Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 31, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
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 ($.10 par value) | |
Trading Symbol | ED | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 345,219,779 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0001047862 | |
Current Fiscal Year End Date | --12-31 | |
CECONY | ||
Document Information [Line Items] | ||
Entity File Number | 1-01217 | |
Entity Registrant Name | Consolidated Edison Company of New York, Inc. | |
Entity Incorporation, State or Country Code | NY | |
Entity Tax Identification Number | 13-5009340 | |
Entity Address, Address Line One | 4 Irving Place, | |
Entity Address, City or Town | New York, | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10003 | |
City Area Code | (212) | |
Local Phone Number | 460-4600 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0000023632 | |
Current Fiscal Year End Date | --12-31 |
CONSOLIDATED INCOME STATEMENT (
CONSOLIDATED INCOME STATEMENT (UNAUDITED) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
OPERATING REVENUES | ||||||||
TOTAL OPERATING REVENUES | $ 3,872 | $ 4,165 | $ 11,219 | $ 11,639 | ||||
OPERATING EXPENSES | ||||||||
Depreciation and amortization | 512 | 525 | 1,506 | 1,593 | ||||
Taxes, other than income taxes | 801 | 777 | 2,282 | 2,248 | ||||
TOTAL OPERATING EXPENSES | 3,149 | 3,276 | 9,340 | 9,565 | ||||
Gain (Loss) on sale of the Clean Energy Businesses | (1) | 0 | 866 | 0 | ||||
OPERATING INCOME | 722 | 889 | 2,745 | 2,074 | ||||
OTHER INCOME (DEDUCTIONS) | ||||||||
Investment income | 8 | 5 | 23 | 15 | ||||
Other income | 210 | 101 | 625 | 296 | ||||
Allowance for equity funds used during construction | 7 | 4 | 20 | 15 | ||||
Other deductions | (18) | (21) | (57) | (57) | ||||
TOTAL OTHER INCOME | 207 | 89 | 611 | 269 | ||||
INCOME BEFORE INTEREST AND INCOME TAX EXPENSE | 929 | 978 | 3,356 | 2,343 | ||||
INTEREST EXPENSE (INCOME) | ||||||||
Interest on long-term debt | 234 | 246 | 719 | 728 | ||||
Other interest expense (income) | 39 | (32) | 78 | (119) | ||||
Allowance for borrowed funds used during construction | (14) | (15) | (39) | (23) | ||||
NET INTEREST EXPENSE | 259 | 199 | 758 | 586 | ||||
INCOME BEFORE INCOME TAX EXPENSE | 670 | 779 | 2,598 | 1,757 | ||||
INCOME TAX EXPENSE | 144 | 160 | 416 | 330 | ||||
NET INCOME | 526 | $ 226 | $ 1,430 | 619 | $ 254 | $ 554 | 2,182 | 1,427 |
Income (Loss) attributable to non-controlling interest | 0 | 6 | (3) | (43) | ||||
NET INCOME | $ 526 | $ 613 | $ 2,185 | $ 1,470 | ||||
Net income per common share - basic (dollars per share) | $ 1.53 | $ 1.73 | $ 6.27 | $ 4.15 | ||||
Net income per common share - diluted (dollars per share) | $ 1.52 | $ 1.72 | $ 6.24 | $ 4.13 | ||||
AVERAGE NUMBER OF SHARES OUTSTANDING-BASIC (shares) | 345 | 354.6 | 348.4 | 354.4 | ||||
AVERAGE NUMBER OF SHARES OUTSTANDING—DILUTED (shares) | 346.5 | 355.9 | 349.9 | 355.7 | ||||
Electric | ||||||||
OPERATING REVENUES | ||||||||
TOTAL OPERATING REVENUES | $ 3,469 | $ 3,328 | $ 8,309 | $ 7,994 | ||||
Gas | ||||||||
OPERATING REVENUES | ||||||||
TOTAL OPERATING REVENUES | 353 | 453 | 2,354 | 2,345 | ||||
OPERATING EXPENSES | ||||||||
Operating costs | 73 | 185 | 640 | 833 | ||||
Steam | ||||||||
OPERATING REVENUES | ||||||||
TOTAL OPERATING REVENUES | 49 | 58 | 425 | 444 | ||||
Non-utility | ||||||||
OPERATING REVENUES | ||||||||
TOTAL OPERATING REVENUES | 1 | 326 | 131 | 856 | ||||
Purchased power | ||||||||
OPERATING EXPENSES | ||||||||
Operating costs | 796 | 731 | 1,993 | 1,851 | ||||
Fuel | ||||||||
OPERATING EXPENSES | ||||||||
Operating costs | 34 | 59 | 241 | 255 | ||||
Other operations and maintenance | ||||||||
OPERATING EXPENSES | ||||||||
Operating costs | $ 933 | $ 999 | $ 2,678 | $ 2,785 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||||||
Net income | $ 526 | $ 226 | $ 1,430 | $ 619 | $ 254 | $ 554 | $ 2,182 | $ 1,427 |
(INCOME) LOSS ATTRIBUTABLE TO NON-CONTROLLING INTEREST | 0 | (6) | 3 | 43 | ||||
OTHER COMPREHENSIVE INCOME, NET OF TAXES | ||||||||
Pension and other postretirement benefit plan liability adjustments, net of taxes | 0 | 1 | 3 | 6 | ||||
TOTAL OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAXES | 0 | 1 | 3 | 6 | ||||
COMPREHENSIVE INCOME | $ 526 | $ 614 | $ 2,188 | $ 1,476 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
OPERATING ACTIVITIES | ||
Net income | $ 2,182 | $ 1,427 |
PRINCIPAL NON-CASH CHARGES/(CREDITS) TO INCOME | ||
Depreciation and amortization | 1,506 | 1,593 |
Deferred income taxes | 99 | 317 |
Rate case amortization and accruals | 67 | 55 |
Net derivative gains | 11 | (161) |
Pre-tax gain on sale of the Clean Energy Businesses | (866) | 0 |
Other non-cash items, net | (87) | 180 |
CHANGES IN ASSETS AND LIABILITIES | ||
Accounts receivable – customers | 179 | (140) |
Allowance for uncollectible accounts – customers | (46) | (12) |
Materials and supplies, including fuel oil and gas in storage | 53 | (96) |
Revenue decoupling mechanism receivable | (130) | 23 |
Other receivables and other current assets | 144 | (120) |
Unbilled revenue and net unbilled revenue deferrals | 78 | (40) |
Prepayments | (841) | (588) |
Accounts payable | (573) | 61 |
Pensions and retiree benefits obligations, net | (161) | 105 |
Pensions and retiree benefits contributions | (30) | (34) |
Accrued taxes | (1) | (10) |
Accrued interest | 108 | 126 |
Distributions from equity investments | 23 | 14 |
Deferred charges, noncurrent assets, leases, net and other regulatory assets | (613) | (550) |
Deferred credits, noncurrent liabilities and other regulatory liabilities | (31) | 468 |
Other current liabilities | 110 | 0 |
NET CASH FLOWS FROM OPERATING ACTIVITIES | 1,181 | 2,618 |
INVESTING ACTIVITIES | ||
Utility construction expenditures | (3,097) | (2,844) |
Cost of removal less salvage | (289) | (247) |
Non-utility construction expenditures | (141) | (210) |
Investments in electric and gas transmission projects | (48) | (48) |
Proceeds from sale of the Clean Energy Businesses, net of cash and cash equivalents sold | 3,927 | 0 |
Other investing activities | 0 | 3 |
NET CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES | 352 | (3,346) |
FINANCING ACTIVITIES | ||
Net issuance (retirement) of short-term debt | (1,160) | 1,003 |
Issuance of long-term debt | 500 | 0 |
Retirement of long-term debt | (60) | (383) |
Debt issuance costs | (5) | 0 |
Common stock dividends | (829) | (812) |
Issuance of common shares for stock plans | 41 | 43 |
Repurchase of common shares | (1,000) | 0 |
Distribution to noncontrolling interest | (4) | (28) |
NET CASH FLOWS USED IN FINANCING ACTIVITIES | (2,517) | (177) |
CASH, TEMPORARY CASH INVESTMENTS, AND RESTRICTED CASH: | ||
NET CHANGE FOR THE PERIOD | (984) | (905) |
BALANCE AT BEGINNING OF PERIOD | 1,530 | 1,146 |
BALANCE AT END OF PERIOD | 546 | 241 |
Total cash, temporary cash investments and restricted cash | 546 | 241 |
LESS: CASH BALANCES HELD FOR SALE | 6 | 0 |
BALANCE AT END OF PERIOD EXCLUDING HELD FOR SALE | 540 | 241 |
Cash paid/(received) during the period for: | ||
Interest | 624 | 583 |
Income taxes | 360 | 30 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION | ||
Construction expenditures in accounts payable | 419 | 486 |
Issuance of common shares for dividend reinvestment | 20 | 28 |
Software Licenses | ||
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION | ||
Capital expenditures incurred but unpaid as of end of period | 0 | 2 |
Equipment | ||
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION | ||
Capital expenditures incurred but unpaid as of end of period | $ 11 | $ 17 |
CONSOLIDATED BALANCE SHEET (UNA
CONSOLIDATED BALANCE SHEET (UNAUDITED) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
CURRENT ASSETS | ||
Cash and temporary cash investments | $ 539 | $ 1,282 |
Accounts receivable – customers, net allowance for uncollectible accounts | 2,048 | 2,192 |
Other receivables, net allowance for uncollectible accounts | 418 | 164 |
Taxes receivable | 3 | 10 |
Accrued unbilled revenue | 547 | 702 |
Fuel oil, gas in storage, materials and supplies, at average cost | 455 | 492 |
Prepayments | 1,110 | 264 |
Regulatory assets | 180 | 305 |
Restricted cash | 1 | 0 |
Revenue decoupling mechanism receivable | 294 | 164 |
Fair value of derivative assets | 62 | 59 |
Assets held for sale | 163 | 7,162 |
Other current assets | 119 | 176 |
TOTAL CURRENT ASSETS | 5,939 | 12,972 |
INVESTMENTS | 933 | 841 |
UTILITY PLANT, AT ORIGINAL COST | ||
General | 4,340 | 4,205 |
TOTAL | 59,638 | 57,337 |
Less: Accumulated depreciation | 13,865 | 13,069 |
Net | 45,773 | 44,268 |
Construction work in progress | 2,748 | 2,484 |
NET UTILITY PLANT | 48,521 | 46,752 |
NON-UTILITY PLANT | ||
Non-utility property, net accumulated depreciation | 13 | 13 |
Construction work in progress | 1 | 1 |
NET PLANT | 48,535 | 46,766 |
OTHER NONCURRENT ASSETS | ||
Goodwill | 408 | 408 |
Regulatory assets | 4,334 | 3,974 |
Pension and retiree benefits | 3,384 | 3,269 |
Operating lease right-of-use asset | 545 | 568 |
Fair value of derivative assets | 26 | 85 |
Other deferred charges and noncurrent assets | 301 | 182 |
TOTAL OTHER NONCURRENT ASSETS | 8,998 | 8,486 |
TOTAL ASSETS | 64,405 | 69,065 |
CURRENT LIABILITIES | ||
Long-term debt due within one year | 650 | 649 |
Term loan | 0 | 400 |
Notes payable | 1,880 | 2,640 |
Accounts payable | 1,306 | 1,955 |
Customer deposits | 401 | 358 |
Accrued taxes | 85 | 102 |
Accrued interest | 283 | 153 |
Accrued wages | 124 | 116 |
Fair value of derivative liabilities | 86 | 42 |
Regulatory liabilities | 189 | 374 |
System benefit charge | 439 | 390 |
Operating lease liabilities | 114 | 103 |
Liabilities held for sale | 76 | 3,610 |
Other current liabilities | 417 | 444 |
TOTAL CURRENT LIABILITIES | 6,050 | 11,336 |
NONCURRENT LIABILITIES | ||
Provision for injuries and damages | 182 | 181 |
Pensions and retiree benefits | 638 | 577 |
Superfund and other environmental costs | 996 | 997 |
Asset retirement obligations | 513 | 500 |
Fair value of derivative liabilities | 68 | 13 |
Deferred income taxes and unamortized investment tax credits | 7,992 | 7,641 |
Operating lease liabilities | 477 | 476 |
Regulatory liabilities | 5,401 | 6,027 |
Other deferred credits and noncurrent liabilities | 360 | 281 |
TOTAL NONCURRENT LIABILITIES | 16,627 | 16,693 |
LONG-TERM DEBT | 20,650 | 20,147 |
COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Note B, Note G, and Note H) | ||
EQUITY | ||
Common shareholders’ equity | 21,078 | 20,687 |
Noncontrolling interest | 0 | 202 |
TOTAL EQUITY (See Statement of Equity) | 21,078 | 20,889 |
TOTAL LIABILITIES AND EQUITY | 64,405 | 69,065 |
Electric | ||
UTILITY PLANT, AT ORIGINAL COST | ||
Utility plant, at original cost | 38,283 | 36,819 |
Gas | ||
UTILITY PLANT, AT ORIGINAL COST | ||
Utility plant, at original cost | 13,986 | 13,378 |
Steam | ||
UTILITY PLANT, AT ORIGINAL COST | ||
Utility plant, at original cost | $ 3,029 | $ 2,935 |
CONSOLIDATED BALANCE SHEET (U_2
CONSOLIDATED BALANCE SHEET (UNAUDITED) (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Accounts receivable - customers, allowance for uncollectible accounts | $ 276 | $ 322 |
Other receivables, allowance for uncollectible accounts | 31 | 10 |
Non-utility property, accumulated depreciation | $ 24 | $ 23 |
CONSOLIDATED STATEMENT OF EQUIT
CONSOLIDATED STATEMENT OF EQUITY (UNAUDITED) - USD ($) $ in Millions | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Capital Stock Expense | Accumulated Other Comprehensive Income/(Loss) | Non- controlling Interest |
Beginning balance (shares) at Dec. 31, 2021 | 354,000,000 | |||||||
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 | 23,000,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 554 | 602 | (48) | |||||
Common stock dividends | (280) | (280) | ||||||
Issuance of common shares - public offering | 1 | 1 | ||||||
Issuance of common shares for stock plans | 18 | 18 | ||||||
Distributions to noncontrolling interest | (6) | (6) | ||||||
Ending balance (shares) at Mar. 31, 2022 | 354,000,000 | |||||||
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 | 23,000,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Common stock dividends per share (dollars per share) | $ 0.79 | |||||||
Beginning balance (shares) at Dec. 31, 2021 | 354,000,000 | |||||||
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 | 23,000,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 1,427 | |||||||
Ending balance (shares) at Sep. 30, 2022 | 355,000,000 | |||||||
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 | 23,000,000 | |||||||
Beginning balance (shares) at Dec. 31, 2021 | 354,000,000 | |||||||
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 | 23,000,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Common stock repurchases (in shares) | (8,730,766) | |||||||
Ending balance (shares) at Dec. 31, 2022 | 355,000,000 | |||||||
Ending balance at Dec. 31, 2022 | $ 20,889 | $ 37 | 9,803 | 11,985 | $ (1,038) | (122) | 22 | 202 |
Ending balance (shares) at Dec. 31, 2022 | 23,000,000 | |||||||
Beginning balance (shares) at Mar. 31, 2022 | 354,000,000 | |||||||
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 | 23,000,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 254 | 255 | (1) | |||||
Common stock dividends | (280) | (280) | ||||||
Issuance of common shares for stock plans | 29 | 29 | ||||||
Other comprehensive income (loss) | 5 | 5 | ||||||
Distributions to noncontrolling interest | (10) | (10) | ||||||
Ending balance (shares) at Jun. 30, 2022 | 354,000,000 | |||||||
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 | 23,000,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Common stock dividends per share (dollars per share) | $ 0.79 | |||||||
Net income (loss) | $ 619 | 613 | 6 | |||||
Common stock dividends | (280) | (280) | ||||||
Issuance of common shares – public offering (shares) | 1,000,000 | |||||||
Issuance of common shares - public offering | 0 | |||||||
Issuance of common shares for stock plans | 27 | 27 | ||||||
Other comprehensive income (loss) | 1 | 1 | ||||||
Distributions to noncontrolling interest | (12) | (12) | ||||||
Ending balance (shares) at Sep. 30, 2022 | 355,000,000 | |||||||
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 | 23,000,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Common stock dividends per share (dollars per share) | $ 0.79 | |||||||
Beginning balance (shares) at Dec. 31, 2022 | 355,000,000 | |||||||
Beginning balance at Dec. 31, 2022 | $ 20,889 | $ 37 | 9,803 | 11,985 | $ (1,038) | (122) | 22 | 202 |
Beginning balance (shares) at Dec. 31, 2022 | 23,000,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 1,430 | 1,433 | (3) | |||||
Common stock dividends | (288) | (288) | ||||||
Issuance of common shares for stock plans | 15 | 15 | ||||||
Common stock repurchases (in shares) | (9,000,000) | 9,000,000 | ||||||
Common stock repurchases | (1,008) | (200) | $ (808) | |||||
Other comprehensive income (loss) | 4 | 4 | ||||||
Distributions to noncontrolling interest | (4) | (4) | ||||||
Disposal of the Clean Energy Businesses | (195) | (195) | ||||||
Ending balance (shares) at Mar. 31, 2023 | 346,000,000 | |||||||
Ending balance at Mar. 31, 2023 | $ 20,843 | $ 37 | 9,618 | 13,130 | $ (1,846) | (122) | 26 | 0 |
Ending balance (shares) at Mar. 31, 2023 | 32,000,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Common stock dividends per share (dollars per share) | $ 0.81 | |||||||
Beginning balance (shares) at Dec. 31, 2022 | 355,000,000 | |||||||
Beginning balance at Dec. 31, 2022 | $ 20,889 | $ 37 | 9,803 | 11,985 | $ (1,038) | (122) | 22 | 202 |
Beginning balance (shares) at Dec. 31, 2022 | 23,000,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 2,182 | |||||||
Ending balance (shares) at Sep. 30, 2023 | 345,000,000 | |||||||
Ending balance at Sep. 30, 2023 | 21,078 | $ 37 | 9,834 | 13,321 | $ (2,017) | (122) | 25 | 0 |
Ending balance (shares) at Sep. 30, 2023 | 34,000,000 | |||||||
Beginning balance (shares) at Mar. 31, 2023 | 346,000,000 | |||||||
Beginning balance at Mar. 31, 2023 | 20,843 | $ 37 | 9,618 | 13,130 | $ (1,846) | (122) | 26 | 0 |
Beginning balance (shares) at Mar. 31, 2023 | 32,000,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 226 | 226 | ||||||
Common stock dividends | (281) | (281) | ||||||
Issuance of common shares for stock plans | $ 20 | 20 | ||||||
Common stock repurchases (in shares) | (1,812,497) | (2,000,000) | 2,000,000 | |||||
Common stock repurchases | $ (2) | 169 | $ (171) | |||||
Other comprehensive income (loss) | (1) | (1) | ||||||
Ending balance (shares) at Jun. 30, 2023 | 344,000,000 | |||||||
Ending balance at Jun. 30, 2023 | $ 20,805 | $ 37 | 9,807 | 13,075 | $ (2,017) | (122) | 25 | 0 |
Ending balance (shares) at Jun. 30, 2023 | 34,000,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Common stock dividends per share (dollars per share) | $ 0.81 | |||||||
Net income (loss) | $ 526 | 526 | ||||||
Common stock dividends | (280) | (280) | ||||||
Issuance of common shares for stock plans (in shares) | 1,000,000 | |||||||
Issuance of common shares for stock plans | 27 | 27 | ||||||
Ending balance (shares) at Sep. 30, 2023 | 345,000,000 | |||||||
Ending balance at Sep. 30, 2023 | $ 21,078 | $ 37 | $ 9,834 | $ 13,321 | $ (2,017) | $ (122) | $ 25 | $ 0 |
Ending balance (shares) at Sep. 30, 2023 | 34,000,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Common stock dividends per share (dollars per share) | $ 0.81 |
CONSOLIDATED STATEMENT OF EQU_2
CONSOLIDATED STATEMENT OF EQUITY (UNAUDITED) (Parenthetical) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||||||
Common stock dividends per share (dollars per share) | $ 0.81 | $ 0.81 | $ 0.81 | $ 0.79 | $ 0.79 | $ 0.79 |
CONSOLIDATED INCOME STATEMENT -
CONSOLIDATED INCOME STATEMENT - CECONY (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
OPERATING REVENUES | ||||
TOTAL OPERATING REVENUES | $ 3,872 | $ 4,165 | $ 11,219 | $ 11,639 |
OPERATING EXPENSES | ||||
Depreciation and amortization | 512 | 525 | 1,506 | 1,593 |
Taxes, other than income taxes | 801 | 777 | 2,282 | 2,248 |
TOTAL OPERATING EXPENSES | 3,149 | 3,276 | 9,340 | 9,565 |
Operating income/(loss) | 722 | 889 | 2,745 | 2,074 |
OTHER INCOME (DEDUCTIONS) | ||||
Investment and other income | 8 | 5 | 23 | 15 |
Allowance for equity funds used during construction | 7 | 4 | 20 | 15 |
Other deductions | (18) | (21) | (57) | (57) |
TOTAL OTHER INCOME | 207 | 89 | 611 | 269 |
INCOME BEFORE INTEREST AND INCOME TAX EXPENSE | 929 | 978 | 3,356 | 2,343 |
INTEREST EXPENSE (INCOME) | ||||
Interest on long-term debt | 234 | 246 | 719 | 728 |
Other interest expense (income) | 39 | (32) | 78 | (119) |
Allowance for borrowed funds used during construction | (14) | (15) | (39) | (23) |
NET INTEREST EXPENSE | 259 | 199 | 758 | 586 |
INCOME BEFORE INCOME TAX EXPENSE | 670 | 779 | 2,598 | 1,757 |
INCOME TAX EXPENSE | 144 | 160 | 416 | 330 |
NET INCOME | 526 | 613 | 2,185 | 1,470 |
Electric | ||||
OPERATING REVENUES | ||||
TOTAL OPERATING REVENUES | 3,469 | 3,328 | 8,309 | 7,994 |
Gas | ||||
OPERATING REVENUES | ||||
TOTAL OPERATING REVENUES | 353 | 453 | 2,354 | 2,345 |
OPERATING EXPENSES | ||||
Operating costs | 73 | 185 | 640 | 833 |
Steam | ||||
OPERATING REVENUES | ||||
TOTAL OPERATING REVENUES | 49 | 58 | 425 | 444 |
Purchased power | ||||
OPERATING EXPENSES | ||||
Operating costs | 796 | 731 | 1,993 | 1,851 |
Fuel | ||||
OPERATING EXPENSES | ||||
Operating costs | 34 | 59 | 241 | 255 |
Other operations and maintenance | ||||
OPERATING EXPENSES | ||||
Operating costs | 933 | 999 | 2,678 | 2,785 |
Non-utility | ||||
OPERATING REVENUES | ||||
TOTAL OPERATING REVENUES | 1 | 326 | 131 | 856 |
CECONY | ||||
OPERATING REVENUES | ||||
TOTAL OPERATING REVENUES | 3,590 | 3,549 | 10,287 | 9,972 |
OPERATING EXPENSES | ||||
Depreciation and amortization | 485 | 441 | 1,428 | 1,341 |
Taxes, other than income taxes | 777 | 748 | 2,207 | 2,159 |
TOTAL OPERATING EXPENSES | 2,911 | 2,811 | 8,537 | 8,243 |
Operating income/(loss) | 679 | 738 | 1,750 | 1,729 |
OTHER INCOME (DEDUCTIONS) | ||||
Investment and other income | 191 | 93 | 566 | 280 |
Allowance for equity funds used during construction | 6 | 4 | 17 | 13 |
Other deductions | (13) | (16) | (33) | (48) |
TOTAL OTHER INCOME | 184 | 81 | 550 | 245 |
INCOME BEFORE INTEREST AND INCOME TAX EXPENSE | 863 | 819 | 2,300 | 1,974 |
INTEREST EXPENSE (INCOME) | ||||
Interest on long-term debt | 220 | 201 | 656 | 600 |
Other interest expense (income) | 32 | 15 | 75 | 25 |
Allowance for borrowed funds used during construction | (13) | (14) | (36) | (21) |
NET INTEREST EXPENSE | 239 | 202 | 695 | 604 |
INCOME BEFORE INCOME TAX EXPENSE | 624 | 617 | 1,605 | 1,370 |
INCOME TAX EXPENSE | 109 | 124 | 297 | 232 |
NET INCOME | 515 | 493 | 1,308 | 1,138 |
CECONY | Electric | ||||
OPERATING REVENUES | ||||
TOTAL OPERATING REVENUES | 3,223 | 3,077 | 7,722 | 7,401 |
CECONY | Gas | ||||
OPERATING REVENUES | ||||
TOTAL OPERATING REVENUES | 318 | 414 | 2,140 | 2,127 |
OPERATING EXPENSES | ||||
Operating costs | 62 | 113 | 518 | 582 |
CECONY | Steam | ||||
OPERATING REVENUES | ||||
TOTAL OPERATING REVENUES | 49 | 58 | 425 | 444 |
CECONY | Purchased power | ||||
OPERATING EXPENSES | ||||
Operating costs | 719 | 643 | 1,802 | 1,639 |
CECONY | Fuel | ||||
OPERATING EXPENSES | ||||
Operating costs | 34 | 59 | 241 | 255 |
CECONY | Other operations and maintenance | ||||
OPERATING EXPENSES | ||||
Operating costs | $ 834 | $ 807 | $ 2,341 | $ 2,267 |
CONSOLIDATED STATEMENT OF COM_2
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) - CECONY - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
NET INCOME | $ 526 | $ 613 | $ 2,185 | $ 1,470 |
Pension and other postretirement benefit plan liability adjustments, net of taxes | 0 | 1 | 3 | 6 |
TOTAL OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAXES | 0 | 1 | 3 | 6 |
COMPREHENSIVE INCOME | 526 | 614 | 2,188 | 1,476 |
CECONY | ||||
NET INCOME | 515 | 493 | 1,308 | 1,138 |
Pension and other postretirement benefit plan liability adjustments, net of taxes | 0 | 0 | (1) | 1 |
TOTAL OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAXES | 0 | 0 | (1) | 1 |
COMPREHENSIVE INCOME | $ 515 | $ 493 | $ 1,307 | $ 1,139 |
CONSOLIDATED STATEMENT OF CAS_2
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) - CECONY - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
OPERATING ACTIVITIES | ||
Net income | $ 2,185 | $ 1,470 |
PRINCIPAL NON-CASH CHARGES/(CREDITS) TO INCOME | ||
Depreciation and amortization | 1,506 | 1,593 |
Deferred income taxes | 99 | 317 |
Rate case amortization and accruals | 67 | 55 |
Other non-cash items, net | (87) | 180 |
CHANGES IN ASSETS AND LIABILITIES | ||
Accounts receivable – customers | 179 | (140) |
Allowance for uncollectible accounts – customers | (46) | (12) |
Materials and supplies, including fuel oil and gas in storage | 53 | (96) |
Revenue decoupling mechanism receivable | (130) | 23 |
Other receivables and other current assets | 144 | (120) |
Unbilled revenue and net unbilled revenue deferrals | 78 | (40) |
Prepayments | 841 | 588 |
Accounts payable | (573) | 61 |
Pensions and retiree benefits obligations, net | (161) | 105 |
Pensions and retiree benefits contributions | (30) | (34) |
Accrued taxes | (1) | (10) |
Accrued interest | 108 | 126 |
Deferred charges, noncurrent assets, leases, net and other regulatory assets | (613) | (550) |
Deferred credits, noncurrent liabilities and other regulatory liabilities | (31) | 468 |
Other current liabilities | 110 | 0 |
NET CASH FLOWS FROM OPERATING ACTIVITIES | 1,181 | 2,618 |
INVESTING ACTIVITIES | ||
Utility construction expenditures | (3,097) | (2,844) |
Cost of removal less salvage | (289) | (247) |
NET CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES | 352 | (3,346) |
FINANCING ACTIVITIES | ||
Net issuance (retirement) of short-term debt | (1,160) | 1,003 |
Issuance of long-term debt | 500 | 0 |
Debt issuance costs | (5) | 0 |
NET CASH FLOWS USED IN FINANCING ACTIVITIES | (2,517) | (177) |
CASH AND TEMPORARY CASH INVESTMENTS | ||
NET CHANGE FOR THE PERIOD | (984) | (905) |
BALANCE AT BEGINNING OF PERIOD | 1,530 | 1,146 |
BALANCE AT END OF PERIOD | 546 | 241 |
Cash paid/(received) during the period for: | ||
Interest | 624 | 583 |
Income taxes | 360 | 30 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION | ||
Construction expenditures in accounts payable | 419 | 486 |
Software Licenses | ||
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION | ||
Capital expenditures incurred but unpaid as of end of period | 0 | 2 |
Equipment | ||
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION | ||
Capital expenditures incurred but unpaid as of end of period | 11 | 17 |
CECONY | ||
OPERATING ACTIVITIES | ||
Net income | 1,308 | 1,138 |
PRINCIPAL NON-CASH CHARGES/(CREDITS) TO INCOME | ||
Depreciation and amortization | 1,428 | 1,341 |
Deferred income taxes | 674 | 235 |
Rate case amortization and accruals | 52 | 41 |
Other non-cash items, net | (75) | 173 |
CHANGES IN ASSETS AND LIABILITIES | ||
Accounts receivable – customers | 185 | (134) |
Allowance for uncollectible accounts – customers | (45) | (7) |
Materials and supplies, including fuel oil and gas in storage | 36 | (71) |
Revenue decoupling mechanism receivable | (128) | 24 |
Other receivables and other current assets | (115) | 42 |
Unbilled revenue and net unbilled revenue deferrals | 77 | 16 |
Accounts receivable from affiliated companies | (400) | (66) |
Prepayments | 699 | 559 |
Accounts payable | (408) | (12) |
Accounts payable to affiliated companies | 7 | 4 |
Pensions and retiree benefits obligations, net | (161) | 101 |
Pensions and retiree benefits contributions | (28) | (22) |
Accrued interest | 128 | 109 |
System benefit charge | 48 | (4) |
Deferred charges, noncurrent assets, leases, net and other regulatory assets | (598) | (553) |
Deferred credits, noncurrent liabilities and other regulatory liabilities | (15) | 409 |
Other current liabilities | 81 | (13) |
NET CASH FLOWS FROM OPERATING ACTIVITIES | 1,221 | 2,191 |
INVESTING ACTIVITIES | ||
Utility construction expenditures | (2,894) | (2,687) |
Cost of removal less salvage | (284) | (242) |
NET CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES | (3,178) | (2,929) |
FINANCING ACTIVITIES | ||
Net issuance (retirement) of short-term debt | (502) | 428 |
Issuance of long-term debt | 500 | 0 |
Debt issuance costs | (5) | (1) |
Capital contribution by Con Edison | 1,720 | 150 |
Dividend to Con Edison | (792) | (734) |
NET CASH FLOWS USED IN FINANCING ACTIVITIES | 921 | (157) |
CASH AND TEMPORARY CASH INVESTMENTS | ||
NET CHANGE FOR THE PERIOD | (1,036) | (895) |
BALANCE AT BEGINNING OF PERIOD | 1,056 | 920 |
BALANCE AT END OF PERIOD | 20 | 25 |
Cash paid/(received) during the period for: | ||
Interest | 538 | 466 |
Income taxes | 90 | 60 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION | ||
Construction expenditures in accounts payable | 399 | 414 |
CECONY | Nonrelated Party | ||
CHANGES IN ASSETS AND LIABILITIES | ||
Accrued taxes | (42) | (3) |
CECONY | Related Party | ||
CHANGES IN ASSETS AND LIABILITIES | ||
Accrued taxes | (89) | 2 |
CECONY | Software Licenses | ||
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION | ||
Capital expenditures incurred but unpaid as of end of period | 0 | 2 |
CECONY | Equipment | ||
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION | ||
Capital expenditures incurred but unpaid as of end of period | $ 11 | $ 17 |
CONSOLIDATED BALANCE SHEET (U_3
CONSOLIDATED BALANCE SHEET (UNAUDITED) - CECONY - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
CURRENT ASSETS | ||
Cash and temporary cash investments | $ 539 | $ 1,282 |
Accounts receivable – customers, net allowance for uncollectible accounts | 2,048 | 2,192 |
Other receivables, net allowance for uncollectible accounts | 418 | 164 |
Taxes receivable | 3 | 10 |
Accrued unbilled revenue | 547 | 702 |
Fuel oil, gas in storage, materials and supplies, at average cost | 455 | 492 |
Prepayments | 1,110 | 264 |
Regulatory assets | 180 | 305 |
Revenue decoupling mechanism receivable | 294 | 164 |
Fair value of derivative assets | 62 | 59 |
Other current assets | 119 | 176 |
TOTAL CURRENT ASSETS | 5,939 | 12,972 |
INVESTMENTS | 933 | 841 |
UTILITY PLANT, AT ORIGINAL COST | ||
General | 4,340 | 4,205 |
TOTAL | 59,638 | 57,337 |
Less: Accumulated depreciation | 13,865 | 13,069 |
Net | 45,773 | 44,268 |
Construction work in progress | 2,748 | 2,484 |
NET UTILITY PLANT | 48,521 | 46,752 |
NON-UTILITY PLANT | ||
Non-utility property, net accumulated depreciation of $25 in 2023 and 2022 | 13 | 13 |
NET PLANT | 48,535 | 46,766 |
OTHER NONCURRENT ASSETS | ||
Regulatory assets | 4,334 | 3,974 |
Operating lease right-of-use asset | 545 | 568 |
Pension and retiree benefits | 3,384 | 3,269 |
Fair value of derivative assets | 26 | 85 |
Other deferred charges and noncurrent assets | 301 | 182 |
TOTAL OTHER NONCURRENT ASSETS | 8,998 | 8,486 |
TOTAL ASSETS | 64,405 | 69,065 |
CURRENT LIABILITIES | ||
Notes payable | 1,880 | 2,640 |
Accounts payable | 1,306 | 1,955 |
Customer deposits | 401 | 358 |
Accrued taxes | 85 | 102 |
Accrued interest | 283 | 153 |
Accrued wages | 124 | 116 |
Fair value of derivative liabilities | 86 | 42 |
Regulatory liabilities | 189 | 374 |
System benefit charge | 439 | 390 |
Operating lease liabilities | 114 | 103 |
Other current liabilities | 417 | 444 |
TOTAL CURRENT LIABILITIES | 6,050 | 11,336 |
NONCURRENT LIABILITIES | ||
Provision for injuries and damages | 182 | 181 |
Pensions and retiree benefits | 638 | 577 |
Superfund and other environmental costs | 996 | 997 |
Asset retirement obligations | 513 | 500 |
Fair value of derivative liabilities | 68 | 13 |
Deferred income taxes and unamortized investment tax credits | 7,992 | 7,641 |
Operating lease liabilities | 477 | 476 |
Regulatory liabilities | 5,401 | 6,027 |
Other deferred credits and noncurrent liabilities | 360 | 281 |
TOTAL NONCURRENT LIABILITIES | 16,627 | 16,693 |
LONG-TERM DEBT | 20,650 | 20,147 |
COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Note B, Note G, and Note H) | ||
EQUITY | ||
Common shareholders’ equity | 21,078 | 20,687 |
TOTAL LIABILITIES AND EQUITY | 64,405 | 69,065 |
CECONY | ||
CURRENT ASSETS | ||
Cash and temporary cash investments | 20 | 1,056 |
Other receivables, net allowance for uncollectible accounts | 300 | 147 |
Taxes receivable | 2 | 5 |
Accrued unbilled revenue | 505 | 573 |
Fuel oil, gas in storage, materials and supplies, at average cost | 404 | 440 |
Prepayments | 922 | 223 |
Regulatory assets | 163 | 286 |
Revenue decoupling mechanism receivable | 292 | 164 |
Fair value of derivative assets | 56 | 51 |
Other current assets | 97 | 157 |
TOTAL CURRENT ASSETS | 5,166 | 5,247 |
INVESTMENTS | 571 | 539 |
UTILITY PLANT, AT ORIGINAL COST | ||
General | 4,052 | 3,879 |
TOTAL | 56,019 | 53,788 |
Less: Accumulated depreciation | 12,864 | 12,047 |
Net | 43,155 | 41,741 |
Construction work in progress | 2,501 | 2,268 |
NET UTILITY PLANT | 45,656 | 44,009 |
NON-UTILITY PLANT | ||
Non-utility property, net accumulated depreciation of $25 in 2023 and 2022 | 2 | 2 |
NET PLANT | 45,658 | 44,011 |
OTHER NONCURRENT ASSETS | ||
Regulatory assets | 4,057 | 3,669 |
Operating lease right-of-use asset | 543 | 567 |
Pension and retiree benefits | 3,299 | 3,184 |
Fair value of derivative assets | 26 | 80 |
Other deferred charges and noncurrent assets | 267 | 148 |
TOTAL OTHER NONCURRENT ASSETS | 8,192 | 7,648 |
TOTAL ASSETS | 59,587 | 57,445 |
CURRENT LIABILITIES | ||
Notes payable | 1,798 | 2,300 |
Customer deposits | 383 | 341 |
Accrued interest | 262 | 134 |
Accrued wages | 113 | 105 |
Fair value of derivative liabilities | 79 | 35 |
Regulatory liabilities | 153 | 308 |
System benefit charge | 399 | 351 |
Operating lease liabilities | 113 | 103 |
Other current liabilities | 374 | 397 |
TOTAL CURRENT LIABILITIES | 4,940 | 6,036 |
NONCURRENT LIABILITIES | ||
Provision for injuries and damages | 179 | 177 |
Pensions and retiree benefits | 589 | 526 |
Superfund and other environmental costs | 902 | 903 |
Asset retirement obligations | 512 | 499 |
Fair value of derivative liabilities | 60 | 9 |
Deferred income taxes and unamortized investment tax credits | 8,060 | 7,144 |
Operating lease liabilities | 476 | 475 |
Regulatory liabilities | 4,890 | 5,481 |
Other deferred credits and noncurrent liabilities | 283 | 237 |
TOTAL NONCURRENT LIABILITIES | 15,951 | 15,451 |
LONG-TERM DEBT | 19,583 | 19,080 |
COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Note B, Note G, and Note H) | ||
EQUITY | ||
Common shareholders’ equity | 19,113 | 16,878 |
TOTAL LIABILITIES AND EQUITY | 59,587 | 57,445 |
Related Party | CECONY | ||
CURRENT ASSETS | ||
Accounts receivable – customers, net allowance for uncollectible accounts | 446 | 46 |
CURRENT LIABILITIES | ||
Accounts payable | 24 | 17 |
Accrued taxes | 0 | 89 |
Nonrelated Party | CECONY | ||
CURRENT ASSETS | ||
Accounts receivable – customers, net allowance for uncollectible accounts | 1,959 | 2,099 |
CURRENT LIABILITIES | ||
Accounts payable | 1,194 | 1,763 |
Accrued taxes | 48 | 93 |
Electric | ||
UTILITY PLANT, AT ORIGINAL COST | ||
Utility plant, at original cost | 38,283 | 36,819 |
Electric | CECONY | ||
UTILITY PLANT, AT ORIGINAL COST | ||
Utility plant, at original cost | 36,029 | 34,636 |
Gas | ||
UTILITY PLANT, AT ORIGINAL COST | ||
Utility plant, at original cost | 13,986 | 13,378 |
Gas | CECONY | ||
UTILITY PLANT, AT ORIGINAL COST | ||
Utility plant, at original cost | 12,908 | 12,338 |
Steam | ||
UTILITY PLANT, AT ORIGINAL COST | ||
Utility plant, at original cost | 3,029 | 2,935 |
Steam | CECONY | ||
UTILITY PLANT, AT ORIGINAL COST | ||
Utility plant, at original cost | $ 3,030 | $ 2,935 |
CONSOLIDATED BALANCE SHEET (U_4
CONSOLIDATED BALANCE SHEET (UNAUDITED) - CECONY (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Accounts receivable - customers, allowance for uncollectible accounts | $ 276 | $ 322 |
Other receivables, allowance for uncollectible accounts | 31 | 10 |
Non-utility property, accumulated depreciation | 24 | 23 |
CECONY | ||
Accounts receivable - customers, allowance for uncollectible accounts | 269 | 314 |
Other receivables, allowance for uncollectible accounts | 27 | 7 |
Non-utility property, accumulated depreciation | $ 25 | $ 25 |
CONSOLIDATED STATEMENT OF SHARE
CONSOLIDATED STATEMENT OF SHAREHOLDER’S EQUITY (UNAUDITED) - CECONY - USD ($) shares in Millions, $ in Millions | Total | CECONY | Common Stock | Common Stock CECONY | Additional Paid-In Capital CECONY | Retained Earnings | Retained Earnings CECONY | Repurchased Con Edison Stock CECONY | Capital Stock Expense CECONY | Accumulated Other Comprehensive Income/(Loss) | Accumulated Other Comprehensive Income/(Loss) CECONY |
Beginning balance (shares) at Dec. 31, 2021 | 354 | 235 | |||||||||
Beginning Balance at Dec. 31, 2021 | $ 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 Con Edison | $ (280) | (245) | $ (280) | (245) | |||||||
Capital contribution by Con Edison | 75 | 75 | |||||||||
Other comprehensive income (loss) | 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 | 16,312 | $ 589 | 7,269 | 9,478 | (962) | (62) | 0 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 1,470 | 1,138 | |||||||||
Ending balance (shares) at Sep. 30, 2022 | 355 | 235 | |||||||||
Ending Balance at Sep. 30, 2022 | 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 Con Edison | (280) | (245) | (280) | (245) | |||||||
Capital contribution by Con Edison | 25 | 25 | |||||||||
Other comprehensive income (loss) | 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 Con Edison | (280) | (244) | (280) | (244) | |||||||
Capital contribution by Con Edison | 50 | 50 | |||||||||
Other comprehensive income (loss) | 1 | 1 | |||||||||
Ending balance (shares) at Sep. 30, 2022 | 355 | 235 | |||||||||
Ending Balance at Sep. 30, 2022 | 16,867 | $ 589 | 7,419 | 9,882 | (962) | (62) | 1 | ||||
Beginning balance (shares) at Dec. 31, 2022 | 355 | 235 | |||||||||
Beginning Balance at Dec. 31, 2022 | 20,687 | 16,878 | $ 589 | 7,419 | 9,890 | (962) | (62) | 4 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 604 | 604 | |||||||||
Common stock dividend to Con Edison | (288) | (264) | (288) | (264) | |||||||
Capital contribution by Con Edison | 1,675 | 1,675 | |||||||||
Other comprehensive income (loss) | 4 | (1) | 4 | (1) | |||||||
Ending balance (shares) at Mar. 31, 2023 | 346 | 235 | |||||||||
Ending Balance at Mar. 31, 2023 | 18,892 | $ 589 | 9,094 | 10,230 | (962) | (62) | 3 | ||||
Beginning balance (shares) at Dec. 31, 2022 | 355 | 235 | |||||||||
Beginning Balance at Dec. 31, 2022 | 20,687 | 16,878 | $ 589 | 7,419 | 9,890 | (962) | (62) | 4 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 2,185 | 1,308 | |||||||||
Ending balance (shares) at Sep. 30, 2023 | 345 | 235 | |||||||||
Ending Balance at Sep. 30, 2023 | 21,078 | 19,113 | $ 589 | 9,139 | 10,406 | (962) | (62) | 3 | |||
Beginning balance (shares) at Mar. 31, 2023 | 346 | 235 | |||||||||
Beginning Balance at Mar. 31, 2023 | 18,892 | $ 589 | 9,094 | 10,230 | (962) | (62) | 3 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 189 | 189 | |||||||||
Common stock dividend to Con Edison | (281) | (264) | (281) | (264) | |||||||
Capital contribution by Con Edison | 26 | 26 | |||||||||
Other comprehensive income (loss) | (1) | $ (1) | |||||||||
Ending balance (shares) at Jun. 30, 2023 | 344 | 235 | |||||||||
Ending Balance at Jun. 30, 2023 | 18,843 | $ 589 | 9,120 | 10,155 | (962) | (62) | 3 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 526 | 515 | 515 | ||||||||
Common stock dividend to Con Edison | (280) | (264) | $ (280) | (264) | |||||||
Capital contribution by Con Edison | 19 | 19 | |||||||||
Ending balance (shares) at Sep. 30, 2023 | 345 | 235 | |||||||||
Ending Balance at Sep. 30, 2023 | $ 21,078 | $ 19,113 | $ 589 | $ 9,139 | $ 10,406 | $ (962) | $ (62) | $ 3 |
General
General | 9 Months Ended |
Sep. 30, 2023 | |
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, that 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 Transmission, Inc. (together with its subsidiaries, Con Edison Transmission) and its former subsidiary, Con Edison Clean Energy Businesses, Inc. (together with its subsidiaries, the Clean Energy Businesses), in Con Edison’s consolidated financial statements. On March 1, 2023, Con Edison completed the sale of substantially all of the assets of the Clean Energy Businesses. See Note S and Note T. 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, 2022 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, 2023 and June 30, 2023. |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Other Matters | 9 Months Ended |
Sep. 30, 2023 | |
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. Investment in Mountain Valley Pipeline, LLC (MVP) In January 2016, a subsidiary of Con Edison Transmission acquired a 12.5 percent interest in MVP, a company developing a proposed 300-mile gas transmission project (the Mountain Valley Pipeline) in West Virginia and Virginia. During 2019, Con Edison exercised its right to limit, and did limit, its cash contributions to the joint venture to approximately $530 million, that reduced Con Edison Transmission’s interest in MVP to 11.3 percent, 10.2 percent and 9.6 percent as of December 31, 2020, 2021 and 2022, respectively. As of September 30, 2023, Con Edison Transmission's interest in MVP is 8.8 percent and is expected to be reduced to as low as 7.3 percent based on the Mountain Valley Pipeline's current cost estimate and Con Edison Transmission’s previous capping of its cash contributions. As of December 31, 2022 and September 30, 2023, the Mountain Valley Pipeline was approximately 94 percent complete. In June 2023, the President of the United States signed the Fiscal Responsibility Act of 2023. Section 324 of the legislation approved all permits and authorizations necessary for the construction and initial operation of the Mountain Valley Pipeline. In mid-August 2023, construction of the Mountain Valley Pipeline resumed after resolution of certain legal challenges. In October 2023, the operator of the Mountain Valley Pipeline indicated that it is now targeting an in-service date for the project in the first quarter of 2024 at an overall project cost of approximately $7,200 million excluding allowance for funds used during construction. At September 30, 2023, Con Edison Transmission’s carrying value of its investment in the Mountain Valley Pipeline was $111 million and its cash contributions to the joint venture amounted to $530 million. There is risk that the fair value of Con Edison’s investment in MVP may be further or fully impaired in the future. Assumptions and estimates used to test Con Edison’s investment in MVP for impairment may change if adverse developments impacting the construction of the Mountain Valley Pipeline were to occur which could then result in a material adverse effect on the fair value of Con Edison’s investment in MVP. Reclassification Certain prior period amounts have been reclassified within the Companies' Consolidated Statements of Cash Flows to conform with the current period presentation. Earnings Per Common Share Con Edison presents basic and diluted earnings per share (EPS) on the face of its consolidated income statement. Basic EPS is calculated by dividing earnings available to common shareholders (“Net income for common stock” on Con Edison’s consolidated income statement) by the weighted average number of Con Edison Common Shares ($.10 par value) (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, 2023 and 2022, 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) 2023 2022 2023 2022 Net income for common stock $526 $613 $2,185 $1,470 Weighted average common shares outstanding – basic 345.0 354.6 348.4 354.4 Add: Incremental shares attributable to effect of potentially dilutive securities 1.5 1.3 1.5 1.3 Adjusted weighted average common shares outstanding – diluted 346.5 355.9 349.9 355.7 Net Income per common share – basic $1.53 $1.73 $6.27 $4.15 Net Income per common share – diluted $1.52 $1.72 $6.24 $4.13 Changes in Accumulated Other Comprehensive Income/(Loss) by Component For the three and nine months ended September 30, 2023 and 2022, 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) 2023 2022 2023 2022 Beginning balance, accumulated OCI, net of taxes (a) $25 $10 $3 $1 Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax (a)(b) — 1 — — Current period OCI, net of taxes — 1 — — Ending balance, accumulated OCI, net of taxes (a) $25 $11 $3 $1 (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 Con Edison in 2023, amounts reclassified also include accumulated OCI of the Clean Energy Businesses that were sold on March 1, 2023. See Note S. For the Nine Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2023 2022 2023 2022 Beginning balance, accumulated OCI, net of taxes (a) $22 $5 $4 $— OCI before reclassifications, net of tax of $(1) for Con Edison in 2022 1 4 (1) — Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax of $(1) for Con Edison in 2022 (a)(b) 2 2 — 1 Current period OCI, net of taxes 3 6 (1) 1 Ending balance, accumulated OCI, net of taxes (a) $25 $11 $3 $1 (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 Con Edison in 2023, amounts reclassified also include accumulated OCI of the Clean Energy Businesses that were sold on March 1, 2023. See Note S. 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, 2023 and 2022, cash, temporary cash investments and restricted cash for Con Edison and CECONY were as follows: At September 30, Con Edison CECONY (Millions of Dollars) 2023 2022 2023 2022 Cash and temporary cash investments $539 $78 $20 $25 Restricted cash (a) 6 163 — — Total cash, temporary cash investments and restricted cash $545 $241 $20 $25 (a) Con Edison restricted cas h included cash of the Clean Energy Businesses' renewable electric project subsidiaries ($5 million and $163 million at September 30, 2023 and 2022, respectively) that, under the related project debt agreements, was restricted to being used for normal operating expenditures, debt service, and required reserves until the various maturity dates of the projec t debt. On March 1, 2023, Con Edison completed the sale of substantially all of the assets of the Clean Energy Businesses. See Note S. Con Edison retained one deferred project, Broken Bow II, a 75MW nameplate capacity wind power project located in Nebraska. Con Edison's restricted cash for the 2023 period includes restricted cash of Broken Bow II that continued to be classified as held for sale as of September 30, 2023. See Note T. 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 S, 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. On March 1, 2023, Con Edison completed the sale of substantially all of the assets of the Clean Energy Businesses with the exception of two tax equity interests and one deferred project, Broken Bow II. Broken Bow II continued to be classified as held for sale as of September 30, 2023. See Note S and Note T . 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 did not represent a strategic shift that had a major effect on Con Edison, and as such, did not qualify for treatment as a discontinued operation. For further information, see Note T. |
Regulatory Matters
Regulatory Matters | 9 Months Ended |
Sep. 30, 2023 | |
Regulated Operations [Abstract] | |
Regulatory Matters | Regulatory Matters Rate Plans In April 2023, the New York State Public Service Commission (NYSPSC) approved CECONY’s December 2022 petition seeking cost recovery approval for a proposed clean energy hub in Brooklyn, New York (Brooklyn Clean Energy Hub) at an estimated cost of $810 million, that is in addition to the capital expenditures approved in the CECONY joint proposal discussed below. The Brooklyn Clean Energy Hub has an estimated in-service date of December 2027 and addresses a 2028 reliability need. The Brooklyn Clean Energy Hub provides the flexibility for offshore wind resources to interconnect to it during construction and after it commences operation. In August 2023, CECONY filed a petition with the NYSPSC requesting authorization and cost recovery to construct two new substations in Jamaica, Queens (the Reliable Clean City - Idlewild Project) by May 2028 to meet anticipated reliability needs and to support New York State’s electrification and the Climate Leadership and Community Protection Act (CLCPA) goals. CECONY estimates that construction will cost $1,200 million. CECONY proposed cost recovery through a surcharge or base rates, depending on the in-service date and the timing of future rate filings. CECONY’s petition is subject to approval by the NYSPSC. CECONY - Electric and Gas In July 2023, the NYSPSC approved the February 2023 joint proposal among CECONY, the New York State Department of Public Service (NYSDPS) and other parties for electric and gas rate plans for the three-year period January 1, 2023 through December 31, 2025. The CECONY electric and gas rate plans reflect a 9.25 percent return on common equity and a common equity ratio of 48 percent. The electric rate plan provides for rate increases of $442 million, $518 million and $382 million, effective January 1, 2023, 2024 and 2025, respectively. The gas rate plan provides for rate increases of $217 million, $173 million and $122 million, effective January 1, 2023, 2024 and 2025, respectively. The base rate increases will be implemented with increases of $457 million in each of the three rate years for electric and with increases of $187 million in each of the three rate years for gas in order to levelize the customer bill impact. The CECONY rate plans provide for total capital expenditures over the three-year rate period of $8,513 million and $3,297 million for electric and gas, respectively. Pursuant to the CECONY electric and gas rate plans, new rates were effective as of January 1, 2023 and CECONY reflected the provisions of the February 2023 joint proposal in its financial statements beginning January 1, 2023. The new base rates were implemented on August 1, 2023 and make-whole recovery for January 1, 2023 to July 31, 2023 will be collected via a surcharge through 2024 for electric and through 2025 for gas, including a carrying charge on the outstanding balance. CECONY - Steam In September 2023, CECONY, the NYSDPS and other parties entered into a Joint Proposal for a CECONY steam rate plan for the three-year period November 1, 2023 through October 31, 2026. The Joint Proposal is subject to approval by the NYSPSC. The following table contains a summary of the steam Joint Proposal. CECONY – Steam Effective period November 2023 – October 2026 Base rate changes Yr. 1 – $110 million (a) Yr. 2 – $44 million (a) Yr. 3 – $45 million (a) Capital expenditures Yr. 1 - $106 million Yr. 2 - $107 million Yr. 3 - $105 million Amortizations to income of net regulatory liabilities Yr. 1 – $15 million (b) Yr. 2 – $3 million (b) Yr. 3 – $3 million (b) Weather Normalization Adjustment Implementation of a weather normalization adjustment that adjusts base rates to reflect normal weather conditions during the heating season. Recoverable energy costs Continuation of current rate recovery of purchased power and fuel costs. Negative revenue adjustments Potential charges if certain performance targets relating to service, reliability, safety and other matters are not met: Yr. 1 - $3.7 million Yr. 2 - $3.8 million Yr. 3 - $3.8 million Regulatory reconciliations Reconciliation of uncollectible expenses and late payment charges (c) and expenses for pension and other postretirement benefits, variable-rate debt, property taxes (d), municipal infrastructure support costs (e), the impact of new laws and environmental site investigation and remediation to amounts reflected in rates. (f) Net utility plant reconciliations Yr. 1 - $2,025 million Yr. 2 - $2,029 million Yr. 3 - $2,015 million Average rate base Yr. 1 - $1,799 million Yr. 2 - $1,848 million Yr. 3 - $1,882 million Weighted average cost of capital (after-tax) Yr. 1 - 6.78 percent Yr. 2 - 6.81 percent Yr. 3 - 6.83 percent Authorized return on common equity 9.25 percent Earnings sharing Most earnings above an annual earnings threshold of 9.75 percent are to be applied to reduce regulatory assets for environmental remediation and other costs accumulated in the rate year. Cost of long-term debt Yr. 1 – 4.51 percent Yr. 2 – 4.58 percent Yr. 3 – 4.62 percent Common equity ratio 48 percent (a) The base rate increases will be implemented with increases of $77.8 million in Yr. 1; $77.8 million in Yr. 2; and $77.8 million in Yr. 3 to levelize the customer bill impact. New rates will be effective as of November 1, 2023. CECONY will begin billing customers at the new levelized rate once the Joint Proposal is approved by the NYSPSC. Any shortfall in revenues due to the timing of billing to customers will be collected through a surcharge. (b) Amounts reflect amortization of the tax savings under the federal Tax Cuts and Jobs Act of 2017 (TCJA) for the unprotected portion of the regulatory liability for excess deferred income taxes allocable to CECONY’s steam customers (the entire $24 million in Yr.1), the protected portion of the regulatory liability for excess deferred income taxes allocable to CECONY’s steam customers over the remaining lives of the related assets ($3 million in Yr. 1; $5 million in Yr. 2; and $6 million in Yr. 3) and the non-plant portion of the regulatory asset for deficient deferred income taxes allocable to CECONY’s steam customers (the entire $11 million in Yr.1). (c) CECONY will defer the difference between its actual write-offs of uncollectible expenses and late payment fees (from January 1, 2020 through October 31, 2026) to amounts reflected in rates, with recovery/refund from or to customers via surcharge/sur-credit. Surcharge recoveries for write-offs of uncollectible expenses and late payment fees will each be subject to an annual cap that produces no more than a half percent (0.5 percent) total customer bill impact (estimated to be $2.5 million, $3.0 million, $3.5 million for Yr. 1, Yr. 2 and Yr. 3, respectively). Amounts in excess of the annual surcharge cap in a specific year may be rolled forward for recovery and will count towards the following year’s surcharge cap. Amounts in excess of the surcharge cap will be deferred as a regulatory asset for recovery in CECONY’s next steam base rate case. (d) Deferrals for property taxes are limited to 90 percent of the difference from amounts reflected in rates, subject to an annual maximum for the remaining difference of not more than a maximum number of basis points impact on return on common equity (Yr. 1 – 10.0 basis points; Yr. 2 – 7.5 basis points; and Yr. 3 – 5.0 basis points), with recovery/refund from or to customers via surcharge/sur-credit. Surcharge recoveries will be subject to an annual cap that produces no more than a half percent (0.5 percent) total customer bill impact (estimated to be $2.5 million, $3.0 million, $3.5 million for Yr. 1, Yr. 2 and Yr. 3, respectively). Amounts in excess of the annual surcharge cap in a specific year may be rolled forward for recovery and will count towards the following year’s surcharge cap. Amounts in excess of the surcharge cap will be deferred as a regulatory asset for recovery in CECONY’s next steam base rate case. (e) In general, if actual expenses for municipal infrastructure support (other than company labor) are below the amounts reflected in rates, CECONY will defer the difference for credit to customers, and if the actual expenses are above the amount reflected in rates, CECONY will defer for recovery from customers 80 percent of the difference subject to a maximum deferral, subject to certain conditions, of 30 percent of the amount reflected in the rate plan. (f) In addition, the NYSDPS continues its focused operations audit to investigate CECONY's income tax accounting. The audit is investigating CECONY’s inadvertent understatement of a portion, the amount of which may be material, of its calculation of total federal income tax expense for ratemaking purposes. The understatement was related to the tax accounting treatment of its plant retirement-related cost of removal. As a result of such understatement, CECONY accumulated significant income tax regulatory assets that were not reflected in CECONY’s steam rate plans prior to November 1, 2023. A prospective correction is set forth for steam rates in the joint proposal. Pursuant to the Joint Proposal, CECONY may file petitions for approval of future decarbonization projects and may defer/capitalize up to $3 million in total incremental operation and maintenance and/or capital costs for preliminary work on future decarbonization projects until there is a NYSPSC order on cost recovery. Rockland Electric Company (RECO) In October 2023, FERC approved a July 2023 settlement agreement among RECO, the New Jersey Division of Rate Counsel and the NJBPU that resolves all issues set for hearing and increases RECO's annual transmission revenue requirement from $16.9 million to $18.2 million, effective August 30, 2022 through December 31, 2023 and to $20.7 million, effective January 1, 2024. In May 2023, RECO filed a petition with the NJBPU requesting permission to defer costs of $5.1 million related to major storms during 2022 and 2023 until RECO’s next base rate case. 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. New York Regulation In March 2020, a former New York State governor declared a State Disaster Emergency for the State of New York 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 New York enacted a law prohibiting New York 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, that ended in June 2021. However, 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. CECONY 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, CECONY also established a recovery mechanism 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 CECONY 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 and that, pursuant to the June 2022 NYSPSC Phase 1 Order (as discussed below), was used to fund a portion of the COVID-19 arrears assistance program for low-income customers. The November 2021 order also established a surcharge or sur-credit 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. The current CECONY electric and gas rate plans include the impact of the 2022 late payment charges and fee deferrals in the proposed revenue requirements, superseding the provisions in the November 2021 order. CECONY’s and O&R’s rate plans that were in effect through 2022 and 2021, respectively, allowed 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. CECONY's and O&R’s current rate plans have deferral provisions related to uncollectible expenses. CECONY’s 2023 - 2025 rate plans include reconciliation of late payment charges (from January 1, 2023 through December 31, 2025) and write-offs of customer accounts receivable balances (from January 1, 2020 through December 31, 2025) to amounts reflected in rates, with recovery/refund from or to customers via surcharge/sur-credit. Surcharge recoveries for late payment charges and write-offs of accounts receivable balances will, collectively, be subject to separate annual caps for electric and gas that produce no more than a half percent (0.5 percent) total customer bill impact per commodity (estimated for electric to be $57.3 million, $60.3 million, $62.6 million for 2023, 2024 and 2025, respectively, and for gas to be $14.8 million, $15.9 million and $16.8 million for 2023, 2024 and 2025, respectively). Amounts in excess of the surcharge caps will be deferred as a regulatory asset for recovery in CECONY’s next base rate cases. O&R’s 2022 – 2024 rate plans include reconciliation of late payment charges to amounts reflected in rates for years 2022 through 2024, with full recovery/refund via surcharge/sur-credit once the annual variance equals or exceeds 5 basis points of return on equity and reconciliation of write-offs of customer accounts receivable balances to amounts reflected in rates from January 1, 2020 through December 31, 2024, with full recovery/refund via surcharge/sur-credit once the annual variance equals or exceeds 5 basis points of return on equity. The total reserve increases to the allowance for uncollectible accounts from January 1, 2020 through September 30, 2023 reflecting the impact of the COVID-19 pandemic for CECONY electric and gas operations and O&R electric and gas operations were $205 million and $2 million, respectively. CECONY's and O&R's rate plans also provide for an allowance for write-offs of customer accounts receivable balances. The amounts by which actual write-offs of customer accounts receivable balances exceeded the allowances reflected in rates were deferred pursuant to CECONY's and O&R's New York rate plans. Such differences were $55 million and $2 million for CECONY and O&R, respectively, from March 1, 2020 through September 30, 2023. 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, New York passed a law that created a program that allows eligible residential renters in New York 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 New York 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, New York approved the 2022-2023 state budget, that 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 (Phase 1 Order). Pursuant to the Phase 1 Order, CECONY and O&R agreed not to seek recovery of incremental financing costs incurred associated with low-income customers' arrears from March 2020 through March 2022 of $11 million, most of which is attributable to CECONY, in addition to the $7 million reserve established by CECONY for the year ended December 31, 2021, pursuant to the November 2021 order, described above. For the year ended December 31, 2022, CECONY and O&R issued total credits of $359.9 million and $6.1 million, respectively, towards reducing customers’ accounts receivable balances. For the year ended December 31, 2022, the total credits for CECONY were comprised of: $164.5 million pursuant to the New York funding; $108.4 million pursuant to the Phase 1 Order, that will be recovered over a four-year period via a surcharge mechanism that began September 1, 2022; the $7 million reserve for CECONY described above; and $80.0 million in qualified tax credits and payments pursuant to the OTDA Program described above. For the year ended December 31, 2022, the total credits for O&R were comprised of: $1.6 million pursuant to the New York funding; $3.2 million pursuant to the Phase 1 Order, that will be recovered over a one-year period via a surcharge mechanism that began September 1, 2022; and $1.3 million in qualified tax credits and payments pursuant to the OTDA Program described above. In January 2023, the NYSPSC issued an order implementing a COVID-19 arrears assistance program that provides credits towards reducing the arrears balances of residential and small commercial electric and gas customers of CECONY and O&R (Phase 2 Order). The Phase 2 Order authorizes a surcharge mechanism for recovery of the eligible credit amounts over a ten-year period commencing after credits are issued for CECONY and over a one-year period commencing after credits are issued for O&R. Pursuant to the Phase 2 Order, CECONY and O&R agreed not to seek recovery of incremental financing costs incurred associated with arrears from March 2020 through December 2022 estimated to be $46 million, most of which is attributable to CECONY. For the three months ended September 30, 2023, CECONY and O&R issued total net credits of $4.9 million and $0.2 million, respectively, towards reducing customers' account receivable balances. Total net credits were comprised of qualified tax credits and payments pursuant to the OTDA Program. For the nine months ended September 30, 2023, CECONY and O&R issued total net credits of $348.4 million and $2.8 million, respectively, towards reducing customers' account receivable balances. For the nine months ended September 30, 2023, the total credits for CECONY were comprised of: $13.2 million pursuant to the Phase 1 Order, $327.6 million pursuant to the Phase 2 Order, and $7.6 million in qualified tax credits and payments pursuant to the OTDA Program. For the nine months ended September 30, 2023, the total credits for O&R were comprised of: $0.1 million pursuant to the Phase 1 Order, $2.1 million pursuant to the Phase 2 Order, and $0.6 million in qualified tax credits and payments pursuant to the OTDA Program. The Utilities’ rate plans have revenue decoupling mechanisms in their New York 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 New York electric and gas rate plans (January through December). Differences are accrued with interest each month for CECONY's and O&R's New York electric customers and after the annual deferral period ends for CECONY's and O&R's New York 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 New York electric and gas customers. New Jersey Regulation In March 2020, New Jersey Governor Murphy declared a Public Health Emergency and State of Emergency for the State of New Jersey. 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 New Jersey 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. Through a series of orders, the NJBPU extended such deferrals through March 15, 2023. Pursuant to a June 2023 order from the NJBPU, RECO will defer its COVID-19 regulatory asset of $0.3 million and seek recovery in its next base rate case. 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. As of June 1, 2022, CECONY substantially completed its required inspections and continues to make progress on completing such required inspections. CECONY is unable to estimate the amount or range of its possible loss, if any, related to this matter. At September 30, 2023, CECONY had not accrued a liability related to this matter. Other Regulatory Matters In October 2023, CECONY and O&R replaced their separate existing customer billing and information systems with a single new customer billing and information system. In April 2023, CECONY filed a petition with the NYSPSC for permission to capitalize incremental costs (estimated at $75 million) for the new system above a $421 million limit on capital expenditures included in CECONY’s 2020 – 2022 electric and gas rate plans, subject to NYSPSC review. At September 30, 2023, CECONY's incurred costs for the new system were $452.9 million. O&R's 2022 - 2024 electric and gas rate plans do not include a limit on capitalization of new system costs. 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 w as 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 a prospective correction is set forth for steam rates in CECONY's September 2023 joint proposal. 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 regulato ry asset and must be corrected through an increase in future years’ revenue requirements. The regulatory asset ($1,116 million and $19 million for CECONY and O&R, respectively, as of September 30, 2023) and ($1,150 million and $22 million for CECONY and O&R, respectively, as of December 31, 2022 and which is not earning a return) 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, 2023, the Utilities had not accrued a liability related to this matter. Regulatory Assets and Liabilities Regulatory assets and liabilities at September 30, 2023 and December 31, 2022 were comprised of the following items: Con Edison CECONY (Millions of Dollars) 2023 2022 2023 2022 Regulatory assets Unrecognized pension and other postretirement costs $125 $78 $125 $78 Environmental remediation costs 983 991 899 906 Revenue taxes 468 436 448 417 Deferred storm costs 221 270 129 173 Municipal infrastructure support costs 20 29 20 29 Brooklyn Queens Demand Management (BQDM) program 31 33 31 33 Meadowlands heater odorization project 24 27 24 27 Recoverable Demonstration project costs 18 17 18 16 Gate station upgrade project 14 14 14 14 System peak reduction and energy efficiency programs 868 783 860 780 Unamortized loss on reacquired debt 9 11 8 10 Deferred derivative losses - long term 99 31 89 26 Property tax reconciliation 195 121 195 121 Legacy meters 17 20 — — Gas service line deferred costs 49 99 49 99 COVID - 19 customer arrears relief programs 418 104 415 101 Pension and other postretirement benefits deferrals 56 279 41 240 Preferred stock redemption 18 19 18 19 MTA power reliability deferral 69 92 69 92 Non-wire alternative projects 20 22 20 22 COVID - 19 pandemic deferrals 333 292 329 288 Electric vehicle make ready 59 33 55 30 Other 220 173 201 148 Regulatory assets – noncurrent 4,334 3,974 4,057 3,669 Deferred derivative losses - short term 137 184 132 178 Recoverable energy costs 43 121 31 108 Regulatory assets – current 180 305 163 286 Total Regulatory Assets $4,514 $4,279 $4,220 $3,955 Regulatory liabilities Future income tax* 1,583 1,753 1,450 1,616 Allowance for cost of removal less salvage 1,368 1,315 1,181 1,137 Net unbilled revenue deferrals 214 204 214 204 Energy efficiency portfolio standard unencumbered funds 5 5 7 7 Settlement of prudence proceeding 8 10 8 10 Earnings sharing - electric, gas and steam 13 13 10 10 System benefit charge carrying charge 87 73 83 69 BQDM and Demonstration project reconciliations 15 23 15 21 Pension and other postretirement benefit deferrals 194 144 146 98 Property tax refunds 35 35 35 35 COVID - 19 pandemic uncollectible reconciliation deferral 1 12 1 12 Late payment charge deferral 160 127 155 123 Unrecognized pension and other postretirement costs 1,276 1,638 1,197 1,536 Net proceeds from sale of property 54 69 52 69 Sales and use tax refunds 29 37 27 36 Workers’ compensation 15 11 15 11 Deferred derivative gains - long term 17 145 17 130 Other 327 413 277 357 Regulatory liabilities – noncurrent 5,401 6,027 4,890 5,481 Refundable energy costs 99 34 70 — Revenue decoupling mechanism — 29 — 21 Deferred derivative gains - short term 90 311 83 287 Regulatory liabilities – current 189 374 153 308 Total Regulatory Liabilities $5,590 $6,401 $5,043 $5,789 * See "Other Regulatory Matters," above. 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, 2023 and 2022 was 5.20 percent and 1.75 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 ($2,406 million and $2,304 million for Con Edison, and $2,233 million and $2,097 million for CECONY at September 30, 2023 and December 31, 2022, respectively). Regulatory assets of RECO for which a cash outflow has been made ($19 million and $21 million at September 30, 2023 and December 31, 2022, 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, 2023 and December 31, 2022, 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) 2023 2022 2023 2022 Unrecognized pension and other postretirement costs $125 $78 $125 $78 Environmental remediation costs 983 987 899 903 Revenue taxes 494 414 474 397 COVID-19 Deferral for Uncollectible Accounts Receivable 207 253 205 249 Deferred derivative losses - current 137 184 133 178 Deferred derivative losses - long term 99 31 89 26 Other 63 28 62 27 Total $2,108 $1,975 $1,987 $1,858 *This table presents regulatory assets not earning a return for which no cash outlay has been made. 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 boo |
Capitalization
Capitalization | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Capitalization | Capitalization In February 2023, CECONY issued $500 million aggregate principal amount of 5.20 percent debentures, due 2033. In March 2023, Con Edison entered into accelerated share repurchase agreements (ASR Contracts) with two dealers to repurchase $1,000 million in aggregate of Con Edison’s Common Shares ($.10 par value) (Common Shares). Pursuant to the ASR Contracts, Con Edison made payments of $1,000 million in aggregate to the dealers and received initial deliveries of 8,730,766 Common Shares in aggregate that were recorded in treasury stock at fair value based on the closing price on March 6, 2023 of $91.63 per Common Share or $800 million. The remaining $200 million was recorded as additional paid-in-capital, representing the value of the forward contract to purchase additional shares. The final settlements of the transactions under the ASR Contracts occurred during the second quarter of 2023. At final settlement, the dealers delivered an additional 1,812,497 Common Shares in aggregate to Con Edison. The number of Common Shares received from the dealers was based on the volume-weighted average share price of Common Shares during the term of the applicable transaction, less a discount. Upon receipt of the additional Common Shares, Con Edison transferred $169 million from additional paid-in-capital to treasury stock, reflecting the fair value of the Common Shares delivered to Con Edison. In October 2023, O&R agreed to issue in December 2023 $50 million aggregate principal amount of 6.59 percent debentures, due 2053. The carrying amounts and fair values of long-term debt at September 30, 2023 and December 31, 2022 were: (Millions of Dollars) 2023 2022 Long-Term Debt (including current portion) (a) Carrying Fair Carrying Fair Con Edison $21,300 (c) $17,726 (c) $20,796 (b) $18,234 (b) CECONY $19,583 $16,213 $19,080 $16,699 (a) Amounts shown are net of unamortized debt expense and unamortized debt discount of $200 million and $192 million for Con Edison and CECONY, respectively, as of September 30, 2023 and $202 million and $195 million for Con Edison and CECONY, respectively, as of December 31, 2022. (b) Amounts shown exclude the debt of the Clean Energy Businesses, that were classified as held for sale as of December 31, 2022. The carrying value and fair value of t he Clean Energy Businesses’ long-term debt, including the current portion, as of December 31, 2022 was $2,645 million and $2,489 million, respectively. On March 1, 2023, Con Edison completed the sale of substantially all of the assets of the Clean Energy Businesses. See Note S and Note T. (c) Amounts shown exclude an immaterial amount of debt of Broken Bow II, a deferred project, that was classified as held for sale as of December 31, 2022 and September 30, 2023. See Note S and Note T. |
Short-Term Borrowing
Short-Term Borrowing | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowing | Short-Term Borrowing In March 2023, Con Edison and the Utilities entered into a $2,500 million credit agreement (the Credit Agreement), that replaced the December 2016 credit agreement, under which banks are committed to provide loans and letters of credit on a revolving credit basis. The Credit Agreement expires in March 2028, unless extended for up to two additional one–year terms. There is a maximum of $2,500 million of credit available to CECONY and $800 million (subject to increase up to $1,000 million) available to Con Edison, including up to $900 million of letters of credit. The Credit Agreement supports the Companies’ commercial paper programs. Loans and letters of credit issued under the Credit Agreement may also be used for other general corporate purposes. Any borrowings under the Credit Agreement would generally be at variable interest rates. In March 2023, Con Edison repaid $200 million and $400 million that it borrowed in January 2023 and June 2022, respectively, under a 364-Day Senior Unsecured Term Loan Credit Agreement that Con Edison entered into in June 2022 that was amended in November 2022. In March 2023, CECONY entered into a 364-Day Revolving Credit Agreement (the CECONY Credit Agreement) that replaced the CECONY 2022 364-Day Credit Agreement, under which banks are committed to provide loans up to $500 million on a revolving credit basis. The CECONY Credit Agreement expires in March 2024 and supports CECONY’s commercial paper program. Loans and letters of credit issued under the CECONY Credit Agreement may also be used for other general corporate purposes. Any borrowings under the CECONY Credit Agreement would generally be at variable interest rates. At September 30, 2023, Con Edison had $1,880 million of commercial paper outstanding of which $1,798 million was outstanding under CECONY’s program. The weighted average interest rate at September 30, 2023 was 5.5 percent for both Con Edison and CECONY. At December 31, 2022, Con Edison had $2,640 million of commercial paper outstanding of which $2,300 million was outstanding under CECONY’s program. The weighted average interest rate at December 31, 2022 was 4.8 percent for both Con Edison and CECONY. At September 30, 2023 and December 31, 2022, no loans were outstanding under the Companies' Credit Agreement and December 2016 credit agreement, respectively, and no loans were outstanding under the CECONY Credit Agreement and the CECONY 2022 364-Day Credit Agreement, respectively. An immaterial amount of letters of credit were outstanding under the Credit Agreement and the December 2016 credit agreement as of September 30, 2023 and December 31, 2022, respectively. The banks’ commitments under the Credit Agreement and the CECONY Credit Agreement are subject to certain conditions, including that there be no event of default. The commitments are not subject to maintenance of credit rating levels or the absence of a material adverse change. Upon a change of control of, or upon an event of default by one of the Companies under the Credit Agreement or by CECONY under the CECONY Credit Agreement, the banks may terminate their commitments with respect to that company, declare any amounts owed by that company under the Credit Agreement or the CECONY Credit Agreement, respectively, immediately due and payable and for the Credit Agreement, require that company to provide cash collateral relating to the letters of credit issued for it under the Credit Agreement. Events of default for a company include that company exceeding at any time of a ratio of consolidated debt to consolidated total capital of 0.65 to 1; that company having liens on its assets in an aggregate amount exceeding 10 percent of its consolidated net tangible assets, subject to certain exceptions; that company or any of its material subsidiaries failing to make one or more payments in respect of material financial obligations (in excess of an aggregate $150 million of debt or derivative obligations other than non-recourse debt) of that company; the |
Pension Benefits
Pension Benefits | 9 Months Ended |
Sep. 30, 2023 | |
Retirement Benefits [Abstract] | |
Pension Benefits | Pension Benefits Total Periodic Benefit Cost The components of the Companies’ total periodic benefit cost/(credit) for the three and nine months ended September 30, 2023 and 2022 were as follows: For the Three Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2023 2022 2023 2022 Service cost – including administrative expenses $40 $72 $38 $67 Interest cost on projected benefit obligation 162 126 153 119 Expected return on plan assets (279) (292) (265) (277) Recognition of net actuarial loss/(gain) (58) 94 (55) 89 Recognition of prior service credit (4) (4) (5) (5) TOTAL PERIODIC BENEFIT CREDIT $(139) $(4) $(134) $(7) Cost capitalized (19) (32) (18) (30) Reconciliation to rate level 72 63 66 59 Total expense (credit) recognized $(86) $27 $(86) $22 For the Nine Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2023 2022 2023 2022 Service cost – including administrative expenses $122 $215 $113 $202 Interest cost on projected benefit obligation 486 379 458 357 Expected return on plan assets (837) (876) (795) (832) Recognition of net actuarial loss/(gain) (174) 283 (164) 268 Recognition of prior service credit (12) (12) (15) (15) TOTAL PERIODIC BENEFIT CREDIT $(415) $(11) $(403) $(20) Cost capitalized (61) (100) (58) (95) Reconciliation to rate level 218 192 202 182 Total expense (credit) recognized $(258) $81 $(259) $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. Expected Contributions Based on estimates as of September 30, 2023, the Companies expect to make contributions to the pension plans during 2023 of $22 million (of which $19 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. No funding is anticipated for the qualified plan during 2023, and during the first nine months of 2023, the Companies contributed $15 million to the non-qualified supplemental pension plans, $13 million of which was contributed by CECONY. CECONY also contributed $10 million to the external trust for its non-qualified supplemental plan. |
Other Postretirement Benefits
Other Postretirement Benefits | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023 and 2022 were as follows: For the Three Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2023 2022 2023 2022 Service cost - including administrative expenses $4 $5 $3 $4 Interest cost on projected other postretirement benefit obligation 14 8 12 8 Expected return on plan assets (18) (18) (14) (14) Recognition of net actuarial gain (4) (4) (2) (3) Recognition of prior service credit — — — — TOTAL PERIODIC OTHER POSTRETIREMENT CREDIT $(4) $(9) $(1) $(5) Cost capitalized (2) (2) (2) (2) Reconciliation to rate level 1 7 — 6 Total credit recognized $(5) $(4) $(3) $(1) For the Nine Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2023 2022 2023 2022 Service cost - including administrative expenses $11 $14 $9 $11 Interest cost on projected other postretirement benefit obligation 43 26 37 23 Expected return on plan assets (53) (54) (42) (43) Recognition of net actuarial gain (12) (11) (6) (7) Recognition of prior service credit (1) (1) — — TOTAL PERIODIC OTHER POSTRETIREMENT CREDIT $(12) $(26) $(2) $(16) Cost capitalized (5) (6) (4) (5) Reconciliation to rate level 2 22 (2) 18 Total credit recognized $(15) $(10) $(8) $(3) For information about the presentation of the components of other postretirement benefit costs, see Note E. Contributions |
Environmental Matters
Environmental Matters | 9 Months Ended |
Sep. 30, 2023 | |
Environmental Remediation Obligations [Abstract] | |
Environmental Matters | Environmental Matters Superfund Sites Hazardous substances, such as asbestos, polychlorinated biphenyls 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, 2023 and December 31, 2022 were as follows: Con Edison CECONY (Millions of Dollars) 2023 2022 2023 2022 Accrued Liabilities: Manufactured gas plant sites $874 $876 $780 $782 Other Superfund Sites 122 121 121 121 Total $996 $997 $901 $903 Regulatory assets $983 $991 $899 $906 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, 2023 and 2022 were as follows: For the Three Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2023 2022 2023 2022 Remediation costs incurred $1 $3 $1 $3 For the Nine Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2023 2022 2023 2022 Remediation costs incurred $8 $17 $8 $16 Insurance and other third-party recoveries received by Con Edison or CECONY were immaterial for the three and nine months ended September 30, 2023 and 2022. In 2022, 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 $3,140 million and $2,990 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, that 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, 2023, 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, 2023 and December 31, 2022 were as follows: Con Edison CECONY (Millions of Dollars) 2023 2022 2023 2022 Accrued liability – asbestos suits $8 $8 $7 $7 Regulatory assets – asbestos suits $8 $8 $7 $7 Accrued liability – workers’ compensation $57 $61 $55 $59 Regulatory liabilities – workers’ compensation $12 $11 $15 $11 |
Material Contingencies
Material Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Material Contingencies | 10 years Total (Millions of Dollars) Con Edison Transmission $78 $— $— $78 Guarantees on behalf of the Clean Energy Businesses (a) 100 — 31 131 Broken Bow II — — 9 9 Total $178 $— $40 $218 (a ) On March 1, 2023, Con Edison completed the sale of substantially all of the assets of the Clean Energy Businesses. See Note S and Note T. Guarantee amount shown represents guarantees issued on behalf of the Clean Energy Businesses that r emain outstanding at September 30, 2023. Prior to and following the sale, RWE, with Con Edison's assistance, engaged in the process of transferring responsibility for these guarantees from Con Edison to RWE and that process is ongoing. Pursuant to the purchase and sale agreement, RWE is obligated to reimburse and hold harmless Con Edison for any payments Con Edison makes under guarantees issued by Con Edison on behalf of the Clean Energy Businesses. As of September 30, 2023, no such payments have been, or are probable of being, made. Con Edison Transmission — Con Edison has guaranteed payment by Con Edison Transmission of the contributions Con Edison Transmission agreed to make to New York Transco LLC (New York Transco). Con Edison Transmission owns a 45.7 percent interest in New York Transco’s New York Energy Solution project, the majority of " id="sjs-B4" xml:space="preserve">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 CECONY, 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 CECONY 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, that caused it to sag and overstressed the defective fusion joint. The NTSB also made safety recommendations, including recommendations to CECONY 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 CECONY related to the NYSPSC's investigations of the incident and the practices of qualifying persons to perform plastic fusions. Pursuant to the agreement, CECONY provided $27 million of future benefits to customers (for which it accrued a regulatory liability) and did not recover from customers $126 million of costs for gas emergency response activities that it had previously incurred and expensed. Lawsuits are pending against CECONY seeking generally unspecified damages and, in some cases, punitive damages, for wrongful death, personal injury, property damage and business interruption. CECONY notified its insurers of the incident and believes that the policies in force at the time of the incident will cover CECONY’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, CECONY accrued its estimated liability for the suits of $40 million and an insurance receivable in the same amount, and such estimated liability and receivable did not change as of September 30, 2023. 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 has entered into various agreements providing financial or performance assurance to third parties on behalf of its subsidiaries. In addition, Con Edison has provided guarantees to third parties on behalf of its former subsidiar y, the Clean Energy Businesses, that are in the process of being transferred to the buyer of the Clean Energy Businesses, RWE Aktiengesellschaft (RWE). Maximum amounts guaranteed by Con Edison totaled $218 million a nd $2,412 million at September 30, 2023 and December 31, 2022, respectively. A summary, by type and term, of Con Edison's total guarantees under these agreements at September 30, 2023 is as follows: Guarantee Type 0 – 3 years 4 – 10 years > 10 years Total (Millions of Dollars) Con Edison Transmission $78 $— $— $78 Guarantees on behalf of the Clean Energy Businesses (a) 100 — 31 131 Broken Bow II — — 9 9 Total $178 $— $40 $218 (a ) On March 1, 2023, Con Edison completed the sale of substantially all of the assets of the Clean Energy Businesses. See Note S and Note T. Guarantee amount shown represents guarantees issued on behalf of the Clean Energy Businesses that r emain outstanding at September 30, 2023. Prior to and following the sale, RWE, with Con Edison's assistance, engaged in the process of transferring responsibility for these guarantees from Con Edison to RWE and that process is ongoing. Pursuant to the purchase and sale agreement, RWE is obligated to reimburse and hold harmless Con Edison for any payments Con Edison makes under guarantees issued by Con Edison on behalf of the Clean Energy Businesses. As of September 30, 2023, no such payments have been, or are probable of being, made. Con Edison Transmission — Con Edison has guaranteed payment by Con Edison Transmission of the contributions Con Edison Transmission agreed to make to New York Transco LLC (New York Transco). Con Edison Transmission owns a 45.7 percent interest in New York Transco’s New York Energy Solution project, the majority of |
Leases
Leases | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023 and 2022 were as follows: For the Three Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2023 2022 2023 2022 Operating lease cost $17 $22 $17 $17 Operating lease cash flows $6 $11 $6 $5 For the Nine Months Ended September 30, Con Edison (a) CECONY (Millions of Dollars) 2023 2022 2023 2022 Operating lease cost $53 $66 $49 $50 Operating lease cash flows $17 $28 $14 $13 (a) Amounts for Con Edison include amounts for the Clean Energy Businesses through February 2023. On March 1, 2023, Con Edison completed the sale of substantially all of the assets of the Clean Energy Businesses. See Note S and Note T. As of September 30, 2023 and December 31, 2022, 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 $2 million and $1 million as of September 30, 2023, respectively, and $5 million and $2 million as of December 31, 2022, respectively. For the three and nine months ended September 30, 2023 and 2022, 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 $9 million for the three months ended September 30, 2023 and $11 million for the nine months ended September 30, 2023. 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. Other information related to leases for Con Edison and CECONY at September 30, 2023 and December 31, 2022 were as follows: Con Edison CECONY 2023 2022 2023 2022 Weighted Average Remaining Lease Term: Operating leases (a)(b) 11.6 years 12.3 years 11.6 years 12.4 years Finance leases 6.5 years 7.2 years 2.9 years 2.3 years Weighted Average Discount Rate: Operating leases (a)(b) 3.7% 3.7% 3.7% 3.7% Finance leases 3.0% 1.9% 3.0% 1.0% (a) Amounts for Con Edison exclude operating leases of the Clean Energy Businesses, inclusive of Broken Bow II, that were classified as held for sale as of December 31, 2022. Including the operating leases of the Clean Energy Businesses would result in a weighted average remaining lease term of 18.3 years and a weighted average discount rate of 4.4 percent as of December 31, 2022. On March 1, 2023, Con Edison completed the sale of substantially all of the assets of the Clean Energy Businesses. See Note S and Note T. (b) Amounts for Con Edison in 2023 exclude the operating lease of Broken Bow II, that was classified as held for sale as of September 30, 2023. Including the operating lease of Broken Bow II would result in a weighted average remaining lease term of 11.7 years and a weighted average discount rate of 3.8% as of September 30, 2023. See Note T. Future minimum lease payments under non-cancellable leases at September 30, 2023 were as follo ws: (Millions of Dollars) Con Edison CECONY Year Ending September 30, (b) Operating Leases Finance Leases Operating Leases Finance Leases 2024 $65 $1 $65 $1 2025 66 — 65 — 2026 65 — 65 — 2027 65 — 65 — 2028 60 — 60 — All years thereafter 419 1 419 — Total future minimum lease payments $740 $2 $739 $1 Less: imputed interest (149) — (149) — Total $591 $2 $590 $1 Reported as of September 30, 2023 Operating lease liabilities (current) (a) $114 $— $114 $— Operating lease liabilities (noncurrent) (a) 477 — 476 — Other noncurrent liabilities — 2 — 1 Total $591 $2 $590 $1 (a) Amounts exclude operating lease liabilities of Broken Bow II ($7 million) that are classified as current liabilities held for sale on Con Edison's consolidated balance sheet as of September 30, 2023. See Note T. (b) Amounts exclude future minimum operating lease payments of Broken Bow II, of $3 million in total for years ended September 30, 2024 through 2028, and $10 million for all years thereafter, and imputed interest of $6 million. |
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, 2023 and 2022 were as follows: For the Three Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2023 2022 2023 2022 Operating lease cost $17 $22 $17 $17 Operating lease cash flows $6 $11 $6 $5 For the Nine Months Ended September 30, Con Edison (a) CECONY (Millions of Dollars) 2023 2022 2023 2022 Operating lease cost $53 $66 $49 $50 Operating lease cash flows $17 $28 $14 $13 (a) Amounts for Con Edison include amounts for the Clean Energy Businesses through February 2023. On March 1, 2023, Con Edison completed the sale of substantially all of the assets of the Clean Energy Businesses. See Note S and Note T. As of September 30, 2023 and December 31, 2022, 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 $2 million and $1 million as of September 30, 2023, respectively, and $5 million and $2 million as of December 31, 2022, respectively. For the three and nine months ended September 30, 2023 and 2022, 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 $9 million for the three months ended September 30, 2023 and $11 million for the nine months ended September 30, 2023. 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. Other information related to leases for Con Edison and CECONY at September 30, 2023 and December 31, 2022 were as follows: Con Edison CECONY 2023 2022 2023 2022 Weighted Average Remaining Lease Term: Operating leases (a)(b) 11.6 years 12.3 years 11.6 years 12.4 years Finance leases 6.5 years 7.2 years 2.9 years 2.3 years Weighted Average Discount Rate: Operating leases (a)(b) 3.7% 3.7% 3.7% 3.7% Finance leases 3.0% 1.9% 3.0% 1.0% (a) Amounts for Con Edison exclude operating leases of the Clean Energy Businesses, inclusive of Broken Bow II, that were classified as held for sale as of December 31, 2022. Including the operating leases of the Clean Energy Businesses would result in a weighted average remaining lease term of 18.3 years and a weighted average discount rate of 4.4 percent as of December 31, 2022. On March 1, 2023, Con Edison completed the sale of substantially all of the assets of the Clean Energy Businesses. See Note S and Note T. (b) Amounts for Con Edison in 2023 exclude the operating lease of Broken Bow II, that was classified as held for sale as of September 30, 2023. Including the operating lease of Broken Bow II would result in a weighted average remaining lease term of 11.7 years and a weighted average discount rate of 3.8% as of September 30, 2023. See Note T. Future minimum lease payments under non-cancellable leases at September 30, 2023 were as follo ws: (Millions of Dollars) Con Edison CECONY Year Ending September 30, (b) Operating Leases Finance Leases Operating Leases Finance Leases 2024 $65 $1 $65 $1 2025 66 — 65 — 2026 65 — 65 — 2027 65 — 65 — 2028 60 — 60 — All years thereafter 419 1 419 — Total future minimum lease payments $740 $2 $739 $1 Less: imputed interest (149) — (149) — Total $591 $2 $590 $1 Reported as of September 30, 2023 Operating lease liabilities (current) (a) $114 $— $114 $— Operating lease liabilities (noncurrent) (a) 477 — 476 — Other noncurrent liabilities — 2 — 1 Total $591 $2 $590 $1 (a) Amounts exclude operating lease liabilities of Broken Bow II ($7 million) that are classified as current liabilities held for sale on Con Edison's consolidated balance sheet as of September 30, 2023. See Note T. (b) Amounts exclude future minimum operating lease payments of Broken Bow II, of $3 million in total for years ended September 30, 2024 through 2028, and $10 million for all years thereafter, and imputed interest of $6 million. |
Income Tax
Income Tax | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Tax | Income Tax Con Edison’s income tax expense was $144 million for the three months ended September 30, 2023 and $160 million for the three months ended September 30, 2022. The decrease in income tax expense is primarily due to lower income before income tax expense and higher flow-through of COVID-19 assistance benefits for uncollectible accounts, offset in part by changes in state apportionments resulting in higher state income taxes and lower renewable energy tax credits. CECONY’s income tax expense was $109 million for the three months ended September 30, 2023 and $124 million for the three months ended September 30, 2022. The decrease in income tax expense is primarily due to higher flow-through of COVID-19 assistance benefits for uncollectible accounts and a favorable tax adjustment from a prior year tax return primarily due to an increase in the general business tax credits, offset in part by higher income before income tax expense and higher 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, 2023 and 2022 is as follows: For the Three Months Ended September 30, Con Edison CECONY (% of Pre-tax income) 2023 2022 2023 2022 STATUTORY TAX RATE Federal 21 % 21 % 21 % 21 % Changes in computed taxes resulting from: State income tax, net of federal income tax benefit 8 6 5 5 Amortization of excess deferred federal income taxes (6) (6) (7) (7) Cost of removal 1 1 1 1 Renewable energy credits — (1) — — Allowance for uncollectible accounts, net of COVID-19 assistance (2) — (2) 1 Impacts from the sale of the Clean Energy Businesses: State taxes on sale of subsidiary, net of federal income tax benefit 1 — — — Other (2) — (1) (1) Effective tax rate 21 % 21 % 17 % 20 % Con Edison’s income tax expense was $416 million for the nine months ended September 30, 2023 and $330 million for the nine months ended September 30, 2022. The increase in income tax expense is primarily due to higher income before income tax expense due to the gain on the sale of the Clean Energy Businesses ($214 million), lower renewable energy tax credits ($13 million), offset in part by higher flow-through of COVID-19 assistance benefits for uncollectible accounts ($19 million), tax benefits from the recognition of deferred unamortized investment tax credits ($105 million), and changes in state apportionments, net of federal income taxes ($27 million). CECONY’s income tax expense was $297 million for the nine months ended September 30, 2023 and $232 million for the nine months ended September 30, 2022. The increase in income tax expense is primarily due to higher income before income tax expense, lower flow-through tax benefits in 2023 for plant-related items, lower research and development credits from prior years, a remeasurement of state deferred tax assets and liabilities as a result of the enacted New York State legislation and a decrease in the amortization of excess deferred federal income taxes due to the TCJA, offset in part by lower allowance for uncollectible accounts and higher flow-through of COVID-19 assistance benefits for uncollectible accounts. 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, 2023 and 2022 is as follows: For the Nine Months Ended September 30, Con Edison CECONY (% of Pre-tax income) 2023 2022 2023 2022 STATUTORY TAX RATE Federal 21 % 21 % 21 % 21 % Changes in computed taxes resulting from: State income tax, net of federal income tax benefit 5 6 5 5 Taxes attributable to non-controlling interest — 1 — — Cost of removal 1 1 2 2 Other plant-related items — — (1) (1) Renewable energy credits (1) (2) — — Amortization of excess deferred federal income taxes (5) (8) (8) (10) Impacts from the sale of the Clean Energy Businesses: Changes in state apportionments, net of federal income taxes (1) — — — Deferred unamortized investment tax credit recognized on sale of subsidiary (4) — — — Other — — — — Effective tax rate 16 % 19 % 19 % 17 % On March 1, 2023, Con Edison completed the sale of the Clean Energy Businesses, which was accounted for as a stock sale for GAAP purposes and a deemed sale of assets and liquidation for tax purposes. Con Edison's pre-tax gain on the sale of the Clean Energy Businesses was $866 million ($784 million, net of tax) for the nine months ended September 30, 2023. The sale included all assets, operations and projects of the Clean Energy Businesses with the exception of tax equity interests and a deferred project, that were treated as distributions to Con Edison. See Note S and Note T. In April 2023, the IRS released Revenue Procedure 2023-15, which provides a safe harbor method of accounting that taxpayers may use to determine whether certain expenditures to maintain, repair, replace, or improve natural gas transmission and distribution property must be capitalized as improvements by the taxpayer or currently deducted for federal income tax purposes. This revenue procedure also provides procedures for taxpayers to obtain automatic consent to change their method of accounting to the safe harbor method of accounting permitted by this revenue procedure. Con Edison recorded a reduction in its current tax payable and an increase in accumulated deferred tax liabilities of $228 million ($204 million for CECONY) to reflect the cumulative impact of this change in accounting method for the Utilities. In May 2023, New York State passed a law that extended the increase in the corporate franchise tax rate from 6.5 percent to 7.25 percent for another three-year period, through tax year 2026, for taxpayers with taxable income greater than $5 million. The law also temporarily extended the business capital tax through tax year 2026, not to exceed an annual maximum tax liability of $5 million per taxpayer, with a corporation paying the higher of its franchise or income tax liability during the same period. New York State also passed a law establishing a permanent rate of 30 percent for the metropolitan transportation business tax surcharge. As a result of the sale of the Clean Energy Businesses in 2023, Con Edison has New York State taxable income in excess of $5 million after using its entire New York State NOL carryforward, and therefore, the group is subject to the higher 7.25 percent rate (9.425 percent with the surcharge rate) on its taxable income for tax year 2023. As a result of this legislation, CECONY remeasured its deferred tax assets and liabilities that would reverse before 2027 and recorded state deferred income tax expense (net of federal benefit) and an increase in accumulated deferred tax liabilities of $10 million for the nine months ended September 30, 2023, all of which was recorded in the second quarter of 2023. Uncertain Tax Positions At September 30, 2023, the estimated liability for uncertain tax positions for Con Edison was $10 million ($7 million for CECONY). For the nine months ended September 30, 2023, Con Edison recognized $2 million of income tax expense mostly related to research and development credits on the Clean Energy Businesses. In the third quarter of 2023, Con Edison settled with the IRS on the research and development credits related to the Clean Energy Businesses for the 2016-2020 tax years which resulted in a reduction in both uncertain tax positions and related deferred tax assets for general business credit carryovers of $12 million. In addition, CECONY reversed $4 million in uncertain tax positions related to the same tax years that reduced its effective tax rate. Con Edison reasonably expects to resolve within the next twelve months approximately $9 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 $5 million, that, 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 $10 million, with $7 million attributable to CECONY. In October 2023, Con Edison reached a settlement with New York State and closed its open examinations for the 2010-2014 tax years and paid $6 million in interest and $4 million in income taxes after applying the remaining $12 million of a special deposit made in 2013. New York State tax returns for 2015-2021 remain open. 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, 2023 and 2022, the Companies recognized an immaterial amount of interest expense and no penalties for uncertain tax positions in their consolidated income statements. At September 30, 2023 and December 31, 2022, the Companies recognized an immaterial amount of accrued interest on their consolidated balance sheets. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition The following table presents, for the three and nine months ended September 30, 2023 and 2022, 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, 2023 For the Three Months Ended September 30, 2022 (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 $3,195 $28 $3,223 $3,165 $(88) $3,077 Gas 338 (20) 318 409 5 414 Steam 46 3 49 55 3 58 Total CECONY $3,579 $11 $3,590 $3,629 $(80) $3,549 O&R Electric 242 4 246 256 (4) 252 Gas 31 4 35 29 10 39 Total O&R $273 $8 $281 $285 $6 $291 Clean Energy Businesses (c) Renewables — — — 197 — 197 Energy services — — — 13 — 13 Develop/Transfer Projects — — — 37 — 37 Other — — — — 78 78 Total Clean Energy Businesses $— $— $— $247 $78 $325 Con Edison Transmission 1 — 1 1 — 1 Other (b) — — — — (1) (1) Total Con Edison $3,853 $19 $3,872 $4,162 $3 $4,165 (a) For the Utilities, this includes primarily revenue or negative revenue adjustments from alternative revenue programs, such as the revenue decoupling mechanisms under their New York electric and gas rate plans (see "Rate Plans" in Note B). For the Clean Energy Businesses, this includes revenue from wholesale services. On March 1, 2023, Con Edison completed the sale of substantially all of the assets of the Clean Energy Businesses. See Note S and Note T. (b) Other includes the parent company, Con Edison's tax equity investments, the deferred project held for sale and consolidated adjustments. See Note T. (c) On March 1, 2023, Con Edison completed the sale of substantially all of the assets of the Clean Energy Businesses. See Note S and Note T. For the Nine Months Ended September 30, 2023 For the Nine Months Ended September 30, 2022 (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 $7,449 $273 $7,722 $7,525 $(124) $7,401 Gas 2,117 23 2,140 2,090 37 2,127 Steam 414 11 425 436 8 444 Total CECONY $9,980 $307 $10,287 $10,051 $(79) $9,972 O&R Electric $574 $14 $588 $595 $(1) $594 Gas 211 4 215 217 2 219 Total O&R $785 $18 $803 $812 $1 $813 Clean Energy Businesses (c) Renewables $68 $— $68 $524 $— $524 Energy services 7 — 7 57 — 57 Develop/Transfer Projects 7 — 7 56 — 56 Other — 47 47 — 220 220 Total Clean Energy Businesses $82 $47 $129 $637 $220 $857 Con Edison Transmission $3 $— $3 $3 — $3 Other (b) — (3) (3) — (6) (6) Total Con Edison $10,850 $369 $11,219 $11,503 $136 $11,639 (a) For the Utilities, this includes primarily revenue or negative revenue adjustments from alternative revenue programs, such as the revenue decoupling mechan isms under their New York electric and gas rate plans (see "Rate Plans" in Note B). For the Clean Energy Businesses, this includes revenue from wholesale services. On March 1, 2023, Con Edison completed the sale of substantially all of the assets of the Clean Energy Businesses. See Note S and Note T. (b) Other includes the parent company, Con Edison's tax equity investments, the deferred project held for sale and consolidated adjustments. See Note T. (c) On March 1, 2023, Con Edison completed the sale of substantially all of the assets of the Clean Energy Businesses. See Note S and Note T. Use of the Percentage-of-Completion Method Sales and profits on each percentage-of-completion contract at the Clean Energy Businesses were recorded each month based on the ratio of actual cumulative costs incurred to the total estimated costs at completion of the contract, multiplied by the total estimated contract revenue, less cumulative revenues recognized in prior periods (the ‘‘cost-to-cost’’ method). The impact of revisions of contract estimates, that may result from contract modifications, performance or other reasons, were recognized on a cumulative catch-up basis in the period in which the revisions are mad e . On March 1, 2023, Con Edison completed the sale of substantially all of the assets of the Clean Energy Businesses. See Note S. 2023 2022 (Millions of Dollars) Unbilled contract revenue (a) Unearned revenue (b) Unbilled contract revenue (a) Unearned revenue (b) Beginning balance as of January 1, $80 $3 $35 $7 Additions (c) 2 — 103 — Subtractions (c) 78 3 (d) 81 4 (d) Ending balance as of September 30, $4 (e) $— $57 $3 (a) Unbilled contract revenue represents accumulated incurred costs and earned profits on contracts (revenue arrangements), that 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, that 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, that 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. Of the subtractions in 2023, $21 million and $1 million relate to the sale of the Clean Energy Businesses for unbilled contract revenue and unearned revenue, respectively. See (e) below. (d) Of the subtractions from unearned revenue, $3 million and $4 million were included in the balances as of January 1, 2023 and 2022, respectively. (e) Following the sale of the Clean Energy Businesses, Con Edison received substantially all contract revenue, net of certain costs incurred, for a battery storage project located in Imperial County, California. See Note S. |
Current Expected Credit Losses
Current Expected Credit Losses | 9 Months Ended |
Sep. 30, 2023 | |
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 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 rates and resulted in increases to the allowance for uncollectible accounts. The increases/(decreases) to the allowance for customer uncollectible accounts for Con Edison and CECONY were $1 million and $3 million, respectively, for the three months ended September 30, 2023 and $(46) million and $(45) million, respectively, for the nine months ended September 30, 2023. 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 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. 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 roll forward by major portfolio segment type for the three and nine months ended September 30, 2023 and 2022: For the Three Months Ended September 30, Con Edison CECONY Accounts receivable - customers Other receivables Accounts receivable - customers Other receivables (Millions of Dollars) 2023 2022 2023 2022 2023 2022 2023 2022 Allowance for credit losses Beginning Balance at July 1, $275 $336 $28 $9 $266 $324 $24 $7 Recoveries 3 4 — — 3 4 — — Write-offs (43) 2 (4) (2) (41) 4 (3) (1) Reserve adjustments 41 (37) 7 2 41 (35) 6 1 Ending Balance September 30, $276 $305 $31 $9 $269 $297 $27 $7 For the Nine Months Ended September 30, Con Edison CECONY Accounts receivable - customers Other receivables Accounts receivable - customers Other receivables (Millions of Dollars) 2023 2022 2023 2022 2023 2022 2023 2022 Allowance for credit losses Beginning Balance at January 1, $322 $317 $10 $22 $314 $304 $7 $19 Recoveries 11 13 — — 10 12 — — Write-offs (135) (62) (5) (5) (130) (56) (3) (3) Reserve adjustments 78 37 26 (8) 75 37 23 (9) Ending Balance September 30, $276 $305 $31 $9 $269 $297 $27 $7 |
Financial Information by Busine
Financial Information by Business Segment | 9 Months Ended |
Sep. 30, 2023 | |
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 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, 2023 and 2022 were as follows: For the Three Months Ended September 30, Operating Inter-segment Depreciation and Operating (Millions of Dollars) 2023 2022 2023 2022 2023 2022 2023 2022 CECONY Electric $3,223 $3,077 $4 $5 $352 $324 $867 $843 Gas 318 414 2 2 108 93 (108) (40) Steam 49 58 19 19 25 24 (80) (65) Consolidation adjustments — — (25) (26) — — — — Total CECONY $3,590 $3,549 $— $— $485 $441 $679 $738 O&R Electric $246 $252 $— $— $19 $18 59 $61 Gas 35 39 — — 7 7 (11) (10) Total O&R $281 $291 $— $— $26 $25 $48 $51 Clean Energy Businesses (a) $— $325 $— $— $— $60 — $104 Con Edison Transmission 1 1 — — 1 — (2) (2) Other (b) — (1) — — — (1) (3) (2) Total Con Edison $3,872 $4,165 $— $— $512 $525 $722 $889 (a) On March 1, 2023, Con Edison completed the sale of substantially all of the assets of the Clean Energy Businesses. As a result of this sale, the Clean Energy Businesses are no longer a principal segment. See Note S and Note T. (b) Other includes the parent company, Con Edison’s tax equity investments, the deferred project held for sale and consolidation adjustments. Other does not represent a business segment. See Note T. For the Nine Months Ended September 30, Operating Inter-segment Depreciation and Operating (Millions of Dollars) 2023 2022 2023 2022 2023 2022 2023 2022 CECONY Electric $7,722 $7,401 $14 $14 $1,035 $994 $1,292 $1,233 Gas 2,140 2,127 6 6 319 275 533 511 Steam 425 444 55 57 74 72 (75) (15) Consolidation adjustments — — (75) (77) — — — — Total CECONY $10,287 $9,972 $— $— $1,428 $1,341 $1,750 $1,729 O&R Electric $588 $594 $— $— $56 $53 $73 $85 Gas 215 219 — — 22 20 27 25 Total O&R $803 $813 $— $— $78 $73 $100 $110 Clean Energy Businesses (a) $129 $857 $— $— $— $178 $37 $248 Con Edison Transmission 3 3 — — 1 1 (6) (8) Other (b) (3) (6) — — (1) — 864 (5) Total Con Edison $11,219 $11,639 $— $— $1,506 $1,593 $2,745 $2,074 ( a) On March 1, 2023, Con Edison completed the sale of substantially all of the assets of the Clean Energy Businesses. As a result of this sale, the Clean Energy Businesses are no longer a principal segment. See Note S and Note T. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities Con Edison’s subsidiaries hedge market price fluctuations associated with physical purchases and sales of electricity, natural gas, steam and, to a lesser extent, refined fuels by using derivative instruments including futures, forwards, basis swaps, options, transmission congestion contracts and financial transmission rights contracts. These are economic hedges, for which the Utilities do not elect hedge accounting. The Companies use economic hedges to manage commodity price risk in accordance with provisions set by state regulators. The volume of hedging activity at the Utilities is dependent upon the forecasted volume of physical commodity supply to meet customer needs, and program costs or benefits are recovered from or credited to full-service customers, respectively. 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 . On March 1, 2023, Con Edison completed the sale of substantially all of the assets of the Clean Energy Businesses. See Note S and Note T. The fair values of the Companies’ derivatives including the offsetting of assets and liabilities on the consolidated balance sheet at September 30, 2023 and December 31, 2022 were: (Millions of Dollars) 2023 2022 Balance Sheet Location Gross Amounts of Gross Net Amounts Gross Amounts of Gross Net Amounts Con Edison Fair value of derivative assets Current $115 $(63) $52 (b) $378 $(332) $46 (b) Noncurrent 63 (37) 26 193 (108) 85 Total fair value of derivative assets held and used 178 (100) 78 571 (440) 131 Current - assets held for sale (d) — — — 93 (8) 85 (c)(d) Noncurrent - assets held for sale (d) — — — 83 11 94 (c)(d) Total fair value of derivative assets $178 $(100) $78 $747 $(437) $310 Fair value of derivative liabilities Current $(135) $64 $(71) (b) $(198) $166 $(32) (b) Noncurrent (108) 40 (68) (49) 36 (13) Total fair value of derivative liabilities held and used $(243) $104 $(139) $(247) $202 $(45) Current - liabilities held for sale (d) — — — (31) 6 (25) (d) Noncurrent - liabilities held for sale (d) — — — (3) (8) (11) (d) Total fair value of derivative liabilities $(243) $104 $(139) $(281) $200 $(81) Net fair value derivative assets/(liabilities) $(65) $4 $(61) $466 $(237) $229 CECONY Fair value of derivative assets Current $107 $(60) $47 (b) $350 $(312) $38 (b) Noncurrent 60 (34) 26 176 (96) 80 Total fair value of derivative assets $167 $(94) $73 $526 $(408) $118 Fair value of derivative liabilities Current $(129) $61 $(68) (b) $(189) $160 $(29) Noncurrent (98) 38 (60) (43) 34 (9) Total fair value of derivative liabilities $(227) $99 $(128) $(232) $194 $(38) Net fair value derivative assets/(liabilities) $(60) $5 $(55) $294 $(214) $80 (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, 2023, margin deposits for Con Edison ($10 million and $(15) million) were classified as derivative assets and derivative liabilities, respectively, and for CECONY ($9 million and $(11) million) were classified as derivative assets and derivative liabilities, respectively, on the consolidated balance sheet, but not included in the table. At December 31, 2022 margin deposits for Con Edison and CECONY of $13 million were classified as derivative assets, and ($(10) million and $(6) million, respectively) were classified as derivative liabilities 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 $75 million in noncurrent assets, $31 million in current assets. At December 31, 2022, the Clean Energy Businesses had interest rate swaps with notional amounts of $982 million. The expiration dates of the swaps ranged from 2025-2041. (d) Amounts represent derivative assets and liabilities included in current assets and current liabilities held for sale, respectively, on Con Edison's consolidated balance sheet as of December 31, 2022. On March 1, 2023, Con Edison completed the sale of substantially all of the assets of the Clean Energy Businesses. See Note S and Note T. 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 recorded 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 occurred. The Clean Energy Businesses recorded 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 rat es. On March 1, 2023, Con Edison completed the sale of substantially all of the assets of the Clean Energy Businesses. See Note S and Note T. 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, 2023 and 2022: For the Three Months Ended September 30, Con Edison CECONY (Millions of Dollars) Balance Sheet Location 2023 2022 2023 2022 Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: Current Regulatory liabilities $(11) $31 $(9) $30 Noncurrent Regulatory liabilities (11) 23 (9) 17 Total deferred gains/(losses) $(22) $54 $(18) $47 Current Regulatory assets $22 $41 $20 $37 Current Recoverable energy costs (98) 168 (94) 152 Noncurrent Regulatory assets (34) 49 (29) 45 Total deferred gains/(losses) $(110) $258 $(103) $234 Net deferred gains/(losses) $(132) $312 $(121) $281 Income Statement Location Pre-tax gains/(losses) recognized in income Gas purchased for resale $— $(2) $— $— Non-utility revenue — (1) — — Other operations and maintenance expense 1 (1) 1 (1) Other interest expense (a) — 49 — — Total pre-tax gains/(losses) recognized in income $1 $45 $1 ($1) (a) Comprised of amounts related to interest rate swaps of the Clean Energy Businesses. On March 1, 2023, Con Edison completed the sale of substantially all of the assets of the Clean Energy Businesses. See Note S and Note T. For the Nine Months Ended September 30, Con Edison CECONY (Millions of Dollars) Balance Sheet Location 2023 2022 2023 2022 Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: Current Regulatory liabilities $(221) $379 $(203) $350 Noncurrent Regulatory liabilities (128) 91 (113) 79 Total deferred gains/(losses) $(349) $470 $(316) $429 Current Regulatory assets $47 $50 $45 $45 Current Recoverable energy costs (474) 357 (449) 324 Noncurrent Regulatory assets (68) 19 (63) 18 Total deferred gains/(losses) $(495) $426 $(467) $387 Net deferred gains/(losses) $(844) $896 $(783) $816 Income Statement Location Pre-tax gains/(losses) recognized in income Gas purchased for resale $4 $1 $— $— Non-utility revenue 17 (23) — — Other operations and maintenance expense 1 4 1 4 Other interest expense (a) 5 158 — — Total pre-tax gains/(losses) recognized in income $27 $140 $1 $4 (a) Comprised of amounts related to interest rate swaps of the Clean Energy Businesses. On March 1, 2023, Con Edison completed the sale of substantially all of the assets of the Clean Energy Businesses. See Note S and Note T. The following table presents the hedged volume of Con Edison’s and CECONY’s commodity derivative transactions at September 30, 2023: Electric Energy Capacity (MW) (a) Natural Gas Refined Fuels Con Edison 30,376,045 49,800 353,360,000 2,520,000 CECONY 27,714,325 39,000 334,950,000 2,520,000 (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 that 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. 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, 2023, Con Edison and CECONY had $76 million and $72 million, respectively, of credit exposure in connection with open energy supply net receivables and hedging activities, net of collateral. Con Edison’s net credit exposure consisted of $6 million with investment-grade counterparties, $18 million with commodity exchange brokers, and $52 million with non-investment grade/non-rated counterparties. CECONY’s net credit exposure consisted of $3 million with commodity exchange brokers, $17 million with investment-grade counterparties and $52 million with non-investment grade/non-rated counterparties . On March 1, 2023, Con Edison completed the sale of substantially all of the assets of the Clean Energy Businesses. See Note S and Note T. 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, 2023: (Millions of Dollars) Con Edison (a) CECONY (a) Aggregate fair value – net liabilities $133 $125 Collateral posted 73 67 Additional collateral (b) (downgrade one level from current ratings) 51 46 Additional collateral (b)(c) (downgrade to below investment grade from current ratings) 137 126 (a) Non-derivative transactions for the purchase and sale of electricity and gas and qualifying derivative instruments, that 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 are no longer extended unsecured credit for such purchases, the Companies would be required to post $1 million of additional collateral at September 30, 2023. For certain other such non-derivative transactions, the Companies would have been 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, 2023, if Con Edison had been downgraded to below investment grade, it would have been required to post additional collateral for such derivative instruments of $19 million. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value MeasurementsThe 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, that 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, that 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. Assets and liabilities measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022 are summarized below. 2023 2022 (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) $21 $137 $5 $(75) $88 $84 $476 $2 $(420) $142 Commodity held for sale (g) — — — — — 6 34 31 2 73 Interest rate swaps (a)(b)(c)(f)(g) — — — — — — 106 — — 106 Other (a)(b)(d) 462 121 — — 583 437 116 — — 553 Total assets $483 $258 $5 $(75) $671 $527 $732 $33 $(418) $874 Derivative liabilities: Commodity (a)(b)(c) $16 $196 $15 $(72) $155 $18 $204 $16 $(184) $54 Commodity held for sale (g) — — — — — 8 24 2 2 36 Total liabilities $16 $196 $15 $(72) $155 $26 $228 $18 $(182) $90 CECONY Derivative assets: Commodity (a)(b)(c) $21 $130 $3 $(73) $81 $83 $434 $2 $(388) $131 Other (a)(b)(d) 450 114 — — 564 422 110 — — 532 Total assets $471 $244 $3 $(73) $645 $505 $544 $2 $(388) $663 Derivative liabilities: Commodity (a)(b)(c) $15 $187 $10 $(73) $139 $18 $198 $8 $(180) $44 Total liabilities $15 $187 $10 $(73) $139 $18 $198 $8 $(180) $44 (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 ha d $10 million of commodity derivative assets transferred from level 3 to level 2 during the nine months ended September 30, 2023 because of availability of observable market data due to the decrease in the terms of certain contracts from beyond three years as of December 31, 2022 to less than three years as of September 30, 2023 . Con Edison and CECONY had an immaterial amount of derivative liabilities and $10 million and $9 million of commodity derivative assets, respectively, transferred from level 3 to level 2 during the year ended December 31, 2022 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, 2022 to less than three years as of December 31, 2022. (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, 2023 and December 31, 2022, the Companies determined that nonperformance risk would have no material impact on their financial position or results of operations. (d) Other assets are comprised of assets such as life insurance contracts within the deferred compensation plan and non-qualified retirement plans. (e) Amounts represent the impact of legally-enforceable master netting agreements that allow the Companies to net gain and loss positions and cash collateral held or placed with the same counterparties. (f) See Note N. (g) On March 1, 2023, Con Edison completed the sale of substantially all of the assets of the Clean Energy Businesses. See Note S and Note T. 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. Under the Companies’ policies and procedures, multiple independent sources of information are obtained for forward price curves used to value commodity derivatives. Fair value and changes in fair value of commodity derivatives are reported monthly to the Companies’ risk committees, comprised of officers and employees of the Companies that oversee energy hedging at the Utilities. The risk management group reports to the Companies’ Vice President and Treasurer. Fair Value of Level 3 at September 30, 2023 Valuation Unobservable Inputs Range (Millions of Dollars) Con Edison – Commodity Electricity $(6) Discounted Cash Flow Forward energy prices (a) $33.95-$137.60 per MWh Electricity (5) Discounted Cash Flow Forward capacity prices (a) $1.90-$11.75 per kW-month Transmission Congestion Contracts 1 Discounted Cash Flow Inter-zonal forward price curves adjusted for historical zonal losses (b) $0.09-$3.80 per MWh Total Con Edison—Commodity $(10) CECONY – Commodity Electricity $(4) Discounted Cash Flow Forward energy prices (a) $37.55-$137.60 per MWh Electricity (4) Discounted Cash Flow Forward capacity prices (a) $1.90-$11.75 per kW-month Transmission Congestion Contracts 1 Discounted Cash Flow Inter-zonal forward price curves adjusted for historical zonal losses (b) $0.09-$3.80 per MWh Total CECONY—Commodity $(7) (a) Generally, increases/(decreases) in this input in isolation would result in a higher/(lower) fair value measurement. (b) Generally, increases/(decreases) in this input in isolation would result in a lower/(higher) fair value measurement. The table listed below provides a reconciliation of the beginning and ending net balances for assets and liabilities measured at fair value as of September 30, 2023 and 2022 and classified as Level 3 in the fair value hierarchy: For the Three Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2023 2022 2023 2022 Beginning balance as of July 1, $(7) $9 $(4) $(11) Included in earnings 2 (10) 1 (1) Included in regulatory assets and liabilities (3) 14 (3) 11 Purchases — 1 — — Settlements (2) 2 (1) 1 Transfer out of level 3 — — — — Ending balance as of September 30, $(10) $16 $(7) $— For the Nine Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2023 2022 2023 2022 Beginning balance as of January 1, $15 $(11) $(6) $(7) Included in earnings (2) 13 (1) (3) Included in regulatory assets and liabilities 16 7 10 5 Purchases — 3 — — Settlements — 3 — 4 Decrease due to the sale of the Clean Energy Businesses (a) (29) — — — Transfer out of level 3 (10) 1 (10) 1 Ending balance as of September 30, $(10) $16 $(7) $— (a) On March 1, 2023, Con Edison completed the sale of substantially all of the assets of the Clean Energy Businesses. See Note S and Note T. 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. For the Clean Energy Businesses, realized and unrealized gains and losses on Level 3 commodity derivative assets and liabilities are repor ted in non-utility revenues on the consolidated income statement. The Clean Energy Businesses recorded an $8 million loss. For the three months ended September 30, 2022 and a $17 million loss and $20 million gain for the nine months ended September 30, 2023 and 2022, respectively. On March 1, 2023, Con Edison completed the sale of substantially all of the assets of the Clean Energy Businesses and amounts for 2023 are shown through the date of sale. See Note S and Note T. |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2023 | |
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 2022, 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 On March 1, 2023, Con Edison completed the sale of substantially all of the assets of the Clean Energy Businesses, including CED Nevada Virginia and the Tax Equity Projects, defined below. See Note S. In connection with the sale, Con Edison retained a tax equity interest valued at $20 million in two renewable electric projects located in Virginia that is accounted for as an equity method investment and that represents the maximum exposure to loss for this investment. See Note S. The earnings of the projects, once in service, are determined using the hypothetical liquidation at book value (HLBV) method of accounting and resulted in losses of $4 million ($3 million, after tax) and $8 million ($6 million, after tax) for the three and nine months ended September 30, 2023, respectively. Con Edison is not the primary beneficiary since the power to direct the activities that most significantly impact the economics of the renewable electric projects is not held by Con Edison. Con Edison also retained its $11 million equity interest in the Crane solar project that was valued at $0 as of September 30, 2023 and that is accounted for as an equity method investment. See Note S. The earnings of the project are determined using the HLBV method of accounting and were not material for the three and nine months ended September 30, 2023 or 2022. 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 Con Edison. 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, Con Edison'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, Con Edison 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 had less than a 100 percent membership interest at December 31, 2022 and has no interest subsequent to the sale of the Clean Energy Business on March 1, 2023. Con Edison was the primary beneficiary since the power to direct the activities that most significantly impact the economics of CED Nevada Virginia was held by Con Edison. The HLBV method of accounting resulted in an immaterial amount of income/(loss) for Con Edison and the tax equity investor for the nine months ended September 30, 2023; the amounts for the three and nine months ended September 30, 2022 are presented below. On March 1, 2023, Con Edison completed the sale of substantially all of the assets of the Clean Energy Businesses. See Note S. For the Three Months Ended September 30, For the Nine Months Ended September 30, (Millions of Dollars) 2022 2022 Income/(Loss) attributable to tax equity investor $6 $(36) Income/(Loss) attributable to tax equity investor after tax 5 (27) Income/(Loss) attributable to Con Edison (7) 32 Income/(Loss) attributable to Con Edison after tax (5) 24 Tax Equity Projects In 2018, the Clean Energy Businesses completed its acquisition of Sempra Solar Holdings, LLC. Included in the acquisition were certain operating projects (Tax Equity Projects) with a noncontrolling tax equity investor to which a percentage of earnings, tax attributes and cash flows are allocated. The Tax Equity Projects were consolidated entities in which Con Edison had less than a 100 percent membership interest at December 31, 2022 and has no interest in subsequent to the sale of the Clean Energy Businesses on March 1, 2023. Con Edison was the primary beneficiary since the power to direct the activities that most significantly impact the economics of the Tax Equity Projects was held by Con Edison. 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 an immaterial amount of income/(loss) for Con Edison and the tax equity investor for the nine months ended September 30, 2023; the amounts for the three and nine months ended September 30, 2022 are presented below . On March 1, 2023, Con Edison completed the sale of substantially all of the assets of the Clean Energy Businesses. See Note S. For the Three Months Ended September 30, For the Nine Months Ended September 30, (Millions of Dollars) 2022 2022 Income/(Loss) attributable to tax equity investor $— $(7) Income/(Loss) attributable to tax equity investor after tax — (5) Income/(Loss) attributable to Con Edison 16 44 Income/(Loss) attributable to Con Edison after tax 12 33 At December 31, 2022, 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)(f) (Millions of Dollars) 2022 2022 2022 Assets held for sale (a) $305 $580 $686 Total assets (a) $305 $580 $686 Liabilities held for sale (b) 20 81 331 Total liabilities (b) $20 $81 $331 (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. Amounts shown for 2022 are included in current assets held for sale on Con Edison's consolidated balance sheet as of December 31, 2022. On March 1, 2023, Con Edison completed the sale of substantially all of the assets of the Clean Energy Businesses. See Note S and Note T. For the disposal of the noncontrolling interest, see Con Edison's Consolidated Statement of Equity. (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. Amounts shown for 2022 are included in current liabilities held for sale on Con Edison's consolidated balance sheet as of December 31, 202 2. On March 1, 2023, Con Edison completed the sale of substantially all of the assets of the Clean Energy Businesses. See Note S and Note T. For the disposal of the noncontrolling interest, see Con Edison's Consolidated Statement of Equity. (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 $67 million at December 31, 2022. (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 $94 million at December 31, 2022. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2023 | |
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 ($19,113 million and $1,057 million, respectively), at September 30, 2023, 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 and nine months ended September 30, 2023 and 2022 were as follows: For the Three Months Ended September 30, CECONY (Millions of Dollars) 2023 2022 Cost of services provided $39 $35 Cost of services received $21 $19 For the Nine Months Ended September 30, CECONY (a) (Millions of Dollars) 2023 2022 Cost of services provided $105 $101 Cost of services received $61 $56 (a) On March 1, 2023, Con Edison completed the sale of substantially all of the assets of the Clean Energy Businesses. See Note S and Note T. In addition, CECONY and O&R have joint gas supply arrangements in connection with which CECONY sold to O&R, $14 million and $26 million of natural gas for the three months ended September 30, 2023 and 2022, respectively, and $60 million and $97 million for the nine months ended September 30, 2023 and 2022, respectively. These amounts are net of the effect of related hedging transactions. At September 30, 2023 and December 31, 2022, CECONY's net receivable (payable) from/to Con Edison for income taxes was $418 million and $(89) million, respectively. The Utilities perform work and incur expenses on behalf of New York Transco. Con Edison Transmission has a 45.7 percent interest in New York Transco's New York Energy Solution project and a 41.7 percent interest in New York Transco's share of the Propel NY Energy project that is jointly owned with the New York Power Authority. The Utilities bill New York Transco for such work and expenses in accordance with established policies. For the three months ended September 30, 2023 and 2022, the amounts billed by the Utilities to New York Transco were $1 million and $2 million, respectively, and for the nine months ended September 30, 2023 and 2022, the amounts were $7 million and $6 million, respectively. CECONY has a 20-year transportation contract with the Mountain Valley Pipeline, LLC (MVP) for 250,000 dekatherms per day of capacity. Con Edison Transmission has an interest in MVP. See "Investments - 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. CECONY has not incurred costs under the contract. FERC has authorized CECONY to lend funds to O&R for a period of no more than 12 months, in an amount not to exceed $250 million, at prevailing market rates. At September 30, 2023 and December 31, 2022 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 and nine months ended September 30, 2022, the Clean Energy Businesses realized gains of $1 million and $2 million, respectively, under these contrac ts. On March 1, 2023, Con Edison completed the sale of substantially all of the assets of the Clean Energy Businesses. As a result of the sale, the Clean Energy Businesses are no longer recognized as a related party. See Note S and Note T. |
New Financial Accounting Standa
New Financial Accounting Standards | 9 Months Ended |
Sep. 30, 2023 | |
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 (the UK FCA) ceased publication of U.S. Dollar LIBOR after December 31, 2021 for one-week and two-month U.S. Dollar LIBOR tenors, and on June 30, 2023 it ceased publishing the overnight and twelve-month U.S. Dollar LIBOR. The UK FCA expects to cease publishing the one-month, three-month and six-month U.S. Dollar LIBOR after September 2024. 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. On December 31, 2022, ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 was issued, which extended the period of time entities can utilize the reference rate reform relief guidance under ASU 2020-04 from December 31, 2022 to December 31, 2024.The Companies do not expect the new guidance to have a material impact on their financial position, results of operations and liquidity. In March 2023, the FASB issued amendments to the guidance on accounting for Investments—Equity Method and Joint Ventures (Topic 323) through ASU 2023-02. The amendments would expand the use of the proportional amortization method of income recognition. The Companies do not expect the new guidance to have a material impact on their financial position, results of operations and liquidity. |
Dispositions
Dispositions | 9 Months Ended |
Sep. 30, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Dispositions | Dispositions During the first nine months of 2022, Con Edison considered strategic alternatives with respect to the Clean Energy Businesses. On October 1, 2022, following the conclusion of such review and to allow for continued focus on the Utilities and their clean energy transition, 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 for a total of $6,800 million, subject to closing adjustments. On March 1, 2023, Con Edison completed the sale of substantially all of the assets of the Clean Energy Businesses to RWE for $3,993 million. The preliminary purchase price at closing was 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) downward to the extent that the net working capital varied from a set target, (v) upward to the extent that capital expenditures incurred prior to the closing of the transaction varied from a set budget, and (vi) downward by the value allocated to Broken Bow II, a project that was not able to be conveyed to RWE upon closing of the transaction. The final purchase price is subject to customary adjustments for timing differences and a final valuation report, among other factors; the process to finalize the purchase price is ongoing. The transaction was completed at arm’s length and RWE was not, and will not be, considered a related party to Con Edison. Con Edison's preliminary gain on the sale of the Clean Energy Businesses was $866 million ($784 million, a fter tax) for the nine months ended September 30, 2023, inclu ding an immaterial amount for the three months ended September 30, 2023 resulting from certain finalization adjustments, and remains su bject to true-up for the finalization adjustments described above. The portion of the gain attributable to the non-controlling interest retained in certain tax-equity projects was not material. The sale included all assets, operations and projects of the Clean Energy Businesses with the exception of tax equity interests in three projects, described below, and one deferred project, Broken Bow II, a 75MW nameplate capacity wind power project located in Nebraska. See Note T. Transfer of the project is dependent on one outstanding counterparty consent, and if and when such consent is obtained within two years of the sale of the Clean Energy Businesses, i.e., by February 28, 2025, the project will transfer. RWE Renewables Americas, LLC is operating the facility on behalf of Con Edison pursuant to certain service agreements, for which the fees are not material. Con Edison retained the Clean Energy Businesses' tax equity investment interest in the Crane solar project and another tax equity investment interest in two solar projects located in Virginia. These tax equity partnerships produce renewable energy tax credits that can be used to reduce Con Edison’s federal income tax in the year in which the projects are placed in service. These tax credits would be subject to recapture, in whole or in part, if the assets were sold within a five-year period beginning on the date on which the assets are placed in service. Con Edison will continue to employ HLBV accounting for its interest s in these tax equity partnerships. The combined carrying value of the retained tax equity interests is approximately $13 million at September 30, 2023. Con Edison has also retained any post-sale deferred income taxes (federal and state income taxes, including tax attributes), any valuation allowances associated with the deferred tax assets, all current federal taxes and New York State taxes and the estimated liability for uncertain tax positions. The unamortized deferred investment tax credits of the Clean Energy Businesses were recognized in full upon the completion of the sale of the Clean Energy Businesses. Concurrent with entering into the purchase and sale agreement, Con Edison incurred costs in the normal course of the sale process. Transaction costs of $48 million ($35 million after-tax) were recorded in 2022, and $11 million ($8 million after-tax) was recorded in the first three and nine months of 2023 . Also, depreciation and amortization expense of approximately $41 million ($28 million after-tax) were not recorded on the assets of the Clean Energy Businesses in 2023 through the closing of the transaction. Following the sale of the Clean Energy Businesses and pursuant to a reimbursement and indemnity agreement with RWE, Con Edison remains responsible for certain potential costs related to a battery storage project located in Imperial County, California. Con Edison's exposure under the agreement could range up to approximately $172 million. As of September 30, 2023, no amounts were recorded as liabilities on Con Edison's consolidated balance sheet related to this agreement. During the first nine months of 2023, Con Edison received $24 million of net proceeds from this battery storage project, and $4 million was recorded as unbilled contract revenue as of September 30, 2023. See Note K. The following table shows the pre-tax operating income for the Clean Energy Businesses. The 2023 period shown is through the date of the sale of the Clean Energy Businesses and as such there is no applicable data for the three months ended September 30, 2023. For the Three Months Ended September 30, For the Nine Months Ended September 30, (Millions of Dollars) 2022 2023 2022 Pre-tax operating income $118 $25 $361 Pre-tax operating income, excluding non-controlling interest $123 $21 $317 On March 1, 2023, Con Edison completed the sale of substantially all of the assets of the Clean Energy Businesses. See Note S. The sale included all assets, operations and projects of the Clean Energy Businesses with the exception of tax equity interests in three projects and one deferred project, Broken Bow II, a 75 MW nameplate capacity wind power project located in Nebraska. Transfer of the project from Con Edison to RWE is dependent on one outstanding counterparty consent, and if and when such consent is obtained within two years of the sale of the Clean Energy Businesses, i.e., by February 28, 2025, the project will transfer. RWE Renewables Americas, LLC is operating the facility on behalf of Con Edison pursuant to certain service agreements for which the fees are not material. At September 30, 2023, the carrying amounts of the major classes of assets and liabilities of Broken Bow II that are expected to be sold are presented on a held-for-sale basis, and accordingly exclude net deferred tax liability balances, as follows: (Millions of Dollars) September 30, ASSETS CURRENT ASSETS Restricted cash $5 Other current assets 3 TOTAL CURRENT ASSETS 8 NON-UTILITY PLANT Non-utility property, net accumulated depreciation 76 NET PLANT 76 OTHER NONCURRENT ASSETS Intangible Assets less accumulated amortization 72 Operating lease right-of-use asset 7 TOTAL OTHER NONCURRENT ASSETS 79 TOTAL ASSETS $163 (Millions of Dollars) September 30, LIABILITIES CURRENT LIABILITIES Long-term debt due within one year $2 Operating lease liabilities 2 Other current liabilities 3 TOTAL CURRENT LIABILITIES 7 NONCURRENT LIABILITIES Asset retirement obligations 3 Operating lease liabilities 5 TOTAL NONCURRENT LIABILITIES 8 LONG-TERM DEBT 61 TOTAL LIABILITIES $76 |
Assets and Liabilities Held-for
Assets and Liabilities Held-for-Sale | 9 Months Ended |
Sep. 30, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Assets and Liabilities Held-for-Sale | Dispositions During the first nine months of 2022, Con Edison considered strategic alternatives with respect to the Clean Energy Businesses. On October 1, 2022, following the conclusion of such review and to allow for continued focus on the Utilities and their clean energy transition, 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 for a total of $6,800 million, subject to closing adjustments. On March 1, 2023, Con Edison completed the sale of substantially all of the assets of the Clean Energy Businesses to RWE for $3,993 million. The preliminary purchase price at closing was 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) downward to the extent that the net working capital varied from a set target, (v) upward to the extent that capital expenditures incurred prior to the closing of the transaction varied from a set budget, and (vi) downward by the value allocated to Broken Bow II, a project that was not able to be conveyed to RWE upon closing of the transaction. The final purchase price is subject to customary adjustments for timing differences and a final valuation report, among other factors; the process to finalize the purchase price is ongoing. The transaction was completed at arm’s length and RWE was not, and will not be, considered a related party to Con Edison. Con Edison's preliminary gain on the sale of the Clean Energy Businesses was $866 million ($784 million, a fter tax) for the nine months ended September 30, 2023, inclu ding an immaterial amount for the three months ended September 30, 2023 resulting from certain finalization adjustments, and remains su bject to true-up for the finalization adjustments described above. The portion of the gain attributable to the non-controlling interest retained in certain tax-equity projects was not material. The sale included all assets, operations and projects of the Clean Energy Businesses with the exception of tax equity interests in three projects, described below, and one deferred project, Broken Bow II, a 75MW nameplate capacity wind power project located in Nebraska. See Note T. Transfer of the project is dependent on one outstanding counterparty consent, and if and when such consent is obtained within two years of the sale of the Clean Energy Businesses, i.e., by February 28, 2025, the project will transfer. RWE Renewables Americas, LLC is operating the facility on behalf of Con Edison pursuant to certain service agreements, for which the fees are not material. Con Edison retained the Clean Energy Businesses' tax equity investment interest in the Crane solar project and another tax equity investment interest in two solar projects located in Virginia. These tax equity partnerships produce renewable energy tax credits that can be used to reduce Con Edison’s federal income tax in the year in which the projects are placed in service. These tax credits would be subject to recapture, in whole or in part, if the assets were sold within a five-year period beginning on the date on which the assets are placed in service. Con Edison will continue to employ HLBV accounting for its interest s in these tax equity partnerships. The combined carrying value of the retained tax equity interests is approximately $13 million at September 30, 2023. Con Edison has also retained any post-sale deferred income taxes (federal and state income taxes, including tax attributes), any valuation allowances associated with the deferred tax assets, all current federal taxes and New York State taxes and the estimated liability for uncertain tax positions. The unamortized deferred investment tax credits of the Clean Energy Businesses were recognized in full upon the completion of the sale of the Clean Energy Businesses. Concurrent with entering into the purchase and sale agreement, Con Edison incurred costs in the normal course of the sale process. Transaction costs of $48 million ($35 million after-tax) were recorded in 2022, and $11 million ($8 million after-tax) was recorded in the first three and nine months of 2023 . Also, depreciation and amortization expense of approximately $41 million ($28 million after-tax) were not recorded on the assets of the Clean Energy Businesses in 2023 through the closing of the transaction. Following the sale of the Clean Energy Businesses and pursuant to a reimbursement and indemnity agreement with RWE, Con Edison remains responsible for certain potential costs related to a battery storage project located in Imperial County, California. Con Edison's exposure under the agreement could range up to approximately $172 million. As of September 30, 2023, no amounts were recorded as liabilities on Con Edison's consolidated balance sheet related to this agreement. During the first nine months of 2023, Con Edison received $24 million of net proceeds from this battery storage project, and $4 million was recorded as unbilled contract revenue as of September 30, 2023. See Note K. The following table shows the pre-tax operating income for the Clean Energy Businesses. The 2023 period shown is through the date of the sale of the Clean Energy Businesses and as such there is no applicable data for the three months ended September 30, 2023. For the Three Months Ended September 30, For the Nine Months Ended September 30, (Millions of Dollars) 2022 2023 2022 Pre-tax operating income $118 $25 $361 Pre-tax operating income, excluding non-controlling interest $123 $21 $317 On March 1, 2023, Con Edison completed the sale of substantially all of the assets of the Clean Energy Businesses. See Note S. The sale included all assets, operations and projects of the Clean Energy Businesses with the exception of tax equity interests in three projects and one deferred project, Broken Bow II, a 75 MW nameplate capacity wind power project located in Nebraska. Transfer of the project from Con Edison to RWE is dependent on one outstanding counterparty consent, and if and when such consent is obtained within two years of the sale of the Clean Energy Businesses, i.e., by February 28, 2025, the project will transfer. RWE Renewables Americas, LLC is operating the facility on behalf of Con Edison pursuant to certain service agreements for which the fees are not material. At September 30, 2023, the carrying amounts of the major classes of assets and liabilities of Broken Bow II that are expected to be sold are presented on a held-for-sale basis, and accordingly exclude net deferred tax liability balances, as follows: (Millions of Dollars) September 30, ASSETS CURRENT ASSETS Restricted cash $5 Other current assets 3 TOTAL CURRENT ASSETS 8 NON-UTILITY PLANT Non-utility property, net accumulated depreciation 76 NET PLANT 76 OTHER NONCURRENT ASSETS Intangible Assets less accumulated amortization 72 Operating lease right-of-use asset 7 TOTAL OTHER NONCURRENT ASSETS 79 TOTAL ASSETS $163 (Millions of Dollars) September 30, LIABILITIES CURRENT LIABILITIES Long-term debt due within one year $2 Operating lease liabilities 2 Other current liabilities 3 TOTAL CURRENT LIABILITIES 7 NONCURRENT LIABILITIES Asset retirement obligations 3 Operating lease liabilities 5 TOTAL NONCURRENT LIABILITIES 8 LONG-TERM DEBT 61 TOTAL LIABILITIES $76 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||
NET INCOME | $ 526 | $ 613 | $ 2,185 | $ 1,470 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies and Other Matters (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Reclassification | Reclassification Certain prior period amounts have been reclassified within the Companies' Consolidated Statements of Cash Flows to conform with the 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 ($.10 par value) (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 MeasurementsThe 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, that 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, that 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 (the UK FCA) ceased publication of U.S. Dollar LIBOR after December 31, 2021 for one-week and two-month U.S. Dollar LIBOR tenors, and on June 30, 2023 it ceased publishing the overnight and twelve-month U.S. Dollar LIBOR. The UK FCA expects to cease publishing the one-month, three-month and six-month U.S. Dollar LIBOR after September 2024. 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. On December 31, 2022, ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 was issued, which extended the period of time entities can utilize the reference rate reform relief guidance under ASU 2020-04 from December 31, 2022 to December 31, 2024.The Companies do not expect the new guidance to have a material impact on their financial position, results of operations and liquidity. In March 2023, the FASB issued amendments to the guidance on accounting for Investments—Equity Method and Joint Ventures (Topic 323) through ASU 2023-02. The amendments would expand the use of the proportional amortization method of income recognition. The Companies do not expect the new guidance to have a material impact on their 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, 2023 | |
Accounting Policies [Abstract] | |
Basic and Diluted Earnings Per Share | For the three and nine months ended September 30, 2023 and 2022, 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) 2023 2022 2023 2022 Net income for common stock $526 $613 $2,185 $1,470 Weighted average common shares outstanding – basic 345.0 354.6 348.4 354.4 Add: Incremental shares attributable to effect of potentially dilutive securities 1.5 1.3 1.5 1.3 Adjusted weighted average common shares outstanding – diluted 346.5 355.9 349.9 355.7 Net Income per common share – basic $1.53 $1.73 $6.27 $4.15 Net Income per common share – diluted $1.52 $1.72 $6.24 $4.13 |
Changes in Accumulated Other Comprehensive Income/(Loss) | For the three and nine months ended September 30, 2023 and 2022, 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) 2023 2022 2023 2022 Beginning balance, accumulated OCI, net of taxes (a) $25 $10 $3 $1 Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax (a)(b) — 1 — — Current period OCI, net of taxes — 1 — — Ending balance, accumulated OCI, net of taxes (a) $25 $11 $3 $1 (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 Con Edison in 2023, amounts reclassified also include accumulated OCI of the Clean Energy Businesses that were sold on March 1, 2023. See Note S. For the Nine Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2023 2022 2023 2022 Beginning balance, accumulated OCI, net of taxes (a) $22 $5 $4 $— OCI before reclassifications, net of tax of $(1) for Con Edison in 2022 1 4 (1) — Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax of $(1) for Con Edison in 2022 (a)(b) 2 2 — 1 Current period OCI, net of taxes 3 6 (1) 1 Ending balance, accumulated OCI, net of taxes (a) $25 $11 $3 $1 (a) Tax reclassified from accumulated OCI is reported in the income tax expense line item of the consolidated income statement. |
Restrictions on Cash and Cash Equivalents | At September 30, 2023 and 2022, cash, temporary cash investments and restricted cash for Con Edison and CECONY were as follows: At September 30, Con Edison CECONY (Millions of Dollars) 2023 2022 2023 2022 Cash and temporary cash investments $539 $78 $20 $25 Restricted cash (a) 6 163 — — Total cash, temporary cash investments and restricted cash $545 $241 $20 $25 (a) Con Edison restricted cas h included cash of the Clean Energy Businesses' renewable electric project subsidiaries ($5 million and $163 million at September 30, 2023 and 2022, respectively) that, under the related project debt agreements, was restricted to being used for normal operating expenditures, debt service, and required reserves until the various maturity dates of the projec |
Schedule of Cash and Cash Equivalents | At September 30, 2023 and 2022, cash, temporary cash investments and restricted cash for Con Edison and CECONY were as follows: At September 30, Con Edison CECONY (Millions of Dollars) 2023 2022 2023 2022 Cash and temporary cash investments $539 $78 $20 $25 Restricted cash (a) 6 163 — — Total cash, temporary cash investments and restricted cash $545 $241 $20 $25 (a) Con Edison restricted cas h included cash of the Clean Energy Businesses' renewable electric project subsidiaries ($5 million and $163 million at September 30, 2023 and 2022, respectively) that, under the related project debt agreements, was restricted to being used for normal operating expenditures, debt service, and required reserves until the various maturity dates of the projec |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Regulated Operations [Abstract] | |
Schedule of Public Utilities | The Joint Proposal is subject to approval by the NYSPSC. The following table contains a summary of the steam Joint Proposal. CECONY – Steam Effective period November 2023 – October 2026 Base rate changes Yr. 1 – $110 million (a) Yr. 2 – $44 million (a) Yr. 3 – $45 million (a) Capital expenditures Yr. 1 - $106 million Yr. 2 - $107 million Yr. 3 - $105 million Amortizations to income of net regulatory liabilities Yr. 1 – $15 million (b) Yr. 2 – $3 million (b) Yr. 3 – $3 million (b) Weather Normalization Adjustment Implementation of a weather normalization adjustment that adjusts base rates to reflect normal weather conditions during the heating season. Recoverable energy costs Continuation of current rate recovery of purchased power and fuel costs. Negative revenue adjustments Potential charges if certain performance targets relating to service, reliability, safety and other matters are not met: Yr. 1 - $3.7 million Yr. 2 - $3.8 million Yr. 3 - $3.8 million Regulatory reconciliations Reconciliation of uncollectible expenses and late payment charges (c) and expenses for pension and other postretirement benefits, variable-rate debt, property taxes (d), municipal infrastructure support costs (e), the impact of new laws and environmental site investigation and remediation to amounts reflected in rates. (f) Net utility plant reconciliations Yr. 1 - $2,025 million Yr. 2 - $2,029 million Yr. 3 - $2,015 million Average rate base Yr. 1 - $1,799 million Yr. 2 - $1,848 million Yr. 3 - $1,882 million Weighted average cost of capital (after-tax) Yr. 1 - 6.78 percent Yr. 2 - 6.81 percent Yr. 3 - 6.83 percent Authorized return on common equity 9.25 percent Earnings sharing Most earnings above an annual earnings threshold of 9.75 percent are to be applied to reduce regulatory assets for environmental remediation and other costs accumulated in the rate year. Cost of long-term debt Yr. 1 – 4.51 percent Yr. 2 – 4.58 percent Yr. 3 – 4.62 percent Common equity ratio 48 percent (a) The base rate increases will be implemented with increases of $77.8 million in Yr. 1; $77.8 million in Yr. 2; and $77.8 million in Yr. 3 to levelize the customer bill impact. New rates will be effective as of November 1, 2023. CECONY will begin billing customers at the new levelized rate once the Joint Proposal is approved by the NYSPSC. Any shortfall in revenues due to the timing of billing to customers will be collected through a surcharge. (b) Amounts reflect amortization of the tax savings under the federal Tax Cuts and Jobs Act of 2017 (TCJA) for the unprotected portion of the regulatory liability for excess deferred income taxes allocable to CECONY’s steam customers (the entire $24 million in Yr.1), the protected portion of the regulatory liability for excess deferred income taxes allocable to CECONY’s steam customers over the remaining lives of the related assets ($3 million in Yr. 1; $5 million in Yr. 2; and $6 million in Yr. 3) and the non-plant portion of the regulatory asset for deficient deferred income taxes allocable to CECONY’s steam customers (the entire $11 million in Yr.1). (c) CECONY will defer the difference between its actual write-offs of uncollectible expenses and late payment fees (from January 1, 2020 through October 31, 2026) to amounts reflected in rates, with recovery/refund from or to customers via surcharge/sur-credit. Surcharge recoveries for write-offs of uncollectible expenses and late payment fees will each be subject to an annual cap that produces no more than a half percent (0.5 percent) total customer bill impact (estimated to be $2.5 million, $3.0 million, $3.5 million for Yr. 1, Yr. 2 and Yr. 3, respectively). Amounts in excess of the annual surcharge cap in a specific year may be rolled forward for recovery and will count towards the following year’s surcharge cap. Amounts in excess of the surcharge cap will be deferred as a regulatory asset for recovery in CECONY’s next steam base rate case. (d) Deferrals for property taxes are limited to 90 percent of the difference from amounts reflected in rates, subject to an annual maximum for the remaining difference of not more than a maximum number of basis points impact on return on common equity (Yr. 1 – 10.0 basis points; Yr. 2 – 7.5 basis points; and Yr. 3 – 5.0 basis points), with recovery/refund from or to customers via surcharge/sur-credit. Surcharge recoveries will be subject to an annual cap that produces no more than a half percent (0.5 percent) total customer bill impact (estimated to be $2.5 million, $3.0 million, $3.5 million for Yr. 1, Yr. 2 and Yr. 3, respectively). Amounts in excess of the annual surcharge cap in a specific year may be rolled forward for recovery and will count towards the following year’s surcharge cap. Amounts in excess of the surcharge cap will be deferred as a regulatory asset for recovery in CECONY’s next steam base rate case. (e) In general, if actual expenses for municipal infrastructure support (other than company labor) are below the amounts reflected in rates, CECONY will defer the difference for credit to customers, and if the actual expenses are above the amount reflected in rates, CECONY will defer for recovery from customers 80 percent of the difference subject to a maximum deferral, subject to certain conditions, of 30 percent of the amount reflected in the rate plan. |
Schedule of Regulatory Assets | Regulatory assets and liabilities at September 30, 2023 and December 31, 2022 were comprised of the following items: Con Edison CECONY (Millions of Dollars) 2023 2022 2023 2022 Regulatory assets Unrecognized pension and other postretirement costs $125 $78 $125 $78 Environmental remediation costs 983 991 899 906 Revenue taxes 468 436 448 417 Deferred storm costs 221 270 129 173 Municipal infrastructure support costs 20 29 20 29 Brooklyn Queens Demand Management (BQDM) program 31 33 31 33 Meadowlands heater odorization project 24 27 24 27 Recoverable Demonstration project costs 18 17 18 16 Gate station upgrade project 14 14 14 14 System peak reduction and energy efficiency programs 868 783 860 780 Unamortized loss on reacquired debt 9 11 8 10 Deferred derivative losses - long term 99 31 89 26 Property tax reconciliation 195 121 195 121 Legacy meters 17 20 — — Gas service line deferred costs 49 99 49 99 COVID - 19 customer arrears relief programs 418 104 415 101 Pension and other postretirement benefits deferrals 56 279 41 240 Preferred stock redemption 18 19 18 19 MTA power reliability deferral 69 92 69 92 Non-wire alternative projects 20 22 20 22 COVID - 19 pandemic deferrals 333 292 329 288 Electric vehicle make ready 59 33 55 30 Other 220 173 201 148 Regulatory assets – noncurrent 4,334 3,974 4,057 3,669 Deferred derivative losses - short term 137 184 132 178 Recoverable energy costs 43 121 31 108 Regulatory assets – current 180 305 163 286 Total Regulatory Assets $4,514 $4,279 $4,220 $3,955 Regulatory liabilities Future income tax* 1,583 1,753 1,450 1,616 Allowance for cost of removal less salvage 1,368 1,315 1,181 1,137 Net unbilled revenue deferrals 214 204 214 204 Energy efficiency portfolio standard unencumbered funds 5 5 7 7 Settlement of prudence proceeding 8 10 8 10 Earnings sharing - electric, gas and steam 13 13 10 10 System benefit charge carrying charge 87 73 83 69 BQDM and Demonstration project reconciliations 15 23 15 21 Pension and other postretirement benefit deferrals 194 144 146 98 Property tax refunds 35 35 35 35 COVID - 19 pandemic uncollectible reconciliation deferral 1 12 1 12 Late payment charge deferral 160 127 155 123 Unrecognized pension and other postretirement costs 1,276 1,638 1,197 1,536 Net proceeds from sale of property 54 69 52 69 Sales and use tax refunds 29 37 27 36 Workers’ compensation 15 11 15 11 Deferred derivative gains - long term 17 145 17 130 Other 327 413 277 357 Regulatory liabilities – noncurrent 5,401 6,027 4,890 5,481 Refundable energy costs 99 34 70 — Revenue decoupling mechanism — 29 — 21 Deferred derivative gains - short term 90 311 83 287 Regulatory liabilities – current 189 374 153 308 Total Regulatory Liabilities $5,590 $6,401 $5,043 $5,789 * See "Other Regulatory Matters," above. |
Schedule of Regulatory Liabilities | Regulatory assets and liabilities at September 30, 2023 and December 31, 2022 were comprised of the following items: Con Edison CECONY (Millions of Dollars) 2023 2022 2023 2022 Regulatory assets Unrecognized pension and other postretirement costs $125 $78 $125 $78 Environmental remediation costs 983 991 899 906 Revenue taxes 468 436 448 417 Deferred storm costs 221 270 129 173 Municipal infrastructure support costs 20 29 20 29 Brooklyn Queens Demand Management (BQDM) program 31 33 31 33 Meadowlands heater odorization project 24 27 24 27 Recoverable Demonstration project costs 18 17 18 16 Gate station upgrade project 14 14 14 14 System peak reduction and energy efficiency programs 868 783 860 780 Unamortized loss on reacquired debt 9 11 8 10 Deferred derivative losses - long term 99 31 89 26 Property tax reconciliation 195 121 195 121 Legacy meters 17 20 — — Gas service line deferred costs 49 99 49 99 COVID - 19 customer arrears relief programs 418 104 415 101 Pension and other postretirement benefits deferrals 56 279 41 240 Preferred stock redemption 18 19 18 19 MTA power reliability deferral 69 92 69 92 Non-wire alternative projects 20 22 20 22 COVID - 19 pandemic deferrals 333 292 329 288 Electric vehicle make ready 59 33 55 30 Other 220 173 201 148 Regulatory assets – noncurrent 4,334 3,974 4,057 3,669 Deferred derivative losses - short term 137 184 132 178 Recoverable energy costs 43 121 31 108 Regulatory assets – current 180 305 163 286 Total Regulatory Assets $4,514 $4,279 $4,220 $3,955 Regulatory liabilities Future income tax* 1,583 1,753 1,450 1,616 Allowance for cost of removal less salvage 1,368 1,315 1,181 1,137 Net unbilled revenue deferrals 214 204 214 204 Energy efficiency portfolio standard unencumbered funds 5 5 7 7 Settlement of prudence proceeding 8 10 8 10 Earnings sharing - electric, gas and steam 13 13 10 10 System benefit charge carrying charge 87 73 83 69 BQDM and Demonstration project reconciliations 15 23 15 21 Pension and other postretirement benefit deferrals 194 144 146 98 Property tax refunds 35 35 35 35 COVID - 19 pandemic uncollectible reconciliation deferral 1 12 1 12 Late payment charge deferral 160 127 155 123 Unrecognized pension and other postretirement costs 1,276 1,638 1,197 1,536 Net proceeds from sale of property 54 69 52 69 Sales and use tax refunds 29 37 27 36 Workers’ compensation 15 11 15 11 Deferred derivative gains - long term 17 145 17 130 Other 327 413 277 357 Regulatory liabilities – noncurrent 5,401 6,027 4,890 5,481 Refundable energy costs 99 34 70 — Revenue decoupling mechanism — 29 — 21 Deferred derivative gains - short term 90 311 83 287 Regulatory liabilities – current 189 374 153 308 Total Regulatory Liabilities $5,590 $6,401 $5,043 $5,789 * See "Other Regulatory Matters," above. |
Schedule of Regulatory Assets Not Earning Return | Regulatory Assets Not Earning a Return* Con Edison CECONY (Millions of Dollars) 2023 2022 2023 2022 Unrecognized pension and other postretirement costs $125 $78 $125 $78 Environmental remediation costs 983 987 899 903 Revenue taxes 494 414 474 397 COVID-19 Deferral for Uncollectible Accounts Receivable 207 253 205 249 Deferred derivative losses - current 137 184 133 178 Deferred derivative losses - long term 99 31 89 26 Other 63 28 62 27 Total $2,108 $1,975 $1,987 $1,858 *This table presents regulatory assets not earning a return for which no cash outlay has been made. |
Capitalization (Tables)
Capitalization (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023 and December 31, 2022 were: (Millions of Dollars) 2023 2022 Long-Term Debt (including current portion) (a) Carrying Fair Carrying Fair Con Edison $21,300 (c) $17,726 (c) $20,796 (b) $18,234 (b) CECONY $19,583 $16,213 $19,080 $16,699 (a) Amounts shown are net of unamortized debt expense and unamortized debt discount of $200 million and $192 million for Con Edison and CECONY, respectively, as of September 30, 2023 and $202 million and $195 million for Con Edison and CECONY, respectively, as of December 31, 2022. (b) Amounts shown exclude the debt of the Clean Energy Businesses, that were classified as held for sale as of December 31, 2022. The carrying value and fair value of t he Clean Energy Businesses’ long-term debt, including the current portion, as of December 31, 2022 was $2,645 million and $2,489 million, respectively. On March 1, 2023, Con Edison completed the sale of substantially all of the assets of the Clean Energy Businesses. See Note S and Note T. (c) Amounts shown exclude an immaterial amount of debt of Broken Bow II, a deferred project, that was classified as held for sale as of December 31, 2022 and September 30, 2023. See Note S and Note T. |
Pension Benefits (Tables)
Pension Benefits (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Retirement Benefits [Abstract] | |
Total Periodic Benefit Costs | The components of the Companies’ total periodic benefit cost/(credit) for the three and nine months ended September 30, 2023 and 2022 were as follows: For the Three Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2023 2022 2023 2022 Service cost – including administrative expenses $40 $72 $38 $67 Interest cost on projected benefit obligation 162 126 153 119 Expected return on plan assets (279) (292) (265) (277) Recognition of net actuarial loss/(gain) (58) 94 (55) 89 Recognition of prior service credit (4) (4) (5) (5) TOTAL PERIODIC BENEFIT CREDIT $(139) $(4) $(134) $(7) Cost capitalized (19) (32) (18) (30) Reconciliation to rate level 72 63 66 59 Total expense (credit) recognized $(86) $27 $(86) $22 For the Nine Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2023 2022 2023 2022 Service cost – including administrative expenses $122 $215 $113 $202 Interest cost on projected benefit obligation 486 379 458 357 Expected return on plan assets (837) (876) (795) (832) Recognition of net actuarial loss/(gain) (174) 283 (164) 268 Recognition of prior service credit (12) (12) (15) (15) TOTAL PERIODIC BENEFIT CREDIT $(415) $(11) $(403) $(20) Cost capitalized (61) (100) (58) (95) Reconciliation to rate level 218 192 202 182 Total expense (credit) recognized $(258) $81 $(259) $67 The components of the Companies’ total periodic other postretirement benefit cost/(credit) for the three and nine months ended September 30, 2023 and 2022 were as follows: For the Three Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2023 2022 2023 2022 Service cost - including administrative expenses $4 $5 $3 $4 Interest cost on projected other postretirement benefit obligation 14 8 12 8 Expected return on plan assets (18) (18) (14) (14) Recognition of net actuarial gain (4) (4) (2) (3) Recognition of prior service credit — — — — TOTAL PERIODIC OTHER POSTRETIREMENT CREDIT $(4) $(9) $(1) $(5) Cost capitalized (2) (2) (2) (2) Reconciliation to rate level 1 7 — 6 Total credit recognized $(5) $(4) $(3) $(1) For the Nine Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2023 2022 2023 2022 Service cost - including administrative expenses $11 $14 $9 $11 Interest cost on projected other postretirement benefit obligation 43 26 37 23 Expected return on plan assets (53) (54) (42) (43) Recognition of net actuarial gain (12) (11) (6) (7) Recognition of prior service credit (1) (1) — — TOTAL PERIODIC OTHER POSTRETIREMENT CREDIT $(12) $(26) $(2) $(16) Cost capitalized (5) (6) (4) (5) Reconciliation to rate level 2 22 (2) 18 Total credit recognized $(15) $(10) $(8) $(3) |
Other Postretirement Benefits (
Other Postretirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Retirement Benefits [Abstract] | |
Total Periodic Benefit Costs | The components of the Companies’ total periodic benefit cost/(credit) for the three and nine months ended September 30, 2023 and 2022 were as follows: For the Three Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2023 2022 2023 2022 Service cost – including administrative expenses $40 $72 $38 $67 Interest cost on projected benefit obligation 162 126 153 119 Expected return on plan assets (279) (292) (265) (277) Recognition of net actuarial loss/(gain) (58) 94 (55) 89 Recognition of prior service credit (4) (4) (5) (5) TOTAL PERIODIC BENEFIT CREDIT $(139) $(4) $(134) $(7) Cost capitalized (19) (32) (18) (30) Reconciliation to rate level 72 63 66 59 Total expense (credit) recognized $(86) $27 $(86) $22 For the Nine Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2023 2022 2023 2022 Service cost – including administrative expenses $122 $215 $113 $202 Interest cost on projected benefit obligation 486 379 458 357 Expected return on plan assets (837) (876) (795) (832) Recognition of net actuarial loss/(gain) (174) 283 (164) 268 Recognition of prior service credit (12) (12) (15) (15) TOTAL PERIODIC BENEFIT CREDIT $(415) $(11) $(403) $(20) Cost capitalized (61) (100) (58) (95) Reconciliation to rate level 218 192 202 182 Total expense (credit) recognized $(258) $81 $(259) $67 The components of the Companies’ total periodic other postretirement benefit cost/(credit) for the three and nine months ended September 30, 2023 and 2022 were as follows: For the Three Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2023 2022 2023 2022 Service cost - including administrative expenses $4 $5 $3 $4 Interest cost on projected other postretirement benefit obligation 14 8 12 8 Expected return on plan assets (18) (18) (14) (14) Recognition of net actuarial gain (4) (4) (2) (3) Recognition of prior service credit — — — — TOTAL PERIODIC OTHER POSTRETIREMENT CREDIT $(4) $(9) $(1) $(5) Cost capitalized (2) (2) (2) (2) Reconciliation to rate level 1 7 — 6 Total credit recognized $(5) $(4) $(3) $(1) For the Nine Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2023 2022 2023 2022 Service cost - including administrative expenses $11 $14 $9 $11 Interest cost on projected other postretirement benefit obligation 43 26 37 23 Expected return on plan assets (53) (54) (42) (43) Recognition of net actuarial gain (12) (11) (6) (7) Recognition of prior service credit (1) (1) — — TOTAL PERIODIC OTHER POSTRETIREMENT CREDIT $(12) $(26) $(2) $(16) Cost capitalized (5) (6) (4) (5) Reconciliation to rate level 2 22 (2) 18 Total credit recognized $(15) $(10) $(8) $(3) |
Environmental Matters (Tables)
Environmental Matters (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Environmental Remediation Obligations [Abstract] | |
Accrued Liabilities and Regulatory Assets | The accrued liabilities and regulatory assets related to Superfund Sites at September 30, 2023 and December 31, 2022 were as follows: Con Edison CECONY (Millions of Dollars) 2023 2022 2023 2022 Accrued Liabilities: Manufactured gas plant sites $874 $876 $780 $782 Other Superfund Sites 122 121 121 121 Total $996 $997 $901 $903 Regulatory assets $983 $991 $899 $906 |
Environmental Remediation Costs | Environmental remediation costs incurred related to Superfund Sites for the three and nine months ended September 30, 2023 and 2022 were as follows: For the Three Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2023 2022 2023 2022 Remediation costs incurred $1 $3 $1 $3 For the Nine Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2023 2022 2023 2022 Remediation costs incurred $8 $17 $8 $16 |
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, 2023 and December 31, 2022 were as follows: Con Edison CECONY (Millions of Dollars) 2023 2022 2023 2022 Accrued liability – asbestos suits $8 $8 $7 $7 Regulatory assets – asbestos suits $8 $8 $7 $7 Accrued liability – workers’ compensation $57 $61 $55 $59 Regulatory liabilities – workers’ compensation $12 $11 $15 $11 |
Material Contingencies (Tables)
Material Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023 is as follows: Guarantee Type 0 – 3 years 4 – 10 years > 10 years Total (Millions of Dollars) Con Edison Transmission $78 $— $— $78 Guarantees on behalf of the Clean Energy Businesses (a) 100 — 31 131 Broken Bow II — — 9 9 Total $178 $— $40 $218 (a ) On March 1, 2023, Con Edison completed the sale of substantially all of the assets of the Clean Energy Businesses. See Note S and Note T. Guarantee amount shown represents guarantees issued on behalf of the Clean Energy Businesses that r emain outstanding at September 30, 2023. Prior to and following the sale, RWE, with Con Edison's assistance, engaged in the process of transferring responsibility for these guarantees from Con Edison to RWE and that process is ongoing. Pursuant to the purchase and sale agreement, RWE is obligated to reimburse and hold harmless Con Edison for any payments Con Edison makes under guarantees issued by Con Edison on behalf of the Clean Energy Businesses. As of September 30, 2023, no such payments have been, or are probable of being, made. |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023 and 2022 were as follows: For the Three Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2023 2022 2023 2022 Operating lease cost $17 $22 $17 $17 Operating lease cash flows $6 $11 $6 $5 For the Nine Months Ended September 30, Con Edison (a) CECONY (Millions of Dollars) 2023 2022 2023 2022 Operating lease cost $53 $66 $49 $50 Operating lease cash flows $17 $28 $14 $13 (a) Amounts for Con Edison include amounts for the Clean Energy Businesses through February 2023. On March 1, 2023, Con Edison completed the sale of substantially all of the assets of the Clean Energy Businesses. See Note S and Note T. Other information related to leases for Con Edison and CECONY at September 30, 2023 and December 31, 2022 were as follows: Con Edison CECONY 2023 2022 2023 2022 Weighted Average Remaining Lease Term: Operating leases (a)(b) 11.6 years 12.3 years 11.6 years 12.4 years Finance leases 6.5 years 7.2 years 2.9 years 2.3 years Weighted Average Discount Rate: Operating leases (a)(b) 3.7% 3.7% 3.7% 3.7% Finance leases 3.0% 1.9% 3.0% 1.0% (a) Amounts for Con Edison exclude operating leases of the Clean Energy Businesses, inclusive of Broken Bow II, that were classified as held for sale as of December 31, 2022. Including the operating leases of the Clean Energy Businesses would result in a weighted average remaining lease term of 18.3 years and a weighted average discount rate of 4.4 percent as of December 31, 2022. On March 1, 2023, Con Edison completed the sale of substantially all of the assets of the Clean Energy Businesses. See Note S and Note T. (b) Amounts for Con Edison in 2023 exclude the operating lease of Broken Bow II, that was classified as held for sale as of September 30, 2023. Including the operating lease of Broken Bow II would result in a weighted average remaining lease term of 11.7 years and a weighted average discount rate of 3.8% as of September 30, 2023. See Note T. |
Operating Leases, Future Minimum Lease Payments | Future minimum lease payments under non-cancellable leases at September 30, 2023 were as follo ws: (Millions of Dollars) Con Edison CECONY Year Ending September 30, (b) Operating Leases Finance Leases Operating Leases Finance Leases 2024 $65 $1 $65 $1 2025 66 — 65 — 2026 65 — 65 — 2027 65 — 65 — 2028 60 — 60 — All years thereafter 419 1 419 — Total future minimum lease payments $740 $2 $739 $1 Less: imputed interest (149) — (149) — Total $591 $2 $590 $1 Reported as of September 30, 2023 Operating lease liabilities (current) (a) $114 $— $114 $— Operating lease liabilities (noncurrent) (a) 477 — 476 — Other noncurrent liabilities — 2 — 1 Total $591 $2 $590 $1 (a) Amounts exclude operating lease liabilities of Broken Bow II ($7 million) that are classified as current liabilities held for sale on Con Edison's consolidated balance sheet as of September 30, 2023. See Note T. |
Finance Leases, Future Minimum Lease Payments | Future minimum lease payments under non-cancellable leases at September 30, 2023 were as follo ws: (Millions of Dollars) Con Edison CECONY Year Ending September 30, (b) Operating Leases Finance Leases Operating Leases Finance Leases 2024 $65 $1 $65 $1 2025 66 — 65 — 2026 65 — 65 — 2027 65 — 65 — 2028 60 — 60 — All years thereafter 419 1 419 — Total future minimum lease payments $740 $2 $739 $1 Less: imputed interest (149) — (149) — Total $591 $2 $590 $1 Reported as of September 30, 2023 Operating lease liabilities (current) (a) $114 $— $114 $— Operating lease liabilities (noncurrent) (a) 477 — 476 — Other noncurrent liabilities — 2 — 1 Total $591 $2 $590 $1 (a) Amounts exclude operating lease liabilities of Broken Bow II ($7 million) that are classified as current liabilities held for sale on Con Edison's consolidated balance sheet as of September 30, 2023. See Note T. |
Income Tax (Tables)
Income Tax (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023 and 2022 is as follows: For the Three Months Ended September 30, Con Edison CECONY (% of Pre-tax income) 2023 2022 2023 2022 STATUTORY TAX RATE Federal 21 % 21 % 21 % 21 % Changes in computed taxes resulting from: State income tax, net of federal income tax benefit 8 6 5 5 Amortization of excess deferred federal income taxes (6) (6) (7) (7) Cost of removal 1 1 1 1 Renewable energy credits — (1) — — Allowance for uncollectible accounts, net of COVID-19 assistance (2) — (2) 1 Impacts from the sale of the Clean Energy Businesses: State taxes on sale of subsidiary, net of federal income tax benefit 1 — — — Other (2) — (1) (1) Effective tax rate 21 % 21 % 17 % 20 % For the Nine Months Ended September 30, Con Edison CECONY (% of Pre-tax income) 2023 2022 2023 2022 STATUTORY TAX RATE Federal 21 % 21 % 21 % 21 % Changes in computed taxes resulting from: State income tax, net of federal income tax benefit 5 6 5 5 Taxes attributable to non-controlling interest — 1 — — Cost of removal 1 1 2 2 Other plant-related items — — (1) (1) Renewable energy credits (1) (2) — — Amortization of excess deferred federal income taxes (5) (8) (8) (10) Impacts from the sale of the Clean Energy Businesses: Changes in state apportionments, net of federal income taxes (1) — — — Deferred unamortized investment tax credit recognized on sale of subsidiary (4) — — — Other — — — — Effective tax rate 16 % 19 % 19 % 17 % |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table presents, for the three and nine months ended September 30, 2023 and 2022, 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, 2023 For the Three Months Ended September 30, 2022 (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 $3,195 $28 $3,223 $3,165 $(88) $3,077 Gas 338 (20) 318 409 5 414 Steam 46 3 49 55 3 58 Total CECONY $3,579 $11 $3,590 $3,629 $(80) $3,549 O&R Electric 242 4 246 256 (4) 252 Gas 31 4 35 29 10 39 Total O&R $273 $8 $281 $285 $6 $291 Clean Energy Businesses (c) Renewables — — — 197 — 197 Energy services — — — 13 — 13 Develop/Transfer Projects — — — 37 — 37 Other — — — — 78 78 Total Clean Energy Businesses $— $— $— $247 $78 $325 Con Edison Transmission 1 — 1 1 — 1 Other (b) — — — — (1) (1) Total Con Edison $3,853 $19 $3,872 $4,162 $3 $4,165 (a) For the Utilities, this includes primarily revenue or negative revenue adjustments from alternative revenue programs, such as the revenue decoupling mechanisms under their New York electric and gas rate plans (see "Rate Plans" in Note B). For the Clean Energy Businesses, this includes revenue from wholesale services. On March 1, 2023, Con Edison completed the sale of substantially all of the assets of the Clean Energy Businesses. See Note S and Note T. (b) Other includes the parent company, Con Edison's tax equity investments, the deferred project held for sale and consolidated adjustments. See Note T. (c) On March 1, 2023, Con Edison completed the sale of substantially all of the assets of the Clean Energy Businesses. See Note S and Note T. For the Nine Months Ended September 30, 2023 For the Nine Months Ended September 30, 2022 (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 $7,449 $273 $7,722 $7,525 $(124) $7,401 Gas 2,117 23 2,140 2,090 37 2,127 Steam 414 11 425 436 8 444 Total CECONY $9,980 $307 $10,287 $10,051 $(79) $9,972 O&R Electric $574 $14 $588 $595 $(1) $594 Gas 211 4 215 217 2 219 Total O&R $785 $18 $803 $812 $1 $813 Clean Energy Businesses (c) Renewables $68 $— $68 $524 $— $524 Energy services 7 — 7 57 — 57 Develop/Transfer Projects 7 — 7 56 — 56 Other — 47 47 — 220 220 Total Clean Energy Businesses $82 $47 $129 $637 $220 $857 Con Edison Transmission $3 $— $3 $3 — $3 Other (b) — (3) (3) — (6) (6) Total Con Edison $10,850 $369 $11,219 $11,503 $136 $11,639 (a) For the Utilities, this includes primarily revenue or negative revenue adjustments from alternative revenue programs, such as the revenue decoupling mechan isms under their New York electric and gas rate plans (see "Rate Plans" in Note B). For the Clean Energy Businesses, this includes revenue from wholesale services. On March 1, 2023, Con Edison completed the sale of substantially all of the assets of the Clean Energy Businesses. See Note S and Note T. (b) Other includes the parent company, Con Edison's tax equity investments, the deferred project held for sale and consolidated adjustments. See Note T. |
Change in Unbilled Contract and Unearned Revenues | 2023 2022 (Millions of Dollars) Unbilled contract revenue (a) Unearned revenue (b) Unbilled contract revenue (a) Unearned revenue (b) Beginning balance as of January 1, $80 $3 $35 $7 Additions (c) 2 — 103 — Subtractions (c) 78 3 (d) 81 4 (d) Ending balance as of September 30, $4 (e) $— $57 $3 (a) Unbilled contract revenue represents accumulated incurred costs and earned profits on contracts (revenue arrangements), that 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, that 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, that 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. Of the subtractions in 2023, $21 million and $1 million relate to the sale of the Clean Energy Businesses for unbilled contract revenue and unearned revenue, respectively. See (e) below. (d) Of the subtractions from unearned revenue, $3 million and $4 million were included in the balances as of January 1, 2023 and 2022, respectively. (e) Following the sale of the Clean Energy Businesses, Con Edison received substantially all contract revenue, net of certain costs incurred, for a battery storage project located in Imperial County, California. See Note S. |
Current Expected Credit Losses
Current Expected Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Credit Loss [Abstract] | |
Rollforward of Allowance for Credit Losses | The table below presents a roll forward by major portfolio segment type for the three and nine months ended September 30, 2023 and 2022: For the Three Months Ended September 30, Con Edison CECONY Accounts receivable - customers Other receivables Accounts receivable - customers Other receivables (Millions of Dollars) 2023 2022 2023 2022 2023 2022 2023 2022 Allowance for credit losses Beginning Balance at July 1, $275 $336 $28 $9 $266 $324 $24 $7 Recoveries 3 4 — — 3 4 — — Write-offs (43) 2 (4) (2) (41) 4 (3) (1) Reserve adjustments 41 (37) 7 2 41 (35) 6 1 Ending Balance September 30, $276 $305 $31 $9 $269 $297 $27 $7 For the Nine Months Ended September 30, Con Edison CECONY Accounts receivable - customers Other receivables Accounts receivable - customers Other receivables (Millions of Dollars) 2023 2022 2023 2022 2023 2022 2023 2022 Allowance for credit losses Beginning Balance at January 1, $322 $317 $10 $22 $314 $304 $7 $19 Recoveries 11 13 — — 10 12 — — Write-offs (135) (62) (5) (5) (130) (56) (3) (3) Reserve adjustments 78 37 26 (8) 75 37 23 (9) Ending Balance September 30, $276 $305 $31 $9 $269 $297 $27 $7 |
Financial Information by Busi_2
Financial Information by Business Segment (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Financial Data for Business Segments | The financial data for the business segments for the three and nine months ended September 30, 2023 and 2022 were as follows: For the Three Months Ended September 30, Operating Inter-segment Depreciation and Operating (Millions of Dollars) 2023 2022 2023 2022 2023 2022 2023 2022 CECONY Electric $3,223 $3,077 $4 $5 $352 $324 $867 $843 Gas 318 414 2 2 108 93 (108) (40) Steam 49 58 19 19 25 24 (80) (65) Consolidation adjustments — — (25) (26) — — — — Total CECONY $3,590 $3,549 $— $— $485 $441 $679 $738 O&R Electric $246 $252 $— $— $19 $18 59 $61 Gas 35 39 — — 7 7 (11) (10) Total O&R $281 $291 $— $— $26 $25 $48 $51 Clean Energy Businesses (a) $— $325 $— $— $— $60 — $104 Con Edison Transmission 1 1 — — 1 — (2) (2) Other (b) — (1) — — — (1) (3) (2) Total Con Edison $3,872 $4,165 $— $— $512 $525 $722 $889 (a) On March 1, 2023, Con Edison completed the sale of substantially all of the assets of the Clean Energy Businesses. As a result of this sale, the Clean Energy Businesses are no longer a principal segment. See Note S and Note T. (b) Other includes the parent company, Con Edison’s tax equity investments, the deferred project held for sale and consolidation adjustments. Other does not represent a business segment. See Note T. For the Nine Months Ended September 30, Operating Inter-segment Depreciation and Operating (Millions of Dollars) 2023 2022 2023 2022 2023 2022 2023 2022 CECONY Electric $7,722 $7,401 $14 $14 $1,035 $994 $1,292 $1,233 Gas 2,140 2,127 6 6 319 275 533 511 Steam 425 444 55 57 74 72 (75) (15) Consolidation adjustments — — (75) (77) — — — — Total CECONY $10,287 $9,972 $— $— $1,428 $1,341 $1,750 $1,729 O&R Electric $588 $594 $— $— $56 $53 $73 $85 Gas 215 219 — — 22 20 27 25 Total O&R $803 $813 $— $— $78 $73 $100 $110 Clean Energy Businesses (a) $129 $857 $— $— $— $178 $37 $248 Con Edison Transmission 3 3 — — 1 1 (6) (8) Other (b) (3) (6) — — (1) — 864 (5) Total Con Edison $11,219 $11,639 $— $— $1,506 $1,593 $2,745 $2,074 ( a) On March 1, 2023, Con Edison completed the sale of substantially all of the assets of the Clean Energy Businesses. As a result of this sale, the Clean Energy Businesses are no longer a principal segment. See Note S and Note T. |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023 and December 31, 2022 were: (Millions of Dollars) 2023 2022 Balance Sheet Location Gross Amounts of Gross Net Amounts Gross Amounts of Gross Net Amounts Con Edison Fair value of derivative assets Current $115 $(63) $52 (b) $378 $(332) $46 (b) Noncurrent 63 (37) 26 193 (108) 85 Total fair value of derivative assets held and used 178 (100) 78 571 (440) 131 Current - assets held for sale (d) — — — 93 (8) 85 (c)(d) Noncurrent - assets held for sale (d) — — — 83 11 94 (c)(d) Total fair value of derivative assets $178 $(100) $78 $747 $(437) $310 Fair value of derivative liabilities Current $(135) $64 $(71) (b) $(198) $166 $(32) (b) Noncurrent (108) 40 (68) (49) 36 (13) Total fair value of derivative liabilities held and used $(243) $104 $(139) $(247) $202 $(45) Current - liabilities held for sale (d) — — — (31) 6 (25) (d) Noncurrent - liabilities held for sale (d) — — — (3) (8) (11) (d) Total fair value of derivative liabilities $(243) $104 $(139) $(281) $200 $(81) Net fair value derivative assets/(liabilities) $(65) $4 $(61) $466 $(237) $229 CECONY Fair value of derivative assets Current $107 $(60) $47 (b) $350 $(312) $38 (b) Noncurrent 60 (34) 26 176 (96) 80 Total fair value of derivative assets $167 $(94) $73 $526 $(408) $118 Fair value of derivative liabilities Current $(129) $61 $(68) (b) $(189) $160 $(29) Noncurrent (98) 38 (60) (43) 34 (9) Total fair value of derivative liabilities $(227) $99 $(128) $(232) $194 $(38) Net fair value derivative assets/(liabilities) $(60) $5 $(55) $294 $(214) $80 (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, 2023, margin deposits for Con Edison ($10 million and $(15) million) were classified as derivative assets and derivative liabilities, respectively, and for CECONY ($9 million and $(11) million) were classified as derivative assets and derivative liabilities, respectively, on the consolidated balance sheet, but not included in the table. At December 31, 2022 margin deposits for Con Edison and CECONY of $13 million were classified as derivative assets, and ($(10) million and $(6) million, respectively) were classified as derivative liabilities 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 $75 million in noncurrent assets, $31 million in current assets. At December 31, 2022, the Clean Energy Businesses had interest rate swaps with notional amounts of $982 million. The expiration dates of the swaps ranged 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, 2023 and December 31, 2022 were: (Millions of Dollars) 2023 2022 Balance Sheet Location Gross Amounts of Gross Net Amounts Gross Amounts of Gross Net Amounts Con Edison Fair value of derivative assets Current $115 $(63) $52 (b) $378 $(332) $46 (b) Noncurrent 63 (37) 26 193 (108) 85 Total fair value of derivative assets held and used 178 (100) 78 571 (440) 131 Current - assets held for sale (d) — — — 93 (8) 85 (c)(d) Noncurrent - assets held for sale (d) — — — 83 11 94 (c)(d) Total fair value of derivative assets $178 $(100) $78 $747 $(437) $310 Fair value of derivative liabilities Current $(135) $64 $(71) (b) $(198) $166 $(32) (b) Noncurrent (108) 40 (68) (49) 36 (13) Total fair value of derivative liabilities held and used $(243) $104 $(139) $(247) $202 $(45) Current - liabilities held for sale (d) — — — (31) 6 (25) (d) Noncurrent - liabilities held for sale (d) — — — (3) (8) (11) (d) Total fair value of derivative liabilities $(243) $104 $(139) $(281) $200 $(81) Net fair value derivative assets/(liabilities) $(65) $4 $(61) $466 $(237) $229 CECONY Fair value of derivative assets Current $107 $(60) $47 (b) $350 $(312) $38 (b) Noncurrent 60 (34) 26 176 (96) 80 Total fair value of derivative assets $167 $(94) $73 $526 $(408) $118 Fair value of derivative liabilities Current $(129) $61 $(68) (b) $(189) $160 $(29) Noncurrent (98) 38 (60) (43) 34 (9) Total fair value of derivative liabilities $(227) $99 $(128) $(232) $194 $(38) Net fair value derivative assets/(liabilities) $(60) $5 $(55) $294 $(214) $80 (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, 2023, margin deposits for Con Edison ($10 million and $(15) million) were classified as derivative assets and derivative liabilities, respectively, and for CECONY ($9 million and $(11) million) were classified as derivative assets and derivative liabilities, respectively, on the consolidated balance sheet, but not included in the table. At December 31, 2022 margin deposits for Con Edison and CECONY of $13 million were classified as derivative assets, and ($(10) million and $(6) million, respectively) were classified as derivative liabilities 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 $75 million in noncurrent assets, $31 million in current assets. At December 31, 2022, the Clean Energy Businesses had interest rate swaps with notional amounts of $982 million. The expiration dates of the swaps ranged 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, 2023 and 2022: For the Three Months Ended September 30, Con Edison CECONY (Millions of Dollars) Balance Sheet Location 2023 2022 2023 2022 Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: Current Regulatory liabilities $(11) $31 $(9) $30 Noncurrent Regulatory liabilities (11) 23 (9) 17 Total deferred gains/(losses) $(22) $54 $(18) $47 Current Regulatory assets $22 $41 $20 $37 Current Recoverable energy costs (98) 168 (94) 152 Noncurrent Regulatory assets (34) 49 (29) 45 Total deferred gains/(losses) $(110) $258 $(103) $234 Net deferred gains/(losses) $(132) $312 $(121) $281 Income Statement Location Pre-tax gains/(losses) recognized in income Gas purchased for resale $— $(2) $— $— Non-utility revenue — (1) — — Other operations and maintenance expense 1 (1) 1 (1) Other interest expense (a) — 49 — — Total pre-tax gains/(losses) recognized in income $1 $45 $1 ($1) (a) Comprised of amounts related to interest rate swaps of the Clean Energy Businesses. On March 1, 2023, Con Edison completed the sale of substantially all of the assets of the Clean Energy Businesses. See Note S and Note T. For the Nine Months Ended September 30, Con Edison CECONY (Millions of Dollars) Balance Sheet Location 2023 2022 2023 2022 Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: Current Regulatory liabilities $(221) $379 $(203) $350 Noncurrent Regulatory liabilities (128) 91 (113) 79 Total deferred gains/(losses) $(349) $470 $(316) $429 Current Regulatory assets $47 $50 $45 $45 Current Recoverable energy costs (474) 357 (449) 324 Noncurrent Regulatory assets (68) 19 (63) 18 Total deferred gains/(losses) $(495) $426 $(467) $387 Net deferred gains/(losses) $(844) $896 $(783) $816 Income Statement Location Pre-tax gains/(losses) recognized in income Gas purchased for resale $4 $1 $— $— Non-utility revenue 17 (23) — — Other operations and maintenance expense 1 4 1 4 Other interest expense (a) 5 158 — — Total pre-tax gains/(losses) recognized in income $27 $140 $1 $4 |
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, 2023: Electric Energy Capacity (MW) (a) Natural Gas Refined Fuels Con Edison 30,376,045 49,800 353,360,000 2,520,000 CECONY 27,714,325 39,000 334,950,000 2,520,000 (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 that 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, 2023: (Millions of Dollars) Con Edison (a) CECONY (a) Aggregate fair value – net liabilities $133 $125 Collateral posted 73 67 Additional collateral (b) (downgrade one level from current ratings) 51 46 Additional collateral (b)(c) (downgrade to below investment grade from current ratings) 137 126 (a) Non-derivative transactions for the purchase and sale of electricity and gas and qualifying derivative instruments, that 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 are no longer extended unsecured credit for such purchases, the Companies would be required to post $1 million of additional collateral at September 30, 2023. For certain other such non-derivative transactions, the Companies would have been 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, 2023, if Con Edison had been downgraded to below investment grade, it would have been required to post additional collateral for such derivative instruments of $19 million. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023 and December 31, 2022 are summarized below. 2023 2022 (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) $21 $137 $5 $(75) $88 $84 $476 $2 $(420) $142 Commodity held for sale (g) — — — — — 6 34 31 2 73 Interest rate swaps (a)(b)(c)(f)(g) — — — — — — 106 — — 106 Other (a)(b)(d) 462 121 — — 583 437 116 — — 553 Total assets $483 $258 $5 $(75) $671 $527 $732 $33 $(418) $874 Derivative liabilities: Commodity (a)(b)(c) $16 $196 $15 $(72) $155 $18 $204 $16 $(184) $54 Commodity held for sale (g) — — — — — 8 24 2 2 36 Total liabilities $16 $196 $15 $(72) $155 $26 $228 $18 $(182) $90 CECONY Derivative assets: Commodity (a)(b)(c) $21 $130 $3 $(73) $81 $83 $434 $2 $(388) $131 Other (a)(b)(d) 450 114 — — 564 422 110 — — 532 Total assets $471 $244 $3 $(73) $645 $505 $544 $2 $(388) $663 Derivative liabilities: Commodity (a)(b)(c) $15 $187 $10 $(73) $139 $18 $198 $8 $(180) $44 Total liabilities $15 $187 $10 $(73) $139 $18 $198 $8 $(180) $44 (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 ha d $10 million of commodity derivative assets transferred from level 3 to level 2 during the nine months ended September 30, 2023 because of availability of observable market data due to the decrease in the terms of certain contracts from beyond three years as of December 31, 2022 to less than three years as of September 30, 2023 . Con Edison and CECONY had an immaterial amount of derivative liabilities and $10 million and $9 million of commodity derivative assets, respectively, transferred from level 3 to level 2 during the year ended December 31, 2022 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, 2022 to less than three years as of December 31, 2022. (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, 2023 and December 31, 2022, the Companies determined that nonperformance risk would have no material impact on their financial position or results of operations. (d) Other assets are comprised of assets such as life insurance contracts within the deferred compensation plan and non-qualified retirement plans. (e) Amounts represent the impact of legally-enforceable master netting agreements that allow the Companies to net gain and loss positions and cash collateral held or placed with the same counterparties. (f) See Note N. |
Schedule of Commodity Derivatives | Fair Value of Level 3 at September 30, 2023 Valuation Unobservable Inputs Range (Millions of Dollars) Con Edison – Commodity Electricity $(6) Discounted Cash Flow Forward energy prices (a) $33.95-$137.60 per MWh Electricity (5) Discounted Cash Flow Forward capacity prices (a) $1.90-$11.75 per kW-month Transmission Congestion Contracts 1 Discounted Cash Flow Inter-zonal forward price curves adjusted for historical zonal losses (b) $0.09-$3.80 per MWh Total Con Edison—Commodity $(10) CECONY – Commodity Electricity $(4) Discounted Cash Flow Forward energy prices (a) $37.55-$137.60 per MWh Electricity (4) Discounted Cash Flow Forward capacity prices (a) $1.90-$11.75 per kW-month Transmission Congestion Contracts 1 Discounted Cash Flow Inter-zonal forward price curves adjusted for historical zonal losses (b) $0.09-$3.80 per MWh Total CECONY—Commodity $(7) (a) Generally, increases/(decreases) in this input in isolation would result in a higher/(lower) fair value measurement. (b) Generally, increases/(decreases) in this input in isolation would result in a lower/(higher) fair value measurement. |
Reconciliation of Beginning and Ending Net Balances for Assets and Liabilities Measured at Level 3 Fair Value | The table listed below provides a reconciliation of the beginning and ending net balances for assets and liabilities measured at fair value as of September 30, 2023 and 2022 and classified as Level 3 in the fair value hierarchy: For the Three Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2023 2022 2023 2022 Beginning balance as of July 1, $(7) $9 $(4) $(11) Included in earnings 2 (10) 1 (1) Included in regulatory assets and liabilities (3) 14 (3) 11 Purchases — 1 — — Settlements (2) 2 (1) 1 Transfer out of level 3 — — — — Ending balance as of September 30, $(10) $16 $(7) $— For the Nine Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2023 2022 2023 2022 Beginning balance as of January 1, $15 $(11) $(6) $(7) Included in earnings (2) 13 (1) (3) Included in regulatory assets and liabilities 16 7 10 5 Purchases — 3 — — Settlements — 3 — 4 Decrease due to the sale of the Clean Energy Businesses (a) (29) — — — Transfer out of level 3 (10) 1 (10) 1 Ending balance as of September 30, $(10) $16 $(7) $— |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Income (Loss), Hypothetical Liquidation at Book Value | On March 1, 2023, Con Edison completed the sale of substantially all of the assets of the Clean Energy Businesses. See Note S. For the Three Months Ended September 30, For the Nine Months Ended September 30, (Millions of Dollars) 2022 2022 Income/(Loss) attributable to tax equity investor $6 $(36) Income/(Loss) attributable to tax equity investor after tax 5 (27) Income/(Loss) attributable to Con Edison (7) 32 Income/(Loss) attributable to Con Edison after tax (5) 24 For the Three Months Ended September 30, For the Nine Months Ended September 30, (Millions of Dollars) 2022 2022 Income/(Loss) attributable to tax equity investor $— $(7) Income/(Loss) attributable to tax equity investor after tax — (5) Income/(Loss) attributable to Con Edison 16 44 Income/(Loss) attributable to Con Edison after tax 12 33 |
Summary of VIEs | At December 31, 2022, 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)(f) (Millions of Dollars) 2022 2022 2022 Assets held for sale (a) $305 $580 $686 Total assets (a) $305 $580 $686 Liabilities held for sale (b) 20 81 331 Total liabilities (b) $20 $81 $331 (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. Amounts shown for 2022 are included in current assets held for sale on Con Edison's consolidated balance sheet as of December 31, 2022. On March 1, 2023, Con Edison completed the sale of substantially all of the assets of the Clean Energy Businesses. See Note S and Note T. For the disposal of the noncontrolling interest, see Con Edison's Consolidated Statement of Equity. (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. Amounts shown for 2022 are included in current liabilities held for sale on Con Edison's consolidated balance sheet as of December 31, 202 2. On March 1, 2023, Con Edison completed the sale of substantially all of the assets of the Clean Energy Businesses. See Note S and Note T. For the disposal of the noncontrolling interest, see Con Edison's Consolidated Statement of Equity. (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 $67 million at December 31, 2022. (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 $94 million at December 31, 2022. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 and nine months ended September 30, 2023 and 2022 were as follows: For the Three Months Ended September 30, CECONY (Millions of Dollars) 2023 2022 Cost of services provided $39 $35 Cost of services received $21 $19 For the Nine Months Ended September 30, CECONY (a) (Millions of Dollars) 2023 2022 Cost of services provided $105 $101 Cost of services received $61 $56 |
Dispositions (Tables)
Dispositions (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Pre-Tax Operating Income for Clean Energy Businesses | The following table shows the pre-tax operating income for the Clean Energy Businesses. The 2023 period shown is through the date of the sale of the Clean Energy Businesses and as such there is no applicable data for the three months ended September 30, 2023. For the Three Months Ended September 30, For the Nine Months Ended September 30, (Millions of Dollars) 2022 2023 2022 Pre-tax operating income $118 $25 $361 Pre-tax operating income, excluding non-controlling interest $123 $21 $317 At September 30, 2023, the carrying amounts of the major classes of assets and liabilities of Broken Bow II that are expected to be sold are presented on a held-for-sale basis, and accordingly exclude net deferred tax liability balances, as follows: (Millions of Dollars) September 30, ASSETS CURRENT ASSETS Restricted cash $5 Other current assets 3 TOTAL CURRENT ASSETS 8 NON-UTILITY PLANT Non-utility property, net accumulated depreciation 76 NET PLANT 76 OTHER NONCURRENT ASSETS Intangible Assets less accumulated amortization 72 Operating lease right-of-use asset 7 TOTAL OTHER NONCURRENT ASSETS 79 TOTAL ASSETS $163 (Millions of Dollars) September 30, LIABILITIES CURRENT LIABILITIES Long-term debt due within one year $2 Operating lease liabilities 2 Other current liabilities 3 TOTAL CURRENT LIABILITIES 7 NONCURRENT LIABILITIES Asset retirement obligations 3 Operating lease liabilities 5 TOTAL NONCURRENT LIABILITIES 8 LONG-TERM DEBT 61 TOTAL LIABILITIES $76 |
Assets and Liabilities Held-f_2
Assets and Liabilities Held-for-Sale (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Carrying Amounts of Assets and Liabilities Held For Sale | The following table shows the pre-tax operating income for the Clean Energy Businesses. The 2023 period shown is through the date of the sale of the Clean Energy Businesses and as such there is no applicable data for the three months ended September 30, 2023. For the Three Months Ended September 30, For the Nine Months Ended September 30, (Millions of Dollars) 2022 2023 2022 Pre-tax operating income $118 $25 $361 Pre-tax operating income, excluding non-controlling interest $123 $21 $317 At September 30, 2023, the carrying amounts of the major classes of assets and liabilities of Broken Bow II that are expected to be sold are presented on a held-for-sale basis, and accordingly exclude net deferred tax liability balances, as follows: (Millions of Dollars) September 30, ASSETS CURRENT ASSETS Restricted cash $5 Other current assets 3 TOTAL CURRENT ASSETS 8 NON-UTILITY PLANT Non-utility property, net accumulated depreciation 76 NET PLANT 76 OTHER NONCURRENT ASSETS Intangible Assets less accumulated amortization 72 Operating lease right-of-use asset 7 TOTAL OTHER NONCURRENT ASSETS 79 TOTAL ASSETS $163 (Millions of Dollars) September 30, LIABILITIES CURRENT LIABILITIES Long-term debt due within one year $2 Operating lease liabilities 2 Other current liabilities 3 TOTAL CURRENT LIABILITIES 7 NONCURRENT LIABILITIES Asset retirement obligations 3 Operating lease liabilities 5 TOTAL NONCURRENT LIABILITIES 8 LONG-TERM DEBT 61 TOTAL LIABILITIES $76 |
General (Details)
General (Details) | 9 Months Ended |
Sep. 30, 2023 subsidiary registrant | |
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) $ / shares in Units, $ in Millions | 1 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Oct. 31, 2023 USD ($) | Jan. 31, 2016 mi | Sep. 30, 2023 USD ($) project $ / shares | Dec. 31, 2019 USD ($) | Mar. 01, 2023 project | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | ||||||||
Par value of common stock (in usd per share) | $ / shares | $ 0.10 | |||||||
Disposal Group, Held-for-sale, Not Discontinued Operations | Clean Energy Businesses | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Tax equity projects | project | 3 | 2 | ||||||
Mountain Valley Pipeline LLC | Con Edison Gas Pipeline and Storage, LLC | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Ownership percentage (in percent) | 8.80% | 9.60% | 10.20% | 11.30% | ||||
Number of miles in pipeline construction | mi | 300 | |||||||
Cash contributions for equity method investments | $ 530 | $ 530 | ||||||
Equity method investment, ownership percentage, expected percentage | 0.073 | |||||||
Equity method investment, project percent completion (in percent) | 94% | 94% | ||||||
Equity method investments | $ 111 | |||||||
Mountain Valley Pipeline LLC | Con Edison Gas Pipeline and Storage, LLC | Subsequent Event | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Cash contributions for equity method investments | $ 7,200 | |||||||
Mountain Valley Pipeline LLC | Con Edison Gas Pipeline and Storage, LLC | Mountain Valley Pipeline LLC | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Ownership percentage (in percent) | 12.50% | |||||||
Broken Bow II | Clean Energy Businesses | Electric Energy (MWh) | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Deferred projects | project | 1 | 1 |
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, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Accounting Policies [Abstract] | ||||
Net income for common stock | $ 526 | $ 613 | $ 2,185 | $ 1,470 |
Weighted average common shares outstanding – basic (shares) | 345 | 354.6 | 348.4 | 354.4 |
Add: Incremental shares attributable to effect of potentially dilutive securities (shares) | 1.5 | 1.3 | 1.5 | 1.3 |
Adjusted weighted average common shares outstanding – diluted (shares) | 346.5 | 355.9 | 349.9 | 355.7 |
Net income per common share - basic (dollars per share) | $ 1.53 | $ 1.73 | $ 6.27 | $ 4.15 |
Net income per common share - diluted (dollars per share) | $ 1.52 | $ 1.72 | $ 6.24 | $ 4.13 |
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, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Beginning balance | $ 20,805 | $ 20,843 | $ 20,889 | $ 20,621 | $ 20,623 | $ 20,336 | $ 20,889 | $ 20,336 |
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAXES | (1) | 4 | 1 | 5 | ||||
Ending balance | 21,078 | 20,805 | 20,843 | 20,976 | 20,621 | 20,623 | 21,078 | 20,976 |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Beginning Balance | 20,687 | 20,687 | ||||||
TOTAL OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAXES | 0 | 1 | 3 | 6 | ||||
Ending Balance | 21,078 | 21,078 | ||||||
Reclassification from AOCI, tax | (1) | |||||||
AOCI Attributable to Parent | ||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Beginning balance | 25 | 26 | 22 | 10 | 5 | 5 | 22 | 5 |
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAXES | (1) | 4 | 1 | 5 | ||||
Ending balance | 25 | 25 | 26 | 11 | 10 | 5 | 25 | 11 |
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 | 1 | 4 | ||||||
Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax | 0 | 1 | 2 | 2 | ||||
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAXES | 0 | 1 | 3 | 6 | ||||
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
OCI before reclassifications, tax | (1) | |||||||
CECONY | ||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAXES | (1) | 1 | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Beginning Balance | 18,843 | 18,892 | 16,878 | 16,568 | 16,618 | 16,312 | 16,878 | 16,312 |
TOTAL OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAXES | 0 | 0 | (1) | 1 | ||||
Ending Balance | 19,113 | 18,843 | 18,892 | 16,867 | 16,568 | 16,618 | 19,113 | 16,867 |
CECONY | AOCI Attributable to Parent | ||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAXES | (1) | 1 | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Beginning Balance | 3 | 3 | 4 | 1 | 1 | 0 | 4 | 0 |
Ending Balance | 3 | 3 | 3 | 1 | 1 | 1 | 3 | 1 |
CECONY | AOCI Attributable to Parent | Subsidiaries | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Beginning Balance | 3 | $ 4 | 1 | $ 0 | 4 | 0 | ||
Ending Balance | 3 | $ 3 | 1 | $ 1 | 3 | 1 | ||
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 | (1) | 0 | ||||||
Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax | 0 | 0 | 0 | 1 | ||||
TOTAL OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAXES | $ 0 | $ 0 | $ (1) | $ 1 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies and Other Matters - Reconciliation of Cash, Temporary Investments and Restricted Cash (Details) $ in Millions | Sep. 30, 2023 USD ($) MWh | Dec. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) |
Cash and Cash Equivalents [Line Items] | |||
Cash and temporary cash investments | $ 539 | $ 1,282 | $ 78 |
Restricted cash | 6 | 163 | |
Total cash, temporary cash investments and restricted cash | $ 545 | 241 | |
Electric Energy (MWh) | |||
Cash and Cash Equivalents [Line Items] | |||
Notional amount | MWh | 30,376,045 | ||
Broken Bow II | Electric Energy (MWh) | Clean Energy Businesses | |||
Cash and Cash Equivalents [Line Items] | |||
Notional amount | MWh | 75 | ||
Subsidiaries | |||
Cash and Cash Equivalents [Line Items] | |||
Cash and temporary cash investments | $ 20 | 25 | |
Restricted cash | 0 | 0 | |
Total cash, temporary cash investments and restricted cash | 20 | 25 | |
Clean Energy Businesses | Cash Collateral Held for Project Finance Agreements | |||
Cash and Cash Equivalents [Line Items] | |||
Restricted cash | $ 5 | $ 163 |
Regulatory Matters - Rate Plans
Regulatory Matters - Rate Plans (Details) $ in Millions | 1 Months Ended | 36 Months Ended | |||||||
Jan. 01, 2024 USD ($) | Aug. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Aug. 31, 2023 USD ($) substation | Jul. 31, 2023 USD ($) | Apr. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Sep. 30, 2023 USD ($) | May 31, 2023 USD ($) | |
Brooklyn Clean Energy Hub | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Estimated cost recovery | $ 810 | ||||||||
Eastern Queens Reliability Project | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Estimated cost recovery | $ 1,200 | ||||||||
CECONY | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Number of substations | substation | 2 | ||||||||
Deferred costs | $ 3 | ||||||||
CECONY | Electric | Year 1 | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Requested rate increase (decrease), amount | $ 442 | $ 457 | |||||||
CECONY | Electric | Year 2 | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Requested rate increase (decrease), amount | 518 | 457 | |||||||
CECONY | Electric | Year 3 | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Requested rate increase (decrease), amount | $ 382 | 457 | |||||||
CECONY | Electric | Subsidiaries | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Return on common equity (as a percent) | 9.25% | ||||||||
Common equity ratio (percent) | 48% | ||||||||
Capital expenditures | $ 8,513 | ||||||||
CECONY | Gas | Year 1 | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Requested rate increase (decrease), amount | 217 | 187 | |||||||
CECONY | Gas | Year 2 | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Requested rate increase (decrease), amount | 173 | 187 | |||||||
CECONY | Gas | Year 3 | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Requested rate increase (decrease), amount | 122 | $ 187 | |||||||
CECONY | Gas | Subsidiaries | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Capital expenditures | $ 3,297 | ||||||||
CECONY | Electric and Gas Transmission Projects | Subsidiaries | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Rate plan, term (in years) | 3 years | ||||||||
RECO | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Deferred costs | $ 5.1 | ||||||||
RECO | Electric | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Requested rate increase (decrease), amount | $ 18.2 | $ 16.9 | |||||||
RECO | Electric | Scenario, Forecast | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Requested rate increase (decrease), amount | $ 20.7 |
Regulatory Matters - Summary of
Regulatory Matters - Summary of Utilities Rate Plans (CECONY - Steam) (Details) - Steam - CECONY $ in Millions | 9 Months Ended | 36 Months Ended |
Sep. 30, 2023 USD ($) | Oct. 31, 2026 USD ($) | |
Public Utilities, General Disclosures [Line Items] | ||
Annual cap of surcharge recoveries | 0.005 | |
Property tax deferrals rate difference (in percent) | 90% | |
Recovery deferral (percent) | 80% | |
Maximum deferral (percent) | 30% | |
Scenario, Forecast | Subsequent Event | ||
Public Utilities, General Disclosures [Line Items] | ||
Authorized return on common equity (percent) | 9.25% | |
Earnings sharing (percent) | 9.75% | |
Common equity ratio (percent) | 48% | |
Unprotected Portion | ||
Public Utilities, General Disclosures [Line Items] | ||
Impact in regulatory liability resulting from TCJA | $ 24 | |
Year 1 | ||
Public Utilities, General Disclosures [Line Items] | ||
Requested rate increase (decrease), amount | 77.8 | |
Late payment charges and fees | $ 2.5 | |
Deferral, annual maximum (not more than) (percent) | 0.10% | |
Year 1 | Scenario, Forecast | Subsequent Event | ||
Public Utilities, General Disclosures [Line Items] | ||
Base rate changes | $ 110 | |
Capital expenditures | 106 | |
Amortization to income of net regulatory (assets) and liabilities | 15 | |
Negative revenue adjustments | 3.7 | |
Net utility plant reconciliations | $ 2,025 | |
Weighted average cost of capital (after-tax) (percent) | 6.78% | |
Cost of long-term debt (percent) | 4.51% | |
Average rate base | $ 1,799 | |
Year 1 | Protected Portion | ||
Public Utilities, General Disclosures [Line Items] | ||
Impact in regulatory liability resulting from TCJA | $ 3 | |
Non-plant regulatory asset | 11 | |
Year 2 | ||
Public Utilities, General Disclosures [Line Items] | ||
Requested rate increase (decrease), amount | 77.8 | |
Late payment charges and fees | $ 3 | |
Deferral, annual maximum (not more than) (percent) | 0.075% | |
Year 2 | Scenario, Forecast | Subsequent Event | ||
Public Utilities, General Disclosures [Line Items] | ||
Base rate changes | 44 | |
Capital expenditures | 107 | |
Amortization to income of net regulatory (assets) and liabilities | 3 | |
Negative revenue adjustments | 3.8 | |
Net utility plant reconciliations | $ 2,029 | |
Weighted average cost of capital (after-tax) (percent) | 6.81% | |
Cost of long-term debt (percent) | 4.58% | |
Average rate base | $ 1,848 | |
Year 2 | Protected Portion | ||
Public Utilities, General Disclosures [Line Items] | ||
Impact in regulatory liability resulting from TCJA | $ 5 | |
Year 3 | ||
Public Utilities, General Disclosures [Line Items] | ||
Requested rate increase (decrease), amount | 77.8 | |
Late payment charges and fees | $ 3.5 | |
Deferral, annual maximum (not more than) (percent) | 0.05% | |
Year 3 | Scenario, Forecast | Subsequent Event | ||
Public Utilities, General Disclosures [Line Items] | ||
Base rate changes | 45 | |
Capital expenditures | 105 | |
Amortization to income of net regulatory (assets) and liabilities | 3 | |
Negative revenue adjustments | 3.8 | |
Net utility plant reconciliations | $ 2,015 | |
Weighted average cost of capital (after-tax) (percent) | 6.83% | |
Cost of long-term debt (percent) | 4.62% | |
Average rate base | $ 1,882 | |
Year 3 | Protected Portion | ||
Public Utilities, General Disclosures [Line Items] | ||
Impact in regulatory liability resulting from TCJA | $ 6 |
Regulatory Matters - COVID-19 R
Regulatory Matters - COVID-19 Regulatory Matters (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 13 Months Ended | 25 Months Ended | 34 Months Ended | 43 Months Ended | 45 Months Ended | ||||||||
Jan. 31, 2023 | Jan. 31, 2021 | Sep. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2021 USD ($) | Nov. 30, 2021 USD ($) | Jan. 01, 2021 USD ($) | |
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Reserve adjustments | $ (46) | $ (12) | |||||||||||||||
CECONY | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Reserve adjustments | (45) | $ (7) | |||||||||||||||
Deferred costs | $ 3 | 3 | $ 3 | $ 3 | |||||||||||||
CECONY | Subsidiaries | COVID-19 Arrears Assistance Program | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Credits issued from government assistance | 4.9 | 348.4 | $ 359.9 | ||||||||||||||
Eligible credit recovery period (in years) | 10 years | ||||||||||||||||
O&R | Subsidiaries | COVID-19 Arrears Assistance Program | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Credits issued from government assistance | $ 0.2 | $ 2.8 | 6.1 | ||||||||||||||
Eligible credit recovery period (in years) | 1 year | ||||||||||||||||
COVID-19 | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Deferred costs | $ 0.3 | ||||||||||||||||
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 | $ 46 | |||||||||||||||
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] | |||||||||||||||||
Percent of total customer bill impact per commodity (no more than) | 0.005 | 0.005 | 0.005 | 0.005 | |||||||||||||
Reserve adjustments | $ 205 | ||||||||||||||||
Write off | $ 55 | ||||||||||||||||
Credits issued from government assistance | $ 164.5 | ||||||||||||||||
Tax credit | $ 7.6 | 80 | |||||||||||||||
COVID-19 | CECONY | Electric and Gas Transmission Projects | Subsidiaries | COVID-19 Arrears Phase 1 Assistance Program | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Credits issued from government assistance | 108.4 | 13.2 | |||||||||||||||
COVID-19 | CECONY | Electric and Gas Transmission Projects | Subsidiaries | COVID-19 Arrears Phase 2 Assistance Program | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Credits issued from government assistance | 327.6 | ||||||||||||||||
COVID-19 | CECONY | Gas | Subsidiaries | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Late payment charges and fees | $ 7 | ||||||||||||||||
COVID-19 | CECONY | Gas | Subsidiaries | Year 1 | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Annual cap for late payment charges and write-offs | 14.8 | ||||||||||||||||
COVID-19 | CECONY | Gas | Subsidiaries | Year 2 | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Annual cap for late payment charges and write-offs | 15.9 | ||||||||||||||||
COVID-19 | CECONY | Gas | Subsidiaries | Year 3 | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Annual cap for late payment charges and write-offs | 16.8 | ||||||||||||||||
COVID-19 | CECONY | Gas | Subsidiaries | Scenario, Forecast | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Late payment charges and fees | $ 4 | ||||||||||||||||
COVID-19 | CECONY | Electric | Subsidiaries | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Late payment charges and fees | $ 43 | ||||||||||||||||
COVID-19 | CECONY | Electric | Subsidiaries | Year 1 | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Annual cap for late payment charges and write-offs | 57.3 | ||||||||||||||||
COVID-19 | CECONY | Electric | Subsidiaries | Year 2 | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Annual cap for late payment charges and write-offs | 60.3 | ||||||||||||||||
COVID-19 | CECONY | Electric | Subsidiaries | Year 3 | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Annual cap for late payment charges and write-offs | $ 62.6 | ||||||||||||||||
COVID-19 | CECONY | Electric | Subsidiaries | Scenario, Forecast | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Late payment charges and fees | $ 19 | ||||||||||||||||
COVID-19 | O&R | Electric and Gas Transmission Projects | Subsidiaries | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Full recovery via surcharge limitation (in basis points) | 0.0005 | ||||||||||||||||
Credits issued from government assistance | 1.6 | ||||||||||||||||
Tax credit | $ 0.6 | $ 1.3 | |||||||||||||||
COVID-19 | O&R | Electric and Gas Transmission Projects | Subsidiaries | COVID-19 Arrears Phase 1 Assistance Program | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Credits issued from government assistance | $ 3.2 | 0.1 | |||||||||||||||
COVID-19 | O&R | Electric and Gas Transmission Projects | Subsidiaries | COVID-19 Arrears Phase 2 Assistance Program | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Credits issued from government assistance | $ 2.1 | ||||||||||||||||
COVID-19 | O&R | Gas | Subsidiaries | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Reserve adjustments | $ 2 | ||||||||||||||||
Write off | $ 2 | ||||||||||||||||
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) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Apr. 30, 2023 | |
Public Utilities, General Disclosures [Line Items] | ||||
Other customer-provided capital rate (in percent) | 5.20% | 1.75% | ||
Return on regulatory assets | $ 2,406 | $ 2,304 | ||
Deferred derivative losses recovery period, current (in years) | 1 year | |||
Recovery period for deferred derivative losses (in years) | 3 years | |||
CECONY | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Estimated capitalization costs | $ 75 | |||
Billing system costs | $ 452.9 | |||
Net regulatory assets | $ 1,116 | 1,150 | ||
CECONY | Maximum | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Capital expenditures limit | $ 421 | |||
CECONY | Commodity | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Recovery period (in years) | 4 years | |||
CECONY | Subsidiaries | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Return on regulatory assets | $ 2,233 | 2,097 | ||
O&R | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Net regulatory assets | 19 | 22 | ||
RECO | Subsidiaries | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Return on regulatory assets | $ 19 | $ 21 |
Regulatory Matters - Regulatory
Regulatory Matters - Regulatory Assets (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | $ 4,334 | $ 3,974 |
Regulatory assets – current | 180 | 305 |
Total Regulatory Assets | 4,514 | 4,279 |
Unrecognized pension and other postretirement costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 125 | 78 |
Environmental remediation costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 983 | 991 |
Revenue taxes | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 468 | 436 |
Deferred storm costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 221 | 270 |
Municipal infrastructure support costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 20 | 29 |
Brooklyn Queens Demand Management (BQDM) program | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 31 | 33 |
Meadowlands heater odorization project | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 24 | 27 |
Recoverable Demonstration project costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 18 | 17 |
Gate station upgrade project | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 14 | 14 |
System peak reduction and energy efficiency programs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 868 | 783 |
Unamortized loss on reacquired debt | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 9 | 11 |
Deferred derivative losses - long term | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 99 | 31 |
Property tax reconciliation | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 195 | 121 |
Legacy meters | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 17 | 20 |
Gas service line deferred costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 49 | 99 |
COVID - 19 customer arrears relief programs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 418 | 104 |
Pension and other postretirement benefits deferrals | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 56 | 279 |
Preferred stock redemption | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 18 | 19 |
MTA power reliability deferral | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 69 | 92 |
Non-wire alternative projects | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 20 | 22 |
COVID - 19 pandemic deferrals | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 333 | 292 |
Electric vehicle make ready | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 59 | 33 |
Other | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 220 | 173 |
Deferred derivative losses - short term | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – current | 137 | 184 |
Recoverable energy costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – current | 43 | 121 |
CECONY | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 4,057 | 3,669 |
Regulatory assets – current | 163 | 286 |
CECONY | Subsidiaries | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 4,057 | 3,669 |
Regulatory assets – current | 163 | 286 |
Total Regulatory Assets | 4,220 | 3,955 |
CECONY | Unrecognized pension and other postretirement costs | Subsidiaries | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 125 | 78 |
CECONY | Environmental remediation costs | Subsidiaries | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 899 | 906 |
CECONY | Revenue taxes | Subsidiaries | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 448 | 417 |
CECONY | Deferred storm costs | Subsidiaries | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 129 | 173 |
CECONY | Municipal infrastructure support costs | Subsidiaries | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 20 | 29 |
CECONY | Brooklyn Queens Demand Management (BQDM) program | Subsidiaries | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 31 | 33 |
CECONY | Meadowlands heater odorization project | Subsidiaries | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 24 | 27 |
CECONY | Recoverable Demonstration project costs | Subsidiaries | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 18 | 16 |
CECONY | Gate station upgrade project | Subsidiaries | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 14 | 14 |
CECONY | System peak reduction and energy efficiency programs | Subsidiaries | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 860 | 780 |
CECONY | Unamortized loss on reacquired debt | Subsidiaries | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 8 | 10 |
CECONY | Deferred derivative losses - long term | Subsidiaries | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 89 | 26 |
CECONY | Property tax reconciliation | Subsidiaries | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 195 | 121 |
CECONY | Legacy meters | Subsidiaries | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 0 | 0 |
CECONY | Gas service line deferred costs | Subsidiaries | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 49 | 99 |
CECONY | COVID - 19 customer arrears relief programs | Subsidiaries | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 415 | 101 |
CECONY | Pension and other postretirement benefits deferrals | Subsidiaries | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 41 | 240 |
CECONY | Preferred stock redemption | Subsidiaries | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 18 | 19 |
CECONY | MTA power reliability deferral | Subsidiaries | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 69 | 92 |
CECONY | Non-wire alternative projects | Subsidiaries | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 20 | 22 |
CECONY | COVID - 19 pandemic deferrals | Subsidiaries | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 329 | 288 |
CECONY | Electric vehicle make ready | Subsidiaries | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 55 | 30 |
CECONY | Other | Subsidiaries | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 201 | 148 |
CECONY | Deferred derivative losses - short term | Subsidiaries | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – current | 132 | 178 |
CECONY | Recoverable energy costs | Subsidiaries | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – current | $ 31 | $ 108 |
Regulatory Matters - Regulato_2
Regulatory Matters - Regulatory Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | $ 5,401 | $ 6,027 |
Regulatory liabilities – current | 189 | 374 |
Total Regulatory Liabilities | 5,590 | 6,401 |
Future income tax | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 1,583 | 1,753 |
Allowance for cost of removal less salvage | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 1,368 | 1,315 |
Net unbilled revenue deferrals | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 214 | 204 |
Energy efficiency portfolio standard unencumbered funds | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 5 | 5 |
Settlement of prudence proceeding | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 8 | 10 |
Earnings sharing - electric, gas and steam | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 13 | 13 |
System benefit charge carrying charge | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 87 | 73 |
BQDM and Demonstration project reconciliations | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 15 | 23 |
Pension and other postretirement benefit deferrals | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 194 | 144 |
Property tax refunds | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 35 | 35 |
COVID - 19 pandemic uncollectible reconciliation deferral | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 1 | 12 |
Late payment charge deferral | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 160 | 127 |
Unrecognized pension and other postretirement costs | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 1,276 | 1,638 |
Net proceeds from sale of property | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 54 | 69 |
Sales and use tax refunds | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 29 | 37 |
Workers’ compensation | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 15 | 11 |
Deferred derivative gains - long term | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 17 | 145 |
Other | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 327 | 413 |
Refundable energy costs | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – current | 99 | 34 |
Revenue decoupling mechanism | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – current | 0 | 29 |
Deferred derivative gains - short term | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – current | 90 | 311 |
CECONY | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 4,890 | 5,481 |
Regulatory liabilities – current | 153 | 308 |
CECONY | Subsidiaries | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 4,890 | 5,481 |
Regulatory liabilities – current | 153 | 308 |
Total Regulatory Liabilities | 5,043 | 5,789 |
CECONY | Future income tax | Subsidiaries | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 1,450 | 1,616 |
CECONY | Allowance for cost of removal less salvage | Subsidiaries | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 1,181 | 1,137 |
CECONY | Net unbilled revenue deferrals | Subsidiaries | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 214 | 204 |
CECONY | Energy efficiency portfolio standard unencumbered funds | Subsidiaries | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 7 | 7 |
CECONY | Settlement of prudence proceeding | Subsidiaries | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 8 | 10 |
CECONY | Earnings sharing - electric, gas and steam | Subsidiaries | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 10 | 10 |
CECONY | System benefit charge carrying charge | Subsidiaries | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 83 | 69 |
CECONY | BQDM and Demonstration project reconciliations | Subsidiaries | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 15 | 21 |
CECONY | Pension and other postretirement benefit deferrals | Subsidiaries | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 146 | 98 |
CECONY | Property tax refunds | Subsidiaries | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 35 | 35 |
CECONY | COVID - 19 pandemic uncollectible reconciliation deferral | Subsidiaries | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 1 | 12 |
CECONY | Late payment charge deferral | Subsidiaries | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 155 | 123 |
CECONY | Unrecognized pension and other postretirement costs | Subsidiaries | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 1,197 | 1,536 |
CECONY | Net proceeds from sale of property | Subsidiaries | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 52 | 69 |
CECONY | Sales and use tax refunds | Subsidiaries | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 27 | 36 |
CECONY | Workers’ compensation | Subsidiaries | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 15 | 11 |
CECONY | Deferred derivative gains - long term | Subsidiaries | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 17 | 130 |
CECONY | Other | Subsidiaries | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 277 | 357 |
CECONY | Refundable energy costs | Subsidiaries | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – current | 70 | 0 |
CECONY | Revenue decoupling mechanism | Subsidiaries | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – current | 0 | 21 |
CECONY | Deferred derivative gains - short term | Subsidiaries | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – current | $ 83 | $ 287 |
Regulatory Matters - Schedule o
Regulatory Matters - Schedule of Regulatory Assets Not Earning a Return (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Regulatory Assets [Line Items] | ||
Regulatory assets not earning return | $ 2,108 | $ 1,975 |
Subsidiaries | CECONY | ||
Regulatory Assets [Line Items] | ||
Regulatory assets not earning return | 1,987 | 1,858 |
Unrecognized pension and other postretirement costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets not earning return | 125 | 78 |
Unrecognized pension and other postretirement costs | Subsidiaries | CECONY | ||
Regulatory Assets [Line Items] | ||
Regulatory assets not earning return | 125 | 78 |
Environmental remediation costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets not earning return | 983 | 987 |
Environmental remediation costs | Subsidiaries | CECONY | ||
Regulatory Assets [Line Items] | ||
Regulatory assets not earning return | 899 | 903 |
Revenue taxes | ||
Regulatory Assets [Line Items] | ||
Regulatory assets not earning return | 494 | 414 |
Revenue taxes | Subsidiaries | CECONY | ||
Regulatory Assets [Line Items] | ||
Regulatory assets not earning return | 474 | 397 |
COVID-19 Deferral for Uncollectible Accounts Receivable | ||
Regulatory Assets [Line Items] | ||
Regulatory assets not earning return | 207 | 253 |
COVID-19 Deferral for Uncollectible Accounts Receivable | Subsidiaries | CECONY | ||
Regulatory Assets [Line Items] | ||
Regulatory assets not earning return | 205 | 249 |
Deferred derivative losses - short term | ||
Regulatory Assets [Line Items] | ||
Regulatory assets not earning return | 137 | 184 |
Deferred derivative losses - short term | Subsidiaries | CECONY | ||
Regulatory Assets [Line Items] | ||
Regulatory assets not earning return | 133 | 178 |
Deferred derivative losses - long term | ||
Regulatory Assets [Line Items] | ||
Regulatory assets not earning return | 99 | 31 |
Deferred derivative losses - long term | Subsidiaries | CECONY | ||
Regulatory Assets [Line Items] | ||
Regulatory assets not earning return | 89 | 26 |
Other | ||
Regulatory Assets [Line Items] | ||
Regulatory assets not earning return | 63 | 28 |
Other | Subsidiaries | CECONY | ||
Regulatory Assets [Line Items] | ||
Regulatory assets not earning return | $ 62 | $ 27 |
Capitalization - Additional Inf
Capitalization - Additional Information (Details) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Mar. 06, 2023 USD ($) $ / shares | Mar. 31, 2023 USD ($) dealer $ / shares | Jun. 30, 2023 USD ($) shares | Mar. 31, 2023 USD ($) $ / shares | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) shares | Dec. 31, 2023 USD ($) | Feb. 28, 2023 USD ($) | |
Debt Instrument [Line Items] | |||||||||
Number of dealers | dealer | 2 | ||||||||
Authorized repurchased amount | $ 1,000 | $ 1,000 | |||||||
Par value (in usd per share) | $ / shares | $ 0.10 | $ 0.10 | |||||||
Repurchase of common shares | $ 1,000 | $ 0 | $ 1,000 | ||||||
Shares repurchased (in shares) | shares | 1,812,497 | 8,730,766 | |||||||
Par value of shares acquired (in usd per share) | $ / shares | $ 91.63 | ||||||||
Common stock repurchases | $ 800 | $ 2 | $ 1,008 | ||||||
Adjustment to APIC | $ 200 | ||||||||
Adjustments to APIC reflecting fair value of common shares issued | $ 169 | ||||||||
5.20% Debentures Due 2033 | Debentures | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 500 | ||||||||
Interest rate (percent) | 5.20% | ||||||||
6.59% Debentures Due 2033 | Debentures | O&R | Scenario, Forecast | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 50 | ||||||||
Interest rate (percent) | 6.59% |
Capitalization - Carrying Amoun
Capitalization - Carrying Amounts and Fair Values of Long-Term Debt (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Unamortized debt expense | $ 200 | $ 202 |
Carrying Amount | ||
Debt Instrument [Line Items] | ||
Long-Term Debt (including current portion) | 21,300 | 20,796 |
Fair Value | ||
Debt Instrument [Line Items] | ||
Long-Term Debt (including current portion) | 17,726 | 18,234 |
CECONY | Subsidiaries | ||
Debt Instrument [Line Items] | ||
Unamortized debt discount | 192 | 195 |
CECONY | Carrying Amount | Subsidiaries | ||
Debt Instrument [Line Items] | ||
Long-Term Debt (including current portion) | 19,583 | 19,080 |
CECONY | Fair Value | Subsidiaries | ||
Debt Instrument [Line Items] | ||
Long-Term Debt (including current portion) | $ 16,213 | 16,699 |
Clean Energy Businesses | Carrying Amount | ||
Debt Instrument [Line Items] | ||
Long-Term Debt (including current portion) | 2,645 | |
Clean Energy Businesses | Fair Value | ||
Debt Instrument [Line Items] | ||
Long-Term Debt (including current portion) | $ 2,489 |
Short-Term Borrowing (Details)
Short-Term Borrowing (Details) | 1 Months Ended | |||
Mar. 31, 2023 USD ($) project | Mar. 31, 2022 USD ($) | Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Short-term Debt [Line Items] | ||||
Debt instrument term (in years) | 364 days | |||
Commercial paper, outstanding | $ 1,880,000,000 | $ 2,640,000,000 | ||
Loans outstanding under the credit agreement | $ 0 | $ 0 | ||
Ratio of consolidated debt to consolidated total capital | 65 | |||
Percentage of liens of companies consolidated asset | 0.10 | |||
Maximum aggregate limit of failure to pay debt or derivative obligations | $ 150,000,000 | |||
Revolving Credit Facility | ||||
Short-term Debt [Line Items] | ||||
Maximum borrowing capacity | $ 1,000,000,000 | |||
Letter of Credit | ||||
Short-term Debt [Line Items] | ||||
Maximum borrowing capacity | $ 900,000,000 | |||
March 2022 Credit Agreement Variable Rate 364 Day Revolving Credit Agreement | Revolving Credit Facility | Subsidiaries | ||||
Short-term Debt [Line Items] | ||||
Debt instrument term (in years) | 364 days | |||
March 2023 Credit Agreement Variable Rate 364 Day Revolving Credit Agreement | Revolving Credit Facility | Subsidiaries | ||||
Short-term Debt [Line Items] | ||||
Maximum borrowing capacity | $ 500,000,000 | |||
Debt instrument term (in years) | 364 days | |||
January 2023 Borrowing | ||||
Short-term Debt [Line Items] | ||||
Repayments of debt | $ 200,000,000 | |||
June 2022 Borrowing | ||||
Short-term Debt [Line Items] | ||||
Repayments of debt | 400,000,000 | |||
Credit Availability Through March 2028 | Revolving Credit Facility | ||||
Short-term Debt [Line Items] | ||||
Maximum borrowing capacity | 800,000,000 | |||
Commercial Paper | ||||
Short-term Debt [Line Items] | ||||
Weighted average interest rate (in percent) | 5.50% | 4.80% | ||
CECONY | Subsidiaries | ||||
Short-term Debt [Line Items] | ||||
Commercial paper, outstanding | $ 1,798,000,000 | $ 2,300,000,000 | ||
CECONY | Credit Availability Through March 2028 | Revolving Credit Facility | ||||
Short-term Debt [Line Items] | ||||
Maximum borrowing capacity | $ 2,500,000,000 | |||
Debt instrument term (in years) | 1 year | |||
Number of extensions | project | 2 | |||
CECONY | Commercial Paper | Subsidiaries | ||||
Short-term Debt [Line Items] | ||||
Weighted average interest rate (in percent) | 5.50% | 4.80% |
Pension Benefits - Total Period
Pension Benefits - Total Periodic Benefit Costs (Details) - Pension Benefits - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost – including administrative expenses | $ 40 | $ 72 | $ 122 | $ 215 |
Interest cost on projected benefit obligation | 162 | 126 | 486 | 379 |
Expected return on plan assets | (279) | (292) | (837) | (876) |
Recognition of net actuarial loss/(gain) | (58) | 94 | (174) | 283 |
Recognition of prior service credit | (4) | (4) | (12) | (12) |
TOTAL PERIODIC BENEFIT CREDIT | (139) | (4) | (415) | (11) |
Cost capitalized | (19) | (32) | (61) | (100) |
Reconciliation to rate level | 72 | 63 | 218 | 192 |
Total credit recognized | (86) | 27 | (258) | 81 |
CECONY | Subsidiaries | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost – including administrative expenses | 38 | 67 | 113 | 202 |
Interest cost on projected benefit obligation | 153 | 119 | 458 | 357 |
Expected return on plan assets | (265) | (277) | (795) | (832) |
Recognition of net actuarial loss/(gain) | (55) | 89 | (164) | 268 |
Recognition of prior service credit | (5) | (5) | (15) | (15) |
TOTAL PERIODIC BENEFIT CREDIT | (134) | (7) | (403) | (20) |
Cost capitalized | (18) | (30) | (58) | (95) |
Reconciliation to rate level | 66 | 59 | 202 | 182 |
Total credit recognized | $ (86) | $ 22 | $ (259) | $ 67 |
Pension Benefits - Additional I
Pension Benefits - Additional Information (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Estimated future employer contributions | $ 22 |
Contributions | 15 |
CECONY | Pension Benefits | Subsidiaries | |
Defined Benefit Plan Disclosure [Line Items] | |
Estimated future employer contributions | 19 |
Contributions | 13 |
CECONY | External Trust | Subsidiaries | |
Defined Benefit Plan Disclosure [Line Items] | |
Contributions | $ 10 |
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, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost - including administrative expenses | $ 4 | $ 5 | $ 11 | $ 14 |
Interest cost on projected other postretirement benefit obligation | 14 | 8 | 43 | 26 |
Expected return on plan assets | (18) | (18) | (53) | (54) |
Recognition of net actuarial gain | (4) | (4) | (12) | (11) |
Recognition of prior service credit | 0 | 0 | (1) | (1) |
TOTAL PERIODIC OTHER POSTRETIREMENT CREDIT | (4) | (9) | (12) | (26) |
Cost capitalized | (2) | (2) | (5) | (6) |
Reconciliation to rate level | 1 | 7 | 2 | 22 |
Total credit recognized | (5) | (4) | (15) | (10) |
CECONY | Subsidiaries | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost - including administrative expenses | 3 | 4 | 9 | 11 |
Interest cost on projected other postretirement benefit obligation | 12 | 8 | 37 | 23 |
Expected return on plan assets | (14) | (14) | (42) | (43) |
Recognition of net actuarial gain | (2) | (3) | (6) | (7) |
Recognition of prior service credit | 0 | 0 | 0 | 0 |
TOTAL PERIODIC OTHER POSTRETIREMENT CREDIT | (1) | (5) | (2) | (16) |
Cost capitalized | (2) | (2) | (4) | (5) |
Reconciliation to rate level | 0 | 6 | (2) | 18 |
Total credit recognized | $ (3) | $ (1) | $ (8) | $ (3) |
Other Postretirement Benefits_2
Other Postretirement Benefits - Additional Information (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Other Postretirement Benefits | CECONY | |
Defined Benefit Plan Disclosure [Line Items] | |
Contributions | $ 15 |
Environmental Matters - Accrued
Environmental Matters - Accrued Liabilities and Regulatory Assets (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Site Contingency [Line Items] | ||
Accrued liabilities | $ 996 | $ 997 |
Regulatory assets | 4,514 | 4,279 |
Manufactured gas plant sites | ||
Site Contingency [Line Items] | ||
Accrued liabilities | 874 | 876 |
Other Superfund Sites | ||
Site Contingency [Line Items] | ||
Accrued liabilities | 122 | 121 |
Superfund Sites | ||
Site Contingency [Line Items] | ||
Accrued liabilities | 996 | 997 |
Regulatory assets | 983 | 991 |
CECONY | ||
Site Contingency [Line Items] | ||
Accrued liabilities | 902 | 903 |
CECONY | Subsidiaries | ||
Site Contingency [Line Items] | ||
Regulatory assets | 4,220 | 3,955 |
CECONY | Manufactured gas plant sites | Subsidiaries | ||
Site Contingency [Line Items] | ||
Accrued liabilities | 780 | 782 |
CECONY | Other Superfund Sites | Subsidiaries | ||
Site Contingency [Line Items] | ||
Accrued liabilities | 121 | 121 |
CECONY | Superfund Sites | Subsidiaries | ||
Site Contingency [Line Items] | ||
Accrued liabilities | 901 | 903 |
Regulatory assets | $ 899 | $ 906 |
Environmental Matters - Environ
Environmental Matters - Environmental Remediation Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Environmental Exit Cost [Line Items] | ||||
Remediation costs incurred | $ 1 | $ 3 | $ 8 | $ 17 |
CECONY | Subsidiaries | ||||
Environmental Exit Cost [Line Items] | ||||
Remediation costs incurred | $ 1 | $ 3 | $ 8 | $ 16 |
Environmental Matters - Additio
Environmental Matters - Additional Information (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
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) | $ 3,140,000 | |
Superfund Sites | Manufactured Gas Plant Sites | Maximum | CECONY | ||
Site Contingency [Line Items] | ||
Estimated aggregate undiscounted potential liability related environmental contaminants (up to) | $ 2,990,000 |
Environmental Matters - Accru_2
Environmental Matters - Accrued Liability (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Site Contingency [Line Items] | ||
Regulatory assets | $ 4,514 | $ 4,279 |
Asbestos Suits | ||
Site Contingency [Line Items] | ||
Accrued liability | 8 | 8 |
Regulatory assets | 8 | 8 |
Workers’ Compensation | ||
Site Contingency [Line Items] | ||
Accrued liability | 57 | 61 |
Regulatory assets | 12 | 11 |
CECONY | Subsidiaries | ||
Site Contingency [Line Items] | ||
Regulatory assets | 4,220 | 3,955 |
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 | 55 | 59 |
Regulatory assets | $ 15 | $ 11 |
Material Contingencies - Additi
Material Contingencies - Additional Information (Details) $ in Millions | 1 Months Ended | 9 Months Ended | |||
Mar. 12, 2014 building people | Feb. 28, 2017 USD ($) | Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2020 USD ($) | |
Loss Contingencies [Line Items] | |||||
Accrued regulatory liability | $ 5,401 | $ 6,027 | |||
Guarantee obligations maximum exposure | $ 218 | $ 2,412 | |||
Payment Guarantee by CET Electric of Contributions to New York Transco LLC | |||||
Loss Contingencies [Line Items] | |||||
Estimated project cost (in percent) | 175% | ||||
NY Transco | Payment Guarantee by CET Electric of Contributions to New York Transco LLC | |||||
Loss Contingencies [Line Items] | |||||
Ownership interest (in percent) | 45.70% | ||||
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 | ||||
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, 2023 | Dec. 31, 2022 |
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | $ 218 | $ 2,412 |
Con Edison Transmission | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 78 | |
Guarantees on behalf of the Clean Energy Businesses | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 131 | |
Broken Bow II | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 9 | |
0 – 3 years | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 178 | |
0 – 3 years | Con Edison Transmission | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 78 | |
0 – 3 years | Guarantees on behalf of the Clean Energy Businesses | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 100 | |
0 – 3 years | Broken Bow II | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 0 | |
4 – 10 years | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 0 | |
4 – 10 years | Guarantees on behalf of the Clean Energy Businesses | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 0 | |
4 – 10 years | Broken Bow II | ||
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 | 40 | |
Greater than 10 years | Con Edison Transmission | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 0 | |
Greater than 10 years | Guarantees on behalf of the Clean Energy Businesses | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 31 | |
Greater than 10 years | Broken Bow II | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | $ 9 |
Leases - Lease Cost and Cash Fl
Leases - Lease Cost and Cash Flows (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Lessee, Lease, Description [Line Items] | ||||
Operating lease cost | $ 17 | $ 22 | $ 53 | $ 66 |
Operating lease cash flows | 6 | 11 | 17 | 28 |
CECONY | Subsidiaries | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease cost | 17 | 17 | 49 | 50 |
Operating lease cash flows | $ 6 | $ 5 | $ 14 | $ 13 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Lessee, Lease, Description [Line Items] | |||||
Assets under finance leases | $ 2 | $ 2 | $ 2 | ||
Finance leases, accumulated amortization | 2 | 2 | 5 | ||
Right-of-use assets | 9 | $ 5 | 11 | $ 76 | |
CECONY | |||||
Lessee, Lease, Description [Line Items] | |||||
Assets under finance leases | 1 | 1 | 1 | ||
Finance leases, accumulated amortization | 1 | 1 | $ 2 | ||
CECONY | Subsidiaries | |||||
Lessee, Lease, Description [Line Items] | |||||
Right-of-use assets | $ 9 | $ 3 | $ 11 | $ 67 |
Leases - Other Related Informat
Leases - Other Related Information (Details) | Sep. 30, 2023 | Dec. 31, 2022 |
Lessee, Lease, Description [Line Items] | ||
Weighted Average Remaining Lease Term, Operating leases (in years) | 11 years 7 months 6 days | 12 years 3 months 18 days |
Weighted Average Remaining Lease Term, Finance leases (in years) | 6 years 6 months | 7 years 2 months 12 days |
Weighted Average Discount Rate, Operating leases (percent) | 3.70% | 3.70% |
Weighted Average Discount Rate, Finance leases (percent) | 3% | 1.90% |
Clean Energy Businesses | ||
Lessee, Lease, Description [Line Items] | ||
Weighted Average Remaining Lease Term, Operating leases (in years) | 18 years 3 months 18 days | |
Weighted Average Discount Rate, Operating leases (percent) | 4.40% | |
Broken Bow II | ||
Lessee, Lease, Description [Line Items] | ||
Weighted Average Remaining Lease Term, Operating leases (in years) | 11 years 8 months 12 days | |
Weighted Average Discount Rate, Operating leases (percent) | 3.80% | |
CECONY | Subsidiaries | ||
Lessee, Lease, Description [Line Items] | ||
Weighted Average Remaining Lease Term, Operating leases (in years) | 11 years 7 months 6 days | 12 years 4 months 24 days |
Weighted Average Remaining Lease Term, Finance leases (in years) | 2 years 10 months 24 days | 2 years 3 months 18 days |
Weighted Average Discount Rate, Operating leases (percent) | 3.70% | 3.70% |
Weighted Average Discount Rate, Finance leases (percent) | 3% | 1% |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Operating Leases | ||
2024 | $ 65 | |
2025 | 66 | |
2026 | 65 | |
2027 | 65 | |
2028 | 60 | |
All years thereafter | 419 | |
Total future minimum lease payments | 740 | |
Less: imputed interest | (149) | |
Total | 591 | |
Operating lease liabilities (current) | 114 | $ 103 |
Operating lease liabilities (noncurrent) | 477 | 476 |
Total | 591 | |
Finance Leases | ||
2024 | 1 | |
2025 | 0 | |
2026 | 0 | |
2027 | 0 | |
2028 | 0 | |
All years thereafter | 1 | |
Total future minimum lease payments | 2 | |
Less: imputed interest | $ 0 | |
Finance lease, liability, noncurrent, statement of financial position | Other deferred credits and noncurrent liabilities | |
Other noncurrent liabilities | $ 2 | |
Total | 2 | |
Broken Bow II | ||
Operating Leases | ||
2024 | 3 | |
2025 | 3 | |
2026 | 3 | |
2027 | 3 | |
2028 | 3 | |
All years thereafter | 10 | |
Less: imputed interest | (6) | |
Operating lease liabilities (current) | 7 | |
CECONY | ||
Operating Leases | ||
Operating lease liabilities (current) | 113 | 103 |
Operating lease liabilities (noncurrent) | 476 | $ 475 |
CECONY | Subsidiaries | ||
Operating Leases | ||
2024 | 65 | |
2025 | 65 | |
2026 | 65 | |
2027 | 65 | |
2028 | 60 | |
All years thereafter | 419 | |
Total future minimum lease payments | 739 | |
Less: imputed interest | (149) | |
Total | 590 | |
Operating lease liabilities (current) | 114 | |
Operating lease liabilities (noncurrent) | 476 | |
Total | 590 | |
Finance Leases | ||
2024 | 1 | |
2025 | 0 | |
2026 | 0 | |
2027 | 0 | |
2028 | 0 | |
All years thereafter | 0 | |
Total future minimum lease payments | 1 | |
Less: imputed interest | $ 0 | |
Finance lease, liability, noncurrent, statement of financial position | Other deferred credits and noncurrent liabilities | |
Other noncurrent liabilities | $ 1 | |
Total | $ 1 |
Income Tax - Additional Informa
Income Tax - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Mar. 01, 2023 | Oct. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Taxes Disclosure [Line Items] | |||||||
Income tax expense (benefit) | $ 144,000,000 | $ 160,000,000 | $ 416,000,000 | $ 330,000,000 | |||
Gain (Loss) on sale of the Clean Energy Businesses | (1,000,000) | $ 0 | $ 866,000,000 | $ 0 | |||
Gain on sale of subsidiary | $ 866,000,000 | ||||||
Gain on sale of subsidiary, after tax | $ 784,000,000 | ||||||
Increase (decrease) in accumulated deferred tax liabilities | 228,000,000 | ||||||
Increase (decrease) in income taxes payable | $ (228,000,000) | ||||||
State income tax, net of federal income tax benefit (in percent) | 8% | 6% | 5% | 6% | |||
Estimated liability for uncertain tax positions | $ 10,000,000 | $ 10,000,000 | |||||
Research and development credits | 2,000,000 | ||||||
Reduction of uncertain tax positions | 12,000,000 | ||||||
Effective income tax rate reconciliation, uncertainty of taxes | 9,000,000 | ||||||
Penalties recognized for uncertain tax positions | 0 | $ 0 | |||||
Subsequent Event | |||||||
Income Taxes Disclosure [Line Items] | |||||||
Interest paid | $ 6,000,000 | ||||||
Income taxes paid | 4,000,000 | ||||||
Special deposit | $ 12,000,000 | ||||||
State and Local Jurisdiction | New York State Division of Taxation and Finance | |||||||
Income Taxes Disclosure [Line Items] | |||||||
Expected minimum loss | $ 5,000,000 | ||||||
State income tax, net of federal income tax benefit (in percent) | 7.25% | ||||||
State and Local Jurisdiction | Metropolitan Transportation Authority Subcharge | |||||||
Income Taxes Disclosure [Line Items] | |||||||
State income tax, net of federal income tax benefit (in percent) | 9.425% | ||||||
CECONY | |||||||
Income Taxes Disclosure [Line Items] | |||||||
Income tax expense (benefit) | 109,000,000 | $ 124,000,000 | $ 297,000,000 | 232,000,000 | |||
Increase (decrease) in accumulated deferred tax liabilities | 204,000,000 | ||||||
Increase (decrease) in income taxes payable | (204,000,000) | ||||||
Reversal of uncertain tax positions | 4,000,000 | ||||||
CECONY | Subsidiaries | |||||||
Income Taxes Disclosure [Line Items] | |||||||
Income tax expense (benefit) | $ 109,000,000 | $ 124,000,000 | $ 297,000,000 | $ 232,000,000 | |||
State income tax, net of federal income tax benefit (in percent) | 5% | 5% | 5% | 5% | |||
Increase in accumulated deferred tax liabilities | $ 10,000,000 | ||||||
Estimated liability for uncertain tax positions | $ 7,000,000 | $ 7,000,000 | |||||
Effective income tax rate reconciliation, uncertainty of taxes | 5,000,000 | ||||||
Clean Energy Businesses | |||||||
Income Taxes Disclosure [Line Items] | |||||||
Gain (Loss) on sale of the Clean Energy Businesses | 214,000,000 | ||||||
Renewable energy tax credits | 13,000,000 | 13,000,000 | |||||
COVID-19 assistance for uncollectible accounts | 19,000,000 | 19,000,000 | |||||
Deferred tax assets, tax credits | $ 105,000,000 | 105,000,000 | |||||
Deferred state taxes benefit | $ 27,000,000 |
Income Tax - Income Tax Reconci
Income Tax - Income Tax Reconciliation (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
STATUTORY TAX RATE | ||||
Federal | 21% | 21% | 21% | 21% |
Changes in computed taxes resulting from: | ||||
State income tax, net of federal income tax benefit | 8% | 6% | 5% | 6% |
Taxes attributable to non-controlling interest | 0% | 1% | ||
Cost of removal | 1% | 1% | 1% | 1% |
Other plant-related items | 0% | 0% | ||
Renewable energy credits | 0% | (1.00%) | (1.00%) | (2.00%) |
Allowance for uncollectible accounts, net of COVID-19 assistance | (2.00%) | 0% | ||
Amortization of excess deferred federal income taxes | (6.00%) | (6.00%) | (5.00%) | (8.00%) |
State taxes on sale of subsidiary, net of federal income tax benefit | 0.01 | 0 | ||
Changes in state apportionments, net of federal income taxes | (0.01) | 0 | ||
Deferred unamortized investment tax credit recognized on sale of subsidiary | (0.04) | 0 | ||
Other | (2.00%) | 0% | 0% | 0% |
Effective tax rate | 21% | 21% | 16% | 19% |
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% |
Taxes attributable to non-controlling interest | 0% | 0% | ||
Cost of removal | 1% | 1% | 2% | 2% |
Other plant-related items | (1.00%) | (1.00%) | ||
Renewable energy credits | 0% | 0% | 0% | 0% |
Allowance for uncollectible accounts, net of COVID-19 assistance | (2.00%) | 1% | ||
Amortization of excess deferred federal income taxes | (7.00%) | (7.00%) | (8.00%) | (10.00%) |
State taxes on sale of subsidiary, net of federal income tax benefit | 0 | 0 | ||
Changes in state apportionments, net of federal income taxes | 0 | 0 | ||
Deferred unamortized investment tax credit recognized on sale of subsidiary | 0 | 0 | ||
Other | (1.00%) | (1.00%) | 0% | 0% |
Effective tax rate | 17% | 20% | 19% | 17% |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | $ 3,853 | $ 4,162 | $ 10,850 | $ 11,503 |
Total revenues | 3,872 | 4,165 | 11,219 | 11,639 |
Other revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 19 | 3 | 369 | 136 |
CECONY | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 3,590 | 3,549 | 10,287 | 9,972 |
Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 3,872 | 4,165 | 11,219 | 11,639 |
Operating Segments | Clean Energy Businesses | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 0 | 247 | 82 | 637 |
Total revenues | 0 | 325 | 129 | 857 |
Operating Segments | Clean Energy Businesses | Other revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 78 | 47 | 220 |
Operating Segments | Clean Energy Businesses | Renewables | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 0 | 197 | 68 | 524 |
Total revenues | 0 | 197 | 68 | 524 |
Operating Segments | Clean Energy Businesses | Renewables | Other revenues | ||||
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 | 0 | 13 | 7 | 57 |
Total revenues | 0 | 13 | 7 | 57 |
Operating Segments | Clean Energy Businesses | Energy services | Other revenues | ||||
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 | 0 | 37 | 7 | 56 |
Total revenues | 0 | 37 | 7 | 56 |
Operating Segments | Clean Energy Businesses | Develop/Transfer Projects | Other revenues | ||||
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 | 0 | 78 | 47 | 220 |
Operating Segments | Clean Energy Businesses | Other | Other revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 78 | 47 | 220 |
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 revenues | ||||
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 | 3,579 | 3,629 | 9,980 | 10,051 |
Total revenues | 3,590 | 3,549 | 10,287 | 9,972 |
Operating Segments | CECONY | Other revenues | Subsidiaries | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 11 | (80) | 307 | (79) |
Operating Segments | CECONY | Electric | Subsidiaries | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 3,195 | 3,165 | 7,449 | 7,525 |
Total revenues | 3,223 | 3,077 | 7,722 | 7,401 |
Operating Segments | CECONY | Electric | Other revenues | Subsidiaries | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 28 | (88) | 273 | (124) |
Operating Segments | CECONY | Gas | Subsidiaries | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 338 | 409 | 2,117 | 2,090 |
Total revenues | 318 | 414 | 2,140 | 2,127 |
Operating Segments | CECONY | Gas | Other revenues | Subsidiaries | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | (20) | 5 | 23 | 37 |
Operating Segments | CECONY | Steam | Subsidiaries | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 46 | 55 | 414 | 436 |
Total revenues | 49 | 58 | 425 | 444 |
Operating Segments | CECONY | Steam | Other revenues | Subsidiaries | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 3 | 3 | 11 | 8 |
Operating Segments | O&R | Subsidiaries | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 273 | 285 | 785 | 812 |
Total revenues | 281 | 291 | 803 | 813 |
Operating Segments | O&R | Other revenues | Subsidiaries | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 8 | 6 | 18 | 1 |
Operating Segments | O&R | Electric | Subsidiaries | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 242 | 256 | 574 | 595 |
Total revenues | 246 | 252 | 588 | 594 |
Operating Segments | O&R | Electric | Other revenues | Subsidiaries | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 4 | (4) | 14 | (1) |
Operating Segments | O&R | Gas | Subsidiaries | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 31 | 29 | 211 | 217 |
Total revenues | 35 | 39 | 215 | 219 |
Operating Segments | O&R | Gas | Other revenues | Subsidiaries | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 4 | 10 | 4 | 2 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 |
Total revenues | 0 | (1) | (3) | (6) |
Other | Other revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 0 | $ (1) | $ (3) | $ (6) |
Revenue Recognition - Change in
Revenue Recognition - Change in Unbilled Contract and Unearned Revenues (Details) - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Jan. 01, 2023 | Jan. 01, 2022 | |
Unbilled contract revenue | ||||
Beginning balance | $ 80 | $ 35 | ||
Additions | 2 | 103 | ||
Subtractions | 78 | 81 | ||
Ending balance | 4 | 57 | ||
Unearned revenue | ||||
Beginning balance | 3 | 7 | ||
Additions | 0 | 0 | ||
Subtractions | 3 | 4 | ||
Ending balance | 0 | $ 3 | ||
Contracts with customer, revenue recognized, amount outstanding end of last period | $ 3 | $ 4 | ||
Clean Energy Businesses | ||||
Unbilled contract revenue | ||||
Subtractions | 21 | |||
Unearned revenue | ||||
Subtractions | $ 1 |
Current Expected Credit Losse_2
Current Expected Credit Losses - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Increase (decrease) in allowance for uncollectible accounts resulting from COVID-19 pandemic | $ 1 | $ (31) | $ (46) | $ (12) |
Subsidiaries | CECONY | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Increase (decrease) in allowance for uncollectible accounts resulting from COVID-19 pandemic | $ 3 | $ (27) | $ (45) | $ (7) |
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, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Reserve adjustments | $ (46) | $ (12) | ||
Accounts receivable - customers | ||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Balance | $ 275 | $ 336 | 322 | 317 |
Recoveries | 3 | 4 | 11 | 13 |
Write-offs | (43) | 2 | (135) | (62) |
Reserve adjustments | 41 | (37) | 78 | 37 |
Ending Balance | 276 | 305 | 276 | 305 |
Other receivables | ||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Balance | 28 | 9 | 10 | 22 |
Recoveries | 0 | 0 | 0 | 0 |
Write-offs | (4) | (2) | (5) | (5) |
Reserve adjustments | 7 | 2 | 26 | (8) |
Ending Balance | 31 | 9 | 31 | 9 |
CECONY | ||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Reserve adjustments | (45) | (7) | ||
CECONY | Accounts receivable - customers | Subsidiaries | ||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Balance | 266 | 324 | 314 | 304 |
Recoveries | 3 | 4 | 10 | 12 |
Write-offs | (41) | 4 | (130) | (56) |
Reserve adjustments | 41 | (35) | 75 | 37 |
Ending Balance | 269 | 297 | 269 | 297 |
CECONY | Other receivables | Subsidiaries | ||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Balance | 24 | 7 | 7 | 19 |
Recoveries | 0 | 0 | 0 | 0 |
Write-offs | (3) | (1) | (3) | (3) |
Reserve adjustments | 6 | 1 | 23 | (9) |
Ending Balance | $ 27 | $ 7 | $ 27 | $ 7 |
Financial Information by Busi_3
Financial Information by Business Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 3,872 | $ 4,165 | $ 11,219 | $ 11,639 |
Depreciation and amortization | 512 | 525 | 1,506 | 1,593 |
Operating income/(loss) | 722 | 889 | 2,745 | 2,074 |
CECONY | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 3,590 | 3,549 | 10,287 | 9,972 |
Depreciation and amortization | 485 | 441 | 1,428 | 1,341 |
Operating income/(loss) | 679 | 738 | 1,750 | 1,729 |
CECONY | Subsidiaries | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 485 | 441 | 1,428 | 1,341 |
Operating income/(loss) | 679 | 738 | 1,750 | 1,729 |
CECONY | Electric | Subsidiaries | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 352 | 324 | 1,035 | 994 |
Operating income/(loss) | 867 | 843 | 1,292 | 1,233 |
CECONY | Gas | Subsidiaries | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 108 | 93 | 319 | 275 |
Operating income/(loss) | (108) | (40) | 533 | 511 |
CECONY | Steam | Subsidiaries | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 25 | 24 | 74 | 72 |
Operating income/(loss) | (80) | (65) | (75) | (15) |
O&R | Subsidiaries | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 26 | 25 | 78 | 73 |
Operating income/(loss) | 48 | 51 | 100 | 110 |
O&R | Electric | Subsidiaries | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 19 | 18 | 56 | 53 |
Operating income/(loss) | 59 | 61 | 73 | 85 |
O&R | Gas | Subsidiaries | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 7 | 7 | 22 | 20 |
Operating income/(loss) | (11) | (10) | 27 | 25 |
Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 3,872 | 4,165 | 11,219 | 11,639 |
Operating segment | Clean Energy Businesses | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 325 | 129 | 857 |
Depreciation and amortization | 0 | 60 | 0 | 178 |
Operating income/(loss) | 0 | 104 | 37 | 248 |
Operating segment | Con Edison Transmission | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 1 | 1 | 3 | 3 |
Depreciation and amortization | 1 | 0 | 1 | 1 |
Operating income/(loss) | (2) | (2) | (6) | (8) |
Operating segment | CECONY | Subsidiaries | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 3,590 | 3,549 | 10,287 | 9,972 |
Operating segment | CECONY | Electric | Subsidiaries | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 3,223 | 3,077 | 7,722 | 7,401 |
Operating segment | CECONY | Gas | Subsidiaries | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 318 | 414 | 2,140 | 2,127 |
Operating segment | CECONY | Steam | Subsidiaries | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 49 | 58 | 425 | 444 |
Operating segment | O&R | Subsidiaries | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 281 | 291 | 803 | 813 |
Operating segment | O&R | Electric | Subsidiaries | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 246 | 252 | 588 | 594 |
Operating segment | O&R | Gas | Subsidiaries | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 35 | 39 | 215 | 219 |
Inter-segment | CECONY | Subsidiaries | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | (25) | (26) | (75) | (77) |
Inter-segment | CECONY | Electric | Subsidiaries | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 4 | 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 | 19 | 55 | 57 |
Other | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | (1) | (3) | (6) |
Depreciation and amortization | 0 | (1) | (1) | 0 |
Operating income/(loss) | $ (3) | $ (2) | $ 864 | $ (5) |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Fair Values of Commodity Derivatives Including Offsetting (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Fair value of derivative assets | ||
Net Amounts of Assets/ (Liabilities) | $ 671 | $ 874 |
Fair value of derivative liabilities | ||
Net Amounts of Assets/ (Liabilities) | (155) | (90) |
Net fair value derivative assets/(liabilities) | ||
Gross Amounts of Recognized Assets/(Liabilities) | (65) | 466 |
Gross Amounts Offset | 4 | (237) |
Net Amounts of Assets/ (Liabilities) | (61) | 229 |
Interest Rate Swap | ||
Fair value of derivative assets | ||
Net Amounts of Assets/ (Liabilities) | 0 | 106 |
CECONY | Subsidiaries | ||
Fair value of derivative assets | ||
Net Amounts of Assets/ (Liabilities) | 645 | 663 |
Fair value of derivative liabilities | ||
Net Amounts of Assets/ (Liabilities) | (139) | (44) |
Net fair value derivative assets/(liabilities) | ||
Gross Amounts of Recognized Assets/(Liabilities) | (60) | 294 |
Gross Amounts Offset | 5 | (214) |
Net Amounts of Assets/ (Liabilities) | (55) | 80 |
Clean Energy Businesses | Interest Rate Swap | ||
Net fair value derivative assets/(liabilities) | ||
Notional amount | 982 | |
Current | ||
Fair value of derivative liabilities | ||
Gross Amounts of Recognized Assets/(Liabilities) | (135) | (198) |
Gross Amounts Offset | 64 | 166 |
Net Amounts of Assets/ (Liabilities) | (71) | (32) |
Current | Interest Rate Swap | ||
Fair value of derivative liabilities | ||
Net Amounts of Assets/ (Liabilities) | 31 | |
Current | CECONY | Subsidiaries | ||
Fair value of derivative liabilities | ||
Gross Amounts of Recognized Assets/(Liabilities) | (129) | (189) |
Gross Amounts Offset | 61 | 160 |
Net Amounts of Assets/ (Liabilities) | (68) | (29) |
Noncurrent | ||
Fair value of derivative liabilities | ||
Gross Amounts of Recognized Assets/(Liabilities) | (108) | (49) |
Gross Amounts Offset | 40 | 36 |
Net Amounts of Assets/ (Liabilities) | (68) | (13) |
Noncurrent | CECONY | Subsidiaries | ||
Fair value of derivative liabilities | ||
Gross Amounts of Recognized Assets/(Liabilities) | (98) | (43) |
Gross Amounts Offset | 38 | 34 |
Net Amounts of Assets/ (Liabilities) | (60) | (9) |
Total fair value of derivative liabilities held and used | ||
Fair value of derivative liabilities | ||
Gross Amounts of Recognized Assets/(Liabilities) | (243) | (247) |
Gross Amounts Offset | 104 | 202 |
Net Amounts of Assets/ (Liabilities) | (139) | (45) |
Current - liabilities held for sale | ||
Fair value of derivative liabilities | ||
Gross Amounts of Recognized Assets/(Liabilities) | 0 | (31) |
Gross Amounts Offset | 0 | 6 |
Net Amounts of Assets/ (Liabilities) | 0 | (25) |
Noncurrent - liabilities held for sale | ||
Fair value of derivative liabilities | ||
Gross Amounts of Recognized Assets/(Liabilities) | 0 | (3) |
Gross Amounts Offset | 0 | (8) |
Net Amounts of Assets/ (Liabilities) | 0 | (11) |
Total fair value of derivative liabilities | ||
Fair value of derivative liabilities | ||
Gross Amounts of Recognized Assets/(Liabilities) | (243) | (281) |
Gross Amounts Offset | 104 | 200 |
Net Amounts of Assets/ (Liabilities) | (139) | (81) |
Net fair value derivative assets/(liabilities) | ||
Margin deposit liability | (15) | (10) |
Total fair value of derivative liabilities | CECONY | ||
Net fair value derivative assets/(liabilities) | ||
Margin deposit liability | (6) | |
Total fair value of derivative liabilities | CECONY | Subsidiaries | ||
Fair value of derivative liabilities | ||
Gross Amounts of Recognized Assets/(Liabilities) | (227) | (232) |
Gross Amounts Offset | 99 | 194 |
Net Amounts of Assets/ (Liabilities) | (128) | (38) |
Net fair value derivative assets/(liabilities) | ||
Margin deposit liability | (11) | |
Noncurrent | Interest Rate Swap | ||
Fair value of derivative assets | ||
Net Amounts of Assets/ (Liabilities) | 75 | |
Current | ||
Fair value of derivative assets | ||
Gross Amounts of Recognized Assets/(Liabilities) | 115 | 378 |
Gross Amounts Offset | (63) | (332) |
Net Amounts of Assets/ (Liabilities) | 52 | 46 |
Current | CECONY | Subsidiaries | ||
Fair value of derivative assets | ||
Gross Amounts of Recognized Assets/(Liabilities) | 107 | 350 |
Gross Amounts Offset | (60) | (312) |
Net Amounts of Assets/ (Liabilities) | 47 | 38 |
Noncurrent | ||
Fair value of derivative assets | ||
Gross Amounts of Recognized Assets/(Liabilities) | 63 | 193 |
Gross Amounts Offset | (37) | (108) |
Net Amounts of Assets/ (Liabilities) | 26 | 85 |
Noncurrent | CECONY | Subsidiaries | ||
Fair value of derivative assets | ||
Gross Amounts of Recognized Assets/(Liabilities) | 60 | 176 |
Gross Amounts Offset | (34) | (96) |
Net Amounts of Assets/ (Liabilities) | 26 | 80 |
Total fair value of derivative assets held and used | ||
Fair value of derivative assets | ||
Gross Amounts of Recognized Assets/(Liabilities) | 178 | 571 |
Gross Amounts Offset | (100) | (440) |
Net Amounts of Assets/ (Liabilities) | 78 | 131 |
Current - assets held for sale | ||
Fair value of derivative assets | ||
Gross Amounts of Recognized Assets/(Liabilities) | 0 | 93 |
Gross Amounts Offset | 0 | (8) |
Net Amounts of Assets/ (Liabilities) | 0 | 85 |
Noncurrent - assets held for sale | ||
Fair value of derivative assets | ||
Gross Amounts of Recognized Assets/(Liabilities) | 0 | 83 |
Gross Amounts Offset | 0 | 11 |
Net Amounts of Assets/ (Liabilities) | 0 | 94 |
Total fair value of derivative assets | ||
Fair value of derivative assets | ||
Gross Amounts of Recognized Assets/(Liabilities) | 178 | 747 |
Gross Amounts Offset | (100) | (437) |
Net Amounts of Assets/ (Liabilities) | 78 | 310 |
Net fair value derivative assets/(liabilities) | ||
Margin deposits assets | 10 | 13 |
Total fair value of derivative assets | CECONY | ||
Net fair value derivative assets/(liabilities) | ||
Margin deposits assets | 13 | |
Total fair value of derivative assets | CECONY | Subsidiaries | ||
Fair value of derivative assets | ||
Gross Amounts of Recognized Assets/(Liabilities) | 167 | 526 |
Gross Amounts Offset | (94) | (408) |
Net Amounts of Assets/ (Liabilities) | 73 | $ 118 |
Net fair value derivative assets/(liabilities) | ||
Margin deposits assets | $ 9 |
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, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||||
Total deferred gains/(losses) | $ (22) | $ 54 | $ (349) | $ 470 |
Total deferred gains/(losses) | (110) | 258 | (495) | 426 |
Net deferred gains/(losses) | (132) | 312 | (844) | 896 |
Pre-tax gains/(losses) recognized in income | ||||
Total pre-tax gains/(losses) recognized in income | 1 | 45 | 27 | 140 |
Gas purchased for resale | ||||
Pre-tax gains/(losses) recognized in income | ||||
Total pre-tax gains/(losses) recognized in income | 0 | (2) | 4 | 1 |
Non-utility | ||||
Pre-tax gains/(losses) recognized in income | ||||
Total pre-tax gains/(losses) recognized in income | 0 | (1) | 17 | (23) |
Other operations and maintenance expense | ||||
Pre-tax gains/(losses) recognized in income | ||||
Total pre-tax gains/(losses) recognized in income | 1 | (1) | 1 | 4 |
Other interest expense | ||||
Pre-tax gains/(losses) recognized in income | ||||
Total pre-tax gains/(losses) recognized in income | 0 | 49 | 5 | 158 |
Regulatory Liabilities, Current | ||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||||
Total deferred gains/(losses) | (11) | 31 | (221) | 379 |
Regulatory Liabilities, Noncurrent | ||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||||
Total deferred gains/(losses) | (11) | 23 | (128) | 91 |
Regulatory Assets Current | ||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||||
Total deferred gains/(losses) | 22 | 41 | 47 | 50 |
Recoverable Energy Costs, Current | ||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||||
Total deferred gains/(losses) | (98) | 168 | (474) | 357 |
Regulatory Assets Non Current | ||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||||
Total deferred gains/(losses) | (34) | 49 | (68) | 19 |
CECONY | Subsidiaries | ||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||||
Total deferred gains/(losses) | (18) | 47 | (316) | 429 |
Total deferred gains/(losses) | (103) | 234 | (467) | 387 |
Net deferred gains/(losses) | (121) | 281 | (783) | 816 |
Pre-tax gains/(losses) recognized in income | ||||
Total pre-tax gains/(losses) recognized in income | 1 | (1) | 1 | 4 |
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 | 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) | 1 | 4 |
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 | Regulatory Liabilities, Current | Subsidiaries | ||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||||
Total deferred gains/(losses) | (9) | 30 | (203) | 350 |
CECONY | Regulatory Liabilities, Noncurrent | Subsidiaries | ||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||||
Total deferred gains/(losses) | (9) | 17 | (113) | 79 |
CECONY | Regulatory Assets Current | Subsidiaries | ||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||||
Total deferred gains/(losses) | 20 | 37 | 45 | 45 |
CECONY | Recoverable Energy Costs, Current | Subsidiaries | ||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||||
Total deferred gains/(losses) | (94) | 152 | (449) | 324 |
CECONY | Regulatory Assets Non Current | Subsidiaries | ||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||||
Total deferred gains/(losses) | $ (29) | $ 45 | $ (63) | $ 18 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Hedged Volume of Derivative Transactions (Details) | Sep. 30, 2023 MW MMBTU MWh gal |
Electric Energy (MWh) | |
Derivatives, Fair Value [Line Items] | |
Notional amount | MWh | 30,376,045 |
Capacity (MW) | |
Derivatives, Fair Value [Line Items] | |
Notional amount | MW | 49,800 |
Natural Gas (Dt) | |
Derivatives, Fair Value [Line Items] | |
Notional amount | MMBTU | 353,360,000 |
Refined Fuels (gallons) | |
Derivatives, Fair Value [Line Items] | |
Notional amount | gal | 2,520,000 |
CECONY | Electric Energy (MWh) | Subsidiaries | |
Derivatives, Fair Value [Line Items] | |
Notional amount | MWh | 27,714,325 |
CECONY | Capacity (MW) | Subsidiaries | |
Derivatives, Fair Value [Line Items] | |
Notional amount | MW | 39,000 |
CECONY | Natural Gas (Dt) | Subsidiaries | |
Derivatives, Fair Value [Line Items] | |
Notional amount | MMBTU | 334,950,000 |
CECONY | Refined Fuels (gallons) | Subsidiaries | |
Derivatives, Fair Value [Line Items] | |
Notional amount | gal | 2,520,000 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - Additional Information (Details) $ in Millions | Sep. 30, 2023 USD ($) |
Investment Holdings [Line Items] | |
Energy supply and hedging activities credit exposure total | $ 76 |
Makeup of net credit exposure with investment-grade counterparties | 6 |
Makeup of net credit exposure with commodity exchange brokers | 18 |
Makeup of net credit exposure with non-investment grade/non-rated counterparties | 52 |
CECONY | Subsidiaries | |
Investment Holdings [Line Items] | |
Energy supply and hedging activities credit exposure total | 72 |
Makeup of net credit exposure with investment-grade counterparties | 3 |
Makeup of net credit exposure with commodity exchange brokers | 17 |
Makeup of net credit exposure with non-investment grade/non-rated counterparties | $ 52 |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities - Credit-Risk-Related Contingent Features (Details) $ in Millions | Sep. 30, 2023 USD ($) |
Derivatives, Fair Value [Line Items] | |
Aggregate fair value – net liabilities | $ 133 |
Collateral posted | 73 |
Additional collateral for non-derivative transactions without extended unsecured credit | 1 |
Derivatives in net asset position additional collateral | 19 |
Downgrade One Level from Current Ratings | |
Derivatives, Fair Value [Line Items] | |
Additional collateral | 51 |
Downgrade to Below Investment Grade from Current Ratings | |
Derivatives, Fair Value [Line Items] | |
Additional collateral | 137 |
CECONY | Subsidiaries | |
Derivatives, Fair Value [Line Items] | |
Aggregate fair value – net liabilities | 125 |
Collateral posted | 67 |
CECONY | Downgrade One Level from Current Ratings | Subsidiaries | |
Derivatives, Fair Value [Line Items] | |
Additional collateral | 46 |
CECONY | Downgrade to Below Investment Grade from Current Ratings | Subsidiaries | |
Derivatives, Fair Value [Line Items] | |
Additional collateral | $ 126 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | $ 671,000,000 | $ 874,000,000 |
Derivative liabilities: | 155,000,000 | 90,000,000 |
Assets transferred out of level 3 | 10,000,000 | |
Liabilities transferred out of Level 3 | 0 | |
CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities transferred out of Level 3 | 0 | |
CECONY | Subsidiaries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | 645,000,000 | 663,000,000 |
Derivative liabilities: | 139,000,000 | 44,000,000 |
Assets transferred out of level 3 | 10,000,000 | |
Netting Adjustment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | (75,000,000) | (418,000,000) |
Derivative liabilities: | (72,000,000) | (182,000,000) |
Netting Adjustment | CECONY | Subsidiaries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | (73,000,000) | (388,000,000) |
Derivative liabilities: | (73,000,000) | (180,000,000) |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | 483,000,000 | 527,000,000 |
Derivative liabilities: | 16,000,000 | 26,000,000 |
Level 1 | CECONY | Subsidiaries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | 471,000,000 | 505,000,000 |
Derivative liabilities: | 15,000,000 | 18,000,000 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | 258,000,000 | 732,000,000 |
Derivative liabilities: | 196,000,000 | 228,000,000 |
Level 2 | CECONY | Subsidiaries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | 244,000,000 | 544,000,000 |
Derivative liabilities: | 187,000,000 | 198,000,000 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | 5,000,000 | 33,000,000 |
Derivative liabilities: | 15,000,000 | 18,000,000 |
Level 3 | CECONY | Subsidiaries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | 3,000,000 | 2,000,000 |
Derivative liabilities: | 10,000,000 | 8,000,000 |
Commodity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | 88,000,000 | 142,000,000 |
Derivative liabilities: | 155,000,000 | 54,000,000 |
Assets transferred out of level 3 | 10,000,000 | |
Commodity | CECONY | Subsidiaries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | 81,000,000 | 131,000,000 |
Derivative liabilities: | 139,000,000 | 44,000,000 |
Assets transferred out of level 3 | 9,000,000 | |
Commodity | Netting Adjustment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | (75,000,000) | (420,000,000) |
Derivative liabilities: | (72,000,000) | (184,000,000) |
Commodity | Netting Adjustment | CECONY | Subsidiaries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | (73,000,000) | (388,000,000) |
Derivative liabilities: | (73,000,000) | (180,000,000) |
Commodity | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | 21,000,000 | 84,000,000 |
Derivative liabilities: | 16,000,000 | 18,000,000 |
Commodity | Level 1 | CECONY | Subsidiaries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | 21,000,000 | 83,000,000 |
Derivative liabilities: | 15,000,000 | 18,000,000 |
Commodity | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | 137,000,000 | 476,000,000 |
Derivative liabilities: | 196,000,000 | 204,000,000 |
Commodity | Level 2 | CECONY | Subsidiaries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | 130,000,000 | 434,000,000 |
Derivative liabilities: | 187,000,000 | 198,000,000 |
Commodity | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | 5,000,000 | 2,000,000 |
Derivative liabilities: | 15,000,000 | 16,000,000 |
Commodity | Level 3 | CECONY | Subsidiaries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | 3,000,000 | 2,000,000 |
Derivative liabilities: | 10,000,000 | 8,000,000 |
Commodity held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | 0 | 73,000,000 |
Derivative liabilities: | 0 | 36,000,000 |
Commodity held for sale | Netting Adjustment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | 0 | 2,000,000 |
Derivative liabilities: | 0 | 2,000,000 |
Commodity held for sale | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | 0 | 6,000,000 |
Derivative liabilities: | 0 | 8,000,000 |
Commodity held for sale | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | 0 | 34,000,000 |
Derivative liabilities: | 0 | 24,000,000 |
Commodity held for sale | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | 0 | 31,000,000 |
Derivative liabilities: | 0 | 2,000,000 |
Interest rate swap | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | 0 | 106,000,000 |
Interest rate swap | Netting Adjustment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | 0 | 0 |
Interest rate swap | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | 0 | 0 |
Interest rate swap | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | 0 | 106,000,000 |
Interest rate swap | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | 0 | 0 |
Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | 583,000,000 | 553,000,000 |
Other | CECONY | Subsidiaries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | 564,000,000 | 532,000,000 |
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: | 462,000,000 | 437,000,000 |
Other | Level 1 | CECONY | Subsidiaries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | 450,000,000 | 422,000,000 |
Other | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | 121,000,000 | 116,000,000 |
Other | Level 2 | CECONY | Subsidiaries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets: | 114,000,000 | 110,000,000 |
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, 2023 USD ($) $ / kW-month $ / MWh | Dec. 31, 2022 USD ($) |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Fair Value of commodity derivatives | $ 671 | $ 874 |
CECONY | Subsidiaries | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Fair Value of commodity derivatives | 645 | 663 |
Level 3 | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Fair Value of commodity derivatives | 5 | 33 |
Level 3 | CECONY | Subsidiaries | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Fair Value of commodity derivatives | 3 | $ 2 |
Level 3 | Electricity | Forward capacity prices | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Fair Value of commodity derivatives | $ (5) | |
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 | 1.90 | |
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 | 11.75 | |
Level 3 | Electricity | Forward capacity prices | CECONY | Subsidiaries | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Fair Value of commodity derivatives | $ (4) | |
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 | 1.90 | |
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 | 11.75 | |
Level 3 | Electricity | Forward energy prices | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Fair Value of commodity derivatives | $ (6) | |
Level 3 | Electricity | Forward energy prices | Minimum | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Unobservable Inputs Range (dollar per unit) | $ / MWh | 33.95 | |
Level 3 | Electricity | Forward energy prices | Maximum | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Unobservable Inputs Range (dollar per unit) | $ / MWh | 137.60 | |
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 | 37.55 | |
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 | 137.60 | |
Level 3 | Transmission Congestion Contracts | 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 | $ 1 | |
Level 3 | Transmission Congestion Contracts | 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 | 0.09 | |
Level 3 | Transmission Congestion Contracts | 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 | 3.80 | |
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 | $ 1 | |
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 | 0.09 | |
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 | 3.80 | |
Level 3 | Commodity | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Fair Value of commodity derivatives | $ (10) | |
Level 3 | Commodity | CECONY | Subsidiaries | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Fair Value of commodity derivatives | $ (7) |
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, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | $ (7) | $ 9 | $ 15 | $ (11) |
Included in earnings | 2 | (10) | (2) | 13 |
Included in regulatory assets and liabilities | (3) | 14 | 16 | 7 |
Purchases | 0 | 1 | 0 | 3 |
Settlements | (2) | 2 | 0 | 3 |
Decrease due to the sale of the Clean Energy Businesses | (29) | 0 | ||
Transfer out of level 3 | 0 | 0 | (10) | 1 |
Ending balance | (10) | 16 | (10) | 16 |
CECONY | Subsidiaries | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | (4) | (11) | (6) | (7) |
Included in earnings | 1 | (1) | (1) | (3) |
Included in regulatory assets and liabilities | (3) | 11 | 10 | 5 |
Purchases | 0 | 0 | 0 | 0 |
Settlements | (1) | 1 | 0 | 4 |
Decrease due to the sale of the Clean Energy Businesses | 0 | 0 | ||
Transfer out of level 3 | 0 | 0 | (10) | 1 |
Ending balance | $ (7) | $ 0 | $ (7) | $ 0 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Clean Energy Businesses | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Gain (loss) on Level 3 energy derivative assets and liabilities | $ 8,000,000 | $ 17,000,000 | $ 20,000,000 |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Mar. 01, 2023 USD ($) solarProject | Sep. 30, 2023 USD ($) project | Mar. 31, 2023 | Sep. 30, 2023 USD ($) project | Dec. 31, 2022 | Jun. 30, 2021 USD ($) | |
Variable Interest Entity [Line Items] | ||||||
Number of solar projects | 2 | 2 | 2 | |||
Clean Energy Businesses | ||||||
Variable Interest Entity [Line Items] | ||||||
Equity method investments | $ 20,000,000 | $ 0 | $ 0 | $ 11,000,000 | ||
Income (loss) before tax | (4,000,000) | (8,000,000) | ||||
Income (loss) after tax | $ (3,000,000) | $ (6,000,000) | ||||
Variable Interest Entity, Primary Beneficiary | Con Edison Development | CED Nevada Virginia | Clean Energy Businesses | ||||||
Variable Interest Entity [Line Items] | ||||||
Percentage of variable interests (less than) | 100% | |||||
Variable Interest Entity, Primary Beneficiary | Con Edison Development | Tax Equity Projects | Clean Energy Businesses | ||||||
Variable Interest Entity [Line Items] | ||||||
Percentage of variable interests (less than) | 0% | 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, 2022 | |
CED Nevada Virginia | Tax Equity Investors | ||
Variable Interest Entity [Line Items] | ||
Income (loss) before tax | $ 6 | $ (36) |
Net income (loss) | 5 | (27) |
CED Nevada Virginia | Con Edison Development | ||
Variable Interest Entity [Line Items] | ||
Income (loss) before tax | (7) | 32 |
Net income (loss) | (5) | 24 |
Tax Equity Projects | Tax Equity Investors | ||
Variable Interest Entity [Line Items] | ||
Income (loss) before tax | 0 | (7) |
Net income (loss) | 0 | (5) |
Tax Equity Projects | Con Edison Development | ||
Variable Interest Entity [Line Items] | ||
Income (loss) before tax | 16 | 44 |
Net income (loss) | $ 12 | $ 33 |
Variable Interest Entities - Ne
Variable Interest Entities - Net Assets (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Variable Interest Entity [Line Items] | ||
Noncontrolling interest | $ 0 | $ 202 |
Great Valley Solar | ||
Variable Interest Entity [Line Items] | ||
Assets held for sale | 305 | |
Total assets | 305 | |
Liabilities held for sale | 20 | |
Total liabilities | 20 | |
Great Valley Solar | Tax Equity Investors | ||
Variable Interest Entity [Line Items] | ||
Noncontrolling interest | 67 | |
Copper Mountain - Mesquite Solar | ||
Variable Interest Entity [Line Items] | ||
Assets held for sale | 580 | |
Total assets | 580 | |
Liabilities held for sale | 81 | |
Total liabilities | 81 | |
Copper Mountain - Mesquite Solar | Tax Equity Investors | ||
Variable Interest Entity [Line Items] | ||
Noncontrolling interest | 94 | |
CED Nevada Virginia | ||
Variable Interest Entity [Line Items] | ||
Assets held for sale | 686 | |
Total assets | 686 | |
Liabilities held for sale | 331 | |
Total liabilities | 331 | |
Noncontrolling interest | $ 39 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) MMBTU in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) MMBTU | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Related Party Transaction [Line Items] | ||||||||||
Net assets | $ 21,078,000,000 | $ 21,078,000,000 | $ 20,687,000,000 | |||||||
Other income | 210,000,000 | $ 101,000,000 | 625,000,000 | $ 296,000,000 | ||||||
CECONY | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Net assets | 19,113,000,000 | 16,867,000,000 | 19,113,000,000 | 16,867,000,000 | 16,878,000,000 | $ 18,843,000,000 | $ 18,892,000,000 | $ 16,568,000,000 | $ 16,618,000,000 | $ 16,312,000,000 |
Income taxes due to Con Edison | 418,000,000 | (89,000,000) | ||||||||
Funding limit of CECONY to O&R (not to exceed) | 250,000,000 | |||||||||
CECONY | Subsidiaries | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Sale of natural gas | 14,000,000 | 26,000,000 | $ 60,000,000 | 97,000,000 | ||||||
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] | ||||||||||
Contract term (years) | 20 years | |||||||||
Generating capacity per day (in dekatherms) | MMBTU | 250 | |||||||||
CECONY | Related Party | Financial Electric Capacity Contract | Con Edison Energy | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Gain (loss) on financial electric capacity contracts | 1,000,000 | 2,000,000 | ||||||||
O&R | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Net assets | 1,057,000,000 | $ 1,057,000,000 | ||||||||
Outstanding loans | 0 | 0 | $ 0 | |||||||
CET Electric | NY Transco | Related Party | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Other income | $ 1,000,000 | $ 2,000,000 | $ 7,000,000 | $ 6,000,000 | ||||||
CET Electric | New York Transco's New York Enery Solution Project | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Ownership interest (in percent) | 45.70% | 45.70% | ||||||||
CET Electric | New York Transco's Propel NY Energy Project | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Ownership interest (in percent) | 41.70% | 41.70% |
Related Party Transactions - Su
Related Party Transactions - Summary of Costs of Administrative and Other Services Provided and Received (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Related Party Transaction [Line Items] | ||||
Total revenues | $ 3,872 | $ 4,165 | $ 11,219 | $ 11,639 |
TOTAL OPERATING EXPENSES | 3,149 | 3,276 | 9,340 | 9,565 |
CECONY | ||||
Related Party Transaction [Line Items] | ||||
Total revenues | 3,590 | 3,549 | 10,287 | 9,972 |
TOTAL OPERATING EXPENSES | 2,911 | 2,811 | 8,537 | 8,243 |
CECONY | Related Party | ||||
Related Party Transaction [Line Items] | ||||
Total revenues | 39 | 35 | 105 | 101 |
TOTAL OPERATING EXPENSES | $ 21 | $ 19 | $ 61 | $ 56 |
Dispositions - Narrative (Detai
Dispositions - Narrative (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Mar. 01, 2023 USD ($) solarProject project | Sep. 30, 2023 USD ($) MWh project | Sep. 30, 2023 USD ($) MWh project | Dec. 31, 2022 USD ($) | Oct. 01, 2022 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Gain on sale of subsidiary | $ 866,000,000 | ||||||
Gain on sale of subsidiary, after tax | $ 784,000,000 | ||||||
Period to obtain consent (in years) | 2 years | 2 years | |||||
Number of solar projects | 2 | 2 | 2 | ||||
Unbilled Contracts Receivable | $ 4,000,000 | $ 4,000,000 | $ 80,000,000 | $ 57,000,000 | $ 35,000,000 | ||
Clean Energy Businesses | RWE | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Estimate of possible loss (up to) | 24,000,000 | 24,000,000 | |||||
Unbilled Contracts Receivable | 4,000,000 | 4,000,000 | |||||
Clean Energy Businesses | RWE | Maximum | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Estimate of possible loss (up to) | 172,000,000 | 172,000,000 | |||||
Disposal Group, Held-for-sale, Not Discontinued Operations | Clean Energy Businesses | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Consideration from sale of business | $ 3,993,000,000 | $ 6,800,000,000 | |||||
Gain on sale of subsidiary | $ 0 | 866,000,000 | |||||
Gain on sale of subsidiary, after tax | $ 784,000,000 | ||||||
Tax equity projects | project | 2 | 3 | 3 | ||||
Transaction costs, before tax | $ 11,000,000 | $ 11,000,000 | 48,000,000 | ||||
Transaction costs, after tax | 8,000,000 | 8,000,000 | $ 35,000,000 | ||||
Depreciation and amortization, before tax | 41,000,000 | ||||||
Depreciation and amortization, after tax | $ 28,000,000 | ||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Crane Project | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Holding period (in years) | 5 years | ||||||
Carrying value of tax equity interest | $ 13,000,000 | $ 13,000,000 | |||||
Electric Energy (MWh) | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Notional amount | MWh | 30,376,045 | 30,376,045 | |||||
Broken Bow II | Electric Energy (MWh) | Clean Energy Businesses | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Deferred projects | project | 1 | 1 | 1 | ||||
Notional amount | MWh | 75 | 75 |
Dispositions - Pre-Tax Operatin
Dispositions - Pre-Tax Operating Income (Details) - Clean Energy Businesses - Disposal Group, Held-for-sale, Not Discontinued Operations - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Pre-tax operating income | $ 118 | $ 25 | $ 361 |
Pre-tax operating income, excluding non-controlling interest | $ 123 | $ 21 | $ 317 |
Assets and Liabilities Held-f_3
Assets and Liabilities Held-for-Sale - Additional Information (Details) | Sep. 30, 2023 MWh |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Period to obtain consent (in years) | 2 years |
Electric Energy (MWh) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Notional amount | 30,376,045 |
Clean Energy Businesses | Broken Bow II | Electric Energy (MWh) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Notional amount | 75 |
Assets and Liabilities Held-f_4
Assets and Liabilities Held-for-Sale - Schedule of Carrying Amounts (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
CURRENT ASSETS | ||
TOTAL CURRENT ASSETS | $ 163 | $ 7,162 |
Non-utility property, net accumulated depreciation | 13 | 13 |
CURRENT LIABILITIES | ||
TOTAL CURRENT LIABILITIES | 76 | $ 3,610 |
Disposal Group, Held-for-sale, Not Discontinued Operations | Clean Energy Businesses | ||
CURRENT ASSETS | ||
Restricted cash | 5 | |
Other current assets | 3 | |
TOTAL CURRENT ASSETS | 8 | |
Non-utility property, net accumulated depreciation | 76 | |
NET PLANT | 76 | |
OTHER NONCURRENT ASSETS | ||
Intangible Assets less accumulated amortization | 72 | |
Operating lease right-of-use asset | 7 | |
TOTAL OTHER NONCURRENT ASSETS | 79 | |
TOTAL ASSETS | 163 | |
CURRENT LIABILITIES | ||
Long-term debt due within one year | 2 | |
Operating lease liabilities | 2 | |
Other current liabilities | 3 | |
TOTAL CURRENT LIABILITIES | 7 | |
NONCURRENT LIABILITIES | ||
Asset retirement obligations | 3 | |
Operating lease liabilities | 5 | |
TOTAL NONCURRENT LIABILITIES | 8 | |
LONG-TERM DEBT | 61 | |
TOTAL LIABILITIES | $ 76 |