Consolidated Edison (ED) 10-Q 4 Aug 09 2009 Q2 Quarterly report Financial data

Statement Of Financial Position

Statement Of Financial Position Classified (USD $)
In Millions	Jun. 30, 2009	Dec. 31, 2008
CONSOLIDATED EDISON INC
UTILITY PLANT AT ORIGINAL COST
Electric	$18,104	$17,483
Gas	3,839	3,696
Steam	1,880	1,849
General	1,858	1,795
TOTAL	25,681	24,823
Less: Accumulated depreciation	5,222	5,079
Net	20,459	19,744
Construction work in progress	1,126	1,109
NET UTILITY PLANT	21,585	20,853
NON-UTILITY PLANT
Non-utility property, less accumulated depreciation	19	20
Construction work in progress	3	1
NET PLANT	21,607	20,874
CURRENT ASSETS
Cash and temporary cash investments	311	74
Accounts receivable-customers, less allowance for uncollectible accounts	938	1,098
Other receivables, less allowance for uncollectible accounts	155	194
Accrued unbilled revenue	475	131
Fuel oil, at average cost	28	37
Gas in storage, at average cost	170	325
Materials and supplies, at average cost	159	154
Prepayments	175	697
Fair value of derivative assets	203	162
Recoverable energy costs	36	172
Deferred derivative losses	263	288
Other current assets	84	37
TOTAL CURRENT ASSETS	2,997	3,369
INVESTMENTS	368	356
DEFERRED CHARGES, REGULATORY ASSETS AND NONCURRENT ASSETS
Goodwill	413	411
Intangible assets, less accumulated amortization of $2 in 2009 and 2008	4	5
Regulatory assets	7,858	8,055
Other deferred charges and noncurrent assets	463	428
TOTAL DEFERRED CHARGES, REGULATORY ASSETS AND NONCURRENT ASSETS	8,738	8,899
TOTAL ASSETS	33,710	33,498
CAPITALIZATION
Common shareholder's equity (See Statement of Common Shareholder's Equity)	9,748	9,698
Preferred stock	213	213
Long-term debt	9,664	9,232
TOTAL CAPITALIZATION	19,625	19,143
NONCURRENT LIABILITIES
Obligations under capital leases	14	17
Provision for injuries and damages	175	169
Pensions and retiree benefits	4,322	4,511
Superfund and other environmental costs	227	250
Uncertain income taxes	123	118
Asset retirement obligations	118	115
Fair value of derivative liabilities	150	120
Other noncurrent liabilities	89	79
TOTAL NONCURRENT LIABILITIES	5,218	5,379
CURRENT LIABILITIES
Long-term debt due within one year	588	482
Notes payable	100	363
Accounts payable	939	1,161
Customer deposits	268	265
Accrued taxes	29	57
Accrued interest	155	139
Accrued wages	81	88
Fair value of derivative liabilities	217	192
Deferred derivative gains	10	23
Deferred income taxes-recoverable energy costs	15	70
Other current liabilities	333	365
TOTAL CURRENT LIABILITIES	2,735	3,205
DEFERRED CREDITS AND REGULATORY LIABILITIES
Deferred income taxes and investment tax credits	5,206	4,999
Regulatory liabilities	891	737
Other deferred credits	35	35
TOTAL DEFERRED CREDITS AND REGULATORY LIABILITIES	6,132	5,771
TOTAL CAPITALIZATION AND LIABILITIES	33,710	33,498
CONSOLIDATED EDISON CO OF NEW YORK INC
UTILITY PLANT AT ORIGINAL COST
Electric	17,055	16,460
Gas	3,407	3,273
Steam	1,880	1,849
General	1,707	1,646
TOTAL	24,049	23,228
Less: Accumulated depreciation	4,770	4,636
Net	19,279	18,592
Construction work in progress	1,071	1,051
NET UTILITY PLANT	20,350	19,643
NON-UTILITY PLANT
Non-utility property, less accumulated depreciation	10	11
NET PLANT	20,360	19,654
CURRENT ASSETS
Cash and temporary cash investments	290	37
Accounts receivable-customers, less allowance for uncollectible accounts	793	937
Other receivables, less allowance for uncollectible accounts	107	127
Accrued unbilled revenue	357	0
Accounts receivable from affiliated companies	44	272
Fuel oil, at average cost	28	37
Gas in storage, at average cost	137	261
Materials and supplies, at average cost	149	145
Prepayments	75	538
Fair value of derivative assets	54	71
Recoverable energy costs	0	146
Deferred derivative losses	207	247
Other current assets	71	22
TOTAL CURRENT ASSETS	2,312	2,840
INVESTMENTS	105	93
DEFERRED CHARGES, REGULATORY ASSETS AND NONCURRENT ASSETS
Regulatory assets	7,308	7,486
Other deferred charges and noncurrent assets	359	342
TOTAL DEFERRED CHARGES, REGULATORY ASSETS AND NONCURRENT ASSETS	7,667	7,828
TOTAL ASSETS	30,444	30,415
CAPITALIZATION
Common shareholder's equity (See Statement of Common Shareholder's Equity)	8,999	8,991
Preferred stock	213	213
Long-term debt	8,919	8,494
TOTAL CAPITALIZATION	18,131	17,698
NONCURRENT LIABILITIES
Obligations under capital leases	14	17
Provision for injuries and damages	168	163
Pensions and retiree benefits	3,859	4,059
Superfund and other environmental costs	175	196
Uncertain income taxes	107	108
Asset retirement obligations	118	115
Fair value of derivative liabilities	40	29
Other noncurrent liabilities	62	61
TOTAL NONCURRENT LIABILITIES	4,543	4,748
CURRENT LIABILITIES
Long-term debt due within one year	525	475
Notes payable	0	253
Accounts payable	726	952
Accounts payable to affiliated companies	10	26
Customer deposits	253	250
Accrued taxes	27	41
Accrued taxes to affiliated companies	23	25
Accrued interest	144	131
Accrued wages	76	80
Fair value of derivative liabilities	76	87
Deferred derivative gains	10	23
Deferred income taxes-recoverable energy costs	0	59
Other current liabilities	299	325
TOTAL CURRENT LIABILITIES	2,169	2,727
DEFERRED CREDITS AND REGULATORY LIABILITIES
Deferred income taxes and investment tax credits	4,807	4,611
Regulatory liabilities	762	600
Other deferred credits	32	31
TOTAL DEFERRED CREDITS AND REGULATORY LIABILITIES	5,601	5,242
TOTAL CAPITALIZATION AND LIABILITIES	$30,444	$30,415

1_Statement Of Financial Positi

Statement Of Financial Position Classified (Parenthetical) (USD $)
In Millions	Jun. 30, 2009	Dec. 31, 2008
CONSOLIDATED EDISON INC
Non-utility property, accumulated depreciation	$43	$40
Accounts receivable-customers, allowance for uncollectible accounts	67	60
Other receivables, allowance for uncollectible accounts	4	4
Intangible assets, accumulated amortization	2	2
CONSOLIDATED EDISON CO OF NEW YORK INC
Non-utility property, accumulated depreciation	20	19
Accounts receivable-customers, allowance for uncollectible accounts	60	53
Other receivables, allowance for uncollectible accounts	$3	$3

Statement Of Income Alternative

Statement Of Income Alternative (USD $)
In Millions, except Per Share data	3 Months Ended Jun. 30, 2009	3 Months Ended Jun. 30, 2008	6 Months Ended Jun. 30, 2009	6 Months Ended Jun. 30, 2008
CONSOLIDATED EDISON INC
OPERATING REVENUES
Electric	$1,955	$1,957	$3,758	$3,830
Gas	334	426	1,222	1,272
Steam	113	133	444	418
Non-utility	443	633	845	1,205
TOTAL OPERATING REVENUES	2,845	3,149	6,269	6,725
OPERATING EXPENSES
Purchased power	1,065	1,362	2,205	2,653
Fuel	86	124	321	325
Gas purchased for resale	136	243	633	740
Other operations and maintenance	622	572	1,203	1,108
Depreciation and amortization	197	182	389	347
Taxes, other than income taxes	367	328	727	677
Income taxes	78	190	177	337
TOTAL OPERATING EXPENSES	2,551	3,001	5,655	6,187
Gain on sale of generation projects	0	260	0	260
OPERATING INCOME	294	408	614	798
OTHER INCOME (DEDUCTIONS)
Investment and other income	18	11	21	69
Allowance for equity funds used during construction	3	2	5	4
Other deductions	(5)	(5)	(8)	(10)
Income taxes	(2)	(5)	3	(21)
TOTAL OTHER INCOME (DEDUCTIONS)	14	3	21	42
INTEREST EXPENSE
Interest on long-term debt	151	131	293	244
Other interest	6	0	10	16
Allowance for borrowed funds used during construction	(2)	(3)	(4)	(6)
NET INTEREST EXPENSE	155	128	299	254
INCOME FROM CONTINUING OPERATIONS	153	283	336	586
INCOME FROM DISCONTINUED OPERATIONS
Gain on sale of generation projects, net of tax expense of $174 in 2008	0	270	0	270
Income from discontinued operations, net of tax expense of $1 and $3 in 2008	0	2	0	4
TOTAL INCOME FROM DISCONTINUED OPERATIONS	0	272	0	274
NET INCOME	153	555	336	860
PREFERRED STOCK DIVIDEND REQUIREMENTS	3	3	6	6
NET INCOME FOR COMMON STOCK	150	552	330	854
EARNINGS PER COMMON SHARE-BASIC
Continuing operations	0.55	1.03	1.2	2.13
Discontinued operations	$0	0.99	$0	1.01
Net income for common stock	0.55	2.02	1.2	3.14
EARNINGS PER COMMON SHARE-DILUTED
Continuing operations	0.55	1.03	1.2	2.12
Discontinued operations	$0	0.99	$0	1.01
Net income for common stock	0.55	2.02	1.2	3.13
DIVIDENDS DECLARED PER SHARE OF COMMON STOCK	0.59	0.585	1.18	1.17
AVERAGE NUMBER OF SHARES OUTSTANDING-BASIC (IN MILLIONS)	274.5	272.7	274.2	272.5
AVERAGE NUMBER OF SHARES OUTSTANDING-DILUTED (IN MILLIONS)	275.3	273.5	275	273.3
CONSOLIDATED EDISON INC | Retained Earnings
INCOME FROM DISCONTINUED OPERATIONS
NET INCOME FOR COMMON STOCK	150	552
CONSOLIDATED EDISON CO OF NEW YORK INC
OPERATING REVENUES
Electric	1,812	1,778	3,469	3,492
Gas	295	383	1,077	1,124
Steam	113	133	444	418
TOTAL OPERATING REVENUES	2,220	2,294	4,990	5,034
OPERATING EXPENSES
Purchased power	609	704	1,256	1,425
Fuel	86	124	321	322
Gas purchased for resale	114	215	542	642
Other operations and maintenance	532	488	1,033	950
Depreciation and amortization	185	171	366	325
Taxes, other than income taxes	354	313	697	645
Income taxes	67	41	176	154
TOTAL OPERATING EXPENSES	1,947	2,056	4,391	4,463
OPERATING INCOME	273	238	599	571
OTHER INCOME (DEDUCTIONS)
Investment and other income	12	10	15	13
Allowance for equity funds used during construction	3	2	5	4
Other deductions	(4)	(5)	(7)	(7)
Income taxes	(5)	(4)	(4)	(3)
TOTAL OTHER INCOME (DEDUCTIONS)	6	3	9	7
INTEREST EXPENSE
Interest on long-term debt	137	121	265	227
Other interest	5	(2)	7	10
Allowance for borrowed funds used during construction	(2)	(2)	(3)	(5)
NET INTEREST EXPENSE	140	117	269	232
INCOME FROM DISCONTINUED OPERATIONS
NET INCOME	139	124	339	346
PREFERRED STOCK DIVIDEND REQUIREMENTS	3	3	6	6
NET INCOME FOR COMMON STOCK	136	121	333	340
CONSOLIDATED EDISON CO OF NEW YORK INC | Retained Earnings
INCOME FROM DISCONTINUED OPERATIONS
NET INCOME	$139	$124

2_Statement Of Income Alternati

Statement Of Income Alternative (Parenthetical) (CONSOLIDATED EDISON INC, USD $)
In Millions	3 Months Ended Jun. 30, 2009	3 Months Ended Jun. 30, 2008	6 Months Ended Jun. 30, 2009	6 Months Ended Jun. 30, 2008
Gain on sale of generation projects, tax expense	$0	$174	$0	$174
Income from discontinued operations, tax expense	$0	$1	$0	$3

Statement Of Other Comprehensiv

Statement Of Other Comprehensive Income (USD $)
In Millions	3 Months Ended Jun. 30, 2009	3 Months Ended Jun. 30, 2008	6 Months Ended Jun. 30, 2009	6 Months Ended Jun. 30, 2008
CONSOLIDATED EDISON INC
Net income	$153	$555	$336	$860
OTHER COMPREHENSIVE INCOME, NET OF TAXES
Pension plan liability adjustments, net of taxes of $1 and $2 in 2009 and $1 and $1 in 2008, respectively	1	1	3	2
Unrealized losses on derivatives qualified as cash flow hedges, net of taxes of $(1) in 2008	0	0	0	(2)
Less: Reclassification adjustment for losses included in net income, net of taxes of $0 in 2009 and $(1) and $(1) in 2008	(1)	(2)	0	(2)
Less: Reclassification adjustment for unrealized losses included in regulatory assets, net of taxes of $(5) in 2008	0	0	0	(8)
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAXES	2	3	3	10
COMPREHENSIVE INCOME	155	558	339	870
Preferred stock dividend requirements of subsidiary	(3)	(3)	(6)	(6)
COMPREHENSIVE INCOME FOR COMMON STOCK	152	555	333	864
OTHER COMPREHENSIVE INCOME, NET OF TAXES	2	3	3	10
CONSOLIDATED EDISON INC | Accumulated Other Comprehensive Income [Member]
OTHER COMPREHENSIVE INCOME, NET OF TAXES
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAXES	2	3
OTHER COMPREHENSIVE INCOME, NET OF TAXES	2	3
CONSOLIDATED EDISON CO OF NEW YORK INC
Net income	139	124	339	346
OTHER COMPREHENSIVE INCOME, NET OF TAXES
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAXES	0	0	0	0
COMPREHENSIVE INCOME	139	124	339	346
Preferred stock dividend requirements of subsidiary	(3)	(3)	(6)	(6)
OTHER COMPREHENSIVE INCOME, NET OF TAXES	0	0	0	0
CONSOLIDATED EDISON CO OF NEW YORK INC | Retained Earnings
Net income	$139	$124

3_Statement Of Other Comprehens

Statement Of Other Comprehensive Income (Parenthetical) (CONSOLIDATED EDISON INC, USD $)
In Millions	3 Months Ended Jun. 30, 2009	3 Months Ended Jun. 30, 2008	6 Months Ended Jun. 30, 2009	6 Months Ended Jun. 30, 2008
Pension plan liability adjustments, taxes	$1	$1	$2	$1
Unrealized losses on derivatives qualified as cash flow hedges, taxes	0	0	0	(1)
Reclassification adjustment for losses included in net income, taxes	0	(1)	0	(1)
Reclassification adjustment for unrealized losses included in regulatory assets, taxes	$0	$0	$0	($5)

Statement Of Shareholders Equit

Statement Of Shareholders Equity And Other Comprehensive Income (USD $)
In Millions, except Share data	CONSOLIDATED EDISON INC	CONSOLIDATED EDISON INC	CONSOLIDATED EDISON INC Common Stock Amount	CONSOLIDATED EDISON INC Additional Paid-In Capital	CONSOLIDATED EDISON INC Retained Earnings	CONSOLIDATED EDISON INC	CONSOLIDATED EDISON INC Repurchased Con Edison Stock	CONSOLIDATED EDISON INC Capital Stock Expense	CONSOLIDATED EDISON INC Accumulated Other Comprehensive Income [Member]	CONSOLIDATED EDISON CO OF NEW YORK INC	CONSOLIDATED EDISON CO OF NEW YORK INC	CONSOLIDATED EDISON CO OF NEW YORK INC Common Stock Amount	CONSOLIDATED EDISON CO OF NEW YORK INC Additional Paid-In Capital	CONSOLIDATED EDISON CO OF NEW YORK INC Retained Earnings	CONSOLIDATED EDISON CO OF NEW YORK INC Repurchased Con Edison Stock	CONSOLIDATED EDISON CO OF NEW YORK INC Capital Stock Expense	CONSOLIDATED EDISON CO OF NEW YORK INC Accumulated Other Comprehensive Income [Member]
Beginning Balance at Dec. 31, 2007	$9,076		$29	$4,038	$6,113		($1,001)	($60)	($43)	$8,086		$589	$2,912	$5,616	($962)	($60)	($9)
Beginning Balance at Dec. 31, 2007		272,024,874				23,210,700					235,488,094
Net income for common stock	303				303
Net income										222				222
Common stock dividends	(160)				(160)					(139)				(139)
Issuance of common shares-dividend reinvestment and employee stock plans		476,809
Issuance of common shares-dividend reinvestment and employee stock plans	21			21
Other comprehensive income	7								7
Adjustment for adoption of FASB Statement No. 157	17				17
Capital contribution by parent										23			23
Cumulative preferred dividends										(3)				(3)
Ending Balance at Mar. 31, 2008		272,501,683				23,210,700					235,488,094
Ending Balance at Mar. 31, 2008	9,264		29	4,059	6,273		(1,001)	(60)	(36)	8,189		589	2,935	5,696	(962)	(60)	(9)
Beginning Balance at Dec. 31, 2007	9,076		29	4,038	6,113		(1,001)	(60)	(43)	8,086		589	2,912	5,616	(962)	(60)	(9)
Beginning Balance at Dec. 31, 2007		272,024,874				23,210,700					235,488,094
Net income for common stock	854									340
Net income	860									346
Other comprehensive income	10									0
Ending Balance at Jun. 30, 2008						23,210,700					235,488,094
Ending Balance at Jun. 30, 2008	9,680		29				(1,001)	(60)		8,191		589			(962)	(60)	(9)
Beginning Balance at Mar. 31, 2008			29				(1,001)	(60)				589			(962)	(60)	(9)
Beginning Balance at Mar. 31, 2008						23,210,700					235,488,094
Net income for common stock	552				552					121
Net income	555									124				124
Common stock dividends	(162)				(162)					(145)				(145)
Issuance of common shares-dividend reinvestment and employee stock plans		493,092
Issuance of common shares-dividend reinvestment and employee stock plans	23			23
Other comprehensive income	3								3	0
Capital contribution by parent										26			26
Cumulative preferred dividends										(3)				(3)
Ending Balance at Jun. 30, 2008		272,994,775				23,210,700					235,488,094
Ending Balance at Jun. 30, 2008			29	4,082	6,663		(1,001)	(60)	(33)			589	2,961	5,672	(962)	(60)	(9)
Beginning Balance at Dec. 31, 2008	9,698		29	4,112	6,685		(1,001)	(60)	(67)	8,991		589	3,664	5,780	(962)	(60)	(20)
Beginning Balance at Dec. 31, 2008		273,721,686				23,210,700					235,488,094
Net income for common stock	180				180
Net income										200				200
Common stock dividends	(162)				(162)					(163)				(163)
Issuance of common shares-dividend reinvestment and employee stock plans		532,533
Issuance of common shares-dividend reinvestment and employee stock plans	20			20
Other comprehensive income	1								1
Cumulative preferred dividends										(3)				(3)
Ending Balance at Mar. 31, 2009		274,254,219				23,210,700					235,488,094
Ending Balance at Mar. 31, 2009	9,737		29	4,132	6,703		(1,001)	(60)	(66)	9,025		589	3,664	5,814	(962)	(60)	(20)
Beginning Balance at Dec. 31, 2008	9,698		29	4,112	6,685		(1,001)	(60)	(67)	8,991		589	3,664	5,780	(962)	(60)	(20)
Beginning Balance at Dec. 31, 2008		273,721,686				23,210,700					235,488,094
Net income for common stock	330									333
Net income	336									339
Other comprehensive income	3									0
Ending Balance at Jun. 30, 2009						23,210,700					235,488,094
Ending Balance at Jun. 30, 2009	9,748		29				(1,001)	(60)		8,998		589	3,664		(962)	(60)	(20)
Beginning Balance at Mar. 31, 2009			29				(1,001)	(60)				589	3,664		(962)	(60)	(20)
Beginning Balance at Mar. 31, 2009						23,210,700					235,488,094
Net income for common stock	150				150					136
Net income	153									139				139
Common stock dividends	(162)				(162)					(163)				(163)
Issuance of common shares-dividend reinvestment and employee stock plans		584,916
Issuance of common shares-dividend reinvestment and employee stock plans	21			21
Other comprehensive income	2								2	0
Cumulative preferred dividends										(3)				(3)
Ending Balance at Jun. 30, 2009		274,839,135				23,210,700					235,488,094
Ending Balance at Jun. 30, 2009			$29	$4,153	$6,691		($1,001)	($60)	($64)			$589	$3,664	$5,787	($962)	($60)	($20)

Statement Of Cash Flows Indirec

Statement Of Cash Flows Indirect (USD $)
In Millions	6 Months Ended Jun. 30, 2009	6 Months Ended Jun. 30, 2008
CONSOLIDATED EDISON INC
OPERATING ACTIVITIES
Net income	$336	$860
PRINCIPAL NON-CASH CHARGES/(CREDITS) TO INCOME
Depreciation and amortization	389	347
Deferred income taxes	159	202
Rate case amortization and accruals	(13)	(105)
Net transmission and distribution reconciliation	0	(52)
Common equity component of allowance for funds used during construction	(5)	(4)
Pre-tax gain on sale of generation projects	0	(704)
Net derivative losses	26	(106)
Other non-cash items (net)	(13)	(229)
CHANGES IN ASSETS AND LIABILITIES
Accounts receivable-customers, less allowance for uncollectibles	160	69
Materials and supplies, including fuel oil and gas in storage	159	(35)
Other receivables and other current assets	(68)	(148)
Prepayments	522	16
Recoverable energy costs	128	(33)
Accounts payable	(157)	335
Pensions and retiree benefits	5	63
Accrued taxes	(28)	257
Accrued interest	16	4
Deferred charges, noncurrent assets and other regulatory assets	(114)	(124)
Deferred credits and other regulatory liabilities	(19)	638
Other assets	(1)	133
Other liabilities	(45)	(94)
NET CASH FLOWS FROM OPERATING ACTIVITIES	1,437	1,290
INVESTING ACTIVITIES
Utility construction expenditures	(1,034)	(1,068)
Cost of removal less salvage	(87)	(90)
Non-utility construction expenditures	(3)	3
Common equity component of allowance for funds used during construction	5	4
Proceeds from sale of generation projects	0	1,477
Purchase of ownership interest in Hawkeye lease	0	(12)
Purchase of ownership interest in Newington SCS	0	(20)
NET CASH FLOWS (USED IN)/FROM INVESTING ACTIVITIES	(1,119)	294
FINANCING ACTIVITIES
Net payments of short-term debt	(263)	(763)
Retirement of long-term debt	(278)	(186)
Issuance of long-term debt	750	1,200
Issuance of common stock	15	19
Debt issuance costs	(5)	(9)
Common stock dividends	(300)	(298)
NET CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES	(81)	(37)
CASH AND TEMPORARY CASH INVESTMENTS:
NET CHANGE FOR THE PERIOD	237	1,547
BALANCE AT BEGINNING OF PERIOD	74	210
BALANCE AT END OF PERIOD	311	1,757
Cash paid during the period for:
Interest	270	244
Income taxes	7	87
CONSOLIDATED EDISON CO OF NEW YORK INC
OPERATING ACTIVITIES
Net income	339	346
PRINCIPAL NON-CASH CHARGES/(CREDITS) TO INCOME
Depreciation and amortization	366	325
Deferred income taxes	151	193
Rate case amortization and accruals	(13)	(105)
Net transmission and distribution reconciliation	0	(52)
Common equity component of allowance for funds used during construction	(5)	(4)
Other non-cash items (net)	(52)	(27)
CHANGES IN ASSETS AND LIABILITIES
Accounts receivable-customers, less allowance for uncollectibles	144	84
Materials and supplies, including fuel oil and gas in storage	129	(31)
Other receivables and other current assets	71	(171)
Prepayments	463	4
Recoverable energy costs	148	(42)
Accounts payable	(242)	129
Pensions and retiree benefits	(16)	44
Accrued taxes	(16)	12
Accrued interest	13	3
Deferred charges, noncurrent assets and other regulatory assets	(63)	(119)
Deferred credits and other regulatory liabilities	(45)	473
Other liabilities	(45)	3
NET CASH FLOWS FROM OPERATING ACTIVITIES	1,327	1,065
INVESTING ACTIVITIES
Utility construction expenditures	(992)	(1,031)
Cost of removal less salvage	(85)	(88)
Common equity component of allowance for funds used during construction	5	4
Loan to affiliate	113	55
NET CASH FLOWS (USED IN)/FROM INVESTING ACTIVITIES	(959)	(1,060)
FINANCING ACTIVITIES
Net payments of short-term debt	(253)	(555)
Retirement of long-term debt	(275)	(180)
Issuance of long-term debt	750	1,200
Capital contribution by parent	0	49
Debt issuance costs	(5)	(9)
Common stock dividends	(326)	(284)
Preferred stock dividends	(6)	(6)
NET CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES	(115)	215
CASH AND TEMPORARY CASH INVESTMENTS:
NET CHANGE FOR THE PERIOD	253	220
BALANCE AT BEGINNING OF PERIOD	37	121
BALANCE AT END OF PERIOD	290	341
Cash paid during the period for:
Interest	244	223
Income taxes	$15	$70

Notes to Financial Statements

Notes to Financial Statements
	6 Months Ended Jun. 30, 2009
Notes to Financial Statements [Abstract]
Note A-Summary of Significant Accounting Policies	Note ASummary of Significant Accounting Policies Revenues The Utilities and Con Edison Solutions recognize revenues for electric, gas and steam service on a monthly billing cycle basis. The Utilities defer over a 12-month period net interruptible gas revenues, other than those authorized by the New York State Public Service Commission (PSC) to be retained by the Utilities, for refund to firm gas sales and transportation customers. OR and Con Edison Solutions accrue revenues at the end of each month for estimated energy service not yet billed to customers. Prior to March31, 2009, Con Edison of New York did not accrue revenues for estimated energy service not yet billed to customers except for certain unbilled gas revenues accrued in 1989. Effective March31, 2009, the PSC authorized Con Edison of New York to accrue unbilled electric, gas and steam revenues. The adoption of this accounting for unbilled revenues had no effect on net income. See Note A to the financial statements in Part I, Item1 of the First Quarter Form 10-Q. Unbilled revenues included in Con Edisons balance sheet at June30, 2009 and December31, 2008 were $475 million (including $357 million for Con Edison of New York) and $131 million, respectively. Earnings Per Common Share Reference is made to Earnings Per Common Share in Note A to the financial statements included in Item8 of the Form 10-K. For the three and six months ended June30, 2009 and 2008, Con Edisons basic and diluted EPS are calculated as follows: FortheThreeMonths Ended June30, FortheSixMonths Ended June30, (Millions of Dollars, except per share amounts/Shares in Millions) 2009 2008 2009 2008 Income for common stock from continuing operations $ 150 $ 280 $ 330 $ 580 Income for common stock from discontinued operations, net of tax 272 274 Net income for common stock $ 150 $ 552 $ 330 $ 854 Weighted average common shares outstandingBasic 274.5 272.7 274.2 272.5 Add: Incremental shares attributable to effect of potentially dilutive securities 0.8 0.8 0.8 0.8 Adjusted weighted average common shares outstandingDiluted 275.3 273.5 275.0 273.3 EARNINGS PER COMMON SHAREBASIC Continuing operations $ 0.55 $ 1.03 $ 1.20 $ 2.13 Discontinued operations 0.99 1.01 Net income for common stock $ 0.55 $ 2.02 $ 1.20 $ 3.14 EARNINGS PER COMMON SHAREDILUTED Continuing operations $ 0.55 $ 1.03 $ 1.20 $ 2.12 Discontinued operations 0.99 1.01 Net income for common stock $ 0.55 $ 2.02 $ 1.20 $ 3.13
Note B-Regulatory Matters	Note BRegulatory Matters Reference is made to Accounting Policies in Note A and Rate Agreements in Note B to the financial statements included in Item8 of the Form 10-K and Note B to the financial statements in Part I, Item1 of the First Quarter Form 10-Q. Rate Agreements Con Edison of New YorkElectric In May2009, Con Edison of New York filed a request with the PSC for a three-year electric rate plan with level annual rate increases of $695 million effective April 2010, 2011 and 2012. The filing reflects a return on common equity of 11.60 percent and a common equity ratio of 48.2 percent. The filing also includes an alternative proposal for an electric rate increase of $854 million, effective April 2010, reflecting a return on common equity of 10.9 percent and a common equity ratio of 48.2 percent. Included in the increase would be recovery of increased property taxes ($127 million); additional operating costs and new and or expanded operating programs ($153 million); carrying charges on additional infrastructure investments ($237 million); increased pension and other post-retirement benefit costs ($114 million); and an increased return on equity as compared to the return on equity reflected in current electric rates ($127 million). The filing reflects continuation of the current provisions pursuant to which expenses for pension and other post-retirement benefits, property taxes, long-term debt and environmental site investigation and remediation are reconciled to amounts reflected in rates and avoided revenue requirements (as updated, $23 million) as a result of austerity measures (discussed below). The company is requesting reconciliation for municipal infrastructure support costs and the impact of new laws. As part of the three-year rate plan, the company is requesting that increases, if any, in certain expenses above a 4 percent annual inflation rate be deferred as a regulatory asset if its annual return on common equity is less than the authorized return. The filing also reflects continuation of the revenue decoupling mechanism that eliminates the direct relationship between the companys level of delivery revenues and profits and the provisions pursuant to which the company recovers its purchased power and fuel costs from customers. In April 2009, the PSC directed the company to file with the PSC in May 2009 the companys plan with respect to austerity measures that would reduce the companys revenue requirements during the rate year ending March31, 2010 by $60 million. The PSC further directed the company to provide, in its next electric rate filing or within 30 days thereafter, the austerity program efforts it plans to continue beyond that rate year. The company has, as directed by the PSC, filed its austerity plans, which include reductions in labor costs, including compensation and other employee benefits, deferral of expenditures for capital projects and operating and maintenance programs and other initiatives. These reductions would collectively represent $47 million of the $60 million reduction sought by the PSC. The company will seek further opportunities for austerity when it prepares its 2010 budgets. In Ma
Note C-Long-Term Debt	Note CLong-Term Debt Reference is made to Note C to the financial statements in Item8 of the Form 10-K and Note C to the financial statements in Part I, Item1 of the First Quarter Form 10-Q. In June 2009, $49 million of the $55 million of ORs weekly-rate, tax-exempt debt insured by Financial Guaranty Insurance Company (Series 1994A Debt) that had been tendered was remarketed, and the proceeds from the remarketing were used to pay short-term borrowings that funded the purchased tendered bonds.
Note D-Short-Term Borrowing	Note DShort-Term Borrowing Reference is made to Note D to the financial statements in Item8 of the Form 10-K and Note D to the financial statements in Part I, Item1 of the First Quarter Form 10-Q. At June30, 2009, Con Edison had $100 million of commercial paper outstanding, none of which was outstanding under Con Edison of New Yorks program. The weighted average interest rate was 0.4 percent for Con Edison. At December31, 2008, Con Edison had $363 million of commercial paper outstanding of which $253 million was outstanding under Con Edison of New Yorks program. The weighted average interest rate was 2.4 percent and 3.2 percent for Con Edison and Con Edison of New York, respectively. At June30, 2009 and December31, 2008, no loans were outstanding under the Companies credit agreements and $282 million (including $126 million for Con Edison of New York) and $316 million (including $107 million for Con Edison of New York) of letters of credit were outstanding, respectively.
Note E-Pension Benefits	Note EPension Benefits Reference is made to Note E to the financial statements in Item8 of the Form 10-K and Note E to the financial statements in Part I, Item1 of the First Quarter Form 10-Q. Net Periodic Benefit Cost The components of the Companies net periodic benefit costs for the three and six months ended June30, 2009 and 2008 were as follows: For the Three Months Ended June30, Con Edison Con Edison of NewYork (Millions of Dollars) 2009 2008 2009 2008 Service costincluding administrative expenses $ 40 $ 34 $ 37 $ 32 Interest cost on projected benefit obligation 131 129 123 121 Expected return on plan assets (173 ) (173 ) (165 ) (165 ) Amortization of net actuarial loss 75 48 68 42 Amortization of prior service costs 2 2 2 2 NET PERIODIC BENEFIT COST $ 75 $ 40 $ 65 $ 32 Amortization of regulatory asset* 1 1 1 1 TOTAL PERIODIC BENEFIT COST $ 76 $ 41 $ 66 $ 33 Cost capitalized (27 ) (14 ) (25 ) (11 ) Cost deferred (5 ) (5 ) (3 ) (7 ) Cost charged to operating expenses $ 44 $ 22 $ 38 $ 15 * Relates to increases in Con Edison of New Yorks pension obligations of $33 million from a 1993 special retirement program and $45 million from a 1999 special retirement program. For the Six Months Ended June30, Con Edison Con Edison of NewYork (Millions of Dollars) 2009 2008 2009 2008 Service costincluding administrative expenses $ 80 $ 69 $ 74 $ 64 Interest cost on projected benefit obligation 262 258 246 241 Expected return on plan assets (346 ) (346 ) (330 ) (330 ) Amortization of net actuarial loss 150 96 136 85 Amortization of prior service costs 4 4 4 4 NET PERIODIC BENEFIT COST $ 150 $ 81 $ 130 $ 64 Amortization of regulatory asset* 2 2 2 2 TOTAL PERIODIC BENEFIT COST $ 152 $ 83 $ 132 $ 66 Cost capitalized (54 ) (28 ) (50 ) (23 ) Cost deferred (36 ) (25 ) (31 ) (28 ) Cost charged to operating expenses $ 62 $ 30 $ 51 $ 15 * Relates to increases in Con Edison of New Yorks pension obligations of $33 million from a 1993 special retirement program and $45 million from a 1999 special retirement program. Expected Contributions Based on current estimates, the Companies are not required under funding regulations and laws to make any contributions to the pension plan during 2009. The Companies policy is to fund their accounting cost to the extent tax deductible, therefore, Con Edison and Con Edison of New Yorkexpect to make discretionary contributions to the pension plan of $282 million and $244 million, respectively, of which Con Edison of New
Note F-Other Postretirement Benefits	Note FOther Postretirement Benefits Reference is made to Note F to the financial statements in Item8 of the Form 10-K and Note F to the financial statements in Part I, Item1 of the First Quarter Form 10-Q. Net Periodic Benefit Cost The components of the Companies net periodic postretirement benefit costs for the three and six months ended June30, 2009 and 2008 were as follows: For the Three Months Ended June30, Con Edison Con Edison of NewYork (Millions of Dollars) 2009 2008 2009 2008 Service cost $ 5 $ 5 $ 4 $ 4 Interest cost on accumulated other postretirement benefit obligation 24 23 21 21 Expected return on plan assets (21 ) (21 ) (20 ) (19 ) Amortization of net actuarial loss 18 17 16 14 Amortization of prior service cost (3 ) (3 ) (3 ) (4 ) Amortization of transition obligation 1 1 1 1 NET PERIODIC POSTRETIREMENT BENEFIT COST $ 24 $ 22 $ 19 $ 17 Cost capitalized (9 ) (7 ) (8 ) (6 ) Cost deferred (4 ) (2 ) Cost charged to operating expenses $ 15 $ 11 $ 11 $ 9 For the Six Months Ended June30, Con Edison Con Edison of NewYork (Millions of Dollars) 2009 2008 2009 2008 Service cost $ 10 $ 10 $ 8 $ 8 Interest cost on accumulated other postretirement benefit obligation 48 47 42 42 Expected return on plan assets (42 ) (43 ) (40 ) (39 ) Amortization of net actuarial loss 36 34 32 29 Amortization of prior service cost (6 ) (6 ) (6 ) (7 ) Amortization of transition obligation 2 2 2 2 NET PERIODIC POSTRETIREMENT BENEFIT COST $ 48 $ 44 $ 38 $ 35 Cost capitalized (18 ) (15 ) (15 ) (12 ) Cost deferred (1 ) (11 ) (2 ) (9 ) Cost charged to operating expenses $ 29 $ 18 $ 21 $ 14
Note G-Environmental Matters	Note GEnvironmental 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 environmental 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 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 companys share of undiscounted cost to investigate the sites and, for sites that have been investigated in whole or in part, the cost to remediate the sites. 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 June30, 2009 and December31, 2008 were as follows: Con Edison Con Edison of New York (Millions of Dollars) 2009 2008 2009 2008 Accrued Liabilities: Manufactured gas plant sites $ 180 $ 207 $ 129 $ 155 Other Superfund Sites 47 43 46 41 Total $ 227 $ 250 $ 175 $ 196 Regulatory assets $ 385 $ 378 $ 325 $ 315 Most of the accrued Superfund Site liability relates to sites that have been investigated, in whole or in part. As investigations progress on these and other sites, the Utilities expect that additional liability will be accrued, the amount of which is not presently determinable but may be material. Under their current rate agreements, the Utilities are permitted to recover or defer as regulatory assets (for subsequent recovery through rates) certain site investigation and remediation costs. There were no insurance recoveries received related to Superfund Sites for the three and six months ended June30, 2009 and 2008. Environmental remediation costs incurred r
Note H-Other Material Contingencies	Note HOther Material Contingencies Manhattan Steam Main Rupture In July 2007, a Con Edison of New York steam main located in midtown Manhattan ruptured. It has been reported that one person died and others were injured as a result of the incident. Several buildings in the area were damaged. Debris from the incident included dirt and mud containing asbestos. The response to the incident required the closing of several buildings and streets for various periods. Approximately 100 suits are pending against the company seeking generally unspecified compensatory and, in some cases, punitive damages, for personal injury, property damage and business interruption. The company has not accrued a liability for the suits. The company has notified its insurers of the incident and believes that the policies in force at the time of the incident will cover most of the companys costs, which the company is unable to estimate, but which could be substantial, to satisfy its liability to others in connection with the incident. Investigation of Contractor Payments In January 2009, Con Edison of New York commenced an internal investigation relating to the arrests of certain employees and retired employees (most of whom have since been indicted or pleaded guilty) for accepting kickbacks from contractors that performed construction work for the company. The company has retained a law firm, which has retained an accounting firm, to assist in the companysinvestigation. The company is providing information to governmental authorities in connection with their investigation of the arrested employees and contractors. The company has terminated its employment of the arrested employees and its contracts with the contractors. In February 2009, the PSC commenced a proceeding that, among other things, will examine the prudence of certain of the companys expenditures relating to the arrests and consider whether additional expenditures should also be examined (see Note B). The company, based upon its evaluation of its internal controls for 2008 and previous years, believes that the controls were effective to provide reasonable assurance that its financial statements have been fairly presented, in all material respects, in conformity with generally accepted accounting principles. Because the companys investigation is ongoing, the company is unable to predict the impact of any of the employees unlawful conduct on the companys internal controls, business, results of operations or financial position. Permit Non-Compliance and Pollution Discharges In March 2009, the New York State Department of Environmental Conservation (DEC) issued a proposed Administrative Order on Consent to Con Edison of New York with respect to non-compliance with certain laws, regulations and permit conditions and discharges of pollutants at the companys steam generating facilities. The proposed order effectively institutes a civil enforcement proceeding against the company. In the proposed order, the DEC is seeking, among other things, the companys agreement to pay a penalty in an amount the DEC has not yet specified, retain an independent consultant to conduct a comprehensive audit of the comp
Note I-Financial Information by Business Segment	Note IFinancial Information by Business Segment Reference is made to Note N to the financial statements in Item8 of the Form 10-K. The financial data for the business segments are as follows: For the Three Months Ended June30, Operating revenues Inter-segment revenues Depreciationand amortization Operating income (Millions of Dollars) 2009 2008 2009 2008 2009 2008 2009 2008 Con Edison of New York Electric $ 1,812 $ 1,778 $ 3 $ 3 $ 146 $ 133 $ 230 $ 203 Gas 295 383 1 1 24 22 38 31 Steam 113 133 18 20 15 16 5 4 Consolidation adjustments (22 ) (24 ) Total Con Edison of New York $ 2,220 $ 2,294 $ $ $ 185 $ 171 $ 273 $ 238 OR Electric $ 144 $ 180 $ $ $ 8 $ 7 $ 8 $ 10 Gas 39 43 3 3 1 Total OR $ 183 $ 223 $ $ $ 11 $ 10 $ 9 $ 10 Competitive energy businesses* $ 454 $ 623 $ (1 ) $ (3 ) $ 1 $ 1 $ 14 $ 160 Other** (12 ) 9 1 3 (2 ) Total Con Edison $ 2,845 $ 3,149 $ $ $ 197 $ 182 $ 294 $ 408 * Includes the gain on the sale of Con Edison Developments generation projects within continuing operations. ** Parent company expenses, primarily interest, and consolidation adjustments. Other does not represent a business segment. For the Six Months Ended June30, Operating revenues Inter-segment revenues Depreciationand amortization Operating income (Millions of Dollars) 2009 2008 2009 2008 2009 2008 2009 2008 Con Edison of New York Electric $ 3,469 $ 3,492 $ 6 $ 6 $ 288 $ 250 $ 356 $ 366 Gas 1,077 1,124 2 2 49 44 169 145 Steam 444 418 36 38 29 31 74 60 Consolidation adjustments (44 ) (46 ) Total Con Edison of New York $ 4,990 $ 5,034 $ $ $ 366 $ 325 $ 599 $ 571 OR Electric $ 289 $ 338 $ $ $ 15 $ 14 $ 14 $ 15 Gas 145 148 6 6 15 15 Total OR $ 434 $ 486 $ $ $ 21 $ 20 $ 29 $ 30 Competitive energy businesses* $ 867 $ 1,197 $ (3 ) $ 4 $ 2 $ 2 $ (11 ) $ 198
Note J-Derivative Instruments and Hedging Activities	Note JDerivative Instruments and Hedging Activities Derivative instruments and hedging activities are accounted for in accordance with SFAS No.133, Accounting for Derivative Instruments and Hedging Activities, as amended (SFAS No.133). Under SFAS No.133, derivatives are recognized on the balance sheet at fair value, unless an exception is available under the standard. Certain qualifying derivative contracts have been designated as normal purchases or normal sales contracts. These contracts are not reported at fair value under SFAS No.133. Effective January1, 2009, the Companies adopted SFAS No.161, Disclosures about Derivative Instruments and Hedging Activities (SFAS No.161). SFAS No.161 amends and expands the disclosure requirements of Statement 133 with the intent to provide users of financial statements with enhanced disclosures about (a)how and why an entity uses derivative instruments, (b)how derivative instruments and related hedged items are accounted for under Statement 133 and its related interpretations, and (c)how derivative instruments and related hedged items affect an entitys financial position, financial performance, and cash flows. The Statement requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of and gains and losses on derivative instruments and disclosures about credit-risk-related contingent features in derivative agreements. Energy Price Hedging Con Edisons subsidiaries hedge market price fluctuations associated with physical purchases and sales of electricity, natural gas, and steam by using derivative instruments including futures, forwards, basis swaps, options, transmission congestion contracts and financial transmission rights contracts. The fair values of these derivative instruments at June30, 2009 and December31, 2008 were as follows: Con Edison Con Edison of New York (Millions of Dollars) 2009 2008 2009 2008 Fair value of net derivative assets/(liabilities)gross $ (450 ) $ (428 ) $ (231 ) $ (259 ) Impact of netting of cash collateral 339 322 169 224 Fair value of net derivative assets/(liabilities)net $ (111 ) $ (106 ) $ (62 ) $ (35 ) Credit Exposure 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 competitive energy businesses. 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. At June30, 2009, Con Edison and Con Edison of New York had $309 million and $31 million of credit exposure in connection with energy supply and hedging activities, net of collateral, respectively. Con Edisons net credit exposure consisted of $218 million with investment-grade counterparties and $91 million primarily with commodity exchange brokers or independent system operators.
Note K-Fair Value Measurements	Note KFair Value Measurements Reference is made to Note P to the financial statements in Item8 of the Form 10-K and Note K to the financial statements in Part I, Item1 of the Form 10-Q. FASB Statement No.157, Fair Value Measurements (SFAS No.157) defines fair value, establishes a framework for measuring fair value and expands the disclosures about fair value measurements. Assets and liabilities measured at fair value on a recurring basis as of June30, 2009 are summarized below under the three-level hierarchy established by SFAS No.157. SFAS No.157 defines the levels within the hierarchy as follows: Level 1Consists of assets or liabilities whose value is based on unadjusted quoted prices in active markets at the measurement date. Level 2Consists 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. Level 3Consists 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. Assets and liabilities measured at fair value on a recurring basis as of June30, 2009 are summarized below: Level 1 Level 2 Level 3 Netting Adjustments(4) Total (Millions of Dollars) Con Edison Con Edison of New York Con Edison Con Edison of New York Con Edison Con Edison of New York Con Edison Con Edison of New York Con Edison Con Edison of New York Derivative assets: Energy(1) $ 1 $ $ 172 $ 15 $ 366 $ 32 $ (271 ) $ 32 $ 268 $ 79 Other assets(3) 26 26 82 74 108 100 Total $ 27 $ 26 $ 172 $ 15 $ 448 $ 106 $ (271 ) $ 32 $ 376 $ 179 Derivative liabilities: Energy(1) $ 22 $ 22 $ 516 $ 226 $ 451 $ 30 $ (610 ) $ (137 ) $ 379 $ 141 Financial other(2) 12 12 Total $ 22 $ 22 $ 516 $ 226 $ 463 $ 30 $ (610 ) $ (137 ) $ 391 $ 141 (1) A significant portion of the energy derivative contracts categorized in Level 3 is valued using eitheran industry acceptable model or an internally developed model with observable inputs. The models also include someless readily observable inputsresulting in the classification of the entire contract as Level 3. See Note J. (2) Includes an interest rate swap. See Note J. (3) Other assets are comprised of assets such as life insurance contracts within the Deferred Income Plan and Supplemental Retirement Income Plans, held in rabbi trusts. (4) Amounts represent the impact of legally-enforceable master netting agreements that allow the Companies to net gain and los
Note L-New Financial Accounting Standards	Note LNew Financial Accounting Standards Reference is made to Note T to the financial statements in Item8 of the Form 10-K and Note L to the financial statements in Part I, Item1 of the Form 10-Q. In June 2009, the FASB issued Statement No.168, The FASB Accounting Standards CodificationTM and the Hierarchy of Generally Accepted Accounting Principles. This Statement replaces FASB Statement No.162, The Hierarchy of Generally Accepted Accounting Principles and establishes the FASB Accounting Standards CodificationTM as the source of authoritative U.S. generally accepted accounting principles recognized by the FASB to be applied to by nongovernmental entities. This Statement is effective for interim and annual periods ending after September15, 2009. The adoption of this Statement is not expected to have a material impact on the Companies financial position, results of operations or liquidity. In June 2009, the FASB issued SFAS No.167, Amendments to FASB Interpretation No.46(R). This Standard amends FASB Interpretation No.46(R), Consolidation of Variable Interest Entities (revised December 2003)an interpretation of ARB No.51, to improve financial reporting by entities involved with variable interest entities (VIEs) and to address the impact of pending amendments to derecognition guidance. Under this Standard, an entity must perform qualitative assessments of power and economics when determining the primary beneficiary of VIEs. This Standard is effective as of the beginning of the first fiscal year that begins after November15, 2009. The Companies are currently evaluating the impact of this Standard on their financial position, results of operations and liquidity. In June 2009, the FASB issued SFAS No.166, Accounting for Transfers of Financial Assets, an amendment of FASB Statement No.140. This Standard amends FASB Statement No.140, Accounting for Transfers of Financial Assets and Servicing of Financial Assets and Extinguishments of Liabilities, by eliminating the concept of a qualifying special-purpose entity, modifying the transferability constraints, requiring consideration of all arrangements made in connection with a transfer, clarifying the legal isolation analysis, providing guidance on when a portion of a financial asset can be derecognized, and modifying the initial measurement of a beneficial interest retained by a transferor. This Standard is effective as of the beginning of the first fiscal year that begins after November15, 2009. The application of this Standard is not expected to have a material impact on the financial position, results of operations and liquidity of the Companies.
Note M-Con Edison Development	Note MCon Edison Development Reference is made to Note V to the financial statements in Item8 of the Form 10-K. During the second quarter of 2008, Con Edison Development and its subsidiary, CED/SCS Newington, LLC, completed the sale of their ownership interests in power generating projects (Rock Springs, Ocean Peaking Power, CEEMI, Newington and Lakewood) with an aggregate capacity of approximately 1,706 megawatts to North American Energy Alliance, LLC. The sale resulted in total cash proceeds, net of estimated taxes and transaction expenses, of $1,067 million, and an after-tax gain, net of all transaction expenses, of approximately $400 million. In May 2008, Con Edison Energy entered into agreements to provide energy management services, such as plant scheduling and fuel procurement, for the Rock Springs, Ocean Peaking Power and CEEMI projects for one to two years. Such services are expected to give rise to a significant level of continuing direct cash flows between Con Edison Energy and the disposed projects, and to provide Con Edison Energy with significant continuing involvement with the operations of the disposed projects. As a result, under the guidance of EITF Issue No.03-13, Applying the Conditions in Paragraph 42 of FASB Statement No.144 in Determining Whether to Report Discontinued Operations (EITF No.03-13), Con Edison has concluded that the Rock Springs, Ocean Peaking Power and CEEMI projects do not qualify for discontinued operations. Accordingly, the results of operations of these projects prior to the completion of the sale in 2008, along with the after-tax gain, net of transaction expenses, of $136 million associated with the sale of these projects, have been reported within continuing operations in the accompanying Con Edison consolidated income statement. Con Edisons competitive energy businesses engaged in certain services for the Newington and Lakewood projects on a short-term basis after the sale. However, such services were much more limited than those provided to the Rock Springs, Ocean Peaking Power and CEEMI projects, and did not give rise to a significant level of continuing direct cash flows between Con Edison and the disposed projects, or provide Con Edison with significant continuing involvement in the operating or financial policies of the disposed projects. As a result, Con Edison believes that the criteria within SFAS No.144 and EITF No.03-13 for discontinued operations treatment have been met for the Newington and Lakewood projects. Accordingly, the results of operations of these projects prior to the completion of the sale in 2008 have been reflected in income from discontinued operations (net of income taxes) in the accompanying Con Edison consolidated income statement. The Newington and Lakewood projects had revenues of $143 million and pre-tax profit (loss) of $7 million for the six months ended June30, 2008. Income from discontinued operations also includes the after-tax gain, net of transaction expenses, of $270 million associated with the sale of these projects.

Document Information

Document Information
	6 Months Ended Jun. 30, 2009
Document Information [Text Block]
Document Type	10-Q
Amendment Flag	false
Amendment Description	N.A.
Document Period End Date	2009-06-30

Entity Information

Entity Information (USD $)
	6 Months Ended Jun. 30, 2009	6 Months Ended Jun. 30, 2009 CONSOLIDATED EDISON INC	Jul. 31, 2009 CONSOLIDATED EDISON INC	Jun. 30, 2008 CONSOLIDATED EDISON INC	6 Months Ended Jun. 30, 2009 CONSOLIDATED EDISON CO OF NEW YORK INC
Entity [Text Block]
Trading Symbol		ED			CEDNM
Entity Registrant Name		CONSOLIDATED EDISON INC			CONSOLIDATED EDISON CO OF NEW YORK INC
Entity Central Index Key	0001047862
Current Fiscal Year End Date		--12-31			--12-31
Entity Well-known Seasoned Issuer		Yes			Yes
Entity Current Reporting Status		Yes			Yes
Entity Voluntary Filers		No			No
Entity Filer Category		Large Accelerated Filer			Non-accelerated Filer
Entity Common Stock, Shares Outstanding			274,985,240
Entity Public Float				$10,700,000,000