Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 31, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
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 ($.10 par value) | |
Trading Symbol | ED | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 354,862,848 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0001047862 | |
Current Fiscal Year End Date | --12-31 | |
CECONY | ||
Document Information [Line Items] | ||
Entity File Number | 1-01217 | |
Entity Registrant Name | Consolidated Edison Company of New York, Inc. | |
Entity Incorporation, State or Country Code | NY | |
Entity Tax Identification Number | 13-5009340 | |
Entity Address, Address Line One | 4 Irving Place, | |
Entity Address, City or Town | New York, | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10003 | |
City Area Code | (212) | |
Local Phone Number | 460-4600 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0000023632 | |
Current Fiscal Year End Date | --12-31 |
CONSOLIDATED INCOME STATEMENT (
CONSOLIDATED INCOME STATEMENT (UNAUDITED) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
OPERATING REVENUES | ||||
TOTAL OPERATING REVENUES | $ 4,165 | $ 3,613 | $ 11,639 | $ 10,261 |
OPERATING EXPENSES | ||||
Depreciation and amortization | 525 | 512 | 1,593 | 1,511 |
Taxes, other than income taxes | 777 | 727 | 2,248 | 2,103 |
TOTAL OPERATING EXPENSES | 3,276 | 2,763 | 9,565 | 8,132 |
OPERATING INCOME | 889 | 850 | 2,074 | 2,129 |
OTHER INCOME (DEDUCTIONS) | ||||
Investment income (loss) | 5 | 5 | 15 | (180) |
Other income | 101 | 5 | 296 | 19 |
Allowance for equity funds used during construction | 4 | 5 | 15 | 15 |
Other deductions | (21) | (37) | (57) | (113) |
TOTAL OTHER INCOME (DEDUCTIONS) | 89 | (22) | 269 | (259) |
INCOME BEFORE INTEREST AND INCOME TAX EXPENSE | 978 | 828 | 2,343 | 1,870 |
INTEREST EXPENSE (INCOME) | ||||
Interest on long-term debt | 246 | 235 | 728 | 693 |
Other interest expense (income) | (32) | (2) | (119) | (15) |
Allowance for borrowed funds used during construction | (15) | (1) | (23) | (9) |
NET INTEREST EXPENSE | 199 | 232 | 586 | 669 |
INCOME BEFORE INCOME TAX EXPENSE | 779 | 596 | 1,757 | 1,201 |
INCOME TAX EXPENSE | 160 | 127 | 330 | 194 |
NET INCOME | 619 | 469 | 1,427 | 1,007 |
Income (loss) attributable to non-controlling interest | 6 | (69) | (43) | (115) |
NET INCOME | $ 613 | $ 538 | $ 1,470 | $ 1,122 |
Net income per common share - basic (dollars per share) | $ 1.73 | $ 1.52 | $ 4.15 | $ 3.23 |
Net income per common share - diluted (dollars per share) | $ 1.72 | $ 1.52 | $ 4.13 | $ 3.23 |
AVERAGE NUMBER OF SHARES OUTSTANDING-BASIC (shares) | 354.6 | 353.4 | 354.4 | 346.8 |
AVERAGE NUMBER OF SHARES OUTSTANDING—DILUTED (shares) | 355.9 | 354.1 | 355.7 | 347.5 |
Electric | ||||
OPERATING REVENUES | ||||
TOTAL OPERATING REVENUES | $ 3,328 | $ 2,952 | $ 7,994 | $ 7,180 |
Gas | ||||
OPERATING REVENUES | ||||
TOTAL OPERATING REVENUES | 453 | 341 | 2,345 | 1,907 |
OPERATING EXPENSES | ||||
Operating costs | 185 | 83 | 833 | 461 |
Steam | ||||
OPERATING REVENUES | ||||
TOTAL OPERATING REVENUES | 58 | 55 | 444 | 393 |
Non-utility | ||||
OPERATING REVENUES | ||||
TOTAL OPERATING REVENUES | 326 | 265 | 856 | 781 |
Purchased power | ||||
OPERATING EXPENSES | ||||
Operating costs | 731 | 548 | 1,851 | 1,448 |
Fuel | ||||
OPERATING EXPENSES | ||||
Operating costs | 59 | 44 | 255 | 166 |
Other operations and maintenance | ||||
OPERATING EXPENSES | ||||
Operating costs | $ 999 | $ 849 | $ 2,785 | $ 2,443 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
NET INCOME | $ 619 | $ 469 | $ 1,427 | $ 1,007 |
(INCOME) LOSS ATTRIBUTABLE TO NON-CONTROLLING INTEREST | (6) | 69 | 43 | 115 |
OTHER COMPREHENSIVE INCOME, NET OF TAXES | ||||
Pension and other postretirement benefit plan liability adjustments, net of taxes | 1 | 2 | 6 | 8 |
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAXES | 1 | 2 | 6 | 8 |
COMPREHENSIVE INCOME | $ 614 | $ 540 | $ 1,476 | $ 1,130 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Net income | $ 1,427 | $ 1,007 |
PRINCIPAL NON-CASH CHARGES/(CREDITS) TO INCOME | ||
Depreciation and amortization | 1,593 | 1,511 |
Investment loss/impairment | 0 | 211 |
Deferred income taxes | 317 | 167 |
Net derivative gains | (161) | (26) |
Other non-cash items, net | 195 | 7 |
CHANGES IN ASSETS AND LIABILITIES | ||
Accounts receivable – customers | (140) | (387) |
Allowance for uncollectible accounts – customers | (12) | 165 |
Other receivables and other current assets | (193) | (234) |
Prepayments | (588) | (576) |
Accounts payable | 61 | (15) |
Pensions and retiree benefits obligations, net | 105 | 237 |
Pensions and retiree benefits contributions | (34) | (467) |
Accrued taxes | (10) | (27) |
Accrued interest | 126 | 126 |
Distributions from equity investments | 14 | 18 |
Deferred charges, noncurrent assets, leases, net and other regulatory assets | (550) | (478) |
Deferred credits, noncurrent liabilities and other regulatory liabilities | 468 | 612 |
Other current liabilities | 0 | (139) |
NET CASH FLOWS FROM OPERATING ACTIVITIES | 2,618 | 1,712 |
INVESTING ACTIVITIES | ||
Utility construction expenditures | (2,844) | (2,697) |
Cost of removal less salvage | (247) | (242) |
Non-utility construction expenditures | (210) | (289) |
Investments in electric and gas transmission projects | (48) | (16) |
Proceeds from sale of assets | 0 | 614 |
Divestiture of renewable electric projects, net | 0 | 183 |
Other investing activities | 3 | 10 |
NET CASH FLOWS USED IN INVESTING ACTIVITIES | (3,346) | (2,437) |
FINANCING ACTIVITIES | ||
Net issuance (retirement) of short-term debt | 1,003 | (834) |
Issuance of long-term debt | 0 | 1,979 |
Retirement of long-term debt | (383) | (1,904) |
Debt issuance costs | 0 | (30) |
Common stock dividends | (812) | (768) |
Issuance of common shares - public offering | 0 | 775 |
Issuance of common shares for stock plans | 43 | 45 |
Distribution to noncontrolling interest | (28) | (15) |
Sale of equity interest | 0 | 256 |
NET CASH FLOWS USED IN FINANCING ACTIVITIES | (177) | (496) |
CASH, TEMPORARY CASH INVESTMENTS, AND RESTRICTED CASH: | ||
NET CHANGE FOR THE PERIOD | (905) | (1,221) |
BALANCE AT BEGINNING OF PERIOD | 1,146 | 1,436 |
BALANCE AT END OF PERIOD | 241 | 215 |
Cash paid/(received) during the period for: | ||
Interest | 583 | 565 |
Income taxes | 30 | (9) |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION | ||
Construction expenditures in accounts payable | 486 | 388 |
Issuance of common shares for dividend reinvestment | 28 | 37 |
Software Licenses | ||
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION | ||
Capital expenditures incurred but unpaid as of end of period | 2 | 24 |
Equipment | ||
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION | ||
Capital expenditures incurred but unpaid as of end of period | $ 17 | $ 22 |
CONSOLIDATED BALANCE SHEET (UNA
CONSOLIDATED BALANCE SHEET (UNAUDITED) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
CURRENT ASSETS | ||
Cash and temporary cash investments | $ 78 | $ 992 |
Accounts receivable – customers, net allowance for uncollectible accounts | 2,095 | 1,943 |
Other receivables, net allowance for uncollectible accounts | 330 | 298 |
Taxes receivable | 9 | 13 |
Accrued unbilled revenue | 619 | 662 |
Fuel oil, gas in storage, materials and supplies, at average cost | 533 | 437 |
Prepayments | 913 | 295 |
Regulatory assets | 282 | 206 |
Restricted cash | 163 | 154 |
Revenue decoupling mechanism receivable | 167 | 190 |
Fair value of derivative assets | 256 | 128 |
Other current assets | 288 | 233 |
TOTAL CURRENT ASSETS | 5,733 | 5,551 |
INVESTMENTS | 805 | 853 |
UTILITY PLANT, AT ORIGINAL COST | ||
General | 4,167 | 4,170 |
TOTAL | 56,476 | 54,239 |
Less: Accumulated depreciation | 12,831 | 12,177 |
Net | 43,645 | 42,062 |
Construction work in progress | 2,234 | 2,152 |
NET UTILITY PLANT | 45,879 | 44,214 |
NON-UTILITY PLANT | ||
Non-utility property, net accumulated depreciation of $731 and $626 in 2022 and 2021, respectively | 4,128 | 4,194 |
Construction work in progress | 385 | 188 |
NET PLANT | 50,392 | 48,596 |
OTHER NONCURRENT ASSETS | ||
Goodwill | 439 | 439 |
Intangible assets, net accumulated amortization of $368 and $297 in 2022 and 2021, respectively | 1,222 | 1,293 |
Regulatory assets | 3,705 | 3,639 |
Pension and retiree benefits | 2,188 | 1,654 |
Operating lease right-of-use asset | 844 | 809 |
Fair value of derivative assets | 250 | 77 |
Other Assets, Miscellaneous, Noncurrent | 185 | 205 |
TOTAL OTHER NONCURRENT ASSETS | 8,833 | 8,116 |
TOTAL ASSETS | 65,763 | 63,116 |
CURRENT LIABILITIES | ||
Long-term debt due within one year | 323 | 440 |
Term loan | 550 | 0 |
Notes payable | 1,941 | 1,488 |
Accounts payable | 1,587 | 1,497 |
Customer deposits | 345 | 300 |
Accrued taxes | 94 | 104 |
Accrued interest | 277 | 151 |
Accrued wages | 117 | 113 |
Fair value of derivative liabilities | 70 | 152 |
Regulatory liabilities | 568 | 185 |
System benefit charge | 423 | 423 |
Operating lease liabilities | 131 | 113 |
Other current liabilities | 464 | 461 |
TOTAL CURRENT LIABILITIES | 6,890 | 5,427 |
NONCURRENT LIABILITIES | ||
Provision for injuries and damages | 176 | 183 |
Pensions and retiree benefits | 688 | 737 |
Superfund and other environmental costs | 923 | 940 |
Asset retirement obligations | 591 | 577 |
Fair value of derivative liabilities | 31 | 84 |
Deferred income taxes and unamortized investment tax credits | 7,387 | 6,873 |
Operating lease liabilities | 772 | 717 |
Regulatory liabilities | 4,717 | 4,381 |
Deferred Credits and Other Liabilities, Noncurrent | 262 | 257 |
TOTAL NONCURRENT LIABILITIES | 15,547 | 14,749 |
LONG-TERM DEBT | 22,350 | 22,604 |
COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Note B, Note G, and Note H) | ||
EQUITY | ||
Common shareholders’ equity | 20,748 | 20,037 |
Noncontrolling interest | 228 | 299 |
TOTAL EQUITY (See Statement of Equity) | 20,976 | 20,336 |
TOTAL LIABILITIES AND EQUITY | 65,763 | 63,116 |
Electric | ||
UTILITY PLANT, AT ORIGINAL COST | ||
Utility plant, at original cost | 36,346 | 34,938 |
Gas | ||
UTILITY PLANT, AT ORIGINAL COST | ||
Utility plant, at original cost | 13,068 | 12,303 |
Steam | ||
UTILITY PLANT, AT ORIGINAL COST | ||
Utility plant, at original cost | $ 2,895 | $ 2,828 |
CONSOLIDATED BALANCE SHEET (U_2
CONSOLIDATED BALANCE SHEET (UNAUDITED) (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Accounts receivable - customers, allowance for uncollectible accounts | $ 305 | $ 317 |
Other receivables, allowance for uncollectible accounts | 9 | 22 |
Non-utility property, accumulated depreciation | 731 | 626 |
Intangible assets, accumulated amortization | $ 368 | $ 297 |
CONSOLIDATED STATEMENT OF EQUIT
CONSOLIDATED STATEMENT OF EQUITY (UNAUDITED) - USD ($) shares in Millions, $ in Millions | Total | Subsidiaries | Common Stock | Common Stock Subsidiaries | Additional Paid-In Capital | Retained Earnings | Retained Earnings Subsidiaries | Treasury Stock | Capital Stock Expense | Accumulated Other Comprehensive Income/(Loss) | Accumulated Other Comprehensive Income/(Loss) Subsidiaries | Non- controlling Interest |
Beginning balance (shares) at Dec. 31, 2020 | 342 | 235 | ||||||||||
Beginning balance at Dec. 31, 2020 | $ 19,065 | $ 36 | $ 8,808 | $ 11,178 | $ (1,038) | $ (112) | $ (25) | $ 218 | ||||
Beginning balance (shares) at Dec. 31, 2020 | 23 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income | 420 | 419 | 1 | |||||||||
Common stock dividends | (265) | $ (247) | (265) | $ (247) | ||||||||
Issuance of common shares for stock plans | 28 | 28 | ||||||||||
Other comprehensive income | 4 | 4 | ||||||||||
Distributions to noncontrolling interest | (3) | (3) | ||||||||||
Net proceeds from sale of equity interest | 33 | 33 | ||||||||||
Ending balance (shares) at Mar. 31, 2021 | 342 | 235 | ||||||||||
Ending balance at Mar. 31, 2021 | $ 19,282 | $ 36 | 8,836 | 11,332 | $ (1,038) | (112) | (21) | 249 | ||||
Ending balance (shares) at Mar. 31, 2021 | 23 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Common stock dividends per share (dollars per share) | $ 0.775 | |||||||||||
Beginning balance (shares) at Dec. 31, 2020 | 342 | 235 | ||||||||||
Beginning balance at Dec. 31, 2020 | $ 19,065 | $ 36 | 8,808 | 11,178 | $ (1,038) | (112) | (25) | 218 | ||||
Beginning balance (shares) at Dec. 31, 2020 | 23 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income | 1,007 | |||||||||||
Other comprehensive income | 8 | |||||||||||
Ending balance (shares) at Sep. 30, 2021 | 354 | 235 | ||||||||||
Ending balance at Sep. 30, 2021 | 20,377 | $ 37 | 9,683 | 11,495 | $ (1,038) | (123) | (17) | 340 | ||||
Ending balance (shares) at Sep. 30, 2021 | 23 | |||||||||||
Beginning balance (shares) at Mar. 31, 2021 | 342 | 235 | ||||||||||
Beginning balance at Mar. 31, 2021 | 19,282 | $ 36 | 8,836 | 11,332 | $ (1,038) | (112) | (21) | 249 | ||||
Beginning balance (shares) at Mar. 31, 2021 | 23 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income | 118 | 165 | (47) | |||||||||
Common stock dividends | (266) | (247) | (266) | (247) | ||||||||
Issuance of common shares – public offering (shares) | 11 | |||||||||||
Issuance of common shares - public offering | 775 | $ 1 | 785 | (11) | ||||||||
Issuance of common shares for stock plans | 34 | 34 | ||||||||||
Other comprehensive income | 2 | 2 | ||||||||||
Distributions to noncontrolling interest | (4) | (4) | ||||||||||
Net proceeds from sale of equity interest | 112 | 112 | ||||||||||
Ending balance (shares) at Jun. 30, 2021 | 353 | 235 | ||||||||||
Ending balance at Jun. 30, 2021 | $ 20,053 | $ 37 | 9,655 | 11,231 | $ (1,038) | (123) | (19) | 310 | ||||
Ending balance (shares) at Jun. 30, 2021 | 23 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Common stock dividends per share (dollars per share) | $ 0.775 | |||||||||||
Net income | $ 469 | 538 | (69) | |||||||||
Common stock dividends | (274) | (247) | (274) | (247) | ||||||||
Issuance of common shares – public offering (shares) | 1 | |||||||||||
Issuance of common shares - public offering | 0 | |||||||||||
Issuance of common shares for stock plans | 28 | 28 | ||||||||||
Other comprehensive income | 2 | 2 | ||||||||||
Distributions to noncontrolling interest | (8) | (8) | ||||||||||
Net proceeds from sale of equity interest | 107 | 107 | ||||||||||
Ending balance (shares) at Sep. 30, 2021 | 354 | 235 | ||||||||||
Ending balance at Sep. 30, 2021 | $ 20,377 | $ 37 | 9,683 | 11,495 | $ (1,038) | (123) | (17) | 340 | ||||
Ending balance (shares) at Sep. 30, 2021 | 23 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Common stock dividends per share (dollars per share) | $ 0.775 | |||||||||||
Beginning balance (shares) at Dec. 31, 2021 | 354 | 235 | ||||||||||
Beginning balance at Dec. 31, 2021 | $ 20,336 | $ 37 | 9,710 | 11,445 | $ (1,038) | (122) | 5 | 299 | ||||
Beginning balance (shares) at Dec. 31, 2021 | 23 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income | 554 | 602 | (48) | |||||||||
Common stock dividends | (280) | (245) | (280) | (245) | ||||||||
Issuance of common shares - public offering | 1 | 1 | ||||||||||
Issuance of common shares for stock plans | 18 | 18 | ||||||||||
Other comprehensive income | 1 | $ 1 | ||||||||||
Distributions to noncontrolling interest | (6) | (6) | ||||||||||
Ending balance (shares) at Mar. 31, 2022 | 354 | 235 | ||||||||||
Ending balance at Mar. 31, 2022 | $ 20,623 | $ 37 | 9,728 | 11,767 | $ (1,038) | (121) | 5 | 245 | ||||
Ending balance (shares) at Mar. 31, 2022 | 23 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Common stock dividends per share (dollars per share) | $ 0.79 | |||||||||||
Beginning balance (shares) at Dec. 31, 2021 | 354 | 235 | ||||||||||
Beginning balance at Dec. 31, 2021 | $ 20,336 | $ 37 | 9,710 | 11,445 | $ (1,038) | (122) | 5 | 299 | ||||
Beginning balance (shares) at Dec. 31, 2021 | 23 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income | 1,427 | |||||||||||
Other comprehensive income | 6 | |||||||||||
Ending balance (shares) at Sep. 30, 2022 | 355 | 235 | ||||||||||
Ending balance at Sep. 30, 2022 | 20,976 | $ 37 | 9,784 | 12,075 | $ (1,038) | (121) | 11 | 228 | ||||
Ending balance (shares) at Sep. 30, 2022 | 23 | |||||||||||
Beginning balance (shares) at Mar. 31, 2022 | 354 | 235 | ||||||||||
Beginning balance at Mar. 31, 2022 | 20,623 | $ 37 | 9,728 | 11,767 | $ (1,038) | (121) | 5 | 245 | ||||
Beginning balance (shares) at Mar. 31, 2022 | 23 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income | 254 | 255 | (1) | |||||||||
Common stock dividends | (280) | (245) | (280) | (245) | ||||||||
Issuance of common shares for stock plans | 29 | 29 | ||||||||||
Other comprehensive income | 5 | 5 | ||||||||||
Distributions to noncontrolling interest | (10) | (10) | ||||||||||
Ending balance (shares) at Jun. 30, 2022 | 354 | 235 | ||||||||||
Ending balance at Jun. 30, 2022 | $ 20,621 | $ 37 | 9,757 | 11,742 | $ (1,038) | (121) | 10 | 234 | ||||
Ending balance (shares) at Jun. 30, 2022 | 23 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Common stock dividends per share (dollars per share) | $ 0.79 | |||||||||||
Net income | $ 619 | 613 | 6 | |||||||||
Common stock dividends | (280) | $ (244) | (280) | $ (244) | ||||||||
Issuance of common shares – public offering (shares) | 1 | |||||||||||
Issuance of common shares - public offering | 0 | |||||||||||
Issuance of common shares for stock plans | 27 | 27 | ||||||||||
Other comprehensive income | 1 | 1 | ||||||||||
Distributions to noncontrolling interest | (12) | (12) | ||||||||||
Ending balance (shares) at Sep. 30, 2022 | 355 | 235 | ||||||||||
Ending balance at Sep. 30, 2022 | $ 20,976 | $ 37 | $ 9,784 | $ 12,075 | $ (1,038) | $ (121) | $ 11 | $ 228 | ||||
Ending balance (shares) at Sep. 30, 2022 | 23 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Common stock dividends per share (dollars per share) | $ 0.79 |
CONSOLIDATED STATEMENT OF EQU_2
CONSOLIDATED STATEMENT OF EQUITY (UNAUDITED) (Parenthetical) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||||
Common stock dividends per share (dollars per share) | $ 0.79 | $ 0.79 | $ 0.79 | $ 0.775 | $ 0.775 | $ 0.775 |
CONSOLIDATED INCOME STATEMENT -
CONSOLIDATED INCOME STATEMENT - CECONY (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
OPERATING REVENUES | ||||
TOTAL OPERATING REVENUES | $ 4,165 | $ 3,613 | $ 11,639 | $ 10,261 |
OPERATING EXPENSES | ||||
Depreciation and amortization | 525 | 512 | 1,593 | 1,511 |
Taxes, other than income taxes | 777 | 727 | 2,248 | 2,103 |
TOTAL OPERATING EXPENSES | 3,276 | 2,763 | 9,565 | 8,132 |
Operating income/(loss) | 889 | 850 | 2,074 | 2,129 |
OTHER INCOME (DEDUCTIONS) | ||||
Investment income (loss) | 5 | 5 | 15 | (180) |
Allowance for equity funds used during construction | 4 | 5 | 15 | 15 |
Other deductions | (21) | (37) | (57) | (113) |
TOTAL OTHER INCOME (DEDUCTIONS) | 89 | (22) | 269 | (259) |
INCOME BEFORE INTEREST AND INCOME TAX EXPENSE | 978 | 828 | 2,343 | 1,870 |
INTEREST EXPENSE (INCOME) | ||||
Interest on long-term debt | 246 | 235 | 728 | 693 |
Other interest expense (income) | (32) | (2) | (119) | (15) |
Allowance for borrowed funds used during construction | (15) | (1) | (23) | (9) |
NET INTEREST EXPENSE | 199 | 232 | 586 | 669 |
INCOME BEFORE INCOME TAX EXPENSE | 779 | 596 | 1,757 | 1,201 |
INCOME TAX EXPENSE | 160 | 127 | 330 | 194 |
NET INCOME | 613 | 538 | 1,470 | 1,122 |
Subsidiaries | ||||
OPERATING REVENUES | ||||
TOTAL OPERATING REVENUES | 3,549 | 3,092 | 9,972 | 8,784 |
OPERATING EXPENSES | ||||
Depreciation and amortization | 441 | 429 | 1,341 | 1,267 |
Taxes, other than income taxes | 748 | 699 | 2,159 | 2,016 |
TOTAL OPERATING EXPENSES | 2,811 | 2,364 | 8,243 | 6,948 |
Operating income/(loss) | 738 | 728 | 1,729 | 1,836 |
OTHER INCOME (DEDUCTIONS) | ||||
Investment income (loss) | 93 | 5 | 280 | 15 |
Allowance for equity funds used during construction | 4 | 5 | 13 | 14 |
Other deductions | (16) | (33) | (48) | (99) |
TOTAL OTHER INCOME (DEDUCTIONS) | 81 | (23) | 245 | (70) |
INCOME BEFORE INTEREST AND INCOME TAX EXPENSE | 819 | 705 | 1,974 | 1,766 |
INTEREST EXPENSE (INCOME) | ||||
Interest on long-term debt | 201 | 194 | 600 | 564 |
Other interest expense (income) | 15 | 3 | 25 | 11 |
Allowance for borrowed funds used during construction | (14) | 0 | (21) | (8) |
NET INTEREST EXPENSE | 202 | 197 | 604 | 567 |
INCOME BEFORE INCOME TAX EXPENSE | 617 | 508 | 1,370 | 1,199 |
INCOME TAX EXPENSE | 124 | 90 | 232 | 188 |
NET INCOME | 493 | 418 | 1,138 | 1,011 |
Electric | ||||
OPERATING REVENUES | ||||
TOTAL OPERATING REVENUES | 3,328 | 2,952 | 7,994 | 7,180 |
Electric | Subsidiaries | ||||
OPERATING REVENUES | ||||
TOTAL OPERATING REVENUES | 3,077 | 2,730 | 7,401 | 6,661 |
Gas | ||||
OPERATING REVENUES | ||||
TOTAL OPERATING REVENUES | 453 | 341 | 2,345 | 1,907 |
OPERATING EXPENSES | ||||
Operating costs | 185 | 83 | 833 | 461 |
Gas | Subsidiaries | ||||
OPERATING REVENUES | ||||
TOTAL OPERATING REVENUES | 414 | 307 | 2,127 | 1,730 |
OPERATING EXPENSES | ||||
Operating costs | 113 | 61 | 582 | 357 |
Steam | ||||
OPERATING REVENUES | ||||
TOTAL OPERATING REVENUES | 58 | 55 | 444 | 393 |
Steam | Subsidiaries | ||||
OPERATING REVENUES | ||||
TOTAL OPERATING REVENUES | 58 | 55 | 444 | 393 |
Purchased power | ||||
OPERATING EXPENSES | ||||
Operating costs | 731 | 548 | 1,851 | 1,448 |
Purchased power | Subsidiaries | ||||
OPERATING EXPENSES | ||||
Operating costs | 643 | 481 | 1,639 | 1,294 |
Fuel | ||||
OPERATING EXPENSES | ||||
Operating costs | 59 | 44 | 255 | 166 |
Fuel | Subsidiaries | ||||
OPERATING EXPENSES | ||||
Operating costs | 59 | 44 | 255 | 166 |
Other operations and maintenance | ||||
OPERATING EXPENSES | ||||
Operating costs | 999 | 849 | 2,785 | 2,443 |
Other operations and maintenance | Subsidiaries | ||||
OPERATING EXPENSES | ||||
Operating costs | $ 807 | $ 650 | $ 2,267 | $ 1,848 |
CONSOLIDATED STATEMENT OF COM_2
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) - CECONY - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
NET INCOME | $ 613 | $ 538 | $ 1,470 | $ 1,122 |
Subsidiaries | ||||
NET INCOME | 493 | 418 | 1,138 | 1,011 |
Pension and other postretirement benefit plan liability adjustments, net of taxes | 0 | 0 | 1 | 0 |
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAXES | 0 | 0 | 1 | 0 |
COMPREHENSIVE INCOME | $ 493 | $ 418 | $ 1,139 | $ 1,011 |
CONSOLIDATED STATEMENT OF CAS_2
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) - CECONY - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
OPERATING ACTIVITIES | ||
Net income | $ 1,470 | $ 1,122 |
PRINCIPAL NON-CASH CHARGES/(CREDITS) TO INCOME | ||
Depreciation and amortization | 1,593 | 1,511 |
Deferred income taxes | 317 | 167 |
Other non-cash items, net | 195 | 7 |
CHANGES IN ASSETS AND LIABILITIES | ||
Accounts receivable – customers | (140) | (387) |
Reserve adjustments | (12) | 165 |
Other receivables and other current assets | (193) | (234) |
Prepayments | (588) | (576) |
Accounts payable | 61 | (15) |
Pensions and retiree benefits obligations, net | 105 | 237 |
Pensions and retiree benefits contributions | (34) | (467) |
Accrued taxes | (10) | (27) |
Accrued interest | 126 | 126 |
Deferred charges, noncurrent assets, leases, net and other regulatory assets | (550) | (478) |
Deferred credits, noncurrent liabilities and other regulatory liabilities | 468 | 612 |
Other current liabilities | 0 | (139) |
NET CASH FLOWS FROM OPERATING ACTIVITIES | 2,618 | 1,712 |
INVESTING ACTIVITIES | ||
Utility construction expenditures | (2,844) | (2,697) |
Cost of removal less salvage | (247) | (242) |
NET CASH FLOWS USED IN INVESTING ACTIVITIES | (3,346) | (2,437) |
FINANCING ACTIVITIES | ||
Net issuance (retirement) of short-term debt | 1,003 | (834) |
Issuance of long-term debt | 0 | 1,979 |
Retirement of long-term debt | (383) | (1,904) |
Debt issuance costs | 0 | (30) |
NET CASH FLOWS USED IN FINANCING ACTIVITIES | (177) | (496) |
CASH AND TEMPORARY CASH INVESTMENTS | ||
NET CHANGE FOR THE PERIOD | (905) | (1,221) |
BALANCE AT BEGINNING OF PERIOD | 1,146 | 1,436 |
BALANCE AT END OF PERIOD | 241 | 215 |
Cash paid/(received) during the period for: | ||
Interest | 583 | 565 |
Income taxes | 30 | (9) |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION | ||
Construction expenditures in accounts payable | 486 | 388 |
Subsidiaries | ||
OPERATING ACTIVITIES | ||
Net income | 1,138 | 1,011 |
PRINCIPAL NON-CASH CHARGES/(CREDITS) TO INCOME | ||
Depreciation and amortization | 1,341 | 1,267 |
Deferred income taxes | 235 | 166 |
Other non-cash items, net | 230 | 21 |
CHANGES IN ASSETS AND LIABILITIES | ||
Accounts receivable – customers | (134) | (383) |
Reserve adjustments | (7) | 162 |
Other receivables and other current assets | (5) | (290) |
Accounts receivable from affiliated companies | (66) | 18 |
Prepayments | (559) | (573) |
Accounts payable | (12) | (49) |
Accounts payable to affiliated companies | 4 | 1 |
Pensions and retiree benefits obligations, net | 101 | 234 |
Pensions and retiree benefits contributions | (22) | (430) |
Accrued taxes | (3) | (31) |
Accrued taxes to affiliated companies | 2 | 6 |
Accrued interest | 109 | 103 |
Deferred charges, noncurrent assets, leases, net and other regulatory assets | (553) | (452) |
Deferred credits, noncurrent liabilities and other regulatory liabilities | 409 | 533 |
Other current liabilities | (17) | (63) |
NET CASH FLOWS FROM OPERATING ACTIVITIES | 2,191 | 1,251 |
INVESTING ACTIVITIES | ||
Utility construction expenditures | (2,687) | (2,545) |
Cost of removal less salvage | (242) | (237) |
NET CASH FLOWS USED IN INVESTING ACTIVITIES | (2,929) | (2,782) |
FINANCING ACTIVITIES | ||
Net issuance (retirement) of short-term debt | 428 | (718) |
Issuance of long-term debt | 0 | 1,500 |
Retirement of long-term debt | 0 | (640) |
Debt issuance costs | (1) | (20) |
Capital contribution by parent | 150 | 1,101 |
Dividend to parent | (734) | (741) |
NET CASH FLOWS USED IN FINANCING ACTIVITIES | (157) | 482 |
CASH AND TEMPORARY CASH INVESTMENTS | ||
NET CHANGE FOR THE PERIOD | (895) | (1,049) |
BALANCE AT BEGINNING OF PERIOD | 920 | 1,067 |
BALANCE AT END OF PERIOD | 25 | 18 |
Cash paid/(received) during the period for: | ||
Interest | 466 | 446 |
Income taxes | 60 | (2) |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION | ||
Construction expenditures in accounts payable | 414 | 335 |
Software Licenses | ||
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION | ||
Capital expenditures incurred but unpaid as of end of period | 2 | 24 |
Software Licenses | Subsidiaries | ||
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION | ||
Capital expenditures incurred but unpaid as of end of period | 2 | 22 |
Equipment | ||
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION | ||
Capital expenditures incurred but unpaid as of end of period | 17 | 22 |
Equipment | Subsidiaries | ||
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION | ||
Capital expenditures incurred but unpaid as of end of period | $ 17 | $ 22 |
CONSOLIDATED BALANCE SHEET (U_3
CONSOLIDATED BALANCE SHEET (UNAUDITED) - CECONY - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
CURRENT ASSETS | ||
Cash and temporary cash investments | $ 78 | $ 992 |
Accounts receivable – customers, net allowance for uncollectible accounts | 2,095 | 1,943 |
Other receivables, net allowance for uncollectible accounts | 330 | 298 |
Taxes receivable | 9 | 13 |
Accrued unbilled revenue | 619 | 662 |
Fuel oil, gas in storage, materials and supplies, at average cost | 533 | 437 |
Prepayments | 913 | 295 |
Regulatory assets | 282 | 206 |
Revenue decoupling mechanism receivable | 167 | 190 |
Fair value of derivative assets | 256 | 128 |
Other current assets | 288 | 233 |
TOTAL CURRENT ASSETS | 5,733 | 5,551 |
INVESTMENTS | 805 | 853 |
UTILITY PLANT, AT ORIGINAL COST | ||
General | 4,167 | 4,170 |
TOTAL | 56,476 | 54,239 |
Less: Accumulated depreciation | 12,831 | 12,177 |
Net | 43,645 | 42,062 |
Construction work in progress | 2,234 | 2,152 |
NET UTILITY PLANT | 45,879 | 44,214 |
NON-UTILITY PLANT | ||
Non-utility property, net accumulated depreciation | 4,128 | 4,194 |
NET PLANT | 50,392 | 48,596 |
OTHER NONCURRENT ASSETS | ||
Regulatory assets | 3,705 | 3,639 |
Operating lease right-of-use asset | 844 | 809 |
Pension and retiree benefits | 2,188 | 1,654 |
Fair value of derivative assets | 250 | 77 |
Other Assets, Miscellaneous, Noncurrent | 185 | 205 |
TOTAL OTHER NONCURRENT ASSETS | 8,833 | 8,116 |
TOTAL ASSETS | 65,763 | 63,116 |
CURRENT LIABILITIES | ||
Notes payable | 1,941 | 1,488 |
Accounts payable | 1,587 | 1,497 |
Customer deposits | 345 | 300 |
Accrued taxes | 94 | 104 |
Accrued interest | 277 | 151 |
Accrued wages | 117 | 113 |
Fair value of derivative liabilities | 70 | 152 |
Regulatory liabilities | 568 | 185 |
System benefit charge | 423 | 423 |
Operating lease liabilities | 131 | 113 |
Other current liabilities | 464 | 461 |
TOTAL CURRENT LIABILITIES | 6,890 | 5,427 |
NONCURRENT LIABILITIES | ||
Provision for injuries and damages | 176 | 183 |
Pensions and retiree benefits | 688 | 737 |
Superfund and other environmental costs | 923 | 940 |
Asset retirement obligations | 591 | 577 |
Fair value of derivative liabilities | 31 | 84 |
Deferred income taxes and unamortized investment tax credits | 7,387 | 6,873 |
Operating lease liabilities | 772 | 717 |
Regulatory liabilities | 4,717 | 4,381 |
Deferred Credits and Other Liabilities, Noncurrent | 262 | 257 |
TOTAL NONCURRENT LIABILITIES | 15,547 | 14,749 |
LONG-TERM DEBT | 22,350 | 22,604 |
COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Note B, Note G, and Note H) | ||
EQUITY | ||
Common shareholders’ equity | 20,748 | 20,037 |
TOTAL LIABILITIES AND EQUITY | 65,763 | 63,116 |
Subsidiaries | ||
CURRENT ASSETS | ||
Cash and temporary cash investments | 25 | 920 |
Accounts receivable – customers, net allowance for uncollectible accounts | 1,982 | 1,841 |
Other receivables, net allowance for uncollectible accounts | 116 | 121 |
Taxes receivable | 5 | 5 |
Accrued unbilled revenue | 450 | 549 |
Accounts receivable from affiliated companies | 104 | 38 |
Fuel oil, gas in storage, materials and supplies, at average cost | 440 | 369 |
Prepayments | 771 | 212 |
Regulatory assets | 271 | 188 |
Revenue decoupling mechanism receivable | 167 | 191 |
Fair value of derivative assets | 190 | 71 |
Other current assets | 146 | 198 |
TOTAL CURRENT ASSETS | 4,667 | 4,703 |
INVESTMENTS | 518 | 608 |
UTILITY PLANT, AT ORIGINAL COST | ||
General | 3,842 | 3,854 |
TOTAL | 52,958 | 50,849 |
Less: Accumulated depreciation | 11,818 | 11,223 |
Net | 41,140 | 39,626 |
Construction work in progress | 2,066 | 1,985 |
NET UTILITY PLANT | 43,206 | 41,611 |
NON-UTILITY PLANT | ||
Non-utility property, net accumulated depreciation | 2 | 2 |
NET PLANT | 43,208 | 41,613 |
OTHER NONCURRENT ASSETS | ||
Regulatory assets | 3,396 | 3,316 |
Operating lease right-of-use asset | 577 | 545 |
Pension and retiree benefits | 2,178 | 1,677 |
Fair value of derivative assets | 136 | 56 |
Other Assets, Miscellaneous, Noncurrent | 132 | 137 |
TOTAL OTHER NONCURRENT ASSETS | 6,419 | 5,731 |
TOTAL ASSETS | 54,812 | 52,655 |
CURRENT LIABILITIES | ||
Notes payable | 1,789 | 1,361 |
Accounts payable | 1,282 | 1,285 |
Accounts payable to affiliated companies | 22 | 18 |
Customer deposits | 330 | 285 |
Accrued taxes | 75 | 78 |
Accrued taxes to affiliated companies | 12 | 10 |
Accrued interest | 236 | 127 |
Accrued wages | 106 | 103 |
Fair value of derivative liabilities | 50 | 88 |
Regulatory liabilities | 486 | 134 |
System benefit charge | 380 | 372 |
Operating lease liabilities | 99 | 90 |
Other current liabilities | 340 | 370 |
TOTAL CURRENT LIABILITIES | 5,207 | 4,321 |
NONCURRENT LIABILITIES | ||
Provision for injuries and damages | 171 | 178 |
Pensions and retiree benefits | 640 | 669 |
Superfund and other environmental costs | 833 | 850 |
Asset retirement obligations | 514 | 504 |
Fair value of derivative liabilities | 15 | 40 |
Deferred income taxes and unamortized investment tax credits | 7,223 | 6,796 |
Operating lease liabilities | 523 | 462 |
Regulatory liabilities | 4,215 | 3,921 |
Deferred Credits and Other Liabilities, Noncurrent | 215 | 220 |
TOTAL NONCURRENT LIABILITIES | 14,349 | 13,640 |
LONG-TERM DEBT | 18,389 | 18,382 |
COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Note B, Note G, and Note H) | ||
EQUITY | ||
Common shareholders’ equity | 16,867 | 16,312 |
TOTAL LIABILITIES AND EQUITY | 54,812 | 52,655 |
Electric | ||
UTILITY PLANT, AT ORIGINAL COST | ||
Utility plant, at original cost | 36,346 | 34,938 |
Electric | Subsidiaries | ||
UTILITY PLANT, AT ORIGINAL COST | ||
Utility plant, at original cost | 34,177 | 32,846 |
Gas | ||
UTILITY PLANT, AT ORIGINAL COST | ||
Utility plant, at original cost | 13,068 | 12,303 |
Gas | Subsidiaries | ||
UTILITY PLANT, AT ORIGINAL COST | ||
Utility plant, at original cost | 12,044 | 11,321 |
Steam | ||
UTILITY PLANT, AT ORIGINAL COST | ||
Utility plant, at original cost | 2,895 | 2,828 |
Steam | Subsidiaries | ||
UTILITY PLANT, AT ORIGINAL COST | ||
Utility plant, at original cost | $ 2,895 | $ 2,828 |
CONSOLIDATED BALANCE SHEET (U_4
CONSOLIDATED BALANCE SHEET (UNAUDITED) - CECONY (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Accounts receivable - customers, allowance for uncollectible accounts | $ 305 | $ 317 |
Other receivables, allowance for uncollectible accounts | 9 | 22 |
Non-utility property, accumulated depreciation | 731 | 626 |
Subsidiaries | ||
Accounts receivable - customers, allowance for uncollectible accounts | 297 | 304 |
Other receivables, allowance for uncollectible accounts | 7 | 19 |
Non-utility property, accumulated depreciation | $ 25 | $ 25 |
CONSOLIDATED STATEMENT OF EQU_3
CONSOLIDATED STATEMENT OF EQUITY (UNAUDITED) - CECONY - USD ($) shares in Millions, $ in Millions | Total | Subsidiaries | Common Stock | Common Stock Subsidiaries | Additional Paid-In Capital Subsidiaries | Retained Earnings | Retained Earnings Subsidiaries | Repurchased Con Edison Stock Subsidiaries | Capital Stock Expense Subsidiaries | Accumulated Other Comprehensive Income/(Loss) | Accumulated Other Comprehensive Income/(Loss) Subsidiaries |
Beginning balance (shares) at Dec. 31, 2020 | 342 | 235 | |||||||||
Beginning Balance at Dec. 31, 2020 | $ 14,849 | $ 589 | $ 6,169 | $ 9,122 | $ (962) | $ (62) | $ (7) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 465 | 465 | |||||||||
Common stock dividend to parent | $ (265) | (247) | $ (265) | (247) | |||||||
Capital contribution by parent | 125 | 125 | |||||||||
Other comprehensive income | 4 | $ 4 | |||||||||
Ending balance (shares) at Mar. 31, 2021 | 342 | 235 | |||||||||
Ending Balance at Mar. 31, 2021 | 15,192 | $ 589 | 6,294 | 9,340 | (962) | (62) | (7) | ||||
Beginning balance (shares) at Dec. 31, 2020 | 342 | 235 | |||||||||
Beginning Balance at Dec. 31, 2020 | 14,849 | $ 589 | 6,169 | 9,122 | (962) | (62) | (7) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 1,122 | 1,011 | |||||||||
Other comprehensive income | 8 | ||||||||||
Ending balance (shares) at Sep. 30, 2021 | 354 | 235 | |||||||||
Ending Balance at Sep. 30, 2021 | 16,220 | $ 589 | 7,270 | 9,392 | (962) | (62) | (7) | ||||
Beginning balance (shares) at Mar. 31, 2021 | 342 | 235 | |||||||||
Beginning Balance at Mar. 31, 2021 | 15,192 | $ 589 | 6,294 | 9,340 | (962) | (62) | (7) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 128 | 128 | |||||||||
Common stock dividend to parent | (266) | (247) | (266) | (247) | |||||||
Capital contribution by parent | 851 | 851 | |||||||||
Other comprehensive income | 2 | 2 | |||||||||
Ending balance (shares) at Jun. 30, 2021 | 353 | 235 | |||||||||
Ending Balance at Jun. 30, 2021 | 15,924 | $ 589 | 7,145 | 9,221 | (962) | (62) | (7) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 538 | 418 | 418 | ||||||||
Common stock dividend to parent | (274) | (247) | (274) | (247) | |||||||
Capital contribution by parent | 125 | 125 | |||||||||
Other comprehensive income | 2 | 2 | |||||||||
Ending balance (shares) at Sep. 30, 2021 | 354 | 235 | |||||||||
Ending Balance at Sep. 30, 2021 | 16,220 | $ 589 | 7,270 | 9,392 | (962) | (62) | (7) | ||||
Beginning balance (shares) at Dec. 31, 2021 | 354 | 235 | |||||||||
Beginning Balance at Dec. 31, 2021 | 20,037 | 16,312 | $ 589 | 7,269 | 9,478 | (962) | (62) | 0 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 475 | 475 | |||||||||
Common stock dividend to parent | (280) | (245) | (280) | (245) | |||||||
Capital contribution by parent | 75 | 75 | |||||||||
Other comprehensive income | 1 | 1 | |||||||||
Ending balance (shares) at Mar. 31, 2022 | 354 | 235 | |||||||||
Ending Balance at Mar. 31, 2022 | 16,618 | $ 589 | 7,344 | 9,708 | (962) | (62) | 1 | ||||
Beginning balance (shares) at Dec. 31, 2021 | 354 | 235 | |||||||||
Beginning Balance at Dec. 31, 2021 | 20,037 | 16,312 | $ 589 | 7,269 | 9,478 | (962) | (62) | 0 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 1,470 | 1,138 | |||||||||
Other comprehensive income | 6 | ||||||||||
Ending balance (shares) at Sep. 30, 2022 | 355 | 235 | |||||||||
Ending Balance at Sep. 30, 2022 | 20,748 | 16,867 | $ 589 | 7,419 | 9,882 | (962) | (62) | 1 | |||
Beginning balance (shares) at Mar. 31, 2022 | 354 | 235 | |||||||||
Beginning Balance at Mar. 31, 2022 | 16,618 | $ 589 | 7,344 | 9,708 | (962) | (62) | 1 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 170 | 170 | |||||||||
Common stock dividend to parent | (280) | (245) | (280) | (245) | |||||||
Capital contribution by parent | 25 | 25 | |||||||||
Other comprehensive income | 5 | 5 | |||||||||
Ending balance (shares) at Jun. 30, 2022 | 354 | 235 | |||||||||
Ending Balance at Jun. 30, 2022 | 16,568 | $ 589 | 7,369 | 9,633 | (962) | (62) | 1 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 613 | 493 | 493 | ||||||||
Common stock dividend to parent | (280) | (244) | $ (280) | (244) | |||||||
Capital contribution by parent | 50 | 50 | |||||||||
Other comprehensive income | 1 | $ 1 | |||||||||
Ending balance (shares) at Sep. 30, 2022 | 355 | 235 | |||||||||
Ending Balance at Sep. 30, 2022 | $ 20,748 | $ 16,867 | $ 589 | $ 7,419 | $ 9,882 | $ (962) | $ (62) | $ 1 |
General
General | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
General | General These combined notes accompany and form an integral part of the separate interim 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. The separate interim consolidated financial statements of each of the Companies are unaudited but, in the opinion of their respective managements, reflect all adjustments (which include only normally recurring adjustments) necessary for a fair statement of the results for the interim periods presented. The Companies’ separate interim consolidated financial statements should be read together with their separate audited financial statements (including the combined notes thereto) included in Item 8 of their combined Annual Report on Form 10-K for the year ended December 31, 2021 and their separate unaudited financial statements (including the combined notes thereto) included in Part 1, Item 1 of their combined Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2022 and June 30, 2022. |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Other Matters | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies and Other Matters | Summary of Significant Accounting Policies and Other Matters 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. 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. 2021 Partial Impairment of Investment in Stagecoach Gas Services LLC (Stagecoach) In May 2021, a subsidiary of Con Edison Gas Pipeline and Storage, LLC (CET Gas) entered into a purchase and sale agreement pursuant to which the subsidiary 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 was attributed to CET Gas for its 50 percent interest. The purchase and sale agreement contemplated 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 nine months ended September 30, 2021. Accordingly, Con Edison recorded pre-tax impairment losses on its 50 percent interest in Stagecoach of $211 million ($147 million after-tax), including working capital and transaction cost adjustments, within "Investment income/(loss)" on Con Edison's consolidated income statements fo r the nine months ended September 30, 2021. These charges reduced the carrying value of its investment in Stagecoach to $630 million at June 30, 2021. Stagecoach's impairment charges and information obtained from the sales processes 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 and the remaining amount received in November 2021, including closing adjustments. CET Gas had no remaining investment in Stagecoach as of December 31, 2021 and September 30, 2022. 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 WV and VA. 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. As of September 30, 2022 CET Gas' interest in MVP is 9.7 percent and is expected to be reduced to 8.0 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 WV, 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 believed 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 Q. 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 8.0 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 and September 30, 2022. 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 were no impairments or substantial changes in the carrying value of Con Edison's investment in MVP for the nine months ended September 30, 2022. 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. Reclassification Certain prior period amounts have been reclassified within the Companies' Consolidated Statements of Cash Flows and Consolidated Balance Sheets to conform with current period 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 estimated vesting price. For the three and nine months ended September 30, 2022 and 2021, basic and diluted EPS for Con Edison are calculated as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, (Millions of Dollars, except per share amounts/Shares in Millions) 2022 2021 2022 2021 Net income for common stock $613 $538 $1,470 $1,122 Weighted average common shares outstanding – basic 354.6 353.4 354.4 346.8 Add: Incremental shares attributable to effect of potentially dilutive securities 1.3 0.7 1.3 0.7 Adjusted weighted average common shares outstanding – diluted 355.9 354.1 355.7 347.5 Net Income per common share – basic $1.73 $1.52 $4.15 $3.23 Net Income per common share – diluted $1.72 $1.52 $4.13 $3.23 The computation of diluted EPS for the three and nine months ended September 30, 2021 excludes immaterial amounts of performance share awards that were not included because of their anti-dilutive effect. Changes in Accumulated Other Comprehensive Income/(Loss) by Component For the three and nine months ended September 30, 2022 and 2021, changes to accumulated other comprehensive income/(loss) (OCI) for Con Edison and CECONY are as follows: For the Three Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2022 2021 2022 2021 Beginning balance, accumulated OCI, net of taxes (a) $10 $(19) $1 $(7) Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax $(1) for Con Edison in 2021 (a)(b) 1 2 — — Current period OCI, net of taxes 1 2 — — Ending balance, accumulated OCI, net of taxes (a) $11 $(17) $1 $(7) (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 costs. See Notes E and F. For the Nine Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2022 2021 2022 2021 Beginning balance, accumulated OCI, net of taxes (a) $5 $(25) $— $(7) OCI before reclassifications, net of tax of $(1) for Con Edison in 2022 and 2021 4 2 — — Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax of $(1) and $(2) for Con Edison in 2022 and 2021, respectively (a)(b) 2 6 1 — Current period OCI, net of taxes 6 8 1 — Ending balance, accumulated OCI, net of taxes (a) $11 $(17) $1 $(7) (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 costs. See Notes E and F. Reconciliation of Cash, Temporary Cash Investments and Restricted Cash Cash, temporary cash investments and restricted cash are presented on a combined basis in the Companies’ consolidated statements of cash flows. At September 30, 2022 and 2021, cash, temporary cash investments and restricted cash for Con Edison and CECONY were as follows: At September 30, Con Edison CECONY (Millions of Dollars) 2022 2021 2022 2021 Cash and temporary cash investments $78 $66 $25 $18 Restricted cash (a) 163 149 — — Total cash, temporary cash investments and restricted cash $241 $215 $25 $18 (a) Restricted cash included cash of the Clean Energy Businesses' renewable electric project subsidiaries ($163 million and $149 million at September 30, 2022 and 2021, 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. Assets Held for Sale Generally, a long-lived asset or business to be sold is classified as held for sale in the period in which management, with approval from the Board of Directors, commits to a plan to sell, and a sale is expected to be completed within one year. During the first nine months of 2022, Con Edison considered strategic alternatives with respect to the Clean Energy Businesses. As described further in Note T, on October 1, 2022, Con Edison's management received authority to commit to a plan to sell the Clean Energy Businesses and entered into a purchase and sale agreement. As of September 30, 2022, the Clean Energy Businesses did not meet the held-for-sale criteria, but did meet the criteria subsequent to September 30, 2022, on October 1, 2022. Con Edison records assets and liabilities, once held for sale, at the lower of their carrying value or their estimated fair value less cost to sell, and also stops recording depreciation on assets held for sale. Fair value is the amount at which an asset, liability or business could be bought or sold in a current transaction between willing parties and may be estimated using a number of techniques, or may be observable using quoted market prices. Con Edison used a market approach consisting of the contractual sales price adjusted for estimated working capital and other contractual purchase price adjustments to determine the fair value of the Clean Energy Businesses in October 2022, and subtracted estimated costs to sell from that calculated fair value. The resulting net fair value of the Clean Energy Businesses exceeded the carrying value of the Clean Energy Businesses, and accordingly no impairments were noted. The sale of the Clean Energy Businesses does not represent a strategic shift that has or will have a major effect on Con Edison, and as such, does not qualify for treatment as a discontinued operation. For further information, see Note T. |
Regulatory Matters
Regulatory Matters | 9 Months Ended |
Sep. 30, 2022 | |
Regulated Operations [Abstract] | |
Regulatory Matters | Regulatory Matters Rate Plans CECONY – Electric In April 2022, CECONY updated its January 2022 request to the New York State Public Service Commission (NYSPSC) for an electric rate increase effective January 2023. The company decreased its requested January 2023 rate increase by $161 million to $1,038 million, decreased its illustrated January 2024 rate increase by $109 million to $744 million and increased its illustrated January 2025 rate increase by $7 million to $615 million. In May 2022, the New York State Department of Public Service (NYSDPS) submitted testimony in the NYSPSC proceeding in which CECONY requested an electric rate increase, effective January 2023. The NYSDPS testimony supports an electric rate increase of $278 million reflecting, among other things, an 8.80 percent return on common equity and a common equity ratio of 48 percent. CECONY – Gas In April 2022, CECONY updated its January 2022 request to the NYSPSC for a gas rate increase effective January 2023. The company decreased its requested January 2023 rate increase by $101 million to $402 million, decreased its illustrated January 2024 rate increase by $29 million to $205 million and decreased its illustrated January 2025 rate increase by $42 million to $176 million. In May 2022, the NYSDPS submitted testimony in the NYSPSC proceeding in which CECONY requested a gas rate increase, effective January 2023. The NYSDPS testimony supports a gas rate increase of $164 million reflecting, among other things, an 8.80 percent return on common equity and a common equity ratio of 48 percent. CECONY – Electric and Gas Pursuant to its electric and gas rate plans, CECONY recorded $92 million of earnings for the year ended December 31, 2021 of earnings adjustment mechanisms and positive incentives, primarily reflecting the achievement of certain energy efficiency measures. For the nine months ended September 30, 2022, CECONY recorded a reduction in the amount of previously recorded earnings adjustment mechanisms of $4.9 million. O&R NY – Electric and Gas In April 2022, the NYSPSC approved the October 2021 joint proposal for new electric and gas rates. The joint proposal provides for electric rate increases of $4.9 million, $16.2 million and $23.1 million, effective January 1, 2022, 2023 and 2024, or $11.7 million on a levelized annual billed basis, respectively. The joint proposal provides for gas rate increases of $0.7 million, $7.4 million and $9.9 million, effective January 1, 2022, 2023 and 2024, or $4.4 million on a levelized annual billed basis, respectively. The joint proposal also 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. Rockland Electric Company (RECO) Effective July 2021, the New Jersey Board of Public Utilities (NJBPU) authorized a conservation incentive program for RECO, that covers all residential and most commercial customers, under which RECO’s actual electric distribution revenues are compared with the authorized distribution revenues and the difference accrued, with interest, for refund to, or recovery from, customers, as applicable. The conservation incentive program is not permitted if RECO’s actual return on equity exceeds the approved base rate filing return on equity by 50 basis points or more. In January 2022, RECO filed a request with FERC for an increase to its annual transmission revenue requirement from $16.9 million to $20.4 million. The revenue requirement reflects a return on common equity of 11.04 percent and a common equity ratio of 47 percent. In March 2022, RECO filed a request with the NJBPU to implement a $209 million Infrastructure Investment Program (IIP) over a five COVID-19 Regulatory Matters Governors, public utility commissions and other regulatory agencies in the states in which the Utilities operate have issued orders related to the COVID-19 pandemic that impact the Utilities as described below. NY Regulation In March 2020, a former New York State governor declared a State Disaster Emergency for the State of NY due to the COVID-19 pandemic and signed the "New York State on PAUSE" executive order that temporarily closed all non-essential businesses statewide. The former governor then lifted these closures over time and ended the emergency declaration in June 2021. As a result of the emergency declaration, and due to economic conditions, the NYSPSC and the Utilities have worked to mitigate the potential impact of the COVID-19 pandemic on the Utilities, their customers and other stakeholders. In March 2020, the Utilities began suspending service disconnections, certain collection notices, final bill collection agency activity, 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 June 2020, the state of NY enacted a law prohibiting NY utilities, including CECONY and O&R, from disconnecting residential customers, and starting in May 2021 small business customers, during the COVID-19 state of emergency, which ended in June 2021. In addition, such prohibitions were in effect until December 21, 2021 for residential and small business customers who experienced a change in financial circumstances due to 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 December 31, 2021. In addition, pursuant to the November 2021 order, CECONY established a reserve of $7 million toward addressing customer arrearages for the year ended December 31, 2021 that, pursuant to a June 2022 NYSPSC order discussed below, was used to fund a portion of the COVID-19 arrears assistance program for low-income customers. The order also established a surcharge recovery or surcredit mechanism for any late payment charges and fee deferrals, subject to offsetting related savings resulting from the COVID-19 pandemic, for 2022 starting in January 2024 over a twelve-month period. CECONY resumed late payment charges for commercial and residential customers who have not experienced a change in financial circumstances due to the COVID-19 pandemic on September 3, 2021 and October 1, 2021, respectively. Pursuant to the October 2021 joint proposal for new electric and gas rates for O&R that was approved by the NYSPSC in April 2022. O&R recorded late payment charges and fees that were not billed for the years ended December 31, 2020 and December 31, 2021 of $1.7 million and $2.4 million, respectively, as revenue for the ye ar 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. See “Rate Plans,” above. O&R resumed late payment charges for commercial and residential customers who have not experienced a change in financial circumstances due to the COVID-19 pandemic on October 1, 2021. The Utilities’ NY rate plans allow them to defer costs resulting from a change in legislation, regulation and related actions that have taken effect during the term of the rate plans once the costs exceed a specified threshold. The total reserve increases to the allowance for uncollectible accounts from January 1, 2020 through September 30, 2022 reflecting the impact of the COVID-19 pandemic for CECONY electric and gas operations and O&R electric and gas operations were $232 million and $3 million, respectively, and were deferred pursuant to the legislative, regulatory and related actions provisions of the rate plans as a result of the New York State on PAUSE and related executive orders, that have since been lifted, as described above. The Utilities’ NY rate plans also provide for an allowance for write-offs of customer accounts receivable balances. The above amounts deferred pursuant to the legislative, regulatory and related actions provisions were reduced by the amount that the actual write-offs of customer accounts receivable balances were below the allowance reflected in rates which differences were $19 million and $1 million for CECONY and O&R, respectively, from March 1, 2020 through September 30, 2022. In June 2020, the NYSPSC directed CECONY to implement a summer cooling credit program to help mitigate the cost of staying home and operating air conditioning for health-vulnerable low-income customers due to the limited availability of public cooling facilities as a result of the COVID-19 social distancing measures. The $63.4 million cost of the program is being recovered over a five-year period that began January 2021. In April 2021, NY passed a law that created a program that allows eligible residential renters in NY who require assistance with rent and utility bills to have up to twelve months of electric and gas utility bill arrears forgiven, provided that such arrears were accrued on or after March 13, 2020. The program is administered by the State Office of Temporary and Disability Assistance (OTDA) in coordination with the NYSDPS (the OTDA Program). Under the OTDA Program, CECONY and O&R qualify for a refundable tax credit for NY gross-receipts tax equal to the amount of arrears waived by the Utilities in the year that the arrears are waived and certified by the NYSPSC. OTDA may also use the program fun ds to provide additional Home Energy Assistance Program payments to the Utilities on behalf of low-income customers. In April 2022, NY approved the 2022-2023 state budget, which included $250 million for addressing statewide residential utility customers' arrears balances accrued from March 7, 2020 through March 1, 2022. In June 2022, the NYSPSC issued an order implementing a COVID-19 arrears assistance program that provides credits towards reducing the arrears balances of low-income electric and gas customers of CECONY and O&R. At the time the order was issued, the Utilities’ eligible arrears balances were estimated to be $340 million, comprised of: (1) $164.5 million and $1.6 million of the funding allocated pursuant to the NY budget to CECONY and O&R, respectively, and (2) a surcharge mechanism for recovery of the remaining eligible credit amounts over a four- year For the three and nine months ended September 30, 2022, CECONY issued total credits of $265.8 million and $315.1 million, respectively and O&R issued total credits of $4.7 million and $5.5 million, respectively, towards reducing customers’ accounts receivable balances. For the three and nine months ended September 30, 2022, the total credits for CECONY were comprised of: $148.4 million pursuant to the NY funding; $89.6 million that will be recovered via a surcharge mechanism that began September 1, 2022, as described above; the $7 million reserve for CECONY described above; and $20.9 million and $70.1 million, respectively, in qualified tax credits and payments pursuant to the OTDA Program described above. For the three and nine months ended September 30, 2022, the total credits for O&R were comprised of: $1.6 million pursuant to the NY funding; $2.7 million that will be recovered via a surcharge mechanism that began September 1, 2022, as described above; and $0.4 million and $1.2 million, respectively, in qualified tax credits and payments pursuant to the OTDA Program described above. At September 30, 2022, the customer accounts receivable balances at CECONY and O&R were $2,279 million and $109 million, respectively. In May 2021, CECONY and O&R, along with other large NY utilities, submitted joint comments to the NYSDPS' February 2021 report on New York State’s Energy Affordability Policy. The report recommends, among other things, that residential and commercial customers’ late payment fees and interest on deferred payment agreements be waived until two years after the expiration of the New York State moratorium on utility terminations (the moratorium expired on December 21, 2021) and each utility d evelop an arrears management program to mitigate the financial burdens of the COVID-19 pandemic on NY households and that program costs be shared, perhaps equally, between shareholders and customers. The May 2021 joint comments stated that it is not necessary for the NYSPSC to adopt the report’s COV ID-19 related recommendations because New York State already passed laws that address the issues in the report. In June 2022, the NYSPSC issued an order in this proceeding establishing a COVID-19 arrears assistance program for low-income customers, as described above. The Utilities’ rate plans have revenue decoupling mechanisms in their NY electric and gas businesses that largely reconcile actual energy delivery revenues to the authorized delivery revenues approved by the NYSPSC per month and reconcile the deferred balances semi-annually under CECONY's electric rate plan (January through June and July through December, respectively) and annually under CECONY's gas rate plan and O&R's NY electric and gas rate plans (January through December). Differences are accrued with interest each month for CECONY's and O&R's NY electric customers and after the annual deferral period ends for CECONY's and O&R's NY gas customers for refund to, or recovery from customers, as applicable. Generally, the refund to or recovery from customers begins August and February of each year over an ensuing six-month period for CECONY's electric customers and February of each year over an ensuing twelve-month period for CECONY's gas and O&R's NY electric and gas customers. NJ Regulation In March 2020, NJ Governor Murphy declared a Public Health Emergency and State of Emergency for the State of NJ. In June 2021, the Governor ended the emergency declaration. As a result of the emergency declaration, and due to economic conditions, the NJBPU and RECO have worked to mitigate the potential impact of the COVID-19 pandemic on RECO, its customers and other stakeholders. In March 2020, RECO began suspending late payment charges, terminations for non-payment, and no access fees during the COVID-19 pandemic. The suspension of these fees continued through July 31, 2021 and were not material. In July 2020, the NJBPU authorized RECO and other NJ utilities to create a COVID-19-related regulatory asset by deferring prudently incurred incremental costs related to the COVID-19 pandemic beginning on March 9, 2020, and has extended such deferrals through December 31, 2022. RECO is required to file its verified COVID-19 cost recovery petition by no later than March 2, 2023. RECO deferred net incremental COVID-19 related costs of $0.4 million through September 30, 2022. Gas Safety In April 2020, the NYSPSC issued an order that extended the deadlines to complete certain gas inspections by all New York gas utilities, including CECONY and O&R, from April 1, 2020 to August 1, 2020. The deadlines were subsequently extended to September 2, 2020 and June 1, 2022. CECONY and O&R have taken all reasonable measures to complete such inspections. As of June 1, 2022, O&R completed all of its required inspections and CECONY substantially completed its required inspections. CECONY is unable to estimate the amount or range of its possible loss, if any, related to this matter. At September 30, 2022, CECONY had not accrued a liability related to this matter. Other Regulatory Matters In August 2018, the NYSPSC ordered CECONY to begin on January 1, 2019 to credit the company's electric and gas customers, and to begin on October 1, 2018 to credit its steam customers, with the net benefits of the federal Tax Cuts and Jobs Act of 2017 (TCJA) as measured based on amounts reflected in its rate plans prior to the enactment of the TCJA in December 2017. The net benefits include the revenue requirement impact of the reduction in the corporate federal income tax rate to 21 percent, the elimination for utilities of bonus depreciation and the amortization of excess deferred federal income taxes. CECONY, under its electric rate plan that was approved in January 2020, is amortizing its TCJA net benefits prior to January 1, 2019 allocable to its electric customers ($377 million) over a three-year period, the IRS “protected” portion of its net regulatory liability for future income taxes related to certain accelerated tax depreciation benefits allocable to its electric customers ($1,663 million) over the remaining lives of the related assets and the remainder, or “unprotected” portion of the net regulatory liability allocable to its electric customers ($784 million) over a five-year period. CECONY, under its gas rate plan that was approved in January 2020, amortized TCJA net benefits prior to January 1, 2019 allocable to its gas customers ($63 million) over a two-year period, The protected portion of its net regulatory liability for future income taxes allocable to its gas customers ($725 million) is being amortized over the remaining lives of the related assets and the unprotected portion of the net regulatory liability allocable to its gas customers ($107 million) over a five-year period. CECONY’s net regulatory liability for future income taxes, including both the protected and unprotected portions, allocable to the company’s steam customers ($185 million) is being amortized over the remaining lives of the related assets (with the amortization period for the unprotected portion subject to review in its next steam rate proceeding). O&R, under its current electric and gas rate plans, has reflected its TCJA net benefits in its electric and gas rates beginning as of January 1, 2019. Under the rate plans, O&R amortized its net benefits prior to January 1, 2019 ($22 million) over a three-year period. The protected portion of its net regulatory liability for future income taxes ($123 million) is being amortized over the remaining lives of the related assets). Pursuant to the October 2021 Joint Proposal, O&R will amortize the remaining unprotected portion of its net regulatory liability for future income taxes ($34 million) over a six-year period that began January 1, 2022. In January 2018, the NYSPSC issued an order initiating a focused operations audit of the Utilities’ financial accounting for income taxes. The audit is investigating the Utilities’ inadvertent understatement of a portion, the amount of which may be material, of their calculation of total federal income tax expense for ratemaking purposes. The understatement was related to the calculation of plant retirement-related cost of removal. As a result of such understatement, the Utilities accumulated significant income tax regulatory assets that were not reflected in O&R’s rate plans prior to 2014, CECONY’s electric and gas rate plans prior to 2015 and 2016, respectively, and is currently not reflected in CECONY’s steam rate plan. This understatement of historical income tax expense materially reduced the amount of revenue collected from the Utilities' customers in the past. As part of the audit, the Utilities plan to pursue a private letter ruling from the Internal Revenue Service (IRS) that is expected to confirm, among other things, that in order to comply with IRS normalization rules, such understatement may not be corrected through a write-down of a portion of the regulatory asset and must be corrected through an increase in future years’ revenue requirements . The regulatory asset ($1,147 million and $23 million for CECONY and O&R, respectively, as of September 30, 2022) and ($1,176 million and $26 million for CECONY and O&R, respectively, as of December 31, 2021) is netted against the future income tax regulatory liability on the Companies’ consolidated balance shee t. The Utilities are unable to estimate the amount or range of their possible loss, if any, related to this matter. At September 30, 2022, the Utilities had not accrued a liability related to this matter. In October 2020, the NYSPSC issued an order instituting a proceeding to consider requiring NY’s large, investor-owned utilities, including CECONY and O&R, to annually disclose what risks climate change poses to their companies, investors and customers going forward. The order notes that some holding companies, including Con Edison, already disclose climate change risks at the holding company level, but states that the NYSPSC believes that climate-related risk disclosures should be issued specific to the operating companies in NY, such as CECONY and O&R, and that such climate-related risk disclosures should be included annually with the utilities’ financial reports. In December 2020, CECONY and O&R, along with other large NY utilities, filed comments supporting climate change risk disclosures in annual reports filed with the NYSPSC and recommended the use of an industry-specific template. In April 2021, the Department of Energy (DOE) issued a request for information to assist the DOE in developing orders and/or regulations to secure the United States’ critical electric infrastructure. Separately, in September 2021, the Cybersecurity and Infrastructure Security Agency and the National Institute of Standards and Technology issued preliminary cybersecurity goals for critical infrastructure control systems, with final voluntary goals issued in October 2022. The Companies are unable to predict the impact on them of any orders or regulations that may be adopted regarding critical infrastructure. In July 2021, the NYSPSC approved a settlement agreement among CECONY, O&R and the NYSDPS that fully resolves all issues and allegations that have been raised or could have been raised by the NYSPSC against CECONY and O&R with respect to: (1) the July 2018 rupture of a CECONY steam main located on Fifth Avenue and 21st Street in Manhattan (the “2018 Steam Incident”); (2) the July 2019 electric service interruptions to approximately 72,000 CECONY customers on the west side of Manhattan and to approximately 30,000 CECONY customers primarily in the Flatbush area of Brooklyn (the “2019 Manhattan and Brooklyn Outages”); (3) the August 2020 electric service interruptions to approximately 330,000 CECONY customers and approximately 200,000 O&R customers following Tropical Storm Isaias (the “Tropical Storm Isaias Outages”) and (4) the August 2020 electric service interruptions to approximately 190,000 customers resulting from faults at CECONY’s Rainey substation following Tropical Storm Isaias (the “Rainey Outages”). Pursuant to the settlement agreement, CECONY and O&R agreed to a total settlement amount of $75.1 million and $7.0 million, respectively. CECONY and O&R agreed to forgo recovery from customers of $25 million and $2.5 million, respectively, associated with the return on existing storm hardening assets beginning with the next rate plan for each utility (over a period of 35 years). CECONY and O&R also agreed to incur ongoing operations and maintenance costs of up to $15.8 million and $2.9 million, respectively, for, among other things, costs to maintain a certain level of contractor and vehicle storm emergency support and storm preparation audits. For CECONY, the settlement agreement included previously incurred or accrued costs of $34.3 million, including negative revenue adjustments of $5 million for the Rainey Outages and $15 million for the 2019 Manhattan and Brooklyn Outages and $14.3 million in costs to reimburse customers for food and medicine spoilage and other previously incurred expenses related to Tropical Storm Isaias and the 2018 Steam Incident. For O&R, the settlement agreement included previously incurred costs of $1.6 million to reimburse customers for food and medicine spoilage and other expenses related to the Tropical Storm Isaias Outages. Regulatory Assets and Liabilities Regulatory assets and liabilities at September 30, 2022 and December 31, 2021 were comprised of the following items: Con Edison CECONY (Millions of Dollars) 2022 2021 2022 2021 Regulatory assets Environmental remediation costs $919 $938 $840 $860 System peak reduction and energy efficiency programs 546 285 546 284 Pension and other postretirement benefits deferrals 369 496 325 435 Revenue taxes 428 395 409 378 COVID-19 pandemic deferrals 275 282 272 277 Deferred storm costs 270 276 168 158 Property tax reconciliation 142 202 140 202 MTA power reliability deferral 104 140 104 140 Gas Service Line Deferred Costs 107 100 107 100 COVID-19 arrears relief program deferral 91 — 88 — Municipal infrastructure support costs 33 44 33 44 Brooklyn Queens demand management program 33 36 33 36 Deferred derivative losses - long term 32 51 27 45 Meadowlands heater odorization project 27 29 27 29 Unrecognized pension and other postretirement costs 24 128 10 110 Non-wire alternative projects 23 23 23 23 Legacy meters 20 2 — — Preferred stock redemption 19 20 19 20 Recoverable REV demonstration project costs 17 16 17 15 Gate station upgrade project 14 14 14 14 Unamortized loss on reacquired debt 12 16 11 14 Other 200 146 183 132 Regulatory assets – noncurrent 3,705 3,639 3,396 3,316 Deferred derivative losses - short term 91 141 88 133 Recoverable energy costs 191 65 183 55 Regulatory assets – current 282 206 271 188 Total Regulatory Assets $3,987 $3,845 $3,667 $3,504 Regulatory liabilities Future income tax $1,819 $1,984 $1,681 $1,840 Allowance for cost of removal less salvage 1,238 1,199 1,063 1,033 Unrecognized pension and other postretirement costs 429 32 368 — Net unbilled revenue deferrals 126 209 126 209 Deferred derivative gains - long term 152 61 134 55 Pension and other postretirement benefit deferrals 130 102 85 55 2022 Late Payment Charge Deferral 92 — 92 — Net proceeds from sale of property 78 103 77 103 System benefit charge carrying charge 72 70 67 63 Property tax refunds 37 35 35 35 TCJA net benefits* 30 125 29 123 Sales and use tax refunds 28 17 27 16 BQDM and REV Demo reconciliations 24 25 21 22 COVID-19 pandemic uncollectible reconciliation deferral 20 — 19 — Earnings sharing - electric, gas and steam 13 13 10 10 Workers' compensation 11 8 11 8 Settlement of prudence proceeding 6 6 6 6 Energy efficiency portfolio standard unencumbered funds 5 15 7 19 Settlement of gas proceedings 4 12 4 12 Other 403 365 353 312 Regulatory liabilities – noncurrent 4,717 4,381 4,215 3,921 Deferred derivative gains - short term 521 142 482 132 Refundable energy costs 34 32 4 2 Revenue decoupling mechanism 13 11 — — Regulatory liabilities – current 568 185 486 134 Total Regulatory Liabilities $5,285 $4,566 $4,701 $4,055 * See "Other Regulatory Matters," above. In general, the Utilities receive or are being credited with a return at the Other Customer-Provided Capital rate for regulatory assets that have not been included in rate base, and receive or are being credited with a return at the pre-tax weighted average cost of capital once the asset is included in rate base. Similarly, the Utilities pay to or credit customers with a return at the Other Customer-Provided Capital rate for regulatory liabilities that have not been included in rate base, and pay to or credit customers with a return at the pre-tax weighted average cost of capital once the liability is included in rate base. The Other Customer-Provided Capital rate for the nine months ended September 30, 2022 and 2021 was 1.75 percent and 1.80 percent, respectively. In general, the Utilities are receiving or being credited with a return on their regulatory assets for which a cash outflow has been made ($2,221 million and $1,962 million for Con Edison, and $2,024 million and $1,751 million for CECONY at September 30, 2022 and December 31, 2021, respectively). Regulatory assets of RECO for which a cash outflow has been made ($21 million and $25 million at September 30, 2022 and December 31, 2021, respectively) are not receiving or being credited with a return. RECO recovers regulatory assets over a period of up to four years or until they are addressed in its next base rate case in accordance with the rate provisions approved by the NJBPU. Regulatory liabilities are treated in a consistent manner. Regulatory assets that represent future financial obligations and were deferred in accordance with the Utilities’ rate plans or orders issued by state regulators do not earn a return until such time as a cash outlay has been made. Regulatory liabilities are treated in a consistent manner. At September 30, 2022 and December 31, 2021, 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) 2022 2021 2022 2021 Unrecognized pension and other postretirement costs $24 $128 $10 $110 Environmental remediation costs 913 928 833 850 Revenue taxes 408 375 392 359 COVID-19 Deferral for Uncollectible Accounts Receivable 236 236 232 231 Deferred derivative losses - current 91 141 88 134 Deferred derivative losses - long term 32 51 27 45 Other 62 24 61 24 Total $1,766 $1,883 $1,643 $1,753 *This table presents regulatory assets not earning a return for which no cash outlay has been made. The recovery periods for regulatory assets for which a cash outflow has not been made and that do not earn a return have not yet been determined, except as noted below, and are expected to be determined pursuant to the Utilities’ future rate plans to be filed or orders issued by the state regulators in connection therewith. The Utilities recover unrecognized pension and other postretirement costs over 10 years, and the portion of investment gains or losses recognized in expense over 15 years, pursuant to NYSPSC policy. The deferral for revenue taxes represents the New York State metropolitan transportation business tax surcharge on the cumulative temporary differences between the book and tax basis of assets and liabilities of the Utilities, as well as the difference between taxes collected and paid by the Utilities to fund mass transportation. The Utilities recover the majority of the revenue taxes over the remaining book lives of the electric and gas plant assets, as well as the steam plant assets for CECONY. The Utilities recover deferred derivative losses – current within one year, and noncurrent generally within three years. |
Capitalization
Capitalization | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Capitalization | Capitalization In June 2022, Con Edison redeemed at maturity $293 million of 8.71 percent senior unsecured notes. In November 2022, O&R issued $100 million aggregate principal amount of 5.70 percent debentures, due 2032. The carrying amounts and fair values of long-term debt at September 30, 2022 and December 31, 2021 were: (Millions of Dollars) 2022 2021 Long-Term Debt (including current portion) (a) Carrying Fair Carrying Fair Con Edison $22,673 $19,311 $23,044 $26,287 CECONY $18,389 $15,465 $18,382 $21,382 (a) Amounts shown are net of unamortized debt expense and unamortized debt discount of $216 million and $186 million for Con Edison and CECONY, respectively, as of September 30, 2022 and $226 million and $193 million for Con Edison and CECONY, respectively, as of December 31, 2021. |
Short-Term Borrowing
Short-Term Borrowing | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowing | Short-Term Borrowing At September 30, 2022, Con Edison had $1,941 million of commercial paper outstanding of which $1,789 million was outstanding under CECONY’s program. The weighted average interest rate at September 30, 2022 was 3.4 percent for both Con Edison and CECONY. 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 September 30, 2022 and December 31, 2021, no loans were outstanding under the Companies' December 2016 credit agreement (Credit Agreement). An immaterial amount of letters of credit were outstanding under the Credit Agreement as of September 30, 2022 and December 31, 2021. In March 2022, CECONY entered into a 364-Day Revolving Credit Agreement (the CECONY Credit Agreement) under which banks are committed to provide loans up to $750 million on a revolving credit basis. The CECONY Credit Agreement expires on March 30, 2023 and supports CECONY’s commercial paper program. Loans issued under the CECONY Credit Agreement may also be used for other general corporate purposes. The banks’ commitments under the CECONY Credit Agreement are subject to certain conditions, including that there be no event of default and that CECONY shall have received the required regulatory approval. 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 CECONY, the banks may terminate their commitments and declare the loans, accrued interest and any other amounts due by CECONY immediately due and payable. Events of default include CECONY exceeding at any time a ratio of consolidated debt to consolidated total capital of 0.65 to 1; having liens on its assets in an aggregate amount exceeding five percent of its consolidated total capital, subject to certain exceptions; CECONY failing to make one or more payments in respect of material financial obligations (in excess of an aggregate $150 million of debt); cross default to other financial obligations of $150 million or more of CECONY which would permit the holder to accelerate the obligations; and other customary events of default. In June 2022, Con Edison entered into and borrowed $400 million under a 364-Day Senior Unsecured Term Loan Credit Agreement (the June 2022 Term Loan Credit Agreement) under which a bank is committed, until November 30, 2022, to provide to Con Edison one or more tranches of incremental term loans in an aggregate amount not to exceed $200 million, in addition to the $400 million borrowed on June 30, 2022. The bank’s commitments under the 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 Con Edison, the bank may terminate its commitments and declare the loans, accrued interest and any other amounts due by Con Edison immediately due and payable. Events of default include Con Edison exceeding at any time a ratio of consolidated debt to consolidated total capital of 0.65 to 1; Con Edison or its subsidiaries having liens on its or their assets in an aggregate amount exceeding 5 percent of Con Edison’s consolidated total capital, subject to certain exceptions; Con Edison or 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); 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) or enables the holders of such debt to accelerate the maturity thereof; and other customary events of default. Subject to certain exceptions, the commitments and any term loans issued under the June 2022 Term Loan Credit Agreement are subject to mandatory termination and prepayment with the net cash proceeds of certain equity issuances or asset sales by Con Edison. In August 2022, the Clean Energy Businesses entered into and borrowed $150 million under a 364-Day Senior Unsecured Term Loan Credit Agreement, which is guaranteed by Con Edison and includes customary terms and conditions. Upon a change of control of the Clean Energy Businesses, the bank may declare the loan, accrued interest and any other amounts due by the Clean Energy Businesses immediately due and payable if the bank does not consent to a guarantee from the successor company, which consent may not be unreasonably withheld. Upon an event of default of the Clean Energy Businesses, the bank may declare the loan, accrued interest and any other amounts due by the Clean Energy Businesses immediately due and payable. See Note H. |
Pension Benefits
Pension Benefits | 9 Months Ended |
Sep. 30, 2022 | |
Retirement Benefits [Abstract] | |
Pension Benefits | Pension Benefits Total Periodic Benefit Cost The components of the Companies’ total periodic benefit cost for the three and nine months ended September 30, 2022 and 2021 were as follows: For the Three Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2022 2021 2022 2021 Service cost – including administrative expenses $72 $85 $67 $80 Interest cost on projected benefit obligation 126 118 119 111 Expected return on plan assets (292) (274) (277) (260) Recognition of net actuarial loss 94 197 89 187 Recognition of prior service credit (4) (4) (5) (5) TOTAL PERIODIC BENEFIT COST/(CREDIT) $(4) $122 $(7) $113 Cost capitalized (32) (41) (30) (39) Reconciliation to rate level 63 (54) 59 (52) Total expense recognized $27 $27 $22 $22 For the Nine Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2022 2021 2022 2021 Service cost – including administrative expenses $215 $257 $202 $241 Interest cost on projected benefit obligation 379 353 357 332 Expected return on plan assets (876) (822) (832) (779) Recognition of net actuarial loss 283 590 268 559 Recognition of prior service credit (12) (12) (15) (15) TOTAL PERIODIC BENEFIT COST/(CREDIT) ($11) $366 ($20) $338 Cost capitalized (100) (120) (95) (113) Reconciliation to rate level 192 (165) 182 (158) Total expense recognized $81 $81 $67 $67 Components of net periodic benefit cost other than service cost are presented outside of operating income on the Companies' consolidated income statements, and only the service cost component is eligible for capitalization. Accordingly, the service cost component is included in the line "Other operations and maintenance" and the non-service cost components are included in the lines "Investment and other income" and "Other deductions" in the Companies' consolidated income statements. The increase in the "Pension and retiree benefits" asset on the Companies' consolidated balance sheets from December 31, 2021 to September 30, 2022 is primarily due to favorable plan liability experience. Expected Contributions Based on estimates as of September 30, 2022, the Companies expect to make contributions to the pension plans during 2022 of $31 million (of which $18 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. During the first nine months of 2022, the Companies contributed $25 million to the pension plans, $13 million of which was contributed by CECONY. CECONY also contributed $17 million to the external trust for its non-qualified supplemental plan. |
Other Postretirement Benefits
Other Postretirement Benefits | 9 Months Ended |
Sep. 30, 2022 | |
Retirement Benefits [Abstract] | |
Other Postretirement Benefits | Other Postretirement Benefits Total Periodic Benefit Cost The components of the Companies’ total periodic other postretirement benefit cost/(credit) for the three and nine months ended September 30, 2022 and 2021 were as follows: For the Three Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2022 2021 2022 2021 Service cost - including administrative expenses $5 $2 $4 $1 Interest cost on projected other postretirement benefit obligation 8 7 8 6 Expected return on plan assets (18) (17) (14) (14) Recognition of net actuarial loss/(gain) (4) 4 (3) 3 TOTAL PERIODIC OTHER POSTRETIREMENT BENEFIT COST/(CREDIT) $(9) ($4) $(5) $(4) Cost capitalized (2) (3) (2) (3) Reconciliation to rate level 7 7 6 6 Total credit recognized $(4) $— $(1) $(1) For the Nine Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2022 2021 2022 2021 Service cost - including administrative expenses $14 $15 $11 $11 Interest cost on projected other postretirement benefit obligation 26 23 23 19 Expected return on plan assets (54) (51) (43) (41) Recognition of net actuarial loss/(gain) (11) 17 (7) 13 Recognition of prior service credit (1) (2) — (1) TOTAL PERIODIC OTHER POSTRETIREMENT BENEFIT COST/(CREDIT) $(26) $2 $(16) $1 Cost capitalized (6) (9) (5) (7) Reconciliation to rate level 22 7 18 2 Total credit recognized $(10) $— $(3) $(4) For information about the presentation of the components of other postretirement benefit costs, see Note E. Contributions As of September 30, 2022, the Companies contributed $9 million (all of which was 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. |
Environmental Matters
Environmental Matters | 9 Months Ended |
Sep. 30, 2022 | |
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 September 30, 2022 and December 31, 2021 were as follows: Con Edison CECONY (Millions of Dollars) 2022 2021 2022 2021 Accrued Liabilities: Manufactured gas plant sites $833 $845 $744 $755 Other Superfund Sites 90 95 89 95 Total $923 $940 $833 $850 Regulatory assets $919 $938 $840 $860 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 for the three and nine months ended September 30, 2022 and 2021 were as follows: For the Three Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2022 2021 2022 2021 Remediation costs incurred $3 $7 $3 $7 For the Nine Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2022 2021 2022 2021 Remediation costs incurred $17 $21 $16 $20 Insurance and other third-party recoveries received by Con Edison or CECONY were immaterial for the three and nine months ended September 30, 2022 and 2021. 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 New York 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 September 30, 2022, 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 September 30, 2022 and December 31, 2021 were as follows: Con Edison CECONY (Millions of Dollars) 2022 2021 2022 2021 Accrued liability – asbestos suits $8 $8 $7 $7 Regulatory assets – asbestos suits $8 $8 $7 $7 Accrued liability – workers’ compensation $62 $65 $59 $62 Regulatory liabilities – workers’ compensation $11 $8 $11 $8 |
Material Contingencies
Material Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Material Contingencies | 10 years Total (Millions of Dollars) Con Edison Transmission $442 $— $— $442 Energy transactions 493 22 292 807 Renewable electric projects 332 69 360 761 Other 222 — — 222 Total $1,489 $91 $652 $2,232 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. Other — Other guarantees include a $70 million guarantee provided by Con Edison to Travelers Insurance Company for indemnity agreements for surety bonds in connection with the operation of solar energy facilities and energy service projects of the Clean Energy Businesses. Other guarantees also include a guarantee provided by Con Edison in connection with the Clean Energy Businesses’ obligations under a $150 million, 364-Day Senior Unsecured Term Loan Credit Agreement. See Note D." 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 116 th and 117 th 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 as of September 30, 2022 . Other Contingencies For additional contingencies, see "COVID-19 Regulatory Matters" and "Other Regulatory Matters" in Note B, Note G and “Uncertain Tax Positions” in Note J. 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 $2,232 million and $2,157 million at September 30, 2022 and December 31, 2021, respectively. A summary, by type and term, of Con Edison's total guarantees under these agreements at September 30, 2022 is as follows: Guarantee Type 0 – 3 years 4 – 10 years > 10 years Total (Millions of Dollars) Con Edison Transmission $442 $— $— $442 Energy transactions 493 22 292 807 Renewable electric projects 332 69 360 761 Other 222 — — 222 Total $1,489 $91 $652 $2,232 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. Other — Other guarantees include a $70 million guarantee provided by Con Edison to Travelers Insurance Company for indemnity agreements for surety bonds in connection with the operation of solar energy facilities and energy service projects of the Clean Energy Businesses. Other guarantees also include a guarantee provided by Con Edison in connection with the Clean Energy Businesses’ obligations under a $150 million, 364-Day Senior Unsecured Term Loan Credit Agreement. See Note D. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Leases | Leases Operating lease cost and cash paid for amounts included in the measurement of lease liabilities for the three and nine months ended September 30, 2022 and 2021 were as follows: For the Three Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2022 2021 2022 2021 Operating lease cost $22 $22 $17 $16 Operating lease cash flows $11 $10 $5 $6 For the Nine Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2022 2021 2022 2021 Operating lease cost $66 $65 $50 $49 Operating lease cash flows $28 $26 $13 $15 As of September 30, 2022 and December 31, 2021, assets recorded as finance leases were $2 million for Con Edison and $1 million for CECONY, and the accumulated amortization associated with finance leases for Con Edison and CECONY were $4 million and $2 million, respectively. For the three and nine months ended September 30, 2022 and 2021, finance lease costs and cash flows for Con Edison and CECONY were immaterial. Right-of-use assets obtained in exchange for operating lease obligations for Con Edison and CECONY were $5 million and $3 million, respectively, for the three months ended September 30, 2022 and $76 million and $67 million, respectively, for the nine months ended September 30, 2022. Right-of-use assets obtained in exchange for operating lease obligations for Con Edison and CECONY were $15 million and $5 million, respectively, for the three months ended September 30, 2021 and $32 million and $7 million, respectively, for the nine months ended September 30, 2021. Other information related to leases for Con Edison and CECONY at September 30, 2022 and December 31, 2021 were as follows: Con Edison CECONY 2022 2021 2022 2021 Weighted Average Remaining Lease Term: Operating leases 18.2 years 18.5 years 12.6 years 12.1 years Finance leases 7.2 years 7.1 years 2.5 years 3.1 years Weighted Average Discount Rate: Operating leases 4.3% 4.3% 3.7% 3.5% Finance leases 1.9% 1.8% 1.0% 1.1% Future minimum lease payments under non-cancellable leases at September 30, 2022 were as follows: (Millions of Dollars) Con Edison CECONY Year Ending September 30, Operating Leases Finance Leases Operating Leases Finance Leases 2023 $84 $— $63 $— 2024 81 1 62 1 2025 82 — 63 — 2026 81 — 63 — 2027 81 — 64 — All years thereafter 963 1 472 — Total future minimum lease payments $1,372 $2 $787 $1 Less: imputed interest (469) — (165) — Total $903 $2 $622 $1 Reported as of September 30, 2022 Operating lease liabilities (current) $131 $— $99 $— Operating lease liabilities (noncurrent) 772 — 523 — Other noncurrent liabilities — 2 — 1 Total $903 $2 $622 $1 At September 30, 2022, the Companies had an additional operating lease agreement that had not yet commenced, for a solar electric facility under construction by the Clean Energy Businesses, for which the present value of the |
Leases | Leases Operating lease cost and cash paid for amounts included in the measurement of lease liabilities for the three and nine months ended September 30, 2022 and 2021 were as follows: For the Three Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2022 2021 2022 2021 Operating lease cost $22 $22 $17 $16 Operating lease cash flows $11 $10 $5 $6 For the Nine Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2022 2021 2022 2021 Operating lease cost $66 $65 $50 $49 Operating lease cash flows $28 $26 $13 $15 As of September 30, 2022 and December 31, 2021, assets recorded as finance leases were $2 million for Con Edison and $1 million for CECONY, and the accumulated amortization associated with finance leases for Con Edison and CECONY were $4 million and $2 million, respectively. For the three and nine months ended September 30, 2022 and 2021, finance lease costs and cash flows for Con Edison and CECONY were immaterial. Right-of-use assets obtained in exchange for operating lease obligations for Con Edison and CECONY were $5 million and $3 million, respectively, for the three months ended September 30, 2022 and $76 million and $67 million, respectively, for the nine months ended September 30, 2022. Right-of-use assets obtained in exchange for operating lease obligations for Con Edison and CECONY were $15 million and $5 million, respectively, for the three months ended September 30, 2021 and $32 million and $7 million, respectively, for the nine months ended September 30, 2021. Other information related to leases for Con Edison and CECONY at September 30, 2022 and December 31, 2021 were as follows: Con Edison CECONY 2022 2021 2022 2021 Weighted Average Remaining Lease Term: Operating leases 18.2 years 18.5 years 12.6 years 12.1 years Finance leases 7.2 years 7.1 years 2.5 years 3.1 years Weighted Average Discount Rate: Operating leases 4.3% 4.3% 3.7% 3.5% Finance leases 1.9% 1.8% 1.0% 1.1% Future minimum lease payments under non-cancellable leases at September 30, 2022 were as follows: (Millions of Dollars) Con Edison CECONY Year Ending September 30, Operating Leases Finance Leases Operating Leases Finance Leases 2023 $84 $— $63 $— 2024 81 1 62 1 2025 82 — 63 — 2026 81 — 63 — 2027 81 — 64 — All years thereafter 963 1 472 — Total future minimum lease payments $1,372 $2 $787 $1 Less: imputed interest (469) — (165) — Total $903 $2 $622 $1 Reported as of September 30, 2022 Operating lease liabilities (current) $131 $— $99 $— Operating lease liabilities (noncurrent) 772 — 523 — Other noncurrent liabilities — 2 — 1 Total $903 $2 $622 $1 At September 30, 2022, the Companies had an additional operating lease agreement that had not yet commenced, for a solar electric facility under construction by the Clean Energy Businesses, for which the present value of the |
Income Tax
Income Tax | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Tax | Income Tax Con Edison’s income tax expense increased to $160 million for the three months ended September 30, 2022 from $127 million for the three months ended September 30, 2021. The inc rease in income tax expense is primarily due to higher income before income tax expense, higher state income taxes and assistance received from a New York State COVID-19 arrears program in 2022 (see “COVID-19 Regulatory Matters” in Note B), offset in part by higher income attributable to non-controlling interest and lower reserve for injuries and damages. CECONY’s income tax expense increased to $124 million for the three months ended September 30, 2022 from $90 million for the three months ended September 30, 2021. The increase in income tax expense is primarily due to higher income before income tax expense, higher state income taxes, assistance received from a New York State COVID-19 arrears program in 2022 (see “COVID-19 Regulatory Matters” in Note B) and the absence of a favorable tax adjustment from a prior year tax return due to an increase in the general business tax credits, offset in part by lower reserve for injuries and damages. 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 for the three months ended September 30, 2022 and 2021 is as follows: Con Edison CECONY (% of Pre-tax income) 2022 2021 2022 2021 STATUTORY TAX RATE Federal 21 % 21 % 21 % 21 % Changes in computed taxes resulting from: State income tax, net of federal income tax benefit 6 5 5 5 Amortization of excess deferred federal income taxes (6) (7) (7) (8) Taxes attributable to non-controlling interest — 4 — — Cost of removal 1 1 1 1 Other plant-related items — (1) — (1) Renewable energy credits (1) (1) — — Allowance for uncollectible accounts, net of COVID-19 assistance — — 1 — Injuries and damages reserve — — — 1 Prior period federal income tax return adjustments — (1) — (1) Other — — (1) — Effective tax rate 21 % 21 % 20 % 18 % Con Edison’s income tax expense increased to $330 million for the nine months ended September 30, 2022 from $194 million for the nine months ended September 30, 2021. The increase in income tax expense is primarily due to higher income before income tax expense, higher state income taxes and an increase in the reserve for uncertain tax positions for prior years at the Clean Energy Businesses, offset in part by a lower loss attributable to non-controlling interest and an increase in research and development credits from prior years at the Utilities. CECONY’s income tax expense increased to $232 million for the nine months ended September 30, 2022 from $188 million for the nine months ended September 30, 2021. The increase in income tax expense is primarily due to higher income before income tax expense, higher state income taxes and lower flow-through tax benefits in 2022 for plant-related items, offset in part by higher research and development credits from prior years. 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 for the nine months ended September 30, 2022 and 2021 is as follows: Con Edison CECONY (% of Pre-tax income) 2022 2021 2022 2021 STATUTORY TAX RATE Federal 21 % 21 % 21 % 21 % Changes in computed taxes resulting from: State income tax, net of federal income tax benefit 6 5 5 5 Amortization of excess deferred federal income taxes (8) (11) (10) (11) Taxes attributable to non-controlling interest 1 3 — — Cost of removal 1 2 2 2 Other plant-related items — (1) (1) (1) Renewable energy credits (2) (2) — — Other — (1) — — Effective tax rate 19 % 16 % 17 % 16 % In April 2021, New York 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. New York 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 As a result of an unfavorable settlement reached at appeals with the IRS in the second quarter of 2022, the Clean Energy Businesses increased its reserve for uncertain tax positions for prior years by $5 million. At September 30, 2022, the estimated liability for uncertain tax positions for Con Edison was $21 million ($7 million for CECONY). Con Edison reasonably expects to resolve within the next twelve months approximately $17 million of various federal 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 $4 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 $21 million, with $7 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 nine months ended September 30, 2022 and 2021, the Companies recognized an immaterial amount of interest expense and no penalties for uncertain tax positions in their consolidated income statements. At September 30, 2022 and December 31, 2021, the Companies recognized an immaterial amount of accrued interest on their consolidated balance sheets. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue RecognitionThe following table presents, for the three and nine months ended September 30, 2022 and 2021, revenue from contracts with customers as defined in Accounting Standards Codification Topic 606, "Revenue from Contracts with Customers," as well as additional revenue from sources other than contracts with customers, disaggregated by major source. For the Three Months Ended September 30, 2022 For the Three Months Ended September 30, 2021 (Millions of Dollars) Revenues from contracts with customers Other revenues (a) Total operating revenues Revenues from contracts with customers Other revenues (a) Total operating revenues CECONY Electric $3,165 $(88) $3,077 $2,776 $(46) $2,730 Gas 409 5 414 305 2 307 Steam 55 3 58 52 3 55 Total CECONY $3,629 $(80) $3,549 $3,133 $(41) $3,092 O&R Electric 256 (4) 252 229 (6) 223 Gas 29 10 39 32 2 34 Total O&R $285 $6 $291 $261 $(4) $257 Clean Energy Businesses Renewables 197 — 197 185 — 185 Energy services 13 — 13 65 — 65 Develop/Transfer Projects 37 — 37 14 — 14 Other — 78 78 — — — Total Clean Energy Businesses $247 $78 $325 $264 $— $264 Con Edison Transmission 1 — 1 1 — 1 Other (b) — (1) (1) — (1) (1) Total Con Edison $4,162 $3 $4,165 $3,659 $(46) $3,613 (a) For the Utilities, this includes primarily revenue or negative revenue adjustments from alternative revenue programs, such as the revenue decoupling mechanisms under their NY electric and gas rate plans (see "Rate Plans" in Note B). For the Clean Energy Businesses, this includes revenue from wholesale services. (b) Parent company and consolidation adjustments. For the Nine Months Ended September 30, 2022 For the Nine Months Ended September 30, 2021 (Millions of Dollars) Revenues from contracts with customers Other revenues (a) Total operating revenues Revenues from contracts with customers Other revenues (a) Total operating revenues CECONY Electric $7,525 $(124) $7,401 $6,695 $(34) $6,661 Gas 2,090 37 2,127 1,699 31 1,730 Steam 436 8 444 383 10 393 Total CECONY $10,051 $(79) $9,972 $8,777 $7 $8,784 O&R Electric 595 (1) 594 535 (13) 522 Gas 217 2 219 184 (7) 177 Total O&R $812 $1 $813 $719 $(20) $699 Clean Energy Businesses Renewables 524 — 524 519 — 519 Energy services 57 — 57 168 — 168 Develop/Transfer Projects 56 — 56 26 — 26 Other — 220 220 — 66 66 Total Clean Energy Businesses $637 $220 $857 $713 $66 $779 Con Edison Transmission 3 — 3 3 — 3 Other (b) — (6) (6) — (4) (4) Total Con Edison $11,503 $136 $11,639 $10,212 $49 $10,261 (a) For the Utilities, this includes primarily revenue or negative revenue adjustments from alternative revenue programs, such as the revenue decoupling mechanisms under their NY electric and gas rate plans (see "Rate Plans" in Note B). For the Clean Energy Businesses, this includes revenue from wholesale services. (b) Parent company and consolidation adjustments. 2022 2021 (Millions of Dollars) Unbilled contract revenue (a) Unearned revenue (b) Unbilled contract revenue (a) Unearned revenue (b) Beginning balance as of January 1, $35 $7 $11 $41 Additions (c) 103 — 174 — Subtractions (c) 81 4 (d) 127 31 (d) Ending balance as of September 30, $57 $3 $58 $10 (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, $4 million and $31 million were included in the balances as of January 1, 2022 and 2021, respectively. As of September 30, 2022, the aggregate amount of the remaining fixed performance obligations of the Clean Energy Businesses under contracts with customers for energy services was $303 million, of which $265 million will be recognized within the next two years, and the remaining $38 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. |
Current Expected Credit Losses
Current Expected Credit Losses | 9 Months Ended |
Sep. 30, 2022 | |
Credit Loss [Abstract] | |
Current Expected Credit Losses | Current Expected Credit Losses 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’ 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 September 30, 2022 and December 31, 2021. 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. Starting in 2020, the potential economic impact of the COVID-19 pandemic was also considered in forward-looking projections related to write-off and recovery r ates and resulted in increases to the allowance for uncollectible accounts. The decreases to the allowance for customer uncollectible accounts for Con Edison and CECONY were $31 million and $27 million, respectively for the three months ended September 30, 2022 and $12 million and $7 million, respectively, for the nine months ended September 30, 2022. The decreases primarily resulted from the credits issued pursuant to the New York State COVID-19 arrears assistance programs. See "COVID-19 Regulatory Matters" in Note B. The increases to the allowance for uncollectible accounts for Con Edison and CECONY were $38 million for the three months ended September 30, 2021 and $165 million and $162 million, respectively, for the nine months ended September 30, 2021. 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 three and nine months ended September 30, 2022 and 2021: For the Three Months Ended September 30, Con Edison CECONY Accounts receivable - customers Other receivables Accounts receivable - customers Other receivables (Millions of Dollars) 2022 2021 2022 2021 2022 2021 2022 2021 Allowance for credit losses Beginning Balance at July 1, $336 $275 $9 $7 $324 $262 $7 $4 Recoveries 4 3 — — 4 3 — — Write-offs 2 (24) (2) — 4 (23) (1) — Reserve adjustments (37) 59 2 — (35) 58 1 1 Ending Balance September 30, $305 $313 $9 $7 $297 $300 $7 $5 For the Nine Months Ended September 30, Con Edison CECONY Accounts receivable - customers Other receivables Accounts receivable - customers Other receivables (Millions of Dollars) 2022 2021 2022 2021 2022 2021 2022 2021 Allowance for credit losses Beginning Balance at January 1, $317 $148 $22 $7 $304 $138 $19 $4 Recoveries 13 9 — — 12 8 — — Write-offs (62) (66) (5) (1) (56) (62) (3) — Reserve adjustments 37 222 (8) 1 37 216 (9) 1 Ending Balance September 30, $305 $313 $9 $7 $297 $300 $7 $5 |
Financial Information by Busine
Financial Information by Business Segment | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Financial Information by Business Segment | Financial Information by Business Segment 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. The financial data for the business segments for the three and nine months ended September 30, 2022 and 2021 were as follows: For the Three Months Ended September 30, Operating Inter-segment Depreciation and Operating (Millions of Dollars) 2022 2021 2022 2021 2022 2021 2022 2021 CECONY Electric $3,077 $2,730 $5 $5 $324 $324 $843 $834 Gas 414 307 2 2 93 82 (40) (48) Steam 58 55 19 18 24 23 (65) (58) Consolidation adjustments — — (26) (25) — — — — Total CECONY $3,549 $3,092 $— $— $441 $429 $738 $728 O&R Electric $252 $223 $— $— $18 $18 $61 $55 Gas 39 34 — — 7 6 (10) (8) Total O&R $291 $257 $— $— $25 $24 $51 $47 Clean Energy Businesses $325 $264 $— $— $60 $58 $104 $79 Con Edison Transmission 1 1 — — — — (2) (2) Other (a) (1) (1) — — (1) 1 (2) (2) Total Con Edison $4,165 $3,613 $— $— $525 $512 $889 $850 (a) Parent company and consolidation adjustments. Other does not represent a business segment. For the Nine Months Ended September 30, Operating Inter-segment Depreciation and Operating (Millions of Dollars) 2022 2021 2022 2021 2022 2021 2022 2021 CECONY Electric $7,401 $6,661 $14 $14 $994 $959 $1,233 $1,337 Gas 2,127 1,730 6 6 275 239 511 490 Steam 444 393 57 55 72 69 (15) 9 Consolidation adjustments — — (77) (75) — — — — Total CECONY $9,972 $8,784 $— $— $1,341 $1,267 $1,729 $1,836 O&R Electric $594 $522 $— $— $53 $52 $85 $78 Gas 219 177 — — 20 19 25 30 Total O&R $813 $699 $— $— $73 $71 $110 $108 Clean Energy Businesses $857 $779 $— $— $178 $172 $248 $196 Con Edison Transmission 3 3 — — 1 1 (8) (7) Other (a) (6) (4) — — — — (5) (4) Total Con Edison $11,639 $10,261 $— $— $1,593 $1,511 $2,074 $2,129 (a) Parent company and consolidation adjustments. Other does not represent a business segment. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging ActivitiesCon 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 O), 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 September 30, 2022 and December 31, 2021 were: (Millions of Dollars) 2022 2021 Balance Sheet Location Gross Amounts of Gross Net Amounts Gross Amounts of Gross Net Amounts Con Edison Fair value of derivative assets Current $667 $(415) $252 (b)(c) $285 $(158) $127 (b) Noncurrent 303 (53) 250 (c) 90 (13) 77 (d) Total fair value of derivative assets $970 $(468) $502 $375 $(171) $204 Fair value of derivative liabilities Current $(212) $142 $(70) (b) $(289) $137 $(152) (d) Noncurrent (68) 37 (31) (94) 10 (84) (d) Total fair value of derivative liabilities $(280) $179 $(101) $(383) $147 $(236) Net fair value derivative assets/(liabilities) $690 ($289) $401 $(8) $(24) $(32) CECONY Fair value of derivative assets Current $521 $(335) $186 (b) $135 $(64) $71 (b) Noncurrent 181 (45) 136 71 (15) 56 Total fair value of derivative assets $702 $(380) $322 $206 $(79) $127 Fair value of derivative liabilities Current $(134) $84 $(50) $(131) $43 $(88) Noncurrent (50) 35 (15) (50) 10 (40) Total fair value of derivative liabilities $(184) $119 $(65) $(181) $53 $(128) Net fair value derivative assets/(liabilities) $518 $(261) $257 $25 $(26) $(1) (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 September 30, 2022, margin deposits for Con Edison ($4 million and an immaterial amount) were classified as derivative assets and derivative liabilities, respectively, and for CECONY $4 million was classified as derivative assets on the consolidated balance sheet, but not included in the table. At December 31, 2021 margin deposits for Con Edison and CECONY of $1 million and an immaterial amount, 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 $21 million in current assets and $84 million in noncurrent assets. At September 30, 2022, the Clean Energy Businesses had interest rate swaps with notional amounts of $996 million. The expiration dates of the swaps range from 2025-2041 . (d) 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 ranged from 2025-2041. 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. 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 three and nine months ended September 30, 2022 and 2021: For the Three Months Ended September 30, Con Edison CECONY (Millions of Dollars) Balance Sheet Location 2022 2021 2022 2021 Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: Current Deferred derivative gains $31 $296 $30 $279 Noncurrent Deferred derivative gains 23 70 17 66 Total deferred gains/(losses) $54 $366 $47 $345 Current Deferred derivative losses $41 $(4) $37 $(3) Current Recoverable energy costs 168 17 152 13 Noncurrent Deferred derivative losses 49 (61) 45 (55) Total deferred gains/(losses) $258 $(48) $234 $(45) Net deferred gains/(losses) $312 $318 $281 $300 Income Statement Location Pre-tax gains/(losses) recognized in income Gas purchased for resale $(2) $2 $— $— Non-utility revenue (1) (23) — — Other operations and maintenance expense (1) 1 (1) 1 Other interest expense (a) 49 11 — — Total pre-tax gains/(losses) recognized in income $45 $(9) ($1) $1 (a) See (b) below. For the Nine Months Ended September 30, Con Edison CECONY (Millions of Dollars) Balance Sheet Location 2022 2021 2022 2021 Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: Current Deferred derivative gains $379 $443 $350 $415 Noncurrent Deferred derivative gains 91 106 79 97 Total deferred gains/(losses) $470 $549 $429 $512 Current Deferred derivative losses $50 $25 $45 $22 Current Recoverable energy costs 357 (30) 324 (29) Noncurrent Deferred derivative losses 19 (16) 18 (13) Total deferred gains/(losses) $426 $(21) $387 $(20) Net deferred gains/(losses) (a) $896 $528 $816 $492 Income Statement Location Pre-tax gains/(losses) recognized in income Gas purchased for resale $1 $4 $— $— Non-utility revenue (23) (22) — — Other operations and maintenance expense 4 5 4 5 Other interest expense (b) 158 45 — — Total pre-tax gains/(losses) recognized in income $140 $32 $4 $5 (a) Unrealized net deferred gains on electric and gas derivatives for the Utilities increased as a result of higher electric and gas commodity prices during the nine months ended September 30, 2022. Upon settlement, short-term deferred derivative gains generally reduce the recoverable costs of electric and gas purchases. (b) Gains recognized in other interest expense relate to interest rate swaps at the Clean Energy Businesses. The gains recognized are consistent with the increasing interest rate environment in 2022. The following table presents the hedged volume of Con Edison’s and CECONY’s commodity derivative transactions at September 30, 2022: Electric Energy Capacity (MW) (a) Natural Gas Refined Fuels Con Edison 29,387,725 36,037 289,274,503 672,000 CECONY 27,281,075 22,350 272,830,000 672,000 (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 September 30, 2022, Con Edison and CECONY had $859 million and $543 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 $110 million with independent system operators, $61 million with non-investment grade/non-rated counterparties, $222 million with commodity exchange brokers, and $466 million with investment-grade counterparties. CECONY’s net credit exposure consisted of $169 million with commodity exchange brokers and $374 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 September 30, 2022: (Millions of Dollars) Con Edison (a) CECONY (a) Aggregate fair value – net liabilities $116 $55 Collateral posted 100 100 Additional collateral (b) (downgrade one level from current ratings) 25 — Additional collateral (b)(c) (downgrade to below investment grade from current ratings) 59 20 (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 $6 million of additional collateral at September 30, 2022. 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 September 30, 2022, if Con Edison had been downgraded to below investment grade, it would have been required to post additional collateral for such derivative instruments of $96 million. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
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 as of September 30, 2022 and December 31, 2021 are summarized below. 2022 2021 (Millions of Dollars) Level 1 Level 2 Level 3 Netting Total Level 1 Level 2 Level 3 Netting Total Con Edison Derivative assets: Commodity (a)(b)(c) $189 $610 $37 $(435) $401 $95 $260 $17 $(171) $201 Interest rate swaps (a)(b)(c) — 105 — — 105 — 4 — — 4 Other (a)(b)(d) 415 116 — — 531 492 135 — — 627 Total assets $604 $831 $37 $(435) $1,037 $587 $399 $17 $(171) $832 Derivative liabilities: Commodity (a)(b)(c) $17 $211 $21 $(148) $101 $33 $266 $28 $(148) $179 Interest rate swaps (a)(b)(c) — — — — — — 57 — — 57 Total liabilities $17 $211 $21 $(148) $101 $33 $323 $28 $(148) $236 CECONY Derivative assets: Commodity (a)(b)(c) $170 $497 $9 $(350) $326 $67 $138 $1 $(79) $127 Other (a)(b)(d) 400 110 — — 510 474 127 — — 601 Total assets $570 $607 $9 $(350) $836 $541 $265 $1 $(79) $728 Derivative liabilities: Commodity (a)(b)(c) $5 $144 $9 $(93) $65 $1 $172 $8 $(53) $128 Total liabilities $5 $144 $9 $(93) $65 $1 $172 $8 $(53) $128 (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 liabilities transferred from level 3 to level 2 during the nine months ended September 30, 2022 because of availability of observable market data due to the decrease in the terms of certain contracts from beyond three years as of March 31, 2022 to less than three years as of June 30, 202 2 . 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. (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 September 30, 2022 and December 31, 2021, 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. 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 September 30, 2022 Valuation Unobservable Inputs Range (Millions of Dollars) Con Edison – Commodity Electricity $17 Discounted Cash Flow Forward energy prices (a) $22.25-$172.80 per MWh (4) Discounted Cash Flow Forward capacity prices (a) $0.55-$7.26 per kW-month Natural Gas — Discounted Cash Flow Forward natural gas prices (a) $3.75-$21.37 per Dt Transmission Congestion Contracts/Financial Transmission Rights 3 Discounted Cash Flow Inter-zonal forward price curves adjusted for historical zonal losses (b) $(12.89)-$207.83 per MWh Total Con Edison—Commodity $16 CECONY – Commodity Electricity $4 Discounted Cash Flow Forward energy prices (a) $37.33-$172.80 per MWh Electricity (6) Discounted Cash Flow Forward capacity prices (a) $1.10-$7.26 per kW-month Transmission Congestion Contracts 2 Discounted Cash Flow Inter-zonal forward price curves adjusted for historical zonal losses (b) $1.03-$5.51 per MWh Total CECONY—Commodity $— (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 as of September 30, 2022 and 2021 and classified as Level 3 in the fair value hierarchy: For the Three Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2022 2021 2022 2021 Beginning balance as of July 1, $9 $(9) $(11) $(7) Included in earnings (10) 21 (1) 1 Included in regulatory assets and liabilities 14 (17) 11 (11) Purchases 1 — — — Settlements 2 — 1 — Ending balance as of September 30, $16 $(5) $— $(17) For the Nine Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2022 2021 2022 2021 Beginning balance as of January 1, $(11) $(19) $(7) $(10) Included in earnings 13 20 (3) (2) Included in regulatory assets and liabilities 7 (9) 5 (7) Purchases 3 — — — Settlements 3 3 4 2 Transfer out of level 3 1 — 1 — Ending balance as of September 30, $16 $(5) $— $(17) 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. 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 | 9 Months Ended |
Sep. 30, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Variable Interest Entities | Variable Interest Entities The 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. 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 S. The earnings of the project are determined using the hypothetical liquidation at book value (HLBV) method of accounting, and such earnings were not material for the three and nine months ended September 30, 2022 and 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. HLBV Accounting Con Edison has determined that the use of HLBV accounting is reasonable and appropriate to attribute income and loss to the tax equity investors. Using the HLBV method, the company's earnings from the projects are adjusted to reflect the income or loss allocable to the tax equity investors calculated based on how the project would allocate and distribute its cash if it were to sell all of its assets for their carrying amounts and liquidate at a particular point in time. Under the HLBV method, the company calculates the liquidation value allocable to the tax equity investors at the beginning and end of each period based on the contractual liquidation waterfall and adjusts its income for the period to reflect the change in the liquidation value allocable to the tax equity investors. CED Nevada Virginia 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 is held by the Clean Energy Businesses. The HLBV method of accounting resulted in income/(loss) for the three and nine months ended September 30, 2022 and 2021 as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, (Millions of Dollars) 2022 2021 2022 2021 Tax equity investor $6 $(74) $(36) $(127) After tax 5 (56) (27) (96) Con Edison (7) 74 32 127 After tax (5) 56 24 96 Tax Equity Projects In 2018, the Clean Energy Businesses completed its acquisition of Sempra Solar Holdings, LLC. Included in the ac quisition 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. The HLBV method of accounting resulted in income/(loss) for the three and nine months ended September 30, 2022 and 2021 as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, (Millions of Dollars) 2022 2021 2022 2021 Tax equity investor $— $— $(7) $8 After tax — — (5) 6 Con Edison 16 14 44 27 After tax 12 11 33 20 At September 30, 2022 and December 31, 2021, 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) 2022 2021 2022 2021 2022 2021 Non-utility property, less accumulated depreciation (f)(g) $269 $275 $420 $431 $627 $643 Other assets 40 37 168 167 61 55 Total assets (a) $309 $312 $588 $598 $688 $698 Other liabilities 19 14 83 74 325 315 Total liabilities (b) $19 $14 $83 $74 $325 $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 $71 million and $84 million at September 30, 2022 and December 31, 2021, 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 $100 million and $118 million at September 30, 2022 and December 31, 2021, respectively. (f) Non-utility property is reduced by accumulated depreciation of $33 million for Great Valley Solar, $55 million for Copper Mountain - Mesquite Solar, and $24 million for CED Nevada Virginia at September 30, 2022. (g) 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. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2022 | |
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 to not more than 100 percent of their respective income available for dividends calculated on a two–year rolling average basis. 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. As a result, substantially all of the net assets of CECONY and O&R ($16,867 million and $923 million, respectively), at September 30, 2022, 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. The costs of administrative and other services provided by CECONY to, and received by it from, Con Edison and its other subsidiaries for the three months ended September 30, 2022 and 2021 were as follows: For the Three Months Ended September 30, CECONY (Millions of Dollars) 2022 2021 Cost of services provided $35 $34 Cost of services received 19 18 For the Nine Months Ended September 30, CECONY (Millions of Dollars) 2022 2021 Cost of services provided $101 $100 Cost of services received 56 51 In addition, CECONY and O&R have joint gas supply arrangements in connection with which CECONY sold to O&R, $26 million and $17 million of natural gas for the three months ended September 30, 2022 and 2021, respectively and $97 million and $59 million for the nine months ended September 30, 2022 and 2021 , respectively. These amounts are net of the effect of related hedging transactions. At September 30, 2022 and December 31, 2021, CECONY's net payable to Con Edison for income taxes was $12 million and $10 million, respectively. 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 three months ended September 30, 2022 and 2021, the amounts billed by the Utilities to NY Transco were $2 million and an immaterial amount, respectively, and $6 million and an immaterial amount for the nine months ended September 30, 2022 and 2021, respectively. 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 $8 million and $23 million for the three and nine months ended September 30, 2021, respectively. During 2021, a subsidiary of CET Gas completed the sale of its 50 percent interest in Stagecoach. 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 9.7 percent equity interest in MVP (that is expected to be reduced to 8.0 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 three and nine months ended September 30, 2022 and 2021, 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 September 30, 2022 and December 31, 2021 there were no outstanding loans to O&R. The Clean Energy Businesses had financial electric capacity contracts with CECONY and O&R. For the three months ended September 30, 2022 and 2021, the Clean Energy Businesses realized a $1 million gain and $4 million gain and $2 million gain for the nine months ended September 30, 2022 and 2021, respectively, under these contracts. |
New Financial Accounting Standa
New Financial Accounting Standards | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
New Financial Accounting Standards | New Financial Accounting Standards In 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. The United Kingdom's Financial Conduct Authority ceased publication of U.S. Dollar LIBOR after December 31, 2021 for one-week and two-month U.S. Dollar LIBOR tenors, and expects to cease publishing 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. As the Companies continue to modify contracts that contain references to LIBOR to allow for the use of an alternative rate, they have applied the practical expedient to not assess each change for a contract modification. 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 have concluded the new guidance will not have a material impact on the Companies’ financial position, results of operations and liquidity. |
Dispositions
Dispositions | 9 Months Ended |
Sep. 30, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Dispositions | Dispositions 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 P. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Held-for-Sale Treatment of the Clean Energy Businesses On October 1, 2022, Con Edison entered into a purchase and sale agreement pursuant to which Con Edison agreed to sell the Clean Energy Businesses to RWE Renewables Americas, LLC, a subsidiary of RWE Aktiengesellschaft (RWE) for a total of $6,800 million, subject to closing adjustments. The purchase price will be adjusted (i) upward for certain cash and cash equivalents, (ii) downward for certain indebtedness and debt-like items, (iii) downward for certain transaction expenses, (iv) upward or downward to the extent that the net working capital varies from a set target, (v) upward or downward to the extent that capital expenditures incurred prior to the closing of the transaction vary from a set budget, and (vi) downward by the value allocated to certain assets and projects that are not able to be conveyed to RWE upon closing of the transaction. The purchase and sale agreement includes certain customary representations, warranties and covenants. The transaction is subject to customary closing conditions, including, among other things, expiration or early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and approvals by the Committee on Foreign Investment in the United States and the FERC. The transaction is expected to close in the first half of 2023, subject to satisfaction of the foregoing conditions, among other things. Concurrent with entering into the purchase and sale agreement, Con Edison incurred costs in the normal course of the sale process. Substantially all of the expected transaction costs of approximately $50 million to $60 million ($35 million to $45 million after-tax) are expected to be incurred in 2022. Also, as described in Note A, depreciation and amortization expense of approximately $60 million ($39 million after-tax) will not be recorded on the assets of the Clean Energy Businesses in the fourth quarter of 2022. Further, since the Clean Energy Businesses were designated as held for sale as of October 1, 2022 and the transaction is expected to close in the first half of 2023, Con Edison is analyzing the potential impact of the anticipated sale on its state apportionment factors. Based on current estimates, Con Edison expects to record an increase to its net deferred income tax liabilities and corresponding deferred income tax expense of approximately $100 million to $140 million (net of federal income taxes) in the fourth quarter of 2022. The Clean Energy Business represent a reportable segment. See Note M. At September 30, 2022, the carrying amounts of the major classes of assets and liabilities of the Clean Energy Businesses, which subsequent to September 30, 2022 met the accounting criteria to be designated as held for sale, are presented as if on a held for sale basis, and accordingly exclude certain intercompany and net deferred tax liability balances, as follows: (Millions of Dollars) September 30, ASSETS CURRENT ASSETS Cash and temporary cash investments $18 Accounts receivable and other receivables - net allowance for uncollectible accounts 204 Accrued unbilled revenue 120 Fuel oil, gas in storage, materials and supplies, at average cost 40 Restricted cash 163 Fair value of derivatives assets 58 Other current assets 173 TOTAL CURRENT ASSETS 776 NON-UTILITY PLANT Non-utility property, net accumulated depreciation 4,114 Construction work in progress 385 NET PLANT 4,499 OTHER NONCURRENT ASSETS Goodwill 31 Intangible assets, less accumulated amortization 1,222 Operating lease right-of-use asset 266 Fair value of derivatives assets 104 Other deferred charges and noncurrent assets 22 TOTAL OTHER NONCURRENT ASSETS 1,645 TOTAL ASSETS $6,920 (Millions of Dollars) September 30, LIABILITIES CURRENT LIABILITIES Long-term debt due within one year $323 Term loan 150 Accounts payable 217 Operating lease liabilities 32 Other current liabilities 143 TOTAL CURRENT LIABILITIES 865 NONCURRENT LIABILITIES Asset retirement obligations 76 Operating lease liabilities 248 Other deferred credits and noncurrent liabilities 20 TOTAL NONCURRENT LIABILITIES 344 LONG-TERM DEBT 2,344 TOTAL LIABILITIES $3,553 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies and Other Matters (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Reclassification | Reclassification Certain prior period amounts have been reclassified within the Companies' Consolidated Statements of Cash Flows and Consolidated Balance Sheets to conform with current period 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. 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 estimated vesting price. |
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. |
New Financial Accounting Standards | New Financial Accounting Standards In 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. The United Kingdom's Financial Conduct Authority ceased publication of U.S. Dollar LIBOR after December 31, 2021 for one-week and two-month U.S. Dollar LIBOR tenors, and expects to cease publishing 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. As the Companies continue to modify contracts that contain references to LIBOR to allow for the use of an alternative rate, they have applied the practical expedient to not assess each change for a contract modification. 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 have concluded the new guidance will not have a material impact on the Companies’ financial position, results of operations and liquidity. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies and Other Matters (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Basic and Diluted Earnings Per Share | For the three and nine months ended September 30, 2022 and 2021, basic and diluted EPS for Con Edison are calculated as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, (Millions of Dollars, except per share amounts/Shares in Millions) 2022 2021 2022 2021 Net income for common stock $613 $538 $1,470 $1,122 Weighted average common shares outstanding – basic 354.6 353.4 354.4 346.8 Add: Incremental shares attributable to effect of potentially dilutive securities 1.3 0.7 1.3 0.7 Adjusted weighted average common shares outstanding – diluted 355.9 354.1 355.7 347.5 Net Income per common share – basic $1.73 $1.52 $4.15 $3.23 Net Income per common share – diluted $1.72 $1.52 $4.13 $3.23 |
Changes in Accumulated Other Comprehensive Income/(Loss) | For the three and nine months ended September 30, 2022 and 2021, changes to accumulated other comprehensive income/(loss) (OCI) for Con Edison and CECONY are as follows: For the Three Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2022 2021 2022 2021 Beginning balance, accumulated OCI, net of taxes (a) $10 $(19) $1 $(7) Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax $(1) for Con Edison in 2021 (a)(b) 1 2 — — Current period OCI, net of taxes 1 2 — — Ending balance, accumulated OCI, net of taxes (a) $11 $(17) $1 $(7) (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 costs. See Notes E and F. For the Nine Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2022 2021 2022 2021 Beginning balance, accumulated OCI, net of taxes (a) $5 $(25) $— $(7) OCI before reclassifications, net of tax of $(1) for Con Edison in 2022 and 2021 4 2 — — Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax of $(1) and $(2) for Con Edison in 2022 and 2021, respectively (a)(b) 2 6 1 — Current period OCI, net of taxes 6 8 1 — Ending balance, accumulated OCI, net of taxes (a) $11 $(17) $1 $(7) (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 costs. See Notes E and F. |
Restrictions on Cash and Cash Equivalents | At September 30, 2022 and 2021, cash, temporary cash investments and restricted cash for Con Edison and CECONY were as follows: At September 30, Con Edison CECONY (Millions of Dollars) 2022 2021 2022 2021 Cash and temporary cash investments $78 $66 $25 $18 Restricted cash (a) 163 149 — — Total cash, temporary cash investments and restricted cash $241 $215 $25 $18 (a) Restricted cash included cash of the Clean Energy Businesses' renewable electric project subsidiaries ($163 million and $149 million at September 30, 2022 and 2021, 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 September 30, 2022 and 2021, cash, temporary cash investments and restricted cash for Con Edison and CECONY were as follows: At September 30, Con Edison CECONY (Millions of Dollars) 2022 2021 2022 2021 Cash and temporary cash investments $78 $66 $25 $18 Restricted cash (a) 163 149 — — Total cash, temporary cash investments and restricted cash $241 $215 $25 $18 (a) Restricted cash included cash of the Clean Energy Businesses' renewable electric project subsidiaries ($163 million and $149 million at September 30, 2022 and 2021, 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) | 9 Months Ended |
Sep. 30, 2022 | |
Regulated Operations [Abstract] | |
Schedule of Regulatory Assets | Regulatory assets and liabilities at September 30, 2022 and December 31, 2021 were comprised of the following items: Con Edison CECONY (Millions of Dollars) 2022 2021 2022 2021 Regulatory assets Environmental remediation costs $919 $938 $840 $860 System peak reduction and energy efficiency programs 546 285 546 284 Pension and other postretirement benefits deferrals 369 496 325 435 Revenue taxes 428 395 409 378 COVID-19 pandemic deferrals 275 282 272 277 Deferred storm costs 270 276 168 158 Property tax reconciliation 142 202 140 202 MTA power reliability deferral 104 140 104 140 Gas Service Line Deferred Costs 107 100 107 100 COVID-19 arrears relief program deferral 91 — 88 — Municipal infrastructure support costs 33 44 33 44 Brooklyn Queens demand management program 33 36 33 36 Deferred derivative losses - long term 32 51 27 45 Meadowlands heater odorization project 27 29 27 29 Unrecognized pension and other postretirement costs 24 128 10 110 Non-wire alternative projects 23 23 23 23 Legacy meters 20 2 — — Preferred stock redemption 19 20 19 20 Recoverable REV demonstration project costs 17 16 17 15 Gate station upgrade project 14 14 14 14 Unamortized loss on reacquired debt 12 16 11 14 Other 200 146 183 132 Regulatory assets – noncurrent 3,705 3,639 3,396 3,316 Deferred derivative losses - short term 91 141 88 133 Recoverable energy costs 191 65 183 55 Regulatory assets – current 282 206 271 188 Total Regulatory Assets $3,987 $3,845 $3,667 $3,504 Regulatory liabilities Future income tax $1,819 $1,984 $1,681 $1,840 Allowance for cost of removal less salvage 1,238 1,199 1,063 1,033 Unrecognized pension and other postretirement costs 429 32 368 — Net unbilled revenue deferrals 126 209 126 209 Deferred derivative gains - long term 152 61 134 55 Pension and other postretirement benefit deferrals 130 102 85 55 2022 Late Payment Charge Deferral 92 — 92 — Net proceeds from sale of property 78 103 77 103 System benefit charge carrying charge 72 70 67 63 Property tax refunds 37 35 35 35 TCJA net benefits* 30 125 29 123 Sales and use tax refunds 28 17 27 16 BQDM and REV Demo reconciliations 24 25 21 22 COVID-19 pandemic uncollectible reconciliation deferral 20 — 19 — Earnings sharing - electric, gas and steam 13 13 10 10 Workers' compensation 11 8 11 8 Settlement of prudence proceeding 6 6 6 6 Energy efficiency portfolio standard unencumbered funds 5 15 7 19 Settlement of gas proceedings 4 12 4 12 Other 403 365 353 312 Regulatory liabilities – noncurrent 4,717 4,381 4,215 3,921 Deferred derivative gains - short term 521 142 482 132 Refundable energy costs 34 32 4 2 Revenue decoupling mechanism 13 11 — — Regulatory liabilities – current 568 185 486 134 Total Regulatory Liabilities $5,285 $4,566 $4,701 $4,055 * See "Other Regulatory Matters," above. |
Schedule of Regulatory Liabilities | Regulatory assets and liabilities at September 30, 2022 and December 31, 2021 were comprised of the following items: Con Edison CECONY (Millions of Dollars) 2022 2021 2022 2021 Regulatory assets Environmental remediation costs $919 $938 $840 $860 System peak reduction and energy efficiency programs 546 285 546 284 Pension and other postretirement benefits deferrals 369 496 325 435 Revenue taxes 428 395 409 378 COVID-19 pandemic deferrals 275 282 272 277 Deferred storm costs 270 276 168 158 Property tax reconciliation 142 202 140 202 MTA power reliability deferral 104 140 104 140 Gas Service Line Deferred Costs 107 100 107 100 COVID-19 arrears relief program deferral 91 — 88 — Municipal infrastructure support costs 33 44 33 44 Brooklyn Queens demand management program 33 36 33 36 Deferred derivative losses - long term 32 51 27 45 Meadowlands heater odorization project 27 29 27 29 Unrecognized pension and other postretirement costs 24 128 10 110 Non-wire alternative projects 23 23 23 23 Legacy meters 20 2 — — Preferred stock redemption 19 20 19 20 Recoverable REV demonstration project costs 17 16 17 15 Gate station upgrade project 14 14 14 14 Unamortized loss on reacquired debt 12 16 11 14 Other 200 146 183 132 Regulatory assets – noncurrent 3,705 3,639 3,396 3,316 Deferred derivative losses - short term 91 141 88 133 Recoverable energy costs 191 65 183 55 Regulatory assets – current 282 206 271 188 Total Regulatory Assets $3,987 $3,845 $3,667 $3,504 Regulatory liabilities Future income tax $1,819 $1,984 $1,681 $1,840 Allowance for cost of removal less salvage 1,238 1,199 1,063 1,033 Unrecognized pension and other postretirement costs 429 32 368 — Net unbilled revenue deferrals 126 209 126 209 Deferred derivative gains - long term 152 61 134 55 Pension and other postretirement benefit deferrals 130 102 85 55 2022 Late Payment Charge Deferral 92 — 92 — Net proceeds from sale of property 78 103 77 103 System benefit charge carrying charge 72 70 67 63 Property tax refunds 37 35 35 35 TCJA net benefits* 30 125 29 123 Sales and use tax refunds 28 17 27 16 BQDM and REV Demo reconciliations 24 25 21 22 COVID-19 pandemic uncollectible reconciliation deferral 20 — 19 — Earnings sharing - electric, gas and steam 13 13 10 10 Workers' compensation 11 8 11 8 Settlement of prudence proceeding 6 6 6 6 Energy efficiency portfolio standard unencumbered funds 5 15 7 19 Settlement of gas proceedings 4 12 4 12 Other 403 365 353 312 Regulatory liabilities – noncurrent 4,717 4,381 4,215 3,921 Deferred derivative gains - short term 521 142 482 132 Refundable energy costs 34 32 4 2 Revenue decoupling mechanism 13 11 — — Regulatory liabilities – current 568 185 486 134 Total Regulatory Liabilities $5,285 $4,566 $4,701 $4,055 * See "Other Regulatory Matters," above. |
Schedule of Regulatory Assets Not Earning Return | Regulatory Assets Not Earning a Return * Con Edison CECONY (Millions of Dollars) 2022 2021 2022 2021 Unrecognized pension and other postretirement costs $24 $128 $10 $110 Environmental remediation costs 913 928 833 850 Revenue taxes 408 375 392 359 COVID-19 Deferral for Uncollectible Accounts Receivable 236 236 232 231 Deferred derivative losses - current 91 141 88 134 Deferred derivative losses - long term 32 51 27 45 Other 62 24 61 24 Total $1,766 $1,883 $1,643 $1,753 *This table presents regulatory assets not earning a return for which no cash outlay has been made. |
Capitalization (Tables)
Capitalization (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Carrying Amounts and Fair Values of Long-Term Debt | The carrying amounts and fair values of long-term debt at September 30, 2022 and December 31, 2021 were: (Millions of Dollars) 2022 2021 Long-Term Debt (including current portion) (a) Carrying Fair Carrying Fair Con Edison $22,673 $19,311 $23,044 $26,287 CECONY $18,389 $15,465 $18,382 $21,382 (a) Amounts shown are net of unamortized debt expense and unamortized debt discount of $216 million and $186 million for Con Edison and CECONY, respectively, as of September 30, 2022 and $226 million and $193 million for Con Edison and CECONY, respectively, as of December 31, 2021. |
Pension Benefits (Tables)
Pension Benefits (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Retirement Benefits [Abstract] | |
Total Periodic Benefit Costs | The components of the Companies’ total periodic benefit cost for the three and nine months ended September 30, 2022 and 2021 were as follows: For the Three Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2022 2021 2022 2021 Service cost – including administrative expenses $72 $85 $67 $80 Interest cost on projected benefit obligation 126 118 119 111 Expected return on plan assets (292) (274) (277) (260) Recognition of net actuarial loss 94 197 89 187 Recognition of prior service credit (4) (4) (5) (5) TOTAL PERIODIC BENEFIT COST/(CREDIT) $(4) $122 $(7) $113 Cost capitalized (32) (41) (30) (39) Reconciliation to rate level 63 (54) 59 (52) Total expense recognized $27 $27 $22 $22 For the Nine Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2022 2021 2022 2021 Service cost – including administrative expenses $215 $257 $202 $241 Interest cost on projected benefit obligation 379 353 357 332 Expected return on plan assets (876) (822) (832) (779) Recognition of net actuarial loss 283 590 268 559 Recognition of prior service credit (12) (12) (15) (15) TOTAL PERIODIC BENEFIT COST/(CREDIT) ($11) $366 ($20) $338 Cost capitalized (100) (120) (95) (113) Reconciliation to rate level 192 (165) 182 (158) Total expense recognized $81 $81 $67 $67 The components of the Companies’ total periodic other postretirement benefit cost/(credit) for the three and nine months ended September 30, 2022 and 2021 were as follows: For the Three Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2022 2021 2022 2021 Service cost - including administrative expenses $5 $2 $4 $1 Interest cost on projected other postretirement benefit obligation 8 7 8 6 Expected return on plan assets (18) (17) (14) (14) Recognition of net actuarial loss/(gain) (4) 4 (3) 3 TOTAL PERIODIC OTHER POSTRETIREMENT BENEFIT COST/(CREDIT) $(9) ($4) $(5) $(4) Cost capitalized (2) (3) (2) (3) Reconciliation to rate level 7 7 6 6 Total credit recognized $(4) $— $(1) $(1) For the Nine Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2022 2021 2022 2021 Service cost - including administrative expenses $14 $15 $11 $11 Interest cost on projected other postretirement benefit obligation 26 23 23 19 Expected return on plan assets (54) (51) (43) (41) Recognition of net actuarial loss/(gain) (11) 17 (7) 13 Recognition of prior service credit (1) (2) — (1) TOTAL PERIODIC OTHER POSTRETIREMENT BENEFIT COST/(CREDIT) $(26) $2 $(16) $1 Cost capitalized (6) (9) (5) (7) Reconciliation to rate level 22 7 18 2 Total credit recognized $(10) $— $(3) $(4) |
Other Postretirement Benefits (
Other Postretirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Retirement Benefits [Abstract] | |
Total Periodic Benefit Costs | The components of the Companies’ total periodic benefit cost for the three and nine months ended September 30, 2022 and 2021 were as follows: For the Three Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2022 2021 2022 2021 Service cost – including administrative expenses $72 $85 $67 $80 Interest cost on projected benefit obligation 126 118 119 111 Expected return on plan assets (292) (274) (277) (260) Recognition of net actuarial loss 94 197 89 187 Recognition of prior service credit (4) (4) (5) (5) TOTAL PERIODIC BENEFIT COST/(CREDIT) $(4) $122 $(7) $113 Cost capitalized (32) (41) (30) (39) Reconciliation to rate level 63 (54) 59 (52) Total expense recognized $27 $27 $22 $22 For the Nine Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2022 2021 2022 2021 Service cost – including administrative expenses $215 $257 $202 $241 Interest cost on projected benefit obligation 379 353 357 332 Expected return on plan assets (876) (822) (832) (779) Recognition of net actuarial loss 283 590 268 559 Recognition of prior service credit (12) (12) (15) (15) TOTAL PERIODIC BENEFIT COST/(CREDIT) ($11) $366 ($20) $338 Cost capitalized (100) (120) (95) (113) Reconciliation to rate level 192 (165) 182 (158) Total expense recognized $81 $81 $67 $67 The components of the Companies’ total periodic other postretirement benefit cost/(credit) for the three and nine months ended September 30, 2022 and 2021 were as follows: For the Three Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2022 2021 2022 2021 Service cost - including administrative expenses $5 $2 $4 $1 Interest cost on projected other postretirement benefit obligation 8 7 8 6 Expected return on plan assets (18) (17) (14) (14) Recognition of net actuarial loss/(gain) (4) 4 (3) 3 TOTAL PERIODIC OTHER POSTRETIREMENT BENEFIT COST/(CREDIT) $(9) ($4) $(5) $(4) Cost capitalized (2) (3) (2) (3) Reconciliation to rate level 7 7 6 6 Total credit recognized $(4) $— $(1) $(1) For the Nine Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2022 2021 2022 2021 Service cost - including administrative expenses $14 $15 $11 $11 Interest cost on projected other postretirement benefit obligation 26 23 23 19 Expected return on plan assets (54) (51) (43) (41) Recognition of net actuarial loss/(gain) (11) 17 (7) 13 Recognition of prior service credit (1) (2) — (1) TOTAL PERIODIC OTHER POSTRETIREMENT BENEFIT COST/(CREDIT) $(26) $2 $(16) $1 Cost capitalized (6) (9) (5) (7) Reconciliation to rate level 22 7 18 2 Total credit recognized $(10) $— $(3) $(4) |
Environmental Matters (Tables)
Environmental Matters (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Environmental Remediation Obligations [Abstract] | |
Accrued Liabilities and Regulatory Assets | The accrued liabilities and regulatory assets related to Superfund Sites at September 30, 2022 and December 31, 2021 were as follows: Con Edison CECONY (Millions of Dollars) 2022 2021 2022 2021 Accrued Liabilities: Manufactured gas plant sites $833 $845 $744 $755 Other Superfund Sites 90 95 89 95 Total $923 $940 $833 $850 Regulatory assets $919 $938 $840 $860 |
Environmental Remediation Costs | Environmental remediation costs incurred related to Superfund Sites for the three and nine months ended September 30, 2022 and 2021 were as follows: For the Three Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2022 2021 2022 2021 Remediation costs incurred $3 $7 $3 $7 For the Nine Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2022 2021 2022 2021 Remediation costs incurred $17 $21 $16 $20 |
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 September 30, 2022 and December 31, 2021 were as follows: Con Edison CECONY (Millions of Dollars) 2022 2021 2022 2021 Accrued liability – asbestos suits $8 $8 $7 $7 Regulatory assets – asbestos suits $8 $8 $7 $7 Accrued liability – workers’ compensation $62 $65 $59 $62 Regulatory liabilities – workers’ compensation $11 $8 $11 $8 |
Material Contingencies (Tables)
Material Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Total Guarantees | A summary, by type and term, of Con Edison's total guarantees under these agreements at September 30, 2022 is as follows: Guarantee Type 0 – 3 years 4 – 10 years > 10 years Total (Millions of Dollars) Con Edison Transmission $442 $— $— $442 Energy transactions 493 22 292 807 Renewable electric projects 332 69 360 761 Other 222 — — 222 Total $1,489 $91 $652 $2,232 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 three and nine months ended September 30, 2022 and 2021 were as follows: For the Three Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2022 2021 2022 2021 Operating lease cost $22 $22 $17 $16 Operating lease cash flows $11 $10 $5 $6 For the Nine Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2022 2021 2022 2021 Operating lease cost $66 $65 $50 $49 Operating lease cash flows $28 $26 $13 $15 Other information related to leases for Con Edison and CECONY at September 30, 2022 and December 31, 2021 were as follows: Con Edison CECONY 2022 2021 2022 2021 Weighted Average Remaining Lease Term: Operating leases 18.2 years 18.5 years 12.6 years 12.1 years Finance leases 7.2 years 7.1 years 2.5 years 3.1 years Weighted Average Discount Rate: Operating leases 4.3% 4.3% 3.7% 3.5% Finance leases 1.9% 1.8% 1.0% 1.1% |
Operating Leases, Future Minimum Lease Payments | Future minimum lease payments under non-cancellable leases at September 30, 2022 were as follows: (Millions of Dollars) Con Edison CECONY Year Ending September 30, Operating Leases Finance Leases Operating Leases Finance Leases 2023 $84 $— $63 $— 2024 81 1 62 1 2025 82 — 63 — 2026 81 — 63 — 2027 81 — 64 — All years thereafter 963 1 472 — Total future minimum lease payments $1,372 $2 $787 $1 Less: imputed interest (469) — (165) — Total $903 $2 $622 $1 Reported as of September 30, 2022 Operating lease liabilities (current) $131 $— $99 $— Operating lease liabilities (noncurrent) 772 — 523 — Other noncurrent liabilities — 2 — 1 Total $903 $2 $622 $1 |
Finance Leases, Future Minimum Lease Payments | Future minimum lease payments under non-cancellable leases at September 30, 2022 were as follows: (Millions of Dollars) Con Edison CECONY Year Ending September 30, Operating Leases Finance Leases Operating Leases Finance Leases 2023 $84 $— $63 $— 2024 81 1 62 1 2025 82 — 63 — 2026 81 — 63 — 2027 81 — 64 — All years thereafter 963 1 472 — Total future minimum lease payments $1,372 $2 $787 $1 Less: imputed interest (469) — (165) — Total $903 $2 $622 $1 Reported as of September 30, 2022 Operating lease liabilities (current) $131 $— $99 $— Operating lease liabilities (noncurrent) 772 — 523 — Other noncurrent liabilities — 2 — 1 Total $903 $2 $622 $1 |
Income Tax (Tables)
Income Tax (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
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 for the three months ended September 30, 2022 and 2021 is as follows: Con Edison CECONY (% of Pre-tax income) 2022 2021 2022 2021 STATUTORY TAX RATE Federal 21 % 21 % 21 % 21 % Changes in computed taxes resulting from: State income tax, net of federal income tax benefit 6 5 5 5 Amortization of excess deferred federal income taxes (6) (7) (7) (8) Taxes attributable to non-controlling interest — 4 — — Cost of removal 1 1 1 1 Other plant-related items — (1) — (1) Renewable energy credits (1) (1) — — Allowance for uncollectible accounts, net of COVID-19 assistance — — 1 — Injuries and damages reserve — — — 1 Prior period federal income tax return adjustments — (1) — (1) Other — — (1) — Effective tax rate 21 % 21 % 20 % 18 % 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 for the nine months ended September 30, 2022 and 2021 is as follows: Con Edison CECONY (% of Pre-tax income) 2022 2021 2022 2021 STATUTORY TAX RATE Federal 21 % 21 % 21 % 21 % Changes in computed taxes resulting from: State income tax, net of federal income tax benefit 6 5 5 5 Amortization of excess deferred federal income taxes (8) (11) (10) (11) Taxes attributable to non-controlling interest 1 3 — — Cost of removal 1 2 2 2 Other plant-related items — (1) (1) (1) Renewable energy credits (2) (2) — — Other — (1) — — Effective tax rate 19 % 16 % 17 % 16 % |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table presents, for the three and nine months ended September 30, 2022 and 2021, revenue from contracts with customers as defined in Accounting Standards Codification Topic 606, "Revenue from Contracts with Customers," as well as additional revenue from sources other than contracts with customers, disaggregated by major source. For the Three Months Ended September 30, 2022 For the Three Months Ended September 30, 2021 (Millions of Dollars) Revenues from contracts with customers Other revenues (a) Total operating revenues Revenues from contracts with customers Other revenues (a) Total operating revenues CECONY Electric $3,165 $(88) $3,077 $2,776 $(46) $2,730 Gas 409 5 414 305 2 307 Steam 55 3 58 52 3 55 Total CECONY $3,629 $(80) $3,549 $3,133 $(41) $3,092 O&R Electric 256 (4) 252 229 (6) 223 Gas 29 10 39 32 2 34 Total O&R $285 $6 $291 $261 $(4) $257 Clean Energy Businesses Renewables 197 — 197 185 — 185 Energy services 13 — 13 65 — 65 Develop/Transfer Projects 37 — 37 14 — 14 Other — 78 78 — — — Total Clean Energy Businesses $247 $78 $325 $264 $— $264 Con Edison Transmission 1 — 1 1 — 1 Other (b) — (1) (1) — (1) (1) Total Con Edison $4,162 $3 $4,165 $3,659 $(46) $3,613 (a) For the Utilities, this includes primarily revenue or negative revenue adjustments from alternative revenue programs, such as the revenue decoupling mechanisms under their NY electric and gas rate plans (see "Rate Plans" in Note B). For the Clean Energy Businesses, this includes revenue from wholesale services. (b) Parent company and consolidation adjustments. For the Nine Months Ended September 30, 2022 For the Nine Months Ended September 30, 2021 (Millions of Dollars) Revenues from contracts with customers Other revenues (a) Total operating revenues Revenues from contracts with customers Other revenues (a) Total operating revenues CECONY Electric $7,525 $(124) $7,401 $6,695 $(34) $6,661 Gas 2,090 37 2,127 1,699 31 1,730 Steam 436 8 444 383 10 393 Total CECONY $10,051 $(79) $9,972 $8,777 $7 $8,784 O&R Electric 595 (1) 594 535 (13) 522 Gas 217 2 219 184 (7) 177 Total O&R $812 $1 $813 $719 $(20) $699 Clean Energy Businesses Renewables 524 — 524 519 — 519 Energy services 57 — 57 168 — 168 Develop/Transfer Projects 56 — 56 26 — 26 Other — 220 220 — 66 66 Total Clean Energy Businesses $637 $220 $857 $713 $66 $779 Con Edison Transmission 3 — 3 3 — 3 Other (b) — (6) (6) — (4) (4) Total Con Edison $11,503 $136 $11,639 $10,212 $49 $10,261 (a) For the Utilities, this includes primarily revenue or negative revenue adjustments from alternative revenue programs, such as the revenue decoupling mechanisms under their NY electric and gas rate plans (see "Rate Plans" in Note B). For the Clean Energy Businesses, this includes revenue from wholesale services. (b) Parent company and consolidation adjustments. |
Change in Unbilled Contract and Unearned Revenues | 2022 2021 (Millions of Dollars) Unbilled contract revenue (a) Unearned revenue (b) Unbilled contract revenue (a) Unearned revenue (b) Beginning balance as of January 1, $35 $7 $11 $41 Additions (c) 103 — 174 — Subtractions (c) 81 4 (d) 127 31 (d) Ending balance as of September 30, $57 $3 $58 $10 (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. |
Current Expected Credit Losses
Current Expected Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Credit Loss [Abstract] | |
Rollforward of Allowance for Credit Losses | The table below presents a rollforward by major portfolio segment type for the three and nine months ended September 30, 2022 and 2021: For the Three Months Ended September 30, Con Edison CECONY Accounts receivable - customers Other receivables Accounts receivable - customers Other receivables (Millions of Dollars) 2022 2021 2022 2021 2022 2021 2022 2021 Allowance for credit losses Beginning Balance at July 1, $336 $275 $9 $7 $324 $262 $7 $4 Recoveries 4 3 — — 4 3 — — Write-offs 2 (24) (2) — 4 (23) (1) — Reserve adjustments (37) 59 2 — (35) 58 1 1 Ending Balance September 30, $305 $313 $9 $7 $297 $300 $7 $5 For the Nine Months Ended September 30, Con Edison CECONY Accounts receivable - customers Other receivables Accounts receivable - customers Other receivables (Millions of Dollars) 2022 2021 2022 2021 2022 2021 2022 2021 Allowance for credit losses Beginning Balance at January 1, $317 $148 $22 $7 $304 $138 $19 $4 Recoveries 13 9 — — 12 8 — — Write-offs (62) (66) (5) (1) (56) (62) (3) — Reserve adjustments 37 222 (8) 1 37 216 (9) 1 Ending Balance September 30, $305 $313 $9 $7 $297 $300 $7 $5 |
Financial Information by Busi_2
Financial Information by Business Segment (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Financial Data for Business Segments | The financial data for the business segments for the three and nine months ended September 30, 2022 and 2021 were as follows: For the Three Months Ended September 30, Operating Inter-segment Depreciation and Operating (Millions of Dollars) 2022 2021 2022 2021 2022 2021 2022 2021 CECONY Electric $3,077 $2,730 $5 $5 $324 $324 $843 $834 Gas 414 307 2 2 93 82 (40) (48) Steam 58 55 19 18 24 23 (65) (58) Consolidation adjustments — — (26) (25) — — — — Total CECONY $3,549 $3,092 $— $— $441 $429 $738 $728 O&R Electric $252 $223 $— $— $18 $18 $61 $55 Gas 39 34 — — 7 6 (10) (8) Total O&R $291 $257 $— $— $25 $24 $51 $47 Clean Energy Businesses $325 $264 $— $— $60 $58 $104 $79 Con Edison Transmission 1 1 — — — — (2) (2) Other (a) (1) (1) — — (1) 1 (2) (2) Total Con Edison $4,165 $3,613 $— $— $525 $512 $889 $850 (a) Parent company and consolidation adjustments. Other does not represent a business segment. For the Nine Months Ended September 30, Operating Inter-segment Depreciation and Operating (Millions of Dollars) 2022 2021 2022 2021 2022 2021 2022 2021 CECONY Electric $7,401 $6,661 $14 $14 $994 $959 $1,233 $1,337 Gas 2,127 1,730 6 6 275 239 511 490 Steam 444 393 57 55 72 69 (15) 9 Consolidation adjustments — — (77) (75) — — — — Total CECONY $9,972 $8,784 $— $— $1,341 $1,267 $1,729 $1,836 O&R Electric $594 $522 $— $— $53 $52 $85 $78 Gas 219 177 — — 20 19 25 30 Total O&R $813 $699 $— $— $73 $71 $110 $108 Clean Energy Businesses $857 $779 $— $— $178 $172 $248 $196 Con Edison Transmission 3 3 — — 1 1 (8) (7) Other (a) (6) (4) — — — — (5) (4) Total Con Edison $11,639 $10,261 $— $— $1,593 $1,511 $2,074 $2,129 (a) Parent company and consolidation adjustments. Other does not represent a business segment. |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Offsetting of Liabilities | The fair values of the Companies’ derivatives including the offsetting of assets and liabilities on the consolidated balance sheet at September 30, 2022 and December 31, 2021 were: (Millions of Dollars) 2022 2021 Balance Sheet Location Gross Amounts of Gross Net Amounts Gross Amounts of Gross Net Amounts Con Edison Fair value of derivative assets Current $667 $(415) $252 (b)(c) $285 $(158) $127 (b) Noncurrent 303 (53) 250 (c) 90 (13) 77 (d) Total fair value of derivative assets $970 $(468) $502 $375 $(171) $204 Fair value of derivative liabilities Current $(212) $142 $(70) (b) $(289) $137 $(152) (d) Noncurrent (68) 37 (31) (94) 10 (84) (d) Total fair value of derivative liabilities $(280) $179 $(101) $(383) $147 $(236) Net fair value derivative assets/(liabilities) $690 ($289) $401 $(8) $(24) $(32) CECONY Fair value of derivative assets Current $521 $(335) $186 (b) $135 $(64) $71 (b) Noncurrent 181 (45) 136 71 (15) 56 Total fair value of derivative assets $702 $(380) $322 $206 $(79) $127 Fair value of derivative liabilities Current $(134) $84 $(50) $(131) $43 $(88) Noncurrent (50) 35 (15) (50) 10 (40) Total fair value of derivative liabilities $(184) $119 $(65) $(181) $53 $(128) Net fair value derivative assets/(liabilities) $518 $(261) $257 $25 $(26) $(1) (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 September 30, 2022, margin deposits for Con Edison ($4 million and an immaterial amount) were classified as derivative assets and derivative liabilities, respectively, and for CECONY $4 million was classified as derivative assets on the consolidated balance sheet, but not included in the table. At December 31, 2021 margin deposits for Con Edison and CECONY of $1 million and an immaterial amount, 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 $21 million in current assets and $84 million in noncurrent assets. At September 30, 2022, the Clean Energy Businesses had interest rate swaps with notional amounts of $996 million. The expiration dates of the swaps range from 2025-2041 . |
Offsetting of Assets | The fair values of the Companies’ derivatives including the offsetting of assets and liabilities on the consolidated balance sheet at September 30, 2022 and December 31, 2021 were: (Millions of Dollars) 2022 2021 Balance Sheet Location Gross Amounts of Gross Net Amounts Gross Amounts of Gross Net Amounts Con Edison Fair value of derivative assets Current $667 $(415) $252 (b)(c) $285 $(158) $127 (b) Noncurrent 303 (53) 250 (c) 90 (13) 77 (d) Total fair value of derivative assets $970 $(468) $502 $375 $(171) $204 Fair value of derivative liabilities Current $(212) $142 $(70) (b) $(289) $137 $(152) (d) Noncurrent (68) 37 (31) (94) 10 (84) (d) Total fair value of derivative liabilities $(280) $179 $(101) $(383) $147 $(236) Net fair value derivative assets/(liabilities) $690 ($289) $401 $(8) $(24) $(32) CECONY Fair value of derivative assets Current $521 $(335) $186 (b) $135 $(64) $71 (b) Noncurrent 181 (45) 136 71 (15) 56 Total fair value of derivative assets $702 $(380) $322 $206 $(79) $127 Fair value of derivative liabilities Current $(134) $84 $(50) $(131) $43 $(88) Noncurrent (50) 35 (15) (50) 10 (40) Total fair value of derivative liabilities $(184) $119 $(65) $(181) $53 $(128) Net fair value derivative assets/(liabilities) $518 $(261) $257 $25 $(26) $(1) (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 September 30, 2022, margin deposits for Con Edison ($4 million and an immaterial amount) were classified as derivative assets and derivative liabilities, respectively, and for CECONY $4 million was classified as derivative assets on the consolidated balance sheet, but not included in the table. At December 31, 2021 margin deposits for Con Edison and CECONY of $1 million and an immaterial amount, 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 $21 million in current assets and $84 million in noncurrent assets. At September 30, 2022, the Clean Energy Businesses had interest rate swaps with notional amounts of $996 million. The expiration dates of the swaps range from 2025-2041 . |
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 three and nine months ended September 30, 2022 and 2021: For the Three Months Ended September 30, Con Edison CECONY (Millions of Dollars) Balance Sheet Location 2022 2021 2022 2021 Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: Current Deferred derivative gains $31 $296 $30 $279 Noncurrent Deferred derivative gains 23 70 17 66 Total deferred gains/(losses) $54 $366 $47 $345 Current Deferred derivative losses $41 $(4) $37 $(3) Current Recoverable energy costs 168 17 152 13 Noncurrent Deferred derivative losses 49 (61) 45 (55) Total deferred gains/(losses) $258 $(48) $234 $(45) Net deferred gains/(losses) $312 $318 $281 $300 Income Statement Location Pre-tax gains/(losses) recognized in income Gas purchased for resale $(2) $2 $— $— Non-utility revenue (1) (23) — — Other operations and maintenance expense (1) 1 (1) 1 Other interest expense (a) 49 11 — — Total pre-tax gains/(losses) recognized in income $45 $(9) ($1) $1 (a) See (b) below. For the Nine Months Ended September 30, Con Edison CECONY (Millions of Dollars) Balance Sheet Location 2022 2021 2022 2021 Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: Current Deferred derivative gains $379 $443 $350 $415 Noncurrent Deferred derivative gains 91 106 79 97 Total deferred gains/(losses) $470 $549 $429 $512 Current Deferred derivative losses $50 $25 $45 $22 Current Recoverable energy costs 357 (30) 324 (29) Noncurrent Deferred derivative losses 19 (16) 18 (13) Total deferred gains/(losses) $426 $(21) $387 $(20) Net deferred gains/(losses) (a) $896 $528 $816 $492 Income Statement Location Pre-tax gains/(losses) recognized in income Gas purchased for resale $1 $4 $— $— Non-utility revenue (23) (22) — — Other operations and maintenance expense 4 5 4 5 Other interest expense (b) 158 45 — — Total pre-tax gains/(losses) recognized in income $140 $32 $4 $5 (a) Unrealized net deferred gains on electric and gas derivatives for the Utilities increased as a result of higher electric and gas commodity prices during the nine months ended September 30, 2022. Upon settlement, short-term deferred derivative gains generally reduce the recoverable costs of electric and gas purchases. (b) Gains recognized in other interest expense relate to interest rate swaps at the Clean Energy Businesses. The gains recognized are consistent with the increasing interest rate environment in 2022. |
Hedged Volume of Derivative Transactions | The following table presents the hedged volume of Con Edison’s and CECONY’s commodity derivative transactions at September 30, 2022: Electric Energy Capacity (MW) (a) Natural Gas Refined Fuels Con Edison 29,387,725 36,037 289,274,503 672,000 CECONY 27,281,075 22,350 272,830,000 672,000 (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 September 30, 2022: (Millions of Dollars) Con Edison (a) CECONY (a) Aggregate fair value – net liabilities $116 $55 Collateral posted 100 100 Additional collateral (b) (downgrade one level from current ratings) 25 — Additional collateral (b)(c) (downgrade to below investment grade from current ratings) 59 20 (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 $6 million of additional collateral at September 30, 2022. 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 September 30, 2022, if Con Edison had been downgraded to below investment grade, it would have been required to post additional collateral for such derivative instruments of $96 million. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021 are summarized below. 2022 2021 (Millions of Dollars) Level 1 Level 2 Level 3 Netting Total Level 1 Level 2 Level 3 Netting Total Con Edison Derivative assets: Commodity (a)(b)(c) $189 $610 $37 $(435) $401 $95 $260 $17 $(171) $201 Interest rate swaps (a)(b)(c) — 105 — — 105 — 4 — — 4 Other (a)(b)(d) 415 116 — — 531 492 135 — — 627 Total assets $604 $831 $37 $(435) $1,037 $587 $399 $17 $(171) $832 Derivative liabilities: Commodity (a)(b)(c) $17 $211 $21 $(148) $101 $33 $266 $28 $(148) $179 Interest rate swaps (a)(b)(c) — — — — — — 57 — — 57 Total liabilities $17 $211 $21 $(148) $101 $33 $323 $28 $(148) $236 CECONY Derivative assets: Commodity (a)(b)(c) $170 $497 $9 $(350) $326 $67 $138 $1 $(79) $127 Other (a)(b)(d) 400 110 — — 510 474 127 — — 601 Total assets $570 $607 $9 $(350) $836 $541 $265 $1 $(79) $728 Derivative liabilities: Commodity (a)(b)(c) $5 $144 $9 $(93) $65 $1 $172 $8 $(53) $128 Total liabilities $5 $144 $9 $(93) $65 $1 $172 $8 $(53) $128 (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 liabilities transferred from level 3 to level 2 during the nine months ended September 30, 2022 because of availability of observable market data due to the decrease in the terms of certain contracts from beyond three years as of March 31, 2022 to less than three years as of June 30, 202 2 . 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. (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 September 30, 2022 and December 31, 2021, 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. |
Schedule of Commodity Derivatives | Fair Value of Level 3 at September 30, 2022 Valuation Unobservable Inputs Range (Millions of Dollars) Con Edison – Commodity Electricity $17 Discounted Cash Flow Forward energy prices (a) $22.25-$172.80 per MWh (4) Discounted Cash Flow Forward capacity prices (a) $0.55-$7.26 per kW-month Natural Gas — Discounted Cash Flow Forward natural gas prices (a) $3.75-$21.37 per Dt Transmission Congestion Contracts/Financial Transmission Rights 3 Discounted Cash Flow Inter-zonal forward price curves adjusted for historical zonal losses (b) $(12.89)-$207.83 per MWh Total Con Edison—Commodity $16 CECONY – Commodity Electricity $4 Discounted Cash Flow Forward energy prices (a) $37.33-$172.80 per MWh Electricity (6) Discounted Cash Flow Forward capacity prices (a) $1.10-$7.26 per kW-month Transmission Congestion Contracts 2 Discounted Cash Flow Inter-zonal forward price curves adjusted for historical zonal losses (b) $1.03-$5.51 per MWh Total CECONY—Commodity $— (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 as of September 30, 2022 and 2021 and classified as Level 3 in the fair value hierarchy: For the Three Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2022 2021 2022 2021 Beginning balance as of July 1, $9 $(9) $(11) $(7) Included in earnings (10) 21 (1) 1 Included in regulatory assets and liabilities 14 (17) 11 (11) Purchases 1 — — — Settlements 2 — 1 — Ending balance as of September 30, $16 $(5) $— $(17) For the Nine Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2022 2021 2022 2021 Beginning balance as of January 1, $(11) $(19) $(7) $(10) Included in earnings 13 20 (3) (2) Included in regulatory assets and liabilities 7 (9) 5 (7) Purchases 3 — — — Settlements 3 3 4 2 Transfer out of level 3 1 — 1 — Ending balance as of September 30, $16 $(5) $— $(17) |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Income (Loss), Hypothetical Liquidation at Book Value | The HLBV method of accounting resulted in income/(loss) for the three and nine months ended September 30, 2022 and 2021 as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, (Millions of Dollars) 2022 2021 2022 2021 Tax equity investor $6 $(74) $(36) $(127) After tax 5 (56) (27) (96) Con Edison (7) 74 32 127 After tax (5) 56 24 96 For the Three Months Ended September 30, For the Nine Months Ended September 30, (Millions of Dollars) 2022 2021 2022 2021 Tax equity investor $— $— $(7) $8 After tax — — (5) 6 Con Edison 16 14 44 27 After tax 12 11 33 20 |
Summary of VIEs | At September 30, 2022 and December 31, 2021, 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) 2022 2021 2022 2021 2022 2021 Non-utility property, less accumulated depreciation (f)(g) $269 $275 $420 $431 $627 $643 Other assets 40 37 168 167 61 55 Total assets (a) $309 $312 $588 $598 $688 $698 Other liabilities 19 14 83 74 325 315 Total liabilities (b) $19 $14 $83 $74 $325 $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 $71 million and $84 million at September 30, 2022 and December 31, 2021, 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 $100 million and $118 million at September 30, 2022 and December 31, 2021, respectively. (f) Non-utility property is reduced by accumulated depreciation of $33 million for Great Valley Solar, $55 million for Copper Mountain - Mesquite Solar, and $24 million for CED Nevada Virginia at September 30, 2022. (g) 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. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 three months ended September 30, 2022 and 2021 were as follows: For the Three Months Ended September 30, CECONY (Millions of Dollars) 2022 2021 Cost of services provided $35 $34 Cost of services received 19 18 For the Nine Months Ended September 30, CECONY (Millions of Dollars) 2022 2021 Cost of services provided $101 $100 Cost of services received 56 51 |
Subsequent Events (Tables)
Subsequent Events (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Schedule of Carrying Amounts of Assets and Liabilities Held For Sale | At September 30, 2022, the carrying amounts of the major classes of assets and liabilities of the Clean Energy Businesses, which subsequent to September 30, 2022 met the accounting criteria to be designated as held for sale, are presented as if on a held for sale basis, and accordingly exclude certain intercompany and net deferred tax liability balances, as follows: (Millions of Dollars) September 30, ASSETS CURRENT ASSETS Cash and temporary cash investments $18 Accounts receivable and other receivables - net allowance for uncollectible accounts 204 Accrued unbilled revenue 120 Fuel oil, gas in storage, materials and supplies, at average cost 40 Restricted cash 163 Fair value of derivatives assets 58 Other current assets 173 TOTAL CURRENT ASSETS 776 NON-UTILITY PLANT Non-utility property, net accumulated depreciation 4,114 Construction work in progress 385 NET PLANT 4,499 OTHER NONCURRENT ASSETS Goodwill 31 Intangible assets, less accumulated amortization 1,222 Operating lease right-of-use asset 266 Fair value of derivatives assets 104 Other deferred charges and noncurrent assets 22 TOTAL OTHER NONCURRENT ASSETS 1,645 TOTAL ASSETS $6,920 (Millions of Dollars) September 30, LIABILITIES CURRENT LIABILITIES Long-term debt due within one year $323 Term loan 150 Accounts payable 217 Operating lease liabilities 32 Other current liabilities 143 TOTAL CURRENT LIABILITIES 865 NONCURRENT LIABILITIES Asset retirement obligations 76 Operating lease liabilities 248 Other deferred credits and noncurrent liabilities 20 TOTAL NONCURRENT LIABILITIES 344 LONG-TERM DEBT 2,344 TOTAL LIABILITIES $3,553 |
General (Details)
General (Details) | 9 Months Ended |
Sep. 30, 2022 registrant subsidiary | |
Accounting Policies [Abstract] | |
Number of registrants | registrant | 2 |
Number of regulated utility subsidiaries | subsidiary | 2 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies and Other Matters - Narrative (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
May 31, 2021 USD ($) | Jan. 31, 2016 mi | Mar. 31, 2022 | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 30, 2021 USD ($) | Jun. 30, 2021 USD ($) | Mar. 31, 2021 USD ($) | Dec. 30, 2020 USD ($) | Dec. 31, 2019 USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Investment loss/impairment | $ 0 | $ 211 | ||||||||||
Stagecoach Gas Services LLC | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Goodwill, impairment loss | 414 | |||||||||||
Stagecoach Gas Services LLC | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Goodwill, impairment loss | 211 | |||||||||||
Goodwill, impairment loss, after-tax | $ 147 | |||||||||||
Equity method investments | $ 630 | $ 667 | ||||||||||
Stagecoach Gas Services LLC | Con Edison Transmission | Subsidiaries | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Proceeds from sale | $ 1,225 | |||||||||||
Ownership percentage | 50% | 0% | 0% | |||||||||
Stagecoach Gas Services LLC | CET Gas | Subsidiaries | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Proceeds from sale | $ 629 | |||||||||||
Mountain Valley Pipeline LLC | Con Edison Gas Pipeline and Storage, LLC | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Ownership percentage | 9.70% | 10.20% | 11.30% | |||||||||
Equity method investments | $ 530 | |||||||||||
Number of miles in pipeline construction | mi | 300 | |||||||||||
Equity method investment, ownership percentage, expected percentage | 0.08 | |||||||||||
Equity method investment, project percent completion | 94% | 92% | ||||||||||
Long term firm transportation contract period | 20 years | |||||||||||
Cash flows discount rate | 8.30% | |||||||||||
Investment loss/impairment | $ 231 | $ 320 | ||||||||||
Equity method investment, other than temporary impairment, net of tax | 162 | 223 | ||||||||||
Equity method investments, fair value disclosure | 111 | 342 | $ 342 | $ 662 | ||||||||
Deferred tax assets, net | $ 130 | 130 | $ 53 | |||||||||
Increase (decrease) in deferred tax assets | $ 77 | |||||||||||
Mountain Valley Pipeline LLC | Con Edison Gas Pipeline and Storage, LLC | Mountain Valley Pipeline LLC | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Ownership percentage | 12.50% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies and Other Matters - Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Accounting Policies [Abstract] | ||||
Net income for common stock | $ 613 | $ 538 | $ 1,470 | $ 1,122 |
Weighted average common shares outstanding – basic (shares) | 354.6 | 353.4 | 354.4 | 346.8 |
Add: Incremental shares attributable to effect of potentially dilutive securities (shares) | 1.3 | 0.7 | 1.3 | 0.7 |
Adjusted weighted average common shares outstanding – diluted (shares) | 355.9 | 354.1 | 355.7 | 347.5 |
Net income per common share - basic (dollars per share) | $ 1.73 | $ 1.52 | $ 4.15 | $ 3.23 |
Net income per common share - diluted (dollars per share) | $ 1.72 | $ 1.52 | $ 4.13 | $ 3.23 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies and Other Matters - Changes in Accumulated Other Comprehensive Income/(Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Beginning balance | $ 20,621 | $ 20,623 | $ 20,336 | $ 20,053 | $ 19,282 | $ 19,065 | $ 20,336 | $ 19,065 |
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAXES | 1 | 5 | 2 | 2 | 4 | 6 | 8 | |
Ending balance | 20,976 | 20,621 | 20,623 | 20,377 | 20,053 | 19,282 | 20,976 | 20,377 |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Beginning Balance | 20,037 | 20,037 | ||||||
Ending Balance | 20,748 | 20,748 | ||||||
Subsidiaries | ||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAXES | 1 | |||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Beginning Balance | 16,568 | 16,618 | 16,312 | 15,924 | 15,192 | 14,849 | 16,312 | 14,849 |
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAXES | 0 | 0 | 1 | 0 | ||||
Ending Balance | 16,867 | 16,568 | 16,618 | 16,220 | 15,924 | 15,192 | 16,867 | 16,220 |
AOCI Attributable to Parent | ||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Beginning balance | 10 | 5 | 5 | (19) | (21) | (25) | 5 | (25) |
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAXES | 1 | 5 | 2 | 2 | 4 | |||
Ending balance | 11 | 10 | 5 | (17) | (19) | (21) | 11 | (17) |
AOCI Attributable to Parent | Subsidiaries | ||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAXES | 1 | |||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Beginning Balance | 1 | 1 | 0 | (7) | (7) | (7) | 0 | (7) |
Ending Balance | 1 | $ 1 | $ 1 | (7) | $ (7) | $ (7) | 1 | (7) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent | ||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
OCI before reclassifications, net of tax | 4 | 2 | ||||||
Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax | 1 | 2 | 2 | 6 | ||||
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAXES | 1 | 2 | 6 | 8 | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
OCI before reclassifications, tax | 0 | (1) | (1) | |||||
Amounts reclassified from accumulated OCI related to pension plan liabilities, tax | (1) | (1) | (2) | |||||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent | Subsidiaries | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax | 0 | 0 | 1 | 0 | ||||
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAXES | $ 0 | $ 0 | 1 | 0 | ||||
CECONY | Accumulated Defined Benefit Plans Adjustment Attributable to Parent | Subsidiaries | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
OCI before reclassifications, net of tax | $ 0 | $ 0 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies and Other Matters - Reconciliation of Cash, Temporary Investments and Restricted Cash (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Cash and Cash Equivalents [Line Items] | ||||
Cash and temporary cash investments | $ 78 | $ 992 | $ 66 | |
Restricted cash | 163 | 154 | 149 | |
Total cash, temporary cash investments and restricted cash | 241 | 1,146 | 215 | $ 1,436 |
Subsidiaries | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash and temporary cash investments | 25 | 920 | 18 | |
Restricted cash | 0 | 0 | ||
Total cash, temporary cash investments and restricted cash | 25 | $ 920 | 18 | $ 1,067 |
CEB | Cash Collateral Held for Project Finance Agreements | ||||
Cash and Cash Equivalents [Line Items] | ||||
Restricted cash | $ 163 | $ 149 |
Regulatory Matters - Rate Plans
Regulatory Matters - Rate Plans (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2021 | Jan. 31, 2025 | Jan. 31, 2024 | Jan. 31, 2023 | May 31, 2022 | Apr. 30, 2022 | Mar. 31, 2022 | Jan. 31, 2022 | Oct. 31, 2021 | Jul. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Total revenues | $ 4,165 | $ 3,613 | $ 11,639 | $ 10,261 | |||||||||||
Subsidiaries | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Total revenues | $ 3,549 | $ 3,092 | 9,972 | $ 8,784 | |||||||||||
CECONY | Electric | Subsidiaries | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Requested rate increase (decrease), amount | $ 278 | ||||||||||||||
Return on common equity (as a percent) | 8.80% | ||||||||||||||
Common equity ratio (percent) | 48% | ||||||||||||||
CECONY | Electric | Subsidiaries | Year 1 | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Change in requested rate increase (decrease), amount | $ 161 | ||||||||||||||
CECONY | Electric | Subsidiaries | Year 1 | Scenario, Forecast | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Requested rate increase (decrease), amount | $ 1,038 | ||||||||||||||
CECONY | Electric | Subsidiaries | Year 2 | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Change in requested rate increase (decrease), amount | 109 | ||||||||||||||
CECONY | Electric | Subsidiaries | Year 2 | Scenario, Forecast | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Requested rate increase (decrease), amount | $ 744 | ||||||||||||||
CECONY | Electric | Subsidiaries | Year 3 | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Change in requested rate increase (decrease), amount | 7 | ||||||||||||||
CECONY | Electric | Subsidiaries | Year 3 | Scenario, Forecast | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Requested rate increase (decrease), amount | $ 615 | ||||||||||||||
CECONY | Gas | Subsidiaries | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Requested rate increase (decrease), amount | $ 164 | ||||||||||||||
Return on common equity (as a percent) | 8.80% | ||||||||||||||
Common equity ratio (percent) | 48% | ||||||||||||||
CECONY | Gas | Subsidiaries | Year 1 | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Change in requested rate increase (decrease), amount | 101 | ||||||||||||||
CECONY | Gas | Subsidiaries | Year 1 | Scenario, Forecast | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Requested rate increase (decrease), amount | $ 402 | ||||||||||||||
CECONY | Gas | Subsidiaries | Year 2 | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Change in requested rate increase (decrease), amount | 29 | ||||||||||||||
CECONY | Gas | Subsidiaries | Year 2 | Scenario, Forecast | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Requested rate increase (decrease), amount | $ 205 | ||||||||||||||
CECONY | Gas | Subsidiaries | Year 3 | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Change in requested rate increase (decrease), amount | 42 | ||||||||||||||
CECONY | Gas | Subsidiaries | Year 3 | Scenario, Forecast | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Requested rate increase (decrease), amount | $ 176 | ||||||||||||||
CECONY | Electric and Gas Transmission Projects | Subsidiaries | Earnings Adjustment Mechanisms (EAMs) | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Total revenues | $ (4.9) | $ 92 | |||||||||||||
O&R | Electric | Year 1 | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Requested rate increase (decrease), amount | 4.9 | ||||||||||||||
O&R | Electric | Year 2 | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Requested rate increase (decrease), amount | 16.2 | ||||||||||||||
O&R | Electric | Year 3 | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Requested rate increase (decrease), amount | 23.1 | ||||||||||||||
O&R | Electric | Levelized Annual Basis | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Requested rate increase (decrease), amount | 11.7 | ||||||||||||||
O&R | Gas | Year 1 | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Requested rate increase (decrease), amount | 0.7 | ||||||||||||||
O&R | Gas | Year 2 | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Requested rate increase (decrease), amount | 7.4 | ||||||||||||||
O&R | Gas | Year 3 | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Requested rate increase (decrease), amount | 9.9 | ||||||||||||||
O&R | Gas | Levelized Annual Basis | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Requested rate increase (decrease), amount | $ 4.4 | ||||||||||||||
O&R | Electric and Gas Transmission Projects | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Recovery period of late payment charges | 3 years | ||||||||||||||
Recovery of late payment charges, amount | $ 2.8 | ||||||||||||||
Recovery of late payment charges, return on equity threshold rate | 0.05% | ||||||||||||||
RECO | Electric | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Requested rate increase (decrease), amount | $ 16.9 | $ 20.4 | |||||||||||||
Return on common equity (percent) | 11.04% | 0.50% | |||||||||||||
Common equity ratio percentage | 47% | ||||||||||||||
RECO | NJBPU | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Infrastructure investment plan | $ 209 | ||||||||||||||
Infrastructure investment plan period (in years) | 5 years |
Regulatory Matters - COVID-19 R
Regulatory Matters - COVID-19 Regulatory Matters (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 13 Months Ended | 25 Months Ended | 31 Months Ended | 33 Months Ended | ||||||
Jun. 30, 2022 | Jan. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2023 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2022 | Mar. 31, 2022 | Sep. 30, 2022 | Sep. 30, 2022 | Nov. 30, 2021 | Jan. 01, 2021 | |
Public Utilities, General Disclosures [Line Items] | ||||||||||||||
Reserve adjustments | $ (12) | $ 165 | ||||||||||||
Accounts receivable - customers, allowance for uncollectible accounts | $ 305 | 305 | $ 317 | $ 305 | $ 305 | |||||||||
Accounts receivable | 2,095 | 2,095 | 1,943 | 2,095 | 2,095 | |||||||||
Subsidiaries | ||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||
Reserve adjustments | (7) | $ 162 | ||||||||||||
Accounts receivable - customers, allowance for uncollectible accounts | 297 | 297 | 304 | 297 | 297 | |||||||||
Accounts receivable | 1,982 | 1,982 | 1,841 | 1,982 | 1,982 | |||||||||
CECONY | Subsidiaries | COVID-19 Arrears Assistance Program | ||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||
Credits issued from government assistance | $ 164.5 | 265.8 | 315.1 | |||||||||||
Eligible credit recovery period | 4 years | |||||||||||||
O&R | Subsidiaries | COVID-19 Arrears Assistance Program | ||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||
Credits issued from government assistance | $ 1.6 | 4.7 | 5.5 | |||||||||||
Eligible credit recovery period | 1 year | |||||||||||||
COVID-19 | ||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||
Deferred costs | 0.4 | 0.4 | 0.4 | 0.4 | ||||||||||
COVID-19 | Consolidated Edison Company of New York, Inc. And Orange And Rockland | Subsidiaries | ||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||
Reserve for customer arrearages | 7 | |||||||||||||
COVID-19 | Consolidated Edison Company of New York, Inc. And Orange And Rockland | Electric and Gas Transmission Projects | Subsidiaries | ||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||
Write off | $ 11 | |||||||||||||
COVID-19 | CECONY | Subsidiaries | ||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||
Reserve for customer arrearages | $ 7 | |||||||||||||
COVID-19 | CECONY | Electric and Gas Transmission Projects | Subsidiaries | ||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||
Reserve adjustments | 232 | |||||||||||||
Write off | 19 | |||||||||||||
Account receivable, before allowance for credit loss | 148.4 | 148.4 | 148.4 | 148.4 | ||||||||||
Accounts receivable - customers, allowance for uncollectible accounts | 89.6 | 89.6 | 89.6 | 89.6 | ||||||||||
Tax credit | 20.9 | 70.1 | ||||||||||||
Accounts receivable | 2,279 | 2,279 | 2,279 | 2,279 | ||||||||||
COVID-19 | CECONY | Gas | Subsidiaries | Scenario, Forecast | ||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||
Late payment charges and fees | $ 4 | $ 7 | ||||||||||||
COVID-19 | CECONY | Electric | Subsidiaries | Scenario, Forecast | ||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||
Late payment charges and fees | $ 19 | $ 43 | ||||||||||||
COVID-19 | O&R | Electric and Gas Transmission Projects | Subsidiaries | ||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||
Account receivable, before allowance for credit loss | 1.6 | 1.6 | 1.6 | 1.6 | ||||||||||
Accounts receivable - customers, allowance for uncollectible accounts | 2.7 | 2.7 | 2.7 | 2.7 | ||||||||||
Tax credit | 0.4 | 1.2 | ||||||||||||
Accounts receivable | $ 109 | $ 109 | 109 | 109 | ||||||||||
COVID-19 | O&R | Gas | Subsidiaries | ||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||
Late payment charges and fees | $ 2.4 | |||||||||||||
Reserve adjustments | $ 3 | |||||||||||||
Write off | $ 1 | |||||||||||||
COVID-19 | O&R | Electric | Subsidiaries | ||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||
Late payment charges and fees | $ 1.7 | |||||||||||||
Summer Cooling Credit Program | Residential Customers | COVID-19 | CECONY | Subsidiaries | ||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||
Expected deferred revenue | $ 63.4 | |||||||||||||
Cost of the program, recovery period | 5 years |
Regulatory Matters - Other Regu
Regulatory Matters - Other Regulatory Matters (Details) customer in Thousands, $ in Millions | 1 Months Ended | 9 Months Ended | 12 Months Ended | 36 Months Ended | |||||
Jan. 01, 2022 USD ($) | Jul. 31, 2021 USD ($) | Aug. 31, 2020 customer | Jul. 31, 2019 customer | Sep. 30, 2022 USD ($) | Sep. 30, 2021 | Dec. 31, 2021 USD ($) | Dec. 31, 2019 USD ($) | Dec. 31, 2022 USD ($) | |
Public Utilities, General Disclosures [Line Items] | |||||||||
Other Customer-Provided Capital rate | 1.75% | 1.80% | |||||||
Return on regulatory assets | $ 2,221 | $ 1,962 | |||||||
Deferred derivative losses recovery period, current | 1 year | ||||||||
Recovery period for deferred derivative losses | 3 years | ||||||||
CECONY | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Net regulatory assets | $ 1,147 | 1,176 | |||||||
CECONY | Commodity | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Recovery period | 4 years | ||||||||
CECONY | Subsidiaries | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Return on regulatory assets | $ 2,024 | 1,751 | |||||||
CECONY | NYSPSC | Steam | Subsidiaries | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Impact in regulatory liability resulting from TCJA | $ 185 | ||||||||
CECONY | Electric | West Side of Manhattan | Subsidiaries | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Number of customers affected with interrupted service | customer | 190 | 72 | |||||||
CECONY | Electric | Brooklyn | Subsidiaries | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Number of customers affected with interrupted service | customer | 30 | ||||||||
CECONY | Electric | Tropical Storm | Subsidiaries | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Number of customers affected with interrupted service | customer | 330 | ||||||||
Settlement agreement, amount | $ 75.1 | ||||||||
Litigation settlement, period | 35 years | ||||||||
CECONY | Electric | Tropical Storm | Foregone Customer Recovery | Subsidiaries | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Settlement agreement, amount | 25 | ||||||||
CECONY | Electric | Tropical Storm | Ongoing Operations And Maintenance Costs | Subsidiaries | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Settlement agreement, amount | 15.8 | ||||||||
CECONY | Electric | Tropical Storm | Previously Incurred Or Accrued Costs | Subsidiaries | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Settlement agreement, amount | 34.3 | ||||||||
CECONY | Electric | Tropical Storm | Costs To Reimburse Customers For Food And Medicine Spoilage | Subsidiaries | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Settlement agreement, amount | 14.3 | ||||||||
CECONY | Electric | Rainey Outages | Negative Revenue Adjustment | Subsidiaries | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Settlement agreement, amount | 5 | ||||||||
CECONY | Electric | 2019 Manhattan and Brooklyn Outages | Negative Revenue Adjustment | Subsidiaries | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Settlement agreement, amount | 15 | ||||||||
CECONY | Electric | Scenario, Forecast | Subsidiaries | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Income tax benefit to be credited to customers resulting from TCJA | $ 377 | ||||||||
TCJA, net benefit amortization, allocation period | 3 years | ||||||||
CECONY | Electric | Scenario, Forecast | Protected Portion | Subsidiaries | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Impact in regulatory liability resulting from TCJA | $ 1,663 | ||||||||
CECONY | Electric | Scenario, Forecast | Unprotected Portion | Subsidiaries | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
TCJA, net benefit amortization, allocation period | 5 years | ||||||||
Impact in regulatory liability resulting from TCJA | $ 784 | ||||||||
CECONY | Gas | Scenario, Forecast | Subsidiaries | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Income tax benefit to be credited to customers resulting from TCJA | $ 63 | ||||||||
TCJA, net benefit amortization, allocation period | 2 years | ||||||||
CECONY | Gas | Scenario, Forecast | Protected Portion | Subsidiaries | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Impact 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 | ||||||||
Impact in regulatory liability resulting from TCJA | $ 107 | ||||||||
O&R | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Net regulatory assets | $ 23 | 26 | |||||||
O&R | Electric | Tropical Storm | Subsidiaries | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Number of customers affected with interrupted service | customer | 200 | ||||||||
Settlement agreement, amount | 7 | ||||||||
O&R | Electric | Tropical Storm | Foregone Customer Recovery | Subsidiaries | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Settlement agreement, amount | 2.5 | ||||||||
O&R | Electric | Tropical Storm | Ongoing Operations And Maintenance Costs | Subsidiaries | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Settlement agreement, amount | 2.9 | ||||||||
O&R | Electric | Tropical Storm | Previously Incurred Or Accrued Costs | Subsidiaries | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Settlement agreement, amount | $ 1.6 | ||||||||
O&R | Electric and Gas Transmission Projects | Unprotected Portion | Subsidiaries | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
TCJA, net benefit amortization, allocation period | 6 years | ||||||||
Impact in regulatory liability resulting from TCJA | $ 34 | ||||||||
O&R | Electric and Gas Transmission Projects | Scenario, Forecast | Subsidiaries | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Income tax benefit to be credited to customers resulting from TCJA | $ 22 | ||||||||
TCJA, net benefit amortization, allocation period | 3 years | ||||||||
O&R | Electric and Gas Transmission Projects | Scenario, Forecast | Protected Portion | Subsidiaries | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Impact in regulatory liability resulting from TCJA | $ 123 | ||||||||
RECO | Subsidiaries | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Return on regulatory assets | $ 21 | $ 25 |
Regulatory Matters - Regulatory
Regulatory Matters - Regulatory Assets (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | $ 3,705 | $ 3,639 |
Regulatory assets – current | 282 | 206 |
Total Regulatory Assets | 3,987 | 3,845 |
Subsidiaries | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 3,396 | 3,316 |
Regulatory assets – current | 271 | 188 |
Environmental remediation costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 919 | 938 |
System peak reduction and energy efficiency programs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 546 | 285 |
Pension and other postretirement benefits deferrals | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 369 | 496 |
Revenue taxes | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 428 | 395 |
COVID-19 pandemic deferrals | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 275 | 282 |
Deferred storm costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 270 | 276 |
Property tax reconciliation | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 142 | 202 |
MTA power reliability deferral | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 104 | 140 |
Gas Service Line Deferred Costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 107 | 100 |
COVID-19 arrears relief program deferral | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 91 | 0 |
Municipal infrastructure support costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 33 | 44 |
Brooklyn Queens demand management program | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 33 | 36 |
Deferred derivative losses - long term | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 32 | 51 |
Meadowlands heater odorization project | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 27 | 29 |
Unrecognized pension and other postretirement costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 24 | 128 |
Non-wire alternative projects | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 23 | 23 |
Legacy meters | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 20 | 2 |
Preferred stock redemption | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 19 | 20 |
Recoverable REV demonstration project costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 17 | 16 |
Gate station upgrade project | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 14 | 14 |
Unamortized loss on reacquired debt | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 12 | 16 |
Other | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 200 | 146 |
Deferred derivative losses - short term | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – current | 91 | 141 |
Recoverable energy costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – current | 191 | 65 |
CECONY | Subsidiaries | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 3,396 | 3,316 |
Regulatory assets – current | 271 | 188 |
Total Regulatory Assets | 3,667 | 3,504 |
CECONY | Environmental remediation costs | Subsidiaries | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 840 | 860 |
CECONY | System peak reduction and energy efficiency programs | Subsidiaries | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 546 | 284 |
CECONY | Pension and other postretirement benefits deferrals | Subsidiaries | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 325 | 435 |
CECONY | Revenue taxes | Subsidiaries | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 409 | 378 |
CECONY | COVID-19 pandemic deferrals | Subsidiaries | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 272 | 277 |
CECONY | Deferred storm costs | Subsidiaries | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 168 | 158 |
CECONY | Property tax reconciliation | Subsidiaries | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 140 | 202 |
CECONY | MTA power reliability deferral | Subsidiaries | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 104 | 140 |
CECONY | Gas Service Line Deferred Costs | Subsidiaries | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 107 | 100 |
CECONY | COVID-19 arrears relief program deferral | Subsidiaries | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 88 | 0 |
CECONY | Municipal infrastructure support costs | Subsidiaries | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 33 | 44 |
CECONY | Brooklyn Queens demand management program | Subsidiaries | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 33 | 36 |
CECONY | Deferred derivative losses - long term | Subsidiaries | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 27 | 45 |
CECONY | Meadowlands heater odorization project | Subsidiaries | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 27 | 29 |
CECONY | Unrecognized pension and other postretirement costs | Subsidiaries | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 10 | 110 |
CECONY | Non-wire alternative projects | Subsidiaries | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 23 | 23 |
CECONY | Legacy meters | Subsidiaries | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 0 | 0 |
CECONY | Preferred stock redemption | Subsidiaries | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 19 | 20 |
CECONY | Recoverable REV demonstration project costs | Subsidiaries | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 17 | 15 |
CECONY | Gate station upgrade project | Subsidiaries | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 14 | 14 |
CECONY | Unamortized loss on reacquired debt | Subsidiaries | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 11 | 14 |
CECONY | Other | Subsidiaries | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 183 | 132 |
CECONY | Deferred derivative losses - short term | Subsidiaries | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – current | 88 | 133 |
CECONY | Recoverable energy costs | Subsidiaries | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – current | $ 183 | $ 55 |
Regulatory Matters - Regulato_2
Regulatory Matters - Regulatory Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | $ 4,717 | $ 4,381 |
Regulatory liabilities – current | 568 | 185 |
Total Regulatory Liabilities | 5,285 | 4,566 |
Subsidiaries | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 4,215 | 3,921 |
Regulatory liabilities – current | 486 | 134 |
Future income tax | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 1,819 | 1,984 |
Allowance for cost of removal less salvage | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 1,238 | 1,199 |
Unrecognized pension and other postretirement costs | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 429 | 32 |
Net unbilled revenue deferrals | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 126 | 209 |
Deferred derivative gains - long term | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 152 | 61 |
Pension and other postretirement benefit deferrals | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 130 | 102 |
2022 Late Payment Charge Deferral | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 92 | 0 |
Net proceeds from sale of property | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 78 | 103 |
System benefit charge carrying charge | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 72 | 70 |
Property tax refunds | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 37 | 35 |
TCJA net benefits | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 30 | 125 |
Sales and use tax refunds | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 28 | 17 |
BQDM and REV Demo reconciliations | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 24 | 25 |
COVID-19 pandemic uncollectible reconciliation deferral | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 20 | 0 |
Earnings sharing - electric, gas and steam | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 13 | 13 |
Workers' compensation | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 11 | 8 |
Settlement of prudence proceeding | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 6 | 6 |
Energy efficiency portfolio standard unencumbered funds | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 5 | 15 |
Settlement of gas proceedings | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 4 | 12 |
Other | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 403 | 365 |
Deferred derivative gains - short term | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – current | 521 | 142 |
Refundable energy costs | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – current | 34 | 32 |
Revenue decoupling mechanism | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – current | 13 | 11 |
CECONY | Subsidiaries | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 4,215 | 3,921 |
Regulatory liabilities – current | 486 | 134 |
Total Regulatory Liabilities | 4,701 | 4,055 |
CECONY | Future income tax | Subsidiaries | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 1,681 | 1,840 |
CECONY | Allowance for cost of removal less salvage | Subsidiaries | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 1,063 | 1,033 |
CECONY | Unrecognized pension and other postretirement costs | Subsidiaries | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 368 | 0 |
CECONY | Net unbilled revenue deferrals | Subsidiaries | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 126 | 209 |
CECONY | Deferred derivative gains - long term | Subsidiaries | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 134 | 55 |
CECONY | Pension and other postretirement benefit deferrals | Subsidiaries | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 85 | 55 |
CECONY | 2022 Late Payment Charge Deferral | Subsidiaries | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 92 | 0 |
CECONY | Net proceeds from sale of property | Subsidiaries | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 77 | 103 |
CECONY | System benefit charge carrying charge | Subsidiaries | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 67 | 63 |
CECONY | Property tax refunds | Subsidiaries | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 35 | 35 |
CECONY | TCJA net benefits | Subsidiaries | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 29 | 123 |
CECONY | Sales and use tax refunds | Subsidiaries | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 27 | 16 |
CECONY | BQDM and REV Demo reconciliations | Subsidiaries | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 21 | 22 |
CECONY | COVID-19 pandemic uncollectible reconciliation deferral | Subsidiaries | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 19 | 0 |
CECONY | Earnings sharing - electric, gas and steam | Subsidiaries | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 10 | 10 |
CECONY | Workers' compensation | Subsidiaries | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 11 | 8 |
CECONY | Settlement of prudence proceeding | Subsidiaries | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 6 | 6 |
CECONY | Energy efficiency portfolio standard unencumbered funds | Subsidiaries | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 7 | 19 |
CECONY | Settlement of gas proceedings | Subsidiaries | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 4 | 12 |
CECONY | Other | Subsidiaries | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 353 | 312 |
CECONY | Deferred derivative gains - short term | Subsidiaries | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – current | 482 | 132 |
CECONY | Refundable energy costs | Subsidiaries | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – current | 4 | 2 |
CECONY | Revenue decoupling mechanism | Subsidiaries | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – current | $ 0 | $ 0 |
Regulatory Matters - Schedule o
Regulatory Matters - Schedule of Regulatory Assets Not Earning a Return (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Regulatory Assets [Line Items] | ||
Regulatory assets not earning return | $ 1,766 | $ 1,883 |
Subsidiaries | CECONY | ||
Regulatory Assets [Line Items] | ||
Regulatory assets not earning return | 1,643 | 1,753 |
Unrecognized pension and other postretirement costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets not earning return | 24 | 128 |
Unrecognized pension and other postretirement costs | Subsidiaries | CECONY | ||
Regulatory Assets [Line Items] | ||
Regulatory assets not earning return | 10 | 110 |
Environmental remediation costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets not earning return | 913 | 928 |
Environmental remediation costs | Subsidiaries | CECONY | ||
Regulatory Assets [Line Items] | ||
Regulatory assets not earning return | 833 | 850 |
Revenue taxes | ||
Regulatory Assets [Line Items] | ||
Regulatory assets not earning return | 408 | 375 |
Revenue taxes | Subsidiaries | CECONY | ||
Regulatory Assets [Line Items] | ||
Regulatory assets not earning return | 392 | 359 |
COVID-19 Deferral for Uncollectible Accounts Receivable | ||
Regulatory Assets [Line Items] | ||
Regulatory assets not earning return | 236 | 236 |
COVID-19 Deferral for Uncollectible Accounts Receivable | CECONY | ||
Regulatory Assets [Line Items] | ||
Regulatory assets not earning return | 232 | 231 |
Deferred derivative losses - short term | ||
Regulatory Assets [Line Items] | ||
Regulatory assets not earning return | 91 | 141 |
Deferred derivative losses - short term | Subsidiaries | CECONY | ||
Regulatory Assets [Line Items] | ||
Regulatory assets not earning return | 88 | 134 |
Deferred derivative losses - long term | ||
Regulatory Assets [Line Items] | ||
Regulatory assets not earning return | 32 | 51 |
Deferred derivative losses - long term | Subsidiaries | CECONY | ||
Regulatory Assets [Line Items] | ||
Regulatory assets not earning return | 27 | 45 |
Other | ||
Regulatory Assets [Line Items] | ||
Regulatory assets not earning return | 62 | 24 |
Other | Subsidiaries | CECONY | ||
Regulatory Assets [Line Items] | ||
Regulatory assets not earning return | $ 61 | $ 24 |
Capitalization - Additional Inf
Capitalization - Additional Information (Details) - USD ($) $ in Millions | 1 Months Ended | |
Jun. 30, 2022 | Nov. 03, 2022 | |
Debt Instrument [Line Items] | ||
Repayments of debt | $ 293 | |
Interest rate (percent) | 8.71% | |
Debentures | 5.70% Debentures Due 2032 | Subsequent Event | ||
Debt Instrument [Line Items] | ||
Interest rate (percent) | 5.70% | |
Long-term debt | $ 100 |
Capitalization - Carrying Amoun
Capitalization - Carrying Amounts and Fair Values of Long-Term Debt (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Unamortized debt expense | $ 216 | $ 226 |
Carrying Amount | ||
Debt Instrument [Line Items] | ||
Long-Term Debt (including current portion) | 22,673 | 23,044 |
Fair Value | ||
Debt Instrument [Line Items] | ||
Long-Term Debt (including current portion) | 19,311 | 26,287 |
CECONY | Subsidiaries | ||
Debt Instrument [Line Items] | ||
Unamortized debt discount | 186 | 193 |
CECONY | Carrying Amount | Subsidiaries | ||
Debt Instrument [Line Items] | ||
Long-Term Debt (including current portion) | 18,389 | 18,382 |
CECONY | Fair Value | Subsidiaries | ||
Debt Instrument [Line Items] | ||
Long-Term Debt (including current portion) | $ 15,465 | $ 21,382 |
Short-Term Borrowing (Details)
Short-Term Borrowing (Details) | 1 Months Ended | ||||
Aug. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Short-term Debt [Line Items] | |||||
Commercial paper, outstanding | $ 1,941,000,000 | $ 1,488,000,000 | |||
Loans outstanding under the credit agreement | $ 0 | $ 0 | |||
Debt instrument term | 364 days | ||||
Ratio of consolidated debt to consolidated total capital | 0.65 | ||||
Percentage of liens of companies consolidated asset | 5% | 5% | |||
Maximum aggregate limit of failure to pay debt or derivative obligations | $ 150,000,000 | $ 150,000,000 | |||
Face amount of debt | 400,000,000 | ||||
Proceeds from short-term debt | 400,000,000 | ||||
Incremental term loan, maximum aggregate amount available | $ 200,000,000 | ||||
March 2022 Credit Agreement Variable Rate 364 Day Revolving Credit Agreement | Revolving Credit Facility | Subsidiaries | |||||
Short-term Debt [Line Items] | |||||
Debt instrument term | 364 days | ||||
Maximum borrowing capacity | $ 750,000,000 | ||||
Ratio of consolidated debt to consolidated total capital | 0.65 | ||||
Commercial Paper | |||||
Short-term Debt [Line Items] | |||||
Weighted average interest rate | 3.40% | 0.30% | |||
CECONY | Subsidiaries | |||||
Short-term Debt [Line Items] | |||||
Commercial paper, outstanding | $ 1,789,000,000 | $ 1,361,000,000 | |||
CECONY | Commercial Paper | Subsidiaries | |||||
Short-term Debt [Line Items] | |||||
Weighted average interest rate | 3.40% | 0.30% | |||
Clean Energy Businesses | |||||
Short-term Debt [Line Items] | |||||
Debt instrument term | 364 days | ||||
Proceeds from short-term debt | $ 150,000,000 |
Pension Benefits - Total Period
Pension Benefits - Total Periodic Benefit Costs (Details) - Pension Benefits - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost – including administrative expenses | $ 72 | $ 85 | $ 215 | $ 257 |
Interest cost on projected benefit obligation | 126 | 118 | 379 | 353 |
Expected return on plan assets | (292) | (274) | (876) | (822) |
Recognition of net actuarial loss | 94 | 197 | 283 | 590 |
Recognition of prior service credit | (4) | (4) | (12) | (12) |
TOTAL PERIODIC BENEFIT COST/(CREDIT) | (4) | 122 | (11) | 366 |
Cost capitalized | (32) | (41) | (100) | (120) |
Reconciliation to rate level | 63 | (54) | 192 | (165) |
Total credit recognized | 27 | 27 | 81 | 81 |
CECONY | Subsidiaries | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost – including administrative expenses | 67 | 80 | 202 | 241 |
Interest cost on projected benefit obligation | 119 | 111 | 357 | 332 |
Expected return on plan assets | (277) | (260) | (832) | (779) |
Recognition of net actuarial loss | 89 | 187 | 268 | 559 |
Recognition of prior service credit | (5) | (5) | (15) | (15) |
TOTAL PERIODIC BENEFIT COST/(CREDIT) | (7) | 113 | (20) | 338 |
Cost capitalized | (30) | (39) | (95) | (113) |
Reconciliation to rate level | 59 | (52) | 182 | (158) |
Total credit recognized | $ 22 | $ 22 | $ 67 | $ 67 |
Pension Benefits - Additional I
Pension Benefits - Additional Information (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Estimated future employer contributions | $ 31 |
Contributions | 25 |
CECONY | Pension Benefits | Subsidiaries | |
Defined Benefit Plan Disclosure [Line Items] | |
Estimated future employer contributions | 18 |
Contributions | 13 |
CECONY | External Trust | Subsidiaries | |
Defined Benefit Plan Disclosure [Line Items] | |
Contributions | $ 17 |
Other Postretirement Benefits -
Other Postretirement Benefits - Periodic Postretirement Benefit Costs (Details) - Other Postretirement Benefits - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost - including administrative expenses | $ 5 | $ 2 | $ 14 | $ 15 |
Interest cost on projected other postretirement benefit obligation | 8 | 7 | 26 | 23 |
Expected return on plan assets | (18) | (17) | (54) | (51) |
Recognition of net actuarial loss/(gain) | (4) | 4 | (11) | 17 |
Recognition of prior service credit | (1) | (2) | ||
TOTAL PERIODIC OTHER POSTRETIREMENT BENEFIT COST/(CREDIT) | (9) | (4) | (26) | 2 |
Cost capitalized | (2) | (3) | (6) | (9) |
Reconciliation to rate level | 7 | 7 | 22 | 7 |
Total credit recognized | (4) | 0 | (10) | 0 |
CECONY | Subsidiaries | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost - including administrative expenses | 4 | 1 | 11 | 11 |
Interest cost on projected other postretirement benefit obligation | 8 | 6 | 23 | 19 |
Expected return on plan assets | (14) | (14) | (43) | (41) |
Recognition of net actuarial loss/(gain) | (3) | 3 | (7) | 13 |
Recognition of prior service credit | 0 | (1) | ||
TOTAL PERIODIC OTHER POSTRETIREMENT BENEFIT COST/(CREDIT) | (5) | (4) | (16) | 1 |
Cost capitalized | (2) | (3) | (5) | (7) |
Reconciliation to rate level | 6 | 6 | 18 | 2 |
Total credit recognized | $ (1) | $ (1) | $ (3) | $ (4) |
Other Postretirement Benefits_2
Other Postretirement Benefits - Additional Information (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Other Postretirement Benefits | CECONY | |
Defined Benefit Plan Disclosure [Line Items] | |
Contributions | $ 9 |
Environmental Matters - Accrued
Environmental Matters - Accrued Liabilities and Regulatory Assets (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Site Contingency [Line Items] | ||
Accrued liabilities | $ 923 | $ 940 |
Regulatory assets | 3,987 | 3,845 |
Subsidiaries | ||
Site Contingency [Line Items] | ||
Accrued liabilities | 833 | 850 |
Manufactured gas plant sites | ||
Site Contingency [Line Items] | ||
Accrued liabilities | 833 | 845 |
Other Superfund Sites | ||
Site Contingency [Line Items] | ||
Accrued liabilities | 90 | 95 |
Superfund Sites | ||
Site Contingency [Line Items] | ||
Accrued liabilities | 923 | 940 |
Regulatory assets | 919 | 938 |
CECONY | Subsidiaries | ||
Site Contingency [Line Items] | ||
Regulatory assets | 3,667 | 3,504 |
CECONY | Manufactured gas plant sites | Subsidiaries | ||
Site Contingency [Line Items] | ||
Accrued liabilities | 744 | 755 |
CECONY | Other Superfund Sites | Subsidiaries | ||
Site Contingency [Line Items] | ||
Accrued liabilities | 89 | 95 |
CECONY | Superfund Sites | Subsidiaries | ||
Site Contingency [Line Items] | ||
Accrued liabilities | 833 | 850 |
Regulatory assets | $ 840 | $ 860 |
Environmental Matters - Environ
Environmental Matters - Environmental Remediation Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Environmental Exit Cost [Line Items] | ||||
Remediation costs incurred | $ 3 | $ 7 | $ 17 | $ 21 |
CECONY | Subsidiaries | ||||
Environmental Exit Cost [Line Items] | ||||
Remediation costs incurred | $ 3 | $ 7 | $ 16 | $ 20 |
Environmental Matters - Additio
Environmental Matters - Additional Information (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
CECONY | Asbestos Proceedings | Subsidiaries | ||
Site Contingency [Line Items] | ||
Estimated undiscounted asbestos liability (years) | 15 years | |
Superfund Sites | Manufactured Gas Plant Sites | Maximum | ||
Site Contingency [Line Items] | ||
Estimated aggregate undiscounted potential liability related environmental contaminants (up to) | $ 2,980,000 | |
Superfund Sites | Manufactured Gas Plant Sites | Maximum | CECONY | ||
Site Contingency [Line Items] | ||
Estimated aggregate undiscounted potential liability related environmental contaminants (up to) | $ 2,840,000 |
Environmental Matters - Accru_2
Environmental Matters - Accrued Liability (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Site Contingency [Line Items] | ||
Regulatory assets | $ 3,987 | $ 3,845 |
Asbestos Suits | ||
Site Contingency [Line Items] | ||
Accrued liability | 8 | 8 |
Regulatory assets | 8 | 8 |
Workers’ Compensation | ||
Site Contingency [Line Items] | ||
Accrued liability | 62 | 65 |
Regulatory assets | 11 | 8 |
CECONY | Subsidiaries | ||
Site Contingency [Line Items] | ||
Regulatory assets | 3,667 | 3,504 |
CECONY | Asbestos Suits | Subsidiaries | ||
Site Contingency [Line Items] | ||
Accrued liability | 7 | 7 |
Regulatory assets | 7 | 7 |
CECONY | Workers’ Compensation | Subsidiaries | ||
Site Contingency [Line Items] | ||
Accrued liability | 59 | 62 |
Regulatory assets | $ 11 | $ 8 |
Material Contingencies - Additi
Material Contingencies - Additional Information (Details) $ in Millions | 1 Months Ended | 9 Months Ended | |||||
Mar. 12, 2014 building people | Aug. 31, 2022 | Jun. 30, 2022 | Feb. 28, 2017 USD ($) | Sep. 30, 2022 USD ($) lawsuit | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Loss Contingencies [Line Items] | |||||||
Accrued regulatory liability | $ 4,717 | $ 4,381 | |||||
Guarantee obligations maximum exposure | $ 2,232 | 2,157 | |||||
Debt instrument term | 364 days | ||||||
Clean Energy Businesses | |||||||
Loss Contingencies [Line Items] | |||||||
Debt instrument term | 364 days | ||||||
Payment Guarantee by CET Electric of Contributions to New York Transco LLC | |||||||
Loss Contingencies [Line Items] | |||||||
Estimated project cost percentage | 175% | ||||||
Financial Guarantee for Indemnity Agreements for Surety Bonds | |||||||
Loss Contingencies [Line Items] | |||||||
Guarantee obligations maximum exposure | $ 70 | ||||||
Financial Guarantee For Obligations Under Senior Unsecured Term Loan Credit Agreement | |||||||
Loss Contingencies [Line Items] | |||||||
Guarantee obligations maximum exposure | $ 150 | ||||||
NY Transco | Payment Guarantee by CET Electric of Contributions to New York Transco LLC | |||||||
Loss Contingencies [Line Items] | |||||||
Ownership interest, percentage | 45.70% | ||||||
Settlement of Gas Proceedings | |||||||
Loss Contingencies [Line Items] | |||||||
Accrued regulatory liability | $ 4 | $ 12 | |||||
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 | $ 40 | |||||
Insurance receivable | $ 40 | $ 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 | Sep. 30, 2022 | Dec. 31, 2021 |
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | $ 2,232 | $ 2,157 |
Con Edison Transmission | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 442 | |
Energy transactions | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 807 | |
Renewable electric projects | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 761 | |
Other | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 222 | |
0 – 3 years | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 1,489 | |
0 – 3 years | Con Edison Transmission | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 442 | |
0 – 3 years | Energy transactions | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 493 | |
0 – 3 years | Renewable electric projects | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 332 | |
0 – 3 years | Other | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 222 | |
4 – 10 years | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 91 | |
4 – 10 years | Energy transactions | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 22 | |
4 – 10 years | Renewable electric projects | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 69 | |
4 – 10 years | Other | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 0 | |
Greater than 10 years | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 652 | |
Greater than 10 years | Con Edison Transmission | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 0 | |
Greater than 10 years | Energy transactions | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 292 | |
Greater than 10 years | Renewable electric projects | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 360 | |
Greater than 10 years | Other | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | $ 0 |
Leases - Lease Cost and Cash Fl
Leases - Lease Cost and Cash Flows (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Lessee, Lease, Description [Line Items] | ||||
Operating lease cost | $ 22 | $ 22 | $ 66 | $ 65 |
Operating lease cash flows | 11 | 10 | 28 | 26 |
CECONY | Subsidiaries | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease cost | 17 | 16 | 50 | 49 |
Operating lease cash flows | $ 5 | $ 6 | $ 13 | $ 15 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Lessee, Lease, Description [Line Items] | |||||
Assets under finance leases | $ 2 | $ 2 | $ 2 | ||
Finance leases, accumulated amortization | 4 | 4 | 4 | ||
Right-of-use assets | $ 5 | $ 15 | 76 | $ 32 | |
Operating lease payment, not yet commenced | $ 3 | ||||
Operating lease, not yet commenced, term of contract | 40 years | 40 years | |||
CECONY | Subsidiaries | |||||
Lessee, Lease, Description [Line Items] | |||||
Assets under finance leases | $ 1 | $ 1 | 1 | ||
Finance leases, accumulated amortization | 2 | 2 | $ 2 | ||
Right-of-use assets | $ 3 | $ 5 | $ 67 | $ 7 |
Leases - Other Related Informat
Leases - Other Related Information (Details) | Sep. 30, 2022 | Dec. 31, 2021 |
Lessee, Lease, Description [Line Items] | ||
Weighted Average Remaining Lease Term, Operating leases | 18 years 2 months 12 days | 18 years 6 months |
Weighted Average Remaining Lease Term, Finance leases | 7 years 2 months 12 days | 7 years 1 month 6 days |
Weighted Average Discount Rate, Operating leases | 4.30% | 4.30% |
Weighted Average Discount Rate, Finance leases | 1.90% | 1.80% |
CECONY | Subsidiaries | ||
Lessee, Lease, Description [Line Items] | ||
Weighted Average Remaining Lease Term, Operating leases | 12 years 7 months 6 days | 12 years 1 month 6 days |
Weighted Average Remaining Lease Term, Finance leases | 2 years 6 months | 3 years 1 month 6 days |
Weighted Average Discount Rate, Operating leases | 3.70% | 3.50% |
Weighted Average Discount Rate, Finance leases | 1% | 1.10% |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Operating Leases | ||
2023 | $ 84 | |
2024 | 81 | |
2025 | 82 | |
2026 | 81 | |
2027 | 81 | |
All years thereafter | 963 | |
Total future minimum lease payments | 1,372 | |
Less: imputed interest | (469) | |
Total | 903 | |
Operating lease liabilities (current) | 131 | $ 113 |
Operating Lease, Liability, Noncurrent | 772 | 717 |
Total | 903 | |
Finance Leases | ||
2023 | 0 | |
2024 | 1 | |
2025 | 0 | |
2026 | 0 | |
2027 | 0 | |
All years thereafter | 1 | |
Total future minimum lease payments | 2 | |
Less: imputed interest | $ 0 | |
Finance lease, liability, noncurrent, statement of financial position | Deferred Credits and Other Liabilities, Noncurrent | |
Other noncurrent liabilities | $ 2 | |
Total | 2 | |
Subsidiaries | ||
Operating Leases | ||
Operating lease liabilities (current) | 99 | 90 |
Operating Lease, Liability, Noncurrent | 523 | $ 462 |
CECONY | Subsidiaries | ||
Operating Leases | ||
2023 | 63 | |
2024 | 62 | |
2025 | 63 | |
2026 | 63 | |
2027 | 64 | |
All years thereafter | 472 | |
Total future minimum lease payments | 787 | |
Less: imputed interest | (165) | |
Total | 622 | |
Operating lease liabilities (current) | 99 | |
Operating Lease, Liability, Noncurrent | 523 | |
Total | 622 | |
Finance Leases | ||
2023 | 0 | |
2024 | 1 | |
2025 | 0 | |
2026 | 0 | |
2027 | 0 | |
All years thereafter | 0 | |
Total future minimum lease payments | 1 | |
Less: imputed interest | $ 0 | |
Finance lease, liability, noncurrent, statement of financial position | Deferred Credits and Other Liabilities, Noncurrent | |
Other noncurrent liabilities | $ 1 | |
Total | $ 1 |
Income Tax - Additional Informa
Income Tax - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Taxes Disclosure [Line Items] | |||||
Income tax expense (benefit) | $ 160,000,000 | $ 127,000,000 | $ 330,000,000 | $ 194,000,000 | |
Increase in reserve due to settlement | $ 5,000,000 | ||||
Estimated liability for uncertain tax positions | 21,000,000 | 21,000,000 | |||
Effective income tax rate reconciliation, uncertainty of taxes | 17,000,000 | ||||
Total amount of unrecognized tax benefits, if recognized, that would reduce effective tax rate | 21,000,000 | 21,000,000 | |||
Penalties recognized for uncertain tax positions | 0 | 0 | |||
Subsidiaries | |||||
Income Taxes Disclosure [Line Items] | |||||
Income tax expense (benefit) | 124,000,000 | 90,000,000 | 232,000,000 | $ 188,000,000 | |
CECONY | Subsidiaries | |||||
Income Taxes Disclosure [Line Items] | |||||
Income tax expense (benefit) | 124,000,000 | $ 90,000,000 | |||
Estimated liability for uncertain tax positions | 7,000,000 | 7,000,000 | |||
Effective income tax rate reconciliation, uncertainty of taxes | 4,000,000 | ||||
Total amount of unrecognized tax benefits, if recognized, that would reduce effective tax rate | $ 7,000,000 | $ 7,000,000 |
Income Tax - Income Tax Reconci
Income Tax - Income Tax Reconciliation (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
STATUTORY TAX RATE | ||||
Federal | 21% | 21% | 21% | 21% |
Changes in computed taxes resulting from: | ||||
State income tax, net of federal income tax benefit | 6% | 5% | 6% | 5% |
Amortization of excess deferred federal income taxes | (6.00%) | (7.00%) | (8.00%) | (11.00%) |
Taxes attributable to non-controlling interest | 0% | 4% | 1% | 3% |
Cost of removal | 1% | 1% | 1% | 2% |
Other plant-related items | 0% | (1.00%) | 0% | (1.00%) |
Renewable energy credits | (1.00%) | (1.00%) | (2.00%) | (2.00%) |
Allowance for uncollectible accounts, net of COVID-19 assistance | 0% | 0% | ||
Injuries and damages reserve | 0% | 0% | ||
Prior period federal income tax return adjustments | 0% | (1.00%) | ||
Other | 0% | 0% | 0% | (1.00%) |
Effective tax rate | 21% | 21% | 19% | 16% |
CECONY | ||||
Changes in computed taxes resulting from: | ||||
Prior period federal income tax return adjustments | 0% | (1.00%) | ||
CECONY | Subsidiaries | ||||
STATUTORY TAX RATE | ||||
Federal | 21% | 21% | 21% | 21% |
Changes in computed taxes resulting from: | ||||
State income tax, net of federal income tax benefit | 5% | 5% | 5% | 5% |
Amortization of excess deferred federal income taxes | (7.00%) | (8.00%) | (10.00%) | (11.00%) |
Taxes attributable to non-controlling interest | 0% | 0% | 0% | 0% |
Cost of removal | 1% | 1% | 2% | 2% |
Other plant-related items | 0% | (1.00%) | (1.00%) | (1.00%) |
Renewable energy credits | 0% | 0% | 0% | 0% |
Allowance for uncollectible accounts, net of COVID-19 assistance | 1% | 0% | ||
Injuries and damages reserve | 0% | 1% | ||
Other | (1.00%) | 0% | 0% | 0% |
Effective tax rate | 20% | 18% | 17% | 16% |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | $ 4,162 | $ 3,659 | $ 11,503 | $ 10,212 |
Total revenues | 4,165 | 3,613 | 11,639 | 10,261 |
Subsidiaries | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 3,549 | 3,092 | 9,972 | 8,784 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 3 | (46) | 136 | 49 |
Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 4,165 | 3,613 | 11,639 | 10,261 |
Operating Segments | Clean Energy Businesses | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 247 | 264 | 637 | 713 |
Total revenues | 325 | 264 | 857 | 779 |
Operating Segments | Clean Energy Businesses | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 78 | 0 | 220 | 66 |
Operating Segments | Clean Energy Businesses | Renewables | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 197 | 185 | 524 | 519 |
Total revenues | 197 | 185 | 524 | 519 |
Operating Segments | Clean Energy Businesses | Renewables | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Operating Segments | Clean Energy Businesses | Energy services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 13 | 65 | 57 | 168 |
Total revenues | 13 | 65 | 57 | 168 |
Operating Segments | Clean Energy Businesses | Energy services | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Operating Segments | Clean Energy Businesses | Develop/Transfer Projects | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 37 | 14 | 56 | 26 |
Total revenues | 37 | 14 | 56 | 26 |
Operating Segments | Clean Energy Businesses | Develop/Transfer Projects | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Operating Segments | Clean Energy Businesses | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 |
Total revenues | 78 | 0 | 220 | 66 |
Operating Segments | Clean Energy Businesses | Other | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 78 | 0 | 220 | 66 |
Operating Segments | Con Edison Transmission | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 1 | 1 | 3 | 3 |
Total revenues | 1 | 1 | 3 | 3 |
Operating Segments | Con Edison Transmission | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Operating Segments | CECONY | Subsidiaries | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 3,629 | 3,133 | 10,051 | 8,777 |
Total revenues | 3,549 | 3,092 | 9,972 | 8,784 |
Operating Segments | CECONY | Other | Subsidiaries | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | (80) | (41) | (79) | 7 |
Operating Segments | CECONY | Electric | Subsidiaries | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 3,165 | 2,776 | 7,525 | 6,695 |
Total revenues | 3,077 | 2,730 | 7,401 | 6,661 |
Operating Segments | CECONY | Electric | Other | Subsidiaries | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | (88) | (46) | (124) | (34) |
Operating Segments | CECONY | Gas | Subsidiaries | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 409 | 305 | 2,090 | 1,699 |
Total revenues | 414 | 307 | 2,127 | 1,730 |
Operating Segments | CECONY | Gas | Other | Subsidiaries | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 5 | 2 | 37 | 31 |
Operating Segments | CECONY | Steam | Subsidiaries | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 55 | 52 | 436 | 383 |
Total revenues | 58 | 55 | 444 | 393 |
Operating Segments | CECONY | Steam | Other | Subsidiaries | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 3 | 3 | 8 | 10 |
Operating Segments | O&R | Subsidiaries | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 285 | 261 | 812 | 719 |
Total revenues | 291 | 257 | 813 | 699 |
Operating Segments | O&R | Other | Subsidiaries | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 6 | (4) | 1 | (20) |
Operating Segments | O&R | Electric | Subsidiaries | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 256 | 229 | 595 | 535 |
Total revenues | 252 | 223 | 594 | 522 |
Operating Segments | O&R | Electric | Other | Subsidiaries | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | (4) | (6) | (1) | (13) |
Operating Segments | O&R | Gas | Subsidiaries | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 29 | 32 | 217 | 184 |
Total revenues | 39 | 34 | 219 | 177 |
Operating Segments | O&R | Gas | Other | Subsidiaries | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 10 | 2 | 2 | (7) |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 |
Total revenues | (1) | (1) | (6) | (4) |
Other | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ (1) | $ (1) | $ (6) | $ (4) |
Revenue Recognition - Change in
Revenue Recognition - Change in Unbilled Contract and Unearned Revenues (Details) - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Jan. 01, 2022 | Jan. 01, 2021 | |
Unbilled contract revenue | ||||
Beginning balance | $ 35 | $ 11 | ||
Additions | 103 | 174 | ||
Subtractions | 81 | 127 | ||
Ending balance | 57 | 58 | ||
Unearned revenue | ||||
Beginning balance | 7 | 41 | ||
Additions | 0 | 0 | ||
Subtractions | 4 | 31 | ||
Ending balance | $ 3 | $ 10 | ||
Contracts with customer, revenue recognized, amount outstanding end of last period | $ 4 | $ 31 |
Revenue Recognition - Additiona
Revenue Recognition - Additional information (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 13 Months Ended | |||
Apr. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2023 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2022 | Sep. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||||||
Remaining performance obligation | $ 303 | |||||||
Late fee and other fees not collected | $ 12 | $ 49 | ||||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01 | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Remaining performance obligation | $ 265 | |||||||
Expected timing of satisfaction | 2 years | |||||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-02 | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Remaining performance obligation | $ 38 | |||||||
Expected timing of satisfaction | ||||||||
CECONY | Subsidiaries | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Late fee and other fees not collected | $ 11 | $ 46 | ||||||
CECONY | COVID-19 | Subsidiaries | Scenario, Forecast | Electric | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Late payment charges and fees | $ 19 | $ 43 | ||||||
CECONY | COVID-19 | Subsidiaries | Scenario, Forecast | Gas | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Late payment charges and fees | $ 4 | $ 7 | ||||||
O&R | Subsidiaries | Electric and Gas Transmission Projects | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Rate plan, term | 3 years | |||||||
O&R | COVID-19 | Subsidiaries | Electric | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Late payment charges and fees | $ 1.7 | |||||||
O&R | COVID-19 | Subsidiaries | Gas | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Late payment charges and fees | $ 2.4 |
Current Expected Credit Losse_2
Current Expected Credit Losses - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Increase in allowance for uncollectible accounts resulting from COVID-19 pandemic | $ (31) | $ 38 | $ (12) | $ 165 |
Subsidiaries | CECONY | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Increase in allowance for uncollectible accounts resulting from COVID-19 pandemic | $ (27) | $ (7) | $ 162 |
Current Expected Credit Losse_3
Current Expected Credit Losses - Rollforward of Segment Type (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Reserve adjustments | $ (12) | $ 165 | ||
Subsidiaries | ||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Reserve adjustments | (7) | 162 | ||
Accounts receivable - customers | ||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Balance | $ 336 | $ 275 | 317 | 148 |
Recoveries | 4 | 3 | 13 | 9 |
Write-offs | 2 | (24) | (62) | (66) |
Reserve adjustments | (37) | 59 | 37 | 222 |
Ending Balance | 305 | 313 | 305 | 313 |
Other receivables | ||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Balance | 9 | 7 | 22 | 7 |
Recoveries | 0 | 0 | 0 | 0 |
Write-offs | (2) | 0 | (5) | (1) |
Reserve adjustments | 2 | 0 | (8) | 1 |
Ending Balance | 9 | 7 | 9 | 7 |
CECONY | Accounts receivable - customers | Subsidiaries | ||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Balance | 324 | 262 | 304 | 138 |
Recoveries | 4 | 3 | 12 | 8 |
Write-offs | 4 | (23) | (56) | (62) |
Reserve adjustments | (35) | 58 | 37 | 216 |
Ending Balance | 297 | 300 | 297 | 300 |
CECONY | Other receivables | Subsidiaries | ||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Balance | 7 | 4 | 19 | 4 |
Recoveries | 0 | 0 | 0 | 0 |
Write-offs | (1) | 0 | (3) | 0 |
Reserve adjustments | 1 | 1 | (9) | 1 |
Ending Balance | $ 7 | $ 5 | $ 7 | $ 5 |
Financial Information by Busi_3
Financial Information by Business Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 4,165 | $ 3,613 | $ 11,639 | $ 10,261 |
Depreciation and amortization | 525 | 512 | 1,593 | 1,511 |
Operating income/(loss) | 889 | 850 | 2,074 | 2,129 |
Subsidiaries | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 3,549 | 3,092 | 9,972 | 8,784 |
Depreciation and amortization | 441 | 429 | 1,341 | 1,267 |
Operating income/(loss) | 738 | 728 | 1,729 | 1,836 |
Clean Energy Businesses | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 60 | 58 | 178 | 172 |
Operating income/(loss) | 104 | 79 | 248 | 196 |
Con Edison Transmission | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 0 | 0 | 1 | 1 |
Operating income/(loss) | (2) | (2) | (8) | (7) |
CECONY | Subsidiaries | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 441 | 429 | 1,341 | 1,267 |
Operating income/(loss) | 738 | 728 | 1,729 | 1,836 |
CECONY | Electric | Subsidiaries | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 324 | 324 | 994 | 959 |
Operating income/(loss) | 843 | 834 | 1,233 | 1,337 |
CECONY | Gas | Subsidiaries | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 93 | 82 | 275 | 239 |
Operating income/(loss) | (40) | (48) | 511 | 490 |
CECONY | Steam | ||||
Segment Reporting Information [Line Items] | ||||
Operating income/(loss) | (15) | |||
CECONY | Steam | Subsidiaries | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 24 | 23 | 72 | 69 |
Operating income/(loss) | (65) | (58) | 9 | |
O&R | Subsidiaries | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 25 | 24 | 73 | 71 |
Operating income/(loss) | 51 | 47 | 110 | 108 |
O&R | Electric | ||||
Segment Reporting Information [Line Items] | ||||
Operating income/(loss) | 85 | |||
O&R | Electric | Subsidiaries | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 18 | 18 | 53 | 52 |
Operating income/(loss) | 61 | 55 | 85 | 78 |
O&R | Gas | ||||
Segment Reporting Information [Line Items] | ||||
Operating income/(loss) | 25 | |||
O&R | Gas | Subsidiaries | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 7 | 6 | 20 | 19 |
Operating income/(loss) | (10) | (8) | 25 | 30 |
Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 4,165 | 3,613 | 11,639 | 10,261 |
Operating segment | Clean Energy Businesses | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 325 | 264 | 857 | 779 |
Operating segment | Con Edison Transmission | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 1 | 1 | 3 | 3 |
Operating segment | CECONY | Subsidiaries | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 3,549 | 3,092 | 9,972 | 8,784 |
Operating segment | CECONY | Electric | Subsidiaries | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 3,077 | 2,730 | 7,401 | 6,661 |
Operating segment | CECONY | Gas | Subsidiaries | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 414 | 307 | 2,127 | 1,730 |
Operating segment | CECONY | Steam | Subsidiaries | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 58 | 55 | 444 | 393 |
Operating segment | O&R | Subsidiaries | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 291 | 257 | 813 | 699 |
Operating segment | O&R | Electric | Subsidiaries | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 252 | 223 | 594 | 522 |
Operating segment | O&R | Gas | Subsidiaries | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 39 | 34 | 219 | 177 |
Other | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | (1) | (1) | (6) | (4) |
Depreciation and amortization | (1) | 1 | 0 | 0 |
Operating income/(loss) | (2) | (2) | (5) | (4) |
Inter-segment | CECONY | Subsidiaries | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | (26) | (25) | (77) | (75) |
Inter-segment | CECONY | Electric | Subsidiaries | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 5 | 5 | 14 | 14 |
Inter-segment | CECONY | Gas | Subsidiaries | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 2 | 2 | 6 | 6 |
Inter-segment | CECONY | Steam | Subsidiaries | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 19 | $ 18 | $ 57 | $ 55 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Fair Values of Commodity Derivatives Including Offsetting (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Fair value of derivative assets | ||
Net Amounts of Assets/ (Liabilities) | $ 1,037,000,000 | $ 832,000,000 |
Fair value of derivative liabilities | ||
Net Amounts of Assets/ (Liabilities) | (101,000,000) | (236,000,000) |
Net fair value derivative assets/(liabilities) | ||
Gross Amounts of Recognized Assets/(Liabilities) | 690,000,000 | (8,000,000) |
Gross Amounts Offset | (289,000,000) | (24,000,000) |
Net Amounts of Assets/ (Liabilities) | 401,000,000 | (32,000,000) |
Interest Rate Swap | ||
Fair value of derivative assets | ||
Net Amounts of Assets/ (Liabilities) | 105,000,000 | 4,000,000 |
Fair value of derivative liabilities | ||
Net Amounts of Assets/ (Liabilities) | 0 | (57,000,000) |
CECONY | Subsidiaries | ||
Fair value of derivative assets | ||
Net Amounts of Assets/ (Liabilities) | 836,000,000 | 728,000,000 |
Fair value of derivative liabilities | ||
Net Amounts of Assets/ (Liabilities) | (65,000,000) | (128,000,000) |
Net fair value derivative assets/(liabilities) | ||
Gross Amounts of Recognized Assets/(Liabilities) | 518,000,000 | 25,000,000 |
Gross Amounts Offset | (261,000,000) | (26,000,000) |
Net Amounts of Assets/ (Liabilities) | 257,000,000 | (1,000,000) |
Clean Energy Businesses | Interest Rate Swap | ||
Net fair value derivative assets/(liabilities) | ||
Notional amount | 996,000,000 | 1,031,000,000 |
Total fair value of derivative assets, Noncurrent | Interest Rate Swap | ||
Fair value of derivative assets | ||
Net Amounts of Assets/ (Liabilities) | 84,000,000 | 4,000,000 |
Total fair value of derivative liabilities | ||
Fair value of derivative liabilities | ||
Gross Amounts of Recognized Assets/(Liabilities) | (280,000,000) | (383,000,000) |
Gross Amounts Offset | 179,000,000 | 147,000,000 |
Net Amounts of Assets/ (Liabilities) | (101,000,000) | (236,000,000) |
Total fair value of derivative liabilities | CECONY | Subsidiaries | ||
Fair value of derivative liabilities | ||
Gross Amounts of Recognized Assets/(Liabilities) | (184,000,000) | (181,000,000) |
Gross Amounts Offset | 119,000,000 | 53,000,000 |
Net Amounts of Assets/ (Liabilities) | (65,000,000) | (128,000,000) |
Fair value of derivative liabilities, Current | ||
Fair value of derivative liabilities | ||
Gross Amounts of Recognized Assets/(Liabilities) | (212,000,000) | (289,000,000) |
Gross Amounts Offset | 142,000,000 | 137,000,000 |
Net Amounts of Assets/ (Liabilities) | (70,000,000) | (152,000,000) |
Fair value of derivative liabilities, Current | Interest Rate Swap | ||
Fair value of derivative liabilities | ||
Net Amounts of Assets/ (Liabilities) | (20,000,000) | |
Fair value of derivative liabilities, Current | CECONY | Subsidiaries | ||
Fair value of derivative liabilities | ||
Gross Amounts of Recognized Assets/(Liabilities) | (134,000,000) | (131,000,000) |
Gross Amounts Offset | 84,000,000 | 43,000,000 |
Net Amounts of Assets/ (Liabilities) | (50,000,000) | (88,000,000) |
Fair value of derivative liabilities, Noncurrent | ||
Fair value of derivative liabilities | ||
Gross Amounts of Recognized Assets/(Liabilities) | (68,000,000) | (94,000,000) |
Gross Amounts Offset | 37,000,000 | 10,000,000 |
Net Amounts of Assets/ (Liabilities) | (31,000,000) | (84,000,000) |
Fair value of derivative liabilities, Noncurrent | Interest Rate Swap | ||
Fair value of derivative liabilities | ||
Net Amounts of Assets/ (Liabilities) | (38,000,000) | |
Fair value of derivative liabilities, Noncurrent | CECONY | Subsidiaries | ||
Fair value of derivative liabilities | ||
Gross Amounts of Recognized Assets/(Liabilities) | (50,000,000) | (50,000,000) |
Gross Amounts Offset | 35,000,000 | 10,000,000 |
Net Amounts of Assets/ (Liabilities) | (15,000,000) | (40,000,000) |
Fair value of derivative assets, Current | Interest Rate Swap | ||
Fair value of derivative assets | ||
Net Amounts of Assets/ (Liabilities) | 21,000,000 | |
Fair value of derivative assets, Current | ||
Fair value of derivative assets | ||
Gross Amounts of Recognized Assets/(Liabilities) | 667,000,000 | 285,000,000 |
Gross Amounts Offset | (415,000,000) | (158,000,000) |
Net Amounts of Assets/ (Liabilities) | 252,000,000 | 127,000,000 |
Fair value of derivative assets, Current | CECONY | Subsidiaries | ||
Fair value of derivative assets | ||
Gross Amounts of Recognized Assets/(Liabilities) | 521,000,000 | 135,000,000 |
Gross Amounts Offset | (335,000,000) | (64,000,000) |
Net Amounts of Assets/ (Liabilities) | 186,000,000 | 71,000,000 |
Total fair value of derivative assets, Noncurrent | ||
Fair value of derivative assets | ||
Gross Amounts of Recognized Assets/(Liabilities) | 303,000,000 | 90,000,000 |
Gross Amounts Offset | (53,000,000) | (13,000,000) |
Net Amounts of Assets/ (Liabilities) | 250,000,000 | 77,000,000 |
Total fair value of derivative assets, Noncurrent | CECONY | Subsidiaries | ||
Fair value of derivative assets | ||
Gross Amounts of Recognized Assets/(Liabilities) | 181,000,000 | 71,000,000 |
Gross Amounts Offset | (45,000,000) | (15,000,000) |
Net Amounts of Assets/ (Liabilities) | 136,000,000 | 56,000,000 |
Total fair value of derivative assets | ||
Fair value of derivative assets | ||
Gross Amounts of Recognized Assets/(Liabilities) | 970,000,000 | 375,000,000 |
Gross Amounts Offset | (468,000,000) | (171,000,000) |
Net Amounts of Assets/ (Liabilities) | 502,000,000 | 204,000,000 |
Net fair value derivative assets/(liabilities) | ||
Margin deposits | 4,000,000 | 1,000,000 |
Total fair value of derivative assets | CECONY | Subsidiaries | ||
Fair value of derivative assets | ||
Gross Amounts of Recognized Assets/(Liabilities) | 702,000,000 | 206,000,000 |
Gross Amounts Offset | (380,000,000) | (79,000,000) |
Net Amounts of Assets/ (Liabilities) | 322,000,000 | 127,000,000 |
Net fair value derivative assets/(liabilities) | ||
Margin deposits | $ 4,000,000 | $ 0 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Realized and Unrealized Gains (Losses) on Commodity Derivatives (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||||
Total deferred gains/(losses) | $ 54 | $ 366 | $ 470 | $ 549 |
Total deferred gains/(losses) | 258 | (48) | 426 | (21) |
Net deferred gains/(losses) | 312 | 318 | 896 | 528 |
Pre-tax gains/(losses) recognized in income | ||||
Total pre-tax gains/(losses) recognized in income | 45 | (9) | 140 | 32 |
Gas purchased for resale | ||||
Pre-tax gains/(losses) recognized in income | ||||
Total pre-tax gains/(losses) recognized in income | (2) | 2 | 1 | 4 |
Non-utility revenue | ||||
Pre-tax gains/(losses) recognized in income | ||||
Total pre-tax gains/(losses) recognized in income | (1) | (23) | (23) | (22) |
Other operations and maintenance expense | ||||
Pre-tax gains/(losses) recognized in income | ||||
Total pre-tax gains/(losses) recognized in income | (1) | 1 | 4 | 5 |
Other interest expense | ||||
Pre-tax gains/(losses) recognized in income | ||||
Total pre-tax gains/(losses) recognized in income | 49 | 11 | 158 | 45 |
Deferred Derivative Gains, Current | ||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||||
Total deferred gains/(losses) | 31 | 296 | 379 | 443 |
Deferred Derivative Gains, Noncurrent | ||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||||
Total deferred gains/(losses) | 23 | 70 | 91 | 106 |
Deferred Derivative Losses, Current | ||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||||
Total deferred gains/(losses) | 41 | (4) | 50 | 25 |
Recoverable Energy Costs, Current | ||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||||
Total deferred gains/(losses) | 168 | 17 | 357 | (30) |
Deferred Derivative Losses, Noncurrent | ||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||||
Total deferred gains/(losses) | 49 | (61) | 19 | (16) |
CECONY | Subsidiaries | ||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||||
Total deferred gains/(losses) | 47 | 345 | 429 | 512 |
Total deferred gains/(losses) | 234 | (45) | 387 | (20) |
Net deferred gains/(losses) | 281 | 300 | 816 | 492 |
Pre-tax gains/(losses) recognized in income | ||||
Total pre-tax gains/(losses) recognized in income | (1) | 1 | 4 | 5 |
CECONY | Gas purchased for resale | Subsidiaries | ||||
Pre-tax gains/(losses) recognized in income | ||||
Total pre-tax gains/(losses) recognized in income | 0 | 0 | 0 | 0 |
CECONY | Non-utility revenue | Subsidiaries | ||||
Pre-tax gains/(losses) recognized in income | ||||
Total pre-tax gains/(losses) recognized in income | 0 | 0 | 0 | 0 |
CECONY | Other operations and maintenance expense | Subsidiaries | ||||
Pre-tax gains/(losses) recognized in income | ||||
Total pre-tax gains/(losses) recognized in income | (1) | 1 | 4 | 5 |
CECONY | Other interest expense | Subsidiaries | ||||
Pre-tax gains/(losses) recognized in income | ||||
Total pre-tax gains/(losses) recognized in income | 0 | 0 | 0 | 0 |
CECONY | Deferred Derivative Gains, Current | Subsidiaries | ||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||||
Total deferred gains/(losses) | 30 | 279 | 350 | 415 |
CECONY | Deferred Derivative Gains, Noncurrent | Subsidiaries | ||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||||
Total deferred gains/(losses) | 17 | 66 | 79 | 97 |
CECONY | Deferred Derivative Losses, Current | Subsidiaries | ||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||||
Total deferred gains/(losses) | 37 | (3) | 45 | 22 |
CECONY | Recoverable Energy Costs, Current | Subsidiaries | ||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||||
Total deferred gains/(losses) | 152 | 13 | 324 | (29) |
CECONY | Deferred Derivative Losses, Noncurrent | Subsidiaries | ||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||||
Total deferred gains/(losses) | $ 45 | $ (55) | $ 18 | $ (13) |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Hedged Volume of Derivative Transactions (Details) | Sep. 30, 2022 MW gal MWh MMBTU |
Electric Energy (MWh) | |
Derivatives, Fair Value [Line Items] | |
Notional amount | MWh | 29,387,725 |
Capacity (MW) | |
Derivatives, Fair Value [Line Items] | |
Notional amount | MW | 36,037 |
Natural Gas (Dt) | |
Derivatives, Fair Value [Line Items] | |
Notional amount | MMBTU | 289,274,503 |
Refined Fuels (gallons) | |
Derivatives, Fair Value [Line Items] | |
Notional amount | gal | 672,000 |
CECONY | Electric Energy (MWh) | Subsidiaries | |
Derivatives, Fair Value [Line Items] | |
Notional amount | MWh | 27,281,075 |
CECONY | Capacity (MW) | Subsidiaries | |
Derivatives, Fair Value [Line Items] | |
Notional amount | MW | 22,350 |
CECONY | Natural Gas (Dt) | Subsidiaries | |
Derivatives, Fair Value [Line Items] | |
Notional amount | MMBTU | 272,830,000 |
CECONY | Refined Fuels (gallons) | Subsidiaries | |
Derivatives, Fair Value [Line Items] | |
Notional amount | gal | 672,000 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - Additional Information (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Investment Holdings [Line Items] | |
Energy supply and hedging activities credit exposure total | $ 859 |
Makeup of net credit exposure independent system operators | 110 |
Makeup of net credit exposure non-investment grade/non-rated counterparties | 61 |
Makeup of net credit exposure with commodity exchange brokers | 222 |
Makeup of net credit exposure with investment-grade counterparties | 466 |
CECONY | Subsidiaries | |
Investment Holdings [Line Items] | |
Energy supply and hedging activities credit exposure total | 543 |
Makeup of net credit exposure with commodity exchange brokers | 169 |
Makeup of net credit exposure with investment-grade counterparties | $ 374 |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities - Credit-Risk-Related Contingent Features (Details) $ in Millions | Sep. 30, 2022 USD ($) |
Derivatives, Fair Value [Line Items] | |
Aggregate fair value – net liabilities | $ 116 |
Collateral posted | 100 |
Additional collateral for non-derivative transactions without extended unsecured credit | 6 |
Downgrade One Level from Current Ratings | |
Derivatives, Fair Value [Line Items] | |
Additional collateral | 25 |
Downgrade to Below Investment Grade from Current Ratings | |
Derivatives, Fair Value [Line Items] | |
Additional collateral | 59 |
Derivatives in net asset position additional collateral | 96 |
CECONY | Subsidiaries | |
Derivatives, Fair Value [Line Items] | |
Aggregate fair value – net liabilities | 55 |
Collateral posted | 100 |
CECONY | Downgrade One Level from Current Ratings | Subsidiaries | |
Derivatives, Fair Value [Line Items] | |
Additional collateral | 0 |
CECONY | Downgrade to Below Investment Grade from Current Ratings | Subsidiaries | |
Derivatives, Fair Value [Line Items] | |
Additional collateral | $ 20 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | $ 1,037 | $ 832 |
Derivative liabilities: | 101 | 236 |
Liabilities transferred out of Level 3 | 1 | 4 |
CECONY | Subsidiaries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | 836 | 728 |
Derivative liabilities: | 65 | 128 |
Liabilities transferred out of Level 3 | 1 | 3 |
Netting Adjustment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | (435) | (171) |
Derivative liabilities: | (148) | (148) |
Netting Adjustment | CECONY | Subsidiaries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | (350) | (79) |
Derivative liabilities: | (93) | (53) |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | 604 | 587 |
Derivative liabilities: | 17 | 33 |
Level 1 | CECONY | Subsidiaries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | 570 | 541 |
Derivative liabilities: | 5 | 1 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | 831 | 399 |
Derivative liabilities: | 211 | 323 |
Level 2 | CECONY | Subsidiaries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | 607 | 265 |
Derivative liabilities: | 144 | 172 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | 37 | 17 |
Derivative liabilities: | 21 | 28 |
Level 3 | CECONY | Subsidiaries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | 9 | 1 |
Derivative liabilities: | 9 | 8 |
Commodity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | 401 | 201 |
Derivative liabilities: | 101 | 179 |
Transfer out of level 3 | 1 | |
Commodity | CECONY | Subsidiaries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | 326 | 127 |
Derivative liabilities: | 65 | 128 |
Transfer out of level 3 | 1 | |
Commodity | Netting Adjustment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | (435) | (171) |
Derivative liabilities: | (148) | (148) |
Commodity | Netting Adjustment | CECONY | Subsidiaries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | (350) | (79) |
Derivative liabilities: | (93) | (53) |
Commodity | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | 189 | 95 |
Derivative liabilities: | 17 | 33 |
Commodity | Level 1 | CECONY | Subsidiaries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | 170 | 67 |
Derivative liabilities: | 5 | 1 |
Commodity | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | 610 | 260 |
Derivative liabilities: | 211 | 266 |
Commodity | Level 2 | CECONY | Subsidiaries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | 497 | 138 |
Derivative liabilities: | 144 | 172 |
Commodity | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | 37 | 17 |
Derivative liabilities: | 21 | 28 |
Commodity | Level 3 | CECONY | Subsidiaries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | 9 | 1 |
Derivative liabilities: | 9 | 8 |
Interest rate swap | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | 105 | 4 |
Derivative liabilities: | 0 | 57 |
Interest rate swap | Netting Adjustment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | 0 | 0 |
Derivative liabilities: | 0 | 0 |
Interest rate swap | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | 0 | 0 |
Derivative liabilities: | 0 | 0 |
Interest rate swap | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | 105 | 4 |
Derivative liabilities: | 0 | 57 |
Interest rate swap | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | 0 | 0 |
Derivative liabilities: | 0 | 0 |
Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | 531 | 627 |
Other | CECONY | Subsidiaries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | 510 | 601 |
Other | Netting Adjustment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | 0 | 0 |
Other | Netting Adjustment | CECONY | Subsidiaries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | 0 | 0 |
Other | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | 415 | 492 |
Other | Level 1 | CECONY | Subsidiaries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | 400 | 474 |
Other | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | 116 | 135 |
Other | Level 2 | CECONY | Subsidiaries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | 110 | 127 |
Other | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | 0 | 0 |
Other | Level 3 | CECONY | Subsidiaries | ||
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) $ in Millions | Sep. 30, 2022 USD ($) $ / kW-month $ / MWh $ / Dt | Dec. 31, 2021 USD ($) |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Fair Value of commodity derivatives | $ 1,037 | $ 832 |
CECONY | Subsidiaries | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Fair Value of commodity derivatives | 836 | 728 |
Level 3 | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Fair Value of commodity derivatives | 37 | 17 |
Level 3 | CECONY | Subsidiaries | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Fair Value of commodity derivatives | 9 | $ 1 |
Level 3 | Electricity | Forward energy prices | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Fair Value of commodity derivatives | $ 17 | |
Level 3 | Electricity | Forward energy prices | Minimum | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Unobservable Inputs Range (dollar per unit) | $ / MWh | 22.25 | |
Level 3 | Electricity | Forward energy prices | Maximum | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Unobservable Inputs Range (dollar per unit) | $ / MWh | 172.80 | |
Level 3 | Electricity | Forward energy prices | CECONY | Subsidiaries | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Fair Value of commodity derivatives | $ 4 | |
Level 3 | Electricity | Forward energy prices | CECONY | Minimum | Subsidiaries | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Unobservable Inputs Range (dollar per unit) | $ / MWh | 37.33 | |
Level 3 | Electricity | Forward energy prices | CECONY | Maximum | Subsidiaries | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Unobservable Inputs Range (dollar per unit) | $ / MWh | 172.80 | |
Level 3 | Electricity | Forward capacity prices | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Fair Value of commodity derivatives | $ (4) | |
Level 3 | Electricity | Forward capacity prices | Minimum | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Unobservable Inputs Range (dollar per unit) | $ / kW-month | 0.55 | |
Level 3 | Electricity | Forward capacity prices | Maximum | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Unobservable Inputs Range (dollar per unit) | $ / kW-month | 7.26 | |
Level 3 | Electricity | Forward capacity prices | CECONY | Subsidiaries | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Fair Value of commodity derivatives | $ (6) | |
Level 3 | Electricity | Forward capacity prices | CECONY | Minimum | Subsidiaries | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Unobservable Inputs Range (dollar per unit) | $ / kW-month | 1.10 | |
Level 3 | Electricity | Forward capacity prices | CECONY | Maximum | Subsidiaries | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Unobservable Inputs Range (dollar per unit) | $ / kW-month | 7.26 | |
Level 3 | Natural Gas | Forward natural gas prices | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Fair Value of commodity derivatives | $ 0 | |
Level 3 | Natural Gas | Forward natural gas prices | Minimum | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Unobservable Inputs Range (dollar per unit) | $ / Dt | 3.75 | |
Level 3 | Natural Gas | Forward natural gas prices | Maximum | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Unobservable Inputs Range (dollar per unit) | $ / Dt | 21.37 | |
Level 3 | Transmission Congestion Contracts/Financial Transmission Rights | Inter-zonal forward price curves adjusted for historical zonal losses | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Fair Value of commodity derivatives | $ 3 | |
Level 3 | Transmission Congestion Contracts/Financial Transmission Rights | Inter-zonal forward price curves adjusted for historical zonal losses | Minimum | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Unobservable Inputs Range (dollar per unit) | $ / MWh | (12.89) | |
Level 3 | Transmission Congestion Contracts/Financial Transmission Rights | Inter-zonal forward price curves adjusted for historical zonal losses | Maximum | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Unobservable Inputs Range (dollar per unit) | $ / MWh | 207.83 | |
Level 3 | Commodity | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Fair Value of commodity derivatives | $ 16 | |
Level 3 | Commodity | CECONY | Subsidiaries | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Fair Value of commodity derivatives | 0 | |
Level 3 | Transmission Congestion Contracts | Inter-zonal forward price curves adjusted for historical zonal losses | CECONY | Subsidiaries | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Fair Value of commodity derivatives | $ 2 | |
Level 3 | Transmission Congestion Contracts | Inter-zonal forward price curves adjusted for historical zonal losses | CECONY | Minimum | Subsidiaries | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Unobservable Inputs Range (dollar per unit) | $ / MWh | 1.03 | |
Level 3 | Transmission Congestion Contracts | Inter-zonal forward price curves adjusted for historical zonal losses | CECONY | Maximum | Subsidiaries | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Unobservable Inputs Range (dollar per unit) | $ / MWh | 5.51 |
Fair Value Measurements - Recon
Fair Value Measurements - Reconciliation of Assets and Liabilities Measured at Level 3 Fair Value (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | $ 9 | $ (9) | $ (11) | $ (19) |
Included in earnings | (10) | 21 | 13 | 20 |
Included in regulatory assets and liabilities | 14 | (17) | 7 | (9) |
Purchases | 1 | 0 | 3 | 0 |
Settlements | 2 | 0 | 3 | 3 |
Transfer out of level 3 | (1) | 0 | ||
Ending balance | 16 | (5) | 16 | (5) |
CECONY | Subsidiaries | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | (11) | (7) | (7) | (10) |
Included in earnings | (1) | 1 | (3) | (2) |
Included in regulatory assets and liabilities | 11 | (11) | 5 | (7) |
Purchases | 0 | 0 | 0 | 0 |
Settlements | 1 | 0 | 4 | 2 |
Transfer out of level 3 | (1) | 0 | ||
Ending balance | $ 0 | $ (17) | $ 0 | $ (17) |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Clean Energy Businesses | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Gain on Level 3 energy derivative assets and liabilities | $ (8) | $ 20 | $ 20 | $ 24 |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information (Details) - Clean Energy Businesses - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Jun. 30, 2021 | |
Variable Interest Entity [Line Items] | ||
Equity method investments | $ 11 | |
Variable Interest Entity, Primary Beneficiary | Con Edison Development | CED Nevada Virginia | ||
Variable Interest Entity [Line Items] | ||
Percentage of variable interests (less than) | 100% | |
Variable Interest Entity, Primary Beneficiary | Con Edison Development | Tax Equity Projects | ||
Variable Interest Entity [Line Items] | ||
Percentage of variable interests (less than) | 100% |
Variable Interest Entities - HL
Variable Interest Entities - HLVB Method of Accounting (Details) - Variable Interest Entity, Primary Beneficiary - Clean Energy Businesses - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
CED Nevada Virginia | Tax Equity Investors | ||||
Variable Interest Entity [Line Items] | ||||
Income (loss) before tax | $ (6) | $ 74 | $ 36 | $ 127 |
Net income (loss) | (5) | 56 | 27 | 96 |
CED Nevada Virginia | Con Edison Development | ||||
Variable Interest Entity [Line Items] | ||||
Income (loss) before tax | (7) | 74 | 32 | 127 |
Net income (loss) | (5) | 56 | 24 | 96 |
Tax Equity Projects | Tax Equity Investors | ||||
Variable Interest Entity [Line Items] | ||||
Income (loss) before tax | 0 | 0 | (7) | 8 |
Net income (loss) | 0 | 0 | (5) | 6 |
Tax Equity Projects | Con Edison Development | ||||
Variable Interest Entity [Line Items] | ||||
Income (loss) before tax | 16 | 14 | 44 | 27 |
Net income (loss) | $ 12 | $ 11 | $ 33 | $ 20 |
Variable Interest Entities - Ne
Variable Interest Entities - Net Assets (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Variable Interest Entity [Line Items] | ||
Noncontrolling interest | $ 228 | $ 299 |
Great Valley Solar | ||
Variable Interest Entity [Line Items] | ||
Non-utility property, less accumulated depreciation | 269 | 275 |
Other assets | 40 | 37 |
Total assets | 309 | 312 |
Other liabilities | 19 | 14 |
Total liabilities | 19 | 14 |
Accumulated depreciation | 33 | 26 |
Great Valley Solar | Tax Equity Investors | ||
Variable Interest Entity [Line Items] | ||
Noncontrolling interest | 71 | 84 |
Copper Mountain - Mesquite Solar | ||
Variable Interest Entity [Line Items] | ||
Non-utility property, less accumulated depreciation | 420 | 431 |
Other assets | 168 | 167 |
Total assets | 588 | 598 |
Other liabilities | 83 | 74 |
Total liabilities | 83 | 74 |
Accumulated depreciation | 55 | 44 |
Copper Mountain - Mesquite Solar | Tax Equity Investors | ||
Variable Interest Entity [Line Items] | ||
Noncontrolling interest | 100 | 118 |
CED Nevada Virginia | ||
Variable Interest Entity [Line Items] | ||
Non-utility property, less accumulated depreciation | 627 | 643 |
Other assets | 61 | 55 |
Total assets | 688 | 698 |
Other liabilities | 325 | 315 |
Total liabilities | 325 | 315 |
Noncontrolling interest | 54 | 95 |
Accumulated depreciation | $ 24 | $ 10 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) MMBTU in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) MMBTU | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Jun. 30, 2021 USD ($) | Mar. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Related Party Transaction [Line Items] | ||||||||||
Net assets | $ 20,748,000,000 | $ 20,748,000,000 | $ 20,037,000,000 | |||||||
Subsidiaries | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Net assets | 16,867,000,000 | $ 16,220,000,000 | 16,867,000,000 | $ 16,220,000,000 | 16,312,000,000 | $ 16,568,000,000 | $ 16,618,000,000 | $ 15,924,000,000 | $ 15,192,000,000 | $ 14,849,000,000 |
CECONY | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Income taxes due to Con Edison | 12,000,000 | $ 10,000,000 | ||||||||
Funding limit of CECONY to O&R (not to exceed) | 250,000,000 | |||||||||
CECONY | Subsidiaries | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Sale of natural gas | 26,000,000 | 17,000,000 | $ 97,000,000 | 59,000,000 | ||||||
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 LLC | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Amount of transaction | 0 | 0 | $ 0 | 0 | ||||||
Contract term (years) | 20 years | |||||||||
Generating capacity per day (in dekatherms) | MMBTU | 250 | |||||||||
CECONY | Equity Method Investee | Stagecoach Gas Services LLC | Purchased Power Costs | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Amount of transaction | 8,000,000 | 23,000,000 | ||||||||
Percentage of equity interest owned | 50% | |||||||||
CECONY | Affiliated Entity | Financial Electric Capacity Contract | Con Edison Energy | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Gain (loss) on financial electric capacity contracts | 1,000,000 | 4,000,000 | $ 2,000,000 | 2,000,000 | ||||||
O&R | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Net assets | 923,000,000 | 923,000,000 | ||||||||
Outstanding loans | $ 0 | $ 0 | $ 0 | |||||||
CET Electric | NY Transco | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Ownership interest, percentage | 45.70% | 45.70% | ||||||||
Amounts billed | $ 2,000,000 | $ 0 | $ 6,000,000 | $ 0 | ||||||
Con Edison Gas Pipeline and Storage, LLC | Mountain Valley Pipeline LLC | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Percentage of equity interest owned | 9.70% | 9.70% | 10.20% | 11.30% | ||||||
Equity method investment, ownership percentage, expected decrease | 8% | 8% |
Related Party Transactions - Su
Related Party Transactions - Summary of Costs of Administrative and Other Services Provided and Received (Details) - CECONY - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Related Party Transaction [Line Items] | ||||
Cost of services provided | $ 35 | $ 34 | $ 101 | $ 100 |
Cost of services received | $ 19 | $ 18 | $ 56 | $ 51 |
Dispositions (Details)
Dispositions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Sep. 30, 2022 | Jun. 30, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Carrying value of projects sold | $ 44,214 | $ 45,879 | |
Subsidiaries | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Carrying value of projects sold | 41,611 | $ 43,206 | |
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 investments | $ 11 |
Subsequent Events - Narrative (
Subsequent Events - Narrative (Details) - Subsequent Event - Disposal Group, Held-for-sale, Not Discontinued Operations - Clean Energy Businesses $ in Millions | Oct. 01, 2022 USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Consideration from sale of business | $ 6,800 |
Depreciation and amortization, before tax | 60 |
Depreciation and amortization, after tax | 39 |
Minimum | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Expected transaction costs, before tax | 50 |
Expected transaction costs, after tax | 35 |
Disposal group, deferred income taxes | 100 |
Disposal group, deferred tax liabilities | 100 |
Maximum | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Expected transaction costs, before tax | 60 |
Expected transaction costs, after tax | 45 |
Disposal group, deferred income taxes | 140 |
Disposal group, deferred tax liabilities | $ 140 |
Subsequent Events- Schedule of
Subsequent Events- Schedule of Carrying Amounts (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
CURRENT ASSETS | ||
Non-utility property, net accumulated depreciation | $ 4,128 | $ 4,194 |
Clean Energy Businesses | Disposal Group, Held-for-sale, Not Discontinued Operations | ||
CURRENT ASSETS | ||
Cash and temporary cash investments | 18 | |
Accounts receivable and other receivables - net allowance for uncollectible accounts | 204 | |
Accrued unbilled revenue | 120 | |
Fuel oil, gas in storage, materials and supplies, at average cost | 40 | |
Restricted cash | 163 | |
Fair value of derivatives assets | 58 | |
Other current assets | 173 | |
TOTAL CURRENT ASSETS | 776 | |
Non-utility property, net accumulated depreciation | 4,114 | |
Construction work in progress | 385 | |
NET PLANT | 4,499 | |
OTHER NONCURRENT ASSETS | ||
Goodwill | 31 | |
Intangible assets, less accumulated amortization | 1,222 | |
Operating lease right-of-use asset | 266 | |
Fair value of derivatives assets | 104 | |
Other deferred charges and noncurrent assets | 22 | |
TOTAL OTHER NONCURRENT ASSETS | 1,645 | |
TOTAL ASSETS | 6,920 | |
CURRENT LIABILITIES | ||
Long-term debt due within one year | 323 | |
Term loan | 150 | |
Accounts payable | 217 | |
Operating lease liabilities | 32 | |
Other current liabilities | 143 | |
TOTAL CURRENT LIABILITIES | 865 | |
NONCURRENT LIABILITIES | ||
Asset retirement obligations | 76 | |
Operating lease liabilities | 248 | |
Other deferred credits and noncurrent liabilities | 20 | |
TOTAL NONCURRENT LIABILITIES | 344 | |
LONG-TERM DEBT | 2,344 | |
TOTAL LIABILITIES | $ 3,553 |