operating lease liabilities (noncurrent) 717 — 462 — Other current liabilities — — — — Other noncurrent liabilities — 2 — 1 Total $830 $2 $552 $1 At December 31, 2021, the Companies had an additional operating lease agreement that had not yet commenced, for an asset under construction at the Clean Energy Businesses, for which the present value of lease payments is $6 million. This lease is expected to commence within one year, with a lease term of approximately 45 years. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill The Companies test goodwill for impairment at least annually or whenever there is a triggering event. There is an option to first make a qualitative assessment of whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount before applying a quantitative goodwill impairment test. The quantitative goodwill impairment test compares the estimated fair value of a reporting unit with its carrying value, including goodwill. If the estimated fair value of a reporting unit exceeds its carrying value, goodwill of the reporting unit is considered not impaired. If the carrying value exceeds the estimated fair value of the reporting unit, an impairment loss shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. Con Edison has recorded goodwill related to the O&R merger, the acquisition of a portion of Honeoye, and the acquisitions of a residential solar company and a battery storage company by the Clean Energy Businesses. In 2021 and 2020, Con Edison completed impairment tests for its goodwill of $406 million related to the O&R merger and determined that it was not impaired. For the impairment test, $245 million and $161 million of goodwill were allocated to CECONY and O&R, respectively. In 2021, the Companies performed the qualitative assessment for goodwill related to the O&R merger. In 2021 and 2020, Con Edison completed impairment tests for goodwill of $8 million related to Honeoye, $14 million related to the residential solar company acquired by the Clean Energy Businesses and $18 million related to the battery storage company acquired by the Clean Energy Businesses. In 2021, Con Edison determined, based on a discounted cash flow analysis, that $7 million of goodwill was impaired related to Honeoye, $5 million of which was attributed to CET Gas and $2 million of which was attributed to CECONY. |
Income Tax
Income Tax | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Tax | Income Tax In response to the economic impacts of the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law on March 27, 2020. The CARES Act provided relief to corporate taxpayers by permitting a five-year carryback of net operating losses (NOLs) for tax years 2018, 2019 and 2020, temporarily removing the 80 percent limitation when applying the NOLs to carryback years, increased the 30 percent limitation on interest deductibility to 50 percent of adjusted taxable income for tax years 2019 and 2020, and provided for certain employee retention tax credits and refunds for eligible employers. Under the CARES Act, Con Edison carried back its $29 million NOL from tax year 2018 to tax year 2013 generating a $2.5 million net tax refund for which a tax receivable was established in 2020. In addition, Con Edison recognized a discrete income tax benefit of $4 million in 2020, due to the higher federal statutory tax rate in 2013. The 2018 federal NOL was recorded at 21 percent and was carried back to tax year 2013, which had a 35 percent federal statutory tax rate. This income tax benefit was primarily recognized at the Clean Energy Businesses. The components of income tax are as follows: Con Edison CECONY (Millions of Dollars) 2021 2020 2019 2021 2020 2019 State Current $14 $7 $(12) $1 $6 $22 Deferred 79 50 96 106 97 68 Federal Current 43 (2) — 121 41 185 Deferred 61 42 219 21 73 63 Amortization of investment tax credits (7) (7) (7) (3) (2) (3) Total income tax expense $190 $90 $296 $246 $215 $335 The tax effects of temporary differences, which gave rise to deferred tax assets and liabilities, are as follows: Con Edison CECONY (Millions of Dollars) 2021 2020 2021 2020 0 Deferred tax liabilities: Property basis differences $8,298 $7,985 $7,213 $6,901 Regulatory assets: Unrecognized pension and other postretirement costs 36 910 31 861 Environmental remediation costs 264 243 241 222 Deferred storm costs 33 31 — — Other regulatory assets 640 536 609 508 Operating lease right-of-use asset 204 220 155 165 Pension Asset Reserve 478 — 471 — Equity investments — 46 — — Other 30 — — — Total deferred tax liabilities $9,983 $9,971 $8,720 $8,657 Deferred tax assets: Accrued pension and other postretirement costs $218 $504 $188 $427 Regulatory liabilities: Future income tax 554 617 517 579 Other regulatory liabilities 727 656 620 570 Superfund and other environmental costs 264 241 238 219 Asset retirement obligations 177 178 141 143 Operating lease liabilities 195 211 155 165 Loss carryforwards 144 164 38 34 Tax credits carryforward 946 1,022 — — Valuation allowance (22) (22) — — Equity investments 34 — — — Other — 59 42 127 Total deferred tax assets 3,237 3,630 1,939 2,264 Net deferred tax liabilities $6,746 $6,341 $6,781 $6,393 Unamortized investment tax credits 127 134 15 18 Net deferred tax liabilities and unamortized investment tax credits $6,873 $6,475 $6,796 $6,411 Reconciliation of the difference between income tax expense and the amount computed by applying the prevailing statutory income tax rate to income before income taxes is as follows: Con Edison CECONY (% of Pre-tax income) 2021 2020 2019 2021 2020 2019 STATUTORY TAX RATE Federal 21 % 21 % 21 % 21 % 21 % 21 % Changes in computed taxes resulting from: State income taxes, net of federal income tax benefit 4 4 4 5 5 5 Taxes attributable to noncontrolling interests 3 (1) (1) — — — Cost of removal 2 2 1 1 1 1 Other plant-related items (1) (1) (1) (1) (1) (1) Amortization of excess deferred federal income taxes (12) (14) (4) (11) (12) (4) Renewable energy credits (2) (3) (2) — — — Research and development credits (1) — (1) — — (1) Other — (1) — — 1 — Effective tax rate 14 % 7 % 17 % 15 % 15 % 21 % At December 31, 2021, Con Edison had $946 million in general business tax credit carryovers (primarily renewable energy tax credits). If unused, these general business tax credit carryovers will begin to expire in 2034. A deferred tax asset for these tax attribute carryforwards was recorded, and no valuation allowance was provided, as it is more likely than not that the deferred tax asset will be realized. At December 31, 2021, Con Edison had a New York State NOL of approximately $1.13 billion, primarily as a result of higher accelerated state tax depreciation. A deferred tax asset has been recognized for these New York State NOL carryforwards that will begin to expire, if unused, in 2038 and no valuation allowance was provided; as it is more likely than not that the deferred tax asset will be realized. In addition, Con Edison has a $5 million valuation allowance against the New York City NOL deferred tax asset of approximately $17 million. Con Edison also has a $21.5 million valuation allowance for other state NOL carryforwards; as it is not more likely than not that the deferred tax asset will be realized. In December 2019, the Federal government issued final regulations providing guidance on provisions in the TCJA allowing for full expensing of qualified plant additions. These provisions, which Con Edison adopted under the proposed regulations of August 2018, allowed the Utilities a full expense tax deduction for plant additions in the fourth quarter of 2017, and the Utilities continue additional first year depreciation transition rules for plant additions placed in service in tax years beginning in 2018, under long-term construction contracts entered into before September 28, 2017. The impact on the Utilities of these regulations is discussed above. In November 2018, the Federal government issued, and Con Edison adopted, proposed regulations providing guidance on the tax deductibility of interest expense under the TCJA. The TCJA generally provides for the continued deductibility of interest expense by regulated public utilities and may limit the deduction for interest expense by most non-utility businesses to 30 percent of adjusted taxable income (which resembles earnings before interest, taxes, depreciation and amortization).The regulations provide an annual safe harbor test that if at least 90 percent of consolidated plant assets consist of utility property, the entire consolidated group will be treated as a regulated public utility, and all of the consolidated group’s interest expense will be currently tax deductible. For 2018, Con Edison met the 90 percent safe harbor test and its deduction for interest expense was not limited. For 2019, Con Edison did not meet the 90 percent safe harbor test, however, its deduction for interest expense was not limited as a percentage of adjusted taxable income. In 2020, the federal government issued final regulations under the TCJA. Under the CARES Act, the limit of the deductible interest expense as a percentage of adjusted taxable income increased from 30 percent to 50 percent and accordingly, all of Con Edison’s interest expense in 2020 will be tax deductible. In 2021, the limit of the deductible interest expense as a percentage of adjustable taxable income returned to 30 percent; however, Con Edison’s deduction for interest expense was not limited. Qualifying consolidated groups would not be entitled to the full expensing provisions in the TCJA noted above. The safe harbor rules do not apply to partnerships in which Con Edison and its subsidiaries are a partner. In April 2021, NY State passed a law that increased the corporate franchise tax rate on business income from 6.5% to 7.25%, retroactive to January 1, 2021, for taxpayers with taxable income greater than $5 million. The law also reinstated the business capital tax at 0.1875%, not to exceed an annual maximum tax liability of $5 million per taxpayer. NY State requires a corporate franchise taxpayer to calculate and pay the highest amount of tax under the three alternative methods: a tax on business income; a tax on business capital; or a fixed dollar minimum. The provisions to increase the corporate franchise tax rate and reinstate a business capital tax are scheduled to expire after 2023 and are not expected to have a material impact on the Companies’ financial position, results of operations or liquidity. Uncertain Tax Positions Under the accounting rules for income taxes, the Companies are not permitted to recognize the tax benefit attributable to a tax position unless such position is more likely than not to be sustained upon examination by taxing authorities, including resolution of any related appeals and litigation processes, based solely on the technical merits of the position. A reconciliation of the beginning and ending amounts of unrecognized tax benefits for Con Edison and CECONY follows: Con Edison CECONY (Millions of Dollars) 2021 2020 2019 2021 2020 2019 Balance at January 1, $14 $13 $6 $3 $2 $4 Additions based on tax positions related to the current year 3 — 1 2 — 1 Additions based on tax positions of prior years 2 1 10 1 1 — Reductions for tax positions of prior years (2) — (2) (1) — (1) Reductions from expiration of statute of limitations — — — — — — Settlements — — (2) — — (2) Balance at December 31, $17 $14 $13 $5 $3 $2 At December 31, 2021, the estimated liability for uncertain tax positions for Con Edison was $17 million ($5 million for CECONY). Con Edison reasonably expects to resolve within the next twelve months approximately $12 million of various federal and state uncertainties due to the expected completion of ongoing tax examinations, of which the entire amount, if recognized, would reduce Con Edison's effective tax rate. The amount related to CECONY is $3 million, which, if recognized, would reduce CECONY’s effective tax rate. The total amount of unrecognized tax benefits, if recognized, that would reduce Con Edison’s effective tax rate is $17 million ($16 million, net of federal taxes) with $5 million attributable to CECONY. The Companies recognize interest on liabilities for uncertain tax positions in interest expense and would recognize penalties, if any, in operating expenses in the Companies’ consolidated income statements. For the year ended December 31, 2021, the Companies recognized an immaterial amount of interest expense and no penalties for uncertain tax positions in their consolidated income statements. At December 31, 2021 and 2020, the Companies recognized an immaterial amount of accrued interest on their consolidated balance sheets. Con Edison's federal tax return for 2020 remains under examination. State and local income tax returns remain open for examination in NY State for tax years 2010 through 2020, in NJ for tax years 2017 through 2020 and in New York City for tax years 2017 through 2020. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition The following table presents, for the years ended December 31, 2021, 2020 and 2019, revenue from contracts with customers as defined in Accounting Standards Codification (ASC) Topic 606, "Revenue from Contracts with Customers," as well as additional revenue from sources other than contracts with customers, disaggregated by major source. 2021 2020 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 Revenues from contracts with customers Other revenues (a) Total operating revenues CECONY Electric $8,736 $70 $8,806 $8,026 $77 $8,103 $7,913 $149 $8,062 Gas 2,324 54 2,378 1,998 38 2,036 2,097 35 2,132 Steam 519 13 532 494 14 508 610 17 627 Total CECONY $11,579 $137 $11,716 $10,518 $129 $10,647 $10,620 $201 $10,821 O&R Electric 691 (10) 681 619 10 629 627 7 634 Gas 265 (5) 260 224 9 233 247 12 259 Total O&R $956 $(15) $941 $843 $19 $862 $874 $19 $893 Clean Energy Businesses Renewables 683 — 683 609 — 609 575 — 575 Energy services 234 — 234 52 — 52 71 — 71 Other — 105 105 — 75 75 — 211 211 Total Clean Energy Businesses $917 $105 $1,022 $661 $75 $736 $646 $211 $857 Con Edison Transmission 4 — 4 4 — 4 4 — 4 Other (b) — (7) (7) — (3) (3) — (1) (1) Total Con Edison $13,456 $220 $13,676 $12,026 $220 $12,246 $12,144 $430 $12,574 (a) For the Utilities, this includes revenue from alternative revenue programs, such as the revenue decoupling mechanisms under their NY electric and gas rate plans, as well as net earnings adjustment mechanisms (EAMs) and positive incentives primarily for achieving energy efficiency goals (see "Rate Plans" in Note B), and for 2021 recognition of late payment charges and fees that were not billed (LPCs) for the years ended December 31, 2020 and 2021 and for which recovery was granted by the NYSPSC. See "COVID-19 Regulatory Matters" in Note B and "Utilities' Assessment of Late Payment Charges" below. The amount of revenue recognized under such alternative revenue programs for 2021 includes $48 million, $34 million and $74 million for CECONY's revenue decoupling mechanisms, net EAMs, and LPCs, respectively, and $(18) million, $2 million and $4 million for O&R's revenue decoupling mechanisms, net EAMs, and LPCs, respectively. For the Clean Energy Businesses, this includes revenue from wholesale services. (b) Parent company and consolidation adjustments. Revenues are recorded as energy is delivered, generated or services are provided and billed to customers, except for services under percentage-of-completion contracts. Amounts billed are recorded in accounts receivable - customers, with payment generally due the following month. Con Edison’s and the Utilities’ accounts receivable - customers balance also reflects the Utilities’ purchase of receivables from energy service companies to support retail choice programs. Accrued revenues not yet billed to customers are recorded as accrued unbilled revenues. The Utilities have the obligation to deliver electricity, gas and steam energy to their customers. As the energy is immediately available for use upon delivery to the customer, the energy and its delivery are identifiable as a single performance obligation. The Utilities recognize revenues as this performance obligation is satisfied over time as the Utilities deliver, and the customers simultaneously receive and consume, the energy. The amount of revenues recognized reflects the consideration the Utilities expect to receive in exchange for delivering the energy. Under their tariffs, the transaction price for full-service customers includes the Utilities’ energy cost and for all customers includes delivery charges determined based on customer class and in accordance with established tariffs and guidelines of the NYSPSC or the NJBPU, as applicable. Accordingly, there is no unsatisfied performance obligation associated with these customers. The transaction price is applied to the Utilities’ revenue generating activities through the customer billing process. Because energy is delivered over time, the Utilities use output methods that recognize revenue based on direct measurement of the value transferred, such as units delivered, which provides an accurate measure of value for the energy delivered. The Utilities accrue revenues at the end of each month for estimated energy delivered but not yet billed to customers. The Utilities defer over a 12-month period net interruptible gas revenues, other than those authorized by the NYSPSC to be retained by the Utilities, for refund to firm gas sales and transportation customers. The Clean Energy Businesses recognize revenue for the sale of energy from renewable electric projects as energy is generated and billed to counterparties; accrue revenues at the end of each month for energy generated but not yet billed to counterparties; and recognize revenue as energy is delivered and services are provided for managing energy supply assets leased from others and managing the dispatch, fuel requirements and risk management activities for generating plants and merchant transmission in the northeastern United States. The Clean Energy Businesses also recognize revenue for providing energy-efficiency services to government and commercial customers, and recognize revenue for engineering, procurement and construction services, under the percentage-of-completion method of revenue recognition. Clean Energy Businesses' Use of the Percentage-of-Completion Method Sales and profits on each percentage-of-completion contract are recorded each month based on the ratio of actual cumulative costs incurred to the total estimated costs at completion of the contract, multiplied by the total estimated contract revenue, less cumulative revenues recognized in prior periods (the ‘‘cost-to-cost’’ method). The impact of revisions of contract estimates, which may result from contract modifications, performance or other reasons, are recognized on a cumulative catch-up basis in the period in which the revisions are made. 2021 2020 2019 (Millions of Dollars) Unbilled contract revenue (a) Unearned revenue (b) Unbilled contract revenue (a) Unearned revenue (b) Unbilled contract revenue (a) Unearned revenue (b) Beginning balance as of January 1, $11 $41 $29 $17 $29 $20 Additions (c) 242 — 88 31 86 1 Subtractions (c) 218 34 (d) 106 7 (d) 86 4 (d) Ending balance as of December 31, $35 $7 $11 $41 $29 $17 (a) Unbilled contract revenue represents accumulated incurred costs and earned profits on contracts (revenue arrangements), which have been recorded as revenue, but have not yet been billed to customers, and which represent contract assets as defined in Topic 606. Substantially all accrued unbilled contract revenue is expected to be collected within one year. Unbilled contract revenue arises from the cost-to-cost method of revenue recognition. Unbilled contract revenue from fixed-price type contracts is converted to billed receivables when amounts are invoiced to customers according to contractual billing terms, which generally occur when deliveries or other performance milestones are completed. (b) Unearned revenue represents a liability for billings to customers in excess of earned revenue, which are contract liabilities as defined in Topic 606. (c) Additions for unbilled contract revenue and subtractions for unearned revenue represent additional revenue earned. Additions for unearned revenue and subtractions for unbilled contract revenue represent billings. Activity also includes appropriate balance sheet classification for the period. (d) Of the subtractions from unearned revenue, $34 million, $7 million and $4 million were included in the balances as of January 1, 2021, 2020, and 2019, respectively. As of December 31, 2021, the aggregate amount of the remaining fixed performance obligations of the Clean Energy Businesses under contracts with customers for energy services is $120 million, of which $81 million will be recognized within the next two years, and the remaining $39 million will be recognized pursuant to long-term service and maintenance agreements. Utilities' Assessment of Late Payment Charges In March 2020, the Utilities began suspending new late payment charges and certain other fees for all customers. The Utilities also began providing payment extensions for all customers that were scheduled to be disconnected prior to the start of the COVID-19 pandemic. In November 2021, the NYSPSC issued an order establishing a surcharge recovery mechanism for CECONY to collect, commencing December 1, 2021 through December 31, 2022, $43 million and $7 million for electric and gas, respectively, of late payment charges and fees that were not billed for the year ended December 31, 2020. The company recorded such amounts as revenue for the year ended December 31, 2021, as permitted under the accounting rules for regulated utilities, and also accrued such amounts as a current asset at December 31, 2021. Pursuant to the November 2021 order, the company also established a recovery mechanism for CECONY to collect, commencing January 2023 through December 2023, $19 million and $4 million for electric and gas, respectively, of late payment charges and fees that were not billed for the year ended December 31, 2021 and the company recorded such amounts as revenue for the year ended December 31, 2021, as permitted under the accounting rules for regulated utilities, and also accrued such amounts as a current asset at |
Current Expected Credit Losses
Current Expected Credit Losses | 12 Months Ended |
Dec. 31, 2021 | |
Credit Loss [Abstract] | |
Current Expected Credit Losses | Current Expected Credit Losses In January 2020, the Companies adopted Accounting Standards Update (ASU) 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. Allowance for Uncollectible Accounts The Utilities’ “Account receivable – customers” balance consists of utility bills due (bills are generally due the month following billing) from customers who have energy delivered, generated, or services provided by the Utilities. The balance also reflects the Utilities’ purchase of receivables from energy service companies to support the retail choice programs. “Other receivables” balance generally reflects costs billed by the Utilities for goods and services provided to external parties, such as accommodation work for private parties and certain governmental entities, real estate rental and pole attachments. The Clean Energy Businesses’ other receivables balance includes bills related to the sale of energy from renewable electric projects. The Clean Energy Businesses’ customer accounts receivable balance generally reflects the management of energy supply assets, energy-efficiency services to government and commercial customers, and the engineering, procurement, and construction services of renewable energy projects. The Clean Energy Businesses calculate an allowance for uncollectible accounts related to their energy services customers based on an aging and customer-specific analysis. The amount of such reserves was not material at December 31, 2021 and December 31, 2020. The Companies develop expected loss estimates using past events data and consider current conditions and future reasonable and supportable forecasts. Changes to the Utilities’ reserve balances that result in write-offs of customer accounts receivable balances above existing rate allowances are not reflected in rates during the term of the current rate plans. For the Utilities’ customer accounts receivable allowance for uncollectible accounts, past events considered include write-offs relative to customer accounts receivable; current conditions include macro-and micro-economic conditions related to trends in the local economy, bankruptcy rates and aged customer accounts receivable balances, among other factors; and forecasts about the future include assumptions related to the level of write-offs and recoveries. Generally, the Utilities write off customer accounts receivable as uncollectible 90 days after the account is turned off for non-payment, or the account is closed during the collection process. See "COVID-19 Regulatory Matters" in Note B. Other receivables allowance for uncollectible accounts is calculated based on a historical average of collections relative to total other receivables, including current receivables. Current macro- and micro-economic conditions are also considered when calculating the current reserve. Probable outcomes of pending litigation, whether favorable or unfavorable to the Companies, are also included in the consideration. During the years ended December 31, 2021 and 2020, the potential economic impact of the COVID-19 pandemic was also considered in forward-looking projections related to write-off and recovery rates and resulted in increases to the allowance for uncollectible accounts. The increases to the allowance for customer uncollectible accounts for Con Edison and CECONY were $169 million and $166 million, respectively, for the year ended December 31, 2021. The increases to the allowance for uncollectible accounts for Con Edison and CECONY were $78 million and $73 million for the year ended December 31, 2020. Customer accounts receivable and the associated allowance for uncollectible accounts are included in the line “Accounts receivable – customers” on the Companies’ consolidated balance sheets. Other receivables and the associated allowance for uncollectible accounts are included in “Other receivables” on the consolidated balance sheets. The table below presents a rollforward by major portfolio segment type for the years ended December 31, 2021 and 2020: For the Year Ended December 31, Con Edison CECONY Accounts receivable - customers Other receivables Accounts receivable - customers Other receivables (Millions of Dollars) 2021 2020 2021 2020 2021 2020 2021 2020 Allowance for credit losses Beginning Balance at January 1, $148 $70 $7 $4 $138 $65 $4 $3 Recoveries 14 8 1 — 12 6 1 — Write-offs (91) (54) (2) (2) (86) (50) (1) (1) Reserve adjustments 246 124 16 5 240 117 15 2 Ending Balance December 31, $317 $148 $22 $7 $304 $138 $19 $4 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Companies may compensate employees and directors with, among other things, stock options, stock units, restricted stock units and contributions to the stock purchase plan. The Long Term Incentive Plan, which was approved by Con Edison’s shareholders in 2003 (2003 LTIP), and the Long Term Incentive Plan, which was approved by Con Edison’s shareholders in 2013 (2013 LTIP), are collectively referred to herein as the LTIP. The LTIP provides for, among other things, awards to employees of restricted stock units and stock options and, to Con Edison’s non-employee directors, stock units. Existing awards under the 2003 LTIP continue in effect, however no new awards may be issued under the 2003 LTIP. The 2013 LTIP provides for awards for up to five million shares of common stock. During the years ended December 31, 2021, 2020, and 2019, equity awards were granted under the 2013 LTIP. Shares of Con Edison common stock used to satisfy the Companies’ obligations with respect to stock-based compensation may be new shares (authorized, but unissued) or treasury shares (existing treasury shares or shares purchased in the open market). The shares used during the year ended December 31, 2021 were new shares. The Companies intend to use new shares to fulfill their stock-based compensation obligations for 2022. The Companies recognized stock-based compensation expense using a fair value measurement method. The following table summarizes stock-based compensation expense recognized by the Companies in the years ended December 31, 2021, 2020 and 2019: Con Edison CECONY (Millions of Dollars) 2021 2020 2019 2021 2020 2019 Performance-based restricted stock $23 $7 $36 $19 $6 $30 Time-based restricted stock 2 1 2 2 1 2 Non-employee director deferred stock compensation 3 2 2 3 2 2 Stock purchase plan 7 7 7 7 7 6 Total $35 $17 $47 $31 $16 $40 Income tax benefit $10 $5 $13 $9 $4 $11 Restricted Stock and Stock Units Restricted stock and stock unit awards under the LTIP have been made as follows: (i) awards that provide for adjustment of the number of units (performance-restricted stock units or Performance RSUs) to certain officers and employees; (ii) time-based awards to certain employees; and (iii) awards to non-employee directors. Restricted stock and stock units awarded represent the right to receive, upon vesting, shares of Con Edison common stock, or, except for units awarded under the directors’ plan, the cash value of shares or a combination thereof. The number of units in each annual Performance RSU award is subject to adjustment as follows: (i) 50 percent of the units awarded will be multiplied by a factor that may range from 0 to 200 percent, based on Con Edison’s total shareholder return relative to a specified peer group during a specified performance period (the TSR portion); and (ii) 50 percent of the units awarded will be multiplied by factors that may range from 0 to 200 percent, based on determinations made in connection with the Companies’ annual incentive plans or, with respect to certain executive officers, actual performance as compared to certain performance measures during a specified performance period (the non-TSR portion). Performance RSU awards generally vest upon completion of the performance period. Performance against the established targets is recomputed each reporting period as of the earlier of the reporting date and the vesting date. The TSR portion applies a Monte Carlo simulation model, and the non-TSR portion is the product of the market price at the end of the period and the average non-TSR determination over the vesting period. Performance RSUs are “liability awards” because each Performance RSU represents the right to receive, upon vesting, one share of Con Edison common stock, the cash value of a share or a combination thereof. As such, changes in the fair value of the Performance RSUs are reflected in net income. The assumptions used to calculate the fair value of the awards were as follows: 2021 2020 2019 Risk-free interest rate (a) 0.39% - 0.73% 0.10% - 0.13% 1.58% -1.59% Expected term (b) 3 years 3 years 3 years Expected share price volatility (c) 17.25% - 31.42% 30.16% - 40.95% 12.89% - 15.51% (a) The risk-free rate is based on the U.S. Treasury zero-coupon yield curve. (b) The expected term of the Performance RSUs equals the vesting period. The Companies do not expect significant forfeitures to occur. (c) Based on historical experience. The Companies would reevaluate this assumption if market conditions or business developments would reasonably indicate that future volatility might differ materially from historical experience. A summary of changes in the status of the Performance RSUs’ TSR and non-TSR portions during the year ended December 31, 2021 is as follows: Con Edison CECONY Weighted Average Grant Date Fair Value (a) Weighted Average Grant Date Fair Value (a) Units TSR Portion (b) Non-TSR Portion (c) Units TSR Portion (b) Non-TSR Portion (c) Non-vested at December 31, 2020 901,524 $70.11 $81.83 686,471 $70.15 $81.80 Granted 401,100 74.46 71.04 301,087 74.23 71.25 Vested (301,600) 67.27 76.37 (227,411) 66.82 76.48 Forfeited (16,296) 75.23 79.78 (15,869) 75.21 79.84 Non-vested at December 31, 2021 984,728 $72.67 $79.14 744,278 $72.71 $79.20 (a) The TSR and non-TSR Portions each account for 50 percent of the awards’ value. (b) Fair value is determined using the Monte Carlo simulation described above. Weighted average grant date fair value does not reflect any accrual or payment of dividends prior to vesting. (c) Fair value is determined using the market price of one share of Con Edison common stock on the grant date. The market price has not been discounted to reflect that dividends do not accrue and are not payable on Performance RSUs until vesting. The total expense to be recognized by Con Edison in future periods for unvested Performance RSUs outstanding at December 31, 2021 is $33 million, including $27 million for CECONY, and is expected to be recognized over a weighted average period of one year for both Con Edison and CECONY. Con Edison and CECONY paid cash of $8 million and $7 million in 2021, $21 million and $18 million in 2020, and $24 million and $22 million in 2019, respectively, to settle vested Performance RSUs. In accordance with the accounting rules for stock compensation, for time-based awards, the Companies are accruing a liability and recognizing compensation expense based on the market value of a common share throughout the vesting period. The vesting period for awards is three years and is based on the employee’s continuous service to Con Edison. Prior to vesting, the awards are subject to forfeiture in whole or in part under certain circumstances. The awards are “liability awards” because each restricted stock unit represents the right to receive, upon vesting, one share of Con Edison common stock, the cash value of a share or a combination thereof. As such, prior to vesting, changes in the fair value of the units are reflected in net income. A summary of changes in the status of time-based awards during the year ended December 31, 2021 is as follows: Con Edison CECONY Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Non-vested at December 31, 2020 67,438 $80.40 62,838 $80.42 Granted 17,150 74.80 16,200 74.80 Vested (21,121) 77.96 (19,588) 77.95 Forfeited (1,847) 80.23 (1,580) 79.89 Non-vested at December 31, 2021 61,620 $79.68 57,870 $79.70 The total expense to be recognized by Con Edison in future periods for unvested time-based awards outstanding at December 31, 2021 for Con Edison and CECONY is $2 million, and is expected to be recognized over a weighted average period of one year. Con Edison and CECONY paid cash of $1 million in 2021, 2020 and 2019, to settle vested time-based awards. Under the LTIP, each non-employee director receives stock units, which are deferred until the director’s separation from service or another date specified by the director. Each director may also elect to defer all or a portion of their cash compensation into additional stock units, which are deferred until the director’s termination of service or another date specified by the director. Non-employee directors’ stock units issued under the LTIP are considered “equity awards,” because they may only be settled in shares. Directors immediately vest in units issued to them. The fair value of the units is determined using the closing price of Con Edison’s common stock on the business day immediately preceding the date of issue. In the year ended December 31, 2021, approximately 36,000 units were issued at a weighted average grant date price of $77.53. Stock Purchase Plan The Stock Purchase Plan, which was approved by shareholders in 2004 and 2014, provides for the Companies to contribute up to $1 for each $9 invested by their directors, officers or employees to purchase Con Edison common stock under the plan. Eligible participants may invest up to $25,000 during any calendar year (subject to an additional limitation for officers and employees of not more than 20 percent of their pay). Dividends paid on shares held under the plan are reinvested in additional shares unless otherwise directed by the participant. Participants in the plan immediately vest in shares purchased by them under the plan. Prior to September 1, 2020, the fair value of the shares of Con Edison common stock purchased under the plan was calculated using the average of the high and low composite sale prices at which shares were traded at the New York Stock Exchange on the trading day immediately preceding such purchase dates. During 2020, the plan was amended and as a result of the amendment, the fair value of the shares of Con Edison common stock purchased after September 1, 2020 under the plan was calculated using the closing price at which shares were traded on the New York Stock Exchange on the last business day of the month for all shares purchased during the month. During 2021, 2020 and 2019, 957,866, 836,984 and 747,899 shares were purchased under the Stock Purchase Plan at a weighted average price of $73.38, $79.82 and $85.45 per share, respectively. |
Financial Information by Busine
Financial Information by Business Segment | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Financial Information by Business Segment | Financial Information by Business Segment The business segments of each of the Companies, which are its operating segments, were determined based on management’s reporting and decision-making requirements in accordance with the accounting rules for segment reporting. Con Edison’s principal business segments are CECONY’s regulated utility activities, O&R’s regulated utility activities, the Clean Energy Businesses and Con Edison Transmission. CECONY’s principal business segments are its regulated electric, gas and steam utility activities. All revenues of these business segments are from customers located in the United States of America. Also, all assets of the business segments are located in the United States of America. The accounting policies of the segments are the same as those described in Note A. Common services shared by the business segments are assigned directly or allocated based on various cost factors, depending on the nature of the service provided. The financial data for the business segments are as follows: As of and for the Year Ended December 31, 2021 (Millions of Dollars) Operating revenues Inter- segment revenues Depreciation and amortization Operating income Other Income (deductions) Interest charges Income taxes on operating income (a) Total assets Capital expenditures CECONY Electric $8,806 $18 $1,286 $1,802 $(84) $542 $151 $36,260 $2,189 Gas 2,378 8 326 646 (16) 179 110 13,748 1,126 Steam 532 74 93 12 (8) 41 (9) 2,647 103 Consolidation adjustments — (100) — — — — — — — Total CECONY $11,716 $— $1,705 $2,460 ($108) $762 $252 $52,655 $3,418 O&R Electric $681 $— $69 $100 $(8) $27 $13 $2,123 $147 Gas 260 — 26 50 (4) 15 8 1,169 70 Other — — — — — — — — — Total O&R $941 $— $95 $150 $(12) $42 $21 $3,292 $217 Clean Energy Businesses $1,022 $— $231 $236 $(10) $68 $44 $6,554 $298 Con Edison Transmission 4 — 1 (16) (407) 9 3 249 31 Other (b) (7) — — (4) (1) 24 20 366 — Total Con Edison $13,676 $— $2,032 $2,826 $(538) $905 $340 $63,116 $3,964 As of and for the Year Ended December 31, 2020 (Millions of Dollars) Operating revenues Inter- segment revenues Depreciation and amortization Operating income Other Income (deductions) Interest charges Income taxes on operating income (a) Total assets Capital expenditures CECONY Electric $8,103 $18 $1,214 $1,731 $(134) $535 $130 $35,673 $2,080 Gas 2,036 7 294 574 (25) 164 102 12,678 1,044 Steam 508 74 90 5 (12) 40 (14) 2,616 122 Consolidation adjustments — (99) — — — — — — — Total CECONY $10,647 $— $1,598 $2,310 $(171) $739 $218 $50,967 $3,246 O&R Electric $629 $— $65 $99 $(10) $26 $13 $2,097 $159 Gas 233 — 25 48 (4) 15 8 1,150 61 Other — — — — — — — — — Total O&R $862 $— $90 $147 $(14) $41 $21 $3,247 $220 Clean Energy Businesses $736 $— $231 $215 $4 $196 $(43) $6,848 $616 Con Edison Transmission 4 — 1 (8) (215) 18 — 1,348 3 Other (b) (3) — — (10) (5) 25 (3) 485 — Total Con Edison $12,246 $— $1,920 $2,654 $(401) $1,019 $193 $62,895 $4,085 As of and for the Year Ended December 31, 2019 (Millions of Dollars) Operating Inter- Depreciation Operating Other Income (deductions) Interest Income Total Capital CECONY Electric $8,062 $17 $1,053 $1,758 $(28) $539 $239 $32,988 $1,851 Gas 2,132 7 231 528 (4) 147 99 11,090 1,078 Steam 627 70 89 62 (3) 42 4 2,479 91 Consolidation adjustments — (94) — — — — — — — Total CECONY $10,821 $— $1,373 $2,348 $(35) $728 $342 $46,557 $3,020 O&R Electric $634 $— $60 $98 $(7) $27 $15 $2,130 $142 Gas 259 — 24 41 (4) 14 6 876 61 Other — — — — — — — — — Total O&R $893 $— $84 $139 $(11) $41 $21 $3,006 $203 Clean Energy Businesses $857 $— $226 $202 $5 $186 $(58) $6,528 $248 Con Edison Transmission 4 — 1 (6) 104 25 1 1,618 205 Other (b) (1) — — (7) (12) 11 (6) 370 — Total Con Edison $12,574 $— $1,684 $2,676 $51 $991 $300 $58,079 $3,676 (a) For Con Edison, the income tax expense/(benefit) on non-operating income was $(150) million, $(103) million and $(4) million in 2021, 2020 and 2019, respectively. For CECONY, the income tax expense/(benefit) on non-operating income was $(6) million, $(3) million and $(7) million in 2021, 2020 and 2019, respectively. (b) Parent company and consolidation adjustments. Other does not represent a business segment. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities Con Edison’s subsidiaries hedge market price fluctuations associated with physical purchases and sales of electricity, natural gas, steam and, to a lesser extent, refined fuels by using derivative instruments including futures, forwards, basis swaps, options, transmission congestion contracts and financial transmission rights contracts. These are economic hedges, for which the Utilities and the Clean Energy Business do not elect hedge accounting. The Clean Energy Businesses use interest rate swaps to manage the risks associated with interest rates related to outstanding and expected future debt issuances and borrowings. Derivatives are recognized on the consolidated balance sheet at fair value (see Note R), unless an exception is available under the accounting rules for derivatives and hedging. Qualifying derivative contracts that have been designated as normal purchases or normal sales contracts are not reported at fair value under the accounting rules. The fair values of the Companies’ derivatives, including the offsetting of assets and liabilities, on the consolidated balance sheet at December 31, 2021 and 2020 were: (Millions of Dollars) 2021 2020 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 $285 $(158) $127 (b) $44 $14 $58 (b) Noncurrent 90 (13) 77 22 35 57 (d) Total fair value of derivative assets $375 $(171) $204 $66 $49 $115 Fair value of derivative liabilities Current $(289) $137 $(152) (c) $(225) $(13) $(238) (d) Noncurrent (94) 10 (84) (c) (207) (33) (240) (d) Total fair value of derivative liabilities $(383) $147 $(236) $(432) $(46) $(478) Net fair value derivative assets/(liabilities) $(8) $(24) $(32) $(366) $3 $(363) CECONY Fair value of derivative assets Current $135 $(64) $71 (b) $20 $(12) $8 (b) Noncurrent 71 (15) 56 16 (8) 8 Total fair value of derivative assets $206 $(79) $127 $36 $(20) $16 Fair value of derivative liabilities Current $(131) $43 $(88) $(174) $11 $(163) Noncurrent (50) 10 (40) (114) 9 (105) Total fair value of derivative liabilities $(181) $53 $(128) $(288) $20 $(268) Net fair value derivative assets/(liabilities) $25 ($26) $(1) $(252) $— $(252) (a) Derivative instruments and collateral were offset on the consolidated balance sheet as applicable under the accounting rules. The Companies enter into master agreements for their commodity derivatives. These agreements typically provide offset in the event of contract termination. In such case, generally the non-defaulting party’s payable will be offset by the defaulting party’s payable. The non-defaulting party will customarily notify the defaulting party within a specific time period and come to an agreement on the early termination amount. (b) At December 31, 2021 and 2020, margin deposits for Con Edison ($1 million and $3 million, respectively) and CECONY (an immaterial amount and $3 million, respectively) were classified as derivative assets on the consolidated balance sheet, but not included in the table. Margin is collateral, typically cash, that the holder of a derivative instrument is required to deposit in order to transact on an exchange and to cover its potential losses with its broker or the exchange. (c) Includes amounts for interest rate swaps of $4 million in noncurrent assets, $(20) million in current liabilities and $(38) million in noncurrent liabilities. At December 31, 2021, the Clean Energy Businesses had interest rate swaps with notional amounts of $1,031 million. The expiration dates of the swaps range from 2025-2041. In June 2021, as part of the Clean Energy Businesses' sale of a renewable electric project, interest rate swaps terminating in 2024 were assumed by the buyer. (d) Includes amounts for interest rate swaps of $(24) million in current liabilities and $(82) million in noncurrent liabilities. At December 31, 2020, the Clean Energy Businesses had interest rate swaps with notional amounts of $863 million. The expiration dates of the swaps ranged from 2024-2041. The Utilities generally recover their prudently incurred fuel, purchased power and gas costs, including hedging gains and losses, in accordance with rate provisions approved by the applicable state utility regulators. See "Recoverable Energy Costs" in Note A. In accordance with the accounting rules for regulated operations, the Utilities record a regulatory asset or regulatory liability to defer recognition of unrealized gains and losses on their electric and gas derivatives. As gains and losses are realized in future periods, they will be recognized as purchased power, gas and fuel costs in the Companies’ consolidated income statements. The Clean Energy Businesses record realized and unrealized gains and losses on their derivative contracts in gas purchased for resale and non-utility revenue in the reporting period in which they occur. The Clean Energy Businesses record changes in the fair value of their interest rate swaps in other interest expense at the end of each reporting period. Management believes that these derivative instruments represent economic hedges that mitigate exposure to fluctuations in commodity prices and interest rates. The following table presents the realized and unrealized gains or losses on derivatives that have been deferred or recognized in earnings for the years ended December 31, 2021 and 2020: Con Edison CECONY (Millions of Dollars) Balance Sheet Location 2021 2020 2021 2020 Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: Current Deferred derivative gains $134 $(26) $124 $(27) Noncurrent Deferred derivative gains 57 — 51 — Total deferred gains/(losses) $191 $(26) $175 $(27) Current Deferred derivative losses $49 $(63) $43 $(64) Current Recoverable energy costs 3 (201) — (177) Noncurrent Deferred derivative losses 70 (37) 66 (36) Total deferred gains/(losses) $122 $(301) $109 $(277) Net deferred gains/(losses) $313 $(327) $284 $(304) Income Statement Location Pre-tax gain/(loss) recognized in income Gas purchased for resale $18 $(2) $— $— Non-utility revenue 3 7 — — Other operations and maintenance expense 5 (3) 5 (3) Other interest expense 52 (65) — — Total pre-tax gain/(loss) recognized in income $78 $(63) $5 $(3) The following table presents the hedged volume of Con Edison’s and CECONY’s commodity derivative transactions at December 31, 2021: Electric Energy Capacity (MW) (a) Natural Gas (Dt) (a)(b) Refined Fuels (gallons) Con Edison 26,982,370 42,333 253,195,063 3,696,000 CECONY 24,646,000 28,800 235,570,000 3,696,000 (a) Volumes are reported net of long and short positions, except natural gas collars where the volumes of long positions are reported. (b) Excludes electric congestion and gas basis swap contracts which are associated with electric and gas contracts and hedged volumes. The Companies are exposed to credit risk related to transactions entered into primarily for the various energy supply and hedging activities by the Utilities and the Clean Energy Businesses. Credit risk relates to the loss that may result from a counterparty’s nonperformance. The Companies use credit policies to manage this risk, including an established credit approval process, monitoring of counterparty limits, netting provisions within agreements, collateral or prepayment arrangements, credit insurance and credit default swaps. The Companies measure credit risk exposure as the replacement cost for open energy commodity and derivative positions plus amounts owed from counterparties for settled transactions. The replacement cost of open positions represents unrealized gains, net of any unrealized losses where the Companies have a legally enforceable right to offset. At December 31, 2021, Con Edison and CECONY had $406 million and $145 million of credit exposure in connection with open energy supply net receivables and hedging activities, net of collateral, respectively. Con Edison’s net credit exposure consisted of $91 million with independent system operators, $127 million with investment-grade counterparties, $53 million with non-investment grade/non-rated counterparties, and $135 million with commodity exchange brokers. CECONY’s net credit exposure consisted of $66 million with commodity exchange brokers and $79 million with investment-grade counterparties. The collateral requirements associated with, and settlement of, derivative transactions are included in net cash flows from operating activities in the Companies’ consolidated statement of cash flows. Most derivative instrument contracts contain provisions that may require a party to provide collateral on its derivative instruments that are in a net liability position. The amount of collateral to be provided will depend on the fair value of the derivative instruments and the party’s credit ratings. The following table presents the aggregate fair value of the Companies’ derivative instruments with credit-risk-related contingent features that are in a net liability position, the collateral posted for such positions and the additional collateral that would have been required to be posted had the lowest applicable credit rating been reduced one level and to below investment grade at December 31, 2021: (Millions of Dollars) Con Edison (a) CECONY (a) Aggregate fair value – net liabilities $158 $121 Collateral posted 170 170 Additional collateral (b) (downgrade one level from current ratings) 43 1 Additional collateral (b)(c) (downgrade to below investment grade from current ratings) 94 37 (a) Non-derivative transactions for the purchase and sale of electricity and gas and qualifying derivative instruments, which have been designated as normal purchases or normal sales, are excluded from the table. These transactions primarily include purchases of electricity from independent system operators. In the event the Utilities and the Clean Energy Businesses were no longer extended unsecured credit for such purchases, the Companies would be required to post additional collateral of $5 million at December 31, 2021. For certain other such non-derivative transactions, the Companies could be required to post collateral under certain circumstances, including in the event counterparties had reasonable grounds for insecurity. (b) The Companies measure the collateral requirements by taking into consideration the fair value amounts of derivative instruments that contain credit-risk-related contingent features that are in a net liability position plus amounts owed to counterparties for settled transactions and amounts required by counterparties for minimum financial security. The fair value amounts represent unrealized losses, net of any unrealized gains where the Companies have a legally enforceable right to offset. (c) Derivative instruments that are net assets have been excluded from the table. At December 31, 2021, if Con Edison had been downgraded to below investment grade, it would have been required to post additional collateral for such derivative instruments of $66 million. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The accounting rules for fair value measurements and disclosures define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in a principal or most advantageous market. Fair value is a market-based measurement that is determined based on inputs, which refer broadly to assumptions that market participants use in pricing assets or liabilities. These inputs can be readily observable, market corroborated, or generally unobservable firm inputs. The Companies often make certain assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, and the risks inherent in the inputs to valuation techniques. The Companies use valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. The accounting rules for fair value measurements and disclosures established a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value in three broad levels. The rules require that assets and liabilities be classified in their entirety based on the level of input that is significant to the fair value measurement. Assessing the significance of a particular input may require judgment considering factors specific to the asset or liability, and may affect the valuation of the asset or liability and their placement within the fair value hierarchy. The Companies classify fair value balances based on the fair value hierarchy defined by the accounting rules for fair value measurements and disclosures as follows: • Level 1 – Consists of assets or liabilities whose value is based on unadjusted quoted prices in active markets at the measurement date. An active market is one in which transactions for assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. This category includes contracts traded on active exchange markets valued using unadjusted prices quoted directly from the exchange. • Level 2 – Consists of assets or liabilities valued using industry standard models and based on prices, other than quoted prices within Level 1, that are either directly or indirectly observable as of the measurement date. The industry standard models consider observable assumptions including time value, volatility factors and current market and contractual prices for the underlying commodities, in addition to other economic measures. This category includes contracts traded on active exchanges or in over-the-counter markets priced with industry standard models. • Level 3 – Consists of assets or liabilities whose fair value is estimated based on internally developed models or methodologies using inputs that are generally less readily observable and supported by little, if any, market activity at the measurement date. Unobservable inputs are developed based on the best available information and subject to cost benefit constraints. This category includes contracts priced using models that are internally developed and contracts placed in illiquid markets. It also includes contracts that expire after the period of time for which quoted prices are available and internal models are used to determine a significant portion of the value. For information on the measurement of Con Edison's investment in MVP, which was measured at fair value on a non-recurring basis, see Note A. Assets and liabilities measured at fair value on a recurring basis for the years ended December 31, 2021 and 2020 are summarized below. 2021 2020 (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) $95 $260 $17 $(171) $201 $19 $42 $4 $53 $118 Interest rate swaps (a)(b)(c)(f) — 4 — — 4 — — — — — Other (a)(b)(d) 492 135 — — 627 431 126 — — 557 Total assets $587 $399 $17 $(171) $832 $450 $168 $4 $53 $675 Derivative liabilities: Commodity (a)(b)(c) $33 $266 $28 $(148) $179 $7 $296 $23 $46 $372 Interest rate swaps (a)(b)(c)(f) — 57 — — 57 — 106 — — 106 Total liabilities $33 $323 $28 $(148) $236 $7 $402 $23 $46 $478 CECONY Derivative assets: Commodity (a)(b)(c) $67 $138 $1 $(79) $127 $15 $20 $— $(16) $19 Other (a)(b)(d) 474 127 — — 601 411 120 — — 531 Total assets $541 $265 $1 $(79) $728 $426 $140 $— $(16) $550 Derivative liabilities: Commodity (a)(b)(c) $1 $172 $8 $(53) $128 $3 $274 $10 $(19) $268 (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. Con Edison and CECONY had $1 million of commodity derivative assets and $4 million and $3 million of commodity derivative liabilities, respectively, transferred from level 3 to level 2 during the year ended December 31, 2021 because of availability of observable market data due to the decrease in the terms of certain contracts from beyond three years as of September 30, 2021 to less than three years as of December 31, 2021. Con Edison and CECONY had $1 million of commodity derivative liabilities transferred from level 3 to level 2 during the year ended December 31, 2020 because of availability of observable market data due to the decrease in the terms of certain contracts from beyond three years as of September 30, 2020 to less than three years as of December 31, 2020. (b) Level 2 assets and liabilities include investments held in the deferred compensation plan and/or non-qualified retirement plans, exchange-traded contracts where there is insufficient market liquidity to warrant inclusion in Level 1, and certain over-the-counter derivative instruments for electricity, refined products and natural gas. Derivative instruments classified as Level 2 are valued using industry standard models that incorporate corroborated observable inputs, such as pricing services or prices from similar instruments that trade in liquid markets, time value and volatility factors. (c) The accounting rules for fair value measurements and disclosures require consideration of the impact of nonperformance risk (including credit risk) from a market participant perspective in the measurement of the fair value of assets and liabilities. At December 31, 2021 and 2020, the Companies determined that nonperformance risk would have no material impact on their financial position or results of operations. (d) Other assets are comprised of assets such as life insurance contracts within the deferred compensation plan and non-qualified retirement plans. (e) Amounts represent the impact of legally-enforceable master netting agreements that allow the Companies to net gain and loss positions and cash collateral held or placed with the same counterparties. (f) See Note Q. The employees in the Companies’ risk management group develop and maintain the Companies’ valuation policies and procedures for, and verify pricing and fair value valuation of, commodity derivatives and interest rate swaps. Under the Companies’ policies and procedures, multiple independent sources of information are obtained for forward price curves used to value commodity derivatives and interest rate swaps. Fair value and changes in fair value of commodity derivatives and interest rate swaps are reported monthly to the Companies’ risk committees, comprised of officers and employees of the Companies that oversee energy hedging at the Utilities and the Clean Energy Businesses. The risk management group reports to the Companies’ Vice President and Treasurer. Fair Value of Level 3 at December 31, 2021 (Millions of Dollars) Valuation Techniques Unobservable Inputs Range Con Edison — Commodity Electricity $(6) Discounted Cash Flow Forward energy prices (a) $18.75-$82.40 per MWh (10) Discounted Cash Flow Forward capacity prices (a) $0.31-$12.93 per kW-month Transmission Congestion Contracts/Financial Transmission Rights 5 Discounted Cash Flow Inter-zonal forward price curves adjusted for historical zonal losses (b) $(20.27)-$83.04 per MWh Total Con Edison — Commodity $(11) CECONY — Commodity Electricity $(8) Discounted Cash Flow Forward capacity prices (a) $1.35-$12.93 per kW-month Transmission Congestion Contracts 1 Discounted Cash Flow Inter-zonal forward price curves adjusted for historical zonal losses (b) $0.52-$3.63 per MWh Total CECONY — Commodity $(7) (a) Generally, increases/(decreases) in this input in isolation would result in a higher/(lower) fair value measurement. (b) Generally, increases/(decreases) in this input in isolation would result in a lower/(higher) fair value measurement. The table listed below provides a reconciliation of the beginning and ending net balances for assets and liabilities measured at fair value for the years ended December 31, 2021 and 2020 and classified as Level 3 in the fair value hierarchy: Con Edison CECONY (Millions of Dollars) 2021 2020 2021 2020 Beginning balance as of January 1, $(19) $(16) $(10) $(6) Included in earnings (9) (10) (3) (5) Included in regulatory assets and liabilities 3 (7) 1 (4) Purchases 6 — — — Settlements 5 15 3 6 Transfer out of level 3 3 (1) 2 (1) Ending balance as of December 31, $(11) $(19) $(7) $(10) For the Utilities, realized gains and losses on Level 3 commodity derivative assets and liabilities are reported as part of purchased power, gas and fuel costs. The Utilities generally recover these costs in accordance with rate provisions approved by the applicable state public utilities regulators. See Note A. Unrealized gains and losses for commodity derivatives are generally deferred on the consolidated balance sheet in accordance with the accounting rules for regulated operations. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Variable Interest Entities | Variable Interest EntitiesThe accounting rules for consolidation address the consolidation of a variable interest entity (VIE) by a business enterprise that is the primary beneficiary. A VIE is an entity that does not have a sufficient equity investment at risk to permit it to finance its activities without additional subordinated financial support, or whose equity investors lack the characteristics of a controlling financial interest. The primary beneficiary is the business enterprise that has the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and either absorbs a significant amount of the VIE’s losses or has the right to receive benefits that could be significant to the VIE. The Companies enter into arrangements including leases, partnerships and electricity purchase agreements, with various entities. As a result of these arrangements, the Companies retain or may retain a variable interest in these entities. CECONY CECONY has an ongoing long-term electricity purchase agreement with Brooklyn Navy Yard Cogeneration Partners, LP, a potential VIE. In 2021, a request was made of this counterparty for information necessary to determine whether the entity was a VIE and whether CECONY is the primary beneficiary; however, the information was not made available. See Note I for information on these electricity purchase agreements, the payments for this contract constitute CECONY's maximum exposure to loss with respect to the potential VIE. Clean Energy Businesses In June 2021, a subsidiary of the Clean Energy Businesses sold substantially all of its membership interest in a renewable electric project, and retained an equity interest of $11 million in the project, which is accounted for as an equity method investment. See Note W. The earnings of the project are determined using the hypothetical liquidation at book value (HLBV) method of accounting which resulted in a loss of $11 million pre-tax ($8 million after-tax) for the year ended December 31, 2021. Con Edison is not the primary beneficiary since the power to direct the activities that most significantly impact the economics of the renewable electric project is not held by the Clean Energy Businesses. In February 2021, a subsidiary of the Clean Energy Businesses entered into an agreement relating to certain projects (CED Nevada Virginia) with a noncontrolling tax equity investor to which a percentage of earnings, tax attributes and cash flows will be allocated. CED Nevada Virginia is a consolidated entity in which Con Edison has less than a 100 percent membership interest. Con Edison is the primary beneficiary since the power to direct the activities that most significantly impact the economics of CED Nevada Virginia during construction of the projects, and upon commercial operation, is held by the Clean Energy Businesses. For the year ended December 31, 2021, the HLBV method of accounting for CED Nevada Virginia resulted in a $158 million loss ($119 million, after tax) for the tax equity investor and $155 million of income ($117 million, after tax) for Con Edison. In 2018, the Clean Energy Businesses completed its acquisition of Sempra Solar Holdings, LLC. Included in the acquisition were certain operating projects (Tax Equity Projects) with a noncontrolling tax equity investor to which a percentage of earnings, tax attributes and cash flows are allocated. The Tax Equity Projects are consolidated entities in which Con Edison has less than a 100 percent membership interest. Con Edison is the primary beneficiary since the power to direct the activities that most significantly impact the economics of the Tax Equity Projects is held by the Clean Energy Businesses. Electricity generated by the Tax Equity Projects is sold to utilities and municipalities pursuant to long-term power purchase agreements. For the year ended December 31, 2021, the HLBV method of accounting for the Tax Equity Projects resulted in $6 million of income ($4 million, after tax) for the tax equity investor and $30 million of income ($24 million, after tax) for Con Edison. For the year ended December 31, 2020, the HLBV method of accounting for the Tax Equity Projects resulted in $43 million of income ($32 million, after tax) for the tax equity investor and a $6 million loss ($4 million, after tax) for Con Edison. Con Edison has determined that the use of HLBV accounting is reasonable and appropriate to attribute income and loss to the tax equity investors. Refer to Use of Hypothetical Liquidation at Book Value in Note A. At December 31, 2021 and 2020, Con Edison’s consolidated balance sheet included the following amounts associated with its VIEs: Tax Equity Projects Great Valley Solar Copper Mountain - Mesquite Solar CED Nevada Virginia (c)(h) (Millions of Dollars) 2021 2020 2021 2020 2021 Non-utility property, less accumulated depreciation (f)(g) $275 $284 $431 $446 $643 Other assets 37 39 167 176 55 Total assets (a) $312 $323 $598 $622 $698 Other liabilities 14 13 74 71 315 Total liabilities (b) $14 $13 $74 $71 $315 (a) The assets of the Tax Equity Projects and CED Nevada Virginia represent assets of a consolidated VIE that can be used only to settle obligations of the consolidated VIE. (b) The liabilities of the Tax Equity Projects and CED Nevada Virginia represent liabilities of a consolidated VIE for which creditors do not have recourse to the general credit of the primary beneficiary. (c) Con Edison did not provide any financial or other support during the year that was not previously contractually required. (d) Great Valley Solar consists of the Great Valley Solar 1, Great Valley Solar 2, Great Valley Solar 3 and Great Valley Solar 4 projects, for which the noncontrolling interest of the tax equity investor was $84 million and $82 million at December 31, 2021 and 2020, respectively. (e) Copper Mountain - Mesquite Solar consists of the Copper Mountain Solar 4, Mesquite Solar 2 and Mesquite Solar 3 projects for which the noncontrolling interest of the tax equity investor was $118 million and $134 million at December 31, 2021 and 2020, respectively. (f) Non-utility property is reduced by accumulated depreciation of $26 million for Great Valley Solar, $44 million for Copper Mountain - Mesquite Solar and $10 million for CED Nevada Virginia at December 31, 2021. (g) Non-utility property is reduced by accumulated depreciation of $18 million for Great Valley Solar and $30 million for Copper Mountain - Mesquite Solar at December 31, 2020. (h) CED Nevada Virginia consists of the Copper Mountain Solar 5, Battle Mountain Solar and Water Strider Solar projects for which the noncontrolling interest of the tax equity investor was $95 million at December 31, 2021. The following table summarizes the VIEs into which the Clean Energy Businesses have entered as of December 31, 2021: Project Name Generating Capacity (a) (MW AC) Power Purchase Agreement Term in Years Year of Investment Location Maximum Millions of Dollars ) (b) Great Valley Solar (c) 200 15-20 2018 CA $214 Copper Mountain - Mesquite Solar (c) 344 20-25 2018 NV and AZ 406 CED Nevada Virginia (c) 431 20-25 2021 NV and VA 288 (a) Represents ownership interest in the project. (b) Maximum exposure is equal to the net assets of the project on the consolidated balance sheet less any applicable noncontrolling interest. Con Edison did not provide any financial or other support during the year that was not previously contractually required. (c) For the projects comprising Great Valley Solar, Copper Mountain Mesquite Solar and CED Nevada Virginia, refer to (d), (e) and (h) in the table above. |
Asset Retirement Obligations
Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2021 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | Asset Retirement Obligations The Companies recognize a liability at fair value for legal obligations associated with the retirement of long-lived assets in the period in which they are incurred, or when sufficient information becomes available to reasonably estimate the fair value of such legal obligations. When the liability is initially recorded, asset retirement costs are capitalized by increasing the carrying amount of the related asset. The liability is accreted to its present value each period and the capitalized cost is depreciated over the useful life of the related asset. The fair value of the asset retirement obligation liability is measured using expected future cash flows discounted at credit-adjusted risk-free rates, historical information, and where available, quoted prices from outside contractors. The Companies evaluate these assumptions underlying the asset retirement obligation liability on an annual basis or as frequently as needed. The Companies recorded asset retirement obligations associated with the removal of asbestos and asbestos-containing material in their buildings (other than the structures enclosing generating stations and substations), electric equipment and steam and gas distribution systems. The Companies also recorded asset retirement obligations relating to gas and oil pipelines abandoned in place and municipal infrastructure support. The Companies did not record an asset retirement obligation for the removal of asbestos associated with the structures enclosing generating stations and substations. For these building structures, the Companies were unable to reasonably estimate their asset retirement obligations because the Companies were unable to estimate the undiscounted retirement costs or the retirement dates and settlement dates. The amount of the undiscounted retirement costs could vary considerably depending on the disposition method for the building structures, and the method has not been determined. The Companies anticipate continuing to use these building structures in their businesses for an indefinite period, and so the retirement dates and settlement dates are not determinable. Con Edison recorded asset retirement obligations for the removal of the Clean Energy Businesses’ solar and wind equipment related to projects located on property that is not owned by them and the term of the arrangement is finite including any renewal options. Con Edison did not record asset retirement obligations for the Clean Energy Businesses’ projects that are located on property that is owned by them because they expect that the equipment will continue to generate electricity at these facilities long past the manufacturer’s warranty at minimal operating expense. Therefore, Con Edison was unable to reasonably estimate the retirement date of this equipment. The Utilities include in depreciation rates the estimated removal costs, less salvage, for utility plant assets. The amounts related to removal costs that are associated with asset retirement obligations are classified as an asset retirement liability. Pursuant to accounting rules for regulated operations, future removal costs that do not represent legal asset retirement obligations are recorded as regulatory liabilities. Accretion and depreciation expenses related to removal costs that represent legal asset retirement obligations are applied against the Companies’ regulatory liabilities. Asset retirement costs that are recoverable from customers are recorded as regulatory liabilities to reflect the timing difference between costs recovered through the rate-making process and recognition of costs. At December 31, 2021, the liabilities for asset retirement obligations of Con Edison and CECONY were $577 million and $504 million, respectively. At December 31, 2020, the liabilities for asset retirement obligations of Con Edison and CECONY were $576 million and $508 million, respectively. The change in liabilities at December 31, 2021 was due to changes in estimated cash flows of $58 million and $55 million for Con Edison and CECONY, respectively, and accretion expense of $18 million and $15 million for Con Edison and CECONY, respectively. The changes were offset by liabilities settled of $75 million and $74 million for Con Edison and CECONY, respectively. The change in liabilities at December 31, 2020 was due to changes in estimated cash flows of $191 million and $186 million for Con Edison and CECONY, respectively, and accretion expense of $16 million and $13 million for Con Edison and CECONY, respectively. The changes were offset by liabilities settled of $56 million and $53 million for Con Edison and CECONY, respectively. At December 31, 2021, Con Edison and CECONY recorded reductions of $87 million and $85 million, respectively, to the regulatory liability associated with cost of removal to reflect depreciation and interest expense. At December 31, 2020, Con Edison and CECONY recorded reductions of $49 million to the regulatory liability associated with cost of removal to reflect depreciation and interest expense. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions The NYSPSC generally requires that the Utilities and Con Edison’s other subsidiaries be operated as separate entities. The Utilities and the other subsidiaries are required to have separate operating employees and operating officers of the Utilities may not be operating officers of the other subsidiaries. The Utilities may provide administrative and other services to, and receive such services from, Con Edison and its other subsidiaries only pursuant to cost allocation procedures approved by the NYSPSC. Transfers of assets between the Utilities and Con Edison or its other subsidiaries may be made only as approved by the NYSPSC. The debt of the Utilities is to be raised directly by the Utilities and not derived from Con Edison. Without the prior permission of the NYSPSC, the Utilities may not make loans to, guarantee the obligations of, or pledge assets as security for the indebtedness of Con Edison or its other subsidiaries. The NYSPSC limits the dividends that the Utilities may pay Con Edison. See “Dividends” in Note C. As a result, substantially all of the net assets of CECONY and O&R ($16,312 million and $888 million, respectively), at December 31, 2021, are considered restricted net assets. The NYSPSC may impose additional measures to separate, or “ring fence,” the Utilities from Con Edison and its other subsidiaries. See “Rate Plans” in Note B. The costs of administrative and other services provided by CECONY to, and received by it from, Con Edison and its other subsidiaries for the years ended December 31, 2021, 2020 and 2019 were as follows: CECONY (Millions of Dollars) 2021 2020 2019 Cost of services provided $137 $128 $121 Cost of services received 68 66 64 In addition, CECONY and O&R have joint gas supply arrangements in connection with which CECONY sold to O&R $90 million, $59 million and $71 million of natural gas for the years ended December 31, 2021, 2020 and 2019, respectively. These amounts are net of the effect of related hedging transactions. The Utilities perform work and incur expenses on behalf of NY Transco, a company in which CET Electric has a 45.7 percent equity interest. The Utilities bill NY Transco for such work and expenses in accordance with established policies. For the years ended December 31, 2021 and 2020, the amounts billed by the Utilities to NY Transco were $5.9 million and immaterial, respectively. In May 2016, CECONY transferred certain electric transmission projects to NY Transco. CECONY has storage and wheeling service contracts with Stagecoach Gas Services LLC (Stagecoach), a joint venture formerly owned by a subsidiary of CET Gas and a subsidiary of Crestwood Equity Partners LP (Crestwood). In addition, CECONY is the replacement shipper on one of Crestwood’s firm transportation agreements with Tennessee Gas Pipeline Company LLC. CECONY incurred costs for storage and wheeling services from Stagecoach of $31 million, $34 million and $33 million for the years ended December 31, 2021, 2020 and 2019, respectively. During 2021, a subsidiary of CET Gas completed the sale of its 50 percent interest in Stagecoach. See Note W. CECONY has a 20-year transportation contract with Mountain Valley Pipeline, LLC (MVP) for 250,000 dekatherms per day of capacity. CET Gas owns a 10.2 percent equity interest in MVP (that is expected to be reduced to 8.5 percent). See "Investments - 2020 and 2021 Partial Impairments of Investment in Mountain Valley Pipeline, LLC (MVP) " in Note A. In October 2017, the Environmental Defense Fund and the Natural Resource Defense Council requested the NYSPSC to prohibit CECONY from recovering costs under its MVP contract unless CECONY can demonstrate that the contract is in the public interest. CECONY advised the NYSPSC that it would respond to the request if the NYSPSC opened a proceeding to consider this request. For the years ended December 31, 2021 and 2020, CECONY incurred no costs under the contract. FERC has authorized CECONY to lend funds to O&R for a period of not more than 12 months, in an amount not to exceed $250 million, at prevailing market rates. At December 31, 2021 and 2020 there were no outstanding loans to O&R. The Clean Energy Businesses had financial electric capacity contracts with CECONY and O&R during 2021 and 2020. For the years ended December 31, 2021 and 2020, the Clean Energy Businesses realized a $4 million loss and an immaterial loss, respectively, under these contracts. |
New Financial Accounting Standa
New Financial Accounting Standards | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
New Financial Accounting Standards | New Financial Accounting StandardsIn March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (ASU 2020-04). In 2017, the United Kingdom’s Financial Conduct Authority announced that it intends to stop persuading or compelling banks to submit the London Interbank Offered Rate (LIBOR), a benchmark interest rate referenced in a variety of agreements, after 2021. In March 2021, the United Kingdom's Financial Conduct Authority confirmed that U.S. Dollar LIBOR will no longer be published after December 31, 2021 for one-week and two-month U.S. Dollar LIBOR tenors, and after June 30, 2023 for all other U.S. Dollar LIBOR tenors. ASU 2020-04 provides entities with optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. In January 2021, the FASB issued amendments to the guidance through ASU 2021-01 to include all contract modifications and hedging relationships affected by reference rate reform, including those that do not directly reference LIBOR or another reference rate expected to be discontinued, and clarify which optional expedients may be applied to them. The guidance can be applied prospectively. The optional relief is temporary and generally cannot be applied to contract modifications and hedging relationships entered into or evaluated after December 31, 2022. The Companies do not expect the new guidance to have a material impact on their financial position, results of operations or liquidity. In December 2021, the FASB issued amendments to the guidance on accounting for government assistance through ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. The amendments require that business entities disclose 1) the types of assistance, 2) an entity’s accounting for the assistance, and 3) the effect of the assistance on an entity’s financial statements. For public entities, the amendments are effective for reporting periods beginning after December 15, 2021. Early adoption is permitted. The Companies are in the process of evaluating the potential impact of the new guidance on the Companies’ financial position, results of operations and liquidity. |
Dispositions
Dispositions | 12 Months Ended |
Dec. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Dispositions | Dispositions Crane and Coram In April 2021, a subsidiary of the Clean Energy Businesses entered into an agreement to sell substantially all of its membership interests in a renewable electric project that it developed and also all of its membership interests in a renewable electric project that it acquired in 2016. The sales were completed in June 2021. The combined carrying value of both projects was approximately $192 million in June 2021. The net pre-tax gain on the sales was $3 million ($2 million after-tax) and was included within "Other operations and maintenance" on Con Edison's consolidated income statement for the year ended December 31, 2021. The retained portion of the membership interest in the renewable electric project, of $11 million, was calculated based on a discounted cash flow of future projected earnings, and the retained portion is accounted for as an equity method investment. The portion of the gain attributable to the retained portion of the membership interest was not material for the year ended December 31, 2021. See Note S. Stagecoach Gas Services In 2021, a subsidiary of Con Edison Gas Pipeline and Storage, LLC (CET Gas) and its joint venture partner agreed to sell their combined interests in Stagecoach Gas Services LLC (Stagecoach) for a total of $1,225 million, of which $629 million, including closing adjustments, was attributed to CET Gas for its 50 percent interest. The purchase and sale agreement provided for a two-stage closing, the first of which was completed in July 2021 and the second of which was completed in November 2021. See "Investments - Partial Impairment of Investment in Stagecoach Gas Services LLC (Stagecoach)" in Note A. |
Schedule I - Condensed Financia
Schedule I - Condensed Financial Information | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule I - Condensed Financial Information | Schedule I Condensed Financial Information of Consolidated Edison, Inc. (a) Condensed Statement of Income and Comprehensive Income (Parent Company Only) For the Years Ended December 31, (Millions of Dollars, except per share amounts) 2021 2020 2019 Equity in earnings of subsidiaries $1,369 $1,105 $1,354 Other income (deductions), net of taxes 14 56 76 Interest expense (37) (60) (87) Net Income $1,346 $1,101 $1,343 Comprehensive Income $1,376 $1,095 $1,340 Net Income Per Share – Basic $3.86 $3.29 $4.09 Net Income Per Share – Diluted $3.85 $3.28 $4.08 Dividends Declared Per Share $3.10 $3.06 $2.96 Average Number Of Shares Outstanding—Basic (In Millions) 348.4 334.8 328.5 Average Number Of Shares Outstanding—Diluted (In Millions) 349.4 335.7 329.5 (a) These financial statements, in which Con Edison’s subsidiaries have been included using the equity method, should be read together with its consolidated financial statements and the notes thereto appearing above. Condensed Financial Information of Consolidated Edison, Inc. (a) Condensed Statement of Cash Flows (Parent Company Only) For the Years Ended December 31, (Millions of Dollars) 2021 2020 2019 Net Income $1,346 $1,101 $1,343 Equity in earnings of subsidiaries (1,369) (1,105) (1,354) Dividends received from: CECONY 988 982 912 O&R 52 49 47 Clean Energy Businesses 64 21 3 Con Edison Transmission 152 11 12 Change in Assets: Special deposits — — (3) Income taxes receivable 15 — 25 Other – net (b) 211 (521) 44 Net Cash Flows from Operating Activities (b) 1,459 538 1,029 Investing Activities Contributions to subsidiaries (1,135) (626) (930) Debt receivable from affiliated companies 875 400 450 Net Cash Flows Used in Investing Activities (260) (226) (480) Financing Activities Net proceeds of short-term debt 50 (537) (783) Issuance of long-term debt — 650 825 Retirement of long-term debt (b) (1,178) (3) (553) Debt issuance costs (1) (3) — Issuance of common shares for stock plans, net of repurchases 60 58 54 Issuance of common shares - public offering 775 640 825 Common stock dividends (1,030) (975) (924) Net Cash Flows Used in Financing Activities (b) (1,324) (170) (556) Net Change for the Period (125) 142 (7) Balance at Beginning of Period 144 2 9 Balance at End of Period $19 $144 $2 (a) These financial statements, in which Con Edison’s subsidiaries have been included using the equity method, should be read together with its consolidated financial statements and the notes thereto appearing above. (b) During 2021, Con Edison identified that the reclassification of debt from long-term to current for the year ended December 31, 2020 had been erroneously presented within the operating cash flow section as a cash inflow and in the financing section as a cash outflow in the Condensed Statement of Cash Flows (Parent Company Only). The amounts for the year ended December 31, 2020 have been revised to correct the error in the classification of $1,175 million from Other - net within Net Cash Flows from Operating Activities to Retirement of long-term debt within Net Cash Flows Used in Financing Activities. Con Edison has evaluated the effect of these misstatements, both qualitatively and quantitatively, and concluded that they are not material to the financial statements issued for the year ended December 31, 2020. These amounts were correctly presented on the Consolidated Statement of Cash Flows for the year ended December 31, 2020. Condensed Financial Information of Consolidated Edison, Inc. (a) Condensed Balance Sheet (Parent Company Only) December 31, (Millions of Dollars) 2021 2020 Assets Current Assets Cash and temporary cash investments $19 $144 Accounts receivable - other — 1 Income taxes receivable 3 18 Accounts receivable from affiliated companies 1,199 1,256 Prepayments 28 62 Other current assets 14 12 Total Current Assets 1,263 1,493 Investments in subsidiaries and others 19,951 18,670 Goodwill 406 406 Deferred income tax — 55 Long-term debt receivable from affiliated companies — 875 Total Assets $21,620 $21,499 Liabilities and Shareholders’ Equity Current Liabilities Long-term debt due within one year $293 $1,178 Notes payable 50 — Accounts payable 1 — Accounts payable to affiliated companies 517 517 Accrued taxes 2 6 Other current liabilities 9 12 Total Current Liabilities 872 1,713 Deferred income tax 64 — Total Liabilities 936 1,713 Long-term debt 647 939 Shareholders’ Equity Common stock, including additional paid-in capital 9,748 8,844 Retained earnings 10,289 10,003 Total Shareholders’ Equity 20,037 18,847 Total Liabilities and Shareholders’ Equity $21,620 $21,499 (a) These financial statements, in which Con Edison’s subsidiaries have been included using the equity method, should be read together with its consolidated financial statements and the notes thereto appearing above. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | Schedule II Valuation and Qualifying Accounts For the Years Ended December 31, 2021, 2020 and 2019 COLUMN C Additions Company (Millions of Dollars) COLUMN A Description COLUMN B Balance at Beginning of Period (1) Charged To Costs And Expenses (2) Charged To Other Accounts COLUMN D Deductions (b) COLUMN E Balance At End of Period Con Edison Allowance for uncollectible accounts (a): 2021 $154 $83 $— $102 $339 2020 $74 $72 $— $8 $154 2019 $68 $77 $— $(71) $74 CECONY Allowance for uncollectible accounts (a): 2021 $143 $78 $— $102 $323 2020 $68 $65 $— $10 $143 2019 $61 $72 $— $(65) $68 (a) This is a valuation account deducted in the balance sheet from the assets (Accounts receivable - customers and Other receivables) to which they apply. (b) Accounts written off less cash collections, miscellaneous adjustments and amounts reinstated as receivables previously written off. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies and Other Matters (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The Companies’ consolidated financial statements include the accounts of their respective majority-owned subsidiaries, and variable interest entities (see Note S), as required. All intercompany balances and intercompany transactions have been eliminated. |
Accounting Policies | Accounting Policies The accounting policies of Con Edison and its subsidiaries conform to generally accepted accounting principles in the United States of America (GAAP). For the Utilities, these accounting principles include the accounting rules for regulated operations and the accounting requirements of the Federal Energy Regulatory Commission (FERC) and the state regulators having jurisdiction. The accounting rules for regulated operations specify the economic effects that result from the causal relationship of costs and revenues in the rate-regulated environment and how these effects are to be accounted for by a regulated enterprise. Revenues intended to cover some costs may be recorded either before or after the costs are incurred. If regulation provides assurance that incurred costs will be recovered in the future, these costs would be recorded as deferred charges or “regulatory assets” under the accounting rules for regulated operations. If revenues are recorded for costs that are expected to be incurred in the future, these revenues would be recorded as deferred credits or “regulatory liabilities” under the accounting rules for regulated operations. The Utilities’ principal regulatory assets and liabilities are detailed in Note B. In general, the Utilities are receiving or being credited with a return on their regulatory assets for which a cash outflow has been made, and are paying or being charged with a return on their regulatory liabilities for which a cash inflow has been received. The Utilities’ regulatory assets and liabilities at December 31, 2021 are recoverable from customers, or to be applied for customer benefit, in accordance with rate provisions that have been approved by state regulators. |
Revenues | Revenues CECONY’s electric and gas rate plans and O&R’s NY electric and gas rate plans each contain a revenue decoupling mechanism, that covers all residential and most commercial customers, under which the company’s actual energy delivery revenues are compared with the authorized delivery revenues and the difference accrued, with interest, for refund to, or recovery from, customers, as applicable. See “Rate Plans” in Note B. |
Plant and Depreciation Utility Plant | Plant and Depreciation Utility Plant Utility plant is stated at original cost. The cost of repairs and maintenance is charged to expense and the cost of betterments is capitalized. The capitalized cost of additions to utility plant includes indirect costs such as engineering, supervision, payroll taxes, pensions, other benefits and an allowance for funds used during construction (AFUDC). The original cost of property is charged to expense over the estimated useful lives of the assets. Upon retirement, the original cost of property is charged to accumulated depreciation. See Note T. Rates used for AFUDC include the cost of borrowed funds and a reasonable rate of return on the Utilities’ own funds when so used, determined in accordance with regulations of the FERC or the state public utility regulatory authority having jurisdiction. The rate is compounded semiannually, and the amounts applicable to borrowed funds are treated as a reduction of interest charges, while the amounts applicable to the Utilities’ own funds are credited to other income (deductions). The AFUDC rates for CECONY were 4.5 percent, 5.2 percent and 5.1 percent for 2021, 2020 and 2019, respectively. The AFUDC rates for O&R were 4.8 percent, 5.3 percent and 5.3 percent for 2021, 2020 and 2019, respectively. The Utilities generally compute annual charges for depreciation using the straight-line method for financial statement purposes, with rates based on average service lives and net salvage factors. The average depreciation rates for CECONY were 3.5 percent for 2021 and 3.5 percent for 2020 and 3.2 percent for 2019. The average depreciation rates for O&R were 3.1 percent for 2021, 3.2 percent for 2020 and 3.0 percent for 2019. The estimated lives for utility plant for CECONY range from 5 to 85 years for electric, 5 to 90 years for gas, 5 to 80 years for steam and 5 to 55 years for general plant. For O&R, the estimated lives for utility plant range from 5 to 75 years for electric and gas and 5 to 50 years for general plant. Non–Utility Plant Non-utility plant is stated at original cost. For Con Edison, non-utility plant consists primarily of the Clean Energy Businesses’ renewable electric projects. Property, plant and equipment are stated at cost, less accumulated depreciation and include capitalized interest during construction. Depreciation is computed under the straight-line method over the useful lives of the assets. Solar power generating assets and wind power generating assets have useful lives of 35 years and 30, respectively. For the Utilities, non-utility plant consists of land and conduit for telecommunication use. Depreciation on non-utility plant, other than land, is computed using the straight-line method for financial statement purposes over their estimated useful lives, which is 10 years. Other Deferred Charges and Noncurrent Assets and Prepayments Other deferred charges and noncurrent assets and prepayments, net of accumulated depreciation, included the following related to implementation costs incurred in cloud computing arrangements: Con Edison CECONY (Millions of Dollars) 2021 2020 2021 2020 Prepayments (a)(b) $16 $12 $15 $11 Other Deferred Charges and Noncurrent Assets (a)(b) $81 $54 $78 $51 (a) Depreciation on these assets is computed using the straight-line method for financial statement purposes over their estimated useful lives. (b) Depreciation expense related to these assets incurred during the year ended December 31, 2021 for Con Edison and CECONY was $12 million and $11 million, respectively, and for the year ended December 31, 2020 for Con Edison and CECONY was $7 million and $6 million, respectively. Accumulated depreciation related to these assets for Con Edison and CECONY was $22 million and $19 million, respectively at December 31, 2021 and was $10 million and $8 million, respectively at December 31, 2020. |
Long-Lived and Intangible Assets | Long–Lived and Intangible Assets The Companies test long-lived and intangible assets for recoverability when events or changes in circumstances indicate that the carrying value of long-lived or intangible assets may not be recoverable. The carrying amount of a long-lived asset or intangible asset with a definite life is deemed not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the assets. In the event a test indicates that such cash flows cannot be expected to be sufficient to fully recover the assets, the assets are considered impaired and written down to their estimated fair value. |
Recoverable Energy Costs/New York Independent System Operator (NYISO) | Recoverable Energy Costs The Utilities generally recover all of their prudently incurred fuel, purchased power and gas costs, including hedging gains and losses, in accordance with rate provisions approved by the applicable state public utility regulators. If the actual energy supply costs for a given month are more or less than the amounts billed to customers for that month, the difference in most cases is recoverable from or refundable to customers. Differences between actual and billed electric and steam supply costs and costs of its electric demand management programs are generally deferred for charge or refund to customers during the next billing cycle (normally within one New York Independent System Operator (NYISO) The Utilities purchase electricity through the wholesale electricity market administered by the NYISO. The difference between purchased power and related costs initially billed to the Utilities by the NYISO and the actual cost of power subsequently calculated by the NYISO is refunded by the NYISO to the Utilities, or paid to the NYISO by the Utilities. The reconciliation payments or receipts are recoverable from or refundable to the Utilities’ customers. Certain other payments to or receipts from the NYISO are also subject to reconciliation, with shortfalls or amounts in excess of specified rate allowances recoverable from or refundable to customers. These include proceeds from the sale through the NYISO of transmission rights on CECONY’s transmission system (transmission congestion contracts or TCCs). |
Temporary Cash Investments | Temporary Cash Investments Temporary cash investments are short-term, highly-liquid investments that generally have maturities of three months or less at the date of purchase. They are stated at cost, which approximates market. The Companies consider temporary cash investments to be cash equivalents. |
Investments | Investments Accounting for Investments Con Edison’s investments consist primarily of the investments of Con Edison Transmission that are accounted for under the equity method and the fair value of the Utilities’ supplemental retirement income plan and deferred income plan assets. The accounting rules require Con Edison to evaluate its investments periodically to determine whether they are impaired. The standard for determining whether an impairment exists and must be recorded is whether an other-than-temporary decline in carrying value has occurred. Changes in economic conditions, forecasted cash flows and the regulatory environment, among other factors, could require equity method investments to recognize a decrease in carrying value for an other-than-temporary decline. When management believes such a decline may have occurred, the fair value of the investment is estimated using market inputs, when observable, or a market valuation model such as a discounted cash flow analysis. The fair value is compared to the carrying value of the investment in order to determine the amount of impairment to record, if any. The evaluation and measurement of impairments involve uncertainties. The judgments that Con Edison makes to estimate the fair value of its equity method investments are based on assumptions that management believes are reasonable, and variations in these estimates or the underlying assumptions, or the receipt of additional market information, could have a material impact on whether a triggering event is determined to exist or the amount of any such impairment. Additionally, if the projects in which Con Edison holds these investments recognize an impairment, Con Edison may record a share of that impairment loss and would evaluate its investment for an other-than-temporary decline in carrying value as described above. Partial Impairment of Investment in Stagecoach Gas Services LLC (Stagecoach) In 2021, a subsidiary of Con Edison Gas Pipeline and Storage, LLC (CET Gas) and its joint venture partner agreed to sell their combined interests in Stagecoach Gas Services LLC (Stagecoach) for a total of $1,225 million, of which $629 million, including closing adjustments, was attributed to CET Gas for its 50 percent interest. The purchase and sale agreement provided for a two-stage closing, the first of which was completed in July 2021 and the second of which was completed in November 2021. As a result of information made available to Stagecoach as part of the sale process, Stagecoach performed impairment tests that resulted in Stagecoach recording impairment charges of $414 million for the year ended December 31, 2021. Accordingly, Con Edison recorded pre-tax impairment losses on its 50 percent interest in Stagecoach of $212 million ($147 million after-tax), including working capital and transaction cost adjustments, within "Investment income/(loss)" on Con Edison's consolidated income statement for the year ended December 31, 2021. Stagecoach’s impairment charges and information obtained from the sales process constituted triggering events for Con Edison's investment in Stagecoach as of March 31, 2021 and June 30, 2021. Con Edison evaluated the carrying value of its investment in Stagecoach for other-than-temporary declines in value using income and market-based approaches. Con Edison determined that the carrying value of its investment in Stagecoach of $667 million and $630 million as of March 31, 2021 and June 30, 2021, respectively, was not impaired. The carrying value of $630 million at June 30, 2021 reflected the final sales price received in July 2021 and the remaining amount received in November 2021, including closing adjustments. 2020 and 2021 Partial Impairments of Investment in Mountain Valley Pipeline, LLC (MVP) In January 2016, Con Edison Gas Pipeline and Storage, LLC (CET Gas), an indirect subsidiary of Con Edison, acquired a 12.5 percent equity interest in MVP, a company developing a proposed 300-mile gas transmission project (the Project) in West Virginia and Virginia. During 2019, Con Edison exercised its right to limit, and did limit, its cash contributions to the joint venture to approximately $530 million, which reduced CET Gas' interest in MVP to 11.3 percent and 10.2 percent as of December 31, 2020 and 2021, respectively. CET Gas' interest in MVP is expected to be reduced to 8.5 percent based on the Project's current cost estimate and CET Gas' previous capping of its cash contributions. As of December 31, 2020 and 2021, the Project was approximately 92 percent and 94 percent complete, respectively. During 2020, progress was made on the construction of the Project, and the U.S. Supreme Court issued favorable decisions in cases unrelated to MVP regarding the permitting process for pipeline construction and water crossings. In November 2020, the U.S. Court of Appeals for the Fourth Circuit issued a stay on the Nationwide Permit 12, effectively blocking the Project’s ability to pursue water crossings under that permit. As a result, in November 2020 the Project applied to the FERC for a certificate amendment to bore under water bodies in a portion of the Project in West Virginia, allowing this portion of the pipe to be completed and placed in-service while a plan for the remaining water crossings was pursued. If approved, this certificate amendment would have led to additional Project costs and would have extended the anticipated in-service date. In January 2021, the FERC did not approve the requested certificate amendment. Later in January 2021, the Project indicated its plans to apply for U.S. Army Corps of Engineers individual permits for certain water crossings and a new certificate amendment application to the FERC to bore under other water crossings that, in total, would cover the entire Project length. The uncertainty related to obtaining necessary water crossing permits, the resulting Project costs and the likelihood of the Project not reaching eventual completion increased as a result of actions taken by the U.S. Court of Appeals for the Fourth Circuit. This action and associated delays constituted a triggering event (the "2020 triggering event") that required Con Edison to test its investment in MVP for an other-than-temporary impairment as of December 31, 2020. In December 2021, the Virginia Department of Environmental Quality and the West Virginia Department of Environmental Protection both issued water quality certification permits which are required in order for the U.S. Army Corps of Engineers to proceed with the permitting process for construction of certain Project water crossings. In January 2022, the U.S. Court of Appeals for the Fourth Circuit rejected permits for crossings through the Jefferson National Forest issued by the U.S. Forest Service and Bureau of Land Management. In February 2022, the U.S. Court of Appeals for the Fourth Circuit vacated a biological opinion from the U.S. Fish and Wildlife Service, applicable to all remaining construction. The biological opinion had been issued and was the subject of litigation prior to December 31, 2021. Con Edison believes that the February 2022 action by the U.S. Court of Appeals for the Fourth Circuit, along with the potential outcome of other matters pending before that Court, may lead to further delays and increased Project costs, which constituted a triggering event (the “2021 triggering event”) that required Con Edison to test its investment in MVP for an other-than-temporary impairment as of December 31, 2021. In response to the 2020 triggering event and 2021 triggering event, Con Edison assessed the value of its equity investment in the Project to determine whether the fair value of its investment in MVP had declined below its carrying value on an other-than-temporary basis as of December 31, 2020 and 2021, respectively. The estimated fair value of the investment was determined using a discounted cash flow analysis, which is a level 3 fair value measurement. The analysis discounted probability-weighted future cash flows, including revenues based on long-term firm transportation contracts, that are secured for the first 20 years following completion of the Project. See Note U. Con Edison has also assumed cash flows extending beyond this period. All cash flows were discounted at a pre-tax discount rate of 8.3 percent and then weighted based on Con Edison’s estimate of the likelihood that the Project will be completed. For the 2020 triggering event, Con Edison estimated that the likelihood of Project completion was in the upper end of a reasonably possible range. For the 2021 triggering event, Con Edison anticipated that the Project faces legal and regulatory challenges that make construction completion increasingly remote. The Project faces additional delays and increased costs that could further reduce CET Gas' interest in MVP to below 8 percent based on CET Gas' previous capping of its cash contributions. The likelihood that the Project will be completed and, for 2020, the discount rate, are the most significant and sensitive assumptions; changes in these assumptions may materially change the results of the impairment calculation. Based on the discounted cash flow analyses, Con Edison concluded as of December 31, 2020 and 2021 that the fair value of its investment in MVP declined below its carrying value and the declines were other-than-temporary. Accordingly, Con Edison recorded a pre-tax impairment loss of $320 million ($223 million, after tax) for the year ended December 31, 2020 that reduced the carrying value of its investment in MVP from $662 million to $342 million, with an associated deferred tax asset of $53 million. Additionally, Con Edison recorded a pre-tax impairment loss of $231 million ($162 million, after tax) for the year ended December 31, 2021 that reduced the carrying value of its investment in MVP from $342 million to $111 million, with an additional $77 million associated deferred tax asset, totaling a deferred tax asset of $130 million at December 31, 2021. The impairments were recorded within “Investment income (loss)” on Con Edison’s Consolidated Income Statement. In addition, Con Edison did not record non-cash equity in earnings from allowance for funds used during construction from MVP beginning in January 2021 and will continue to refrain from recording such amounts until such time as substantial construction activities resume, which would be indicative of probable Project completion. There is risk that the fair value of Con Edison’s investment in MVP may be further or fully impaired in the future. There are ongoing legal and regulatory matters that must be resolved favorably before the Project can be completed. Assumptions and estimates used to test Con Edison’s investment in MVP for impairment may change if adverse or delayed resolutions to the Project’s pending legal and regulatory challenges were to occur, which could have a material adverse effect on the fair value of Con Edison’s investment in MVP. |
Pension and Other Postretirement Benefits | Pension and Other Postretirement Benefits The accounting rules for retirement benefits require an employer to recognize an asset or liability for the overfunded or underfunded status of its pension and other postretirement benefit plans. For a pension plan, the asset or liability is the difference between the fair value of the plan’s assets and the projected benefit obligation. For any other postretirement benefit plan, the asset or liability is the difference between the fair value of the plan’s assets and the accumulated postretirement benefit obligation. The accounting rules generally require employers to recognize all unrecognized prior service costs and credits and unrecognized actuarial gains and losses in accumulated other comprehensive income/(loss) (OCI), net of tax. Such amounts will be adjusted as they are subsequently recognized as components of total periodic benefit cost or income pursuant to the current recognition and amortization provisions. For the Utilities’ pension and other postretirement benefit plans, regulatory accounting treatment is generally applied in accordance with the accounting rules for regulated operations. Unrecognized prior service costs or credits and unrecognized actuarial gains and losses are recorded to regulatory assets or liabilities, rather than OCI. See Notes E and F. The total periodic benefit costs are recognized in accordance with the accounting rules for retirement benefits. Investment gains and losses are recognized in expense over a 15-year period and other actuarial gains and losses are recognized in expense over a 10-year period, subject to the deferral provisions in the rate plans. In accordance with the Statement of Policy issued by the NYSPSC and its current electric, gas and steam rate plans, CECONY defers for payment to or recovery from customers the difference between such expenses and the amounts for such expenses reflected in rates. O&R also defers such difference pursuant to its NY rate plans. See Note B. The Companies calculate the expected return on pension and other postretirement benefit plan assets by multiplying the expected rate of return on plan assets by the market-related value (MRV) of plan assets at the beginning of the year, taking into consideration anticipated contributions and benefit payments that are to be made during the year. The accounting rules allow the MRV of plan assets to be either fair value or a calculated value that recognizes changes in fair value in a systematic and rational manner over not more than five years. The Companies use a calculated value when determining the MRV of the plan assets that adjusts for 20 percent of the difference between fair value and expected MRV of plan assets. This calculated value has the effect of stabilizing variability in assets to which the Companies apply the expected return. |
Federal Income Tax/State Income Tax | Federal Income Tax In accordance with accounting rules for income taxes, the Companies have recorded an accumulated deferred federal income tax liability at current tax rates for temporary differences between the book and tax basis of assets and liabilities. In accordance with rate plans, the Utilities have recovered amounts from customers for a portion of the tax liability they will pay in the future as a result of the reversal or “turn-around” of these temporary differences. As to the remaining deferred tax liability, the Utilities had established regulatory assets for the net revenue requirements to be recovered from customers for the related future tax expense pursuant to the NYSPSC's 1993 Policy Statement approving accounting procedures consistent with accounting rules for income taxes and providing assurances that these future increases in taxes will be recoverable in rates. Accumulated deferred investment tax credits are amortized ratably over the lives of the related properties and applied as a reduction to future federal income tax expense. Con Edison and its subsidiaries file a consolidated federal income tax return. The consolidated income tax liability is allocated to each member of the consolidated group using the separate return method. Each member pays or receives an amount based on its own taxable income or loss in accordance with a consolidated tax allocation agreement. Tax loss and tax credit carryforwards are allocated among members in accordance with consolidated tax return regulations. State Income Tax Con Edison and its subsidiaries file a combined New York State Corporation Business Franchise Tax Return. Similar to a federal consolidated income tax return, the income of all entities in the combined group is subject to New York State taxation, after adjustments for differences between federal and New York law and apportionment of income among the states in which the company does business. Each member’s share of the New York State tax is based on its own New York State taxable income or loss. |
Research and Development Costs | Research and Development CostsResearch and development costs are charged to operating expenses as incurred. |
Reclassification | Reclassification Certain prior year amounts have been reclassified to conform with current year presentation. |
Earnings Per Common Share | Earnings Per Common Share Con Edison presents basic and diluted earnings per share (EPS) on the face of its consolidated income statement. Basic EPS is calculated by dividing earnings available to common shareholders (“Net income for common stock” on Con Edison’s consolidated income statement) by the weighted average number of Con Edison common shares outstanding during the period. In the calculation of diluted EPS, weighted average shares outstanding are increased for additional shares that would be outstanding if potentially dilutive securities were converted to common stock. |
Estimates | Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
New Financial Accounting Standards | New Financial Accounting StandardsIn March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (ASU 2020-04). In 2017, the United Kingdom’s Financial Conduct Authority announced that it intends to stop persuading or compelling banks to submit the London Interbank Offered Rate (LIBOR), a benchmark interest rate referenced in a variety of agreements, after 2021. In March 2021, the United Kingdom's Financial Conduct Authority confirmed that U.S. Dollar LIBOR will no longer be published after December 31, 2021 for one-week and two-month U.S. Dollar LIBOR tenors, and after June 30, 2023 for all other U.S. Dollar LIBOR tenors. ASU 2020-04 provides entities with optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. In January 2021, the FASB issued amendments to the guidance through ASU 2021-01 to include all contract modifications and hedging relationships affected by reference rate reform, including those that do not directly reference LIBOR or another reference rate expected to be discontinued, and clarify which optional expedients may be applied to them. The guidance can be applied prospectively. The optional relief is temporary and generally cannot be applied to contract modifications and hedging relationships entered into or evaluated after December 31, 2022. The Companies do not expect the new guidance to have a material impact on their financial position, results of operations or liquidity. In December 2021, the FASB issued amendments to the guidance on accounting for government assistance through ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. The amendments require that business entities disclose 1) the types of assistance, 2) an entity’s accounting for the assistance, and 3) the effect of the assistance on an entity’s financial statements. For public entities, the amendments are effective for reporting periods beginning after December 15, 2021. Early adoption is permitted. The Companies are in the process of evaluating the potential impact of the new guidance on the Companies’ financial position, results of operations and liquidity. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies and Other Matters (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Total Excise Taxes Recorded in Operating Revenues | Total excise taxes (inclusive of gross receipts taxes) recorded in operating revenues were as follows: For the Years Ended December 31, (Millions of Dollars) 2021 2020 2019 Con Edison $358 $335 $323 CECONY 346 323 312 |
Capitalized Cost of Utility Plant | At December 31, 2021 and 2020, the capitalized cost of the Companies’ utility plant, net of accumulated depreciation, was as follows: Con Edison CECONY (Millions of Dollars) 2021 2020 2021 2020 Electric Generation $559 $572 $559 $572 Transmission 3,955 3,786 3,658 3,496 Distribution 22,418 21,481 21,240 20,366 General 87 52 87 52 Gas (a) 10,473 9,206 9,748 8,522 Steam 1,924 1,854 1,924 1,854 General 2,566 2,507 2,338 2,286 Held for future use 80 92 72 84 Construction work in progress 2,152 2,474 1,985 2,320 Net Utility Plant $44,214 $42,024 $41,611 $39,552 (a) Primarily distribution. |
Schedule of Other Deferred Charges and Noncurrent Assets and Prepayments | Other deferred charges and noncurrent assets and prepayments, net of accumulated depreciation, included the following related to implementation costs incurred in cloud computing arrangements: Con Edison CECONY (Millions of Dollars) 2021 2020 2021 2020 Prepayments (a)(b) $16 $12 $15 $11 Other Deferred Charges and Noncurrent Assets (a)(b) $81 $54 $78 $51 (a) Depreciation on these assets is computed using the straight-line method for financial statement purposes over their estimated useful lives. (b) Depreciation expense related to these assets incurred during the year ended December 31, 2021 for Con Edison and CECONY was $12 million and $11 million, respectively, and for the year ended December 31, 2020 for Con Edison and CECONY was $7 million and $6 million, respectively. Accumulated depreciation related to these assets for Con Edison and CECONY was $22 million and $19 million, respectively at December 31, 2021 and was $10 million and $8 million, respectively at December 31, 2020. |
Schedule of Investment Assets | The following investment assets are included in the Companies' consolidated balance sheets at December 31, 2021 and 2020: Con Edison CECONY (Millions of Dollars) 2021 2020 2021 2020 CET Gas investment in Stagecoach Gas Services LLC $— $845 $— $— CET Gas investment in Mountain Valley Pipeline, LLC (a) 111 342 — — Supplemental retirement income plan assets (b) 525 465 499 439 Deferred income plan assets 102 92 102 92 CET Electric investment in New York Transco, LLC (c) 112 69 — — Other 3 3 7 10 Total investments $853 $1,816 $608 $541 (a) At December 31, 2021 and 2020, CET Gas' cash investment in MVP was $530 million. In May 2021, the operator of the Mountain Valley Pipeline indicated that, subject to receipt of certain authorizations and resolution of certain challenges, it is targeting an in-service date for the project of summer 2022 at an overall project cost of approximately $6,200 million excluding allowance for funds used during construction. See "2020 and 2021 Partial Impairments of Investment in Mountain Valley Pipeline, LLC (MVP)" above. (b) See Note E. |
Research and Development Costs | Research and development costs were as follows: For the Years Ended December 31, (Millions of Dollars) 2021 2020 2019 Con Edison $25 $24 $24 CECONY 24 23 23 |
Basic and Diluted EPS | Basic and diluted EPS for Con Edison are calculated as follows: For the Years Ended December 31, (Millions of Dollars, except per share amounts/Shares in Millions) 2021 2020 2019 Net income for common stock $1,346 $1,101 $1,343 Weighted average common shares outstanding – basic 348.4 334.8 328.5 Add: Incremental shares attributable to effect of potentially dilutive securities 1.0 0.9 1.0 Adjusted weighted average common shares outstanding – diluted 349.4 335.7 329.5 Net Income per common share – basic $3.86 $3.29 $4.09 Net Income per common share – diluted $3.85 $3.28 $4.08 |
Changes in Accumulated Other Comprehensive Income/(Loss) | Changes to accumulated other comprehensive income/(loss) (OCI) for Con Edison and CECONY are as follows: (Millions of Dollars) Con Edison CECONY Accumulated OCI, net of taxes, at December 31, 2018 (a) $(16) $(5) OCI before reclassifications, net of tax of $(6) and $(1) for Con Edison and CECONY, respectively (10) (3) Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax of $(2) for Con Edison (a)(b) 7 2 Total OCI, net of taxes, at December 31, 2019 (3) (1) Accumulated OCI, net of taxes, at December 31, 2019 (a) $(19) $(6) OCI before reclassifications, net of tax of $4 and $1 for Con Edison and CECONY, respectively (11) (3) Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax of $(2) for Con Edison (a)(b) 5 2 Total OCI, net of taxes, at December 31, 2020 (6) (1) Accumulated OCI, net of taxes, at December 31, 2020 (a) $(25) $(7) OCI before reclassifications, net of tax of $(8) and $(2) for Con Edison and CECONY, respectively 22 5 Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax of $(3) and $(1) for Con Edison and CECONY, respectively (a)(b) 8 2 Total OCI, net of taxes, at December 31, 2021 30 7 Accumulated OCI, net of taxes, at December 31, 2021 (a) $5 $— (a) Tax reclassified from accumulated OCI is reported in the income tax expense line item of the consolidated income statement. (b) For the portion of unrecognized pension and other postretirement benefit costs relating to the Utilities, costs are recorded into, and amortized out of, regulatory assets and liabilities instead of OCI. The net actuarial losses and prior service costs recognized during the period are included in the computation of total periodic pension and other postretirement benefit cost. See Notes E and F. |
Restrictions on Cash and Cash Equivalents | At December 31, 2021 and 2020, cash, temporary cash investments and restricted cash for Con Edison and CECONY were as follows: At December 31, Con Edison CECONY (Millions of Dollars) 2021 2020 2021 2020 Cash and temporary cash investments $992 $1,272 $920 $1,067 Restricted cash (a) 154 164 — — Total cash, temporary cash investments and restricted cash $1,146 $1,436 $920 $1,067 (a) Restricted cash included cash of the Clean Energy Businesses' renewable electric project subsidiaries ($154 million and $164 million at December 31, 2021 and 2020, respectively) that, under the related project debt agreements, is restricted to being used for normal operating expenditures, debt service, and required reserves until the various maturity dates of the project debt. |
Schedule of Cash and Cash Equivalents | At December 31, 2021 and 2020, cash, temporary cash investments and restricted cash for Con Edison and CECONY were as follows: At December 31, Con Edison CECONY (Millions of Dollars) 2021 2020 2021 2020 Cash and temporary cash investments $992 $1,272 $920 $1,067 Restricted cash (a) 154 164 — — Total cash, temporary cash investments and restricted cash $1,146 $1,436 $920 $1,067 (a) Restricted cash included cash of the Clean Energy Businesses' renewable electric project subsidiaries ($154 million and $164 million at December 31, 2021 and 2020, respectively) that, under the related project debt agreements, is restricted to being used for normal operating expenditures, debt service, and required reserves until the various maturity dates of the project debt. |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Regulated Operations [Abstract] | |
Summary of Utilities Rate Plans | The following tables contain a summary of the Utilities’ rate plans: CECONY – Electric Effective period January 2017 – December 2019 January 2020 – December 2022 (a) Base rate changes Yr. 1 – $195 million (b) Yr. 2 – $155 million (b) Yr. 3 – $155 million (b) Yr. 1 – $113 million (c) Yr. 2 – $370 million (c) Yr. 3 – $326 million (c) Amortizations to income of net regulatory (assets) and liabilities Yr. 1 – $84 million Yr. 2 – $83 million Yr. 3 – $69 million Yr. 1 – $267 million (d) Yr. 2 – $269 million (d) Yr. 3 – $272 million (d) 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 – $28 million Yr. 2 – $47 million Yr. 3 – $64 million In 2017, 2018 and 2019, the company recorded $13 million, $25 million and $43 million of earnings adjustment mechanism incentives for energy efficiency, respectively. The company also achieved $5 million of incentives for service terminations in 2017, 2018 and 2019 that, pursuant to the rate plan, is being recorded ratably in earnings from 2018 to 2020. In 2018 and 2019, the company recorded $3 million and $7 million of incentives for service terminations, respectively. 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 - $69 million Yr. 2 - $74 million Yr. 3 - $79 million In 2020 and 2021, the company recorded $34 million and $64 million primarily related to earnings adjustment mechanism incentives for energy efficiency, respectively. Revenue decoupling mechanisms Continuation of reconciliation of actual to authorized electric delivery revenues. In 2017, 2018 and 2019, the company deferred for customer benefit $45 million, $(6) million and $169 million of revenues, respectively. Continuation of reconciliation of actual to authorized electric delivery revenues. In 2020 and 2021, the company deferred for recovery from customers $242 million and $226 million of revenues, respectively. Recoverable energy costs Continuation of current rate recovery of purchased power and fuel 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 – $376 million Yr. 2 – $341 million Yr. 3 – $352 million In 2017 and 2018, the company did not record any negative revenue adjustments. In 2019, the company recorded negative revenue adjustments of $15 million. Potential charges if certain performance targets relating to service, reliability, safety and other matters are not met: Yr. 1 - $450 million Yr. 2 - $461 million Yr. 3 - $476 million In 2020, the company recorded negative revenue adjustments of $5 million. In 2021, the company did not record any negative revenue adjustments. Cost reconciliations Continuation of reconciliation of expenses for pension and other postretirement benefits, variable-rate tax-exempt debt, major storms, 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). In 2017, 2018 and 2019, the company deferred $35 million, $189 million and $10 million of net regulatory assets, respectively. Continuation of reconciliation of expenses for pension and other postretirement benefits, variable-rate debt, major storms, 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). In 2020 and 2021, the company deferred $288 million and $191 million of net regulatory assets, respectively. Net utility plant reconciliations Target levels reflected in rates: Electric average net plant target excluding advanced metering infrastructure (AMI): Yr. 1 – $21,689 million Yr. 2 – $22,338 million Yr. 3 – $23,002 million AMI: Yr. 1 – $126 million Yr. 2 – $257 million Yr. 3 – $415 million The company deferred $0.4 million as a regulatory asset in 2017. In 2018 and 2019, $0.4 and $11.8 million was deferred as a regulatory liability, respectively. Target levels reflected in rates: Electric average net plant target excluding advanced metering infrastructure (AMI): Yr. 1 - $24,491 million Yr. 2 - $25,092 million Yr. 3 - $25,708 million AMI: Yr. 1 - $572 million Yr. 2 - $740 million Yr. 3 - $806 million (h) The company deferred $4.1 million as a regulatory asset in 2020 and $3.2 million as a regulatory liability in 2021. Average rate base Yr. 1 – $18,902 million Yr. 2 – $19,530 million Yr. 3 – $20,277 million Yr. 1 - $21,660 million Yr. 2 - $22,783 million Yr. 3 - $23,926 million Weighted average cost of capital (after-tax) Yr. 1 – 6.82 percent Yr. 2 – 6.80 percent Yr. 3 – 6.73 percent Yr. 1 to Yr. 3 – 6.61 percent Authorized return on common equity 9.0 percent 8.80 percent Actual return on common equity (i) (j) Yr. 1 – 9.30 percent Yr. 2 – 9.36 percent Yr. 3 – 8.82 percent Yr. 1 – 8.50 percent Yr. 2 – 8.03 percent Earnings sharing Most earnings above an annual earnings threshold of 9.5 percent are to be applied to reduce regulatory assets for environmental remediation and other costs accumulated in the rate year. In 2017, the company had no earnings above the threshold but recorded a positive adjustment related to 2016 of $5.7 million in earnings. In 2018 and 2019, the company had no earnings sharing above the threshold. Most earnings above an annual earnings threshold of 9.3 percent are to be applied to reduce regulatory assets for environmental remediation and other costs accumulated in the rate year. In 2020 and 2021, the company had no earnings sharing above the threshold. A reserve of $4.3 million was recorded in 2021 related to a potential adjustment to the excess earnings sharing amount for 2016. Cost of long-term debt Yr. 1 – 4.93 percent Yr. 2 – 4.88 percent Yr. 3 – 4.74 percent Yr. 1 to Yr. 3 – 4.63 percent Common equity ratio 48 percent 48 percent (a) In January 2020, the NYSPSC approved the October 2019 Joint Proposal for CECONY's electric rate plan for January 2020 through December 2022. If at the end of any semi-annual period ending June 30 and December 31, Con Edison’s investments in its non-utility businesses exceed 15 percent of its total consolidated revenues, assets or cash flow, or if the ratio of holding company debt to total consolidated debt rises above 20 percent, CECONY is required to notify the NYSPSC and submit a ring-fencing plan or a demonstration why additional ring-fencing measures (see Note U) are not necessary. (b) The electric base rate increases were in addition to a $48 million increase resulting from the December 2016 expiration of a temporary credit under the prior rate plan. At the NYSPSC’s option, these increases were implemented with increases of $199 million in each rate year. Base rates reflect recovery by the company of certain costs of its energy efficiency, system peak reduction and electric vehicle programs (Yr. 1 - $20.5 million; Yr. 2 - $49 million; and Yr. 3 - $107.5 million) over a 10-year period, including the overall pre-tax rate of return on such costs. (c) Base rates reflect recovery by the company of certain costs of its energy efficiency, Reforming the Energy Vision demonstration projects, non-wire alternative projects (including the Brooklyn Queens demand management program), and off-peak electric vehicle charging programs (Yr. 1 - $206 million; Yr. 2 - $245 million; and Yr. 3 - $251 million) over a ten-year period, including the overall pre-tax rate of return on such costs. (d) Amounts reflect amortization of the 2018 tax savings under the federal Tax Cuts and Jobs Act of 2017 (TCJA) allocable to CECONY’s electric customers ($377 million) over a three-year period ($126 million annually), the protected portion of the regulatory liability for excess deferred income taxes allocable to CECONY’s electric customers ($1,663 million) over the remaining lives of the related assets ($49 million in Yr. 1, $50 million in Yr. 2, and $53 million in Yr. 3) and the unprotected portion of the net regulatory liability ($784 million) over five years ($157 million annually). Amounts also reflect amortization of the regulatory asset for deferred MTA power reliability costs ($238 million) over a five-year period ($48 million annually). (e) 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. (f) In general, if actual expenses for municipal infrastructure support (other than company labor) are below the amounts reflected in rates the company will defer the difference for credit to customers, and if the actual expenses are above the amount 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 30 percent of the amount reflected in the January 2017-December 2019 rate plan and 15 percent of the amount reflected in the January 2020-December 2022 rate plan. (g) In addition, the NYSPSC staff has commenced a 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) Reconciliation of net utility plant for AMI will be done on a combined basis for electric and gas. (i) Calculated in accordance with the earnings calculation method prescribed in the rate order. (j) In November 2021, the NYSPSC issued an order that allowed CECONY to recover $43 million of late payment charges and fees that were not billed for the year ended December 31, 2020. The recalculated return on equity for 2020 which reflects the recovery of these fees is 8.81 percent. In January 2022, CECONY filed a request with the NYSPSC for an electric rate increase of $1,199 million, effective January 2023. The filing reflects a return on common equity of 10.0 percent and a common equity ratio of 50 percent. The company is requesting provisions pursuant to which expenses for pension and other post-retirement benefits, long-term debt, storm restoration, property taxes, municipal infrastructure support, the impact of new laws, late payment charges, and environmental site investigation and remediation are reconciled to amounts reflected in rates. In addition, the company is proposing a reconciliation and current recovery or surcharge mechanism of uncollectible write-offs to the level in rates and a reconciliation of the impacts of inflation on operation and maintenance expenses under certain circumstances. The company is proposing the continuation of earnings opportunities from Earnings Adjustment Mechanisms for meeting energy efficiency goals. The filing also reflects continuation of the revenue decoupling mechanism and the provisions pursuant to which the company recovers its purchased power and fuel costs from customers. The filing includes supplemental information regarding electric rate plans for 2024 and 2025, which the company is not requesting, but would consider through settlement discussions. For purposes of illustration, rate increases of $853 million and $608 million effective January 2024 and 2025, respectively, were calculated based upon an assumed return on common equity of 10.0 percent and a common equity ratio of 50 percent. CECONY – Gas Effective period January 2017 - December 2019 January 2020 – December 2022 (a) Base rate changes Yr. 1 – $(5) million (b) Yr. 2 – $92 million Yr. 3 – $90 million Yr. 1 – $84 million (c) Yr. 2 – $122 million (c) Yr. 3 – $167 million (c) Amortizations to income of net Yr. 1 – $39 million Yr. 2 – $37 million Yr. 3 – $36 million Yr. 1 – $45 million (d) Yr. 2 – $43 million (d) Yr. 3 – $10 million (d) 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. Potential incentives if performance targets related to gas leak backlog, leak prone pipe and service terminations are met: Yr. 1 – $7 million Yr. 2 – $8 million Yr. 3 – $8 million In 2017, 2018 and 2019, the company achieved incentives of $7 million, $6 million and $7 million, respectively, that, pursuant to the rate plan, was recorded ratably in earnings from 2018 to 2020. In 2018 and 2019, the company recorded incentives of $5 million and $9 million, respectively, for gas leak backlog, leak prone pipe and service terminations. Retention of annual revenues from non-firm customers of up to $65 million and 15 percent of any such revenues above $65 million. Potential earnings adjusted mechanism incentives for energy efficiency and other potential incentives of up to: Yr. 1 - $20 million Yr. 2 - $22 million Yr. 3 - $25 million In 2020 and 2021, the company recorded $3 million and $26 million of earnings adjustment mechanism incentives for energy efficiency, respectively. In 2020 and 2021, the company recorded positive incentives of $13 million and $7 million, respectively. In 2021, the company reversed $6 million of positive incentives recorded in 2020 pursuant to an order issued by the NYSPSC in December 2021. Revenue decoupling mechanisms Continuation of reconciliation of actual to authorized gas delivery revenues. In 2017, 2018 and 2019, the company deferred $3 million, $12 million and $10 million of regulatory liabilities, respectively. Continuation of reconciliation of actual to authorized gas delivery revenues, modified to be calculated based upon revenue per customer class instead of revenue per customer. In 2020 and 2021, the company deferred for recovery from customers $27 million and $100 million of revenues, respectively. Recoverable energy costs Continuation of current rate recovery of purchased gas costs. Continuation of current rate recovery of purchased gas costs. Negative revenue adjustments Potential charges if performance targets relating to service, safety and other matters are not met: Yr. 1 – $68 million Yr. 2 – $63 million Yr. 3 – $70 million In 2017 and 2018, the company recorded negative revenue adjustments of $5 million and $4 million, respectively. In 2019, the company did not record any negative revenue adjustments. Potential charges if performance targets relating to service, safety and other matters are not met: Yr. 1 - $81 million Yr. 2 - $88 million Yr. 3 - $96 million In 2020 and 2021, the company did not record any negative revenue adjustments. Cost reconciliations Continuation of reconciliation of expenses for pension and other postretirement benefits, variable-rate tax-exempt debt, major storms, 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). In 2017, 2018 and 2019, the company deferred $2 million of net regulatory liabilities, $44 million of net regulatory assets and $18 million of net regulatory assets, respectively. Continuation of reconciliation of expenses for pension and other postretirement benefits, variable-rate debt, major storms, 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). In 2020 and 2021, the company deferred $91 million and $14 million of net regulatory assets, respectively. Net utility plant reconciliations Target levels reflected in rates: Gas average net plant target excluding AMI: Yr. 1 – $5,844 million Yr. 2 – $6,512 million Yr. 3 – $7,177 million AMI: Yr. 1 – $27 million Yr. 2 – $57 million Yr. 3 – $100 million In 2017 and 2018 the company deferred $2.2 million as regulatory liabilities. In 2019, the company deferred $1.7 million as a regulatory liability. Target levels reflected in rates: Gas average net plant target excluding AMI: Yr. 1 - $8,108 million Yr. 2 - $8,808 million Yr. 3 - $9,510 million AMI: Yr. 1 - $142 million Yr. 2 - $183 million Yr. 3 - $211 million (h) In 2020 and 2021, the company deferred $24.7 million and $26 million as a regulatory liability, respectively. Average rate base Yr. 1 – $4,841 million Yr. 2 – $5,395 million Yr. 3 – $6,005 million Yr. 1 - $7,171 million Yr. 2 - $7,911 million Yr. 3 - $8,622 million Weighted average cost of capital Yr. 1 – 6.82 percent Yr. 2 – 6.80 percent Yr. 3 – 6.73 percent Yr. 1 to Yr. 3 – 6.61 percent Authorized return on common equity 9.0 percent 8.8 percent Actual return on common equity (i) (j) Yr. 1 – 9.22 percent Yr. 2 – 9.04 percent Yr. 3 – 8.72 percent Yr. 1 – 8.40 percent Yr. 2 – 8.48 percent Earnings sharing Most earnings above an annual earnings threshold of 9.5 percent are to be applied to reduce regulatory assets for environmental remediation and other costs accumulated in the rate year. In 2017, 2018 and 2019, the company had no earnings above the threshold. Most earnings above an annual earnings threshold of 9.3 percent are to be applied to reduce regulatory assets for environmental remediation and other costs accumulated in the rate year. In 2020 and 2021, the company had no earnings above the threshold. Cost of long-term debt Yr. 1 – 4.93 percent Yr. 2 – 4.88 percent Yr. 3 – 4.74 percent Yr. 1 to Yr. 3 – 4.63 percent Common equity ratio 48 percent 48 percent (a) In January 2020, the NYSPSC approved the October 2019 Joint Proposal for CECONY's gas rate plan for January 2020 through December 2022. If at the end of any semi-annual period ending June 30 and December 31, Con Edison’s investments in its non-utility businesses exceed 15 percent of its total consolidated revenues, assets or cash flow, or if the ratio of holding company debt to total consolidated debt rises above 20 percent, CECONY is required to notify the NYSPSC and submit a ring-fencing plan or a demonstration why additional ring-fencing measures (see Note U) are not necessary. (b) The gas base rate decrease was offset by a $41 million increase resulting from the December 2016 expiration of a temporary credit under the prior rate plan. (c) The gas base rate increases shown above will be implemented with increases of $47 million in Yr. 1; $176 million in Yr. 2; and $170 million in Yr. 3 in order to levelize customer bill impacts. Base rates reflect recovery by the company of certain costs of its energy efficiency program (Yr. 1 - $30 million; Yr. 2 - $37 million; and Yr. 3 - $40 million) over a ten-year period, including the overall pre-tax rate of return on such costs. (d) Amounts reflect amortization of the remaining 2018 TCJA tax savings allocable to CECONY’s gas customers ($63 million) over a two year period ($32 million annually), the protected portion of the regulatory liability for excess deferred income taxes allocable to CECONY’s gas customers ($725 million) over the remaining lives of the related assets ($14 million in Yr. 1, $14 million in Yr. 2, and $12 million in Yr. 3) and the unprotected portion of the net regulatory liability ($107 million) over five years ($21 million annually) (e)-(i) See footnotes (e) - (i) to the table under “CECONY Electric,” above. (j) In November 2021, the NYSPSC issued an order that allowed CECONY to recover $7 million of late payment charges and fees that were not billed for the year ended December 31, 2020. The recalculated return on equity for 2020 which reflects the recovery of these fees is 8.56 percent. In January 2022, CECONY filed a request with the NYSPSC for a gas rate increase of $503 million, effective January 2023. The filing reflects a return on common equity of 10.0 percent and a common equity ratio of 50 percent. The company is requesting provisions pursuant to which expenses for pension and other post-retirement benefits, long-term debt, storm restoration, property taxes, municipal infrastructure support, the impact of new laws, late payment charges, and environmental site investigation and remediation are reconciled to amounts reflected in rates. In addition, the company is proposing a reconciliation and current recovery or surcharge mechanism of uncollectible write-offs to the level in rates and a reconciliation of the impacts of inflation on operation and maintenance expenses under certain circumstances. The company is proposing the continuation of earnings opportunities from Earnings Adjustment Mechanisms for meeting energy efficiency goals. The filing also reflects continuation of the revenue decoupling mechanism and the provisions pursuant to which the company recovers its purchased power and fuel costs from customers. The filed gas revenue requirement includes additional depreciation expense of $48 million. Included in this increase is the impact of the company’s proposal to decrease the service lives for the longer-lived gas accounts by five years. The filing includes supplemental information regarding gas rate plans for 2024 and 2025, which the company is not requesting, but would consider through settlement discussions. For purposes of illustration, rate increases of $234 million and $218 million effective January 2024 and 2025, respectively, were calculated based upon an assumed return on common equity of 10.0 percent and a common equity ratio of 50 percent. CECONY – Steam Effective period January 2014 – December 2016 (a) Base rate changes Yr. 1 – $(22.4) million (b) Yr. 2 – $19.8 million (b) Yr. 3 – $20.3 million (b) Yr. 4 – None Yr. 5 – None Yr. 6 – None Yr. 7 – None Yr. 8 – None Amortizations to income of net $37 million over three years Recoverable energy costs Current rate recovery of purchased power and fuel costs. Negative revenue adjustments Potential charges (up to $1 million annually) if certain steam performance targets are not met. In years 2014 through 2021, the company did not record any negative revenue adjustments. Cost reconciliations (c)(d) In 2014, 2015, 2016, 2017, 2018, 2019, 2020 and 2021, the company deferred $42 million of net regulatory liabilities, $17 million of net regulatory assets, $8 million and $14 million of net regulatory liabilities, $1 million of net regulatory assets, $8 million of net regulatory liabilities, $35 million of net regulatory assets and $32 million of net regulatory assets, respectively. Net utility plant reconciliations Target levels reflected in rates were: Production: Yr. 1 – $1,752 million Yr. 2 – $1,732 million Yr. 3 – $1,720 million Distribution: Yr. 1 – $6 million Yr. 2 – $11 million Yr. 3 – $25 million The company reduced its regulatory liability by $0.1 million in 2014 and immaterial amounts in 2015 and 2016 and no deferrals were recorded in 2017, 2018, 2019. The company reduced its regulatory liability by $1.6 million in 2020 and by $0.6 million in 2021. Average rate base Yr. 1 – $1,511 million Yr. 2 – $1,547 million Yr. 3 – $1,604 million Weighted average cost of capital (after-tax) Yr. 1 – 7.10 percent Yr. 2 – 7.13 percent Yr. 3 – 7.21 percent Authorized return on common equity 9.3 percent Actual return on common equity (e) Yr. 1 – 9.82 percent Yr. 2 – 10.88 percent Yr. 3 – 10.54 percent Yr. 4 – 9.51 percent Yr. 5 – 11.73 percent Yr. 6 – 10.45 percent Yr. 7 – 7.91 percent Yr. 8 – 5.99 percent Earnings sharing Weather normalized earnings above an annual earnings threshold of 9.9 percent are to be applied to reduce regulatory assets for environmental remediation and other costs. In 2014, the company had no earnings above the threshold. Actual earnings were $11.5 million and $7.8 million above the threshold in 2015 and 2016, respectively. In 2017, actual earnings were $8.5 million above the threshold, offset in part by a positive adjustment related to 2016 of $4 million. In 2018, actual earnings were $16.5 million above the threshold, and an additional $1.1 million related to 2017 was recorded. In 2019 actual earnings were $5 million above the threshold, offset in part by an adjustment related to 2018 of $2.3 million. In 2020 and 2021, the company had no earnings sharing above the threshold. Reserve adjustments of $0.4 million and $0.2 million were recorded in 2021 related to potential adjustment to the excess earnings sharing amounts for 2016 and 2018, respectively. Cost of long-term debt Yr. 1 – 5.17 percent Yr. 2 – 5.23 percent Yr. 3 – 5.39 percent Common equity ratio 48 percent (a) Rates determined pursuant to this rate plan continue in effect until a new rate plan is approved by the NYSPSC. (b) The impact of these base rate changes was deferred which resulted in an $8 million regulatory liability at December 31, 2016. (c) 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 10 basis point impact on return on common equity. (d) In addition, the NYSPSC staff has commenced a 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. CECONY’s historical inadvertent understatement of its calculation of total federal income tax expense for ratemaking purposes has not been addressed in the current steam rate plan. See "Other Regulatory Matters," below. (e) Calculated in accordance with the earnings calculation method prescribed in the rate order. In October 2021, O&R, the New York State Department of Public Service (NYSDPS) and other parties entered into a Joint Proposal for new electric and gas rate plans for the three-year period January 2022 through December 2024 (the Joint Proposal). The Joint Proposal is subject to NYSPSC approval. The Joint Proposal includes certain COVID-19 provisions, such as: recovery of 2020 late payment charges over three years ( $2.8 million ); reconciliation of late payment charges to amounts reflected in rates for years 2021 through 2024, with full recovery/refund via surcharge/sur-credit once the annual variance equals or exceeds 5 basis points of return on equity; and reconciliation of write-offs of customer accounts receivable balances to amounts reflected in rates from January 1, 2020 through December 31, 2024, with full recovery/refund via surcharge/sur-credit once the annual variance equals or exceeds 5 basis points of return on equity. The following tables contain a summary of the current and proposed rate plans. O&R New York – Electric Effective period (a) January 2019 – December 2021 January 2022 – December 2024 Base rate changes Yr. 1 – $13.4 million (b) Yr. 2 – $8.0 million (b) Yr. 3 – $5.8 million (b) Yr. 1 – $4.9 million (i) Yr. 2 – $16.2 million (i) Yr. 3 – $23.1 million (i) Amortizations to income of net Yr. 1 – $(1.5) million (c) Yr. 2 – $(1.5) million (c) Yr. 3 – $(1.5) million (c) Yr. 1 – $11.8 million (j) Yr. 2 – $13.5 million (j) Yr. 3 – $15.2 million (j) Other revenue sources Potential earnings adjustment mechanism incentives for peak reduction, energy efficiency, Distributed Energy Resources utilization and other potential incentives of up to: Yr. 1 - $3.6 million Yr. 2 - $4.0 million Yr. 3 - $4.2 million Potential incentive if performance target related to customer service is met: $0.5 million annually. In 2019, 2020 and 2021, the company recorded $2.6 million, $1.9 million and $1.8 million of earnings adjustment mechanism incentives for energy efficiency, respectively. In 2019 and 2020, the company recorded $0.2 million and $0.5 million of incentives for customer service, respectively. In 2021, the company did not record incentives for customer service. In 2021, the company reversed the $0.5 million of incentives recorded in 2020 pursuant to the October 2021 Joint Proposal. Potential earnings adjustment mechanism incentives for energy efficiency and other potential incentives of up to: Revenue decoupling mechanisms Continuation of reconciliation of actual to authorized electric delivery revenues. In 2019 and 2020, the company deferred $0.1 million and $6 million regulatory assets, respectively. In 2021, $10 million was deferred as regulatory liabilities. Continuation of reconciliation of actual to authorized electric delivery revenues. Recoverable energy costs Continuation of current rate recovery of purchased power 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 and other matters are not met: Yr. 1 - $4.4 million Yr. 2 - $4.4 million Yr. 3 - $4.5 million In 2019,2020 and 2021, the company did not record any negative revenue adjustments. Potential charges if certain performance targets relating to service, reliability, safety and other matters are not met: Yr. 1 – $4.3 million Yr. 2 – $4.4 million Yr. 3 – $5.1 million Cost reconciliations Reconciliation of expenses for pension and other postretirement benefits, environmental remediation costs, property taxes (d), energy efficiency program (e), major storms, the impact of new laws and certain other costs to amounts reflected in rates (f). In 2019, 2020 and 2021, the company deferred $4.3 million, $30.3 million and $24 million as net regulatory assets, respectively. Reconciliation of expenses for pension and other postretirement benefits, environmental remediation costs, property taxes (d), energy efficiency program (k), major storms, and certain other costs to amounts reflected in rates. Net utility plant reconciliations Target levels reflected in rates were: Electric average net plant target excluding advanced metering infrastructure (AMI): Yr. 1 - $1,008 million Yr. 2 - $1,032 million Yr. 3 - $1,083 million AMI (g): Yr. 1 - $48 million Yr. 2 - $58 million Yr. 3 - $61 million The company increased regulatory asset by an immaterial amount in 2019, $0.4 million as a regulatory liability in 2020 and an immaterial amount as a regulatory liability in 2021. Target levels reflected in rates: Electric average net plant target Yr. 1 – $1,175 million Yr. 2 – $1,198 million Yr. 3 – $1,304 million Average rate base Yr. 1 – $878 million Yr. 2 – $906 million Yr. 3 – $948 million Yr. 1 – $1,021 million Yr. 2 – $1,044 million Yr. 3 – $1,144 million Weighted average cost of capital (after-tax) Yr. 1 – 6.97 percent Yr. 2 – 6.96 percent Yr. 3 – 6.96 percent Yr. 1 – 6.77 percent Yr. 2 – 6.73 percent Yr. 3 – 6.72 percent Authorized return on common equity 9.0 percent 9.2 percent Actual return on common equity (h) Yr. 1 – 9.6 percent Yr. 2 – 8.76 percent Yr. 3 – 9.16 percent Earnings sharing Most earnings above an annual earnings threshold of 9.6 percent are to be applied to reduce regulatory assets for environmental remediation and other costs accumulated in the rate year. In 2019, 2020 and 2021, earnings did not exceed the earnings threshold. Most earnings above an annual earnings threshold of 9.7 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 – 5.17 percent Yr. 2 – 5.14 percent Yr. 3 – 5.14 percent Yr. 1 – 4.58 percent Yr. 2 – 4.51 percent Yr. 3 – 4.49 percent Common equity ratio 48 percent 48 percent (a) If at the end of any year, Con Edison’s investments in its non-utility businesses exceed 15 percent of Con Edison’s total consolidated revenues, assets or cash flow, or if the ratio of holding company debt to total consolidated debt rises above 20 percent, O&R is required to notify the NYSPSC and submit a ring-fencing plan or a demonstration why additional ring-fencing measures (see Note U ) are not necessary. (b) The electric base rate increases were implemented with increases of: Yr. 1 - $8.6 million; Yr. 2 - $12.1 million; and Yr. 3 - $12.2 million. (c) Reflects amortization of, among other things, the company’s net benefits under the TCJA prior to January 1, 2019, amortization of net regulatory liability for future income taxes and reduction of previously incurred regulatory assets for environmental remediation costs. Also, for electric, reflects amortization over a six year period of previously incurred incremental major storm costs. See "Other Regulatory Matters," below. (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 o |
Schedule of Regulatory Assets | Regulatory assets and liabilities at December 31, 2021 and 2020 were comprised of the following items: Con Edison CECONY (Millions of Dollars) 2021 2020 2021 2020 Regulatory assets Unrecognized pension and other postretirement costs $128 $3,241 $110 $3,065 Environmental remediation costs 938 865 860 791 Pension and other postretirement benefits deferrals 496 315 435 272 Revenue taxes 395 356 378 342 System peak reduction and energy efficiency programs 285 124 284 124 COVID - 19 Deferrals 282 115 277 113 Deferred storm costs 276 195 158 83 Property tax reconciliation 202 241 202 239 MTA power reliability deferral 140 188 140 188 Deferred derivative losses 51 120 45 111 Municipal infrastructure support costs 44 62 44 62 Brooklyn Queens demand management program 36 36 36 36 Meadowlands heater odorization project 29 32 29 32 Non-wire alternative projects 23 18 23 18 Preferred stock redemption 20 21 20 21 Unamortized loss on reacquired debt 16 21 14 19 Recoverable REV demonstration project costs 16 20 15 18 Gate station upgrade project 14 25 14 25 Other 248 200 232 186 Regulatory assets – noncurrent 3,639 6,195 3,316 5,745 Deferred derivative losses 141 190 133 177 Recoverable energy costs 65 76 55 67 Regulatory assets – current 206 266 188 244 Total Regulatory Assets $3,845 $6,461 $3,504 $5,989 Regulatory liabilities Future income tax* $1,984 $2,207 $1,840 $2,062 Allowance for cost of removal less salvage 1,199 1,090 1,033 932 Net unbilled revenue deferrals 209 198 209 198 TCJA net benefits 125 295 123 286 Net proceeds from sale of property 103 137 103 137 Pension and other postretirement benefit deferrals 102 85 55 46 System benefit charge carrying charge 70 64 63 57 Deferred derivative gains - long term 61 5 55 4 Property tax refunds 35 36 35 35 Unrecognized other postretirement costs 32 11 — — BQDM and REV Demo reconciliations 25 27 22 25 Sales and use tax refunds 17 16 16 16 Energy efficiency portfolio standard unencumbered funds 15 1 19 — Earnings sharing - electric, gas and steam 13 15 10 10 Settlement of gas proceedings 12 21 12 21 Workers’ compensation 8 3 8 3 Settlement of prudence proceeding 6 5 6 5 Other 365 297 312 257 Regulatory liabilities – noncurrent 4,381 4,513 3,921 4,094 Refundable energy costs 32 28 2 4 Deferred derivative gains 142 8 132 7 Revenue decoupling mechanism 11 — — — Regulatory liabilities—current 185 36 134 11 Total Regulatory Liabilities $4,566 $4,549 $4,055 $4,105 * See "Federal Income Tax" in Note A, "Other Regulatory Matters," above, and Note L. |
Schedule of Regulatory Liabilities | Regulatory assets and liabilities at December 31, 2021 and 2020 were comprised of the following items: Con Edison CECONY (Millions of Dollars) 2021 2020 2021 2020 Regulatory assets Unrecognized pension and other postretirement costs $128 $3,241 $110 $3,065 Environmental remediation costs 938 865 860 791 Pension and other postretirement benefits deferrals 496 315 435 272 Revenue taxes 395 356 378 342 System peak reduction and energy efficiency programs 285 124 284 124 COVID - 19 Deferrals 282 115 277 113 Deferred storm costs 276 195 158 83 Property tax reconciliation 202 241 202 239 MTA power reliability deferral 140 188 140 188 Deferred derivative losses 51 120 45 111 Municipal infrastructure support costs 44 62 44 62 Brooklyn Queens demand management program 36 36 36 36 Meadowlands heater odorization project 29 32 29 32 Non-wire alternative projects 23 18 23 18 Preferred stock redemption 20 21 20 21 Unamortized loss on reacquired debt 16 21 14 19 Recoverable REV demonstration project costs 16 20 15 18 Gate station upgrade project 14 25 14 25 Other 248 200 232 186 Regulatory assets – noncurrent 3,639 6,195 3,316 5,745 Deferred derivative losses 141 190 133 177 Recoverable energy costs 65 76 55 67 Regulatory assets – current 206 266 188 244 Total Regulatory Assets $3,845 $6,461 $3,504 $5,989 Regulatory liabilities Future income tax* $1,984 $2,207 $1,840 $2,062 Allowance for cost of removal less salvage 1,199 1,090 1,033 932 Net unbilled revenue deferrals 209 198 209 198 TCJA net benefits 125 295 123 286 Net proceeds from sale of property 103 137 103 137 Pension and other postretirement benefit deferrals 102 85 55 46 System benefit charge carrying charge 70 64 63 57 Deferred derivative gains - long term 61 5 55 4 Property tax refunds 35 36 35 35 Unrecognized other postretirement costs 32 11 — — BQDM and REV Demo reconciliations 25 27 22 25 Sales and use tax refunds 17 16 16 16 Energy efficiency portfolio standard unencumbered funds 15 1 19 — Earnings sharing - electric, gas and steam 13 15 10 10 Settlement of gas proceedings 12 21 12 21 Workers’ compensation 8 3 8 3 Settlement of prudence proceeding 6 5 6 5 Other 365 297 312 257 Regulatory liabilities – noncurrent 4,381 4,513 3,921 4,094 Refundable energy costs 32 28 2 4 Deferred derivative gains 142 8 132 7 Revenue decoupling mechanism 11 — — — Regulatory liabilities—current 185 36 134 11 Total Regulatory Liabilities $4,566 $4,549 $4,055 $4,105 * See "Federal Income Tax" in Note A, "Other Regulatory Matters," above, and Note L. |
Schedule of Regulatory Assets Not Earning Return | At December 31, 2021 and 2020, regulatory assets for Con Edison and CECONY that did not earn a return consisted of the following items: Regulatory Assets Not Earning a Return* Con Edison CECONY (Millions of Dollars) 2021 2020 2021 2020 Unrecognized pension and other postretirement costs $128 $3,241 $110 $3,065 Environmental remediation costs 928 855 850 781 Revenue taxes 375 336 359 323 Deferred derivative losses - long term 51 120 45 111 COVID-19 Deferral for Uncollectible Accounts Receivable 236 57 231 55 Other 24 24 24 24 Deferred derivative losses - current 141 190 134 177 Total $1,883 $4,823 $1,753 $4,536 |
Capitalization (Tables)
Capitalization (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt Maturities | Long-term debt maturing in the period 2022-2026 is as follows: (Millions of Dollars) Con Edison CECONY 2022 $440 $— 2023 969 — 2024 393 250 2025 319 — 2026 385 250 |
Carrying Amounts and Fair Values of Long-Term Debt | The carrying amounts and fair values of long-term debt at December 31, 2021 and 2020 are: (Millions of Dollars) 2021 2020 Long-Term Debt (including current portion) (a) Carrying Amount Fair Value Carrying Amount Fair Value Con Edison $23,044 $26,287 $22,349 $26,808 CECONY $18,382 $21,382 $16,789 $20,974 (a) Amounts shown are net of unamortized debt expense and unamortized debt discount of $226 million and $193 million for Con Edison and CECONY, respectively, as of December 31, 2021 and $215 million and $176 million for Con Edison and CECONY, respectively, as of December 31, 2020. |
Pension Benefits (Tables)
Pension Benefits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Total Periodic Benefit Costs | The components of the Companies’ total periodic benefit costs for 2021, 2020 and 2019 were as follows: Con Edison CECONY (Millions of Dollars) 2021 2020 2019 2021 2020 2019 Service cost – including administrative expenses $343 $293 $250 $321 $274 $232 Interest cost on projected benefit obligation 471 549 601 443 515 564 Expected return on plan assets (1,096) (1,034) (988) (1,040) (980) (936) Recognition of net actuarial loss 787 699 518 746 661 492 Recognition of prior service credit (17) (16) (17) (19) (19) (19) TOTAL PERIODIC BENEFIT COST $488 $491 $364 $451 $451 $333 Cost capitalized (154) (130) (108) (146) (123) (102) Reconciliation to rate level (226) (250) (15) (216) (239) (12) Total expense recognized $108 $111 $241 $89 $89 $219 Con Edison CECONY (Millions of Dollars) 2021 2020 2019 2021 2020 2019 Service cost $22 $21 $18 $16 $16 $13 Interest cost on accumulated other postretirement benefit obligation 33 37 44 28 31 36 Expected return on plan assets (68) (66) (66) (56) (54) (54) Recognition of net actuarial loss/(gain) 31 37 (9) 27 36 (10) Recognition of prior service credit (3) (3) (2) (1) (2) (2) TOTAL PERIODIC POSTRETIREMENT BENEFIT COST/(CREDIT) $15 $26 $(15) $14 $27 $(17) Cost capitalized (9) (9) (7) (7) (7) (5) Reconciliation to rate level (7) (17) 12 (12) (25) 7 Total credit recognized $(1) $— $(10) $(5) $(5) $(15) |
Schedule of Funded Status | The funded status at December 31, 2021, 2020 and 2019 was as follows: Con Edison CECONY (Millions of Dollars) 2021 2020 2019 2021 2020 2019 CHANGE IN PROJECTED BENEFIT OBLIGATION Projected benefit obligation at beginning of year $18,965 $16,792 $14,449 $17,821 $15,750 $13,542 Service cost – excluding administrative expenses 337 288 245 317 269 228 Interest cost on projected benefit obligation 471 549 601 443 515 564 Net actuarial loss/(gain) (1,547) 2,281 2,191 (1,441) 2,154 2,076 Plan amendments — — 15 — — — Benefits paid (869) (945) (709) (799) (867) (660) PROJECTED BENEFIT OBLIGATION AT END OF YEAR $17,357 $18,965 $16,792 $16,341 $17,821 $15,750 CHANGE IN PLAN ASSETS Fair value of plan assets at beginning of year $17,022 $15,608 $13,450 $16,147 $14,790 $12,744 Actual return on plan assets 1,935 1,927 2,556 1,838 1,830 2,425 Employer contributions 469 475 350 432 435 318 Benefits paid (869) (945) (709) (799) (867) (660) Administrative expenses (53) (43) (39) (52) (41) (37) FAIR VALUE OF PLAN ASSETS AT END OF YEAR $18,504 $17,022 $15,608 $17,566 $16,147 $14,790 FUNDED STATUS $1,147 $(1,943) $(1,184) $1,225 $(1,674) $(960) Unrecognized net loss $205 $3,330 $2,604 $207 $3,145 $2,466 Unrecognized prior service costs/(credits) (140) (156) (173) (163) (183) (202) Accumulated benefit obligation 15,469 16,768 15,015 14,504 15,676 14,010 The funded status of the programs at December 31, 2021, 2020 and 2019 were as follows: Con Edison CECONY (Millions of Dollars) 2021 2020 2019 2021 2020 2019 CHANGE IN BENEFIT OBLIGATION Benefit obligation at beginning of year $1,425 $1,357 $1,114 $1,209 $1,154 $913 Service cost 22 21 18 16 16 13 Interest cost on accumulated postretirement benefit obligation 33 37 44 28 31 36 Amendments — — (14) — — — Net actuarial loss/(gain) (13) 74 264 (3) 63 252 Benefits paid and administrative expenses, net of subsidies (117) (117) (110) (107) (107) (100) Participant contributions 48 53 41 46 52 40 BENEFIT OBLIGATION AT END OF YEAR $1,398 $1,425 $1,357 $1,189 $1,209 $1,154 CHANGE IN PLAN ASSETS Fair value of plan assets at beginning of year $1,115 $1,026 $885 $940 $872 $759 Actual return on plan assets 92 142 198 67 117 165 Employer contributions 6 7 7 3 4 6 Employer group waiver plan subsidies 21 20 23 19 19 22 Participant contributions 48 53 40 46 51 40 Benefits paid (132) (133) (127) (120) (123) (120) FAIR VALUE OF PLAN ASSETS AT END OF YEAR $1,150 $1,115 $1,026 $955 $940 $872 FUNDED STATUS $(248) $(310) $(331) $(234) $(269) $(282) Unrecognized net loss/(gain) $41 $115 $155 $67 $114 $149 Unrecognized prior service costs (13) (16) (19) — (1) (3) |
Schedule of Assumptions | The actuarial assumptions were as follows: 2021 2020 2019 Weighted-average assumptions used to determine benefit obligations at December 31: Discount rate 3.00 % 2.55 % 3.35 % Interest crediting rate for cash balance plan 3.50 % 3.00 % 3.30 % Rate of compensation increase CECONY 3.80 % 3.80 % 3.80 % O&R 3.20 % 3.20 % 3.20 % Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31: Discount rate 2.55 % 3.35 % 4.25 % Interest crediting rate for cash balance plan 3.00 % 3.30 % 4.00 % Expected return on plan assets 7.00 % 7.00 % 7.00 % Rate of compensation increase CECONY 3.80 % 3.80 % 4.25 % O&R 3.20 % 3.20 % 4.00 % The actuarial assumptions were as follows: 2021 2020 2019 Weighted-average assumptions used to determine benefit obligations at December 31: Discount Rate CECONY 2.75 % 2.25 % 3.10 % O&R 3.00 % 2.55 % 3.35 % Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31: Discount Rate CECONY 2.25 % 3.10 % 4.15 % O&R 2.55 % 3.35 % 4.30 % Expected Return on Plan Assets 6.80 % 6.80 % 6.80 % |
Schedule of Expected Benefit Payments | Based on current assumptions, the Companies expect to make the following benefit payments over the next ten years: (Millions of Dollars) 2022 2023 2024 2025 2026 2027-2031 Con Edison $765 $782 $791 $841 $818 $4,219 CECONY 704 721 730 780 756 3,924 Based on current assumptions, the Companies expect to make the following benefit payments over the next ten years, net of receipt of governmental subsidies and participant contributions: (Millions of Dollars) 2022 2023 2024 2025 2026 2027-2031 Con Edison $75 $77 $77 $78 $78 $385 CECONY 84 86 86 87 88 435 |
Schedule of Plan Assets Allocations | The asset allocations for the pension plan at the end of 2021, 2020 and 2019, and the target allocation for 2022 are as follows: Target Allocation Range Plan Assets at December 31, Asset Category 2022 2021 2020 2019 Equity Securities 45% - 55% 50 % 51 % 51 % Debt Securities 33% - 43% 38 % 38 % 38 % Real Estate 10% - 14% 12 % 11 % 11 % Total 100% 100 % 100 % 100 % The asset allocations for CECONY’s other postretirement benefit plans at the end of 2021, 2020 and 2019, and the target allocation for 2022 are as follows: Target Allocation Range Plan Assets at December 31, Asset Category 2022 2021 2020 2019 Equity Securities 42%-80% 55 % 54 % 54 % Debt Securities 20%-58% 45 % 46 % 46 % Total 100% 100 % 100 % 100 % |
Schedule of Fair Value of Plan Assets | The fair values of the pension plan assets at December 31, 2021 by asset category are as follows: (Millions of Dollars) Level 1 Level 2 Total Investments within the fair value hierarchy U.S. Equity (a) $4,381 $— $4,381 International Equity (b) 3,536 — 3,536 U.S. Government Issued Debt (c) 1,500 1,500 Corporate Bonds Debt (d) — 3,936 3,936 Structured Assets Debt (e) — 262 262 Other Fixed Income Debt (f) — 1,186 1,186 Cash and Cash Equivalents (g) 80 425 505 Futures (h) 2 — 2 Total investments within the fair value hierarchy $7,999 $7,309 $15,308 Investments measured at NAV per share (n) Private Equity (i) 913 Real Estate (j) 2,306 Hedge Funds (k) 315 Total investments valued using NAV per share $3,534 Funds for retiree health benefits (l) (110) (100) (210) Funds for retiree health benefits measured at NAV per share (l)(n) (48) Total funds for retiree health benefits $(258) Investments (excluding funds for retiree health benefits) $7,889 $7,209 $18,584 Pending activities (m) (80) Total fair value of plan net assets $18,504 (a) U.S. Equity includes both actively- and passively-managed assets with investments in domestic equity index funds and actively-managed small-capitalization equities. (b) International Equity includes international equity index funds and actively-managed international equities. (c) U.S. Government Issued Debt includes agency and treasury securities. (d) Corporate Bonds Debt consists of debt issued by various corporations. (e) Structured Assets Debt includes commercial-mortgage-backed securities and collateralized mortgage obligations. (f) Other Fixed Income Debt includes municipal bonds, sovereign debt and regional governments. (g) Cash and Cash Equivalents include short term investments, money markets, foreign currency and cash collateral. (h) Futures consist of exchange-traded financial contracts encompassing U.S. Equity, International Equity and U.S. Government indices. (i) Private Equity consists of global equity funds that are not exchange-traded. (j) Real Estate investments include real estate funds based on appraised values that are broadly diversified by geography and property type. (k) Hedge Funds are within a commingled structure which invests in various hedge fund managers who can invest in all financial instruments. (l) The Companies set aside funds for retiree health benefits through a separate account within the pension trust, as permitted under Section 401(h) of the Internal Revenue Code of 1986, as amended. In accordance with the Code, the plan’s investments in the 401(h) account may not be used for, or diverted to, any purpose other than providing health benefits for retirees. The net assets held in the 401(h) account are calculated based on a pro-rata percentage allocation of the net assets in the pension plan. The related obligations for health benefits are not included in the pension plan’s obligations and are included in the Companies’ other postretirement benefit obligation. See Note F. (m) Pending activities include security purchases and sales that have not settled, interest and dividends that have not been received and reflects adjustments for available estimates at year end. (n) In accordance with ASU 2015-07, Fair Value Measurements (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or its equivalent), certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair values of the pension plan assets at December 31, 2020 by asset category are as follows: (Millions of Dollars) Level 1 Level 2 Total Investments within the fair value hierarchy U.S. Equity (a) $4,202 $— $4,202 International Equity (b) 3,693 — 3,693 U.S. Government Issued Debt (c) — 1,424 1,424 Corporate Bonds Debt (d) — 3,535 3,535 Structured Assets Debt (e) — 188 188 Other Fixed Income Debt (f) — 1,067 1,067 Cash and Cash Equivalents (g) 51 408 459 Total investments within the fair value hierarchy $7,946 $6,622 $14,568 Investments measured at NAV per share (m) Private Equity (h) 635 Real Estate (i) 1,880 Hedge Funds (j) 292 Total investments valued using NAV per share $2,807 Funds for retiree health benefits (k) (116) (97) (213) Funds for retiree health benefits measured at NAV per share (k)(m) (41) Total funds for retiree health benefits $(254) Investments (excluding funds for retiree health benefits) $7,830 $6,525 $17,121 Pending activities (l) (99) Total fair value of plan net assets $17,022 (a) - (n) Reference is made to footnotes (a) through (n) in the above table of pension plan assets at December 31, 2021 by asset category. The fair values of the plans' assets at December 31, 2021 by asset category as defined by the accounting rules for fair value measurements (see Note R) are as follows: (Millions of Dollars) Level 1 Level 2 Total Equity (a) $— $474 $474 Other Fixed Income Debt (b) — 379 379 Cash and Cash Equivalents (c) — 22 22 Total investments $— $875 $875 Funds for retiree health benefits (d) 110 100 210 Investments (including funds for retiree health benefits) $110 $975 $1,085 Funds for retiree health benefits measured at net asset value (d)(e) 48 Pending activities (f) 17 Total fair value of plan net assets $1,150 (a) Equity includes a passively managed commingled index fund benchmarked to the MSCI All Country World Index. (b) Other Fixed Income Debt includes a passively managed commingled index fund benchmarked to the Bloomberg Barclays U.S. Long Credit Index and an active separately managed fund indexed to the Bloomberg Barclays U.S. Long Credit Index. (c) Cash and Cash Equivalents include short-term investments and money markets. (d) The Companies set aside funds for retiree health benefits through a separate account within the pension trust, as permitted under Section 401(h) of the Internal Revenue Code of 1986, as amended. In accordance with the Code, the plan’s investments in the 401(h) account may not be used for, or diverted to, any purpose other than providing health benefits for retirees. The net assets held in the 401(h) account are calculated based on a pro-rata percentage allocation of the net assets in the pension plan. The related obligations for health benefits are not included in the pension plan’s obligations and are included in the Companies’ other postretirement benefit obligation. See Note E. (e) In accordance with ASU 2015-07, Fair Value Measurements (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or its equivalent), certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. (f) Pending activities include security purchases and sales that have not settled, interest and dividends that have not been received, and reflects adjustments for available estimates at year-end. The fair values of the plans' assets at December 31, 2020 by asset category (see Note R) are as follows: (Millions of Dollars) Level 1 Level 2 Total Equity (a) $— $448 $448 Other Fixed Income Debt (b) — 367 367 Cash and Cash Equivalents (c) — 27 27 Total investments $— $842 $842 Funds for retiree health benefits (d) 116 97 213 Investments (including funds for retiree health benefits) $116 $939 $1,055 Funds for retiree health benefits measured at net asset value (d)(e) 41 Pending activities (f) 19 Total fair value of plan net assets $1,115 |
Schedule of Employer Contribution to Defined Savings Plan | The Companies also offer a defined contribution savings plan that covers substantially all employees and made contributions to the plan as follows: For the Years Ended December 31, (Millions of Dollars) 2021 2020 2019 Con Edison $55 $52 $49 CECONY 46 43 42 |
Other Postretirement Benefits (
Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Net Periodic Benefit Costs | The components of the Companies’ total periodic benefit costs for 2021, 2020 and 2019 were as follows: Con Edison CECONY (Millions of Dollars) 2021 2020 2019 2021 2020 2019 Service cost – including administrative expenses $343 $293 $250 $321 $274 $232 Interest cost on projected benefit obligation 471 549 601 443 515 564 Expected return on plan assets (1,096) (1,034) (988) (1,040) (980) (936) Recognition of net actuarial loss 787 699 518 746 661 492 Recognition of prior service credit (17) (16) (17) (19) (19) (19) TOTAL PERIODIC BENEFIT COST $488 $491 $364 $451 $451 $333 Cost capitalized (154) (130) (108) (146) (123) (102) Reconciliation to rate level (226) (250) (15) (216) (239) (12) Total expense recognized $108 $111 $241 $89 $89 $219 Con Edison CECONY (Millions of Dollars) 2021 2020 2019 2021 2020 2019 Service cost $22 $21 $18 $16 $16 $13 Interest cost on accumulated other postretirement benefit obligation 33 37 44 28 31 36 Expected return on plan assets (68) (66) (66) (56) (54) (54) Recognition of net actuarial loss/(gain) 31 37 (9) 27 36 (10) Recognition of prior service credit (3) (3) (2) (1) (2) (2) TOTAL PERIODIC POSTRETIREMENT BENEFIT COST/(CREDIT) $15 $26 $(15) $14 $27 $(17) Cost capitalized (9) (9) (7) (7) (7) (5) Reconciliation to rate level (7) (17) 12 (12) (25) 7 Total credit recognized $(1) $— $(10) $(5) $(5) $(15) |
Schedule of Funded Status | The funded status at December 31, 2021, 2020 and 2019 was as follows: Con Edison CECONY (Millions of Dollars) 2021 2020 2019 2021 2020 2019 CHANGE IN PROJECTED BENEFIT OBLIGATION Projected benefit obligation at beginning of year $18,965 $16,792 $14,449 $17,821 $15,750 $13,542 Service cost – excluding administrative expenses 337 288 245 317 269 228 Interest cost on projected benefit obligation 471 549 601 443 515 564 Net actuarial loss/(gain) (1,547) 2,281 2,191 (1,441) 2,154 2,076 Plan amendments — — 15 — — — Benefits paid (869) (945) (709) (799) (867) (660) PROJECTED BENEFIT OBLIGATION AT END OF YEAR $17,357 $18,965 $16,792 $16,341 $17,821 $15,750 CHANGE IN PLAN ASSETS Fair value of plan assets at beginning of year $17,022 $15,608 $13,450 $16,147 $14,790 $12,744 Actual return on plan assets 1,935 1,927 2,556 1,838 1,830 2,425 Employer contributions 469 475 350 432 435 318 Benefits paid (869) (945) (709) (799) (867) (660) Administrative expenses (53) (43) (39) (52) (41) (37) FAIR VALUE OF PLAN ASSETS AT END OF YEAR $18,504 $17,022 $15,608 $17,566 $16,147 $14,790 FUNDED STATUS $1,147 $(1,943) $(1,184) $1,225 $(1,674) $(960) Unrecognized net loss $205 $3,330 $2,604 $207 $3,145 $2,466 Unrecognized prior service costs/(credits) (140) (156) (173) (163) (183) (202) Accumulated benefit obligation 15,469 16,768 15,015 14,504 15,676 14,010 The funded status of the programs at December 31, 2021, 2020 and 2019 were as follows: Con Edison CECONY (Millions of Dollars) 2021 2020 2019 2021 2020 2019 CHANGE IN BENEFIT OBLIGATION Benefit obligation at beginning of year $1,425 $1,357 $1,114 $1,209 $1,154 $913 Service cost 22 21 18 16 16 13 Interest cost on accumulated postretirement benefit obligation 33 37 44 28 31 36 Amendments — — (14) — — — Net actuarial loss/(gain) (13) 74 264 (3) 63 252 Benefits paid and administrative expenses, net of subsidies (117) (117) (110) (107) (107) (100) Participant contributions 48 53 41 46 52 40 BENEFIT OBLIGATION AT END OF YEAR $1,398 $1,425 $1,357 $1,189 $1,209 $1,154 CHANGE IN PLAN ASSETS Fair value of plan assets at beginning of year $1,115 $1,026 $885 $940 $872 $759 Actual return on plan assets 92 142 198 67 117 165 Employer contributions 6 7 7 3 4 6 Employer group waiver plan subsidies 21 20 23 19 19 22 Participant contributions 48 53 40 46 51 40 Benefits paid (132) (133) (127) (120) (123) (120) FAIR VALUE OF PLAN ASSETS AT END OF YEAR $1,150 $1,115 $1,026 $955 $940 $872 FUNDED STATUS $(248) $(310) $(331) $(234) $(269) $(282) Unrecognized net loss/(gain) $41 $115 $155 $67 $114 $149 Unrecognized prior service costs (13) (16) (19) — (1) (3) |
Schedule of Actuarial Assumptions | The actuarial assumptions were as follows: 2021 2020 2019 Weighted-average assumptions used to determine benefit obligations at December 31: Discount rate 3.00 % 2.55 % 3.35 % Interest crediting rate for cash balance plan 3.50 % 3.00 % 3.30 % Rate of compensation increase CECONY 3.80 % 3.80 % 3.80 % O&R 3.20 % 3.20 % 3.20 % Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31: Discount rate 2.55 % 3.35 % 4.25 % Interest crediting rate for cash balance plan 3.00 % 3.30 % 4.00 % Expected return on plan assets 7.00 % 7.00 % 7.00 % Rate of compensation increase CECONY 3.80 % 3.80 % 4.25 % O&R 3.20 % 3.20 % 4.00 % The actuarial assumptions were as follows: 2021 2020 2019 Weighted-average assumptions used to determine benefit obligations at December 31: Discount Rate CECONY 2.75 % 2.25 % 3.10 % O&R 3.00 % 2.55 % 3.35 % Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31: Discount Rate CECONY 2.25 % 3.10 % 4.15 % O&R 2.55 % 3.35 % 4.30 % Expected Return on Plan Assets 6.80 % 6.80 % 6.80 % |
Schedule of Health Care Cost Trend Rates | The health care cost trend rates for covered medical and prescription medication expenses used to determine the accumulated other postretirement benefit obligations (APBO) at December 31, 2021 were assumed to increase each year, with the initial rate gradually decreasing to the ultimate rate as follows: Initial Cost Trend Rate Ultimate Cost Trend Rate Year That Ultimate Rate is Reached Pre-65 Medical 6.80% 4.50% 2034 Post-65 Medical 4.50% 4.50% — Prescription Medications 7.25% 4.50% 2033 |
Schedule of Expected Benefit Payments | Based on current assumptions, the Companies expect to make the following benefit payments over the next ten years: (Millions of Dollars) 2022 2023 2024 2025 2026 2027-2031 Con Edison $765 $782 $791 $841 $818 $4,219 CECONY 704 721 730 780 756 3,924 Based on current assumptions, the Companies expect to make the following benefit payments over the next ten years, net of receipt of governmental subsidies and participant contributions: (Millions of Dollars) 2022 2023 2024 2025 2026 2027-2031 Con Edison $75 $77 $77 $78 $78 $385 CECONY 84 86 86 87 88 435 |
Schedule of Plan Assets Allocations | The asset allocations for the pension plan at the end of 2021, 2020 and 2019, and the target allocation for 2022 are as follows: Target Allocation Range Plan Assets at December 31, Asset Category 2022 2021 2020 2019 Equity Securities 45% - 55% 50 % 51 % 51 % Debt Securities 33% - 43% 38 % 38 % 38 % Real Estate 10% - 14% 12 % 11 % 11 % Total 100% 100 % 100 % 100 % The asset allocations for CECONY’s other postretirement benefit plans at the end of 2021, 2020 and 2019, and the target allocation for 2022 are as follows: Target Allocation Range Plan Assets at December 31, Asset Category 2022 2021 2020 2019 Equity Securities 42%-80% 55 % 54 % 54 % Debt Securities 20%-58% 45 % 46 % 46 % Total 100% 100 % 100 % 100 % |
Schedule of Fair Value of Plan Assets | The fair values of the pension plan assets at December 31, 2021 by asset category are as follows: (Millions of Dollars) Level 1 Level 2 Total Investments within the fair value hierarchy U.S. Equity (a) $4,381 $— $4,381 International Equity (b) 3,536 — 3,536 U.S. Government Issued Debt (c) 1,500 1,500 Corporate Bonds Debt (d) — 3,936 3,936 Structured Assets Debt (e) — 262 262 Other Fixed Income Debt (f) — 1,186 1,186 Cash and Cash Equivalents (g) 80 425 505 Futures (h) 2 — 2 Total investments within the fair value hierarchy $7,999 $7,309 $15,308 Investments measured at NAV per share (n) Private Equity (i) 913 Real Estate (j) 2,306 Hedge Funds (k) 315 Total investments valued using NAV per share $3,534 Funds for retiree health benefits (l) (110) (100) (210) Funds for retiree health benefits measured at NAV per share (l)(n) (48) Total funds for retiree health benefits $(258) Investments (excluding funds for retiree health benefits) $7,889 $7,209 $18,584 Pending activities (m) (80) Total fair value of plan net assets $18,504 (a) U.S. Equity includes both actively- and passively-managed assets with investments in domestic equity index funds and actively-managed small-capitalization equities. (b) International Equity includes international equity index funds and actively-managed international equities. (c) U.S. Government Issued Debt includes agency and treasury securities. (d) Corporate Bonds Debt consists of debt issued by various corporations. (e) Structured Assets Debt includes commercial-mortgage-backed securities and collateralized mortgage obligations. (f) Other Fixed Income Debt includes municipal bonds, sovereign debt and regional governments. (g) Cash and Cash Equivalents include short term investments, money markets, foreign currency and cash collateral. (h) Futures consist of exchange-traded financial contracts encompassing U.S. Equity, International Equity and U.S. Government indices. (i) Private Equity consists of global equity funds that are not exchange-traded. (j) Real Estate investments include real estate funds based on appraised values that are broadly diversified by geography and property type. (k) Hedge Funds are within a commingled structure which invests in various hedge fund managers who can invest in all financial instruments. (l) The Companies set aside funds for retiree health benefits through a separate account within the pension trust, as permitted under Section 401(h) of the Internal Revenue Code of 1986, as amended. In accordance with the Code, the plan’s investments in the 401(h) account may not be used for, or diverted to, any purpose other than providing health benefits for retirees. The net assets held in the 401(h) account are calculated based on a pro-rata percentage allocation of the net assets in the pension plan. The related obligations for health benefits are not included in the pension plan’s obligations and are included in the Companies’ other postretirement benefit obligation. See Note F. (m) Pending activities include security purchases and sales that have not settled, interest and dividends that have not been received and reflects adjustments for available estimates at year end. (n) In accordance with ASU 2015-07, Fair Value Measurements (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or its equivalent), certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair values of the pension plan assets at December 31, 2020 by asset category are as follows: (Millions of Dollars) Level 1 Level 2 Total Investments within the fair value hierarchy U.S. Equity (a) $4,202 $— $4,202 International Equity (b) 3,693 — 3,693 U.S. Government Issued Debt (c) — 1,424 1,424 Corporate Bonds Debt (d) — 3,535 3,535 Structured Assets Debt (e) — 188 188 Other Fixed Income Debt (f) — 1,067 1,067 Cash and Cash Equivalents (g) 51 408 459 Total investments within the fair value hierarchy $7,946 $6,622 $14,568 Investments measured at NAV per share (m) Private Equity (h) 635 Real Estate (i) 1,880 Hedge Funds (j) 292 Total investments valued using NAV per share $2,807 Funds for retiree health benefits (k) (116) (97) (213) Funds for retiree health benefits measured at NAV per share (k)(m) (41) Total funds for retiree health benefits $(254) Investments (excluding funds for retiree health benefits) $7,830 $6,525 $17,121 Pending activities (l) (99) Total fair value of plan net assets $17,022 (a) - (n) Reference is made to footnotes (a) through (n) in the above table of pension plan assets at December 31, 2021 by asset category. The fair values of the plans' assets at December 31, 2021 by asset category as defined by the accounting rules for fair value measurements (see Note R) are as follows: (Millions of Dollars) Level 1 Level 2 Total Equity (a) $— $474 $474 Other Fixed Income Debt (b) — 379 379 Cash and Cash Equivalents (c) — 22 22 Total investments $— $875 $875 Funds for retiree health benefits (d) 110 100 210 Investments (including funds for retiree health benefits) $110 $975 $1,085 Funds for retiree health benefits measured at net asset value (d)(e) 48 Pending activities (f) 17 Total fair value of plan net assets $1,150 (a) Equity includes a passively managed commingled index fund benchmarked to the MSCI All Country World Index. (b) Other Fixed Income Debt includes a passively managed commingled index fund benchmarked to the Bloomberg Barclays U.S. Long Credit Index and an active separately managed fund indexed to the Bloomberg Barclays U.S. Long Credit Index. (c) Cash and Cash Equivalents include short-term investments and money markets. (d) The Companies set aside funds for retiree health benefits through a separate account within the pension trust, as permitted under Section 401(h) of the Internal Revenue Code of 1986, as amended. In accordance with the Code, the plan’s investments in the 401(h) account may not be used for, or diverted to, any purpose other than providing health benefits for retirees. The net assets held in the 401(h) account are calculated based on a pro-rata percentage allocation of the net assets in the pension plan. The related obligations for health benefits are not included in the pension plan’s obligations and are included in the Companies’ other postretirement benefit obligation. See Note E. (e) In accordance with ASU 2015-07, Fair Value Measurements (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or its equivalent), certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. (f) Pending activities include security purchases and sales that have not settled, interest and dividends that have not been received, and reflects adjustments for available estimates at year-end. The fair values of the plans' assets at December 31, 2020 by asset category (see Note R) are as follows: (Millions of Dollars) Level 1 Level 2 Total Equity (a) $— $448 $448 Other Fixed Income Debt (b) — 367 367 Cash and Cash Equivalents (c) — 27 27 Total investments $— $842 $842 Funds for retiree health benefits (d) 116 97 213 Investments (including funds for retiree health benefits) $116 $939 $1,055 Funds for retiree health benefits measured at net asset value (d)(e) 41 Pending activities (f) 19 Total fair value of plan net assets $1,115 |
Environmental Matters (Tables)
Environmental Matters (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Environmental Remediation Obligations [Abstract] | |
Accrued Liabilities and Regulatory Assets | The accrued liabilities and regulatory assets related to Superfund Sites at December 31, 2021 and 2020 were as follows: Con Edison CECONY (Millions of Dollars) 2021 2020 2021 2020 Accrued Liabilities: Manufactured gas plant sites $845 $752 $755 $676 Other Superfund Sites 95 105 95 104 Total $940 $857 $850 $780 Regulatory assets $938 $865 $860 $791 |
Environmental Remediation Costs | Environmental remediation costs incurred related to Superfund Sites at December 31, 2021 and 2020 were as follows: Con Edison CECONY (Millions of Dollars) 2021 2020 2021 2020 Remediation costs incurred $25 $33 $24 $32 |
Accrued Liability for Asbestos Suits and Workers' Compensation Proceedings | The accrued liability for asbestos suits and workers’ compensation proceedings (including those related to asbestos exposure) and the amounts deferred as regulatory assets or liabilities for the Companies at December 31, 2021 and 2020 were as follows: Con Edison CECONY (Millions of Dollars) 2021 2020 2021 2020 Accrued liability – asbestos suits $8 $8 $7 $7 Regulatory assets – asbestos suits $8 $8 $7 $7 Accrued liability – workers’ compensation $65 $72 $62 $68 Regulatory liabilities – workers’ compensation $8 $3 $8 $3 |
Material Contingencies (Tables)
Material Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Total Guarantees | A summary, by type and term, of Con Edison’s total guarantees under these other agreements at December 31, 2021 is as follows: Guarantee Type 0 – 3 years 4 – 10 years > 10 years Total (Millions of Dollars) Con Edison Transmission $490 $— $— $490 Energy transactions 469 37 325 831 Renewable electric projects 319 51 396 766 Other 70 — — 70 Total $1,348 $88 $721 $2,157 |
Electricity Purchase Agreemen_2
Electricity Purchase Agreements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Regulated Operations [Abstract] | |
Summary of Estimated Capacity and Other Fixed Payments | The future capacity and other fixed payments under the electricity purchase agreements are estimated to be as follows: (Millions of Dollars) 2022 2023 2024 2025 2026 All Years Thereafter Con Edison $126 $78 $55 $55 $56 $434 CECONY 124 78 55 55 56 434 |
Summary of Capacity, Energy and Other Fixed Payments | The company’s payments under the significant terms of the agreements for capacity, energy and other fixed payments in 2021, 2020 and 2019 were as follows: For the Years Ended December 31, (Millions of Dollars) 2021 2020 2019 Astoria Generating Company (a) $20 $26 $116 Brooklyn Navy Yard (b) 139 113 115 Total $159 $139 $231 (a) Capacity purchase agreements with terms ending in 2021 through 2023. (b) Contract for plant output, which started in 1996 and ends in 2036. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Lease Costs, Cash Flows and Other Related Information | Operating lease cost and cash paid for amounts included in the measurement of lease liabilities for the twelve months ended December 31, 2021 and 2020 were as follows: Con Edison CECONY (Millions of Dollars) 2021 2020 2021 2020 Operating lease cost $86 $85 $66 $65 Operating lease cash flows $80 $79 $63 $61 Other information related to leases for Con Edison and CECONY at December 31, 2021 and 2020 was as follows: Con Edison CECONY 2021 2020 2021 2020 Weighted Average Remaining Lease Term: Operating leases 18.5 years 19.1 years 12.1 years 13.0 years Finance leases 7.1 years 7.3 years 3.1 years 4.0 years Weighted Average Discount Rate: Operating leases 4.3% 4.3% 3.5% 3.6% Finance leases 1.8% 1.8% 1.1% 1.3% |
Operating Leases, Future Minimum Lease Payments | Future minimum lease payments under non-cancellable leases at December 31, 2021 were as follows: (Millions of Dollars) Con Edison CECONY Year Ending December 31, Operating Leases Finance Leases Operating Leases Finance Leases 2022 $81 $— $60 $— 2023 77 — 59 — 2024 77 1 59 1 2025 78 — 60 — 2026 76 — 59 — All years thereafter 877 1 394 — Total future minimum lease payments $1,266 $2 $691 $1 Less: imputed interest (436) — (139) — Total $830 $2 $552 $1 Reported as of December 31, 2021 Operating lease liabilities (current) $113 $— $90 $— Operating lease liabilities (noncurrent) 717 — 462 — Other current liabilities — — — — Other noncurrent liabilities — 2 — 1 Total $830 $2 $552 $1 |
Finance Leases, Future Minimum Lease Payments | Future minimum lease payments under non-cancellable leases at December 31, 2021 were as follows: (Millions of Dollars) Con Edison CECONY Year Ending December 31, Operating Leases Finance Leases Operating Leases Finance Leases 2022 $81 $— $60 $— 2023 77 — 59 — 2024 77 1 59 1 2025 78 — 60 — 2026 76 — 59 — All years thereafter 877 1 394 — Total future minimum lease payments $1,266 $2 $691 $1 Less: imputed interest (436) — (139) — Total $830 $2 $552 $1 Reported as of December 31, 2021 Operating lease liabilities (current) $113 $— $90 $— Operating lease liabilities (noncurrent) 717 — 462 — Other current liabilities — — — — Other noncurrent liabilities — 2 — 1 Total $830 $2 $552 $1 |
Income Tax (Tables)
Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax | The components of income tax are as follows: Con Edison CECONY (Millions of Dollars) 2021 2020 2019 2021 2020 2019 State Current $14 $7 $(12) $1 $6 $22 Deferred 79 50 96 106 97 68 Federal Current 43 (2) — 121 41 185 Deferred 61 42 219 21 73 63 Amortization of investment tax credits (7) (7) (7) (3) (2) (3) Total income tax expense $190 $90 $296 $246 $215 $335 |
Schedule of Differences on Deferred Tax Assets and Liabilities | The tax effects of temporary differences, which gave rise to deferred tax assets and liabilities, are as follows: Con Edison CECONY (Millions of Dollars) 2021 2020 2021 2020 0 Deferred tax liabilities: Property basis differences $8,298 $7,985 $7,213 $6,901 Regulatory assets: Unrecognized pension and other postretirement costs 36 910 31 861 Environmental remediation costs 264 243 241 222 Deferred storm costs 33 31 — — Other regulatory assets 640 536 609 508 Operating lease right-of-use asset 204 220 155 165 Pension Asset Reserve 478 — 471 — Equity investments — 46 — — Other 30 — — — Total deferred tax liabilities $9,983 $9,971 $8,720 $8,657 Deferred tax assets: Accrued pension and other postretirement costs $218 $504 $188 $427 Regulatory liabilities: Future income tax 554 617 517 579 Other regulatory liabilities 727 656 620 570 Superfund and other environmental costs 264 241 238 219 Asset retirement obligations 177 178 141 143 Operating lease liabilities 195 211 155 165 Loss carryforwards 144 164 38 34 Tax credits carryforward 946 1,022 — — Valuation allowance (22) (22) — — Equity investments 34 — — — Other — 59 42 127 Total deferred tax assets 3,237 3,630 1,939 2,264 Net deferred tax liabilities $6,746 $6,341 $6,781 $6,393 Unamortized investment tax credits 127 134 15 18 Net deferred tax liabilities and unamortized investment tax credits $6,873 $6,475 $6,796 $6,411 |
Schedule of Income Tax Reconciliation | Reconciliation of the difference between income tax expense and the amount computed by applying the prevailing statutory income tax rate to income before income taxes is as follows: Con Edison CECONY (% of Pre-tax income) 2021 2020 2019 2021 2020 2019 STATUTORY TAX RATE Federal 21 % 21 % 21 % 21 % 21 % 21 % Changes in computed taxes resulting from: State income taxes, net of federal income tax benefit 4 4 4 5 5 5 Taxes attributable to noncontrolling interests 3 (1) (1) — — — Cost of removal 2 2 1 1 1 1 Other plant-related items (1) (1) (1) (1) (1) (1) Amortization of excess deferred federal income taxes (12) (14) (4) (11) (12) (4) Renewable energy credits (2) (3) (2) — — — Research and development credits (1) — (1) — — (1) Other — (1) — — 1 — Effective tax rate 14 % 7 % 17 % 15 % 15 % 21 % |
Summary of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amounts of unrecognized tax benefits for Con Edison and CECONY follows: Con Edison CECONY (Millions of Dollars) 2021 2020 2019 2021 2020 2019 Balance at January 1, $14 $13 $6 $3 $2 $4 Additions based on tax positions related to the current year 3 — 1 2 — 1 Additions based on tax positions of prior years 2 1 10 1 1 — Reductions for tax positions of prior years (2) — (2) (1) — (1) Reductions from expiration of statute of limitations — — — — — — Settlements — — (2) — — (2) Balance at December 31, $17 $14 $13 $5 $3 $2 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table presents, for the years ended December 31, 2021, 2020 and 2019, revenue from contracts with customers as defined in Accounting Standards Codification (ASC) Topic 606, "Revenue from Contracts with Customers," as well as additional revenue from sources other than contracts with customers, disaggregated by major source. 2021 2020 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 Revenues from contracts with customers Other revenues (a) Total operating revenues CECONY Electric $8,736 $70 $8,806 $8,026 $77 $8,103 $7,913 $149 $8,062 Gas 2,324 54 2,378 1,998 38 2,036 2,097 35 2,132 Steam 519 13 532 494 14 508 610 17 627 Total CECONY $11,579 $137 $11,716 $10,518 $129 $10,647 $10,620 $201 $10,821 O&R Electric 691 (10) 681 619 10 629 627 7 634 Gas 265 (5) 260 224 9 233 247 12 259 Total O&R $956 $(15) $941 $843 $19 $862 $874 $19 $893 Clean Energy Businesses Renewables 683 — 683 609 — 609 575 — 575 Energy services 234 — 234 52 — 52 71 — 71 Other — 105 105 — 75 75 — 211 211 Total Clean Energy Businesses $917 $105 $1,022 $661 $75 $736 $646 $211 $857 Con Edison Transmission 4 — 4 4 — 4 4 — 4 Other (b) — (7) (7) — (3) (3) — (1) (1) Total Con Edison $13,456 $220 $13,676 $12,026 $220 $12,246 $12,144 $430 $12,574 (a) For the Utilities, this includes revenue from alternative revenue programs, such as the revenue decoupling mechanisms under their NY electric and gas rate plans, as well as net earnings adjustment mechanisms (EAMs) and positive incentives primarily for achieving energy efficiency goals (see "Rate Plans" in Note B), and for 2021 recognition of late payment charges and fees that were not billed (LPCs) for the years ended December 31, 2020 and 2021 and for which recovery was granted by the NYSPSC. See "COVID-19 Regulatory Matters" in Note B and "Utilities' Assessment of Late Payment Charges" below. The amount of revenue recognized under such alternative revenue programs for 2021 includes $48 million, $34 million and $74 million for CECONY's revenue decoupling mechanisms, net EAMs, and LPCs, respectively, and $(18) million, $2 million and $4 million for O&R's revenue decoupling mechanisms, net EAMs, and LPCs, respectively. For the Clean Energy Businesses, this includes revenue from wholesale services. (b) Parent company and consolidation adjustments. |
Change in Unbilled Contract and Unearned Revenues | 2021 2020 2019 (Millions of Dollars) Unbilled contract revenue (a) Unearned revenue (b) Unbilled contract revenue (a) Unearned revenue (b) Unbilled contract revenue (a) Unearned revenue (b) Beginning balance as of January 1, $11 $41 $29 $17 $29 $20 Additions (c) 242 — 88 31 86 1 Subtractions (c) 218 34 (d) 106 7 (d) 86 4 (d) Ending balance as of December 31, $35 $7 $11 $41 $29 $17 (a) Unbilled contract revenue represents accumulated incurred costs and earned profits on contracts (revenue arrangements), which have been recorded as revenue, but have not yet been billed to customers, and which represent contract assets as defined in Topic 606. Substantially all accrued unbilled contract revenue is expected to be collected within one year. Unbilled contract revenue arises from the cost-to-cost method of revenue recognition. Unbilled contract revenue from fixed-price type contracts is converted to billed receivables when amounts are invoiced to customers according to contractual billing terms, which generally occur when deliveries or other performance milestones are completed. (b) Unearned revenue represents a liability for billings to customers in excess of earned revenue, which are contract liabilities as defined in Topic 606. (c) Additions for unbilled contract revenue and subtractions for unearned revenue represent additional revenue earned. Additions for unearned revenue and subtractions for unbilled contract revenue represent billings. Activity also includes appropriate balance sheet classification for the period. (d) Of the subtractions from unearned revenue, $34 million, $7 million and $4 million were included in the balances as of January 1, 2021, 2020, and 2019, respectively. |
Current Expected Credit Losses
Current Expected Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Credit Loss [Abstract] | |
Rollforward of Allowance for Credit Losses | The table below presents a rollforward by major portfolio segment type for the years ended December 31, 2021 and 2020: For the Year Ended December 31, Con Edison CECONY Accounts receivable - customers Other receivables Accounts receivable - customers Other receivables (Millions of Dollars) 2021 2020 2021 2020 2021 2020 2021 2020 Allowance for credit losses Beginning Balance at January 1, $148 $70 $7 $4 $138 $65 $4 $3 Recoveries 14 8 1 — 12 6 1 — Write-offs (91) (54) (2) (2) (86) (50) (1) (1) Reserve adjustments 246 124 16 5 240 117 15 2 Ending Balance December 31, $317 $148 $22 $7 $304 $138 $19 $4 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Stock-Based Compensation Expense | The following table summarizes stock-based compensation expense recognized by the Companies in the years ended December 31, 2021, 2020 and 2019: Con Edison CECONY (Millions of Dollars) 2021 2020 2019 2021 2020 2019 Performance-based restricted stock $23 $7 $36 $19 $6 $30 Time-based restricted stock 2 1 2 2 1 2 Non-employee director deferred stock compensation 3 2 2 3 2 2 Stock purchase plan 7 7 7 7 7 6 Total $35 $17 $47 $31 $16 $40 Income tax benefit $10 $5 $13 $9 $4 $11 |
Assumptions Used to Calculate Fair Value of Awards | The assumptions used to calculate the fair value of the awards were as follows: 2021 2020 2019 Risk-free interest rate (a) 0.39% - 0.73% 0.10% - 0.13% 1.58% -1.59% Expected term (b) 3 years 3 years 3 years Expected share price volatility (c) 17.25% - 31.42% 30.16% - 40.95% 12.89% - 15.51% (a) The risk-free rate is based on the U.S. Treasury zero-coupon yield curve. (b) The expected term of the Performance RSUs equals the vesting period. The Companies do not expect significant forfeitures to occur. (c) Based on historical experience. The Companies would reevaluate this assumption if market conditions or business developments would reasonably indicate that future volatility might differ materially from historical experience. |
Summary of Changes in Status of Performance RSUs | A summary of changes in the status of the Performance RSUs’ TSR and non-TSR portions during the year ended December 31, 2021 is as follows: Con Edison CECONY Weighted Average Grant Date Fair Value (a) Weighted Average Grant Date Fair Value (a) Units TSR Portion (b) Non-TSR Portion (c) Units TSR Portion (b) Non-TSR Portion (c) Non-vested at December 31, 2020 901,524 $70.11 $81.83 686,471 $70.15 $81.80 Granted 401,100 74.46 71.04 301,087 74.23 71.25 Vested (301,600) 67.27 76.37 (227,411) 66.82 76.48 Forfeited (16,296) 75.23 79.78 (15,869) 75.21 79.84 Non-vested at December 31, 2021 984,728 $72.67 $79.14 744,278 $72.71 $79.20 (a) The TSR and non-TSR Portions each account for 50 percent of the awards’ value. (b) Fair value is determined using the Monte Carlo simulation described above. Weighted average grant date fair value does not reflect any accrual or payment of dividends prior to vesting. (c) Fair value is determined using the market price of one share of Con Edison common stock on the grant date. The market price has not been discounted to reflect that dividends do not accrue and are not payable on Performance RSUs until vesting. |
Summary of Changes in Status of Time-Based Awards | A summary of changes in the status of time-based awards during the year ended December 31, 2021 is as follows: Con Edison CECONY Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Non-vested at December 31, 2020 67,438 $80.40 62,838 $80.42 Granted 17,150 74.80 16,200 74.80 Vested (21,121) 77.96 (19,588) 77.95 Forfeited (1,847) 80.23 (1,580) 79.89 Non-vested at December 31, 2021 61,620 $79.68 57,870 $79.70 |
Financial Information by Busi_2
Financial Information by Business Segment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Financial Data for Business Segments | The financial data for the business segments are as follows: As of and for the Year Ended December 31, 2021 (Millions of Dollars) Operating revenues Inter- segment revenues Depreciation and amortization Operating income Other Income (deductions) Interest charges Income taxes on operating income (a) Total assets Capital expenditures CECONY Electric $8,806 $18 $1,286 $1,802 $(84) $542 $151 $36,260 $2,189 Gas 2,378 8 326 646 (16) 179 110 13,748 1,126 Steam 532 74 93 12 (8) 41 (9) 2,647 103 Consolidation adjustments — (100) — — — — — — — Total CECONY $11,716 $— $1,705 $2,460 ($108) $762 $252 $52,655 $3,418 O&R Electric $681 $— $69 $100 $(8) $27 $13 $2,123 $147 Gas 260 — 26 50 (4) 15 8 1,169 70 Other — — — — — — — — — Total O&R $941 $— $95 $150 $(12) $42 $21 $3,292 $217 Clean Energy Businesses $1,022 $— $231 $236 $(10) $68 $44 $6,554 $298 Con Edison Transmission 4 — 1 (16) (407) 9 3 249 31 Other (b) (7) — — (4) (1) 24 20 366 — Total Con Edison $13,676 $— $2,032 $2,826 $(538) $905 $340 $63,116 $3,964 As of and for the Year Ended December 31, 2020 (Millions of Dollars) Operating revenues Inter- segment revenues Depreciation and amortization Operating income Other Income (deductions) Interest charges Income taxes on operating income (a) Total assets Capital expenditures CECONY Electric $8,103 $18 $1,214 $1,731 $(134) $535 $130 $35,673 $2,080 Gas 2,036 7 294 574 (25) 164 102 12,678 1,044 Steam 508 74 90 5 (12) 40 (14) 2,616 122 Consolidation adjustments — (99) — — — — — — — Total CECONY $10,647 $— $1,598 $2,310 $(171) $739 $218 $50,967 $3,246 O&R Electric $629 $— $65 $99 $(10) $26 $13 $2,097 $159 Gas 233 — 25 48 (4) 15 8 1,150 61 Other — — — — — — — — — Total O&R $862 $— $90 $147 $(14) $41 $21 $3,247 $220 Clean Energy Businesses $736 $— $231 $215 $4 $196 $(43) $6,848 $616 Con Edison Transmission 4 — 1 (8) (215) 18 — 1,348 3 Other (b) (3) — — (10) (5) 25 (3) 485 — Total Con Edison $12,246 $— $1,920 $2,654 $(401) $1,019 $193 $62,895 $4,085 As of and for the Year Ended December 31, 2019 (Millions of Dollars) Operating Inter- Depreciation Operating Other Income (deductions) Interest Income Total Capital CECONY Electric $8,062 $17 $1,053 $1,758 $(28) $539 $239 $32,988 $1,851 Gas 2,132 7 231 528 (4) 147 99 11,090 1,078 Steam 627 70 89 62 (3) 42 4 2,479 91 Consolidation adjustments — (94) — — — — — — — Total CECONY $10,821 $— $1,373 $2,348 $(35) $728 $342 $46,557 $3,020 O&R Electric $634 $— $60 $98 $(7) $27 $15 $2,130 $142 Gas 259 — 24 41 (4) 14 6 876 61 Other — — — — — — — — — Total O&R $893 $— $84 $139 $(11) $41 $21 $3,006 $203 Clean Energy Businesses $857 $— $226 $202 $5 $186 $(58) $6,528 $248 Con Edison Transmission 4 — 1 (6) 104 25 1 1,618 205 Other (b) (1) — — (7) (12) 11 (6) 370 — Total Con Edison $12,574 $— $1,684 $2,676 $51 $991 $300 $58,079 $3,676 (a) For Con Edison, the income tax expense/(benefit) on non-operating income was $(150) million, $(103) million and $(4) million in 2021, 2020 and 2019, respectively. For CECONY, the income tax expense/(benefit) on non-operating income was $(6) million, $(3) million and $(7) million in 2021, 2020 and 2019, respectively. (b) Parent company and consolidation adjustments. Other does not represent a business segment. |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Offsetting of Assets | The fair values of the Companies’ derivatives, including the offsetting of assets and liabilities, on the consolidated balance sheet at December 31, 2021 and 2020 were: (Millions of Dollars) 2021 2020 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 $285 $(158) $127 (b) $44 $14 $58 (b) Noncurrent 90 (13) 77 22 35 57 (d) Total fair value of derivative assets $375 $(171) $204 $66 $49 $115 Fair value of derivative liabilities Current $(289) $137 $(152) (c) $(225) $(13) $(238) (d) Noncurrent (94) 10 (84) (c) (207) (33) (240) (d) Total fair value of derivative liabilities $(383) $147 $(236) $(432) $(46) $(478) Net fair value derivative assets/(liabilities) $(8) $(24) $(32) $(366) $3 $(363) CECONY Fair value of derivative assets Current $135 $(64) $71 (b) $20 $(12) $8 (b) Noncurrent 71 (15) 56 16 (8) 8 Total fair value of derivative assets $206 $(79) $127 $36 $(20) $16 Fair value of derivative liabilities Current $(131) $43 $(88) $(174) $11 $(163) Noncurrent (50) 10 (40) (114) 9 (105) Total fair value of derivative liabilities $(181) $53 $(128) $(288) $20 $(268) Net fair value derivative assets/(liabilities) $25 ($26) $(1) $(252) $— $(252) (a) Derivative instruments and collateral were offset on the consolidated balance sheet as applicable under the accounting rules. The Companies enter into master agreements for their commodity derivatives. These agreements typically provide offset in the event of contract termination. In such case, generally the non-defaulting party’s payable will be offset by the defaulting party’s payable. The non-defaulting party will customarily notify the defaulting party within a specific time period and come to an agreement on the early termination amount. (b) At December 31, 2021 and 2020, margin deposits for Con Edison ($1 million and $3 million, respectively) and CECONY (an immaterial amount and $3 million, respectively) were classified as derivative assets on the consolidated balance sheet, but not included in the table. Margin is collateral, typically cash, that the holder of a derivative instrument is required to deposit in order to transact on an exchange and to cover its potential losses with its broker or the exchange. (c) Includes amounts for interest rate swaps of $4 million in noncurrent assets, $(20) million in current liabilities and $(38) million in noncurrent liabilities. At December 31, 2021, the Clean Energy Businesses had interest rate swaps with notional amounts of $1,031 million. The expiration dates of the swaps range from 2025-2041. In June 2021, as part of the Clean Energy Businesses' sale of a renewable electric project, interest rate swaps terminating in 2024 were assumed by the buyer. (d) Includes amounts for interest rate swaps of $(24) million in current liabilities and $(82) million in noncurrent liabilities. At December 31, 2020, the Clean Energy Businesses had interest rate swaps with notional amounts of $863 million. The expiration dates of the swaps ranged from 2024-2041. |
Offsetting of Liabilities | The fair values of the Companies’ derivatives, including the offsetting of assets and liabilities, on the consolidated balance sheet at December 31, 2021 and 2020 were: (Millions of Dollars) 2021 2020 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 $285 $(158) $127 (b) $44 $14 $58 (b) Noncurrent 90 (13) 77 22 35 57 (d) Total fair value of derivative assets $375 $(171) $204 $66 $49 $115 Fair value of derivative liabilities Current $(289) $137 $(152) (c) $(225) $(13) $(238) (d) Noncurrent (94) 10 (84) (c) (207) (33) (240) (d) Total fair value of derivative liabilities $(383) $147 $(236) $(432) $(46) $(478) Net fair value derivative assets/(liabilities) $(8) $(24) $(32) $(366) $3 $(363) CECONY Fair value of derivative assets Current $135 $(64) $71 (b) $20 $(12) $8 (b) Noncurrent 71 (15) 56 16 (8) 8 Total fair value of derivative assets $206 $(79) $127 $36 $(20) $16 Fair value of derivative liabilities Current $(131) $43 $(88) $(174) $11 $(163) Noncurrent (50) 10 (40) (114) 9 (105) Total fair value of derivative liabilities $(181) $53 $(128) $(288) $20 $(268) Net fair value derivative assets/(liabilities) $25 ($26) $(1) $(252) $— $(252) (a) Derivative instruments and collateral were offset on the consolidated balance sheet as applicable under the accounting rules. The Companies enter into master agreements for their commodity derivatives. These agreements typically provide offset in the event of contract termination. In such case, generally the non-defaulting party’s payable will be offset by the defaulting party’s payable. The non-defaulting party will customarily notify the defaulting party within a specific time period and come to an agreement on the early termination amount. (b) At December 31, 2021 and 2020, margin deposits for Con Edison ($1 million and $3 million, respectively) and CECONY (an immaterial amount and $3 million, respectively) were classified as derivative assets on the consolidated balance sheet, but not included in the table. Margin is collateral, typically cash, that the holder of a derivative instrument is required to deposit in order to transact on an exchange and to cover its potential losses with its broker or the exchange. (c) Includes amounts for interest rate swaps of $4 million in noncurrent assets, $(20) million in current liabilities and $(38) million in noncurrent liabilities. At December 31, 2021, the Clean Energy Businesses had interest rate swaps with notional amounts of $1,031 million. The expiration dates of the swaps range from 2025-2041. In June 2021, as part of the Clean Energy Businesses' sale of a renewable electric project, interest rate swaps terminating in 2024 were assumed by the buyer. (d) Includes amounts for interest rate swaps of $(24) million in current liabilities and $(82) million in noncurrent liabilities. At December 31, 2020, the Clean Energy Businesses had interest rate swaps with notional amounts of $863 million. The expiration dates of the swaps ranged from 2024-2041. |
Realized and Unrealized Gains or Losses on Commodity Derivatives | The following table presents the realized and unrealized gains or losses on derivatives that have been deferred or recognized in earnings for the years ended December 31, 2021 and 2020: Con Edison CECONY (Millions of Dollars) Balance Sheet Location 2021 2020 2021 2020 Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: Current Deferred derivative gains $134 $(26) $124 $(27) Noncurrent Deferred derivative gains 57 — 51 — Total deferred gains/(losses) $191 $(26) $175 $(27) Current Deferred derivative losses $49 $(63) $43 $(64) Current Recoverable energy costs 3 (201) — (177) Noncurrent Deferred derivative losses 70 (37) 66 (36) Total deferred gains/(losses) $122 $(301) $109 $(277) Net deferred gains/(losses) $313 $(327) $284 $(304) Income Statement Location Pre-tax gain/(loss) recognized in income Gas purchased for resale $18 $(2) $— $— Non-utility revenue 3 7 — — Other operations and maintenance expense 5 (3) 5 (3) Other interest expense 52 (65) — — Total pre-tax gain/(loss) recognized in income $78 $(63) $5 $(3) |
Hedged Volume of Derivative Transactions | The following table presents the hedged volume of Con Edison’s and CECONY’s commodity derivative transactions at December 31, 2021: Electric Energy Capacity (MW) (a) Natural Gas (Dt) (a)(b) Refined Fuels (gallons) Con Edison 26,982,370 42,333 253,195,063 3,696,000 CECONY 24,646,000 28,800 235,570,000 3,696,000 (a) Volumes are reported net of long and short positions, except natural gas collars where the volumes of long positions are reported. (b) Excludes electric congestion and gas basis swap contracts which are associated with electric and gas contracts and hedged volumes. |
Aggregate Fair Value of Companies' Derivative Instruments with Credit-Risk-Related Contingent Features | The following table presents the aggregate fair value of the Companies’ derivative instruments with credit-risk-related contingent features that are in a net liability position, the collateral posted for such positions and the additional collateral that would have been required to be posted had the lowest applicable credit rating been reduced one level and to below investment grade at December 31, 2021: (Millions of Dollars) Con Edison (a) CECONY (a) Aggregate fair value – net liabilities $158 $121 Collateral posted 170 170 Additional collateral (b) (downgrade one level from current ratings) 43 1 Additional collateral (b)(c) (downgrade to below investment grade from current ratings) 94 37 (a) Non-derivative transactions for the purchase and sale of electricity and gas and qualifying derivative instruments, which have been designated as normal purchases or normal sales, are excluded from the table. These transactions primarily include purchases of electricity from independent system operators. In the event the Utilities and the Clean Energy Businesses were no longer extended unsecured credit for such purchases, the Companies would be required to post additional collateral of $5 million at December 31, 2021. For certain other such non-derivative transactions, the Companies could be required to post collateral under certain circumstances, including in the event counterparties had reasonable grounds for insecurity. (b) The Companies measure the collateral requirements by taking into consideration the fair value amounts of derivative instruments that contain credit-risk-related contingent features that are in a net liability position plus amounts owed to counterparties for settled transactions and amounts required by counterparties for minimum financial security. The fair value amounts represent unrealized losses, net of any unrealized gains where the Companies have a legally enforceable right to offset. (c) Derivative instruments that are net assets have been excluded from the table. At December 31, 2021, if Con Edison had been downgraded to below investment grade, it would have been required to post additional collateral for such derivative instruments of $66 million. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | For information on the measurement of Con Edison's investment in MVP, which was measured at fair value on a non-recurring basis, see Note A. Assets and liabilities measured at fair value on a recurring basis for the years ended December 31, 2021 and 2020 are summarized below. 2021 2020 (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) $95 $260 $17 $(171) $201 $19 $42 $4 $53 $118 Interest rate swaps (a)(b)(c)(f) — 4 — — 4 — — — — — Other (a)(b)(d) 492 135 — — 627 431 126 — — 557 Total assets $587 $399 $17 $(171) $832 $450 $168 $4 $53 $675 Derivative liabilities: Commodity (a)(b)(c) $33 $266 $28 $(148) $179 $7 $296 $23 $46 $372 Interest rate swaps (a)(b)(c)(f) — 57 — — 57 — 106 — — 106 Total liabilities $33 $323 $28 $(148) $236 $7 $402 $23 $46 $478 CECONY Derivative assets: Commodity (a)(b)(c) $67 $138 $1 $(79) $127 $15 $20 $— $(16) $19 Other (a)(b)(d) 474 127 — — 601 411 120 — — 531 Total assets $541 $265 $1 $(79) $728 $426 $140 $— $(16) $550 Derivative liabilities: Commodity (a)(b)(c) $1 $172 $8 $(53) $128 $3 $274 $10 $(19) $268 (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. Con Edison and CECONY had $1 million of commodity derivative assets and $4 million and $3 million of commodity derivative liabilities, respectively, transferred from level 3 to level 2 during the year ended December 31, 2021 because of availability of observable market data due to the decrease in the terms of certain contracts from beyond three years as of September 30, 2021 to less than three years as of December 31, 2021. Con Edison and CECONY had $1 million of commodity derivative liabilities transferred from level 3 to level 2 during the year ended December 31, 2020 because of availability of observable market data due to the decrease in the terms of certain contracts from beyond three years as of September 30, 2020 to less than three years as of December 31, 2020. (b) Level 2 assets and liabilities include investments held in the deferred compensation plan and/or non-qualified retirement plans, exchange-traded contracts where there is insufficient market liquidity to warrant inclusion in Level 1, and certain over-the-counter derivative instruments for electricity, refined products and natural gas. Derivative instruments classified as Level 2 are valued using industry standard models that incorporate corroborated observable inputs, such as pricing services or prices from similar instruments that trade in liquid markets, time value and volatility factors. (c) The accounting rules for fair value measurements and disclosures require consideration of the impact of nonperformance risk (including credit risk) from a market participant perspective in the measurement of the fair value of assets and liabilities. At December 31, 2021 and 2020, the Companies determined that nonperformance risk would have no material impact on their financial position or results of operations. (d) Other assets are comprised of assets such as life insurance contracts within the deferred compensation plan and non-qualified retirement plans. (e) Amounts represent the impact of legally-enforceable master netting agreements that allow the Companies to net gain and loss positions and cash collateral held or placed with the same counterparties. (f) See Note Q. |
Schedule of Commodity Derivatives | Fair Value of Level 3 at December 31, 2021 (Millions of Dollars) Valuation Techniques Unobservable Inputs Range Con Edison — Commodity Electricity $(6) Discounted Cash Flow Forward energy prices (a) $18.75-$82.40 per MWh (10) Discounted Cash Flow Forward capacity prices (a) $0.31-$12.93 per kW-month Transmission Congestion Contracts/Financial Transmission Rights 5 Discounted Cash Flow Inter-zonal forward price curves adjusted for historical zonal losses (b) $(20.27)-$83.04 per MWh Total Con Edison — Commodity $(11) CECONY — Commodity Electricity $(8) Discounted Cash Flow Forward capacity prices (a) $1.35-$12.93 per kW-month Transmission Congestion Contracts 1 Discounted Cash Flow Inter-zonal forward price curves adjusted for historical zonal losses (b) $0.52-$3.63 per MWh Total CECONY — Commodity $(7) (a) Generally, increases/(decreases) in this input in isolation would result in a higher/(lower) fair value measurement. (b) Generally, increases/(decreases) in this input in isolation would result in a lower/(higher) fair value measurement. |
Reconciliation of Beginning and Ending Net Balances for Assets and Liabilities Measured at Level 3 Fair Value | The table listed below provides a reconciliation of the beginning and ending net balances for assets and liabilities measured at fair value for the years ended December 31, 2021 and 2020 and classified as Level 3 in the fair value hierarchy: Con Edison CECONY (Millions of Dollars) 2021 2020 2021 2020 Beginning balance as of January 1, $(19) $(16) $(10) $(6) Included in earnings (9) (10) (3) (5) Included in regulatory assets and liabilities 3 (7) 1 (4) Purchases 6 — — — Settlements 5 15 3 6 Transfer out of level 3 3 (1) 2 (1) Ending balance as of December 31, $(11) $(19) $(7) $(10) |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | At December 31, 2021 and 2020, Con Edison’s consolidated balance sheet included the following amounts associated with its VIEs: Tax Equity Projects Great Valley Solar Copper Mountain - Mesquite Solar CED Nevada Virginia (c)(h) (Millions of Dollars) 2021 2020 2021 2020 2021 Non-utility property, less accumulated depreciation (f)(g) $275 $284 $431 $446 $643 Other assets 37 39 167 176 55 Total assets (a) $312 $323 $598 $622 $698 Other liabilities 14 13 74 71 315 Total liabilities (b) $14 $13 $74 $71 $315 (a) The assets of the Tax Equity Projects and CED Nevada Virginia represent assets of a consolidated VIE that can be used only to settle obligations of the consolidated VIE. (b) The liabilities of the Tax Equity Projects and CED Nevada Virginia represent liabilities of a consolidated VIE for which creditors do not have recourse to the general credit of the primary beneficiary. (c) Con Edison did not provide any financial or other support during the year that was not previously contractually required. (d) Great Valley Solar consists of the Great Valley Solar 1, Great Valley Solar 2, Great Valley Solar 3 and Great Valley Solar 4 projects, for which the noncontrolling interest of the tax equity investor was $84 million and $82 million at December 31, 2021 and 2020, respectively. (e) Copper Mountain - Mesquite Solar consists of the Copper Mountain Solar 4, Mesquite Solar 2 and Mesquite Solar 3 projects for which the noncontrolling interest of the tax equity investor was $118 million and $134 million at December 31, 2021 and 2020, respectively. (f) Non-utility property is reduced by accumulated depreciation of $26 million for Great Valley Solar, $44 million for Copper Mountain - Mesquite Solar and $10 million for CED Nevada Virginia at December 31, 2021. (g) Non-utility property is reduced by accumulated depreciation of $18 million for Great Valley Solar and $30 million for Copper Mountain - Mesquite Solar at December 31, 2020. (h) CED Nevada Virginia consists of the Copper Mountain Solar 5, Battle Mountain Solar and Water Strider Solar projects for which the noncontrolling interest of the tax equity investor was $95 million at December 31, 2021. |
Summary of VIEs | The following table summarizes the VIEs into which the Clean Energy Businesses have entered as of December 31, 2021: Project Name Generating Capacity (a) (MW AC) Power Purchase Agreement Term in Years Year of Investment Location Maximum Millions of Dollars ) (b) Great Valley Solar (c) 200 15-20 2018 CA $214 Copper Mountain - Mesquite Solar (c) 344 20-25 2018 NV and AZ 406 CED Nevada Virginia (c) 431 20-25 2021 NV and VA 288 (a) Represents ownership interest in the project. (b) Maximum exposure is equal to the net assets of the project on the consolidated balance sheet less any applicable noncontrolling interest. Con Edison did not provide any financial or other support during the year that was not previously contractually required. (c) For the projects comprising Great Valley Solar, Copper Mountain Mesquite Solar and CED Nevada Virginia, refer to (d), (e) and (h) in the table above. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Summary of Costs of Administrative and Other Services Provided and Received | The costs of administrative and other services provided by CECONY to, and received by it from, Con Edison and its other subsidiaries for the years ended December 31, 2021, 2020 and 2019 were as follows: CECONY (Millions of Dollars) 2021 2020 2019 Cost of services provided $137 $128 $121 Cost of services received 68 66 64 |
General (Details)
General (Details) | 12 Months Ended |
Dec. 31, 2021subsidiaryregistrant | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of registrants | registrant | 2 |
Number of regulated subsidiaries | subsidiary | 2 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies and Other Matters - Revenues (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue from External Customer [Line Items] | |||
Excise taxes | $ 358 | $ 335 | $ 323 |
CECONY | |||
Revenue from External Customer [Line Items] | |||
Excise taxes | $ 346 | $ 323 | $ 312 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies and Other Matters - Plant and Depreciation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Public Utility, Property, Plant and Equipment [Line Items] | |||
Accumulated amortization | $ 297 | $ 228 | |
Annual aggregate depreciation allowance | 1,802 | ||
Prepayments | 16 | 12 | |
Other deferred charges and noncurrent assets | 81 | 54 | |
Depreciation expense, other deferred charges and noncurrent assets and prepayments | 12 | 7 | |
Accumulated depreciation, other deferred charges and noncurrent assets and prepayments | 22 | 10 | |
Software Licenses | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Gross asset | 79 | 86 | |
Estimated aggregate annual amortization expense | 7 | ||
Accumulated amortization | $ 24 | $ 17 | |
Non-Utility Plant | Maximum | Land And Conduit | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Estimated useful lives (years) | 10 years | ||
Non-Utility Plant | Maximum | Wind Power Generating Assets | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Estimated useful lives (years) | 30 years | ||
Non-Utility Plant | Maximum | Solar Powered Generating Assets | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Estimated useful lives (years) | 35 years | ||
CECONY | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
AFUDC rates (percent) | 4.50% | 5.20% | 5.10% |
Average depreciation rates (percent) | 3.50% | 3.50% | 3.20% |
Annual aggregate depreciation allowance | $ 1,710 | ||
Prepayments | 15 | $ 11 | |
Other deferred charges and noncurrent assets | 78 | 51 | |
Depreciation expense, other deferred charges and noncurrent assets and prepayments | 11 | 6 | |
Accumulated depreciation, other deferred charges and noncurrent assets and prepayments | 19 | 8 | |
CECONY | Software Licenses | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Gross asset | 74 | 81 | |
Estimated aggregate annual amortization expense | 7 | ||
Accumulated amortization | $ 24 | $ 17 | |
CECONY | Electric | Minimum | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Estimated useful lives (years) | 5 years | ||
CECONY | Electric | Maximum | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Estimated useful lives (years) | 85 years | ||
CECONY | Gas | Minimum | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Estimated useful lives (years) | 5 years | ||
CECONY | Gas | Maximum | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Estimated useful lives (years) | 90 years | ||
CECONY | Steam | Minimum | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Estimated useful lives (years) | 5 years | ||
CECONY | Steam | Maximum | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Estimated useful lives (years) | 80 years | ||
CECONY | General Plant | Minimum | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Estimated useful lives (years) | 5 years | ||
CECONY | General Plant | Maximum | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Estimated useful lives (years) | 55 years | ||
O&R | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
AFUDC rates (percent) | 4.80% | 5.30% | 5.30% |
Average depreciation rates (percent) | 3.10% | 3.20% | 3.00% |
O&R | Electric | Minimum | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Estimated useful lives (years) | 5 years | ||
O&R | Electric | Maximum | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Estimated useful lives (years) | 75 years | ||
O&R | General Plant | Minimum | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Estimated useful lives (years) | 5 years | ||
O&R | General Plant | Maximum | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Estimated useful lives (years) | 50 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies and Other Matters - Capitalized Cost of Utility Plant (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Public Utility, Property, Plant and Equipment [Line Items] | ||
General | $ 4,170 | $ 3,880 |
Held for future use | 80 | 92 |
Construction work in progress | 2,152 | 2,474 |
NET UTILITY PLANT | 44,214 | 42,024 |
Electric Generation | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Generation | 559 | 572 |
Electric Transmission | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Transmission | 3,955 | 3,786 |
Electric Distribution | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Distribution | 22,418 | 21,481 |
General | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
General | 87 | 52 |
Gas | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Gas | 10,473 | 9,206 |
Steam | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Steam | 1,924 | 1,854 |
General | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
General | 2,566 | 2,507 |
CECONY | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
General | 3,854 | 3,585 |
Held for future use | 72 | 84 |
Construction work in progress | 1,985 | 2,320 |
NET UTILITY PLANT | 41,611 | 39,552 |
CECONY | Electric Generation | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Generation | 559 | 572 |
CECONY | Electric Transmission | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Transmission | 3,658 | 3,496 |
CECONY | Electric Distribution | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Distribution | 21,240 | 20,366 |
CECONY | General | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
General | 87 | 52 |
CECONY | Gas | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Gas | 9,748 | 8,522 |
CECONY | Steam | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Steam | 1,924 | 1,854 |
CECONY | General | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
General | $ 2,338 | $ 2,286 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies and Other Matters - Long-Lived and Intangible Assets (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, net | $ 1,290,000,000 | $ 1,457,000,000 | |
Accumulated amortization | 297,000,000 | 228,000,000 | |
Amortization of intangible assets | 95,000,000 | 102,000,000 | $ 99,000,000 |
Amortization expense, 2020 | 95,000,000 | ||
Amortization expense, 2021 | 95,000,000 | ||
Amortization expense, 2022 | 95,000,000 | ||
Amortization expense, 2023 | 95,000,000 | ||
Amortization expense, 2024 | 95,000,000 | ||
Impairment charges | 0 | 0 | |
Net non-utility plant | 48,596,000,000 | 46,555,000,000 | |
Intangible assets | 1,293,000,000 | 1,460,000,000 | |
Long-term debt | 23,044,000,000 | 22,349,000,000 | |
Power Purchase Agreements | |||
Finite-Lived Intangible Assets [Line Items] | |||
Accumulated amortization | 288,000,000 | 220,000,000 | |
Other Intangible Assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, net | 3,000,000 | 3,000,000 | |
Accumulated amortization | $ 9,000,000 | $ 8,000,000 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies and Other Matters - Recoverable Energy Costs (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Minimum | |
Public Utilities, General Disclosures [Line Items] | |
Recovery or refund of energy costs, deferral period | 1 month |
Maximum | |
Public Utilities, General Disclosures [Line Items] | |
Recovery or refund of energy costs, deferral period | 2 months |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies and Other Matters - Investments (Details) $ in Millions | 12 Months Ended | |||||||
Dec. 31, 2021USD ($)mi | Dec. 31, 2020USD ($) | Dec. 30, 2021USD ($) | Jun. 30, 2021USD ($) | May 31, 2021USD ($) | Mar. 31, 2021USD ($) | Dec. 30, 2020USD ($) | Jan. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | ||||||||
Supplemental retirement income plan assets | $ 525 | $ 465 | ||||||
Deferred income plan assets | 102 | 92 | ||||||
Other | 3 | 3 | ||||||
Total investments | 853 | 1,816 | ||||||
Stagecoach | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Loss on sale of investment (pre-tax) | 212 | |||||||
Loss on sale of investment | 147 | |||||||
Equity method investments | $ 630 | $ 667 | ||||||
Mountain Valley Pipeline | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity method investments | 530 | 530 | ||||||
CET | Stagecoach | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity method investments | 0 | 845 | ||||||
CET | Mountain Valley Pipeline | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity method investments | 111 | 342 | ||||||
CET | New York Transco, LLC | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity method investments | 112 | 69 | ||||||
CET | Stagecoach | Subsidiaries | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Proceeds from sale | $ 1,225 | |||||||
Equity method investment, ownership percentage | 50.00% | |||||||
Impairment loss | $ 414 | |||||||
CET Gas | Stagecoach | Subsidiaries | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Proceeds from sale | 629 | |||||||
CECONY | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Supplemental retirement income plan assets | 499 | 439 | ||||||
Deferred income plan assets | 102 | 92 | ||||||
Other | 7 | 10 | ||||||
Total investments | 608 | 541 | ||||||
CECONY | CET | Stagecoach | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity method investments | 0 | 0 | ||||||
CECONY | CET | Mountain Valley Pipeline | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity method investments | 0 | 0 | ||||||
CECONY | CET | New York Transco, LLC | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity method investments | $ 0 | $ 0 | ||||||
CET Gas | Mountain Valley Pipeline | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity method investment, ownership percentage | 10.20% | 11.30% | ||||||
Impairment loss | $ 231 | $ 320 | ||||||
Equity method investments | 530 | |||||||
Number of miles in pipeline construction | mi | 300 | |||||||
Carrying value of investment | $ 111 | $ 342 | $ 342 | $ 662 | ||||
Expected reduction in equity interest | 8.50% | |||||||
Project, percent completion | 92.00% | 94.00% | ||||||
Long -term firm transportation contract period | 20 years | |||||||
Cash flows discount rate | 8.30% | |||||||
Deferred tax assets | $ 130 | $ 53 | ||||||
Increase in deferred tax assets | 77 | |||||||
Impairment loss, after tax | $ 162 | $ 223 | ||||||
Aggregate project cost | $ 6,200 | |||||||
CET Gas | Mountain Valley Pipeline | Mountain Valley Pipeline | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity method investment, ownership percentage | 12.50% | |||||||
CET Electric | New York Transco, LLC | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity method investment, ownership percentage | 45.70% |
Summary of Significant Accou_10
Summary of Significant Accounting Policies and Other Matters - Pension and Other Postretirement Benefits (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Investment gains and losses recognized, time period (years) | 15 years |
Other actuarial gains and losses recognized, time period (years) | 10 years |
Difference between fair value and expected market related value of plan assets (percent) | 20.00% |
Summary of Significant Accou_11
Summary of Significant Accounting Policies and Other Matters - Research and Development Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Research and Development Expenses [Line Items] | |||
Research and development costs | $ 25 | $ 24 | $ 24 |
CECONY | |||
Research and Development Expenses [Line Items] | |||
Research and development costs | $ 24 | $ 23 | $ 23 |
Summary of Significant Accou_12
Summary of Significant Accounting Policies and Other Matters - Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | |||
Net income | $ 1,346 | $ 1,101 | $ 1,343 |
Weighted average common shares outstanding – basic (in shares) | 348.4 | 334.8 | 328.5 |
Add: Incremental shares attributable to effect of potentially dilutive securities (in shares) | 1 | 0.9 | 1 |
Adjusted weighted average common shares outstanding – diluted (in shares) | 349.4 | 335.7 | 329.5 |
Net income per common share — basic (in dollars per share) | $ 3.86 | $ 3.29 | $ 4.09 |
Net income per common share — diluted (in dollars per share) | $ 3.85 | $ 3.28 | $ 4.08 |
Summary of Significant Accou_13
Summary of Significant Accounting Policies and Other Matters - Changes in Accumulated Other Comprehensive Income/(Loss) by Component (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
BALANCE AS OF BEGINNING OF PERIOD | $ 19,065 | $ 18,213 | $ 16,839 |
BALANCE AS OF BEGINNING OF PERIOD | 18,847 | ||
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES | 30 | (6) | (3) |
BALANCE AS OF END OF PERIOD | 20,037 | 18,847 | |
BALANCE AS OF END OF PERIOD | 20,336 | 19,065 | 18,213 |
Accumulated OCI | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
BALANCE AS OF BEGINNING OF PERIOD | (25) | (19) | (16) |
BALANCE AS OF END OF PERIOD | 5 | (25) | (19) |
Pension Plan Liabilities | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
OCI before reclassifications, net of tax | 22 | (11) | (10) |
Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax | 8 | 5 | 7 |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES | 30 | (6) | (3) |
OCI before reclassifications, tax | (8) | 4 | (6) |
Amounts reclassified from accumulated OCI related to pension plan liabilities, tax | (3) | (2) | (2) |
Accumulated OCI | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
BALANCE AS OF BEGINNING OF PERIOD | (25) | (19) | (16) |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES | 30 | (6) | (3) |
BALANCE AS OF END OF PERIOD | 5 | (25) | (19) |
CECONY | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
BALANCE AS OF BEGINNING OF PERIOD | 14,849 | 14,147 | 12,910 |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES | 7 | (1) | (1) |
BALANCE AS OF END OF PERIOD | 16,312 | 14,849 | 14,147 |
CECONY | Accumulated OCI | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
BALANCE AS OF BEGINNING OF PERIOD | (7) | (6) | (5) |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES | 7 | (1) | (1) |
BALANCE AS OF END OF PERIOD | 0 | (7) | (6) |
CECONY | Pension Plan Liabilities | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
OCI before reclassifications, net of tax | 5 | (3) | (3) |
Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax | 2 | 2 | 2 |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES | 7 | (1) | (1) |
OCI before reclassifications, tax | (2) | $ 1 | $ (1) |
Amounts reclassified from accumulated OCI related to pension plan liabilities, tax | $ (1) |
Summary of Significant Accou_14
Summary of Significant Accounting Policies and Other Matters - Reconciliation of Cash, Temporary Investments and Restricted Cash (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Cash and Cash Equivalents [Line Items] | ||||
Cash and temporary cash investments | $ 992 | $ 1,272 | ||
Restricted cash | 154 | 164 | ||
Total cash, temporary cash investments and restricted cash | 1,146 | 1,436 | $ 1,217 | $ 1,006 |
Cash Collateral Held For Project Finance Agreements | Clean Energy Businesses | ||||
Cash and Cash Equivalents [Line Items] | ||||
Restricted cash | 154 | 164 | ||
CECONY | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash and temporary cash investments | 920 | 1,067 | ||
Restricted cash | 0 | 0 | ||
Total cash, temporary cash investments and restricted cash | $ 920 | $ 1,067 | $ 933 | $ 818 |
Regulatory Matters - Summary of
Regulatory Matters - Summary of Utilities Rate Plans (CECONY-Electric) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | 36 Months Ended | ||||||||||||
Jan. 31, 2025 | Jan. 31, 2024 | Jan. 31, 2022 | Nov. 30, 2021 | Dec. 31, 2016 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2022 | Dec. 31, 2019 | Dec. 31, 2016 | Dec. 31, 2024 | |
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Revenues | $ 13,676,000,000 | $ 12,246,000,000 | $ 12,574,000,000 | ||||||||||||
Deferred revenues | 7,000,000 | 41,000,000 | 17,000,000 | $ 20,000,000 | $ 17,000,000 | ||||||||||
Deferred revenues | $ (662,000,000) | (599,000,000) | |||||||||||||
NYSPSC | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Percentage of total consolidated revenues | 15.00% | ||||||||||||||
Maximum | NYSPSC | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Percentage of total consolidated revenues | 15.00% | ||||||||||||||
Percentage of debt to total consolidated debt | 20.00% | ||||||||||||||
CECONY | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Revenues | $ 11,716,000,000 | 10,647,000,000 | 10,821,000,000 | ||||||||||||
Deferred revenues | (549,000,000) | (523,000,000) | |||||||||||||
CECONY | Electric | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Retention of annual transmission congestion revenues | 75,000,000 | ||||||||||||||
Actual earnings adjustment mechanism incentives | 64,000,000 | 34,000,000 | 43,000,000 | 25,000,000 | $ 13,000,000 | ||||||||||
Other earnings incentives | 5,000,000 | 5,000,000 | 5,000,000 | ||||||||||||
Deferred revenues | 226,000,000 | 242,000,000 | 169,000,000 | (6,000,000) | 45,000,000 | 169,000,000 | |||||||||
Negative revenue adjustments | 0 | 5,000,000 | 15,000,000 | 0 | 0 | ||||||||||
Cost reconciliation, deferred net regulatory liabilities | 191,000,000 | 288,000,000 | 10,000,000 | 189,000,000 | 35,000,000 | 10,000,000 | |||||||||
Deferred regulatory asset (liability) | 3,200,000 | 4,100,000 | (11,800,000) | (400,000) | 400,000 | $ (11,800,000) | |||||||||
Earnings sharing, threshold limit | $ 0 | 0 | $ 0 | ||||||||||||
Earnings sharing, positive adjustment | $ 4,300,000 | $ 5,700,000 | |||||||||||||
Common equity ratio, percentage | 48.00% | ||||||||||||||
Increase in gas base rate due to expiration of temporary credit under the prior rate plan | $ 48,000,000 | ||||||||||||||
Recovery or refund of energy costs, deferral period | 10 years | ||||||||||||||
Deferrals for property taxes limitation from rates (percent) | 90.00% | ||||||||||||||
Recovery deferral (percent) | 80.00% | ||||||||||||||
Maximum deferral (percent) | 30.00% | ||||||||||||||
CECONY | Electric | NYSPSC | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Base rate changes | $ 199,000,000 | ||||||||||||||
Actual return on common equity (percent) | 8.81% | ||||||||||||||
Amount of cost recovery | $ 43,000,000 | 19,000,000 | $ 43,000,000 | ||||||||||||
CECONY | Electric | NYSPSC | Subsequent Event | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Requested rate increase (decrease), amount | $ 1,199,000,000 | ||||||||||||||
Return on common equity (percent) | 10.00% | ||||||||||||||
Common equity ratio | 50.00% | ||||||||||||||
CECONY | Electric | Service Termination | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Revenues | $ 7,000,000 | $ 3,000,000 | |||||||||||||
CECONY | Electric | Scenario, Forecast | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Retention of annual transmission congestion revenues | $ 75,000,000 | ||||||||||||||
Authorized return on common equity (percent) | 8.80% | ||||||||||||||
Earnings sharing (percent) | 9.30% | ||||||||||||||
Common equity ratio, percentage | 48.00% | ||||||||||||||
Maximum deferral (percent) | 15.00% | ||||||||||||||
CECONY | Electric | Scenario, Forecast | NYSPSC | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Requested rate increase (decrease), amount | $ 608,000,000 | $ 853,000,000 | |||||||||||||
Return on common equity (percent) | 10.00% | ||||||||||||||
Common equity ratio | 50.00% | ||||||||||||||
CECONY | Electric | Year 1 | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Base rate changes | $ 195,000,000 | ||||||||||||||
Utilities operating expense, depreciation and amortization | $ 84,000,000 | ||||||||||||||
Potential earnings adjustment mechanism incentives | 28,000,000 | ||||||||||||||
Average rate base | $ 18,902,000,000 | ||||||||||||||
Weighted average cost of capital (after-tax) (percent) | 6.82% | ||||||||||||||
Authorized return on common equity (percent) | 9.00% | ||||||||||||||
Actual return on common equity (percent) | 9.30% | ||||||||||||||
Earnings sharing (percent) | 9.50% | ||||||||||||||
Cost of long-term debt rate | 4.93% | ||||||||||||||
Recovery of energy efficiency and savings program costs | $ 20,500,000 | ||||||||||||||
Deferral, annual maximum (not more than) (percent) | 10.00% | ||||||||||||||
CECONY | Electric | Year 1 | Electric average excluding AMI | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Net utility plant reconciliations | 21,689,000,000 | ||||||||||||||
CECONY | Electric | Year 1 | Advanced metering infrastructure (AMI) | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Net utility plant reconciliations | 126,000,000 | ||||||||||||||
CECONY | Electric | Year 1 | Maximum | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Potential penalties (annually) | 376,000,000 | ||||||||||||||
CECONY | Electric | Year 1 | Scenario, Forecast | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Base rate changes | $ 113,000,000 | ||||||||||||||
Utilities operating expense, depreciation and amortization | $ 267,000,000 | ||||||||||||||
Potential earnings adjustment mechanism incentives | 69,000,000 | ||||||||||||||
Potential penalties (annually) | 450,000,000 | ||||||||||||||
Average rate base | $ 21,660,000,000 | ||||||||||||||
Weighted average cost of capital (after-tax) (percent) | 6.61% | ||||||||||||||
Actual return on common equity (percent) | 8.50% | ||||||||||||||
Cost of long-term debt rate | 4.63% | ||||||||||||||
Amount of cost recovery | $ 206,000,000 | ||||||||||||||
CECONY | Electric | Year 1 | Scenario, Forecast | Electric average excluding AMI | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Net utility plant reconciliations | 24,491,000,000 | ||||||||||||||
CECONY | Electric | Year 1 | Scenario, Forecast | Advanced metering infrastructure (AMI) | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Net utility plant reconciliations | 572,000,000 | ||||||||||||||
CECONY | Electric | Year 2 | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Base rate changes | $ 155,000,000 | ||||||||||||||
Utilities operating expense, depreciation and amortization | 83,000,000 | ||||||||||||||
Potential earnings adjustment mechanism incentives | 47,000,000 | ||||||||||||||
Average rate base | $ 19,530,000,000 | ||||||||||||||
Weighted average cost of capital (after-tax) (percent) | 6.80% | ||||||||||||||
Actual return on common equity (percent) | 9.36% | ||||||||||||||
Cost of long-term debt rate | 4.88% | ||||||||||||||
Recovery of energy efficiency and savings program costs | $ 49,000,000 | ||||||||||||||
Deferral, annual maximum (not more than) (percent) | 7.50% | ||||||||||||||
CECONY | Electric | Year 2 | Electric average excluding AMI | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Net utility plant reconciliations | 22,338,000,000 | ||||||||||||||
CECONY | Electric | Year 2 | Advanced metering infrastructure (AMI) | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Net utility plant reconciliations | 257,000,000 | ||||||||||||||
CECONY | Electric | Year 2 | Maximum | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Potential penalties (annually) | 341,000,000 | ||||||||||||||
CECONY | Electric | Year 2 | Scenario, Forecast | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Base rate changes | $ 370,000,000 | ||||||||||||||
Utilities operating expense, depreciation and amortization | 269,000,000 | ||||||||||||||
Potential earnings adjustment mechanism incentives | 74,000,000 | ||||||||||||||
Potential penalties (annually) | 461,000,000 | ||||||||||||||
Average rate base | $ 22,783,000,000 | ||||||||||||||
Actual return on common equity (percent) | 8.03% | ||||||||||||||
Amount of cost recovery | $ 245,000,000 | ||||||||||||||
CECONY | Electric | Year 2 | Scenario, Forecast | Electric average excluding AMI | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Net utility plant reconciliations | 25,092,000,000 | ||||||||||||||
CECONY | Electric | Year 2 | Scenario, Forecast | Advanced metering infrastructure (AMI) | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Net utility plant reconciliations | 740,000,000 | ||||||||||||||
CECONY | Electric | Year 3 | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Base rate changes | $ 155,000,000 | ||||||||||||||
Utilities operating expense, depreciation and amortization | 69,000,000 | ||||||||||||||
Potential earnings adjustment mechanism incentives | 64,000,000 | ||||||||||||||
Average rate base | $ 20,277,000,000 | ||||||||||||||
Weighted average cost of capital (after-tax) (percent) | 6.73% | ||||||||||||||
Actual return on common equity (percent) | 8.82% | ||||||||||||||
Cost of long-term debt rate | 4.74% | ||||||||||||||
Recovery of energy efficiency and savings program costs | $ 107,500,000 | ||||||||||||||
Deferral, annual maximum (not more than) (percent) | 5.00% | ||||||||||||||
CECONY | Electric | Year 3 | Electric average excluding AMI | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Net utility plant reconciliations | 23,002,000,000 | ||||||||||||||
CECONY | Electric | Year 3 | Advanced metering infrastructure (AMI) | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Net utility plant reconciliations | 415,000,000 | ||||||||||||||
CECONY | Electric | Year 3 | Maximum | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Potential penalties (annually) | $ 352,000,000 | ||||||||||||||
CECONY | Electric | Year 3 | Scenario, Forecast | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Base rate changes | $ 326,000,000 | ||||||||||||||
Utilities operating expense, depreciation and amortization | 272,000,000 | ||||||||||||||
Potential earnings adjustment mechanism incentives | 79,000,000 | ||||||||||||||
Potential penalties (annually) | 476,000,000 | ||||||||||||||
Average rate base | 23,926,000,000 | ||||||||||||||
Amount of cost recovery | 251,000,000 | ||||||||||||||
CECONY | Electric | Year 3 | Scenario, Forecast | Electric average excluding AMI | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Net utility plant reconciliations | 25,708,000,000 | ||||||||||||||
CECONY | Electric | Year 3 | Scenario, Forecast | Advanced metering infrastructure (AMI) | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Net utility plant reconciliations | 806,000,000 | ||||||||||||||
Annually | CECONY | Electric | Scenario, Forecast | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Income tax benefit to be credited to customers resulting from TCJA | 126,000,000 | ||||||||||||||
Annually | CECONY | Electric | Scenario, Forecast | Deferred Project Costs | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Utilities operating expense, depreciation and amortization | 48,000,000 | ||||||||||||||
Over Five Years | CECONY | Electric | Scenario, Forecast | Deferred Project Costs | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Utilities operating expense, depreciation and amortization | 238,000,000 | ||||||||||||||
Over Three Years | CECONY | Electric | Scenario, Forecast | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Income tax benefit to be credited to customers resulting from TCJA | 377,000,000 | ||||||||||||||
Protected Portion | CECONY | Electric | Scenario, Forecast | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Increase in regulatory liability resulting from TCJA | 1,663,000,000 | ||||||||||||||
Protected Portion | CECONY | Electric | Year 1 | Scenario, Forecast | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Increase in regulatory liability resulting from TCJA | 49,000,000 | ||||||||||||||
Protected Portion | CECONY | Electric | Year 2 | Scenario, Forecast | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Increase in regulatory liability resulting from TCJA | 50,000,000 | ||||||||||||||
Protected Portion | CECONY | Electric | Year 3 | Scenario, Forecast | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Increase in regulatory liability resulting from TCJA | 53,000,000 | ||||||||||||||
Unprotected Portion | CECONY | Electric | Scenario, Forecast | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Increase in regulatory liability resulting from TCJA | $ 784,000,000 | ||||||||||||||
TCJA of 2017 regulatory liabilities, income tax benefit, amortization period | 5 years | ||||||||||||||
Unprotected Portion | Annually | CECONY | Electric | Scenario, Forecast | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Increase in regulatory liability resulting from TCJA | $ 157,000,000 |
Regulatory Matters - Summary _2
Regulatory Matters - Summary of Utilities Rate Plans (CECONY-Gas) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | 36 Months Ended | ||||||||||||
Jan. 31, 2025 | Jan. 31, 2024 | Jan. 31, 2022 | Nov. 30, 2021 | Dec. 31, 2016 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2022 | Dec. 31, 2019 | Dec. 31, 2016 | Dec. 31, 2024 | Dec. 31, 2023 | |
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Revenues | $ 13,676,000,000 | $ 12,246,000,000 | $ 12,574,000,000 | ||||||||||||
Deferred revenues | 7,000,000 | 41,000,000 | 17,000,000 | $ 20,000,000 | $ 17,000,000 | ||||||||||
CECONY | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Revenues | 11,716,000,000 | 10,647,000,000 | 10,821,000,000 | ||||||||||||
CECONY | Gas | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Percentage of revenue reserve | 15.00% | ||||||||||||||
Other earnings incentives | 26,000,000 | 3,000,000 | 7,000,000 | 6,000,000 | $ 7,000,000 | ||||||||||
Deferred revenues | 100,000,000 | 27,000,000 | 10,000,000 | 12,000,000 | 3,000,000 | $ 10,000,000 | |||||||||
Negative revenue adjustments | 0 | 0 | 0 | 4,000,000 | 5,000,000 | ||||||||||
Cost reconciliation, deferred net regulatory liabilities | 14,000,000 | 91,000,000 | 18,000,000 | 44,000,000 | 2,000,000 | 18,000,000 | |||||||||
Deferred regulatory asset (liability) | (26,000,000) | (24,700,000) | $ (1,700,000) | (2,200,000) | (2,200,000) | $ (1,700,000) | |||||||||
Earnings sharing (percent) | 9.50% | 9.50% | |||||||||||||
Earnings sharing, threshold limit | 0 | 0 | $ 0 | 0 | 0 | ||||||||||
Common equity ratio, percentage | 48.00% | ||||||||||||||
Increase in gas base rate due to expiration of temporary credit under the prior rate plan | $ 41,000,000 | ||||||||||||||
CECONY | Gas | Maximum | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Amount of revenues retained | 65,000,000 | ||||||||||||||
CECONY | Gas | Gas Leak Backlog, Leak Prone Pipe and Service Terminations | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Revenues | $ 7,000,000 | 13,000,000 | 9,000,000 | 5,000,000 | |||||||||||
CECONY | Gas | Scenario, Forecast | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Percentage of revenue reserve | 15.00% | ||||||||||||||
Earnings sharing (percent) | 9.30% | ||||||||||||||
Common equity ratio, percentage | 48.00% | ||||||||||||||
CECONY | Gas | Scenario, Forecast | Maximum | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Amount of revenues retained | $ 65,000,000 | ||||||||||||||
CECONY | Gas | Year 1 | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Base rate changes | $ (5,000,000) | ||||||||||||||
Utilities operating expense, depreciation and amortization | 39,000,000 | ||||||||||||||
Potential incentives if performance targets are met | 7,000,000 | ||||||||||||||
Potential penalties (annually) | 68,000,000 | ||||||||||||||
Average rate base | $ 4,841,000,000 | ||||||||||||||
Weighted average cost of capital (after-tax) (percent) | 6.82% | ||||||||||||||
Authorized return on common equity (percent) | 9.00% | ||||||||||||||
Actual return on common equity (percent) | 9.22% | ||||||||||||||
Cost of long-term debt rate | 4.93% | ||||||||||||||
CECONY | Gas | Year 1 | Gas average excluding AMI | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Net utility plant reconciliations | $ 5,844,000,000 | ||||||||||||||
CECONY | Gas | Year 1 | AMI | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Net utility plant reconciliations | 27,000,000 | ||||||||||||||
CECONY | Gas | Year 1 | Scenario, Forecast | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Base rate changes | $ 84,000,000 | ||||||||||||||
Utilities operating expense, depreciation and amortization | 45,000,000 | ||||||||||||||
Potential incentives if performance targets are met | 20,000,000 | ||||||||||||||
Potential penalties (annually) | 81,000,000 | ||||||||||||||
Average rate base | $ 7,171,000,000 | ||||||||||||||
Weighted average cost of capital (after-tax) (percent) | 6.61% | ||||||||||||||
Authorized return on common equity (percent) | 8.80% | ||||||||||||||
Actual return on common equity (percent) | 8.40% | ||||||||||||||
Cost of long-term debt rate | 4.63% | ||||||||||||||
CECONY | Gas | Year 1 | Scenario, Forecast | Gas average excluding AMI | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Net utility plant reconciliations | $ 8,108,000,000 | ||||||||||||||
CECONY | Gas | Year 1 | Scenario, Forecast | AMI | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Net utility plant reconciliations | 142,000,000 | ||||||||||||||
CECONY | Gas | Year 2 | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Base rate changes | 92,000,000 | ||||||||||||||
Utilities operating expense, depreciation and amortization | 37,000,000 | ||||||||||||||
Potential incentives if performance targets are met | 8,000,000 | ||||||||||||||
Potential penalties (annually) | 63,000,000 | ||||||||||||||
Average rate base | $ 5,395,000,000 | ||||||||||||||
Weighted average cost of capital (after-tax) (percent) | 6.80% | ||||||||||||||
Actual return on common equity (percent) | 9.04% | ||||||||||||||
Cost of long-term debt rate | 4.88% | ||||||||||||||
CECONY | Gas | Year 2 | Gas average excluding AMI | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Net utility plant reconciliations | $ 6,512,000,000 | ||||||||||||||
CECONY | Gas | Year 2 | AMI | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Net utility plant reconciliations | 57,000,000 | ||||||||||||||
CECONY | Gas | Year 2 | Scenario, Forecast | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Base rate changes | 122,000,000 | ||||||||||||||
Utilities operating expense, depreciation and amortization | 43,000,000 | ||||||||||||||
Potential incentives if performance targets are met | 22,000,000 | ||||||||||||||
Potential penalties (annually) | 88,000,000 | ||||||||||||||
Average rate base | $ 7,911,000,000 | ||||||||||||||
Actual return on common equity (percent) | 8.48% | ||||||||||||||
CECONY | Gas | Year 2 | Scenario, Forecast | Gas average excluding AMI | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Net utility plant reconciliations | $ 8,808,000,000 | ||||||||||||||
CECONY | Gas | Year 2 | Scenario, Forecast | AMI | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Net utility plant reconciliations | 183,000,000 | ||||||||||||||
CECONY | Gas | Year 3 | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Base rate changes | 90,000,000 | ||||||||||||||
Utilities operating expense, depreciation and amortization | 36,000,000 | ||||||||||||||
Potential incentives if performance targets are met | 8,000,000 | ||||||||||||||
Potential penalties (annually) | 70,000,000 | ||||||||||||||
Average rate base | $ 6,005,000,000 | ||||||||||||||
Weighted average cost of capital (after-tax) (percent) | 6.73% | ||||||||||||||
Actual return on common equity (percent) | 8.72% | ||||||||||||||
Cost of long-term debt rate | 4.74% | ||||||||||||||
CECONY | Gas | Year 3 | Gas average excluding AMI | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Net utility plant reconciliations | $ 7,177,000,000 | ||||||||||||||
CECONY | Gas | Year 3 | AMI | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Net utility plant reconciliations | 100,000,000 | ||||||||||||||
CECONY | Gas | Year 3 | Scenario, Forecast | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Base rate changes | 167,000,000 | ||||||||||||||
Utilities operating expense, depreciation and amortization | 10,000,000 | ||||||||||||||
Potential incentives if performance targets are met | 25,000,000 | ||||||||||||||
Potential penalties (annually) | 96,000,000 | ||||||||||||||
Average rate base | 8,622,000,000 | ||||||||||||||
CECONY | Gas | Year 3 | Scenario, Forecast | Gas average excluding AMI | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Net utility plant reconciliations | 9,510,000,000 | ||||||||||||||
CECONY | Gas | Year 3 | Scenario, Forecast | AMI | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Net utility plant reconciliations | $ 211,000,000 | ||||||||||||||
CECONY | Electric | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Other earnings incentives | 5,000,000 | 5,000,000 | 5,000,000 | ||||||||||||
Deferred revenues | $ 226,000,000 | 242,000,000 | 169,000,000 | (6,000,000) | 45,000,000 | 169,000,000 | |||||||||
Negative revenue adjustments | 0 | 5,000,000 | 15,000,000 | 0 | 0 | ||||||||||
Cost reconciliation, deferred net regulatory liabilities | 191,000,000 | 288,000,000 | 10,000,000 | 189,000,000 | 35,000,000 | 10,000,000 | |||||||||
Deferred regulatory asset (liability) | $ 3,200,000 | 4,100,000 | (11,800,000) | $ (400,000) | 400,000 | $ (11,800,000) | |||||||||
Earnings sharing, threshold limit | $ 0 | $ 0 | $ 0 | ||||||||||||
Common equity ratio, percentage | 48.00% | ||||||||||||||
Increase in gas base rate due to expiration of temporary credit under the prior rate plan | $ 48,000,000 | ||||||||||||||
CECONY | Electric | Scenario, Forecast | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Authorized return on common equity (percent) | 8.80% | ||||||||||||||
Earnings sharing (percent) | 9.30% | ||||||||||||||
Common equity ratio, percentage | 48.00% | ||||||||||||||
CECONY | Electric | Year 1 | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Utilities operating expense, depreciation and amortization | $ 84,000,000 | ||||||||||||||
Potential incentives if performance targets are met | 28,000,000 | ||||||||||||||
Average rate base | $ 18,902,000,000 | ||||||||||||||
Weighted average cost of capital (after-tax) (percent) | 6.82% | ||||||||||||||
Authorized return on common equity (percent) | 9.00% | ||||||||||||||
Actual return on common equity (percent) | 9.30% | ||||||||||||||
Earnings sharing (percent) | 9.50% | ||||||||||||||
Cost of long-term debt rate | 4.93% | ||||||||||||||
Deferral, annual maximum (not more than) (percent) | 10.00% | ||||||||||||||
Recovery of energy efficiency and savings program costs | $ 20,500,000 | ||||||||||||||
CECONY | Electric | Year 1 | Maximum | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Potential penalties (annually) | 376,000,000 | ||||||||||||||
CECONY | Electric | Year 1 | AMI | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Net utility plant reconciliations | 126,000,000 | ||||||||||||||
CECONY | Electric | Year 1 | Scenario, Forecast | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Utilities operating expense, depreciation and amortization | $ 267,000,000 | ||||||||||||||
Potential incentives if performance targets are met | 69,000,000 | ||||||||||||||
Potential penalties (annually) | 450,000,000 | ||||||||||||||
Average rate base | $ 21,660,000,000 | ||||||||||||||
Weighted average cost of capital (after-tax) (percent) | 6.61% | ||||||||||||||
Actual return on common equity (percent) | 8.50% | ||||||||||||||
Cost of long-term debt rate | 4.63% | ||||||||||||||
Amount of cost recovery | $ 206,000,000 | ||||||||||||||
CECONY | Electric | Year 1 | Scenario, Forecast | AMI | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Net utility plant reconciliations | 572,000,000 | ||||||||||||||
CECONY | Electric | Year 2 | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Utilities operating expense, depreciation and amortization | 83,000,000 | ||||||||||||||
Potential incentives if performance targets are met | 47,000,000 | ||||||||||||||
Average rate base | $ 19,530,000,000 | ||||||||||||||
Weighted average cost of capital (after-tax) (percent) | 6.80% | ||||||||||||||
Actual return on common equity (percent) | 9.36% | ||||||||||||||
Cost of long-term debt rate | 4.88% | ||||||||||||||
Deferral, annual maximum (not more than) (percent) | 7.50% | ||||||||||||||
Recovery of energy efficiency and savings program costs | $ 49,000,000 | ||||||||||||||
CECONY | Electric | Year 2 | Maximum | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Potential penalties (annually) | 341,000,000 | ||||||||||||||
CECONY | Electric | Year 2 | AMI | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Net utility plant reconciliations | 257,000,000 | ||||||||||||||
CECONY | Electric | Year 2 | Scenario, Forecast | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Utilities operating expense, depreciation and amortization | 269,000,000 | ||||||||||||||
Potential incentives if performance targets are met | 74,000,000 | ||||||||||||||
Potential penalties (annually) | 461,000,000 | ||||||||||||||
Average rate base | $ 22,783,000,000 | ||||||||||||||
Actual return on common equity (percent) | 8.03% | ||||||||||||||
Amount of cost recovery | $ 245,000,000 | ||||||||||||||
CECONY | Electric | Year 2 | Scenario, Forecast | AMI | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Net utility plant reconciliations | 740,000,000 | ||||||||||||||
CECONY | Electric | Year 3 | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Utilities operating expense, depreciation and amortization | 69,000,000 | ||||||||||||||
Potential incentives if performance targets are met | 64,000,000 | ||||||||||||||
Average rate base | $ 20,277,000,000 | ||||||||||||||
Weighted average cost of capital (after-tax) (percent) | 6.73% | ||||||||||||||
Actual return on common equity (percent) | 8.82% | ||||||||||||||
Cost of long-term debt rate | 4.74% | ||||||||||||||
Deferral, annual maximum (not more than) (percent) | 5.00% | ||||||||||||||
Recovery of energy efficiency and savings program costs | $ 107,500,000 | ||||||||||||||
CECONY | Electric | Year 3 | Maximum | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Potential penalties (annually) | 352,000,000 | ||||||||||||||
CECONY | Electric | Year 3 | AMI | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Net utility plant reconciliations | $ 415,000,000 | ||||||||||||||
CECONY | Electric | Year 3 | Scenario, Forecast | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Utilities operating expense, depreciation and amortization | 272,000,000 | ||||||||||||||
Potential incentives if performance targets are met | 79,000,000 | ||||||||||||||
Potential penalties (annually) | 476,000,000 | ||||||||||||||
Average rate base | 23,926,000,000 | ||||||||||||||
Amount of cost recovery | 251,000,000 | ||||||||||||||
CECONY | Electric | Year 3 | Scenario, Forecast | AMI | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Net utility plant reconciliations | 806,000,000 | ||||||||||||||
NYSPSC | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Percentage of total consolidated revenues | 15.00% | ||||||||||||||
NYSPSC | Maximum | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Percentage of total consolidated revenues | 15.00% | ||||||||||||||
Percentage of debt to total consolidated debt | 20.00% | ||||||||||||||
NYSPSC | CECONY | Gas | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Actual return on common equity (percent) | 8.56% | ||||||||||||||
Amount of cost recovery | $ 7,000,000 | $ 4,000,000 | $ 7,000,000 | ||||||||||||
NYSPSC | CECONY | Gas | Subsequent Event | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Utilities operating expense, depreciation and amortization | $ 48,000,000 | ||||||||||||||
Requested rate increase (decrease), amount | $ 503,000,000 | ||||||||||||||
Return on common equity (percent) | 10.00% | ||||||||||||||
Common equity ratio | 50.00% | ||||||||||||||
NYSPSC | CECONY | Gas | Scenario, Forecast | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Requested rate increase (decrease), amount | $ 218,000,000 | $ 234,000,000 | |||||||||||||
Return on common equity (percent) | 10.00% | ||||||||||||||
Common equity ratio | 50.00% | ||||||||||||||
NYSPSC | CECONY | Electric | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Actual return on common equity (percent) | 8.81% | ||||||||||||||
Amount of cost recovery | $ 43,000,000 | $ 19,000,000 | $ 43,000,000 | ||||||||||||
NYSPSC | CECONY | Electric | Subsequent Event | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Requested rate increase (decrease), amount | $ 1,199,000,000 | ||||||||||||||
Return on common equity (percent) | 10.00% | ||||||||||||||
Common equity ratio | 50.00% | ||||||||||||||
NYSPSC | CECONY | Electric | Scenario, Forecast | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Requested rate increase (decrease), amount | $ 608,000,000 | $ 853,000,000 | |||||||||||||
Return on common equity (percent) | 10.00% | ||||||||||||||
Common equity ratio | 50.00% | ||||||||||||||
Annually | CECONY | Gas | Scenario, Forecast | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Income tax benefit to be credited to customers resulting from TCJA | 32,000,000 | ||||||||||||||
Annually | CECONY | Electric | Scenario, Forecast | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Income tax benefit to be credited to customers resulting from TCJA | 126,000,000 | ||||||||||||||
Over Ten Years | CECONY | Gas | Year 1 | Scenario, Forecast | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Requested rate increase (decrease), amount | 47,000,000 | ||||||||||||||
Amount of cost recovery | 30,000,000 | ||||||||||||||
Over Ten Years | CECONY | Gas | Year 2 | Scenario, Forecast | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Requested rate increase (decrease), amount | 176,000,000 | ||||||||||||||
Amount of cost recovery | 37,000,000 | ||||||||||||||
Over Ten Years | CECONY | Gas | Year 3 | Scenario, Forecast | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Requested rate increase (decrease), amount | 170,000,000 | ||||||||||||||
Amount of cost recovery | 40,000,000 | ||||||||||||||
Over Two Years | CECONY | Gas | Scenario, Forecast | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Income tax benefit to be credited to customers resulting from TCJA | 63,000,000 | ||||||||||||||
Protected Portion | CECONY | Gas | Scenario, Forecast | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Increase in regulatory liability resulting from TCJA | 725,000,000 | ||||||||||||||
Protected Portion | CECONY | Gas | Year 1 | Scenario, Forecast | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Increase in regulatory liability resulting from TCJA | 14,000,000 | ||||||||||||||
Protected Portion | CECONY | Gas | Year 2 | Scenario, Forecast | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Increase in regulatory liability resulting from TCJA | 14,000,000 | ||||||||||||||
Protected Portion | CECONY | Gas | Year 3 | Scenario, Forecast | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Increase in regulatory liability resulting from TCJA | 12,000,000 | ||||||||||||||
Protected Portion | CECONY | Electric | Scenario, Forecast | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Increase in regulatory liability resulting from TCJA | 1,663,000,000 | ||||||||||||||
Protected Portion | CECONY | Electric | Year 1 | Scenario, Forecast | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Increase in regulatory liability resulting from TCJA | 49,000,000 | ||||||||||||||
Protected Portion | CECONY | Electric | Year 2 | Scenario, Forecast | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Increase in regulatory liability resulting from TCJA | 50,000,000 | ||||||||||||||
Protected Portion | CECONY | Electric | Year 3 | Scenario, Forecast | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Increase in regulatory liability resulting from TCJA | 53,000,000 | ||||||||||||||
Unprotected Portion | CECONY | Electric | Scenario, Forecast | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Increase in regulatory liability resulting from TCJA | $ 784,000,000 | ||||||||||||||
TCJA of 2017 regulatory liabilities, income tax benefit, amortization period | 5 years | ||||||||||||||
Unprotected Portion | Annually | CECONY | Gas | Scenario, Forecast | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Increase in regulatory liability resulting from TCJA | $ 21,000,000 | ||||||||||||||
Unprotected Portion | Annually | CECONY | Electric | Scenario, Forecast | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Increase in regulatory liability resulting from TCJA | 157,000,000 | ||||||||||||||
Unprotected Portion | Over Five Years | CECONY | Gas | Scenario, Forecast | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Increase in regulatory liability resulting from TCJA | $ 107,000,000 |
Regulatory Matters - Summary _3
Regulatory Matters - Summary of Utilities Rate Plans (CECONY-Steam) (Details) - CECONY - Steam - USD ($) | 12 Months Ended | 36 Months Ended | |||||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | |
Public Utilities, General Disclosures [Line Items] | |||||||||
Utilities operating expense, depreciation and amortization | $ 37,000,000 | ||||||||
Regulatory liabilities, amortization period | 3 years | ||||||||
Negative revenue adjustments | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||
Cost reconciliation, deferred net regulatory liabilities | 14,000,000 | 8,000,000 | $ 42,000,000 | $ 8,000,000 | |||||
Cost reconciliation, deferred net regulatory assets | 32,000,000 | 35,000,000 | 8,000,000 | 1,000,000 | $ 17,000,000 | ||||
Increase (decrease) in regulatory liabilities | (600,000) | (1,600,000) | 0 | $ 0 | 0 | (100,000) | |||
Authorized return on common equity (percent) | 9.30% | ||||||||
Earnings sharing (percent) | 9.90% | ||||||||
Earnings sharing, threshold limit | $ 0 | $ 0 | $ 5,000,000 | $ 16,500,000 | 8,500,000 | 7,800,000 | $ 11,500,000 | $ 0 | |
Earnings sharing, positive adjustment | 2,300,000 | $ 1,100,000 | 4,000,000 | ||||||
Earnings sharing, additional adjustment | 200,000 | $ 400,000 | |||||||
Common equity ratio, percentage | 48.00% | ||||||||
Other regulatory liabilities | $ 8,000,000 | ||||||||
Difference in property taxes (percent) | 90.00% | ||||||||
Deferral, annual maximum (not more than) (percent) | 10.00% | ||||||||
Year 1 | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Base rate changes | $ (22,400,000) | ||||||||
Average rate base | $ 1,511,000,000 | ||||||||
Weighted average cost of capital (after-tax) (percent) | 7.10% | ||||||||
Actual return on common equity (percent) | 9.82% | ||||||||
Cost of long-term debt rate | 5.17% | 5.17% | |||||||
Year 1 | Production | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Net utility plant reconciliations | $ 1,752,000,000 | ||||||||
Year 1 | Distribution | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Net utility plant reconciliations | 6,000,000 | ||||||||
Year 1 | Maximum | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Potential penalties (annually) | 1,000,000 | ||||||||
Year 2 | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Base rate changes | 19,800,000 | ||||||||
Average rate base | $ 1,547,000,000 | ||||||||
Weighted average cost of capital (after-tax) (percent) | 7.13% | ||||||||
Actual return on common equity (percent) | 10.88% | ||||||||
Cost of long-term debt rate | 5.23% | 5.23% | |||||||
Year 2 | Production | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Net utility plant reconciliations | $ 1,732,000,000 | ||||||||
Year 2 | Distribution | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Net utility plant reconciliations | 11,000,000 | ||||||||
Year 2 | Maximum | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Potential penalties (annually) | 1,000,000 | ||||||||
Year 3 | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Base rate changes | 20,300,000 | ||||||||
Average rate base | $ 1,604,000,000 | ||||||||
Weighted average cost of capital (after-tax) (percent) | 7.21% | ||||||||
Actual return on common equity (percent) | 10.54% | ||||||||
Cost of long-term debt rate | 5.39% | 5.39% | |||||||
Year 3 | Production | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Net utility plant reconciliations | $ 1,720,000,000 | ||||||||
Year 3 | Distribution | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Net utility plant reconciliations | 25,000,000 | ||||||||
Year 3 | Maximum | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Potential penalties (annually) | 1,000,000 | ||||||||
Year 4 | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Base rate changes | $ 0 | ||||||||
Actual return on common equity (percent) | 9.51% | ||||||||
Year 5 | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Base rate changes | $ 0 | ||||||||
Actual return on common equity (percent) | 11.73% | ||||||||
Year 6 | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Base rate changes | $ 0 | ||||||||
Actual return on common equity (percent) | 10.45% | ||||||||
Year 7 | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Base rate changes | $ 0 | ||||||||
Actual return on common equity (percent) | 7.91% | ||||||||
Year 8 | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Base rate changes | $ 0 | ||||||||
Actual return on common equity (percent) | 5.99% |
Regulatory Matters - Summary _4
Regulatory Matters - Summary of Utilities Rate Plans (O&R New York-Electric) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | 36 Months Ended | ||||
Oct. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2024 | Dec. 31, 2021 | Dec. 31, 2018 | |
Public Utilities, General Disclosures [Line Items] | |||||||
Deferred revenues | $ 662,000,000 | $ 599,000,000 | $ 662,000,000 | ||||
Deferred revenues | $ 7,000,000 | 41,000,000 | $ 17,000,000 | $ 7,000,000 | $ 20,000,000 | ||
NYSPSC | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Percentage of total consolidated revenues | 15.00% | 15.00% | |||||
Percentage of debt to total consolidated debt | 20.00% | 20.00% | |||||
Maximum | NYSPSC | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Percentage of total consolidated revenues | 15.00% | 15.00% | |||||
O&R | Electric | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Deferred revenues | 6,000,000 | 100,000 | |||||
Deferred revenues | $ 10,000,000 | $ 10,000,000 | |||||
Negative revenue adjustments | 0 | 0 | 0 | ||||
Deferral of net increase (decrease) to regulatory assets | $ 24,000,000 | 30,300,000 | 4,300,000 | ||||
Deferred regulatory asset (liability) | (400,000) | ||||||
Earnings sharing (percent) | 9.60% | 9.60% | |||||
Common equity ratio, percentage | 48.00% | ||||||
Deferrals for property taxes limitation from rates (percent) | 90.00% | ||||||
O&R | Electric | Year 1 | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Base rate changes | $ 13,400,000 | ||||||
Amortization to income of net regulatory assets | (1,500,000) | ||||||
Potential earnings adjustment mechanism incentives | 3,600,000 | ||||||
Potential incentive if target is met, related to service terminations | 500,000 | ||||||
Average rate base | $ 878,000,000 | ||||||
Weighted average cost of capital (after-tax) (percent) | 6.97% | ||||||
Actual return on common equity (percent) | 9.60% | ||||||
Cost of long-term debt (percent) | 5.17% | ||||||
Requested rate increase (decrease), amount | $ 8,600,000 | ||||||
Deferral, annual maximum (not more than) (percent) | 10.00% | ||||||
O&R | Electric | Year 1 | Electric average excluding AMI | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Net utility plant reconciliations | $ 1,008,000,000 | ||||||
O&R | Electric | Year 1 | Maximum | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Potential penalties (annually) | 4,400,000 | ||||||
O&R | Electric | Year 2 | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Base rate changes | 8,000,000 | ||||||
Amortization to income of net regulatory assets | (1,500,000) | ||||||
Potential earnings adjustment mechanism incentives | 4,000,000 | ||||||
Potential incentive if target is met, related to service terminations | 500,000 | ||||||
Average rate base | $ 906,000,000 | ||||||
Weighted average cost of capital (after-tax) (percent) | 6.96% | ||||||
Actual return on common equity (percent) | 8.76% | ||||||
Cost of long-term debt (percent) | 5.14% | ||||||
Requested rate increase (decrease), amount | $ 12,100,000 | ||||||
Deferral, annual maximum (not more than) (percent) | 7.50% | ||||||
O&R | Electric | Year 2 | Electric average excluding AMI | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Net utility plant reconciliations | $ 1,032,000,000 | ||||||
O&R | Electric | Year 2 | Maximum | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Potential penalties (annually) | 4,400,000 | ||||||
O&R | Electric | Year 3 | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Base rate changes | 5,800,000 | ||||||
Amortization to income of net regulatory assets | (1,500,000) | ||||||
Potential earnings adjustment mechanism incentives | 4,200,000 | ||||||
Potential incentive if target is met, related to service terminations | 500,000 | ||||||
Average rate base | $ 948,000,000 | ||||||
Weighted average cost of capital (after-tax) (percent) | 6.96% | ||||||
Actual return on common equity (percent) | 9.16% | ||||||
Cost of long-term debt (percent) | 5.14% | ||||||
Requested rate increase (decrease), amount | $ 12,200,000 | ||||||
Deferral, annual maximum (not more than) (percent) | 5.00% | ||||||
O&R | Electric | Year 3 | Electric average excluding AMI | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Net utility plant reconciliations | $ 1,083,000,000 | ||||||
O&R | Electric | Year 3 | Maximum | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Potential penalties (annually) | 4,500,000 | ||||||
O&R | Electric | Scenario, Forecast | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Earnings sharing (percent) | 9.70% | ||||||
O&R | Electric | Scenario, Forecast | Year 1 | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Base rate changes | $ 4,900,000 | ||||||
Amortization to income of net regulatory assets | (11,800,000) | ||||||
Potential earnings adjustment mechanism incentives | 3,300,000 | ||||||
Net utility plant reconciliations | 1,175,000,000 | ||||||
Average rate base | $ 1,021,000,000 | ||||||
Weighted average cost of capital (after-tax) (percent) | 6.77% | ||||||
Cost of long-term debt (percent) | 4.58% | ||||||
Requested rate increase (decrease), amount | $ 11,700,000 | ||||||
O&R | Electric | Scenario, Forecast | Year 1 | Maximum | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Potential penalties (annually) | 4,300,000 | ||||||
O&R | Electric | Scenario, Forecast | Year 2 | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Base rate changes | 16,200,000 | ||||||
Amortization to income of net regulatory assets | (13,500,000) | ||||||
Potential earnings adjustment mechanism incentives | 2,300,000 | ||||||
Net utility plant reconciliations | 1,198,000,000 | ||||||
Average rate base | $ 1,044,000,000 | ||||||
Weighted average cost of capital (after-tax) (percent) | 6.73% | ||||||
Cost of long-term debt (percent) | 4.51% | ||||||
Requested rate increase (decrease), amount | $ 11,700,000 | ||||||
O&R | Electric | Scenario, Forecast | Year 2 | Maximum | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Potential penalties (annually) | 4,400,000 | ||||||
O&R | Electric | Scenario, Forecast | Year 3 | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Base rate changes | 23,100,000 | ||||||
Amortization to income of net regulatory assets | (15,200,000) | ||||||
Potential earnings adjustment mechanism incentives | 4,000,000 | ||||||
Net utility plant reconciliations | 1,304,000,000 | ||||||
Average rate base | $ 1,144,000,000 | ||||||
Weighted average cost of capital (after-tax) (percent) | 6.72% | ||||||
Cost of long-term debt (percent) | 4.49% | ||||||
Requested rate increase (decrease), amount | $ 11,700,000 | ||||||
O&R | Electric | Scenario, Forecast | Year 3 | Maximum | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Potential penalties (annually) | $ 5,100,000 | ||||||
O&R | Gas | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Potential earnings adjustment mechanism incentives | 300,000 | ||||||
Deferred revenues | $ 4,000,000 | 500,000 | 800,000 | $ 4,000,000 | |||
Negative revenue adjustments | 200,000 | ||||||
Earnings sharing (percent) | 9.60% | 9.60% | |||||
Common equity ratio, percentage | 48.00% | ||||||
O&R | Gas | Year 1 | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Base rate changes | $ (7,500,000) | ||||||
Amortization to income of net regulatory assets | (1,800,000) | ||||||
Potential earnings adjustment mechanism incentives | 1,200,000 | ||||||
Net utility plant reconciliations | 593,000,000 | ||||||
Average rate base | $ 454,000,000 | ||||||
Weighted average cost of capital (after-tax) (percent) | 6.97% | ||||||
Actual return on common equity (percent) | 8.90% | ||||||
Cost of long-term debt (percent) | 5.17% | ||||||
Requested rate increase (decrease), amount | $ (5,900,000) | ||||||
O&R | Gas | Year 1 | Maximum | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Potential penalties (annually) | 5,500,000 | ||||||
O&R | Gas | Year 2 | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Base rate changes | 3,600,000 | ||||||
Amortization to income of net regulatory assets | (1,800,000) | ||||||
Potential earnings adjustment mechanism incentives | 1,300,000 | ||||||
Net utility plant reconciliations | 611,000,000 | ||||||
Average rate base | $ 476,000,000 | ||||||
Weighted average cost of capital (after-tax) (percent) | 6.96% | ||||||
Actual return on common equity (percent) | 9.58% | ||||||
Cost of long-term debt (percent) | 5.14% | ||||||
Requested rate increase (decrease), amount | $ 1,000,000 | ||||||
O&R | Gas | Year 2 | Maximum | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Potential penalties (annually) | 5,700,000 | ||||||
O&R | Gas | Year 3 | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Base rate changes | 700,000 | ||||||
Amortization to income of net regulatory assets | (1,800,000) | ||||||
Potential earnings adjustment mechanism incentives | 1,300,000 | ||||||
Net utility plant reconciliations | 632,000,000 | ||||||
Average rate base | $ 498,000,000 | ||||||
Weighted average cost of capital (after-tax) (percent) | 6.96% | ||||||
Actual return on common equity (percent) | 10.11% | ||||||
Cost of long-term debt (percent) | 5.14% | ||||||
Requested rate increase (decrease), amount | $ 1,000,000 | ||||||
O&R | Gas | Year 3 | Maximum | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Potential penalties (annually) | $ 6,000,000 | ||||||
O&R | Gas | Scenario, Forecast | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Earnings sharing (percent) | 9.70% | ||||||
Deferrals for property taxes limitation from rates (percent) | 90.00% | ||||||
O&R | Gas | Scenario, Forecast | Year 1 | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Base rate changes | $ 700,000 | ||||||
Amortization to income of net regulatory assets | (800,000) | ||||||
Potential earnings adjustment mechanism incentives | 200,000 | ||||||
Net utility plant reconciliations | 720,000,000 | ||||||
Average rate base | $ 566,000,000 | ||||||
Weighted average cost of capital (after-tax) (percent) | 6.77% | ||||||
Cost of long-term debt (percent) | 4.58% | ||||||
Requested rate increase (decrease), amount | $ 4,400,000 | ||||||
Deferral, annual maximum (not more than) (percent) | 0.10% | ||||||
O&R | Gas | Scenario, Forecast | Year 1 | Maximum | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Potential penalties (annually) | $ 6,300,000 | ||||||
O&R | Gas | Scenario, Forecast | Year 2 | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Base rate changes | 7,400,000 | ||||||
Amortization to income of net regulatory assets | (700,000) | ||||||
Potential earnings adjustment mechanism incentives | 200,000 | ||||||
Net utility plant reconciliations | 761,000,000 | ||||||
Average rate base | $ 607,000,000 | ||||||
Weighted average cost of capital (after-tax) (percent) | 6.73% | ||||||
Cost of long-term debt (percent) | 4.51% | ||||||
Requested rate increase (decrease), amount | $ 4,400,000 | ||||||
Deferral, annual maximum (not more than) (percent) | 0.075% | ||||||
O&R | Gas | Scenario, Forecast | Year 2 | Maximum | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Potential penalties (annually) | $ 6,700,000 | ||||||
O&R | Gas | Scenario, Forecast | Year 3 | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Base rate changes | 9,900,000 | ||||||
Amortization to income of net regulatory assets | (300,000) | ||||||
Potential earnings adjustment mechanism incentives | 400,000 | ||||||
Net utility plant reconciliations | 803,000,000 | ||||||
Average rate base | $ 649,000,000 | ||||||
Weighted average cost of capital (after-tax) (percent) | 6.72% | ||||||
Cost of long-term debt (percent) | 4.49% | ||||||
Requested rate increase (decrease), amount | $ 4,400,000 | ||||||
Deferral, annual maximum (not more than) (percent) | 0.05% | ||||||
O&R | Gas | Scenario, Forecast | Year 3 | Maximum | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Potential penalties (annually) | $ 7,300,000 | ||||||
O&R | Electric and Gas Transmission Projects | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Recovery of late payment charges, period | 3 years | ||||||
Recovery of late payment charges, amount | $ 2,800,000 | ||||||
Recovery of late payment charges, return on equity threshold rate | 0.05% | ||||||
Energy Efficiency | O&R | Electric | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Actual earnings adjustment mechanism incentives | $ 1,800,000 | 1,900,000 | 2,600,000 | ||||
Energy Efficiency | O&R | Gas | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Actual earnings adjustment mechanism incentives | 500,000 | ||||||
Service Termination | O&R | Electric | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Actual earnings adjustment mechanism incentives | 0 | 500,000 | 200,000 | ||||
Incentives reversed | 500,000 | ||||||
Service Termination | O&R | Gas | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Actual earnings adjustment mechanism incentives | 200,000 | $ 300,000 | $ 700,000 | ||||
Incentives reversed | $ 300,000 |
Regulatory Matters - Summary _5
Regulatory Matters - Summary of Utilities Rate Plans (O&R New York-Gas) (Details) - USD ($) | 12 Months Ended | 36 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2024 | Dec. 31, 2021 | |
Public Utilities, General Disclosures [Line Items] | |||||
Deferred revenues | $ 662,000,000 | $ 599,000,000 | $ 662,000,000 | ||
Earnings above threshold | $ 1,700,000 | ||||
NYSPSC | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Percentage of total consolidated revenues | 15.00% | 15.00% | |||
Percentage of debt to total consolidated debt | 20.00% | 20.00% | |||
Maximum | NYSPSC | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Percentage of total consolidated revenues | 15.00% | 15.00% | |||
O&R | Gas | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Amount of revenues retained | $ 4,000,000 | $ 4,000,000 | |||
Share in variances in annual revenue retained (percent) | 20.00% | ||||
Potential earnings adjustment mechanism incentives | $ 300,000 | ||||
Deferred revenues | 4,000,000 | 500,000 | $ 800,000 | 4,000,000 | |
Negative revenue adjustments | 200,000 | ||||
Cost reconciliation, deferred net regulatory liabilities | 6,000,000 | ||||
Cost reconciliation, deferred net regulatory assets | $ 8,000,000 | 1,800,000 | $ 8,000,000 | ||
Earnings sharing (percent) | 9.60% | 9.60% | |||
Common equity ratio, percentage | 48.00% | ||||
O&R | Gas | Customers | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Share in variances in annual revenue retained (percent) | 80.00% | ||||
O&R | Gas | Scenario, Forecast | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Earnings sharing (percent) | 9.70% | ||||
Deferrals for property taxes limitation from rates (percent) | 90.00% | ||||
O&R | Gas | Year 1 | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Base rate changes | $ (7,500,000) | ||||
Amortization to income of net regulatory assets | 1,800,000 | ||||
Potential earnings adjustment mechanism incentives | 1,200,000 | ||||
Net utility plant reconciliations | 593,000,000 | ||||
Average rate base | $ 454,000,000 | ||||
Weighted average cost of capital (after-tax) (percent) | 6.97% | ||||
Actual return on common equity (percent) | 8.90% | ||||
Cost of long-term debt (percent) | 5.17% | ||||
Requested rate increase (decrease), amount | $ (5,900,000) | ||||
O&R | Gas | Year 1 | AMI | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Net utility plant reconciliations | 20,000,000 | ||||
O&R | Gas | Year 1 | Maximum | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Potential penalties (annually) | 5,500,000 | ||||
O&R | Gas | Year 1 | Scenario, Forecast | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Base rate changes | $ 700,000 | ||||
Amortization to income of net regulatory assets | 800,000 | ||||
Potential earnings adjustment mechanism incentives | 200,000 | ||||
Potential positive rate adjustment for gas safety and performance | 1,200,000 | ||||
Net utility plant reconciliations | 720,000,000 | ||||
Average rate base | $ 566,000,000 | ||||
Weighted average cost of capital (after-tax) (percent) | 6.77% | ||||
Cost of long-term debt (percent) | 4.58% | ||||
Requested rate increase (decrease), amount | $ 4,400,000 | ||||
Deferral, annual maximum (not more than) (percent) | 0.10% | ||||
O&R | Gas | Year 1 | Scenario, Forecast | Maximum | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Potential penalties (annually) | $ 6,300,000 | ||||
O&R | Gas | Year 2 | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Base rate changes | 3,600,000 | ||||
Amortization to income of net regulatory assets | 1,800,000 | ||||
Potential earnings adjustment mechanism incentives | 1,300,000 | ||||
Net utility plant reconciliations | 611,000,000 | ||||
Average rate base | $ 476,000,000 | ||||
Weighted average cost of capital (after-tax) (percent) | 6.96% | ||||
Actual return on common equity (percent) | 9.58% | ||||
Cost of long-term debt (percent) | 5.14% | ||||
Requested rate increase (decrease), amount | $ 1,000,000 | ||||
O&R | Gas | Year 2 | AMI | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Net utility plant reconciliations | 24,000,000 | ||||
O&R | Gas | Year 2 | Maximum | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Potential penalties (annually) | 5,700,000 | ||||
O&R | Gas | Year 2 | Scenario, Forecast | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Base rate changes | 7,400,000 | ||||
Amortization to income of net regulatory assets | 700,000 | ||||
Potential earnings adjustment mechanism incentives | 200,000 | ||||
Potential positive rate adjustment for gas safety and performance | 1,300,000 | ||||
Net utility plant reconciliations | 761,000,000 | ||||
Average rate base | $ 607,000,000 | ||||
Weighted average cost of capital (after-tax) (percent) | 6.73% | ||||
Cost of long-term debt (percent) | 4.51% | ||||
Requested rate increase (decrease), amount | $ 4,400,000 | ||||
Deferral, annual maximum (not more than) (percent) | 0.075% | ||||
O&R | Gas | Year 2 | Scenario, Forecast | Maximum | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Potential penalties (annually) | $ 6,700,000 | ||||
O&R | Gas | Year 3 | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Base rate changes | 700,000 | ||||
Amortization to income of net regulatory assets | 1,800,000 | ||||
Potential earnings adjustment mechanism incentives | 1,300,000 | ||||
Net utility plant reconciliations | 632,000,000 | ||||
Average rate base | $ 498,000,000 | ||||
Weighted average cost of capital (after-tax) (percent) | 6.96% | ||||
Actual return on common equity (percent) | 10.11% | ||||
Cost of long-term debt (percent) | 5.14% | ||||
Requested rate increase (decrease), amount | $ 1,000,000 | ||||
O&R | Gas | Year 3 | AMI | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Net utility plant reconciliations | 25,000,000 | ||||
O&R | Gas | Year 3 | Maximum | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Potential penalties (annually) | $ 6,000,000 | ||||
O&R | Gas | Year 3 | Scenario, Forecast | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Base rate changes | 9,900,000 | ||||
Amortization to income of net regulatory assets | 300,000 | ||||
Potential earnings adjustment mechanism incentives | 400,000 | ||||
Potential positive rate adjustment for gas safety and performance | 1,400,000 | ||||
Net utility plant reconciliations | 803,000,000 | ||||
Average rate base | $ 649,000,000 | ||||
Weighted average cost of capital (after-tax) (percent) | 6.72% | ||||
Cost of long-term debt (percent) | 4.49% | ||||
Requested rate increase (decrease), amount | $ 4,400,000 | ||||
Deferral, annual maximum (not more than) (percent) | 0.05% | ||||
O&R | Gas | Year 3 | Scenario, Forecast | Maximum | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Potential penalties (annually) | $ 7,300,000 | ||||
O&R | Electric | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Deferred revenues | 6,000,000 | 100,000 | |||
Negative revenue adjustments | $ 0 | 0 | 0 | ||
Earnings sharing (percent) | 9.60% | 9.60% | |||
Common equity ratio, percentage | 48.00% | ||||
Deferrals for property taxes limitation from rates (percent) | 90.00% | ||||
O&R | Electric | Scenario, Forecast | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Earnings sharing (percent) | 9.70% | ||||
O&R | Electric | Year 1 | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Base rate changes | $ 13,400,000 | ||||
Amortization to income of net regulatory assets | 1,500,000 | ||||
Potential earnings adjustment mechanism incentives | 3,600,000 | ||||
Average rate base | $ 878,000,000 | ||||
Weighted average cost of capital (after-tax) (percent) | 6.97% | ||||
Actual return on common equity (percent) | 9.60% | ||||
Cost of long-term debt (percent) | 5.17% | ||||
Requested rate increase (decrease), amount | $ 8,600,000 | ||||
Deferral, annual maximum (not more than) (percent) | 10.00% | ||||
O&R | Electric | Year 1 | AMI | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Net utility plant reconciliations | $ 48,000,000 | ||||
O&R | Electric | Year 1 | Maximum | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Potential penalties (annually) | 4,400,000 | ||||
O&R | Electric | Year 1 | Scenario, Forecast | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Base rate changes | $ 4,900,000 | ||||
Amortization to income of net regulatory assets | 11,800,000 | ||||
Potential earnings adjustment mechanism incentives | 3,300,000 | ||||
Net utility plant reconciliations | 1,175,000,000 | ||||
Average rate base | $ 1,021,000,000 | ||||
Weighted average cost of capital (after-tax) (percent) | 6.77% | ||||
Cost of long-term debt (percent) | 4.58% | ||||
Requested rate increase (decrease), amount | $ 11,700,000 | ||||
O&R | Electric | Year 1 | Scenario, Forecast | Maximum | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Potential penalties (annually) | 4,300,000 | ||||
O&R | Electric | Year 2 | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Base rate changes | 8,000,000 | ||||
Amortization to income of net regulatory assets | 1,500,000 | ||||
Potential earnings adjustment mechanism incentives | 4,000,000 | ||||
Average rate base | $ 906,000,000 | ||||
Weighted average cost of capital (after-tax) (percent) | 6.96% | ||||
Actual return on common equity (percent) | 8.76% | ||||
Cost of long-term debt (percent) | 5.14% | ||||
Requested rate increase (decrease), amount | $ 12,100,000 | ||||
Deferral, annual maximum (not more than) (percent) | 7.50% | ||||
O&R | Electric | Year 2 | AMI | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Net utility plant reconciliations | $ 58,000,000 | ||||
O&R | Electric | Year 2 | Maximum | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Potential penalties (annually) | 4,400,000 | ||||
O&R | Electric | Year 2 | Scenario, Forecast | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Base rate changes | 16,200,000 | ||||
Amortization to income of net regulatory assets | 13,500,000 | ||||
Potential earnings adjustment mechanism incentives | 2,300,000 | ||||
Net utility plant reconciliations | 1,198,000,000 | ||||
Average rate base | $ 1,044,000,000 | ||||
Weighted average cost of capital (after-tax) (percent) | 6.73% | ||||
Cost of long-term debt (percent) | 4.51% | ||||
Requested rate increase (decrease), amount | $ 11,700,000 | ||||
O&R | Electric | Year 2 | Scenario, Forecast | Maximum | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Potential penalties (annually) | 4,400,000 | ||||
O&R | Electric | Year 3 | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Base rate changes | 5,800,000 | ||||
Amortization to income of net regulatory assets | 1,500,000 | ||||
Potential earnings adjustment mechanism incentives | 4,200,000 | ||||
Average rate base | $ 948,000,000 | ||||
Weighted average cost of capital (after-tax) (percent) | 6.96% | ||||
Actual return on common equity (percent) | 9.16% | ||||
Cost of long-term debt (percent) | 5.14% | ||||
Requested rate increase (decrease), amount | $ 12,200,000 | ||||
Deferral, annual maximum (not more than) (percent) | 5.00% | ||||
O&R | Electric | Year 3 | AMI | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Net utility plant reconciliations | $ 61,000,000 | ||||
O&R | Electric | Year 3 | Maximum | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Potential penalties (annually) | $ 4,500,000 | ||||
O&R | Electric | Year 3 | Scenario, Forecast | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Base rate changes | 23,100,000 | ||||
Amortization to income of net regulatory assets | 15,200,000 | ||||
Potential earnings adjustment mechanism incentives | 4,000,000 | ||||
Net utility plant reconciliations | 1,304,000,000 | ||||
Average rate base | $ 1,144,000,000 | ||||
Weighted average cost of capital (after-tax) (percent) | 6.72% | ||||
Cost of long-term debt (percent) | 4.49% | ||||
Requested rate increase (decrease), amount | $ 11,700,000 | ||||
O&R | Electric | Year 3 | Scenario, Forecast | Maximum | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Potential penalties (annually) | $ 5,100,000 | ||||
Energy Efficiency | O&R | Gas | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Actual earnings adjustment mechanism incentives | $ 500,000 | ||||
Energy Efficiency | O&R | Electric | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Actual earnings adjustment mechanism incentives | 1,800,000 | 1,900,000 | 2,600,000 | ||
Service Termination | O&R | Gas | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Actual earnings adjustment mechanism incentives | 200,000 | 300,000 | 700,000 | ||
Incentives reversed | 300,000 | ||||
Service Termination | O&R | Electric | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Actual earnings adjustment mechanism incentives | 0 | $ 500,000 | $ 200,000 | ||
Incentives reversed | $ 500,000 |
Regulatory Matters - Summary _6
Regulatory Matters - Summary of Utilities Rate Plans (RECO) (Details) - RECO - USD ($) $ in Thousands | Mar. 30, 2022 | Jan. 01, 2022 | Jan. 31, 2022 | Dec. 31, 2016 | Dec. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2016 |
Public Utilities, General Disclosures [Line Items] | |||||||
Utilities operating expense, depreciation and amortization | $ 200 | ||||||
Regulatory liabilities, amortization period | 3 years | ||||||
Amortization to income of net regulatory assets | $ 4,800 | $ 25,600 | |||||
Regulatory assets, amortization period | 4 years | 4 years | |||||
Average rate base | $ 229,900 | $ 178,700 | |||||
Weighted average cost of capital (after-tax) (percent) | 7.11% | 7.47% | |||||
Authorized return on common equity (percent) | 9.50% | 9.60% | |||||
Cost of long-term debt (percent) | 4.88% | 5.37% | |||||
Common equity ratio, percentage | 48.32% | 49.70% | |||||
Electric | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Plan electric system storm hardening amount | $ 15,700 | ||||||
Plan period (years) | 3 years | ||||||
Year 1 | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Base rate changes | $ 12,000 | $ 1,700 | |||||
Actual return on common equity (percent) | 5.40% | 7.50% | |||||
Year 2 | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Actual return on common equity (percent) | 2.30% | 5.70% | |||||
Scenario, Forecast | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Regulatory liabilities, amortization period | 3 years | ||||||
Amortization to income of net regulatory assets | $ 9,200 | ||||||
Regulatory assets, amortization period | 3 years | ||||||
Average rate base | $ 262,800 | ||||||
Weighted average cost of capital (after-tax) (percent) | 7.08% | ||||||
Authorized return on common equity (percent) | 9.60% | ||||||
Cost of long-term debt (percent) | 4.74% | ||||||
Common equity ratio, percentage | 48.51% | ||||||
Scenario, Forecast | Tropical Storm Henri | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Amortization to income of net regulatory assets | $ 2,400 | ||||||
Regulatory assets, amortization period | 3 years | ||||||
Scenario, Forecast | Electric | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Requested rate increase (decrease), amount | $ 20,400 | $ 16,900 | |||||
Return on common equity (percent) | 11.04% | ||||||
Common equity ratio | 47.00% | ||||||
Scenario, Forecast | Year 1 | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Base rate changes | $ 9,650 | ||||||
Scenario, Forecast | Period 1 | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Utilities operating expense, depreciation and amortization | $ 200 | ||||||
Regulatory liabilities, amortization period | 3 years | ||||||
Scenario, Forecast | Period 2 | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Utilities operating expense, depreciation and amortization | $ 10,000 |
Regulatory Matters - COVID-19 R
Regulatory Matters - COVID-19 Regulatory Matters (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | 13 Months Ended | 22 Months Ended | ||||
Jan. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | |
Public Utilities, General Disclosures [Line Items] | ||||||||
Reserve adjustments | $ 169,000 | $ 78,000 | $ 8,000 | |||||
CECONY | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Reserve adjustments | 166,000 | $ 74,000 | $ 7,000 | |||||
COVID-19 | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Deferred costs | 900 | $ 900 | ||||||
COVID-19 | CECONY | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Reserve adjustments | 239,000 | |||||||
Allowance for credit loss, write-off | 8,000 | |||||||
COVID-19 | CECONY | Subsidiaries | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Reserve for customer arrearages | 7,000 | 7,000 | ||||||
COVID-19 | CECONY | Electric | Subsidiaries | Scenario, Forecast | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Late payment charges and fees | $ 19,000 | $ 43,000 | ||||||
COVID-19 | CECONY | Gas | Subsidiaries | Scenario, Forecast | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Late payment charges and fees | $ 4,000 | $ 7,000 | ||||||
COVID-19 | O&R | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Reserve adjustments | 7,000 | |||||||
Allowance for credit loss, write-off | 3,000 | |||||||
Residential Customers | COVID-19 | CECONY | Subsidiaries | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Deferred revenue | $ 54,900 | $ 54,900 | ||||||
Summer Cooling Credit Program | Residential Customers | COVID-19 | CECONY | Subsidiaries | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Expected deferred revenue | $ 63,400 | |||||||
Cost of the program, recovery period | 5 years |
Regulatory Matters - Other Regu
Regulatory Matters - Other Regulatory Matters (Details) customer in Thousands, $ in Millions | Jan. 01, 2022USD ($) | Jul. 31, 2021USD ($) | Jan. 31, 2021USD ($) | Nov. 30, 2020USD ($)claim | Aug. 31, 2020USD ($)customer | Jul. 31, 2019USD ($)customer | Jun. 30, 2021USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2022USD ($) |
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Regulatory liabilities | $ 4,381 | $ 4,513 | |||||||||||
Other customer-provided capital rate | 1.80% | 2.65% | |||||||||||
Return on regulatory assets | $ 1,962 | $ 1,639 | |||||||||||
Net unbilled revenue deferrals | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Regulatory liabilities | 209 | 198 | |||||||||||
RECO | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Return on regulatory assets | 25 | 31 | |||||||||||
RECO | Electric | Tropical Storm | Subsidiaries | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Restoration costs | 11.4 | ||||||||||||
Operation and maintenance expenses charged against a storm reserve | 7.6 | ||||||||||||
Capital expenditures | $ 2.5 | ||||||||||||
Food and medicine spoilage expense | $ 1.3 | ||||||||||||
CECONY | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Net regulatory assets | 1,176 | 1,200 | |||||||||||
Regulatory liabilities | 3,921 | 4,094 | |||||||||||
Return on regulatory assets | $ 1,751 | 1,454 | |||||||||||
CECONY | Commodity | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Regulatory assets, recovery period | 4 years | ||||||||||||
CECONY | Net unbilled revenue deferrals | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Regulatory liabilities | $ 209 | 198 | |||||||||||
CECONY | Electric | Subsidiaries | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Income tax benefit to be credited to customers resulting from TCJA | $ 377 | ||||||||||||
CECONY | Electric | Tropical Storm | Subsidiaries | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Number of customers affected with interrupted service | customer | 330 | ||||||||||||
Litigation settlement, amount awarded to other party | $ 75.1 | ||||||||||||
Litigation settlement, period | 35 years | ||||||||||||
Estimate of possible loss | $ 102.3 | ||||||||||||
Restoration costs | $ 174 | ||||||||||||
Operation and maintenance expenses charged against a storm reserve | 84 | ||||||||||||
Capital expenditures | 64 | ||||||||||||
Operation and maintenance expenses | 26 | ||||||||||||
Food and medicine spoilage expense | $ 7.5 | ||||||||||||
Alleged number of claims, violations | claim | 33 | ||||||||||||
CECONY | Electric | Protected Portion | Subsidiaries | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Increase in regulatory liability resulting from TCJA | 1,663 | ||||||||||||
CECONY | Electric | Unprotected Portion | Subsidiaries | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Increase in regulatory liability resulting from TCJA | 784 | ||||||||||||
CECONY | Electric | Scenario, Forecast | Subsidiaries | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
TCJA, net benefit amortization, allocation period | 3 years | ||||||||||||
CECONY | Electric | Scenario, Forecast | Protected Portion | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Increase in regulatory liability resulting from TCJA | $ 1,663 | ||||||||||||
CECONY | Electric | Scenario, Forecast | Unprotected Portion | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Increase in regulatory liability resulting from TCJA | $ 784 | ||||||||||||
CECONY | Electric | Scenario, Forecast | Unprotected Portion | Subsidiaries | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
TCJA, net benefit amortization, allocation period | 5 years | ||||||||||||
CECONY | Gas | Subsidiaries | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Income tax benefit to be credited to customers resulting from TCJA | 63 | ||||||||||||
CECONY | Gas | Protected Portion | Subsidiaries | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Increase in regulatory liability resulting from TCJA | 725 | ||||||||||||
CECONY | Gas | Unprotected Portion | Subsidiaries | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Increase in regulatory liability resulting from TCJA | $ 107 | ||||||||||||
CECONY | Gas | Scenario, Forecast | Subsidiaries | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
TCJA, net benefit amortization, allocation period | 2 years | ||||||||||||
CECONY | Gas | Scenario, Forecast | Protected Portion | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Increase in regulatory liability resulting from TCJA | $ 725 | ||||||||||||
CECONY | Gas | Scenario, Forecast | Unprotected Portion | Subsidiaries | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
TCJA, net benefit amortization, allocation period | 5 years | ||||||||||||
CECONY | NYSPSC | Steam | Subsidiaries | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Increase in regulatory liability resulting from TCJA | $ 185 | ||||||||||||
O&R | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Net regulatory assets | $ 26 | $ 29 | |||||||||||
O&R | Electric | Tropical Storm | Subsidiaries | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Number of customers affected with interrupted service | customer | 200 | ||||||||||||
Litigation settlement, amount awarded to other party | $ 7 | ||||||||||||
Property damage, clean up and response costs | $ 1.6 | ||||||||||||
Estimate of possible loss | $ 19 | ||||||||||||
Restoration costs | 26.5 | ||||||||||||
Operation and maintenance expenses charged against a storm reserve | 19.2 | ||||||||||||
Capital expenditures | $ 5.7 | ||||||||||||
Alleged number of claims, violations | claim | 38 | ||||||||||||
O&R | Electric and Gas | Subsidiaries | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Income tax benefit to be credited to customers resulting from TCJA | $ 22 | ||||||||||||
O&R | Electric and Gas | Protected Portion | Subsidiaries | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Increase in regulatory liability resulting from TCJA | $ 123 | ||||||||||||
O&R | Electric and Gas | Scenario, Forecast | Subsidiaries | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
TCJA, net benefit amortization, allocation period | 3 years | ||||||||||||
O&R | Electric and Gas | Scenario, Forecast | Unprotected Portion | Subsidiaries | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
TCJA, net benefit amortization, allocation period | 6 years | ||||||||||||
Increase in regulatory liability resulting from TCJA | $ 34 | ||||||||||||
Manhattan | CECONY | Electric | Subsidiaries | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Number of customers affected with interrupted service | customer | 190 | 72 | |||||||||||
Estimate of possible loss | $ 24.8 | ||||||||||||
Brooklyn | CECONY | Electric | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Cumulative catch-up adjustment to revenue, modification of contract | $ (15) | ||||||||||||
Brooklyn | CECONY | Electric | Subsidiaries | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Number of customers affected with interrupted service | customer | 30 | ||||||||||||
Foregone Customer Recovery | CECONY | Electric | Tropical Storm | Subsidiaries | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Litigation settlement, amount awarded to other party | 25 | ||||||||||||
Foregone Customer Recovery | O&R | Electric | Tropical Storm | Subsidiaries | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Litigation settlement, amount awarded to other party | 2.5 | ||||||||||||
Ongoing Operations And Maintenance Costs | CECONY | Electric | Tropical Storm | Subsidiaries | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Litigation settlement, amount awarded to other party | 15.8 | ||||||||||||
Ongoing Operations And Maintenance Costs | O&R | Electric | Tropical Storm | Subsidiaries | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Litigation settlement, amount awarded to other party | 2.9 | ||||||||||||
Previously Incurred Or Accrued Costs | CECONY | Electric | Tropical Storm | Subsidiaries | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Litigation settlement, amount awarded to other party | 34.3 | ||||||||||||
Previously Incurred Or Accrued Costs | O&R | Electric | Tropical Storm | Subsidiaries | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Litigation settlement, amount awarded to other party | 1.6 | ||||||||||||
Negative Revenue Adjustment | CECONY | Electric | Rainey Outages | Subsidiaries | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Litigation settlement, amount awarded to other party | 5 | ||||||||||||
Negative Revenue Adjustment | CECONY | Electric | 2019 Manhattan and Brooklyn Outages | Subsidiaries | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Litigation settlement, amount awarded to other party | 15 | ||||||||||||
Costs To Reimburse Customers For Food And Medicine Spoilage | CECONY | Electric | Tropical Storm | Subsidiaries | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Litigation settlement, amount awarded to other party | $ 14.3 | ||||||||||||
Manhattan Steam Main Rupture | CECONY | NYSPSC | Subsidiaries | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Property damage, clean up and response costs | $ 17 | ||||||||||||
Capital and retirement costs | 9 | ||||||||||||
Loss contingency accrual | $ 3 |
Regulatory Matters - Regulatory
Regulatory Matters - Regulatory Assets (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | $ 3,639 | $ 6,195 |
Regulatory assets – current | 206 | 266 |
Total Regulatory Assets | 3,845 | 6,461 |
Regulatory assets not earning return | 1,883 | 4,823 |
Unrecognized pension and other postretirement costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 128 | 3,241 |
Regulatory assets not earning return | 128 | 3,241 |
Environmental remediation costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 938 | 865 |
Regulatory assets not earning return | 928 | 855 |
Revenue taxes | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 395 | 356 |
Regulatory assets not earning return | 375 | 336 |
Pension and other postretirement benefits deferrals | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 496 | 315 |
Property tax reconciliation | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 202 | 241 |
Deferred storm costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 276 | 195 |
MTA power reliability deferral | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 140 | 188 |
System peak reduction and energy efficiency programs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 285 | 124 |
Deferred derivative losses | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 51 | 120 |
Regulatory assets not earning return | 51 | 120 |
COVID - 19 Deferrals | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 282 | 115 |
Municipal infrastructure support costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 44 | 62 |
Brooklyn Queens demand management program | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 36 | 36 |
Meadowlands heater odorization project | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 29 | 32 |
Gate station upgrade project | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 14 | 25 |
Unamortized loss on reacquired debt | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 16 | 21 |
Preferred stock redemption | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 20 | 21 |
Recoverable REV demonstration project costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 16 | 20 |
Non-wire alternative projects | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 23 | 18 |
COVID-19 Deferral for Uncollectible Accounts Receivable | ||
Regulatory Assets [Line Items] | ||
Regulatory assets not earning return | 236 | 57 |
Other | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 248 | 200 |
Regulatory assets not earning return | 24 | 24 |
Deferred derivative losses | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – current | 141 | 190 |
Regulatory assets not earning return | 141 | 190 |
Recoverable energy costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – current | 65 | 76 |
CECONY | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 3,316 | 5,745 |
Regulatory assets – current | 188 | 244 |
Total Regulatory Assets | 3,504 | 5,989 |
Regulatory assets not earning return | 1,753 | 4,536 |
CECONY | Unrecognized pension and other postretirement costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 110 | 3,065 |
Regulatory assets not earning return | 110 | 3,065 |
CECONY | Environmental remediation costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 860 | 791 |
Regulatory assets not earning return | 850 | 781 |
CECONY | Revenue taxes | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 378 | 342 |
Regulatory assets not earning return | 359 | 323 |
CECONY | Pension and other postretirement benefits deferrals | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 435 | 272 |
CECONY | Property tax reconciliation | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 202 | 239 |
CECONY | Deferred storm costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 158 | 83 |
CECONY | MTA power reliability deferral | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 140 | 188 |
CECONY | System peak reduction and energy efficiency programs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 284 | 124 |
CECONY | Deferred derivative losses | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 45 | 111 |
Regulatory assets not earning return | 45 | 111 |
CECONY | COVID - 19 Deferrals | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 277 | 113 |
CECONY | Municipal infrastructure support costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 44 | 62 |
CECONY | Brooklyn Queens demand management program | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 36 | 36 |
CECONY | Meadowlands heater odorization project | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 29 | 32 |
CECONY | Gate station upgrade project | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 14 | 25 |
CECONY | Unamortized loss on reacquired debt | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 14 | 19 |
CECONY | Preferred stock redemption | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 20 | 21 |
CECONY | Recoverable REV demonstration project costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 15 | 18 |
CECONY | Non-wire alternative projects | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 23 | 18 |
CECONY | COVID-19 Deferral for Uncollectible Accounts Receivable | ||
Regulatory Assets [Line Items] | ||
Regulatory assets not earning return | 231 | 55 |
CECONY | Other | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 232 | 186 |
Regulatory assets not earning return | 24 | 24 |
CECONY | Deferred derivative losses | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – current | 133 | 177 |
Regulatory assets not earning return | 134 | 177 |
CECONY | Recoverable energy costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – current | $ 55 | $ 67 |
Regulatory Matters - Regulato_2
Regulatory Matters - Regulatory Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | $ 4,381 | $ 4,513 |
Regulatory liabilities—current | 185 | 36 |
Total Regulatory Liabilities | 4,566 | 4,549 |
Future income tax | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 1,984 | 2,207 |
Allowance for cost of removal less salvage | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 1,199 | 1,090 |
TCJA net benefits | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 125 | 295 |
Net unbilled revenue deferrals | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 209 | 198 |
Net proceeds from sale of property | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 103 | 137 |
Pension and other postretirement benefit deferrals | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 102 | 85 |
System benefit charge carrying charge | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 70 | 64 |
Deferred derivative gains - long term | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 61 | 5 |
Property tax refunds | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 35 | 36 |
BQDM and REV Demo reconciliations | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 25 | 27 |
Settlement of gas proceedings | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 12 | 21 |
Sales and use tax refunds | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 17 | 16 |
Earnings sharing - electric, gas and steam | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 13 | 15 |
Unrecognized other postretirement costs | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 32 | 11 |
Settlement of prudence proceeding | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 6 | 5 |
Workers’ compensation | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 8 | 3 |
Energy efficiency portfolio standard unencumbered funds | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 15 | 1 |
Other | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 365 | 297 |
Refundable energy costs | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities—current | 32 | 28 |
Deferred derivative gains | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities—current | 142 | 8 |
Revenue decoupling mechanism | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities—current | 11 | 0 |
CECONY | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 3,921 | 4,094 |
Regulatory liabilities—current | 134 | 11 |
Total Regulatory Liabilities | 4,055 | 4,105 |
CECONY | Future income tax | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 1,840 | 2,062 |
CECONY | Allowance for cost of removal less salvage | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 1,033 | 932 |
CECONY | TCJA net benefits | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 123 | 286 |
CECONY | Net unbilled revenue deferrals | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 209 | 198 |
CECONY | Net proceeds from sale of property | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 103 | 137 |
CECONY | Pension and other postretirement benefit deferrals | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 55 | 46 |
CECONY | System benefit charge carrying charge | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 63 | 57 |
CECONY | Deferred derivative gains - long term | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 55 | 4 |
CECONY | Property tax refunds | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 35 | 35 |
CECONY | BQDM and REV Demo reconciliations | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 22 | 25 |
CECONY | Settlement of gas proceedings | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 12 | 21 |
CECONY | Sales and use tax refunds | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 16 | 16 |
CECONY | Earnings sharing - electric, gas and steam | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 10 | 10 |
CECONY | Unrecognized other postretirement costs | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 0 | 0 |
CECONY | Settlement of prudence proceeding | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 6 | 5 |
CECONY | Workers’ compensation | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 8 | 3 |
CECONY | Energy efficiency portfolio standard unencumbered funds | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 19 | 0 |
CECONY | Other | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 312 | 257 |
CECONY | Refundable energy costs | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities—current | 2 | 4 |
CECONY | Deferred derivative gains | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities—current | 132 | 7 |
CECONY | Revenue decoupling mechanism | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities—current | $ 0 | $ 0 |
Capitalization - Common Stock (
Capitalization - Common Stock (Details) - USD ($) $ in Millions | 1 Months Ended | ||
Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Capitalization [Line Items] | |||
Common stock, shares authorized (in shares) | 500,000,000 | ||
Common stock, shares outstanding (in shares) | 353,983,712 | 342,297,534 | |
Treasury shares (in shares) | 23,210,700 | 23,210,700 | |
Shares issued (in shares) | 10,100,000 | ||
Proceeds from issuance of equity | $ 775 | ||
CECONY | |||
Schedule of Capitalization [Line Items] | |||
Common stock, shares authorized (in shares) | 340,000,000 | ||
Common stock, shares outstanding (in shares) | 235,488,094 | 235,488,094 | |
Treasury shares (in shares) | 21,976,200 | 21,976,200 |
Capitalization - Dividends (Det
Capitalization - Dividends (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Percentage limitation for income available for dividends (not more than) | 100.00% |
Rolling average calculation of income available for dividends (years) | 2 years |
Capitalization - Schedule of Lo
Capitalization - Schedule of Long-Term Debt Maturities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
2022 | $ 440 | |
2023 | 969 | |
2024 | 393 | |
2025 | 319 | |
2026 | 385 | |
Long-term debt | 23,044 | $ 22,349 |
Long-term debt due within one year | 1,967 | |
CECONY | ||
Debt Instrument [Line Items] | ||
2022 | 0 | |
2023 | 0 | |
2024 | 250 | |
2025 | 0 | |
2026 | 250 | |
Long-term debt | $ 18,382 | 16,789 |
Long-term debt due within one year | $ 640 |
Capitalization - Long-term Debt
Capitalization - Long-term Debt, Additional Information (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 23,044,000,000 | $ 22,349,000,000 |
CECONY | ||
Debt Instrument [Line Items] | ||
Long-term debt | 18,382,000,000 | 16,789,000,000 |
CECONY | Tax-Exempt Debt | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | 450,000,000 | |
Long-term debt | $ 450,000,000 | $ 450,000,000 |
Capitalization - Carrying Amoun
Capitalization - Carrying Amounts and Fair Values of Long-Term Debt (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Unamortized debt expense | $ 226 | $ 215 |
Carrying Amount | ||
Debt Instrument [Line Items] | ||
Long-Term Debt (including current portion) | 23,044 | 22,349 |
Fair Value | ||
Debt Instrument [Line Items] | ||
Long-Term Debt (including current portion) | 26,287 | 26,808 |
CECONY | ||
Debt Instrument [Line Items] | ||
Unamortized debt discount | 193 | 176 |
CECONY | Carrying Amount | ||
Debt Instrument [Line Items] | ||
Long-Term Debt (including current portion) | 18,382 | 16,789 |
CECONY | Fair Value | ||
Debt Instrument [Line Items] | ||
Long-Term Debt (including current portion) | $ 21,382 | $ 20,974 |
Capitalization - Significant De
Capitalization - Significant Debt Covenants (Details) | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Debt Instrument [Line Items] | |
Maximum ratio of consolidated debt to consolidated total capital | 0.52 |
Covenant principal balance amount limit | $ 100,000,000 |
CECONY | |
Debt Instrument [Line Items] | |
Maximum ratio of consolidated debt to consolidated total capital | 0.55 |
Tax-Exempt Debt | CECONY | |
Debt Instrument [Line Items] | |
Maximum ratio of consolidated debt to consolidated total capital | 0.65 |
Term Loan | CECONY | |
Debt Instrument [Line Items] | |
Covenant principal balance amount limit | $ 150,000,000 |
Notes | |
Debt Instrument [Line Items] | |
Maximum ratio of consolidated debt to consolidated total capital | 0.675 |
Notes | CECONY | |
Debt Instrument [Line Items] | |
Covenant principal balance amount limit | $ 100,000,000 |
Short-Term Borrowing (Details)
Short-Term Borrowing (Details) | 12 Months Ended | |
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Short-term Debt [Line Items] | ||
Commercial paper, outstanding | $ 1,488,000,000 | $ 1,705,000,000 |
Weighted average interest rate | 0.30% | 0.30% |
Loans outstanding under credit agreement | $ 0 | $ 0 |
Maximum ratio of consolidated debt to consolidated total capital | 0.52 | |
Minimum percentage of liens on assets | 5.00% | |
Failure to pay, maximum aggregate limit | $ 150,000,000 | |
Maximum | ||
Short-term Debt [Line Items] | ||
Maximum ratio of consolidated debt to consolidated total capital | 0.65 | |
Revolving Credit | ||
Short-term Debt [Line Items] | ||
Maximum borrowing capacity | $ 1,500,000,000 | |
Current amount available | 1,000,000,000 | |
Letters of Credit | ||
Short-term Debt [Line Items] | ||
Maximum borrowing capacity | 1,200,000,000 | |
CECONY | ||
Short-term Debt [Line Items] | ||
Commercial paper, outstanding | $ 1,361,000,000 | $ 1,660,000,000 |
Weighted average interest rate | 0.30% | 0.30% |
Maximum ratio of consolidated debt to consolidated total capital | 0.55 | |
Credit Availability Through December 2022 | CECONY | Revolving Credit | ||
Short-term Debt [Line Items] | ||
Maximum borrowing capacity | $ 2,250,000,000 | |
Credit Availability Through December 2023 | CECONY | Revolving Credit | ||
Short-term Debt [Line Items] | ||
Maximum borrowing capacity | $ 2,200,000,000 |
Pension Benefits - Total Period
Pension Benefits - Total Periodic Benefit Costs (Details) - Pension Benefits - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost – including administrative expenses | $ 343 | $ 293 | $ 250 |
Interest cost on projected benefit obligation | 471 | 549 | 601 |
Expected return on plan assets | (1,096) | (1,034) | (988) |
Recognition of net actuarial loss | 787 | 699 | 518 |
Recognition of prior service credit | (17) | (16) | (17) |
TOTAL PERIODIC BENEFIT COST | 488 | 491 | 364 |
Cost capitalized | (154) | (130) | (108) |
Reconciliation to rate level | (226) | (250) | (15) |
Total credit recognized | 108 | 111 | 241 |
CECONY | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost – including administrative expenses | 321 | 274 | 232 |
Interest cost on projected benefit obligation | 443 | 515 | 564 |
Expected return on plan assets | (1,040) | (980) | (936) |
Recognition of net actuarial loss | 746 | 661 | 492 |
Recognition of prior service credit | (19) | (19) | (19) |
TOTAL PERIODIC BENEFIT COST | 451 | 451 | 333 |
Cost capitalized | (146) | (123) | (102) |
Reconciliation to rate level | (216) | (239) | (12) |
Total credit recognized | $ 89 | $ 89 | $ 219 |
Pension Benefits - Schedule of
Pension Benefits - Schedule of Funded Status (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
CHANGE IN PLAN ASSETS | |||
Fair value of plan assets at beginning of year | $ 465 | ||
FAIR VALUE OF PLAN ASSETS AT END OF YEAR | 525 | $ 465 | |
Pension Benefits | |||
CHANGE IN PROJECTED BENEFIT OBLIGATION | |||
Projected benefit obligation at beginning of year | 18,965 | 16,792 | $ 14,449 |
Service cost – excluding administrative expenses | 337 | 288 | 245 |
Interest cost on projected benefit obligation | 471 | 549 | 601 |
Net actuarial loss/(gain) | (1,547) | 2,281 | 2,191 |
Plan amendments | 0 | 0 | 15 |
Benefits paid | (869) | (945) | (709) |
PROJECTED BENEFIT OBLIGATION AT END OF YEAR | 17,357 | 18,965 | 16,792 |
CHANGE IN PLAN ASSETS | |||
Fair value of plan assets at beginning of year | 17,022 | 15,608 | 13,450 |
Actual return on plan assets | 1,935 | 1,927 | 2,556 |
Employer contributions | 469 | 475 | 350 |
Benefits paid | (869) | (945) | (709) |
Administrative expenses | (53) | (43) | (39) |
FAIR VALUE OF PLAN ASSETS AT END OF YEAR | 18,504 | 17,022 | 15,608 |
FUNDED STATUS | 1,147 | (1,943) | (1,184) |
Unrecognized net loss | 205 | 3,330 | 2,604 |
Unrecognized prior service costs/(credits) | (140) | (156) | (173) |
Accumulated benefit obligation | 15,469 | 16,768 | 15,015 |
CECONY | |||
CHANGE IN PLAN ASSETS | |||
Fair value of plan assets at beginning of year | 439 | ||
FAIR VALUE OF PLAN ASSETS AT END OF YEAR | 499 | 439 | |
CECONY | Pension Benefits | |||
CHANGE IN PROJECTED BENEFIT OBLIGATION | |||
Projected benefit obligation at beginning of year | 17,821 | 15,750 | 13,542 |
Service cost – excluding administrative expenses | 317 | 269 | 228 |
Interest cost on projected benefit obligation | 443 | 515 | 564 |
Net actuarial loss/(gain) | (1,441) | 2,154 | 2,076 |
Plan amendments | 0 | 0 | 0 |
Benefits paid | (799) | (867) | (660) |
PROJECTED BENEFIT OBLIGATION AT END OF YEAR | 16,341 | 17,821 | 15,750 |
CHANGE IN PLAN ASSETS | |||
Fair value of plan assets at beginning of year | 16,147 | 14,790 | 12,744 |
Actual return on plan assets | 1,838 | 1,830 | 2,425 |
Employer contributions | 432 | 435 | 318 |
Benefits paid | (799) | (867) | (660) |
Administrative expenses | (52) | (41) | (37) |
FAIR VALUE OF PLAN ASSETS AT END OF YEAR | 17,566 | 16,147 | 14,790 |
FUNDED STATUS | 1,225 | (1,674) | (960) |
Unrecognized net loss | 207 | 3,145 | 2,466 |
Unrecognized prior service costs/(credits) | (163) | (183) | (202) |
Accumulated benefit obligation | $ 14,504 | $ 15,676 | $ 14,010 |
Pension Benefits - Additional I
Pension Benefits - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension liability | $ 3,090 | $ 759 | ||
Investments value | 525 | 465 | ||
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Regulatory assets and liabilities for future income taxes, net | 3,067 | |||
Charge to OCI | 30 | |||
Noncurrent liabilities | 459 | |||
Investments value | 18,504 | 17,022 | $ 15,608 | $ 13,450 |
Accumulated benefit obligation | 15,469 | 16,768 | 15,015 | |
Estimated future employer contributions | 29 | |||
Other Nonqualified Supplemental Defined Benefit Pension | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Accumulated benefit obligation | 386 | 414 | ||
CECONY | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension liability | 2,899 | 714 | ||
Investments value | 499 | 439 | ||
CECONY | Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Regulatory assets and liabilities for future income taxes, net | 2,910 | |||
Charge to OCI | 6 | |||
Noncurrent liabilities | 381 | |||
Investments value | 17,566 | 16,147 | 14,790 | $ 12,744 |
Accumulated benefit obligation | 14,504 | 15,676 | $ 14,010 | |
Estimated future employer contributions | 20 | |||
CECONY | Other Nonqualified Supplemental Defined Benefit Pension | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Accumulated benefit obligation | $ 352 | $ 377 |
Pension Benefits - Schedule o_2
Pension Benefits - Schedule of Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
CECONY | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of compensation increase | 3.80% | 3.80% | 3.80% |
Rate of compensation increase | 3.80% | 3.80% | 4.25% |
O&R | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of compensation increase | 3.20% | 3.20% | 3.20% |
Rate of compensation increase | 3.20% | 3.20% | 4.00% |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate, benefit obligations | 3.00% | 2.55% | 3.35% |
Interest crediting rate for cash balance plan | 3.50% | 3.00% | 3.30% |
Discount rate, net periodic benefit cost | 2.55% | 3.35% | 4.25% |
Interest crediting rate for cash balance plan | 3.00% | 3.30% | 4.00% |
Expected return on plan assets | 7.00% | 7.00% | 7.00% |
Pension Benefits - Schedule o_3
Pension Benefits - Schedule of Expected Benefit Payments (Details) - Pension Benefits $ in Millions | Dec. 31, 2021USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | $ 765 |
2021 | 782 |
2022 | 791 |
2023 | 841 |
2024 | 818 |
2027-2031 | 4,219 |
CECONY | |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | 704 |
2021 | 721 |
2022 | 730 |
2023 | 780 |
2024 | 756 |
2027-2031 | $ 3,924 |
Pension Benefits - Schedule o_4
Pension Benefits - Schedule of Plan Assets Allocations (Details) - Pension Benefits | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation Range | 100.00% | ||
Plan Assets Percentage | 100.00% | 100.00% | 100.00% |
Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan Assets Percentage | 50.00% | 51.00% | 51.00% |
Equity Securities | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation Range | 45.00% | ||
Equity Securities | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation Range | 55.00% | ||
Debt Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan Assets Percentage | 38.00% | 38.00% | 38.00% |
Debt Securities | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation Range | 33.00% | ||
Debt Securities | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation Range | 43.00% | ||
Real Estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan Assets Percentage | 12.00% | 11.00% | 11.00% |
Real Estate | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation Range | 10.00% | ||
Real Estate | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation Range | 14.00% |
Pension Benefits - Schedule o_5
Pension Benefits - Schedule of Fair Value of Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | $ 525 | $ 465 | ||
Private Equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Fair Value by Hierarchy and NAV [Extensible List] | Fair Value Measured at Net Asset Value Per Share | Fair Value Measured at Net Asset Value Per Share | ||
Real Estate | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Fair Value by Hierarchy and NAV [Extensible List] | Fair Value Measured at Net Asset Value Per Share | Fair Value Measured at Net Asset Value Per Share | ||
Hedge Funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Fair Value by Hierarchy and NAV [Extensible List] | Fair Value Measured at Net Asset Value Per Share | Fair Value Measured at Net Asset Value Per Share | ||
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | $ 18,504 | $ 17,022 | $ 15,608 | $ 13,450 |
Pension Benefits | U.S. Equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 4,381 | 4,202 | ||
Pension Benefits | International Equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 3,536 | 3,693 | ||
Pension Benefits | U.S. Government Issued Debt | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 1,500 | 1,424 | ||
Pension Benefits | Corporate Bonds Debt | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 3,936 | 3,535 | ||
Pension Benefits | Structured Assets Debt | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 262 | 188 | ||
Pension Benefits | Other Fixed Income Debt | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 1,186 | 1,067 | ||
Pension Benefits | Cash and Cash Equivalents | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 505 | 459 | ||
Pension Benefits | Futures | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 2 | |||
Pension Benefits | Private Equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 913 | 635 | ||
Pension Benefits | Real Estate | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 2,306 | 1,880 | ||
Pension Benefits | Hedge Funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 315 | 292 | ||
Pension Benefits | Total Funds For Retiree Health Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | (258) | (254) | ||
Pension Benefits | Pending Activities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | (80) | (99) | ||
Pension Benefits | Fair Value, Inputs, Level 1 and 2 | Total investments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 15,308 | 14,568 | ||
Pension Benefits | Fair Value, Inputs, Level 1 and 2 | Funds For Retiree Health Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | (210) | (213) | ||
Pension Benefits | Fair Value, Inputs, Level 1 and 2 | Investments Excluding Funds For Retiree Health Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 18,584 | 17,121 | ||
Pension Benefits | Level 1 | Total investments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 7,999 | 7,946 | ||
Pension Benefits | Level 1 | U.S. Equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 4,381 | 4,202 | ||
Pension Benefits | Level 1 | International Equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 3,536 | 3,693 | ||
Pension Benefits | Level 1 | U.S. Government Issued Debt | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 0 | |||
Pension Benefits | Level 1 | Corporate Bonds Debt | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 0 | 0 | ||
Pension Benefits | Level 1 | Structured Assets Debt | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 0 | 0 | ||
Pension Benefits | Level 1 | Other Fixed Income Debt | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 0 | 0 | ||
Pension Benefits | Level 1 | Cash and Cash Equivalents | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 80 | 51 | ||
Pension Benefits | Level 1 | Futures | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 2 | |||
Pension Benefits | Level 1 | Funds For Retiree Health Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | (110) | (116) | ||
Pension Benefits | Level 1 | Investments Excluding Funds For Retiree Health Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 7,889 | 7,830 | ||
Pension Benefits | Level 2 | Total investments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 7,309 | 6,622 | ||
Pension Benefits | Level 2 | U.S. Equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 0 | 0 | ||
Pension Benefits | Level 2 | U.S. Government Issued Debt | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 1,500 | 1,424 | ||
Pension Benefits | Level 2 | Corporate Bonds Debt | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 3,936 | 3,535 | ||
Pension Benefits | Level 2 | Structured Assets Debt | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 262 | 188 | ||
Pension Benefits | Level 2 | Other Fixed Income Debt | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 1,186 | 1,067 | ||
Pension Benefits | Level 2 | Cash and Cash Equivalents | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 425 | 408 | ||
Pension Benefits | Level 2 | Funds For Retiree Health Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | (100) | (97) | ||
Pension Benefits | Level 2 | Investments Excluding Funds For Retiree Health Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 7,209 | 6,525 | ||
Pension Benefits | Fair Value Measured at Net Asset Value Per Share | Investments Valued Using NAV Per Share | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 3,534 | 2,807 | ||
Pension Benefits | Fair Value Measured at Net Asset Value Per Share | Funds For Retiree Health Benefits Measured At Net Asset Value | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | $ (48) | $ (41) |
Pension Benefits - Schedule o_6
Pension Benefits - Schedule of Employer Contribution to Defined Savings Plan (Details) - Defined Contribution Savings Plan - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contribution to the defined savings plan | $ 55 | $ 52 | $ 49 |
CECONY | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contribution to the defined savings plan | $ 46 | $ 43 | $ 42 |
Other Postretirement Benefits -
Other Postretirement Benefits - Net Periodic Postretirement Benefit Costs (Details) - Other Postretirement Benefits - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 22 | $ 21 | $ 18 |
Interest cost on accumulated other postretirement benefit obligation | 33 | 37 | 44 |
Expected return on plan assets | (68) | (66) | (66) |
Recognition of net actuarial loss/(gain) | 31 | 37 | (9) |
Recognition of prior service credit | (3) | (3) | (2) |
TOTAL PERIODIC POSTRETIREMENT BENEFIT COST/(CREDIT) | 15 | 26 | (15) |
Cost capitalized | (9) | (9) | (7) |
Reconciliation to rate level | (7) | (17) | 12 |
Total credit recognized | (1) | 0 | (10) |
CECONY | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 16 | 16 | 13 |
Interest cost on accumulated other postretirement benefit obligation | 28 | 31 | 36 |
Expected return on plan assets | (56) | (54) | (54) |
Recognition of net actuarial loss/(gain) | 27 | 36 | (10) |
Recognition of prior service credit | (1) | (2) | (2) |
TOTAL PERIODIC POSTRETIREMENT BENEFIT COST/(CREDIT) | 14 | 27 | (17) |
Cost capitalized | (7) | (7) | (5) |
Reconciliation to rate level | (12) | (25) | 7 |
Total credit recognized | $ (5) | $ (5) | $ (15) |
Other Postretirement Benefits_2
Other Postretirement Benefits - Schedule of Funded Status (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
CHANGE IN PLAN ASSETS | |||
Fair value of plan assets at beginning of year | $ 465 | ||
FAIR VALUE OF PLAN ASSETS AT END OF YEAR | 525 | $ 465 | |
CECONY | |||
CHANGE IN PLAN ASSETS | |||
Fair value of plan assets at beginning of year | 439 | ||
FAIR VALUE OF PLAN ASSETS AT END OF YEAR | 499 | 439 | |
Other Postretirement Benefits | |||
CHANGE IN BENEFIT OBLIGATION | |||
Projected benefit obligation at beginning of year | 1,425 | 1,357 | $ 1,114 |
Service cost | 22 | 21 | 18 |
Interest cost on accumulated other postretirement benefit obligation | 33 | 37 | 44 |
Amendments | 0 | 0 | (14) |
Net actuarial loss/(gain) | (13) | 74 | 264 |
Benefits paid and administrative expenses, net of subsidies | (117) | (117) | (110) |
Participant contributions | 48 | 53 | 41 |
PROJECTED BENEFIT OBLIGATION AT END OF YEAR | 1,398 | 1,425 | 1,357 |
CHANGE IN PLAN ASSETS | |||
Fair value of plan assets at beginning of year | 1,115 | 1,026 | 885 |
Actual return on plan assets | 92 | 142 | 198 |
Employer contributions | 6 | 7 | 7 |
Employer group waiver plan subsidies | 21 | 20 | 23 |
Participant contributions | 48 | 53 | 40 |
Benefits paid | (132) | (133) | (127) |
FAIR VALUE OF PLAN ASSETS AT END OF YEAR | 1,150 | 1,115 | 1,026 |
FUNDED STATUS | (248) | (310) | (331) |
Unrecognized net loss/(gain) | 41 | 115 | 155 |
Unrecognized prior service costs | (13) | (16) | (19) |
Other Postretirement Benefits | CECONY | |||
CHANGE IN BENEFIT OBLIGATION | |||
Projected benefit obligation at beginning of year | 1,209 | 1,154 | 913 |
Service cost | 16 | 16 | 13 |
Interest cost on accumulated other postretirement benefit obligation | 28 | 31 | 36 |
Amendments | 0 | 0 | 0 |
Net actuarial loss/(gain) | (3) | 63 | 252 |
Benefits paid and administrative expenses, net of subsidies | (107) | (107) | (100) |
Participant contributions | 46 | 52 | 40 |
PROJECTED BENEFIT OBLIGATION AT END OF YEAR | 1,189 | 1,209 | 1,154 |
CHANGE IN PLAN ASSETS | |||
Fair value of plan assets at beginning of year | 940 | 872 | 759 |
Actual return on plan assets | 67 | 117 | 165 |
Employer contributions | 3 | 4 | 6 |
Employer group waiver plan subsidies | 19 | 19 | 22 |
Participant contributions | 46 | 51 | 40 |
Benefits paid | (120) | (123) | (120) |
FAIR VALUE OF PLAN ASSETS AT END OF YEAR | 955 | 940 | 872 |
FUNDED STATUS | (234) | (269) | (282) |
Unrecognized net loss/(gain) | 67 | 114 | 149 |
Unrecognized prior service costs | $ 0 | $ (1) | $ (3) |
Other Postretirement Benefits_3
Other Postretirement Benefits - Additional Information (Details) - Other Postretirement Benefits - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Increase (decrease) in liability for other postretirement benefits | $ (62) | $ 21 |
Noncurrent liabilities | 79 | |
Increase (decrease) in regulatory liabilities | 67 | |
Expected contributions | 8 | |
CECONY | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Increase (decrease) in liability for other postretirement benefits | (35) | $ 13 |
Noncurrent liabilities | 55 | |
Increase (decrease) in regulatory liabilities | $ 46 |
Other Postretirement Benefits_4
Other Postretirement Benefits - Schedule of Actuarial Assumptions (Details) - Other Postretirement Benefits | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Expected Return on Plan Assets | 6.80% | 6.80% | 6.80% |
CECONY | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount Rate, Benefit Obligations | 2.75% | 2.25% | 3.10% |
Discount Rate, Net Periodic Benefit Cost | 2.25% | 3.10% | 4.15% |
O&R | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount Rate, Benefit Obligations | 3.00% | 2.55% | 3.35% |
Discount Rate, Net Periodic Benefit Cost | 2.55% | 3.35% | 4.30% |
Other Postretirement Benefits_5
Other Postretirement Benefits - Schedule of Change of Assumed Health Care Cost Trend Rate (Details) - Other Postretirement Benefits | Dec. 31, 2021 |
Pre-65 Medical | |
Defined Benefit Plan Disclosure [Line Items] | |
Initial Cost Trend Rate | 6.80% |
Ultimate Cost Trend Rate | 4.50% |
Post-65 Medical | |
Defined Benefit Plan Disclosure [Line Items] | |
Initial Cost Trend Rate | 4.50% |
Ultimate Cost Trend Rate | 4.50% |
Prescription Medications | |
Defined Benefit Plan Disclosure [Line Items] | |
Initial Cost Trend Rate | 7.25% |
Ultimate Cost Trend Rate | 4.50% |
Other Postretirement Benefits_6
Other Postretirement Benefits - Schedule of Expected Benefit Payments (Details) - Other Postretirement Benefits $ in Millions | Dec. 31, 2021USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | $ 75 |
2021 | 77 |
2022 | 77 |
2023 | 78 |
2024 | 78 |
2027-2031 | 385 |
CECONY | |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | 84 |
2021 | 86 |
2022 | 86 |
2023 | 87 |
2024 | 88 |
2027-2031 | $ 435 |
Other Postretirement Benefits_7
Other Postretirement Benefits - Schedule of Plan Assets Allocations (Details) - Other Postretirement Benefits - CECONY | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation Range | 100.00% | ||
Plan Assets Percentage | 100.00% | 100.00% | 100.00% |
Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan Assets Percentage | 55.00% | 54.00% | 54.00% |
Equity Securities | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation Range | 42.00% | ||
Equity Securities | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation Range | 80.00% | ||
Debt Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan Assets Percentage | 45.00% | 46.00% | 46.00% |
Debt Securities | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation Range | 20.00% | ||
Debt Securities | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation Range | 58.00% |
Other Postretirement Benefits_8
Other Postretirement Benefits - Schedule of Fair Values of Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | $ 525 | $ 465 | ||
Other Postretirement Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 1,150 | 1,115 | $ 1,026 | $ 885 |
Other Postretirement Benefits | Fair Value, Inputs, Level 1 and 2 | Total investments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 875 | 842 | ||
Other Postretirement Benefits | Fair Value, Inputs, Level 1 and 2 | Equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 474 | 448 | ||
Other Postretirement Benefits | Fair Value, Inputs, Level 1 and 2 | Other Fixed Income Debt | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 379 | 367 | ||
Other Postretirement Benefits | Fair Value, Inputs, Level 1 and 2 | Cash and Cash Equivalents | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 22 | 27 | ||
Other Postretirement Benefits | Fair Value, Inputs, Level 1 and 2 | Funds For Retiree Health Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 210 | 213 | ||
Other Postretirement Benefits | Fair Value, Inputs, Level 1 and 2 | Investments, Including Funds For Retiree Health Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 1,085 | 1,055 | ||
Other Postretirement Benefits | Fair Value, Inputs, Level 1 and 2 | Funds For Retiree Health Benefits Measured At Net Asset Value | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 48 | 41 | ||
Other Postretirement Benefits | Fair Value, Inputs, Level 1 and 2 | Pending Activities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 17 | 19 | ||
Other Postretirement Benefits | Level 1 | Total investments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 0 | 0 | ||
Other Postretirement Benefits | Level 1 | Equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 0 | 0 | ||
Other Postretirement Benefits | Level 1 | Other Fixed Income Debt | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 0 | 0 | ||
Other Postretirement Benefits | Level 1 | Cash and Cash Equivalents | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 0 | 0 | ||
Other Postretirement Benefits | Level 1 | Funds For Retiree Health Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 110 | 116 | ||
Other Postretirement Benefits | Level 1 | Investments, Including Funds For Retiree Health Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 110 | 116 | ||
Other Postretirement Benefits | Level 2 | Total investments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 875 | 842 | ||
Other Postretirement Benefits | Level 2 | Equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 474 | 448 | ||
Other Postretirement Benefits | Level 2 | Other Fixed Income Debt | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 379 | 367 | ||
Other Postretirement Benefits | Level 2 | Cash and Cash Equivalents | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 22 | 27 | ||
Other Postretirement Benefits | Level 2 | Funds For Retiree Health Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 100 | 97 | ||
Other Postretirement Benefits | Level 2 | Investments, Including Funds For Retiree Health Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | $ 975 | $ 939 |
Environmental Matters - Accrued
Environmental Matters - Accrued Liabilities and Regulatory Assets (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Site Contingency [Line Items] | ||
Accrued Liabilities | $ 940 | $ 857 |
Regulatory assets | 3,845 | 6,461 |
Manufactured gas plant sites | ||
Site Contingency [Line Items] | ||
Accrued Liabilities | 845 | 752 |
Other Superfund Sites | ||
Site Contingency [Line Items] | ||
Accrued Liabilities | 95 | 105 |
Superfund Sites | ||
Site Contingency [Line Items] | ||
Accrued Liabilities | 940 | 857 |
Regulatory assets | 938 | 865 |
CECONY | ||
Site Contingency [Line Items] | ||
Accrued Liabilities | 850 | 780 |
Regulatory assets | 3,504 | 5,989 |
CECONY | Manufactured gas plant sites | ||
Site Contingency [Line Items] | ||
Accrued Liabilities | 755 | 676 |
CECONY | Other Superfund Sites | ||
Site Contingency [Line Items] | ||
Accrued Liabilities | 95 | 104 |
CECONY | Superfund Sites | ||
Site Contingency [Line Items] | ||
Accrued Liabilities | 850 | 780 |
Regulatory assets | $ 860 | $ 791 |
Environmental Matters - Environ
Environmental Matters - Environmental Remediation Costs (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Environmental Exit Cost [Line Items] | ||
Remediation costs incurred | $ 25 | $ 33 |
CECONY | ||
Environmental Exit Cost [Line Items] | ||
Remediation costs incurred | $ 24 | $ 32 |
Environmental Matters - Additio
Environmental Matters - Additional Information (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Asbestos Proceedings | |
Site Contingency [Line Items] | |
Estimated undiscounted asbestos liability (years) | 15 years |
CECONY | Asbestos Proceedings | |
Site Contingency [Line Items] | |
Estimated undiscounted asbestos liability (years) | 15 years |
Superfund Sites | |
Site Contingency [Line Items] | |
Remediation cost estimate | $ 40 |
Superfund Sites | Manufactured Gas Plant Sites | Maximum | |
Site Contingency [Line Items] | |
Estimated aggregate undiscounted potential liability related environmental contaminants (up to) | 2,980 |
Superfund Sites | CECONY | |
Site Contingency [Line Items] | |
Remediation cost estimate | 38 |
Superfund Sites | CECONY | Manufactured Gas Plant Sites | Maximum | |
Site Contingency [Line Items] | |
Estimated aggregate undiscounted potential liability related environmental contaminants (up to) | $ 2,840 |
Environmental Matters - Accru_2
Environmental Matters - Accrued Liability for Asbestos Suits and Workers' Compensation Proceedings (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Site Contingency [Line Items] | ||
Regulatory assets | $ 3,845 | $ 6,461 |
Regulatory liabilities | 4,566 | 4,549 |
Asbestos Suits | ||
Site Contingency [Line Items] | ||
Accrued liability | 8 | 8 |
Regulatory assets | 8 | 8 |
Workers' Compensation | ||
Site Contingency [Line Items] | ||
Accrued liability | 65 | 72 |
Regulatory liabilities | 8 | 3 |
CECONY | ||
Site Contingency [Line Items] | ||
Regulatory assets | 3,504 | 5,989 |
Regulatory liabilities | 4,055 | 4,105 |
CECONY | Asbestos Suits | ||
Site Contingency [Line Items] | ||
Accrued liability | 7 | 7 |
Regulatory assets | 7 | 7 |
CECONY | Workers' Compensation | ||
Site Contingency [Line Items] | ||
Accrued liability | 62 | 68 |
Regulatory liabilities | $ 8 | $ 3 |
Material Contingencies - Manhat
Material Contingencies - Manhattan Explosion and Fire (Details) $ in Millions | Mar. 12, 2014peoplebuilding | Feb. 28, 2017USD ($) | Dec. 31, 2021USD ($)lawsuit | Dec. 31, 2020USD ($) | Oct. 31, 2020USD ($) |
Loss Contingencies [Line Items] | |||||
Accrued regulatory liability | $ 4,381 | $ 4,513 | |||
Settlement of gas proceedings | |||||
Loss Contingencies [Line Items] | |||||
Accrued regulatory liability | $ 12 | $ 21 | |||
Manhattan Explosion and Fire | |||||
Loss Contingencies [Line Items] | |||||
Number of buildings destroyed by fire | building | 2 | ||||
Number of people died in explosion and fire incident | people | 8 | ||||
Number of people injured in explosion and fire incident (more than) | people | 50 | ||||
Amount of costs that will not recover from customers | $ 126 | ||||
Number of pending lawsuits | lawsuit | 80 | ||||
Loss contingency accrual | $ 40 | ||||
Manhattan Explosion and Fire | Settlement of gas proceedings | |||||
Loss Contingencies [Line Items] | |||||
Accrued regulatory liability | $ 27 |
Material Contingencies - Guaran
Material Contingencies - Guarantees (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
Guarantee obligations maximum exposure | $ 2,157 | $ 2,042 |
Material Contingencies - Total
Material Contingencies - Total Guarantees (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | $ 2,157 | $ 2,042 |
Con Edison Transmission | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 490 | |
Energy transactions | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 831 | |
Renewable electric projects | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 766 | |
Other | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 70 | |
0 – 3 years | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 1,348 | |
0 – 3 years | Con Edison Transmission | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 490 | |
0 – 3 years | Energy transactions | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 469 | |
0 – 3 years | Renewable electric projects | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 319 | |
0 – 3 years | Other | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 70 | |
4 – 10 years | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 88 | |
4 – 10 years | Energy transactions | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 37 | |
4 – 10 years | Renewable electric projects | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 51 | |
4 – 10 years | Other | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 0 | |
> 10 years | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 721 | |
> 10 years | Con Edison Transmission | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 0 | |
> 10 years | Energy transactions | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 325 | |
> 10 years | Renewable electric projects | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 396 | |
> 10 years | Other | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | $ 0 |
Material Contingencies - Con Ed
Material Contingencies - Con Edison Transmission (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Guarantor Obligations [Line Items] | ||
Guarantee obligations maximum exposure | $ 2,157 | $ 2,042 |
Payment Guarantee by CET Electric of Contributions to New York Transco LLC | ||
Guarantor Obligations [Line Items] | ||
Estimated project cost percentage | 175.00% | |
Con Edison Transmission | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations maximum exposure | $ 490 | |
NY Transco | Payment Guarantee by CET Electric of Contributions to New York Transco LLC | ||
Guarantor Obligations [Line Items] | ||
Ownership interest, percentage | 45.70% |
Material Contingencies - Other
Material Contingencies - Other (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Guarantor Obligations [Line Items] | ||
Guarantee obligations maximum exposure | $ 2,157 | $ 2,042 |
Financial Guarantee for Indemnity Agreements for Surety Bonds in Connection with Operation of Solar Energy Facilities and Energy Service Projects | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations maximum exposure | $ 70 |
Electricity Purchase Agreemen_3
Electricity Purchase Agreements - Summary of Estimated Capacity and Other Fixed Payments (Details) $ in Millions | Dec. 31, 2021USD ($) |
Long-term Contract for Purchase of Electric Power [Line Items] | |
2022 | $ 126 |
2023 | 78 |
2024 | 55 |
2025 | 55 |
2026 | 56 |
All Years Thereafter | 434 |
CECONY | |
Long-term Contract for Purchase of Electric Power [Line Items] | |
2022 | 124 |
2023 | 78 |
2024 | 55 |
2025 | 55 |
2026 | 56 |
All Years Thereafter | $ 434 |
Electricity Purchase Agreemen_4
Electricity Purchase Agreements - Summary of Capacity, Energy and Other Fixed Payments (Details) - CECONY - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Long-term Contract for Purchase of Electric Power [Line Items] | |||
Capacity, energy and other fixed payments | $ 159 | $ 139 | $ 231 |
Astoria Generating Company | |||
Long-term Contract for Purchase of Electric Power [Line Items] | |||
Capacity, energy and other fixed payments | 20 | 26 | 116 |
Brooklyn Navy Yard | |||
Long-term Contract for Purchase of Electric Power [Line Items] | |||
Capacity, energy and other fixed payments | $ 139 | $ 113 | $ 115 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Lessee, Lease, Description [Line Items] | ||
Lease, renewal term | 5 years | |
Assets under finance leases | $ 2 | $ 3 |
Finance leases, accumulated amortization | 4 | 3 |
Right-of-use asset obtained in exchange for operating lease liability | $ 58 | 23 |
Lease not yet commenced, term | 45 years | |
Lease not yet commenced, present value of lease payments | $ 6 | |
CECONY | ||
Lessee, Lease, Description [Line Items] | ||
Assets under finance leases | 1 | 2 |
Finance leases, accumulated amortization | 2 | 1 |
Right-of-use asset obtained in exchange for operating lease liability | $ 12 | $ 11 |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Lease, term | 1 year | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Lease, term | 40 years |
Leases - Lease Cost and Cash Fl
Leases - Lease Cost and Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Lessee, Lease, Description [Line Items] | ||
Operating lease cost | $ 86 | $ 85 |
Operating lease cash flows | 80 | 79 |
CECONY | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease cost | 66 | 65 |
Operating lease cash flows | $ 63 | $ 61 |
Leases - Other Related Informat
Leases - Other Related Information (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Lessee, Lease, Description [Line Items] | ||
Weighted Average Remaining Lease Term, Operating leases | 18 years 6 months | 19 years 1 month 6 days |
Weighted Average Remaining Lease Term, Finance leases | 7 years 1 month 6 days | 7 years 3 months 18 days |
Weighted Average Discount Rate, Operating leases | 4.30% | 4.30% |
Weighted Average Discount Rate, Finance leases | 1.80% | 1.80% |
CECONY | ||
Lessee, Lease, Description [Line Items] | ||
Weighted Average Remaining Lease Term, Operating leases | 12 years 1 month 6 days | 13 years |
Weighted Average Remaining Lease Term, Finance leases | 3 years 1 month 6 days | 4 years |
Weighted Average Discount Rate, Operating leases | 3.50% | 3.60% |
Weighted Average Discount Rate, Finance leases | 1.10% | 1.30% |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Operating Leases | ||
2022 | $ 81 | |
2023 | 77 | |
2024 | 77 | |
2025 | 78 | |
2026 | 76 | |
All years thereafter | 877 | |
Total future minimum lease payments | 1,266 | |
Less: imputed interest | (436) | |
Total | 830 | |
Operating lease liabilities (current) | 113 | $ 96 |
Operating lease liabilities (noncurrent) | 717 | $ 764 |
Total | 830 | |
Finance Leases | ||
2022 | 0 | |
2023 | 0 | |
2024 | 1 | |
2025 | 0 | |
2026 | 0 | |
All years thereafter | 1 | |
Total future minimum lease payments | 2 | |
Less: imputed interest | 0 | |
Total | 2 | |
Other current liabilities | 0 | |
Other noncurrent liabilities | 2 | |
Total | $ 2 | |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Liabilities, Current | Liabilities, Current |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Liabilities, Other than Long-term Debt, Noncurrent | Liabilities, Other than Long-term Debt, Noncurrent |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Liabilities, Other than Long-term Debt, Noncurrent, Other Liabilities | Liabilities, Other than Long-term Debt, Noncurrent, Other Liabilities |
CECONY | ||
Operating Leases | ||
2022 | $ 60 | |
2023 | 59 | |
2024 | 59 | |
2025 | 60 | |
2026 | 59 | |
All years thereafter | 394 | |
Total future minimum lease payments | 691 | |
Less: imputed interest | (139) | |
Total | 552 | |
Operating lease liabilities (current) | 90 | $ 73 |
Operating lease liabilities (noncurrent) | 462 | $ 512 |
Total | 552 | |
Finance Leases | ||
2022 | 0 | |
2023 | 0 | |
2024 | 1 | |
2025 | 0 | |
2026 | 0 | |
All years thereafter | 0 | |
Total future minimum lease payments | 1 | |
Less: imputed interest | 0 | |
Total | 1 | |
Other current liabilities | 0 | |
Other noncurrent liabilities | 1 | |
Total | $ 1 |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Line Items] | ||
Goodwill | $ 439 | $ 446 |
Goodwill impaired | 7 | |
CECONY | ||
Goodwill [Line Items] | ||
Goodwill | 245 | 245 |
Goodwill impaired | 2 | |
O&R | ||
Goodwill [Line Items] | ||
Goodwill | 161 | 161 |
CET Gas | ||
Goodwill [Line Items] | ||
Goodwill impaired | 5 | |
O&R Merger | ||
Goodwill [Line Items] | ||
Goodwill | 406 | 406 |
Gas Storage Company | CET Gas | ||
Goodwill [Line Items] | ||
Goodwill | 8 | 8 |
Residential Solar Company | Clean Energy Businesses | ||
Goodwill [Line Items] | ||
Goodwill | 14 | 14 |
Battery Storage Company | Clean Energy Businesses | ||
Goodwill [Line Items] | ||
Goodwill | $ 18 | $ 18 |
Income Tax - Schedule of Compon
Income Tax - Schedule of Components of Income Tax (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
State | |||
Current | $ 14 | $ 7 | $ (12) |
Deferred | 79 | 50 | 96 |
Federal | |||
Current | 43 | (2) | 0 |
Deferred | 61 | 42 | 219 |
Amortization of investment tax credits | (7) | (7) | (7) |
Total income tax expense | 190 | 90 | 296 |
CECONY | |||
State | |||
Current | 1 | 6 | 22 |
Deferred | 106 | 97 | 68 |
Federal | |||
Current | 121 | 41 | 185 |
Deferred | 21 | 73 | 63 |
Amortization of investment tax credits | (3) | (2) | (3) |
Total income tax expense | $ 246 | $ 215 | $ 335 |
Income Tax - Schedule of Differ
Income Tax - Schedule of Differences on Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax liabilities: | ||
Property basis differences | $ 8,298 | $ 7,985 |
Regulatory assets: | ||
Unrecognized pension and other postretirement costs | 36 | 910 |
Environmental remediation costs | 264 | 243 |
Deferred storm costs | 33 | 31 |
Other regulatory assets | 640 | 536 |
Operating lease right-of-use asset | 204 | 220 |
Pension Asset Reserve | 478 | 0 |
Equity investments | 0 | 46 |
Other | 30 | 0 |
Total deferred tax liabilities | 9,983 | 9,971 |
Deferred tax assets: | ||
Accrued pension and other postretirement costs | 218 | 504 |
Future income tax | 554 | 617 |
Other regulatory liabilities | 727 | 656 |
Superfund and other environmental costs | 264 | 241 |
Asset retirement obligations | 177 | 178 |
Operating lease liabilities | 195 | 211 |
Loss carryforwards | 144 | 164 |
Tax credits carryforward | 946 | 1,022 |
Valuation allowance | (22) | (22) |
Equity investments | 34 | 0 |
Other | 0 | 59 |
Total deferred tax assets | 3,237 | 3,630 |
Net deferred tax liabilities | 6,746 | 6,341 |
Unamortized investment tax credits | 127 | 134 |
Net deferred tax liabilities and unamortized investment tax credits | 6,873 | 6,475 |
CECONY | ||
Deferred tax liabilities: | ||
Property basis differences | 7,213 | 6,901 |
Regulatory assets: | ||
Unrecognized pension and other postretirement costs | 31 | 861 |
Environmental remediation costs | 241 | 222 |
Deferred storm costs | 0 | 0 |
Other regulatory assets | 609 | 508 |
Operating lease right-of-use asset | 155 | 165 |
Pension Asset Reserve | 471 | 0 |
Equity investments | 0 | 0 |
Other | 0 | 0 |
Total deferred tax liabilities | 8,720 | 8,657 |
Deferred tax assets: | ||
Accrued pension and other postretirement costs | 188 | 427 |
Future income tax | 517 | 579 |
Other regulatory liabilities | 620 | 570 |
Superfund and other environmental costs | 238 | 219 |
Asset retirement obligations | 141 | 143 |
Operating lease liabilities | 155 | 165 |
Loss carryforwards | 38 | 34 |
Tax credits carryforward | 0 | 0 |
Valuation allowance | 0 | 0 |
Equity investments | 0 | 0 |
Other | 42 | 127 |
Total deferred tax assets | 1,939 | 2,264 |
Net deferred tax liabilities | 6,781 | 6,393 |
Unamortized investment tax credits | 15 | 18 |
Net deferred tax liabilities and unamortized investment tax credits | $ 6,796 | $ 6,411 |
Income Tax - Additional Informa
Income Tax - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Loss Carryforwards [Line Items] | ||||
Unrecognized tax benefits | $ 17 | $ 14 | $ 13 | $ 6 |
Effective income tax rate reconciliation, uncertainty of taxes | 12 | |||
Unrecognized tax benefits that would have an impact on effective tax rate | 17 | |||
Unrecognized tax benefits that would have an impact on effective tax rate, net of tax | 16 | |||
General Business Tax Credit | ||||
Operating Loss Carryforwards [Line Items] | ||||
Tax credit carryovers | 946 | |||
Tax Year 2018 Through 2013 | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryback | 29 | |||
Net tax refund | 2.5 | |||
Tax Year 2013 | ||||
Operating Loss Carryforwards [Line Items] | ||||
Discrete income tax benefit | 4 | |||
State | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards, valuation allowance | 21.5 | |||
State | New York State | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards | 1,130 | |||
State | New York City | ||||
Operating Loss Carryforwards [Line Items] | ||||
Valuation allowance reversed | 5 | |||
Deferred tax assets | 17 | |||
CECONY | ||||
Operating Loss Carryforwards [Line Items] | ||||
Unrecognized tax benefits | 5 | $ 3 | $ 2 | $ 4 |
Effective income tax rate reconciliation, uncertainty of taxes | 3 | |||
Unrecognized tax benefits that would have an impact on effective tax rate | $ 5 |
Income Tax - Schedule of Income
Income Tax - Schedule of Income Tax Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
STATUTORY TAX RATE | |||
Federal | 21.00% | 21.00% | 21.00% |
Changes in computed taxes resulting from: | |||
State income taxes, net of federal income tax benefit | 4.00% | 4.00% | 4.00% |
Taxes attributable to noncontrolling interests | 3.00% | (1.00%) | (1.00%) |
Cost of removal | 2.00% | 2.00% | 1.00% |
Other plant-related items | (1.00%) | (1.00%) | (1.00%) |
Amortization of excess deferred federal income taxes | (12.00%) | (14.00%) | (4.00%) |
Renewable energy credits | (2.00%) | (3.00%) | (2.00%) |
Research and development credits | (1.00%) | 0.00% | (1.00%) |
Other | 0.00% | (1.00%) | 0.00% |
Effective tax rate | 14.00% | 7.00% | 17.00% |
CECONY | |||
STATUTORY TAX RATE | |||
Federal | 21.00% | 21.00% | 21.00% |
Changes in computed taxes resulting from: | |||
State income taxes, net of federal income tax benefit | 5.00% | 5.00% | 5.00% |
Taxes attributable to noncontrolling interests | 0.00% | 0.00% | 0.00% |
Cost of removal | 1.00% | 1.00% | 1.00% |
Other plant-related items | (1.00%) | (1.00%) | (1.00%) |
Amortization of excess deferred federal income taxes | (11.00%) | (12.00%) | (4.00%) |
Renewable energy credits | 0.00% | 0.00% | 0.00% |
Research and development credits | 0.00% | 0.00% | (1.00%) |
Other | 0.00% | 1.00% | 0.00% |
Effective tax rate | 15.00% | 15.00% | 21.00% |
Income Tax - Summary of Unrecog
Income Tax - Summary of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of period | $ 14 | $ 13 | $ 6 |
Additions based on tax positions related to the current year | 3 | 0 | 1 |
Additions based on tax positions of prior years | 2 | 1 | 10 |
Reductions for tax positions of prior years | (2) | 0 | (2) |
Reductions from expiration of statute of limitations | 0 | 0 | 0 |
Settlements | 0 | 0 | (2) |
Balance at end of period | 17 | 14 | 13 |
CECONY | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of period | 3 | 2 | 4 |
Additions based on tax positions related to the current year | 2 | 0 | 1 |
Additions based on tax positions of prior years | 1 | 1 | 0 |
Reductions for tax positions of prior years | (1) | 0 | (1) |
Reductions from expiration of statute of limitations | 0 | 0 | 0 |
Settlements | 0 | 0 | (2) |
Balance at end of period | $ 5 | $ 3 | $ 2 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | $ 13,456 | $ 12,026 | $ 12,144 |
Revenues | 13,676 | 12,246 | 12,574 |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 220 | 220 | 430 |
CECONY | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 11,716 | 10,647 | 10,821 |
CECONY | Decoupling Mechanisms | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 48 | ||
CECONY | EAMs | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 34 | ||
CECONY | LPCs | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 74 | ||
O&R | Decoupling Mechanisms | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | (18) | ||
O&R | EAMs | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 2 | ||
O&R | LPCs | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 4 | ||
Operating Segments | Clean Energy Businesses | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 917 | 661 | 646 |
Revenues | 1,022 | 736 | 857 |
Operating Segments | Clean Energy Businesses | Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 105 | 75 | 211 |
Operating Segments | Clean Energy Businesses | Renewables | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 683 | 609 | 575 |
Revenues | 683 | 609 | 575 |
Operating Segments | Clean Energy Businesses | Renewables | Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | 0 |
Operating Segments | Clean Energy Businesses | Energy services | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 234 | 52 | 71 |
Revenues | 234 | 52 | 71 |
Operating Segments | Clean Energy Businesses | Energy services | Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | 0 |
Operating Segments | Clean Energy Businesses | Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 0 | 0 | 0 |
Revenues | 105 | 75 | 211 |
Operating Segments | Clean Energy Businesses | Other | Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 105 | 75 | 211 |
Operating Segments | Con Edison Transmission | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 4 | 4 | 4 |
Revenues | 4 | 4 | 4 |
Operating Segments | Con Edison Transmission | Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | 0 |
Operating Segments | CECONY | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 11,579 | 10,518 | 10,620 |
Revenues | 11,716 | 10,647 | 10,821 |
Operating Segments | CECONY | Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 137 | 129 | 201 |
Operating Segments | CECONY | Electric | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 8,736 | 8,026 | 7,913 |
Revenues | 8,806 | 8,103 | 8,062 |
Operating Segments | CECONY | Electric | Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 70 | 77 | 149 |
Operating Segments | CECONY | Gas | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 2,324 | 1,998 | 2,097 |
Revenues | 2,378 | 2,036 | 2,132 |
Operating Segments | CECONY | Gas | Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 54 | 38 | 35 |
Operating Segments | CECONY | Steam | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 519 | 494 | 610 |
Revenues | 532 | 508 | 627 |
Operating Segments | CECONY | Steam | Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 13 | 14 | 17 |
Operating Segments | O&R | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 956 | 843 | 874 |
Revenues | 941 | 862 | 893 |
Operating Segments | O&R | Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | (15) | 19 | 19 |
Operating Segments | O&R | Electric | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 691 | 619 | 627 |
Revenues | 681 | 629 | 634 |
Operating Segments | O&R | Electric | Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | (10) | 10 | 7 |
Operating Segments | O&R | Gas | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 265 | 224 | 247 |
Revenues | 260 | 233 | 259 |
Operating Segments | O&R | Gas | Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | (5) | 9 | 12 |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 0 | 0 | 0 |
Revenues | (7) | (3) | (1) |
Other | Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | (7) | (3) | (1) |
Other | O&R | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 0 | $ 0 | $ 0 |
Revenue Recognition - Change in
Revenue Recognition - Change in Unbilled Contract and Unearned Revenues (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Unbilled contract revenue | |||
Beginning balance | $ 11 | $ 29 | $ 29 |
Additions | 242 | 88 | 86 |
Subtractions | 218 | 106 | 86 |
Ending balance | 35 | 11 | 29 |
Unearned revenue | |||
Beginning balance | 41 | 17 | 20 |
Additions | 0 | 31 | 1 |
Subtractions | 34 | 7 | 4 |
Ending balance | 7 | 41 | 17 |
Contracts with customer, revenue recognized, amount outstanding end of last period | $ 34 | $ 7 | $ 4 |
Revenue Recognition - Revenue R
Revenue Recognition - Revenue Recognition, Remaining Performance Obligation (Details) $ in Millions | Dec. 31, 2021USD ($) |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 120 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 81 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected timing of satisfaction | 2 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 39 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected timing of satisfaction |
Revenue Recognition - Additiona
Revenue Recognition - Additional information (Details) - CECONY - NYSPSC - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |
Nov. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Electric | |||
Disaggregation of Revenue [Line Items] | |||
Amount of cost recovery | $ 43 | $ 19 | $ 43 |
Gas | |||
Disaggregation of Revenue [Line Items] | |||
Amount of cost recovery | $ 7 | $ 4 | $ 7 |
Current Expected Credit Losse_2
Current Expected Credit Losses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Increase in allowance for uncollectible accounts resulting from COVID-19 pandemic | $ 169 | $ 78 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Reserve adjustments | 169 | 78 | $ 8 |
Accounts receivable - customers | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance at January 1, | 148 | 70 | |
Recoveries | 14 | 8 | |
Write-offs | (91) | (54) | |
Reserve adjustments | 246 | 124 | |
Ending Balance December 31, | 317 | 148 | 70 |
Other receivables | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance at January 1, | 7 | 4 | |
Recoveries | 1 | 0 | |
Write-offs | (2) | (2) | |
Reserve adjustments | 16 | 5 | |
Ending Balance December 31, | 22 | 7 | 4 |
CECONY | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Increase in allowance for uncollectible accounts resulting from COVID-19 pandemic | 166 | 73 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Reserve adjustments | 166 | 74 | 7 |
CECONY | Accounts receivable - customers | Subsidiaries | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance at January 1, | 138 | 65 | |
Recoveries | 12 | 6 | |
Write-offs | (86) | (50) | |
Reserve adjustments | 240 | 117 | |
Ending Balance December 31, | 304 | 138 | 65 |
CECONY | Other receivables | Subsidiaries | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance at January 1, | 4 | 3 | |
Recoveries | 1 | 0 | |
Write-offs | (1) | (1) | |
Reserve adjustments | 15 | 2 | |
Ending Balance December 31, | $ 19 | $ 4 | $ 3 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Income tax benefit realized from stock options exercised | $ 10,000,000 | $ 5,000,000 | $ 13,000,000 |
Maximum employer contribution match (up to) | 1 | ||
Amount employee contribution for employer match | 9 | ||
Maximum employee investment per year (up to) | $ 25,000 | ||
Maximum percentage allowed to invest (not more than) | 20.00% | ||
CECONY | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Income tax benefit realized from stock options exercised | $ 9,000,000 | 4,000,000 | 11,000,000 |
Performance RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock received upon vesting (in shares) | 1 | ||
Compensation expense to be recognized | $ 33,000,000 | ||
Nonvested awards, compensation cost not yet recognized, period for recognition (years) | 1 year | ||
Payment for settlement of vested units | $ 8,000,000 | 21,000,000 | 24,000,000 |
Performance RSUs | CECONY | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense to be recognized | $ 27,000,000 | ||
Nonvested awards, compensation cost not yet recognized, period for recognition (years) | 1 year | ||
Payment for settlement of vested units | $ 7,000,000 | 18,000,000 | 22,000,000 |
Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period (years) | 3 years | ||
Time-based Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense to be recognized | $ 2,000,000 | ||
Nonvested awards, compensation cost not yet recognized, period for recognition (years) | 1 year | ||
Payment for settlement of vested units | $ 1,000,000 | 1,000,000 | 1,000,000 |
Weighted average grant date price per share (in dollars per share) | $ 74.80 | ||
Time-based Awards | CECONY | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense to be recognized | $ 2,000,000 | ||
Nonvested awards, compensation cost not yet recognized, period for recognition (years) | 1 year | ||
Payment for settlement of vested units | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 |
Weighted average grant date price per share (in dollars per share) | $ 74.80 | ||
2013 LTIP | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares of common stock that can be awarded under the plan | 5,000,000 | ||
TSR Portion | Performance RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Adjustment percentage used for Performance awards | 50.00% | ||
Factor used for adjustment of Performance awards, low end (percent) | 0.00% | ||
Factor used for adjustment of Performance awards, high end (percent) | 200.00% | ||
Weighted average grant date price per share (in dollars per share) | $ 74.46 | ||
TSR Portion | Performance RSUs | CECONY | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average grant date price per share (in dollars per share) | $ 74.23 | ||
Non-TSR Portion | Performance RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Adjustment percentage used for Performance awards | 50.00% | ||
Factor used for adjustment of Performance awards, low end (percent) | 0.00% | ||
Factor used for adjustment of Performance awards, high end (percent) | 200.00% | ||
Weighted average grant date price per share (in dollars per share) | $ 71.04 | ||
Non-TSR Portion | Performance RSUs | CECONY | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average grant date price per share (in dollars per share) | $ 71.25 | ||
LTIP | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of units issued (in shares) | 36,000 | ||
Weighted average grant date price per share (in dollars per share) | $ 77.53 | ||
Stock Purchase Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares purchased on the open market | 957,866 | 836,984 | 747,899 |
Weighted average share price per share, on shares purchased on open market (in dollars per share) | $ 73.38 | $ 79.82 | $ 85.45 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 35 | $ 17 | $ 47 |
Income tax benefit | 10 | 5 | 13 |
Performance-based restricted stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 23 | 7 | 36 |
Time-based restricted stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 2 | 1 | 2 |
Non-employee director deferred stock compensation | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 3 | 2 | 2 |
Stock purchase plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 7 | 7 | 7 |
CECONY | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 31 | 16 | 40 |
Income tax benefit | 9 | 4 | 11 |
CECONY | Performance-based restricted stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 19 | 6 | 30 |
CECONY | Time-based restricted stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 2 | 1 | 2 |
CECONY | Non-employee director deferred stock compensation | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 3 | 2 | 2 |
CECONY | Stock purchase plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 7 | $ 7 | $ 6 |
Stock-Based Compensation - Assu
Stock-Based Compensation - Assumptions Used to Calculate Fair Value (Details) - Performance RSUs | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate, minimum | 0.39% | 0.10% | 1.58% |
Risk-free interest rate, maximum | 0.73% | 0.13% | 1.59% |
Expected term (years) | 3 years | 3 years | 3 years |
Expected share price volatility, minimum (percent) | 17.25% | 30.16% | 12.89% |
Expected share price volatility, maximum (percent) | 31.42% | 40.95% | 15.51% |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Changes in Status of Performance RSUs' (Details) - Performance RSUs | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Units | |
Non-vested at beginning of period (in shares) | shares | 901,524 |
Granted (in shares) | shares | 401,100 |
Vested (in shares) | shares | (301,600) |
Forfeited (in shares) | shares | (16,296) |
Non-vested at end of period (in shares) | shares | 984,728 |
CECONY | |
Units | |
Non-vested at beginning of period (in shares) | shares | 686,471 |
Granted (in shares) | shares | 301,087 |
Vested (in shares) | shares | (227,411) |
Forfeited (in shares) | shares | (15,869) |
Non-vested at end of period (in shares) | shares | 744,278 |
TSR Portion | |
Weighted Average Grant Date Fair Value | |
Non-vested at beginning of period (in dollars per share) | $ 70.11 |
Granted (in dollars per share) | 74.46 |
Vested (in dollars per share) | 67.27 |
Forfeited (in dollars per share) | 75.23 |
Non-vested at end of period (in dollars per share) | $ 72.67 |
Adjustment percentage used for Performance awards | 50.00% |
TSR Portion | CECONY | |
Weighted Average Grant Date Fair Value | |
Non-vested at beginning of period (in dollars per share) | $ 70.15 |
Granted (in dollars per share) | 74.23 |
Vested (in dollars per share) | 66.82 |
Forfeited (in dollars per share) | 75.21 |
Non-vested at end of period (in dollars per share) | 72.71 |
Non-TSR Portion | |
Weighted Average Grant Date Fair Value | |
Non-vested at beginning of period (in dollars per share) | 81.83 |
Granted (in dollars per share) | 71.04 |
Vested (in dollars per share) | 76.37 |
Forfeited (in dollars per share) | 79.78 |
Non-vested at end of period (in dollars per share) | $ 79.14 |
Adjustment percentage used for Performance awards | 50.00% |
Non-TSR Portion | CECONY | |
Weighted Average Grant Date Fair Value | |
Non-vested at beginning of period (in dollars per share) | $ 81.80 |
Granted (in dollars per share) | 71.25 |
Vested (in dollars per share) | 76.48 |
Forfeited (in dollars per share) | 79.84 |
Non-vested at end of period (in dollars per share) | $ 79.20 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Changes in Status of Time-Based Awards (Details) - Time-based Awards | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Units | |
Non-vested at beginning of period (in shares) | shares | 67,438 |
Granted (in shares) | shares | 17,150 |
Vested (in shares) | shares | (21,121) |
Forfeited (in shares) | shares | (1,847) |
Non-vested at end of period (in shares) | shares | 61,620 |
Weighted Average Grant Date Fair Value | |
Non-vested at beginning of period (in dollars per share) | $ / shares | $ 80.40 |
Granted (in dollars per share) | $ / shares | 74.80 |
Vested (in dollars per share) | $ / shares | 77.96 |
Forfeited (in dollars per share) | $ / shares | 80.23 |
Non-vested at end of period (in dollars per share) | $ / shares | $ 79.68 |
CECONY | |
Units | |
Non-vested at beginning of period (in shares) | shares | 62,838 |
Granted (in shares) | shares | 16,200 |
Vested (in shares) | shares | (19,588) |
Forfeited (in shares) | shares | (1,580) |
Non-vested at end of period (in shares) | shares | 57,870 |
Weighted Average Grant Date Fair Value | |
Non-vested at beginning of period (in dollars per share) | $ / shares | $ 80.42 |
Granted (in dollars per share) | $ / shares | 74.80 |
Vested (in dollars per share) | $ / shares | 77.95 |
Forfeited (in dollars per share) | $ / shares | 79.89 |
Non-vested at end of period (in dollars per share) | $ / shares | $ 79.70 |
Financial Information by Busi_3
Financial Information by Business Segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 13,676 | $ 12,246 | $ 12,574 |
Depreciation and amortization | 2,032 | 1,920 | 1,684 |
Operating income | 2,826 | 2,654 | 2,676 |
Other Income (deductions) | (538) | (401) | 51 |
Interest charges | 905 | 1,019 | 991 |
Income taxes on operating income | 340 | 193 | 300 |
Total assets | 63,116 | 62,895 | 58,079 |
Capital expenditures | 3,964 | 4,085 | 3,676 |
Income tax expense (benefit) on non-operating income | (150) | (103) | (4) |
Parent Company | |||
Segment Reporting Information [Line Items] | |||
Total assets | 21,620 | 21,499 | |
CECONY | |||
Segment Reporting Information [Line Items] | |||
Revenues | 11,716 | 10,647 | 10,821 |
Depreciation and amortization | 1,705 | 1,598 | 1,373 |
Operating income | 2,460 | 2,310 | 2,348 |
Other Income (deductions) | (108) | (171) | (35) |
Total assets | 52,655 | 50,967 | |
Income tax expense (benefit) on non-operating income | (6) | (3) | (7) |
Operating segment | Clean Energy Businesses | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1,022 | 736 | 857 |
Depreciation and amortization | 231 | 231 | 226 |
Operating income | 236 | 215 | 202 |
Other Income (deductions) | (10) | 4 | 5 |
Interest charges | 68 | 196 | 186 |
Income taxes on operating income | 44 | (43) | (58) |
Total assets | 6,554 | 6,848 | 6,528 |
Capital expenditures | 298 | 616 | 248 |
Operating segment | Con Edison Transmission | |||
Segment Reporting Information [Line Items] | |||
Revenues | 4 | 4 | 4 |
Depreciation and amortization | 1 | 1 | 1 |
Operating income | (16) | (8) | (6) |
Other Income (deductions) | (407) | (215) | 104 |
Interest charges | 9 | 18 | 25 |
Income taxes on operating income | 3 | 0 | 1 |
Total assets | 249 | 1,348 | 1,618 |
Capital expenditures | 31 | 3 | 205 |
Operating segment | CECONY | |||
Segment Reporting Information [Line Items] | |||
Revenues | 11,716 | 10,647 | 10,821 |
Depreciation and amortization | 1,705 | 1,598 | 1,373 |
Operating income | 2,460 | 2,310 | 2,348 |
Other Income (deductions) | (108) | (171) | (35) |
Interest charges | 762 | 739 | 728 |
Income taxes on operating income | 252 | 218 | 342 |
Total assets | 52,655 | 50,967 | 46,557 |
Capital expenditures | 3,418 | 3,246 | 3,020 |
Operating segment | CECONY | Electric | |||
Segment Reporting Information [Line Items] | |||
Revenues | 8,806 | 8,103 | 8,062 |
Depreciation and amortization | 1,286 | 1,214 | 1,053 |
Operating income | 1,802 | 1,731 | 1,758 |
Other Income (deductions) | (84) | (134) | (28) |
Interest charges | 542 | 535 | 539 |
Income taxes on operating income | 151 | 130 | 239 |
Total assets | 36,260 | 35,673 | 32,988 |
Capital expenditures | 2,189 | 2,080 | 1,851 |
Operating segment | CECONY | Gas | |||
Segment Reporting Information [Line Items] | |||
Revenues | 2,378 | 2,036 | 2,132 |
Depreciation and amortization | 326 | 294 | 231 |
Operating income | 646 | 574 | 528 |
Other Income (deductions) | (16) | (25) | (4) |
Interest charges | 179 | 164 | 147 |
Income taxes on operating income | 110 | 102 | 99 |
Total assets | 13,748 | 12,678 | 11,090 |
Capital expenditures | 1,126 | 1,044 | 1,078 |
Operating segment | CECONY | Steam | |||
Segment Reporting Information [Line Items] | |||
Revenues | 532 | 508 | 627 |
Depreciation and amortization | 93 | 90 | 89 |
Operating income | 12 | 5 | 62 |
Other Income (deductions) | (8) | (12) | (3) |
Interest charges | 41 | 40 | 42 |
Income taxes on operating income | (9) | (14) | 4 |
Total assets | 2,647 | 2,616 | 2,479 |
Capital expenditures | 103 | 122 | 91 |
Operating segment | O&R | |||
Segment Reporting Information [Line Items] | |||
Revenues | 941 | 862 | 893 |
Depreciation and amortization | 95 | 90 | 84 |
Operating income | 150 | 147 | 139 |
Other Income (deductions) | (12) | (14) | (11) |
Interest charges | 42 | 41 | 41 |
Income taxes on operating income | 21 | 21 | 21 |
Total assets | 3,292 | 3,247 | 3,006 |
Capital expenditures | 217 | 220 | 203 |
Operating segment | O&R | Electric | |||
Segment Reporting Information [Line Items] | |||
Revenues | 681 | 629 | 634 |
Depreciation and amortization | 69 | 65 | 60 |
Operating income | 100 | 99 | 98 |
Other Income (deductions) | (8) | (10) | (7) |
Interest charges | 27 | 26 | 27 |
Income taxes on operating income | 13 | 13 | 15 |
Total assets | 2,123 | 2,097 | 2,130 |
Capital expenditures | 147 | 159 | 142 |
Operating segment | O&R | Gas | |||
Segment Reporting Information [Line Items] | |||
Revenues | 260 | 233 | 259 |
Depreciation and amortization | 26 | 25 | 24 |
Operating income | 50 | 48 | 41 |
Other Income (deductions) | (4) | (4) | (4) |
Interest charges | 15 | 15 | 14 |
Income taxes on operating income | 8 | 8 | 6 |
Total assets | 1,169 | 1,150 | 876 |
Capital expenditures | 70 | 61 | 61 |
Other | |||
Segment Reporting Information [Line Items] | |||
Revenues | (7) | (3) | (1) |
Depreciation and amortization | 0 | 0 | 0 |
Operating income | (4) | (10) | (7) |
Other Income (deductions) | (1) | (5) | (12) |
Interest charges | 24 | 25 | 11 |
Income taxes on operating income | 20 | (3) | (6) |
Total assets | 366 | 485 | 370 |
Capital expenditures | 0 | 0 | 0 |
Other | O&R | |||
Segment Reporting Information [Line Items] | |||
Revenues | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 |
Operating income | 0 | 0 | 0 |
Other Income (deductions) | 0 | 0 | 0 |
Interest charges | 0 | 0 | 0 |
Income taxes on operating income | 0 | 0 | 0 |
Total assets | 0 | 0 | 0 |
Capital expenditures | 0 | 0 | 0 |
Inter-segment | |||
Segment Reporting Information [Line Items] | |||
Revenues | 0 | 0 | 0 |
Inter-segment | Clean Energy Businesses | |||
Segment Reporting Information [Line Items] | |||
Revenues | 0 | 0 | 0 |
Inter-segment | CECONY | |||
Segment Reporting Information [Line Items] | |||
Revenues | (100) | (99) | (94) |
Inter-segment | CECONY | Electric | |||
Segment Reporting Information [Line Items] | |||
Revenues | 18 | 18 | 17 |
Inter-segment | CECONY | Gas | |||
Segment Reporting Information [Line Items] | |||
Revenues | 8 | 7 | 7 |
Inter-segment | CECONY | Steam | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 74 | $ 74 | $ 70 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Fair Values of Commodity Derivatives Including Offsetting of Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Net fair value derivative assets/(liabilities) | ||
Gross Amounts of Recognized Assets/ (Liabilities) | $ (8) | $ (366) |
Gross Amounts Offset | (24) | 3 |
Net Amounts of Assets/ (Liabilities) | (32) | (363) |
Margin deposits | 1 | 3 |
CECONY | ||
Net fair value derivative assets/(liabilities) | ||
Gross Amounts of Recognized Assets/ (Liabilities) | 25 | (252) |
Gross Amounts Offset | (26) | 0 |
Net Amounts of Assets/ (Liabilities) | (1) | (252) |
Margin deposits | 3 | |
Clean Energy Businesses | Interest Rate Swap | ||
Net fair value derivative assets/(liabilities) | ||
Notional amount | 1,031 | 863 |
Fair Value of Derivative Liabilities, Current | ||
Fair value of derivative liabilities | ||
Gross Amounts of Recognized Assets/ (Liabilities) | (289) | (225) |
Gross Amounts Offset | 137 | (13) |
Net Amounts of Assets/ (Liabilities) | (152) | (238) |
Fair Value of Derivative Liabilities, Current | Interest Rate Swap | ||
Fair value of derivative liabilities | ||
Net Amounts of Assets/ (Liabilities) | (20) | (24) |
Fair Value of Derivative Liabilities, Current | CECONY | ||
Fair value of derivative liabilities | ||
Gross Amounts of Recognized Assets/ (Liabilities) | (131) | (174) |
Gross Amounts Offset | 43 | 11 |
Net Amounts of Assets/ (Liabilities) | (88) | (163) |
Fair Value of Derivative Liabilities, Non-current | ||
Fair value of derivative liabilities | ||
Gross Amounts of Recognized Assets/ (Liabilities) | (94) | (207) |
Gross Amounts Offset | 10 | (33) |
Net Amounts of Assets/ (Liabilities) | (84) | (240) |
Fair Value of Derivative Liabilities, Non-current | Interest Rate Swap | ||
Fair value of derivative liabilities | ||
Net Amounts of Assets/ (Liabilities) | (38) | (82) |
Fair Value of Derivative Liabilities, Non-current | CECONY | ||
Fair value of derivative liabilities | ||
Gross Amounts of Recognized Assets/ (Liabilities) | (50) | (114) |
Gross Amounts Offset | 10 | 9 |
Net Amounts of Assets/ (Liabilities) | (40) | (105) |
Fair Value of Derivative Liabilities | ||
Fair value of derivative liabilities | ||
Gross Amounts of Recognized Assets/ (Liabilities) | (383) | (432) |
Gross Amounts Offset | 147 | (46) |
Net Amounts of Assets/ (Liabilities) | (236) | (478) |
Fair Value of Derivative Liabilities | CECONY | ||
Fair value of derivative liabilities | ||
Gross Amounts of Recognized Assets/ (Liabilities) | (181) | (288) |
Gross Amounts Offset | 53 | 20 |
Net Amounts of Assets/ (Liabilities) | (128) | (268) |
Fair Value of Derivative Assets, Current | ||
Fair value of derivative assets | ||
Gross Amounts of Recognized Assets/ (Liabilities) | 285 | 44 |
Gross Amounts Offset | (158) | 14 |
Net Amounts of Assets/ (Liabilities) | 127 | 58 |
Fair Value of Derivative Assets, Current | CECONY | ||
Fair value of derivative assets | ||
Gross Amounts of Recognized Assets/ (Liabilities) | 135 | 20 |
Gross Amounts Offset | (64) | (12) |
Net Amounts of Assets/ (Liabilities) | 71 | 8 |
Fair Value of Derivative Assets, Non-current | ||
Fair value of derivative assets | ||
Gross Amounts of Recognized Assets/ (Liabilities) | 90 | 22 |
Gross Amounts Offset | (13) | 35 |
Net Amounts of Assets/ (Liabilities) | 77 | 57 |
Fair Value of Derivative Assets, Non-current | CECONY | ||
Fair value of derivative assets | ||
Gross Amounts of Recognized Assets/ (Liabilities) | 71 | 16 |
Gross Amounts Offset | (15) | (8) |
Net Amounts of Assets/ (Liabilities) | 56 | 8 |
Fair Value of Derivative Assets | ||
Fair value of derivative assets | ||
Gross Amounts of Recognized Assets/ (Liabilities) | 375 | 66 |
Gross Amounts Offset | (171) | 49 |
Net Amounts of Assets/ (Liabilities) | 204 | 115 |
Fair Value of Derivative Assets | Interest Rate Swap | ||
Net fair value derivative assets/(liabilities) | ||
Derivative asset, noncurrent | 4 | |
Fair Value of Derivative Assets | CECONY | ||
Fair value of derivative assets | ||
Gross Amounts of Recognized Assets/ (Liabilities) | 206 | 36 |
Gross Amounts Offset | (79) | (20) |
Net Amounts of Assets/ (Liabilities) | $ 127 | $ 16 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Realized and Unrealized Gains or Losses on Commodity Derivatives (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||
Total deferred gains/(losses) | $ 191 | $ (26) |
Total deferred gains/(losses) | 122 | (301) |
Net deferred gains/(losses) | 313 | (327) |
Pre-tax gain/(loss) recognized in income | ||
Total pre-tax gain/(loss) recognized in income | 78 | (63) |
Gas purchased for resale | ||
Pre-tax gain/(loss) recognized in income | ||
Total pre-tax gain/(loss) recognized in income | 18 | (2) |
Non-utility revenue | ||
Pre-tax gain/(loss) recognized in income | ||
Total pre-tax gain/(loss) recognized in income | 3 | 7 |
Other operations and maintenance expense | ||
Pre-tax gain/(loss) recognized in income | ||
Total pre-tax gain/(loss) recognized in income | 5 | (3) |
Other interest expense | ||
Pre-tax gain/(loss) recognized in income | ||
Total pre-tax gain/(loss) recognized in income | 52 | (65) |
Deferred Derivative Gains,Current | ||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||
Total deferred gains/(losses) | 134 | (26) |
Deferred Derivative Gains, Noncurrent | ||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||
Total deferred gains/(losses) | 57 | 0 |
Deferred Derivative Losses, Current | ||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||
Total deferred gains/(losses) | 49 | (63) |
Recoverable Energy Costs, Current | ||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||
Total deferred gains/(losses) | 3 | (201) |
Deferred Derivative Losses, Noncurrent | ||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||
Total deferred gains/(losses) | 70 | (37) |
CECONY | ||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||
Total deferred gains/(losses) | 175 | (27) |
Total deferred gains/(losses) | 109 | (277) |
Net deferred gains/(losses) | 284 | (304) |
Pre-tax gain/(loss) recognized in income | ||
Total pre-tax gain/(loss) recognized in income | 5 | (3) |
CECONY | Gas purchased for resale | ||
Pre-tax gain/(loss) recognized in income | ||
Total pre-tax gain/(loss) recognized in income | 0 | 0 |
CECONY | Non-utility revenue | ||
Pre-tax gain/(loss) recognized in income | ||
Total pre-tax gain/(loss) recognized in income | 0 | 0 |
CECONY | Other operations and maintenance expense | ||
Pre-tax gain/(loss) recognized in income | ||
Total pre-tax gain/(loss) recognized in income | 5 | (3) |
CECONY | Other interest expense | ||
Pre-tax gain/(loss) recognized in income | ||
Total pre-tax gain/(loss) recognized in income | 0 | 0 |
CECONY | Deferred Derivative Gains,Current | ||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||
Total deferred gains/(losses) | 124 | (27) |
CECONY | Deferred Derivative Gains, Noncurrent | ||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||
Total deferred gains/(losses) | 51 | 0 |
CECONY | Deferred Derivative Losses, Current | ||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||
Total deferred gains/(losses) | 43 | (64) |
CECONY | Recoverable Energy Costs, Current | ||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||
Total deferred gains/(losses) | 0 | (177) |
CECONY | Deferred Derivative Losses, Noncurrent | ||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||
Total deferred gains/(losses) | $ 66 | $ (36) |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Hedged Volume of Derivative Transactions (Details) | Dec. 31, 2021MWhMWMMBTUgal |
Electric Energy | |
Derivatives, Fair Value [Line Items] | |
Notional amount | MWh | 26,982,370 |
Capacity | |
Derivatives, Fair Value [Line Items] | |
Notional amount | MW | 42,333 |
Natural Gas | |
Derivatives, Fair Value [Line Items] | |
Notional amount | MMBTU | 253,195,063 |
Refined Fuels | |
Derivatives, Fair Value [Line Items] | |
Notional amount | gal | 3,696,000 |
CECONY | Electric Energy | |
Derivatives, Fair Value [Line Items] | |
Notional amount | MWh | 24,646,000 |
CECONY | Capacity | |
Derivatives, Fair Value [Line Items] | |
Notional amount | MW | 28,800 |
CECONY | Natural Gas | |
Derivatives, Fair Value [Line Items] | |
Notional amount | MMBTU | 235,570,000 |
CECONY | Refined Fuels | |
Derivatives, Fair Value [Line Items] | |
Notional amount | gal | 3,696,000 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - Additional Information (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Investment Holdings [Line Items] | |
Energy supply and hedging activities credit exposure total | $ 406 |
Makeup of net credit exposure independent system operators | 91 |
Makeup of net credit exposure with investment-grade counterparties | 127 |
Makeup of net credit exposure non-investment grade/non-rated counterparties | 53 |
Makeup of net credit exposure with commodity exchange brokers | 135 |
CECONY | |
Investment Holdings [Line Items] | |
Energy supply and hedging activities credit exposure total | 145 |
Makeup of net credit exposure with investment-grade counterparties | 79 |
Makeup of net credit exposure with commodity exchange brokers | $ 66 |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities - Aggregate Fair Value of Companies' Derivative Instruments with Credit-Risk-Related Contingent Features (Details) $ in Millions | Dec. 31, 2021USD ($) |
Derivatives, Fair Value [Line Items] | |
Aggregate fair value – net liabilities | $ 158 |
Collateral posted | 170 |
Downgrade One Level from Current Ratings | |
Derivatives, Fair Value [Line Items] | |
Additional collateral | 43 |
Downgrade to Below Investment Grade from Current Ratings | |
Derivatives, Fair Value [Line Items] | |
Additional collateral | 94 |
Derivatives in net asset position additional collateral | 5 |
Additional Collateral Required Due To Loss Of Unsecured Credit | |
Derivatives, Fair Value [Line Items] | |
Collateral posted | 66 |
CECONY | |
Derivatives, Fair Value [Line Items] | |
Aggregate fair value – net liabilities | 121 |
Collateral posted | 170 |
CECONY | Downgrade One Level from Current Ratings | |
Derivatives, Fair Value [Line Items] | |
Additional collateral | 1 |
CECONY | Downgrade to Below Investment Grade from Current Ratings | |
Derivatives, Fair Value [Line Items] | |
Additional collateral | $ 37 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | $ (11) | |
Level 3 | CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | (7) | |
Commodity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets ransferred out of level 3 | 1 | |
Derivative liabilities transferred from Level 3 to Level 2 | 4 | $ 1 |
Commodity | CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets ransferred out of level 3 | 1 | |
Derivative liabilities transferred from Level 3 to Level 2 | 4 | 1 |
Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 832 | 675 |
Derivative liabilities | 236 | 478 |
Recurring | CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 728 | 550 |
Recurring | Netting Adjustment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | (171) | 53 |
Derivative liabilities | (148) | 46 |
Recurring | Netting Adjustment | CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | (79) | (16) |
Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 587 | 450 |
Derivative liabilities | 33 | 7 |
Recurring | Level 1 | CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 541 | 426 |
Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 399 | 168 |
Derivative liabilities | 323 | 402 |
Recurring | Level 2 | CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 265 | 140 |
Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 17 | 4 |
Derivative liabilities | 28 | 23 |
Recurring | Level 3 | CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 1 | |
Recurring | Commodity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 201 | 118 |
Derivative liabilities | 179 | 372 |
Recurring | Commodity | CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 127 | 19 |
Derivative liabilities | 128 | 268 |
Recurring | Commodity | Netting Adjustment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | (171) | 53 |
Derivative liabilities | (148) | 46 |
Recurring | Commodity | Netting Adjustment | CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | (79) | (16) |
Derivative liabilities | (53) | (19) |
Recurring | Commodity | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 95 | 19 |
Derivative liabilities | 33 | 7 |
Recurring | Commodity | Level 1 | CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 67 | 15 |
Derivative liabilities | 1 | 3 |
Recurring | Commodity | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 260 | 42 |
Derivative liabilities | 266 | 296 |
Recurring | Commodity | Level 2 | CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 138 | 20 |
Derivative liabilities | 172 | 274 |
Recurring | Commodity | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 17 | 4 |
Derivative liabilities | 28 | 23 |
Recurring | Commodity | Level 3 | CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 1 | |
Derivative liabilities | 8 | 10 |
Recurring | Interest Rate Swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 4 | |
Derivative liabilities | 57 | 106 |
Recurring | Interest Rate Swaps | Netting Adjustment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 0 | 0 |
Recurring | Interest Rate Swaps | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 0 | 0 |
Recurring | Interest Rate Swaps | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 4 | |
Derivative liabilities | 57 | 106 |
Recurring | Interest Rate Swaps | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 0 | 0 |
Recurring | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 627 | 557 |
Recurring | Other | CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 601 | 531 |
Recurring | Other | Netting Adjustment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Recurring | Other | Netting Adjustment | CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Recurring | Other | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 492 | 431 |
Recurring | Other | Level 1 | CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 474 | 411 |
Recurring | Other | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 135 | 126 |
Recurring | Other | Level 2 | CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 127 | 120 |
Recurring | Other | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Recurring | Other | Level 3 | CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | $ 0 | $ 0 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Commodity Derivatives (Details) - Level 3 $ in Millions | Dec. 31, 2021USD ($)$ / kW-month$ / MWh |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Fair Value of commodity derivatives | $ (11) |
CECONY | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Fair Value of commodity derivatives | (7) |
Electricity | Forward Energy Prices | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Fair Value of commodity derivatives | $ (6) |
Electricity | Forward Energy Prices | Minimum | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Unobservable Inputs Range (dollar per unit) | $ / MWh | 18.75 |
Electricity | Forward Energy Prices | Maximum | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Unobservable Inputs Range (dollar per unit) | $ / MWh | 82.40 |
Electricity | Forward Capacity Prices | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Fair Value of commodity derivatives | $ (10) |
Electricity | Forward Capacity Prices | CECONY | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Fair Value of commodity derivatives | $ (8) |
Electricity | Forward Capacity Prices | Minimum | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Unobservable Inputs Range (dollar per unit) | $ / kW-month | 0.31 |
Electricity | Forward Capacity Prices | Minimum | CECONY | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Unobservable Inputs Range (dollar per unit) | $ / kW-month | 1.35 |
Electricity | Forward Capacity Prices | Maximum | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Unobservable Inputs Range (dollar per unit) | $ / kW-month | 12.93 |
Electricity | Forward Capacity Prices | Maximum | CECONY | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Unobservable Inputs Range (dollar per unit) | $ / kW-month | 12.93 |
Transmission Congestion Contracts | Inter-Zonal Forward Price Curves | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Fair Value of commodity derivatives | $ 5 |
Transmission Congestion Contracts | Inter-Zonal Forward Price Curves | CECONY | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Fair Value of commodity derivatives | $ 1 |
Transmission Congestion Contracts | Inter-Zonal Forward Price Curves | Minimum | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Unobservable Inputs Range (dollar per unit) | $ / MWh | (20.27) |
Transmission Congestion Contracts | Inter-Zonal Forward Price Curves | Minimum | CECONY | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Unobservable Inputs Range (dollar per unit) | $ / MWh | 0.52 |
Transmission Congestion Contracts | Inter-Zonal Forward Price Curves | Maximum | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Unobservable Inputs Range (dollar per unit) | $ / MWh | 83.04 |
Transmission Congestion Contracts | Inter-Zonal Forward Price Curves | Maximum | CECONY | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Unobservable Inputs Range (dollar per unit) | $ / MWh | 3.63 |
Fair Value Measurements - Recon
Fair Value Measurements - Reconciliation of Beginning and Ending Net Balances for Assets and Liabilities Measured at Level 3 Fair Value (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | $ (19) | $ (16) |
Included in earnings | (9) | (10) |
Included in regulatory assets and liabilities | 3 | (7) |
Purchases | 6 | 0 |
Settlements | 5 | 15 |
Transfer out of level 3 | 3 | (1) |
Ending Balance | (11) | (19) |
CECONY | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | (10) | (6) |
Included in earnings | (3) | (5) |
Included in regulatory assets and liabilities | 1 | (4) |
Purchases | 0 | 0 |
Settlements | 3 | 6 |
Transfer out of level 3 | 2 | (1) |
Ending Balance | $ (7) | $ (10) |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Clean Energy Businesses | Non-utility revenue | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Gain (loss) on Level 3 energy derivative assets and liabilities | $ 2 | $ (3) |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2021 | |
Variable Interest Entity [Line Items] | |||
Noncontrolling interest | $ 299 | $ 218 | |
Clean Energy Businesses | |||
Variable Interest Entity [Line Items] | |||
Equity method investment | $ 11 | ||
Loss from the project, pre-tax | 11 | ||
Loss from the project, after-tax | 8 | ||
Tax Equity Investors | |||
Variable Interest Entity [Line Items] | |||
Noncontrolling interest | 95 | ||
Tax Equity Projects | Variable Interest Entity, Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Income (loss) | (30) | (6) | |
Income (loss), after tax | (24) | (4) | |
Tax Equity Projects | Tax Equity Investors | Variable Interest Entity, Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Income (loss) | 6 | 43 | |
Income (loss), after tax | 4 | $ 32 | |
CED Nevada Virginia | Con Edison Development | |||
Variable Interest Entity [Line Items] | |||
Loss from the project, pre-tax | 155 | ||
Loss from the project, after-tax | 117 | ||
CED Nevada Virginia | Tax Equity Investors | |||
Variable Interest Entity [Line Items] | |||
Loss from the project, pre-tax | 158 | ||
Loss from the project, after-tax | $ 119 |
Variable Interest Entities - Ne
Variable Interest Entities - Net Assets (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Business Acquisition [Line Items] | ||
Noncontrolling interest | $ 299 | $ 218 |
Great Valley Solar | ||
Business Acquisition [Line Items] | ||
Non-utility property, less accumulated depreciation | 275 | 284 |
Other assets | 37 | 39 |
Total assets | 312 | 323 |
Other liabilities | 14 | 13 |
Total liabilities | 14 | 13 |
Accumulated depreciation | 26 | 18 |
Copper Mountain Solar - Mesquite Solar | ||
Business Acquisition [Line Items] | ||
Non-utility property, less accumulated depreciation | 431 | 446 |
Other assets | 167 | 176 |
Total assets | 598 | 622 |
Other liabilities | 74 | 71 |
Total liabilities | 74 | 71 |
Accumulated depreciation | 44 | 30 |
CED Nevada Virginia | ||
Business Acquisition [Line Items] | ||
Non-utility property, less accumulated depreciation | 643 | |
Other assets | 55 | |
Total assets | 698 | |
Other liabilities | 315 | |
Total liabilities | 315 | |
Accumulated depreciation | 10 | |
Tax Equity Investors | ||
Business Acquisition [Line Items] | ||
Noncontrolling interest | 95 | |
Tax Equity Investors | Great Valley Solar | ||
Business Acquisition [Line Items] | ||
Noncontrolling interest | 84 | 82 |
Tax Equity Investors | Copper Mountain Solar - Mesquite Solar | ||
Business Acquisition [Line Items] | ||
Noncontrolling interest | $ 118 | $ 134 |
Variable Interest Entities - Su
Variable Interest Entities - Summary of VIEs (Details) - Variable Interest Entity, Not Primary Beneficiary $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($)MW | |
Great Valley Solar | |
Variable Interest Entity [Line Items] | |
Generating Capacity Owned (MW AC) | MW | 200 |
Maximum Exposure to Loss | $ | $ 214 |
Great Valley Solar | Minimum | |
Variable Interest Entity [Line Items] | |
Power Purchase Agreement Term in Years | 15 years |
Great Valley Solar | Maximum | |
Variable Interest Entity [Line Items] | |
Power Purchase Agreement Term in Years | 20 years |
Copper Mountain Solar - Mesquite Solar | |
Variable Interest Entity [Line Items] | |
Generating Capacity Owned (MW AC) | MW | 344 |
Maximum Exposure to Loss | $ | $ 406 |
Copper Mountain Solar - Mesquite Solar | Minimum | |
Variable Interest Entity [Line Items] | |
Power Purchase Agreement Term in Years | 20 years |
Copper Mountain Solar - Mesquite Solar | Maximum | |
Variable Interest Entity [Line Items] | |
Power Purchase Agreement Term in Years | 25 years |
CED Nevada Virginia | |
Variable Interest Entity [Line Items] | |
Generating Capacity Owned (MW AC) | MW | 431 |
Maximum Exposure to Loss | $ | $ 288 |
CED Nevada Virginia | Minimum | |
Variable Interest Entity [Line Items] | |
Power Purchase Agreement Term in Years | 20 years |
CED Nevada Virginia | Maximum | |
Variable Interest Entity [Line Items] | |
Power Purchase Agreement Term in Years | 25 years |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Regulatory Liabilities [Line Items] | ||
Accrued liability - asset retirement obligations | $ 577 | $ 576 |
Increase in liabilities for asset retirement obligations due to changes in estimated cash flows | 58 | 191 |
Asset retirement obligations, accretion expense | 18 | 16 |
Asset retirement obligations, liabilities settled | 75 | 56 |
Asset retirement obligations, reductions | 87 | 49 |
CECONY | ||
Regulatory Liabilities [Line Items] | ||
Accrued liability - asset retirement obligations | 504 | 508 |
Increase in liabilities for asset retirement obligations due to changes in estimated cash flows | 55 | 186 |
Asset retirement obligations, accretion expense | 15 | 13 |
Asset retirement obligations, liabilities settled | 74 | 53 |
Asset retirement obligations, reductions | $ 85 | $ 49 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) MMBTU in Thousands | 12 Months Ended | |||
Dec. 31, 2021USD ($)MMBTU | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Related Party Transaction [Line Items] | ||||
Net assets | $ 20,037,000,000 | $ 18,847,000,000 | ||
CECONY | ||||
Related Party Transaction [Line Items] | ||||
Net assets | 16,312,000,000 | 14,849,000,000 | $ 14,147,000,000 | $ 12,910,000,000 |
Sale of natural gas | 90,000,000 | 59,000,000 | 71,000,000 | |
Funding limit of CECONY to O&R (not to exceed) | $ 250,000,000 | |||
CECONY | Related Party, Lending of Funds | ||||
Related Party Transaction [Line Items] | ||||
Lending period (not more than) (months) | 12 months | |||
CECONY | Equity Method Investee | Mountain Valley Pipeline | ||||
Related Party Transaction [Line Items] | ||||
Amount of transaction | $ 0 | 0 | ||
Contract term (years) | 20 years | |||
Generating capacity per day (in dekatherms) | MMBTU | 250 | |||
CECONY | Equity Method Investee | Stagecoach | Purchased Power Costs | ||||
Related Party Transaction [Line Items] | ||||
Amount of transaction | $ 31,000,000 | 34,000,000 | $ 33,000,000 | |
CECONY | Affiliated Entity | Financial Electric Capacity Contract | Con Edison Energy | ||||
Related Party Transaction [Line Items] | ||||
Loss on financial electric capacity contracts | (4,000,000) | |||
O&R | ||||
Related Party Transaction [Line Items] | ||||
Net assets | 888,000,000 | |||
Outstanding loans | $ 0 | $ 0 | ||
CET Electric | NY Transco | ||||
Related Party Transaction [Line Items] | ||||
Ownership interest, percentage | 45.70% | |||
Amounts billed | $ 5,900,000 | |||
CET Gas | Mountain Valley Pipeline | ||||
Related Party Transaction [Line Items] | ||||
Percentage of equity interest owned | 10.20% | 11.30% | ||
Expected reduction in equity interest | 8.50% |
Related Party Transactions - Su
Related Party Transactions - Summary of Costs of Administrative and Other Services Provided and Received (Details) - CECONY - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | |||
Cost of services provided | $ 137 | $ 128 | $ 121 |
Cost of services received | $ 68 | $ 66 | $ 64 |
Dispositions (Details)
Dispositions (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Carrying value of projects sold | $ 44,214 | $ 42,024 | ||
Stagecoach | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Equity method investment | $ 630 | $ 667 | ||
Clean Energy Businesses | Subsidiaries | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Carrying value of projects sold | $ 192 | |||
Gain (loss) on sale of projects | 3 | |||
Gain on sale, after tax | 2 | |||
Equity method investment | 11 | |||
Con Edison Transmission | Subsidiaries | Stagecoach | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale | 1,225 | |||
CET Gas | Subsidiaries | Stagecoach | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale | $ 629 |
Schedule I - Condensed Financ_2
Schedule I - Condensed Financial Information - Income and Comprehensive Income (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Condensed Income Statements,Captions [Line Items] | |||
Interest expense | $ (905) | $ (1,019) | $ (991) |
NET INCOME FOR COMMON STOCK | 1,346 | 1,101 | 1,343 |
Comprehensive Income | $ 1,376 | $ 1,095 | $ 1,340 |
Net Income Per Share – Basic (in dollars per share) | $ 3.86 | $ 3.29 | $ 4.09 |
Net Income Per Share – Diluted (in dollars per share) | $ 3.85 | $ 3.28 | $ 4.08 |
Average Number Of Shares Outstanding—Basic (in shares) | 348.4 | 334.8 | 328.5 |
Average Number Of Shares Outstanding—Diluted (in shares) | 349.4 | 335.7 | 329.5 |
Parent Company | |||
Condensed Income Statements,Captions [Line Items] | |||
Equity in earnings of subsidiaries | $ 1,369 | $ 1,105 | $ 1,354 |
Other income (deductions), net of taxes | 14 | 56 | 76 |
Interest expense | (37) | (60) | (87) |
NET INCOME FOR COMMON STOCK | 1,346 | 1,101 | 1,343 |
Comprehensive Income | $ 1,376 | $ 1,095 | $ 1,340 |
Net Income Per Share – Basic (in dollars per share) | $ 3.86 | $ 3.29 | $ 4.09 |
Net Income Per Share – Diluted (in dollars per share) | 3.85 | 3.28 | 4.08 |
Dividends Declared Per Share (in dollars per share) | $ 3.10 | $ 3.06 | $ 2.96 |
Average Number Of Shares Outstanding—Basic (in shares) | 348.4 | 334.8 | 328.5 |
Average Number Of Shares Outstanding—Diluted (in shares) | 349.4 | 335.7 | 329.5 |
Schedule I - Condensed Financ_3
Schedule I - Condensed Financial Information - Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net Income | $ 1,346 | $ 1,101 | $ 1,343 |
Change in Assets: | |||
Taxes receivable | 13 | (6) | 29 |
Other – net (b) | (103) | (134) | 54 |
NET CASH FLOWS FROM OPERATING ACTIVITIES | 2,733 | 2,198 | 3,134 |
INVESTING ACTIVITIES | |||
NET CASH FLOWS USED IN INVESTING ACTIVITIES | (3,484) | (4,224) | (3,782) |
FINANCING ACTIVITIES | |||
Net proceeds of short-term debt | (382) | 178 | (874) |
Issuance of long-term debt | 2,804 | 2,925 | 3,017 |
Retirement of long-term debt | (1,960) | (518) | (1,195) |
Debt issuance costs | (40) | (47) | (32) |
Issuance of common shares for stock plans | 60 | 58 | 54 |
Issuance of common shares - public offering | 775 | 640 | 825 |
Common stock dividends | (1,030) | (975) | (924) |
NET CASH FLOWS FROM FINANCING ACTIVITIES | 461 | 2,245 | 859 |
NET CHANGE FOR THE PERIOD | (290) | 219 | 211 |
BALANCE AT BEGINNING OF PERIOD | 1,436 | 1,217 | 1,006 |
BALANCE AT END OF PERIOD | 1,146 | 1,436 | 1,217 |
CECONY | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net Income | 1,344 | 1,185 | 1,250 |
Change in Assets: | |||
Other – net (b) | (85) | (49) | 54 |
NET CASH FLOWS FROM OPERATING ACTIVITIES | 2,186 | 1,693 | 2,502 |
INVESTING ACTIVITIES | |||
NET CASH FLOWS USED IN INVESTING ACTIVITIES | (3,729) | (3,416) | (3,124) |
FINANCING ACTIVITIES | |||
Net proceeds of short-term debt | (299) | 523 | (55) |
Issuance of long-term debt | 2,250 | 2,200 | 1,300 |
Retirement of long-term debt | (640) | (350) | (475) |
Debt issuance costs | (27) | (34) | (21) |
NET CASH FLOWS FROM FINANCING ACTIVITIES | 1,396 | 1,857 | 737 |
NET CHANGE FOR THE PERIOD | (147) | 134 | 115 |
BALANCE AT BEGINNING OF PERIOD | 1,067 | 933 | 818 |
BALANCE AT END OF PERIOD | 920 | 1,067 | 933 |
Parent Company | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net Income | 1,346 | 1,101 | 1,343 |
Equity in earnings of subsidiaries | (1,369) | (1,105) | (1,354) |
Change in Assets: | |||
Special deposits | 0 | 0 | (3) |
Taxes receivable | 15 | 25 | |
Other – net (b) | 211 | (521) | 44 |
NET CASH FLOWS FROM OPERATING ACTIVITIES | 1,459 | 538 | 1,029 |
INVESTING ACTIVITIES | |||
Contributions to subsidiaries | (1,135) | (626) | (930) |
Debt receivable from affiliated companies | 875 | 400 | 450 |
NET CASH FLOWS USED IN INVESTING ACTIVITIES | (260) | (226) | (480) |
FINANCING ACTIVITIES | |||
Net proceeds of short-term debt | 50 | (537) | (783) |
Issuance of long-term debt | 0 | 650 | 825 |
Retirement of long-term debt | (1,178) | (3) | (553) |
Debt issuance costs | (1) | (3) | 0 |
Issuance of common shares for stock plans | 60 | 58 | 54 |
Issuance of common shares - public offering | 775 | 640 | 825 |
Common stock dividends | (1,030) | (975) | (924) |
NET CASH FLOWS FROM FINANCING ACTIVITIES | (1,324) | (170) | (556) |
NET CHANGE FOR THE PERIOD | (125) | 142 | (7) |
BALANCE AT BEGINNING OF PERIOD | 144 | 2 | 9 |
BALANCE AT END OF PERIOD | 19 | 144 | 2 |
Parent Company | Revision of Prior Period, Adjustment | |||
FINANCING ACTIVITIES | |||
Retirement of long-term debt | (1,175) | ||
Parent Company | CECONY | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Dividends received | 988 | 982 | 912 |
Parent Company | O&R | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Dividends received | 52 | 49 | 47 |
Parent Company | Clean Energy Businesses | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Dividends received | 64 | 21 | 3 |
Parent Company | Con Edison Transmission | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Dividends received | $ 152 | $ 11 | $ 12 |
Schedule I - Condensed Financ_4
Schedule I - Condensed Financial Information - Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Current Assets | |||
Cash and temporary cash investments | $ 992 | $ 1,272 | |
Accounts receivable - customers, less allowance for uncollectible accounts | 1,943 | 1,701 | |
Taxes receivable | 13 | 26 | |
Prepayments | 295 | 271 | |
Other current assets | 361 | 231 | |
TOTAL CURRENT ASSETS | 5,551 | 5,301 | |
Investments in subsidiaries and others | 853 | 1,816 | |
Goodwill | 439 | 446 | |
Other noncurrent assets | 8,116 | 9,223 | |
TOTAL ASSETS | 63,116 | 62,895 | $ 58,079 |
Current Liabilities | |||
Long-term debt due within one year | 1,967 | ||
Term Loan | 0 | 165 | |
Notes payable | 1,488 | 1,705 | |
Accounts payable | 1,497 | 1,475 | |
Accrued taxes | 104 | 150 | |
Other current liabilities | 461 | 426 | |
TOTAL CURRENT LIABILITIES | 5,427 | 7,354 | |
Long-term debt | 22,604 | 20,382 | |
Shareholders’ Equity | |||
Equity | 20,037 | 18,847 | |
TOTAL LIABILITIES AND EQUITY | 63,116 | 62,895 | |
Parent Company | |||
Current Assets | |||
Cash and temporary cash investments | 19 | 144 | |
Accounts receivable - customers, less allowance for uncollectible accounts | 0 | 1 | |
Taxes receivable | 3 | 18 | |
Accounts receivable from affiliated companies | 1,199 | 1,256 | |
Prepayments | 28 | 62 | |
Other current assets | 14 | 12 | |
TOTAL CURRENT ASSETS | 1,263 | 1,493 | |
Investments in subsidiaries and others | 19,951 | 18,670 | |
Goodwill | 406 | 406 | |
Deferred income tax | 0 | 55 | |
Long-term debt receivable from affiliated companies | 0 | 875 | |
TOTAL ASSETS | 21,620 | 21,499 | |
Current Liabilities | |||
Long-term debt due within one year | 293 | 1,178 | |
Notes payable | 50 | 0 | |
Accounts payable | 1 | 0 | |
Accounts payable to affiliated companies | 517 | 517 | |
Accrued taxes | 2 | 6 | |
Other current liabilities | 9 | 12 | |
TOTAL CURRENT LIABILITIES | 872 | 1,713 | |
Deferred income tax | 64 | 0 | |
Total Liabilities | 936 | 1,713 | |
Long-term debt | 647 | 939 | |
Shareholders’ Equity | |||
Common stock, including additional paid-in capital | 9,748 | 8,844 | |
Retained earnings | 10,289 | 10,003 | |
Equity | 20,037 | 18,847 | |
TOTAL LIABILITIES AND EQUITY | $ 21,620 | $ 21,499 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - Allowance For Uncollectible Accounts - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 154 | $ 74 | $ 68 |
Charged To Costs And Expenses | 83 | 72 | 77 |
Charged To Other Accounts | 0 | 0 | 0 |
Deductions | 102 | 8 | (71) |
Balance At End of Period | 339 | 154 | 74 |
CECONY | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 143 | 68 | 61 |
Charged To Costs And Expenses | 78 | 65 | 72 |
Charged To Other Accounts | 0 | 0 | 0 |
Deductions | 102 | 10 | (65) |
Balance At End of Period | $ 323 | $ 143 | $ 68 |