Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 30, 2013 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'ED | ' |
Entity Registrant Name | 'CONSOLIDATED EDISON INC | ' |
Entity Central Index Key | '0001047862 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 292,888,192 |
Consolidated Edison Co of New York Inc [Member] | ' | ' |
Document Information [Line Items] | ' | ' |
Entity Registrant Name | 'CONSOLIDATED EDISON CO OF NEW YORK INC | ' |
Entity Central Index Key | '0000023632 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Consolidated_Income_Statement
Consolidated Income Statement (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
OPERATING REVENUES | ' | ' | ' | ' |
Electric | $2,822 | $2,810 | $6,799 | $6,762 |
Gas | 225 | 216 | 1,333 | 1,161 |
Steam | 72 | 68 | 522 | 414 |
Non-utility | 365 | 344 | 833 | 950 |
TOTAL OPERATING REVENUES | 3,484 | 3,438 | 9,487 | 9,287 |
OPERATING EXPENSES | ' | ' | ' | ' |
Purchased power | 946 | 930 | 2,421 | 2,440 |
Fuel | 56 | 59 | 261 | 213 |
Gas purchased for resale | 74 | 56 | 443 | 314 |
Other operations and maintenance | 795 | 826 | 2,400 | 2,365 |
Depreciation and amortization | 258 | 240 | 764 | 709 |
Taxes, other than income taxes | 500 | 476 | 1,431 | 1,360 |
TOTAL OPERATING EXPENSES | 2,629 | 2,587 | 7,720 | 7,401 |
OPERATING INCOME | 855 | 851 | 1,767 | 1,886 |
OTHER INCOME (DEDUCTIONS) | ' | ' | ' | ' |
Investment and other income | 8 | 4 | 19 | 14 |
Allowance for equity funds used during construction | 1 | 1 | 2 | 3 |
Other deductions | -4 | -3 | -12 | -13 |
TOTAL OTHER INCOME (DEDUCTIONS) | 5 | 2 | 9 | 4 |
INCOME BEFORE INTEREST AND INCOME TAX EXPENSE | 860 | 853 | 1,776 | 1,890 |
INTEREST EXPENSE | ' | ' | ' | ' |
Interest on long-term debt | 145 | 146 | 433 | 440 |
Other interest | 2 | 6 | 143 | 17 |
Allowance for borrowed funds used during construction | -1 | ' | -1 | -2 |
NET INTEREST EXPENSE | 146 | 152 | 575 | 455 |
INCOME BEFORE INCOME TAX EXPENSE | 714 | 701 | 1,201 | 1,435 |
INCOME TAX EXPENSE | 250 | 261 | 373 | 501 |
NET INCOME | 464 | 440 | 828 | 934 |
Cumulative preferred dividends | ' | ' | ' | -3 |
NET INCOME FOR COMMON STOCK | 464 | 440 | 828 | 931 |
Net income for common stock per common share-basic | $1.58 | $1.50 | $2.83 | $3.18 |
Net income for common stock per common share-diluted | $1.58 | $1.49 | $2.81 | $3.16 |
DIVIDENDS DECLARED PER SHARE OF COMMON STOCK | $0.62 | $0.61 | $1.85 | $1.82 |
AVERAGE NUMBER OF SHARES OUTSTANDING-BASIC (IN MILLIONS) | 292.9 | 292.9 | 292.9 | 292.9 |
AVERAGE NUMBER OF SHARES OUTSTANDING-DILUTED (IN MILLIONS) | 294.3 | 294.6 | 294.3 | 294.6 |
CECONY [Member] | ' | ' | ' | ' |
OPERATING REVENUES | ' | ' | ' | ' |
Electric | 2,622 | 2,611 | 6,309 | 6,307 |
Gas | 199 | 189 | 1,190 | 1,017 |
Steam | 72 | 68 | 522 | 414 |
TOTAL OPERATING REVENUES | 2,893 | 2,868 | 8,021 | 7,738 |
OPERATING EXPENSES | ' | ' | ' | ' |
Purchased power | 624 | 604 | 1,548 | 1,554 |
Fuel | 56 | 59 | 261 | 213 |
Gas purchased for resale | 58 | 45 | 376 | 264 |
Other operations and maintenance | 686 | 725 | 2,102 | 2,065 |
Depreciation and amortization | 237 | 225 | 705 | 664 |
Taxes, other than income taxes | 480 | 456 | 1,370 | 1,300 |
TOTAL OPERATING EXPENSES | 2,141 | 2,114 | 6,362 | 6,060 |
OPERATING INCOME | 752 | 754 | 1,659 | 1,678 |
OTHER INCOME (DEDUCTIONS) | ' | ' | ' | ' |
Investment and other income | 1 | 2 | 7 | 6 |
Allowance for equity funds used during construction | 1 | ' | 1 | 2 |
Other deductions | -3 | -2 | -10 | -10 |
TOTAL OTHER INCOME (DEDUCTIONS) | -1 | ' | -2 | -2 |
INCOME BEFORE INTEREST AND INCOME TAX EXPENSE | 751 | 754 | 1,657 | 1,676 |
INTEREST EXPENSE | ' | ' | ' | ' |
Interest on long-term debt | 127 | 130 | 384 | 395 |
Other interest | 1 | 8 | 12 | 19 |
Allowance for borrowed funds used during construction | ' | ' | -1 | -1 |
NET INTEREST EXPENSE | 128 | 138 | 395 | 413 |
INCOME BEFORE INCOME TAX EXPENSE | 623 | 616 | 1,262 | 1,263 |
INCOME TAX EXPENSE | 222 | 227 | 431 | 436 |
NET INCOME | 401 | 389 | 831 | 827 |
Cumulative preferred dividends | ' | ' | ' | -3 |
NET INCOME FOR COMMON STOCK | $401 | $389 | $831 | $824 |
Consolidated_Statement_of_Comp
Consolidated Statement of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
NET INCOME | $464 | $440 | $828 | $934 |
OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAXES | ' | ' | ' | ' |
Pension plan liability adjustments, net | 2 | 2 | 7 | 8 |
TOTAL OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAXES | 2 | 2 | 7 | 8 |
COMPREHENSIVE INCOME | 466 | 442 | 835 | 942 |
Preferred stock dividend requirements of subsidiary | ' | ' | ' | -3 |
COMPREHENSIVE INCOME FOR COMMON STOCK | 466 | 442 | 835 | 939 |
CECONY [Member] | ' | ' | ' | ' |
NET INCOME | 401 | 389 | 831 | 827 |
OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAXES | ' | ' | ' | ' |
Pension plan liability adjustments, net | ' | ' | ' | -2 |
TOTAL OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAXES | ' | ' | ' | -2 |
COMPREHENSIVE INCOME | 401 | 389 | 831 | 825 |
Preferred stock dividend requirements of subsidiary | ' | ' | ' | ($3) |
Consolidated_Statement_of_Comp1
Consolidated Statement of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Pension plan liability adjustments, taxes | $1 | $1 | $4 | $5 |
CECONY [Member] | ' | ' | ' | ' |
Pension plan liability adjustments, taxes | ' | ' | ' | ($1) |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
OPERATING ACTIVITIES | ' | ' |
NET INCOME | $828 | $934 |
PRINCIPAL NON-CASH CHARGES/(CREDITS) TO INCOME | ' | ' |
Depreciation and amortization | 764 | 709 |
Deferred income taxes | 116 | 344 |
Rate case amortization and accruals | 1 | 32 |
Common equity component of allowance for funds used during construction | -2 | -3 |
Net derivative (gains)/losses | -6 | -61 |
Pre-tax gains on the termination of LILO transactions | -95 | ' |
Other non-cash items (net) | 46 | -53 |
CHANGES IN ASSETS AND LIABILITIES | ' | ' |
Accounts receivable - customers, less allowance for uncollectibles | -51 | -196 |
Special deposits | -305 | ' |
Materials and supplies, including fuel oil and gas in storage | -38 | 1 |
Other receivables and other current assets | -8 | 54 |
Prepayments | -362 | -288 |
Accounts payable | -193 | 18 |
Pensions and retiree benefits obligations | 665 | 713 |
Pensions and retiree benefits contributions | -887 | -821 |
Accrued taxes | 217 | -80 |
Accrued interest | 171 | 46 |
Superfund and environmental remediation costs (net) | -6 | 7 |
Deferred charges, noncurrent assets and other regulatory assets | -6 | 183 |
Deferred credits and other regulatory liabilities | 291 | 83 |
Other assets | 51 | ' |
Other liabilities | 47 | 16 |
NET CASH FLOWS FROM OPERATING ACTIVITIES | 1,238 | 1,638 |
INVESTING ACTIVITIES | ' | ' |
Utility construction expenditures | -1,701 | -1,450 |
Cost of removal less salvage | -144 | -118 |
Non-utility construction expenditures | -149 | -68 |
Investments in solar energy projects | -174 | -258 |
Proceeds from grants related to solar energy projects | 88 | 27 |
Increase in restricted cash | -15 | ' |
Proceeds from the termination of LILO transactions | 200 | ' |
NET CASH FLOWS USED IN INVESTING ACTIVITIES | -1,895 | -1,867 |
FINANCING ACTIVITIES | ' | ' |
Net proceeds of short-term debt | 681 | 340 |
Preferred stock redemption | ' | -239 |
Issuance of long-term debt | 919 | 400 |
Retirement of long-term debt | -707 | -304 |
Issuance of common shares for stock plans, net of repurchases | -4 | -16 |
Debt issuance costs | -12 | -4 |
Common stock dividends | -540 | -524 |
Preferred stock dividends | ' | -3 |
NET CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES | 337 | -350 |
CASH AND TEMPORARY CASH INVESTMENTS: | ' | ' |
NET CHANGE FOR THE PERIOD | -320 | -579 |
BALANCE AT BEGINNING OF PERIOD | 394 | 648 |
BALANCE AT END OF PERIOD | 74 | 69 |
Cash paid during the period for: | ' | ' |
Interest | 372 | 379 |
Income taxes | 27 | 46 |
CECONY [Member] | ' | ' |
OPERATING ACTIVITIES | ' | ' |
NET INCOME | 831 | 827 |
PRINCIPAL NON-CASH CHARGES/(CREDITS) TO INCOME | ' | ' |
Depreciation and amortization | 705 | 664 |
Deferred income taxes | 364 | 220 |
Rate case amortization and accruals | 1 | 32 |
Common equity component of allowance for funds used during construction | -1 | -2 |
Other non-cash items (net) | -72 | 84 |
CHANGES IN ASSETS AND LIABILITIES | ' | ' |
Accounts receivable - customers, less allowance for uncollectibles | -39 | -197 |
Materials and supplies, including fuel oil and gas in storage | -26 | 12 |
Other receivables and other current assets | -27 | -41 |
Prepayments | -347 | -308 |
Accounts payable | -180 | 50 |
Pensions and retiree benefits obligations | 616 | 639 |
Pensions and retiree benefits contributions | -830 | -761 |
Accrued taxes | -92 | 40 |
Accrued interest | 43 | 46 |
Superfund and environmental remediation costs (net) | -6 | 7 |
Deferred charges, noncurrent assets and other regulatory assets | 63 | 84 |
Deferred credits and other regulatory liabilities | 302 | 88 |
Other liabilities | 64 | -21 |
NET CASH FLOWS FROM OPERATING ACTIVITIES | 1,369 | 1,463 |
INVESTING ACTIVITIES | ' | ' |
Utility construction expenditures | -1,614 | -1,368 |
Cost of removal less salvage | -139 | -115 |
NET CASH FLOWS USED IN INVESTING ACTIVITIES | -1,753 | -1,483 |
FINANCING ACTIVITIES | ' | ' |
Net proceeds of short-term debt | 621 | 332 |
Preferred stock redemption | ' | -239 |
Issuance of long-term debt | 700 | 400 |
Retirement of long-term debt | -700 | -300 |
Debt issuance costs | -7 | -4 |
Dividend to parent | -545 | -512 |
Preferred stock dividends | ' | -3 |
NET CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES | 69 | -326 |
CASH AND TEMPORARY CASH INVESTMENTS: | ' | ' |
NET CHANGE FOR THE PERIOD | -315 | -346 |
BALANCE AT BEGINNING OF PERIOD | 353 | 372 |
BALANCE AT END OF PERIOD | 38 | 26 |
Cash paid during the period for: | ' | ' |
Interest | 336 | 344 |
Income taxes | $117 | $50 |
Consolidated_Balance_Sheet
Consolidated Balance Sheet (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
NON-UTILITY PLANT | ' | ' |
Non-utility property, less accumulated depreciation | $581 | $555 |
Construction work in progress | 29 | 83 |
NET PLANT | 27,955 | 26,939 |
OTHER NONCURRENT ASSETS | ' | ' |
Goodwill | 429 | 429 |
Intangible assets, less accumulated amortization of $4 in 2013 and 2012 | 4 | 2 |
Regulatory assets | 9,190 | 9,705 |
Other deferred charges and noncurrent assets | 238 | 216 |
TOTAL OTHER NONCURRENT ASSETS | 9,861 | 10,352 |
TOTAL ASSETS | 41,964 | 41,209 |
CURRENT ASSETS | ' | ' |
Cash and temporary cash investments | 74 | 394 |
Special deposits | 375 | 70 |
Accounts receivable - customers, less allowance for uncollectible accounts | 1,273 | 1,222 |
Other receivables, less allowance for uncollectible accounts | 257 | 228 |
Accrued unbilled revenue | 425 | 516 |
Fuel oil, gas in storage, materials and supplies, at average cost | 368 | 330 |
Prepayments | 521 | 159 |
Regulatory assets | 46 | 74 |
Deferred tax assets - current | 186 | 296 |
Other current assets | 179 | 162 |
TOTAL CURRENT ASSETS | 3,704 | 3,451 |
INVESTMENTS | 444 | 467 |
UTILITY PLANT, AT ORIGINAL COST | ' | ' |
General | 2,301 | 2,302 |
TOTAL | 32,847 | 31,847 |
Less: Accumulated depreciation | 6,952 | 6,573 |
Net | 25,895 | 25,274 |
Construction work in progress | 1,450 | 1,027 |
NET UTILITY PLANT | 27,345 | 26,301 |
CURRENT LIABILITIES | ' | ' |
Long-term debt due within one year | 483 | 706 |
Notes payable | 1,220 | 539 |
Accounts payable | 925 | 1,215 |
Customer deposits | 316 | 304 |
Accrued taxes | 379 | 162 |
Accrued interest | 324 | 153 |
Accrued wages | 93 | 94 |
Fair value of derivative liabilities | 25 | 47 |
Uncertain income tax liabilities | ' | 44 |
Regulatory liabilities | 117 | 183 |
Other current liabilities | 491 | 498 |
TOTAL CURRENT LIABILITIES | 4,373 | 3,945 |
NONCURRENT LIABILITIES | ' | ' |
Obligations under capital leases | 2 | 2 |
Provision for injuries and damages | 195 | 149 |
Pensions and retiree benefits | 3,816 | 4,678 |
Superfund and other environmental costs | 512 | 545 |
Asset retirement obligations | 164 | 159 |
Fair value of derivative liabilities | 29 | 31 |
Uncertain income tax liabilities | 8 | ' |
Other noncurrent liabilities | 120 | 125 |
TOTAL NONCURRENT LIABILITIES | 4,846 | 5,689 |
DEFERRED CREDITS AND REGULATORY LIABILITIES | ' | ' |
Deferred income taxes and investment tax credits | 8,481 | 8,372 |
Regulatory liabilities | 1,557 | 1,202 |
Other deferred credits | 48 | 70 |
TOTAL DEFERRED CREDITS AND REGULATORY LIABILITIES | 10,086 | 9,644 |
LONG-TERM DEBT | 10,493 | 10,062 |
COMMON SHAREHOLDER'S EQUITY (See Statement of Common Shareholder's Equity) | 12,166 | 11,869 |
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY | 41,964 | 41,209 |
CECONY [Member] | ' | ' |
NON-UTILITY PLANT | ' | ' |
Non-utility property, less accumulated depreciation | 5 | 6 |
NET PLANT | 25,735 | 24,745 |
OTHER NONCURRENT ASSETS | ' | ' |
Regulatory assets | 8,497 | 8,972 |
Other deferred charges and noncurrent assets | 171 | 174 |
TOTAL OTHER NONCURRENT ASSETS | 8,668 | 9,146 |
TOTAL ASSETS | 37,375 | 36,885 |
CURRENT ASSETS | ' | ' |
Cash and temporary cash investments | 38 | 353 |
Special deposits | 86 | 65 |
Accounts receivable - customers, less allowance for uncollectible accounts | 1,147 | 1,108 |
Other receivables, less allowance for uncollectible accounts | 142 | 106 |
Accrued unbilled revenue | 329 | 406 |
Accounts receivable from affiliated companies | 35 | 61 |
Fuel oil, gas in storage, materials and supplies, at average cost | 311 | 285 |
Prepayments | 428 | 81 |
Regulatory assets | 42 | 60 |
Deferred tax assets - current | 123 | 193 |
Other current assets | 60 | 69 |
TOTAL CURRENT ASSETS | 2,741 | 2,787 |
INVESTMENTS | 231 | 207 |
UTILITY PLANT, AT ORIGINAL COST | ' | ' |
General | 2,123 | 2,126 |
TOTAL | 30,714 | 29,801 |
Less: Accumulated depreciation | 6,357 | 6,009 |
Net | 24,357 | 23,792 |
Construction work in progress | 1,373 | 947 |
NET UTILITY PLANT | 25,730 | 24,739 |
CURRENT LIABILITIES | ' | ' |
Long-term debt due within one year | 475 | 700 |
Notes payable | 1,042 | 421 |
Accounts payable | 737 | 989 |
Accounts payable to affiliated companies | 16 | 22 |
Customer deposits | 304 | 292 |
Accrued taxes | 20 | 37 |
Accrued taxes to affiliated companies | 140 | 215 |
Accrued interest | 176 | 133 |
Accrued wages | 89 | 84 |
Fair value of derivative liabilities | 19 | 28 |
Uncertain income tax liabilities | ' | 36 |
Regulatory liabilities | 86 | 145 |
Other current liabilities | 419 | 410 |
TOTAL CURRENT LIABILITIES | 3,523 | 3,512 |
NONCURRENT LIABILITIES | ' | ' |
Obligations under capital leases | 2 | 2 |
Provision for injuries and damages | 188 | 141 |
Pensions and retiree benefits | 3,414 | 4,220 |
Superfund and other environmental costs | 403 | 433 |
Asset retirement obligations | 163 | 158 |
Fair value of derivative liabilities | 7 | 11 |
Other noncurrent liabilities | 109 | 115 |
TOTAL NONCURRENT LIABILITIES | 4,286 | 5,080 |
DEFERRED CREDITS AND REGULATORY LIABILITIES | ' | ' |
Deferred income taxes and investment tax credits | 7,888 | 7,452 |
Regulatory liabilities | 1,431 | 1,077 |
Other deferred credits | 43 | 67 |
TOTAL DEFERRED CREDITS AND REGULATORY LIABILITIES | 9,362 | 8,596 |
LONG-TERM DEBT | 9,366 | 9,145 |
COMMON SHAREHOLDER'S EQUITY (See Statement of Common Shareholder's Equity) | 10,838 | 10,552 |
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY | 37,375 | 36,885 |
Electric [Member] | ' | ' |
UTILITY PLANT, AT ORIGINAL COST | ' | ' |
Utility plant, at original cost | 23,041 | 22,376 |
Electric [Member] | CECONY [Member] | ' | ' |
UTILITY PLANT, AT ORIGINAL COST | ' | ' |
Utility plant, at original cost | 21,680 | 21,079 |
Gas [Member] | ' | ' |
UTILITY PLANT, AT ORIGINAL COST | ' | ' |
Utility plant, at original cost | 5,388 | 5,120 |
Gas [Member] | CECONY [Member] | ' | ' |
UTILITY PLANT, AT ORIGINAL COST | ' | ' |
Utility plant, at original cost | 4,794 | 4,547 |
Steam [Member] | ' | ' |
UTILITY PLANT, AT ORIGINAL COST | ' | ' |
Utility plant, at original cost | 2,117 | 2,049 |
Steam [Member] | CECONY [Member] | ' | ' |
UTILITY PLANT, AT ORIGINAL COST | ' | ' |
Utility plant, at original cost | $2,117 | $2,049 |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Accounts receivable - customers, allowance for uncollectible accounts | $95 | $94 |
Other receivables, allowance for uncollectible accounts | 8 | 10 |
Non-utility property, accumulated depreciation | 84 | 68 |
Intangible assets, accumulated amortization | 4 | 4 |
CECONY [Member] | ' | ' |
Accounts receivable - customers, allowance for uncollectible accounts | 89 | 87 |
Other receivables, allowance for uncollectible accounts | 6 | 9 |
Non-utility property, accumulated depreciation | $25 | $25 |
Consolidated_Statement_of_Comm
Consolidated Statement of Common Shareholders' Equity (USD $) | Total | CECONY [Member] | Common Stock [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Capital Stock Expense [Member] | Capital Stock Expense [Member] | Accumulated Other Comprehensive Income/(Loss) [Member] | Accumulated Other Comprehensive Income/(Loss) [Member] | Repurchased Con Edison Stock [Member] |
In Millions, except Share data | CECONY [Member] | CECONY [Member] | CECONY [Member] | CECONY [Member] | CECONY [Member] | CECONY [Member] | ||||||||
BALANCE at Dec. 31, 2011 | $11,436 | $10,218 | $32 | $589 | $4,991 | $4,234 | $7,568 | $6,429 | ($1,033) | ($64) | ($64) | ($58) | ($8) | ($962) |
BALANCE (In Shares) at Dec. 31, 2011 | ' | ' | 292,888,521 | 235,488,094 | ' | ' | ' | ' | 23,194,075 | ' | ' | ' | ' | ' |
Net income for common stock | 277 | ' | ' | ' | ' | ' | 277 | ' | ' | ' | ' | ' | ' | ' |
NET INCOME | ' | 276 | ' | ' | ' | ' | ' | 276 | ' | ' | ' | ' | ' | ' |
Common stock dividends | -177 | -171 | ' | ' | ' | ' | -177 | -171 | ' | ' | ' | ' | ' | ' |
Issuance of common shares for stock plans, net of repurchases | -2 | ' | ' | ' | ' | ' | ' | ' | -2 | ' | ' | ' | ' | ' |
Cumulative preferred dividends | ' | -3 | ' | ' | ' | ' | ' | -3 | ' | ' | ' | ' | ' | ' |
Issuance of common shares for stock plans, net of repurchases (In Shares) | ' | ' | -7,225 | ' | ' | ' | ' | ' | 7,225 | ' | ' | ' | ' | ' |
Preferred stock redemption | 4 | 4 | ' | ' | ' | ' | ' | ' | ' | 4 | 4 | ' | ' | ' |
Other comprehensive income (loss) | 7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7 | ' | ' |
BALANCE at Mar. 31, 2012 | 11,545 | 10,324 | 32 | 589 | 4,991 | 4,234 | 7,668 | 6,531 | -1,035 | -60 | -60 | -51 | -8 | -962 |
BALANCE (In Shares) at Mar. 31, 2012 | ' | ' | 292,881,296 | 235,488,094 | ' | ' | ' | ' | 23,201,300 | ' | ' | ' | ' | ' |
BALANCE at Dec. 31, 2011 | 11,436 | 10,218 | ' | 589 | 4,991 | 4,234 | ' | ' | ' | ' | ' | ' | ' | -962 |
BALANCE (In Shares) at Dec. 31, 2011 | ' | ' | ' | 235,488,094 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income for common stock | 931 | 824 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
NET INCOME | 934 | 827 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cumulative preferred dividends | -3 | -3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
BALANCE at Sep. 30, 2012 | 11,842 | 10,532 | ' | 589 | 4,991 | 4,234 | ' | ' | ' | -61 | -60 | ' | -10 | -962 |
BALANCE (In Shares) at Sep. 30, 2012 | ' | ' | ' | 235,488,094 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
BALANCE at Mar. 31, 2012 | 11,545 | 10,324 | 32 | 589 | 4,991 | 4,234 | 7,668 | 6,531 | -1,035 | -60 | ' | -51 | -8 | -962 |
BALANCE (In Shares) at Mar. 31, 2012 | ' | ' | 292,881,296 | 235,488,094 | ' | ' | ' | ' | 23,201,300 | ' | ' | ' | ' | ' |
Net income for common stock | 214 | ' | ' | ' | ' | ' | 214 | ' | ' | ' | ' | ' | ' | ' |
NET INCOME | ' | 163 | ' | ' | ' | ' | ' | 163 | ' | ' | ' | ' | ' | ' |
Common stock dividends | -178 | -171 | ' | ' | ' | ' | -178 | -171 | ' | ' | ' | ' | ' | ' |
Issuance of common shares for stock plans, net of repurchases | -1 | ' | ' | ' | ' | ' | ' | ' | ' | -1 | ' | ' | ' | ' |
Issuance of common shares for stock plans, net of repurchases (In Shares) | ' | ' | 1,700 | ' | ' | ' | ' | ' | -1,700 | ' | ' | ' | ' | ' |
Other comprehensive income (loss) | -1 | -2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1 | -2 | ' |
BALANCE at Jun. 30, 2012 | 11,579 | 10,314 | 32 | 589 | 4,991 | 4,234 | 7,704 | 6,523 | -1,035 | -61 | -60 | -52 | -10 | -962 |
BALANCE (In Shares) at Jun. 30, 2012 | ' | ' | 292,882,996 | 235,488,094 | ' | ' | ' | ' | 23,199,600 | ' | ' | ' | ' | ' |
Net income for common stock | 440 | 389 | ' | ' | ' | ' | 440 | ' | ' | ' | ' | ' | ' | ' |
NET INCOME | 440 | 389 | ' | ' | ' | ' | ' | 389 | ' | ' | ' | ' | ' | ' |
Common stock dividends | -177 | -171 | ' | ' | ' | ' | -177 | -171 | ' | ' | ' | ' | ' | ' |
Issuance of common shares for stock plans, net of repurchases | -2 | ' | ' | ' | ' | ' | ' | ' | -2 | ' | ' | ' | ' | ' |
Issuance of common shares for stock plans, net of repurchases (In Shares) | ' | ' | -11,100 | ' | ' | ' | ' | ' | 11,100 | ' | ' | ' | ' | ' |
Other comprehensive income (loss) | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
BALANCE at Sep. 30, 2012 | 11,842 | 10,532 | 32 | 589 | 4,991 | 4,234 | 7,967 | 6,741 | -1,037 | -61 | -60 | -50 | -10 | -962 |
BALANCE (In Shares) at Sep. 30, 2012 | ' | ' | 292,871,896 | 235,488,094 | ' | ' | ' | ' | 23,210,700 | ' | ' | ' | ' | ' |
BALANCE at Dec. 31, 2012 | 11,869 | 10,552 | 32 | 589 | 4,991 | 4,234 | 7,997 | 6,761 | -1,037 | -61 | -61 | -53 | -9 | -962 |
BALANCE (In Shares) at Dec. 31, 2012 | ' | ' | 292,871,896 | 235,488,094 | ' | ' | ' | ' | 23,210,700 | ' | ' | ' | ' | ' |
Net income for common stock | 192 | ' | ' | ' | ' | ' | 192 | ' | ' | ' | ' | ' | ' | ' |
NET INCOME | ' | 277 | ' | ' | ' | ' | ' | 277 | ' | ' | ' | ' | ' | ' |
Common stock dividends | -180 | -182 | ' | ' | ' | ' | -180 | -182 | ' | ' | ' | ' | ' | ' |
Issuance of common shares for stock plans, net of repurchases | 5 | ' | ' | ' | -2 | ' | ' | ' | 7 | ' | ' | ' | ' | ' |
Issuance of common shares for stock plans, net of repurchases (In Shares) | ' | ' | 95,468 | ' | ' | ' | ' | ' | -95,468 | ' | ' | ' | ' | ' |
Other comprehensive income (loss) | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' |
BALANCE at Mar. 31, 2013 | 11,889 | 10,647 | 32 | 589 | 4,989 | 4,234 | 8,009 | 6,856 | -1,030 | -61 | -61 | -50 | -9 | -962 |
BALANCE (In Shares) at Mar. 31, 2013 | ' | ' | 292,967,364 | 235,488,094 | ' | ' | ' | ' | 23,115,232 | ' | ' | ' | ' | ' |
BALANCE at Dec. 31, 2012 | 11,869 | 10,552 | ' | 589 | ' | 4,234 | ' | ' | ' | -61 | -61 | ' | -9 | -962 |
BALANCE (In Shares) at Dec. 31, 2012 | ' | ' | ' | 235,488,094 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income for common stock | 828 | 831 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
NET INCOME | 828 | 831 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
BALANCE at Sep. 30, 2013 | 12,166 | 10,838 | ' | 589 | 4,990 | 4,234 | ' | ' | ' | -61 | -61 | ' | -9 | -962 |
BALANCE (In Shares) at Sep. 30, 2013 | ' | ' | ' | 235,488,094 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
BALANCE at Mar. 31, 2013 | 11,889 | 10,647 | 32 | 589 | 4,989 | 4,234 | 8,009 | 6,856 | -1,030 | -61 | -61 | -50 | -9 | -962 |
BALANCE (In Shares) at Mar. 31, 2013 | ' | ' | 292,967,364 | 235,488,094 | ' | ' | ' | ' | 23,115,232 | ' | ' | ' | ' | ' |
Net income for common stock | 172 | ' | ' | ' | ' | ' | 172 | ' | ' | ' | ' | ' | ' | ' |
NET INCOME | ' | 153 | ' | ' | ' | ' | ' | 153 | ' | ' | ' | ' | ' | ' |
Common stock dividends | -180 | -182 | ' | ' | ' | ' | -180 | -182 | ' | ' | ' | ' | ' | ' |
Issuance of common shares for stock plans, net of repurchases | ' | ' | ' | ' | 1 | ' | ' | ' | -1 | ' | ' | ' | ' | ' |
Issuance of common shares for stock plans, net of repurchases (In Shares) | ' | ' | -4,078 | ' | ' | ' | ' | ' | 4,078 | ' | ' | ' | ' | ' |
Other comprehensive income (loss) | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
BALANCE at Jun. 30, 2013 | 11,883 | 10,618 | 32 | 589 | 4,990 | 4,234 | 8,001 | 6,827 | -1,031 | -61 | -61 | -48 | -9 | -962 |
BALANCE (In Shares) at Jun. 30, 2013 | ' | ' | 292,963,286 | 235,488,094 | ' | ' | ' | ' | 23,119,310 | ' | ' | ' | ' | ' |
Net income for common stock | 464 | 401 | ' | ' | ' | ' | 464 | ' | ' | ' | ' | ' | ' | ' |
NET INCOME | 464 | 401 | ' | ' | ' | ' | ' | 401 | ' | ' | ' | ' | ' | ' |
Common stock dividends | -180 | -181 | ' | ' | ' | ' | -180 | -181 | ' | ' | ' | ' | ' | ' |
Issuance of common shares for stock plans, net of repurchases | -3 | ' | ' | ' | ' | ' | ' | ' | -3 | ' | ' | ' | ' | ' |
Issuance of common shares for stock plans, net of repurchases (In Shares) | ' | ' | -34,931 | ' | ' | ' | ' | ' | 34,931 | ' | ' | ' | ' | ' |
Other comprehensive income (loss) | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
BALANCE at Sep. 30, 2013 | $12,166 | $10,838 | $32 | $589 | $4,990 | $4,234 | $8,285 | $7,047 | ($1,034) | ($61) | ($61) | ($46) | ($9) | ($962) |
BALANCE (In Shares) at Sep. 30, 2013 | ' | ' | 292,928,355 | 235,488,094 | ' | ' | ' | ' | 23,154,241 | ' | ' | ' | ' | ' |
General
General | 9 Months Ended |
Sep. 30, 2013 | |
General | ' |
General | |
These combined notes accompany and form an integral part of the separate consolidated financial statements of each of the two separate registrants: Consolidated Edison, Inc. and its subsidiaries (Con Edison) and Consolidated Edison Company of New York, Inc. and its subsidiaries (CECONY). CECONY is a subsidiary of Con Edison and as such its financial condition and results of operations and cash flows, which are presented separately in the CECONY consolidated financial statements, are also consolidated, along with those of Con Edison’s other utility subsidiary, Orange and Rockland Utilities, Inc. (O&R), and Con Edison’s competitive energy businesses (discussed below) in Con Edison’s consolidated financial statements. The term “Utilities” is used in these notes to refer to CECONY and O&R. | |
As used in these notes, the term “Companies” refers to Con Edison and CECONY and, except as otherwise noted, the information in these combined notes relates to each of the Companies. However, CECONY makes no representation as to information relating to Con Edison or the subsidiaries of Con Edison other than itself. | |
The separate interim consolidated financial statements of each of the Companies are unaudited but, in the opinion of their respective managements, reflect all adjustments (which include only normally recurring adjustments) necessary for a fair presentation 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, 2012 and their separate unaudited financial statements (including the combined notes thereto) included in Part I, Item 1 of their combined Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2013 and June 30, 2013. | |
Con Edison has two regulated utility subsidiaries: CECONY and O&R. CECONY provides electric service and gas service in New York City and Westchester County. The company also provides steam service in parts of Manhattan. O&R, along with its regulated utility subsidiaries, provides electric service in southeastern New York and adjacent areas of northern New Jersey and eastern Pennsylvania and gas service in southeastern New York and adjacent areas of eastern Pennsylvania. Con Edison has the following competitive energy businesses: Consolidated Edison Solutions, Inc. (Con Edison Solutions), a retail energy services company that sells electricity and also offers energy-related services; Consolidated Edison Energy, Inc. (Con Edison Energy), a wholesale energy services company; and Consolidated Edison Development, Inc. (Con Edison Development), a company that develops and participates in infrastructure projects. | |
CECONY [Member] | ' |
General | ' |
General | |
These combined notes accompany and form an integral part of the separate consolidated financial statements of each of the two separate registrants: Consolidated Edison, Inc. and its subsidiaries (Con Edison) and Consolidated Edison Company of New York, Inc. and its subsidiaries (CECONY). CECONY is a subsidiary of Con Edison and as such its financial condition and results of operations and cash flows, which are presented separately in the CECONY consolidated financial statements, are also consolidated, along with those of Con Edison’s other utility subsidiary, Orange and Rockland Utilities, Inc. (O&R), and Con Edison’s competitive energy businesses (discussed below) in Con Edison’s consolidated financial statements. The term “Utilities” is used in these notes to refer to CECONY and O&R. | |
As used in these notes, the term “Companies” refers to Con Edison and CECONY and, except as otherwise noted, the information in these combined notes relates to each of the Companies. However, CECONY makes no representation as to information relating to Con Edison or the subsidiaries of Con Edison other than itself. | |
The separate interim consolidated financial statements of each of the Companies are unaudited but, in the opinion of their respective managements, reflect all adjustments (which include only normally recurring adjustments) necessary for a fair presentation 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, 2012 and their separate unaudited financial statements (including the combined notes thereto) included in Part I, Item 1 of their combined Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2013 and June 30, 2013. | |
Con Edison has two regulated utility subsidiaries: CECONY and O&R. CECONY provides electric service and gas service in New York City and Westchester County. The company also provides steam service in parts of Manhattan. O&R, along with its regulated utility subsidiaries, provides electric service in southeastern New York and adjacent areas of northern New Jersey and eastern Pennsylvania and gas service in southeastern New York and adjacent areas of eastern Pennsylvania. Con Edison has the following competitive energy businesses: Consolidated Edison Solutions, Inc. (Con Edison Solutions), a retail energy services company that sells electricity and also offers energy-related services; Consolidated Edison Energy, Inc. (Con Edison Energy), a wholesale energy services company; and Consolidated Edison Development, Inc. (Con Edison Development), a company that develops and participates in infrastructure projects. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||||||
Note A — Summary of Significant Accounting Policies | |||||||||||||||||
Reclassifications and Revisions | |||||||||||||||||
Prior period amounts have been reclassified where necessary to conform to the current period presentation. | |||||||||||||||||
Con Edison’s consolidated statement of cash flows for the six months ended June 30, 2013, incorrectly reduced net cash flows from financing activities and increased net cash flows from operating activities by an amount equal to the $108 million of net cash proceeds from the termination of the 1999 LILO transaction. A revision will be made on Con Edison’s consolidated statement of cash flows for the six months ended June 30, 2013 when the company files its Form 10-Q for the quarterly period ended June 30, 2014. The company does not deem this revision material to its consolidated financial statements for the six months ended June 30, 2013. | |||||||||||||||||
Earnings Per Common Share | |||||||||||||||||
For the three and nine months ended September 30, 2013 and 2012, basic and diluted earnings per share (EPS) for Con Edison are calculated as follows: | |||||||||||||||||
For the Three Months | For the Nine Months | ||||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||
(Millions of Dollars, except per share amounts/Shares in Millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Net income for common stock | $ | 464 | $ | 440 | $ | 828 | $ | 931 | |||||||||
Weighted average common shares outstanding – basic | 292.9 | 292.9 | 292.9 | 292.9 | |||||||||||||
Add: Incremental shares attributable to effect of potentially dilutive securities | 1.4 | 1.7 | 1.4 | 1.7 | |||||||||||||
Adjusted weighted average common shares outstanding – diluted | 294.3 | 294.6 | 294.3 | 294.6 | |||||||||||||
Net income for common stock per common share – basic | $ | 1.58 | $ | 1.5 | $ | 2.83 | $ | 3.18 | |||||||||
Net income for common stock per common share – diluted | $ | 1.58 | $ | 1.49 | $ | 2.81 | $ | 3.16 | |||||||||
The computation of diluted EPS for the three and nine months ended September 30, 2013 and 2012 excludes immaterial amounts of performance share awards which were not included because of their anti-dilutive effect. | |||||||||||||||||
Changes in Accumulated Other Comprehensive Income by Component | |||||||||||||||||
For the three and nine months ended September 30, 2013, changes to accumulated other comprehensive income (OCI) for Con Edison and CECONY are as follows: | |||||||||||||||||
(Millions of Dollars) | Con Edison | CECONY | |||||||||||||||
Accumulated OCI, net of taxes, at December 31, 2012 | $ | (53 | ) | $ | (9 | ) | |||||||||||
OCI before reclassifications, net of tax of $1 and $- for Con Edison and CECONY, respectively | 1 | — | |||||||||||||||
Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax of $1 and $- for Con Edison and CECONY, respectively (a)(b) | 2 | — | |||||||||||||||
Total OCI, net of taxes, at March 31, 2013 | $ | 3 | $ | — | |||||||||||||
Accumulated OCI, net of taxes, at March 31, 2013 (b) | $ | (50 | ) | $ | (9 | ) | |||||||||||
OCI before reclassifications | — | — | |||||||||||||||
Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax of $1 and $- for Con Edison and CECONY, respectively (a)(b) | 2 | — | |||||||||||||||
Total OCI, net of taxes, at June 30, 2013 | $ | 2 | $ | — | |||||||||||||
Accumulated OCI, net of taxes, at June 30, 2013 (b) | $ | (48 | ) | $ | (9 | ) | |||||||||||
OCI before reclassifications | — | — | |||||||||||||||
Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax of $1 and $- for Con Edison and CECONY, respectively (a)(b) | 2 | — | |||||||||||||||
Total OCI, net of taxes, at September 30, 2013 | $ | 2 | $ | — | |||||||||||||
Accumulated OCI, net of taxes, at September 30, 2013 (b) | $ | (46 | ) | $ | (9 | ) | |||||||||||
(a) | For the portion of unrecognized pension and other postretirement benefit costs relating to the regulated Utilities, costs are recorded into, and amortized out of, regulatory assets instead of OCI. The net actuarial losses and prior service costs recognized during the period are included in the computation of net periodic pension and other postretirement benefit cost. See Notes E and F. | ||||||||||||||||
(b) | Tax reclassified from accumulated OCI is reported in the income tax expense line item of the income statement. | ||||||||||||||||
CECONY [Member] | ' | ||||||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||||||
Note A — Summary of Significant Accounting Policies | |||||||||||||||||
Reclassifications and Revisions | |||||||||||||||||
Prior period amounts have been reclassified where necessary to conform to the current period presentation. | |||||||||||||||||
Con Edison’s consolidated statement of cash flows for the six months ended June 30, 2013, incorrectly reduced net cash flows from financing activities and increased net cash flows from operating activities by an amount equal to the $108 million of net cash proceeds from the termination of the 1999 LILO transaction. A revision will be made on Con Edison’s consolidated statement of cash flows for the six months ended June 30, 2013 when the company files its Form 10-Q for the quarterly period ended June 30, 2014. The company does not deem this revision material to its consolidated financial statements for the six months ended June 30, 2013. | |||||||||||||||||
Earnings Per Common Share | |||||||||||||||||
For the three and nine months ended September 30, 2013 and 2012, basic and diluted earnings per share (EPS) for Con Edison are calculated as follows: | |||||||||||||||||
For the Three Months | For the Nine Months | ||||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||
(Millions of Dollars, except per share amounts/Shares in Millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Net income for common stock | $ | 464 | $ | 440 | $ | 828 | $ | 931 | |||||||||
Weighted average common shares outstanding – basic | 292.9 | 292.9 | 292.9 | 292.9 | |||||||||||||
Add: Incremental shares attributable to effect of potentially dilutive securities | 1.4 | 1.7 | 1.4 | 1.7 | |||||||||||||
Adjusted weighted average common shares outstanding – diluted | 294.3 | 294.6 | 294.3 | 294.6 | |||||||||||||
Net income for common stock per common share – basic | $ | 1.58 | $ | 1.5 | $ | 2.83 | $ | 3.18 | |||||||||
Net income for common stock per common share – diluted | $ | 1.58 | $ | 1.49 | $ | 2.81 | $ | 3.16 | |||||||||
The computation of diluted EPS for the three and nine months ended September 30, 2013 and 2012 excludes immaterial amounts of performance share awards which were not included because of their anti-dilutive effect. | |||||||||||||||||
Changes in Accumulated Other Comprehensive Income by Component | |||||||||||||||||
For the three and nine months ended September 30, 2013, changes to accumulated other comprehensive income (OCI) for Con Edison and CECONY are as follows: | |||||||||||||||||
(Millions of Dollars) | Con Edison | CECONY | |||||||||||||||
Accumulated OCI, net of taxes, at December 31, 2012 | $ | (53 | ) | $ | (9 | ) | |||||||||||
OCI before reclassifications, net of tax of $1 and $- for Con Edison and CECONY, respectively | 1 | — | |||||||||||||||
Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax of $1 and $- for Con Edison and CECONY, respectively (a)(b) | 2 | — | |||||||||||||||
Total OCI, net of taxes, at March 31, 2013 | $ | 3 | $ | — | |||||||||||||
Accumulated OCI, net of taxes, at March 31, 2013 (b) | $ | (50 | ) | $ | (9 | ) | |||||||||||
OCI before reclassifications | — | — | |||||||||||||||
Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax of $1 and $- for Con Edison and CECONY, respectively (a)(b) | 2 | — | |||||||||||||||
Total OCI, net of taxes, at June 30, 2013 | $ | 2 | $ | — | |||||||||||||
Accumulated OCI, net of taxes, at June 30, 2013 (b) | $ | (48 | ) | $ | (9 | ) | |||||||||||
OCI before reclassifications | — | — | |||||||||||||||
Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax of $1 and $- for Con Edison and CECONY, respectively (a)(b) | 2 | — | |||||||||||||||
Total OCI, net of taxes, at September 30, 2013 | $ | 2 | $ | — | |||||||||||||
Accumulated OCI, net of taxes, at September 30, 2013 (b) | $ | (46 | ) | $ | (9 | ) | |||||||||||
(a) | For the portion of unrecognized pension and other postretirement benefit costs relating to the regulated Utilities, costs are recorded into, and amortized out of, regulatory assets instead of OCI. The net actuarial losses and prior service costs recognized during the period are included in the computation of net periodic pension and other postretirement benefit cost. See Notes E and F. | ||||||||||||||||
(b) | Tax reclassified from accumulated OCI is reported in the income tax expense line item of the income statement. | ||||||||||||||||
Regulatory_Matters
Regulatory Matters | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Regulatory Matters | ' | ||||||||||||||||
Note B — Regulatory Matters | |||||||||||||||||
Rate Agreements | |||||||||||||||||
CECONY – Electric, Gas and Steam | |||||||||||||||||
In January 2013, CECONY filed requests for electric, gas and steam rate changes, effective January 1, 2014. The company requested electric and gas rate increases of $375 million and $25 million, respectively, and a steam rate decrease of $5 million, reflecting, among other things, a return on common equity of 10.35 percent and a common equity ratio of approximately 50 percent. In August 2013, the New York State Public Service Commission (NYSPSC) staff submitted its initial briefs which support decreases in the company’s electric, gas and steam rates of $146 million, $95 million and $10 million, respectively, reflecting, among other things, a return on common equity of 8.7 percent and a common equity ratio of 48 percent. In September 2013, the company submitted its reply briefs supporting increases in its electric, gas and steam rates of $418 million, $27 million and $8 million, respectively, reflecting, among other things, a return on common equity of 10.1 percent and a common equity ratio of approximately 50 percent. In October 2013, the NYSPSC’s Chief Administrative Law Judge appointed a settlement judge to assist in settlement discussions among the parties in these rate proceedings. There is no assurance that there will be a settlement, and any settlement would be subject to NYSPSC approval. Also, in October 2013, the company agreed to extend by one month the date by which the NYSPSC is required to issue a decision on the company’s rate requests, subject to a “make whole” provision that would keep the company and its customers in the same position they would have been absent the extension. | |||||||||||||||||
Other Regulatory Matters | |||||||||||||||||
In February 2009, the NYSPSC commenced a proceeding to examine the prudence of certain CECONY expenditures following the arrests of employees for accepting illegal payments from a construction contractor. Subsequently, additional employees were arrested for accepting illegal payments from materials suppliers and an engineering firm. The arrested employees were terminated by the company and have pled guilty or been convicted. Pursuant to NYSPSC orders, a portion of the company’s revenues (currently, $249 million, $32 million and $6 million on an annual basis for electric, gas and steam service, respectively) is being collected subject to potential refund to customers. The amount of electric revenues collected subject to refund, which was established in a different proceeding, and the amount of gas and steam revenues collected subject to refund were not established as indicative of the company’s potential liability in this proceeding. At September 30, 2013, the company had collected an estimated $1,318 million from customers subject to potential refund in connection with this proceeding. In January 2013, a NYSPSC consultant reported its estimate, with which the company does not agree, of $208 million of overcharges with respect to a substantial portion of the company’s construction expenditures from January 2000 to January 2009. The company is disputing the consultant’s estimate, including its determinations as to overcharges regarding specific construction expenditures it selected to review and its methodology of extrapolating such determinations over a substantial portion of the construction expenditures during this period. The NYSPSC’s consultant has not reviewed the company’s other expenditures. The company and NYSPSC staff are exploring a settlement in this proceeding. There is no assurance that there will be a settlement, and any settlement would be subject to NYSPSC approval. At September 30, 2013, the company had a $16 million regulatory liability for refund to customers of amounts recovered from vendors, arrested employees and insurers relating to this matter. The company is unable to estimate the amount, if any, by which any refund required by the NYSPSC may exceed this regulatory liability. The company currently estimates that any refund required by the NYSPSC could range in amount from the $16 million regulatory liability up to an amount based on the NYSPSC consultant’s $208 million estimate of overcharges. | |||||||||||||||||
In late October 2012, Superstorm Sandy caused extensive damage to the Utilities’ electric distribution system and interrupted service to approximately 1.4 million customers. Superstorm Sandy also damaged CECONY’s steam system and interrupted service to many of its steam customers. As of September 30, 2013, CECONY and O&R incurred response and restoration costs for Superstorm Sandy of $471 million and $92 million, respectively (including capital expenditures of $143 million and $15 million, respectively). Most of the costs that were not capitalized were deferred for recovery as a regulatory asset under the Utilities’ electric rate plans. See “Regulatory Assets and Liabilities,” below. The Utilities’ New York electric rate plans include provisions for revenue decoupling, as a result of which delivery revenues generally are not affected by changes in delivery volumes from levels assumed when rates were approved. The provisions of the Utilities’ New York electric plans that impose penalties for operating performance provide for exceptions for major storms and catastrophic events beyond the control of the companies, including natural disasters such as hurricanes and floods. The NYSPSC is investigating, and the New York State Attorney General investigated, the preparation and performance of the Utilities in connection with Superstorm Sandy and other major storms. | |||||||||||||||||
In June 2013, a commission appointed by the Governor of New York issued its final report on utility storm preparation and response. The commission identified deficiencies in the performance of the Utilities and other New York utilities and made recommendations regarding, among other things, preparation and response to flooding; estimation of customer restoration times; reliability of website outage maps; coordination with local governments and providers of other utility services; availability and allocation of staffing and other resources (including the utility industry’s mutual aid process); and communications with affected communities and local officials. The commission’s report also addressed the Long Island Power Authority, energy efficiency programs, utility infrastructure investment and regulatory deficiencies. | |||||||||||||||||
In March 2013, the New Jersey Board of Public Utilities established a proceeding to review the prudency of costs incurred by New Jersey utilities, including Rockland Electric Company (RECO, an O&R subsidiary), in response to major storm events in 2011 and 2012. At September 30, 2013, RECO had $28 million of storm costs deferred for recovery as a regulatory asset and had incurred $6 million of capital expenditures related to the storms. | |||||||||||||||||
Regulatory Assets and Liabilities | |||||||||||||||||
Regulatory assets and liabilities at September 30, 2013 and December 31, 2012 were comprised of the following items: | |||||||||||||||||
Con Edison | CECONY | ||||||||||||||||
(Millions of Dollars) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Regulatory assets | |||||||||||||||||
Unrecognized pension and other postretirement costs | $5,011 | $5,677 | $4,779 | $5,407 | |||||||||||||
Future income tax | 2,035 | 1,922 | 1,929 | 1,831 | |||||||||||||
Environmental remediation costs | 704 | 730 | 591 | 615 | |||||||||||||
Deferred storm costs | 451 | 432 | 340 | 309 | |||||||||||||
Pension and other postretirement benefits deferrals | 229 | 183 | 201 | 154 | |||||||||||||
Revenue taxes | 191 | 176 | 182 | 170 | |||||||||||||
Surcharge for New York State assessment | 119 | 73 | 113 | 68 | |||||||||||||
Net electric deferrals | 88 | 102 | 88 | 102 | |||||||||||||
Unamortized loss on reacquired debt | 67 | 74 | 64 | 70 | |||||||||||||
Deferred derivative losses – long-term | 34 | 40 | 13 | 20 | |||||||||||||
O&R transition bond charges | 34 | 39 | — | — | |||||||||||||
Preferred stock redemption | 28 | 29 | 28 | 29 | |||||||||||||
Property tax reconciliation | 20 | 16 | — | — | |||||||||||||
Workers’ compensation | 16 | 19 | 16 | 19 | |||||||||||||
Other | 163 | 193 | 153 | 178 | |||||||||||||
Regulatory assets – long-term | 9,190 | 9,705 | 8,497 | 8,972 | |||||||||||||
Deferred derivative losses – current | 45 | 69 | 42 | 60 | |||||||||||||
Recoverable energy costs – current | 1 | 5 | — | — | |||||||||||||
Regulatory assets – current | 46 | 74 | 42 | 60 | |||||||||||||
Total Regulatory Assets | $9,236 | $9,779 | $8,539 | $9,032 | |||||||||||||
Regulatory liabilities | |||||||||||||||||
Allowance for cost of removal less salvage | $ 522 | $ 503 | $ 436 | $ 420 | |||||||||||||
Property tax reconciliation | 290 | 187 | 290 | 187 | |||||||||||||
Property tax refunds | 130 | 7 | 129 | 6 | |||||||||||||
Net unbilled revenue deferrals | 104 | 136 | 104 | 136 | |||||||||||||
Long-term interest rate reconciliation | 94 | 62 | 94 | 62 | |||||||||||||
World Trade Center settlement proceeds | 62 | 62 | 62 | 62 | |||||||||||||
Carrying charges on T&D net plant – electric and steam | 30 | 31 | 20 | 13 | |||||||||||||
Expenditure prudence proceeding | 16 | 14 | 16 | 14 | |||||||||||||
Other | 309 | 200 | 280 | 177 | |||||||||||||
Regulatory liabilities – long-term | 1,557 | 1,202 | 1,431 | 1,077 | |||||||||||||
Refundable energy costs – current | 64 | 82 | 36 | 48 | |||||||||||||
Revenue decoupling mechanism | 51 | 72 | 49 | 68 | |||||||||||||
Deferred derivative gains – current | 2 | — | 1 | — | |||||||||||||
Electric surcharge offset | — | 29 | — | 29 | |||||||||||||
Regulatory liabilities – current | 117 | 183 | 86 | 145 | |||||||||||||
Total Regulatory Liabilities | $1,674 | $1,385 | $1,517 | $1,222 | |||||||||||||
“Deferred storm costs” represent response and restoration costs, other than capital expenditures, in connection with Superstorm Sandy and other major storms that were deferred by the Utilities. See “Other Regulatory Matters,” above. | |||||||||||||||||
CECONY [Member] | ' | ||||||||||||||||
Regulatory Matters | ' | ||||||||||||||||
Note B — Regulatory Matters | |||||||||||||||||
Rate Agreements | |||||||||||||||||
CECONY – Electric, Gas and Steam | |||||||||||||||||
In January 2013, CECONY filed requests for electric, gas and steam rate changes, effective January 1, 2014. The company requested electric and gas rate increases of $375 million and $25 million, respectively, and a steam rate decrease of $5 million, reflecting, among other things, a return on common equity of 10.35 percent and a common equity ratio of approximately 50 percent. In August 2013, the New York State Public Service Commission (NYSPSC) staff submitted its initial briefs which support decreases in the company’s electric, gas and steam rates of $146 million, $95 million and $10 million, respectively, reflecting, among other things, a return on common equity of 8.7 percent and a common equity ratio of 48 percent. In September 2013, the company submitted its reply briefs supporting increases in its electric, gas and steam rates of $418 million, $27 million and $8 million, respectively, reflecting, among other things, a return on common equity of 10.1 percent and a common equity ratio of approximately 50 percent. In October 2013, the NYSPSC’s Chief Administrative Law Judge appointed a settlement judge to assist in settlement discussions among the parties in these rate proceedings. There is no assurance that there will be a settlement, and any settlement would be subject to NYSPSC approval. Also, in October 2013, the company agreed to extend by one month the date by which the NYSPSC is required to issue a decision on the company’s rate requests, subject to a “make whole” provision that would keep the company and its customers in the same position they would have been absent the extension. | |||||||||||||||||
Other Regulatory Matters | |||||||||||||||||
In February 2009, the NYSPSC commenced a proceeding to examine the prudence of certain CECONY expenditures following the arrests of employees for accepting illegal payments from a construction contractor. Subsequently, additional employees were arrested for accepting illegal payments from materials suppliers and an engineering firm. The arrested employees were terminated by the company and have pled guilty or been convicted. Pursuant to NYSPSC orders, a portion of the company’s revenues (currently, $249 million, $32 million and $6 million on an annual basis for electric, gas and steam service, respectively) is being collected subject to potential refund to customers. The amount of electric revenues collected subject to refund, which was established in a different proceeding, and the amount of gas and steam revenues collected subject to refund were not established as indicative of the company’s potential liability in this proceeding. At September 30, 2013, the company had collected an estimated $1,318 million from customers subject to potential refund in connection with this proceeding. In January 2013, a NYSPSC consultant reported its estimate, with which the company does not agree, of $208 million of overcharges with respect to a substantial portion of the company’s construction expenditures from January 2000 to January 2009. The company is disputing the consultant’s estimate, including its determinations as to overcharges regarding specific construction expenditures it selected to review and its methodology of extrapolating such determinations over a substantial portion of the construction expenditures during this period. The NYSPSC’s consultant has not reviewed the company’s other expenditures. The company and NYSPSC staff are exploring a settlement in this proceeding. There is no assurance that there will be a settlement, and any settlement would be subject to NYSPSC approval. At September 30, 2013, the company had a $16 million regulatory liability for refund to customers of amounts recovered from vendors, arrested employees and insurers relating to this matter. The company is unable to estimate the amount, if any, by which any refund required by the NYSPSC may exceed this regulatory liability. The company currently estimates that any refund required by the NYSPSC could range in amount from the $16 million regulatory liability up to an amount based on the NYSPSC consultant’s $208 million estimate of overcharges. | |||||||||||||||||
In late October 2012, Superstorm Sandy caused extensive damage to the Utilities’ electric distribution system and interrupted service to approximately 1.4 million customers. Superstorm Sandy also damaged CECONY’s steam system and interrupted service to many of its steam customers. As of September 30, 2013, CECONY and O&R incurred response and restoration costs for Superstorm Sandy of $471 million and $92 million, respectively (including capital expenditures of $143 million and $15 million, respectively). Most of the costs that were not capitalized were deferred for recovery as a regulatory asset under the Utilities’ electric rate plans. See “Regulatory Assets and Liabilities,” below. The Utilities’ New York electric rate plans include provisions for revenue decoupling, as a result of which delivery revenues generally are not affected by changes in delivery volumes from levels assumed when rates were approved. The provisions of the Utilities’ New York electric plans that impose penalties for operating performance provide for exceptions for major storms and catastrophic events beyond the control of the companies, including natural disasters such as hurricanes and floods. The NYSPSC is investigating, and the New York State Attorney General investigated, the preparation and performance of the Utilities in connection with Superstorm Sandy and other major storms. | |||||||||||||||||
In June 2013, a commission appointed by the Governor of New York issued its final report on utility storm preparation and response. The commission identified deficiencies in the performance of the Utilities and other New York utilities and made recommendations regarding, among other things, preparation and response to flooding; estimation of customer restoration times; reliability of website outage maps; coordination with local governments and providers of other utility services; availability and allocation of staffing and other resources (including the utility industry’s mutual aid process); and communications with affected communities and local officials. The commission’s report also addressed the Long Island Power Authority, energy efficiency programs, utility infrastructure investment and regulatory deficiencies. | |||||||||||||||||
In March 2013, the New Jersey Board of Public Utilities established a proceeding to review the prudency of costs incurred by New Jersey utilities, including Rockland Electric Company (RECO, an O&R subsidiary), in response to major storm events in 2011 and 2012. At September 30, 2013, RECO had $28 million of storm costs deferred for recovery as a regulatory asset and had incurred $6 million of capital expenditures related to the storms. | |||||||||||||||||
Regulatory Assets and Liabilities | |||||||||||||||||
Regulatory assets and liabilities at September 30, 2013 and December 31, 2012 were comprised of the following items: | |||||||||||||||||
Con Edison | CECONY | ||||||||||||||||
(Millions of Dollars) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Regulatory assets | |||||||||||||||||
Unrecognized pension and other postretirement costs | $5,011 | $5,677 | $4,779 | $5,407 | |||||||||||||
Future income tax | 2,035 | 1,922 | 1,929 | 1,831 | |||||||||||||
Environmental remediation costs | 704 | 730 | 591 | 615 | |||||||||||||
Deferred storm costs | 451 | 432 | 340 | 309 | |||||||||||||
Pension and other postretirement benefits deferrals | 229 | 183 | 201 | 154 | |||||||||||||
Revenue taxes | 191 | 176 | 182 | 170 | |||||||||||||
Surcharge for New York State assessment | 119 | 73 | 113 | 68 | |||||||||||||
Net electric deferrals | 88 | 102 | 88 | 102 | |||||||||||||
Unamortized loss on reacquired debt | 67 | 74 | 64 | 70 | |||||||||||||
Deferred derivative losses – long-term | 34 | 40 | 13 | 20 | |||||||||||||
O&R transition bond charges | 34 | 39 | — | — | |||||||||||||
Preferred stock redemption | 28 | 29 | 28 | 29 | |||||||||||||
Property tax reconciliation | 20 | 16 | — | — | |||||||||||||
Workers’ compensation | 16 | 19 | 16 | 19 | |||||||||||||
Other | 163 | 193 | 153 | 178 | |||||||||||||
Regulatory assets – long-term | 9,190 | 9,705 | 8,497 | 8,972 | |||||||||||||
Deferred derivative losses – current | 45 | 69 | 42 | 60 | |||||||||||||
Recoverable energy costs – current | 1 | 5 | — | — | |||||||||||||
Regulatory assets – current | 46 | 74 | 42 | 60 | |||||||||||||
Total Regulatory Assets | $9,236 | $9,779 | $8,539 | $9,032 | |||||||||||||
Regulatory liabilities | |||||||||||||||||
Allowance for cost of removal less salvage | $ 522 | $ 503 | $ 436 | $ 420 | |||||||||||||
Property tax reconciliation | 290 | 187 | 290 | 187 | |||||||||||||
Property tax refunds | 130 | 7 | 129 | 6 | |||||||||||||
Net unbilled revenue deferrals | 104 | 136 | 104 | 136 | |||||||||||||
Long-term interest rate reconciliation | 94 | 62 | 94 | 62 | |||||||||||||
World Trade Center settlement proceeds | 62 | 62 | 62 | 62 | |||||||||||||
Carrying charges on T&D net plant – electric and steam | 30 | 31 | 20 | 13 | |||||||||||||
Expenditure prudence proceeding | 16 | 14 | 16 | 14 | |||||||||||||
Other | 309 | 200 | 280 | 177 | |||||||||||||
Regulatory liabilities – long-term | 1,557 | 1,202 | 1,431 | 1,077 | |||||||||||||
Refundable energy costs – current | 64 | 82 | 36 | 48 | |||||||||||||
Revenue decoupling mechanism | 51 | 72 | 49 | 68 | |||||||||||||
Deferred derivative gains – current | 2 | — | 1 | — | |||||||||||||
Electric surcharge offset | — | 29 | — | 29 | |||||||||||||
Regulatory liabilities – current | 117 | 183 | 86 | 145 | |||||||||||||
Total Regulatory Liabilities | $1,674 | $1,385 | $1,517 | $1,222 | |||||||||||||
“Deferred storm costs” represent response and restoration costs, other than capital expenditures, in connection with Superstorm Sandy and other major storms that were deferred by the Utilities. See “Other Regulatory Matters,” above. |
Capitalization
Capitalization | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Capitalization | ' | ||||||||||||||||
Note C — Capitalization | |||||||||||||||||
In February 2013, CECONY issued $700 million aggregate principal amount of 3.95 percent 30-year debentures and redeemed at maturity $500 million of 4.875 percent 10-year debentures. In June 2013, CECONY redeemed at maturity $200 million of 3.85 percent 10-year debentures. In April 2013, a Con Edison Development subsidiary issued $219 million aggregate principal amount of 4.78 percent senior notes secured by the company’s California solar energy projects. The notes have a weighted average life of 15 years and final maturity of 2037. | |||||||||||||||||
The carrying amounts and fair values of long-term debt are: | |||||||||||||||||
(Millions of Dollars) | September 30, 2013 | December 31, 2012 | |||||||||||||||
Long-Term Debt (including current portion) | Carrying | Fair | Carrying | Fair | |||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
Con Edison | $10,976 | $12,213 | $10,768 | $12,935 | |||||||||||||
CECONY | $ 9,841 | $10,925 | $ 9,845 | $11,751 | |||||||||||||
Fair values of long-term debt have been estimated primarily using available market information. For Con Edison, $11,577 million and $636 million of the fair value of long-term debt at September 30, 2013 are classified as Level 2 and Level 3, respectively. For CECONY, $10,289 million and $636 million of the fair value of long-term debt at September 30, 2013 are classified as Level 2 and Level 3, respectively (see Note L). The $636 million of long-term debt classified as Level 3 is CECONY’s tax-exempt, auction-rate securities for which the market is highly illiquid and there is a lack of observable inputs. | |||||||||||||||||
CECONY [Member] | ' | ||||||||||||||||
Capitalization | ' | ||||||||||||||||
Note C — Capitalization | |||||||||||||||||
In February 2013, CECONY issued $700 million aggregate principal amount of 3.95 percent 30-year debentures and redeemed at maturity $500 million of 4.875 percent 10-year debentures. In June 2013, CECONY redeemed at maturity $200 million of 3.85 percent 10-year debentures. In April 2013, a Con Edison Development subsidiary issued $219 million aggregate principal amount of 4.78 percent senior notes secured by the company’s California solar energy projects. The notes have a weighted average life of 15 years and final maturity of 2037. | |||||||||||||||||
The carrying amounts and fair values of long-term debt are: | |||||||||||||||||
(Millions of Dollars) | September 30, 2013 | December 31, 2012 | |||||||||||||||
Long-Term Debt (including current portion) | Carrying | Fair | Carrying | Fair | |||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
Con Edison | $10,976 | $12,213 | $10,768 | $12,935 | |||||||||||||
CECONY | $ 9,841 | $10,925 | $ 9,845 | $11,751 | |||||||||||||
Fair values of long-term debt have been estimated primarily using available market information. For Con Edison, $11,577 million and $636 million of the fair value of long-term debt at September 30, 2013 are classified as Level 2 and Level 3, respectively. For CECONY, $10,289 million and $636 million of the fair value of long-term debt at September 30, 2013 are classified as Level 2 and Level 3, respectively (see Note L). The $636 million of long-term debt classified as Level 3 is CECONY’s tax-exempt, auction-rate securities for which the market is highly illiquid and there is a lack of observable inputs. |
ShortTerm_Borrowing
Short-Term Borrowing | 9 Months Ended |
Sep. 30, 2013 | |
Short-Term Borrowing | ' |
Note D — Short-Term Borrowing | |
At September 30, 2013, Con Edison had $1,220 million of commercial paper outstanding of which $1,042 million was outstanding under CECONY’s program. The weighted average interest rate was 0.3 percent for both Con Edison and CECONY. At December 31, 2012, Con Edison had $539 million of commercial paper outstanding of which $421 million was outstanding under CECONY’s program. The weighted average interest rate was 0.3 percent for both Con Edison and CECONY. At September 30, 2013 and December 31, 2012, no loans were outstanding under the Companies’ credit agreement and $29 million (including $11 million for CECONY) and $131 million (including $121 million for CECONY) of letters of credit were outstanding, respectively, under the credit agreement. In 2013, the termination date under the credit agreement was extended from October 2016 to October 2017 with respect to lenders with aggregate commitments under the credit agreement of approximately $2.1 billion. | |
CECONY [Member] | ' |
Short-Term Borrowing | ' |
Note D — Short-Term Borrowing | |
At September 30, 2013, Con Edison had $1,220 million of commercial paper outstanding of which $1,042 million was outstanding under CECONY’s program. The weighted average interest rate was 0.3 percent for both Con Edison and CECONY. At December 31, 2012, Con Edison had $539 million of commercial paper outstanding of which $421 million was outstanding under CECONY’s program. The weighted average interest rate was 0.3 percent for both Con Edison and CECONY. At September 30, 2013 and December 31, 2012, no loans were outstanding under the Companies’ credit agreement and $29 million (including $11 million for CECONY) and $131 million (including $121 million for CECONY) of letters of credit were outstanding, respectively, under the credit agreement. In 2013, the termination date under the credit agreement was extended from October 2016 to October 2017 with respect to lenders with aggregate commitments under the credit agreement of approximately $2.1 billion. |
Pension_Benefits
Pension Benefits | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Pension Benefits | ' | ||||||||||||||||
Note E — Pension Benefits | |||||||||||||||||
Net Periodic Benefit Cost | |||||||||||||||||
The components of the Companies’ net periodic benefit costs for the three and nine months ended September 30, 2013 and 2012 were as follows: | |||||||||||||||||
For the Three Months Ended September 30, | |||||||||||||||||
Con Edison | CECONY | ||||||||||||||||
(Millions of Dollars) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost – including administrative expenses | $ 67 | $ 59 | $ 62 | $ 55 | |||||||||||||
Interest cost on projected benefit obligation | 134 | 137 | 126 | 128 | |||||||||||||
Expected return on plan assets | (187 | ) | (176 | ) | (178 | ) | (168 | ) | |||||||||
Recognition of net actuarial loss | 208 | 177 | 197 | 168 | |||||||||||||
Recognition of prior service costs | 1 | 2 | 1 | 2 | |||||||||||||
NET PERIODIC BENEFIT COST | $ 223 | $ 199 | $ 208 | $ 185 | |||||||||||||
Amortization of regulatory asset | 1 | — | 1 | — | |||||||||||||
TOTAL PERIODIC BENEFIT COST | $ 224 | $ 199 | $ 209 | $ 185 | |||||||||||||
Cost capitalized | (86 | ) | (64 | ) | (78 | ) | (60 | ) | |||||||||
Reconciliation to rate level | (31 | ) | — | (34 | ) | (1 | ) | ||||||||||
Cost charged to operating expenses | $ 107 | $ 135 | $ 97 | $ 124 | |||||||||||||
For the Nine Months Ended September 30, | |||||||||||||||||
Con Edison | CECONY | ||||||||||||||||
(Millions of Dollars) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost – including administrative expenses | $ 200 | $ 177 | $ 186 | $ 165 | |||||||||||||
Interest cost on projected benefit obligation | 403 | 410 | 377 | 385 | |||||||||||||
Expected return on plan assets | (563 | ) | (528 | ) | (534 | ) | (503 | ) | |||||||||
Recognition of net actuarial loss | 624 | 531 | 591 | 503 | |||||||||||||
Recognition of prior service costs | 4 | 6 | 3 | 4 | |||||||||||||
NET PERIODIC BENEFIT COST | $ 668 | $ 596 | $ 623 | $ 554 | |||||||||||||
Amortization of regulatory asset | 2 | 1 | 2 | 1 | |||||||||||||
TOTAL PERIODIC BENEFIT COST | $ 670 | $ 597 | $ 625 | $ 555 | |||||||||||||
Cost capitalized | (256 | ) | (200 | ) | (241 | ) | (186 | ) | |||||||||
Reconciliation to rate level | (55 | ) | (37 | ) | (56 | ) | (36 | ) | |||||||||
Cost charged to operating expenses | $ 359 | $ 360 | $ 328 | $ 333 | |||||||||||||
Contributions | |||||||||||||||||
The Companies made contributions to the pension plan during 2013 of $867 million (of which $810 million was contributed by CECONY). The Companies’ policy is to fund their accounting cost to the extent tax deductible. During the first nine months of 2013, CECONY also funded $11 million for the non-qualified supplemental plans. | |||||||||||||||||
CECONY [Member] | ' | ||||||||||||||||
Pension Benefits | ' | ||||||||||||||||
Note E — Pension Benefits | |||||||||||||||||
Net Periodic Benefit Cost | |||||||||||||||||
The components of the Companies’ net periodic benefit costs for the three and nine months ended September 30, 2013 and 2012 were as follows: | |||||||||||||||||
For the Three Months Ended September 30, | |||||||||||||||||
Con Edison | CECONY | ||||||||||||||||
(Millions of Dollars) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost – including administrative expenses | $ 67 | $ 59 | $ 62 | $ 55 | |||||||||||||
Interest cost on projected benefit obligation | 134 | 137 | 126 | 128 | |||||||||||||
Expected return on plan assets | (187 | ) | (176 | ) | (178 | ) | (168 | ) | |||||||||
Recognition of net actuarial loss | 208 | 177 | 197 | 168 | |||||||||||||
Recognition of prior service costs | 1 | 2 | 1 | 2 | |||||||||||||
NET PERIODIC BENEFIT COST | $ 223 | $ 199 | $ 208 | $ 185 | |||||||||||||
Amortization of regulatory asset | 1 | — | 1 | — | |||||||||||||
TOTAL PERIODIC BENEFIT COST | $ 224 | $ 199 | $ 209 | $ 185 | |||||||||||||
Cost capitalized | (86 | ) | (64 | ) | (78 | ) | (60 | ) | |||||||||
Reconciliation to rate level | (31 | ) | — | (34 | ) | (1 | ) | ||||||||||
Cost charged to operating expenses | $ 107 | $ 135 | $ 97 | $ 124 | |||||||||||||
For the Nine Months Ended September 30, | |||||||||||||||||
Con Edison | CECONY | ||||||||||||||||
(Millions of Dollars) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost – including administrative expenses | $ 200 | $ 177 | $ 186 | $ 165 | |||||||||||||
Interest cost on projected benefit obligation | 403 | 410 | 377 | 385 | |||||||||||||
Expected return on plan assets | (563 | ) | (528 | ) | (534 | ) | (503 | ) | |||||||||
Recognition of net actuarial loss | 624 | 531 | 591 | 503 | |||||||||||||
Recognition of prior service costs | 4 | 6 | 3 | 4 | |||||||||||||
NET PERIODIC BENEFIT COST | $ 668 | $ 596 | $ 623 | $ 554 | |||||||||||||
Amortization of regulatory asset | 2 | 1 | 2 | 1 | |||||||||||||
TOTAL PERIODIC BENEFIT COST | $ 670 | $ 597 | $ 625 | $ 555 | |||||||||||||
Cost capitalized | (256 | ) | (200 | ) | (241 | ) | (186 | ) | |||||||||
Reconciliation to rate level | (55 | ) | (37 | ) | (56 | ) | (36 | ) | |||||||||
Cost charged to operating expenses | $ 359 | $ 360 | $ 328 | $ 333 | |||||||||||||
Contributions | |||||||||||||||||
The Companies made contributions to the pension plan during 2013 of $867 million (of which $810 million was contributed by CECONY). The Companies’ policy is to fund their accounting cost to the extent tax deductible. During the first nine months of 2013, CECONY also funded $11 million for the non-qualified supplemental plans. |
Other_Postretirement_Benefits
Other Postretirement Benefits | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Other Postretirement Benefits | ' | ||||||||||||||||
Note F — Other Postretirement Benefits | |||||||||||||||||
Net Periodic Benefit Cost | |||||||||||||||||
The components of the Companies’ net periodic postretirement benefit costs for the three and nine months ended September 30, 2013 and 2012 were as follows: | |||||||||||||||||
For the Three Months Ended September 30, | |||||||||||||||||
Con Edison | CECONY | ||||||||||||||||
(Millions of Dollars) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ 6 | $ 6 | $ 5 | $ 5 | |||||||||||||
Interest cost on accumulated other postretirement benefit obligation | 13 | 18 | 12 | 16 | |||||||||||||
Expected return on plan assets | (19 | ) | (21 | ) | (17 | ) | (19 | ) | |||||||||
Recognition of net actuarial loss | 16 | 24 | 14 | 22 | |||||||||||||
Recognition of prior service cost | (7 | ) | (5 | ) | (6 | ) | (4 | ) | |||||||||
NET PERIODIC POSTRETIREMENT BENEFIT COST | $ 9 | $ 22 | $ 8 | $ 20 | |||||||||||||
Cost capitalized | (3 | ) | (8 | ) | (3 | ) | (7 | ) | |||||||||
Reconciliation to rate level | 14 | 3 | 12 | 3 | |||||||||||||
Cost charged to operating expenses | $ 20 | $ 17 | $ 17 | $ 16 | |||||||||||||
For the Nine Months Ended September 30, | |||||||||||||||||
Con Edison | CECONY | ||||||||||||||||
(Millions of Dollars) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ 18 | $ 20 | $ 14 | $ 15 | |||||||||||||
Interest cost on accumulated other postretirement benefit obligation | 40 | 55 | 34 | 48 | |||||||||||||
Expected return on plan assets | (58 | ) | (64 | ) | (51 | ) | (56 | ) | |||||||||
Recognition of net actuarial loss | 48 | 73 | 43 | 65 | |||||||||||||
Recognition of prior service cost | (20 | ) | (16 | ) | (17 | ) | (13 | ) | |||||||||
Recognition of transition obligation | — | 1 | — | 1 | |||||||||||||
NET PERIODIC POSTRETIREMENT BENEFIT COST | $ 28 | $ 69 | $ 23 | $ 60 | |||||||||||||
Cost capitalized | (10 | ) | (24 | ) | (9 | ) | (20 | ) | |||||||||
Reconciliation to rate level | 43 | 15 | 37 | 12 | |||||||||||||
Cost charged to operating expenses | $ 61 | $ 60 | $ 51 | $ 52 | |||||||||||||
Contributions | |||||||||||||||||
Con Edison made a contribution of $9 million, nearly all of which is for CECONY, to the other postretirement benefit plans in 2013. | |||||||||||||||||
CECONY [Member] | ' | ||||||||||||||||
Other Postretirement Benefits | ' | ||||||||||||||||
Note F — Other Postretirement Benefits | |||||||||||||||||
Net Periodic Benefit Cost | |||||||||||||||||
The components of the Companies’ net periodic postretirement benefit costs for the three and nine months ended September 30, 2013 and 2012 were as follows: | |||||||||||||||||
For the Three Months Ended September 30, | |||||||||||||||||
Con Edison | CECONY | ||||||||||||||||
(Millions of Dollars) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ 6 | $ 6 | $ 5 | $ 5 | |||||||||||||
Interest cost on accumulated other postretirement benefit obligation | 13 | 18 | 12 | 16 | |||||||||||||
Expected return on plan assets | (19 | ) | (21 | ) | (17 | ) | (19 | ) | |||||||||
Recognition of net actuarial loss | 16 | 24 | 14 | 22 | |||||||||||||
Recognition of prior service cost | (7 | ) | (5 | ) | (6 | ) | (4 | ) | |||||||||
NET PERIODIC POSTRETIREMENT BENEFIT COST | $ 9 | $ 22 | $ 8 | $ 20 | |||||||||||||
Cost capitalized | (3 | ) | (8 | ) | (3 | ) | (7 | ) | |||||||||
Reconciliation to rate level | 14 | 3 | 12 | 3 | |||||||||||||
Cost charged to operating expenses | $ 20 | $ 17 | $ 17 | $ 16 | |||||||||||||
For the Nine Months Ended September 30, | |||||||||||||||||
Con Edison | CECONY | ||||||||||||||||
(Millions of Dollars) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ 18 | $ 20 | $ 14 | $ 15 | |||||||||||||
Interest cost on accumulated other postretirement benefit obligation | 40 | 55 | 34 | 48 | |||||||||||||
Expected return on plan assets | (58 | ) | (64 | ) | (51 | ) | (56 | ) | |||||||||
Recognition of net actuarial loss | 48 | 73 | 43 | 65 | |||||||||||||
Recognition of prior service cost | (20 | ) | (16 | ) | (17 | ) | (13 | ) | |||||||||
Recognition of transition obligation | — | 1 | — | 1 | |||||||||||||
NET PERIODIC POSTRETIREMENT BENEFIT COST | $ 28 | $ 69 | $ 23 | $ 60 | |||||||||||||
Cost capitalized | (10 | ) | (24 | ) | (9 | ) | (20 | ) | |||||||||
Reconciliation to rate level | 43 | 15 | 37 | 12 | |||||||||||||
Cost charged to operating expenses | $ 61 | $ 60 | $ 51 | $ 52 | |||||||||||||
Contributions | |||||||||||||||||
Con Edison made a contribution of $9 million, nearly all of which is for CECONY, to the other postretirement benefit plans in 2013. |
Environmental_Matters
Environmental Matters | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Environmental Matters | ' | ||||||||||||||||
Note G — Environmental Matters | |||||||||||||||||
Superfund Sites | |||||||||||||||||
Hazardous substances, such as asbestos, polychlorinated biphenyls (PCBs) and coal tar, have been used or generated in the course of operations of the Utilities and their predecessors and are present at sites and in facilities and equipment they currently or previously owned, including sites at which gas was manufactured or stored. | |||||||||||||||||
The Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 and similar state statutes (Superfund) impose joint and several liability, regardless of fault, upon generators of hazardous substances for investigation and remediation costs (which include costs of demolition, removal, disposal, storage, replacement, containment, and monitoring) and natural resource damages. Liability under these laws can be material and may be imposed for contamination from past acts, even though such past acts may have been lawful at the time they occurred. The sites at which the Utilities have been asserted to have liability under these laws, including their manufactured gas plant sites and any neighboring areas to which contamination may have migrated, are referred to herein as “Superfund Sites.” | |||||||||||||||||
For Superfund Sites where there are other potentially responsible parties and the Utilities are not managing the site investigation and remediation, the accrued liability represents an estimate of the amount the Utilities will need to pay to investigate and, where determinable, discharge their related obligations. For Superfund Sites (including the manufactured gas plant sites) for which one of the Utilities is managing the investigation and remediation, the accrued liability represents an estimate of the company’s share of 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, 2013 and December 31, 2012 were as follows: | |||||||||||||||||
Con Edison | CECONY | ||||||||||||||||
(Millions of Dollars) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Accrued Liabilities: | |||||||||||||||||
Manufactured gas plant sites | $439 | $462 | $332 | $351 | |||||||||||||
Other Superfund Sites | 73 | 83 | 71 | 82 | |||||||||||||
Total | $512 | $545 | $403 | $433 | |||||||||||||
Regulatory assets | $704 | $730 | $591 | $615 | |||||||||||||
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. Under their current rate agreements, the Utilities are permitted to recover or defer as regulatory assets (for subsequent recovery through rates) certain site investigation and remediation costs. | |||||||||||||||||
Environmental remediation costs incurred and insurance recoveries received related to Superfund Sites for the three and nine months ended September 30, 2013 and 2012 were as follows: | |||||||||||||||||
For the Three Months Ended September 30, | |||||||||||||||||
Con Edison | CECONY | ||||||||||||||||
(Millions of Dollars) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Remediation costs incurred | $10 | $3 | $10 | $1 | |||||||||||||
Insurance recoveries received | — | — | — | — | |||||||||||||
For the Nine Months Ended September 30, | |||||||||||||||||
Con Edison | CECONY | ||||||||||||||||
(Millions of Dollars) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Remediation costs incurred | $35 | $18 | $30 | $15 | |||||||||||||
Insurance recoveries received | — | — | — | — | |||||||||||||
In 2010, CECONY estimated that for its manufactured gas plant sites, its aggregate undiscounted potential liability for the investigation and remediation of coal tar and/or other manufactured gas plant-related environmental contaminants could range up to $1.9 billion. In 2010, O&R estimated that for its manufactured gas plant sites, each of which has been investigated, the aggregate undiscounted potential liability for the remediation of such contaminants could range up to $200 million. These estimates were based on the assumption that there is contamination at all sites, including those that have not yet been fully investigated and additional assumptions about the extent of the contamination and the type and extent of the remediation that may be required. Actual experience may be materially different. | |||||||||||||||||
Asbestos Proceedings | |||||||||||||||||
Suits have been brought in New York State and federal courts against the Utilities and many other defendants, wherein a large number of plaintiffs sought large amounts of compensatory and punitive damages for deaths and injuries allegedly caused by exposure to asbestos at various premises of the Utilities. The suits that have been resolved, which are many, have been resolved without any payment by the Utilities, or for amounts that were not, in the aggregate, material to them. The amounts specified in all the remaining thousands of suits total billions of dollars; however, the Utilities believe that these amounts are greatly exaggerated, based on the disposition of previous claims. In 2010, CECONY estimated that its aggregate undiscounted potential liability for these suits and additional suits that may be brought over the next 15 years is $10 million. The estimate was based upon a combination of modeling, historical data analysis and risk factor assessment. Actual experience may be materially different. In addition, certain current and former employees have claimed or are claiming workers’ compensation benefits based on alleged disability from exposure to asbestos. Under its current rate agreements, 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 for the Companies at September 30, 2013 and December 31, 2012 were as follows: | |||||||||||||||||
Con Edison | CECONY | ||||||||||||||||
(Millions of Dollars) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Accrued liability – asbestos suits | $10 | $10 | $10 | $10 | |||||||||||||
Regulatory assets – asbestos suits | $10 | $10 | $10 | $10 | |||||||||||||
Accrued liability – workers’ compensation | $91 | $94 | $86 | $89 | |||||||||||||
Regulatory assets – workers’ compensation | $16 | $19 | $16 | $19 | |||||||||||||
CECONY [Member] | ' | ||||||||||||||||
Environmental Matters | ' | ||||||||||||||||
Note G — Environmental Matters | |||||||||||||||||
Superfund Sites | |||||||||||||||||
Hazardous substances, such as asbestos, polychlorinated biphenyls (PCBs) and coal tar, have been used or generated in the course of operations of the Utilities and their predecessors and are present at sites and in facilities and equipment they currently or previously owned, including sites at which gas was manufactured or stored. | |||||||||||||||||
The Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 and similar state statutes (Superfund) impose joint and several liability, regardless of fault, upon generators of hazardous substances for investigation and remediation costs (which include costs of demolition, removal, disposal, storage, replacement, containment, and monitoring) and natural resource damages. Liability under these laws can be material and may be imposed for contamination from past acts, even though such past acts may have been lawful at the time they occurred. The sites at which the Utilities have been asserted to have liability under these laws, including their manufactured gas plant sites and any neighboring areas to which contamination may have migrated, are referred to herein as “Superfund Sites.” | |||||||||||||||||
For Superfund Sites where there are other potentially responsible parties and the Utilities are not managing the site investigation and remediation, the accrued liability represents an estimate of the amount the Utilities will need to pay to investigate and, where determinable, discharge their related obligations. For Superfund Sites (including the manufactured gas plant sites) for which one of the Utilities is managing the investigation and remediation, the accrued liability represents an estimate of the company’s share of 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, 2013 and December 31, 2012 were as follows: | |||||||||||||||||
Con Edison | CECONY | ||||||||||||||||
(Millions of Dollars) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Accrued Liabilities: | |||||||||||||||||
Manufactured gas plant sites | $439 | $462 | $332 | $351 | |||||||||||||
Other Superfund Sites | 73 | 83 | 71 | 82 | |||||||||||||
Total | $512 | $545 | $403 | $433 | |||||||||||||
Regulatory assets | $704 | $730 | $591 | $615 | |||||||||||||
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. Under their current rate agreements, the Utilities are permitted to recover or defer as regulatory assets (for subsequent recovery through rates) certain site investigation and remediation costs. | |||||||||||||||||
Environmental remediation costs incurred and insurance recoveries received related to Superfund Sites for the three and nine months ended September 30, 2013 and 2012 were as follows: | |||||||||||||||||
For the Three Months Ended September 30, | |||||||||||||||||
Con Edison | CECONY | ||||||||||||||||
(Millions of Dollars) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Remediation costs incurred | $10 | $3 | $10 | $1 | |||||||||||||
Insurance recoveries received | — | — | — | — | |||||||||||||
For the Nine Months Ended September 30, | |||||||||||||||||
Con Edison | CECONY | ||||||||||||||||
(Millions of Dollars) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Remediation costs incurred | $35 | $18 | $30 | $15 | |||||||||||||
Insurance recoveries received | — | — | — | — | |||||||||||||
In 2010, CECONY estimated that for its manufactured gas plant sites, its aggregate undiscounted potential liability for the investigation and remediation of coal tar and/or other manufactured gas plant-related environmental contaminants could range up to $1.9 billion. In 2010, O&R estimated that for its manufactured gas plant sites, each of which has been investigated, the aggregate undiscounted potential liability for the remediation of such contaminants could range up to $200 million. These estimates were based on the assumption that there is contamination at all sites, including those that have not yet been fully investigated and additional assumptions about the extent of the contamination and the type and extent of the remediation that may be required. Actual experience may be materially different. | |||||||||||||||||
Asbestos Proceedings | |||||||||||||||||
Suits have been brought in New York State and federal courts against the Utilities and many other defendants, wherein a large number of plaintiffs sought large amounts of compensatory and punitive damages for deaths and injuries allegedly caused by exposure to asbestos at various premises of the Utilities. The suits that have been resolved, which are many, have been resolved without any payment by the Utilities, or for amounts that were not, in the aggregate, material to them. The amounts specified in all the remaining thousands of suits total billions of dollars; however, the Utilities believe that these amounts are greatly exaggerated, based on the disposition of previous claims. In 2010, CECONY estimated that its aggregate undiscounted potential liability for these suits and additional suits that may be brought over the next 15 years is $10 million. The estimate was based upon a combination of modeling, historical data analysis and risk factor assessment. Actual experience may be materially different. In addition, certain current and former employees have claimed or are claiming workers’ compensation benefits based on alleged disability from exposure to asbestos. Under its current rate agreements, 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 for the Companies at September 30, 2013 and December 31, 2012 were as follows: | |||||||||||||||||
Con Edison | CECONY | ||||||||||||||||
(Millions of Dollars) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Accrued liability – asbestos suits | $10 | $10 | $10 | $10 | |||||||||||||
Regulatory assets – asbestos suits | $10 | $10 | $10 | $10 | |||||||||||||
Accrued liability – workers’ compensation | $91 | $94 | $86 | $89 | |||||||||||||
Regulatory assets – workers’ compensation | $16 | $19 | $16 | $19 |
Other_Material_Contingencies
Other Material Contingencies | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Other Material Contingencies | ' | ||||||||||||||||
Note H — Other Material Contingencies | |||||||||||||||||
Manhattan Steam Main Rupture | |||||||||||||||||
In July 2007, a CECONY steam main located in midtown Manhattan ruptured. It has been reported that one person died and others were injured as a result of the incident. Several buildings in the area were damaged. Debris from the incident included dirt and mud containing asbestos. The response to the incident required the closing of several buildings and streets for various periods. Approximately 90 suits are pending against the company seeking generally unspecified compensatory and, in some cases, punitive damages, for personal injury, property damage and business interruption. The company has notified its insurers of the incident and believes that the policies in force at the time of the incident will cover the company’s costs to satisfy its liability to others in connection with the suits. At September 30, 2013, the company has accrued its estimated liability for the suits of $50 million and an insurance receivable in the same amount. | |||||||||||||||||
Lease In/Lease Out Transactions | |||||||||||||||||
In each of 1997 and 1999, Con Edison Development entered into transactions in which it leased property and then immediately subleased the properties back to the lessor (termed “Lease In/Lease Out,” or LILO transactions). The transactions respectively involved electric generating and gas distribution facilities in the Netherlands, with a total investment of $259 million. The transactions were financed with $93 million of equity and $166 million of non-recourse, long-term debt secured by the underlying assets. In accordance with the accounting rules for leases, Con Edison accounted for the two LILO transactions as leveraged leases. Accordingly, the company’s investment in these leases, net of non-recourse debt, was carried as a single amount in Con Edison’s consolidated balance sheet and income was recognized pursuant to a method that incorporated a level rate of return for those years when net investment in the lease was positive. | |||||||||||||||||
On audit of Con Edison’s tax return for 1997, the Internal Revenue Service (IRS) disallowed tax losses in connection with the 1997 LILO transaction and assessed the company a $0.3 million income tax deficiency. On audits of Con Edison’s 1998 through 2011 tax returns, the IRS disallowed $574 million of tax losses taken with respect to both LILO transactions. In December 2005, Con Edison paid the $0.3 million deficiency asserted by the IRS for the tax year 1997 with respect to the 1997 LILO transaction. In April 2006, the company paid interest of $0.2 million associated with the deficiency and commenced an action in the United States Court of Federal Claims, entitled Consolidated Edison Company of New York, Inc. v. United States, to obtain a refund of tax and interest. A trial was completed in November 2007. In October 2009, the court issued a decision in favor of the company concluding that the 1997 LILO transaction was, in substance, a true lease that possessed economic substance, the loans relating to the lease constituted bona fide indebtedness, and the deductions for the 1997 LILO transactions claimed by the company in its 1997 federal income tax return are allowable. In January 2013, the United States Court of Appeals for the Federal Circuit reversed the October 2009 trial court decision and disallowed the tax losses claimed by the company relating to the 1997 LILO transaction. In March 2013, the Court of Appeals denied the company’s request to grant rehearing en banc of the January 2013 decision. In June 2013, Con Edison entered into a closing agreement with the IRS regarding the 1997 and 1999 LILO transactions. | |||||||||||||||||
As a result of the January 2013 Court of Appeals decision, in the three months ended March 31, 2013, Con Edison recorded an after-tax charge of $150 million to reflect, as required by the accounting rules for leveraged lease transactions, the recalculation of the accounting effect of the LILO transactions based on the revised after-tax cash flows projected from the inception of the leveraged leases as well as the interest on the potential tax liability resulting from the disallowance of federal and state income tax losses with respect to the LILO transactions (see “Uncertain Tax Positions” in Note I). In June 2013, the 1999 LILO transaction was terminated, as a result of which the company realized a $29 million gain (after-tax) and received net cash proceeds of $108 million. In August 2013, the 1997 LILO transaction was terminated, resulting in a $26 million gain (after-tax) and net cash proceeds of $92 million. The effect on Con Edison’s consolidated income statement is as follows: | |||||||||||||||||
(Millions of Dollars) | For the Three | For the Nine | |||||||||||||||
Months Ended | Months Ended | ||||||||||||||||
September 30, 2013 | September 30, 2013 | ||||||||||||||||
Increase/(decrease) to non-utility operating revenues | $ | 44 | $ | (27 | ) | ||||||||||||
(Increase)/decrease to other interest expense | — | (131 | ) | ||||||||||||||
Income tax benefit/(expense) | (18 | ) | 63 | ||||||||||||||
Total increase/(decrease) in net income | $ | 26 | $ | (95 | ) | ||||||||||||
The transactions did not impact earnings in 2012. | |||||||||||||||||
At September 30, 2013, the company had terminated its LILO transactions and no longer had an investment recorded for these leases in its consolidated balance sheet. At December 31, 2012, the company’s net investment in the LILO transactions was $(76) million, comprised of a $228 million gross investment less $304 million of deferred tax liabilities. | |||||||||||||||||
In January 2013, to defray interest charges, the company deposited $447 million with federal and state tax agencies relating primarily to the potential tax liability from these LILO transactions in past tax years and interest thereon. In June 2013, at the company’s request, the IRS returned $95 million of the deposit. In August 2013, an additional $30 million of the deposit was returned from the IRS at the company’s request. In the third quarter of 2013, the IRS completed its audits for the tax years 1998 through 2011 and the company expects to apply a portion of the remaining deposited amounts against its federal tax liability during the fourth quarter of 2013. The company is currently amending its state tax returns for all years covered by the LILOs, and expects that the balance of the deposit will be applied to satisfy its related state tax liability. | |||||||||||||||||
Other Contingencies | |||||||||||||||||
See “Other Regulatory Matters” in Note B and “Uncertain Tax Positions” in Note I. | |||||||||||||||||
Guarantees | |||||||||||||||||
Con Edison and its subsidiaries enter into various agreements providing financial or performance assurance primarily to third parties on behalf of their subsidiaries. Maximum amounts guaranteed by Con Edison totaled $1,272 million and $859 million at September 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||
A summary, by type and term, of Con Edison’s total guarantees at September 30, 2013 is as follows: | |||||||||||||||||
Guarantee Type | 0 – 3 years | 4 – 10 years | > 10 years | Total | |||||||||||||
(Millions of Dollars) | |||||||||||||||||
Energy transactions | $ | 705 | $ | 52 | $ | 25 | $ | 782 | |||||||||
Solar energy projects | 443 | — | 4 | 447 | |||||||||||||
Intra-company guarantees | 16 | — | — | 16 | |||||||||||||
Other guarantees | 27 | — | — | 27 | |||||||||||||
Total | $ | 1,191 | $ | 52 | $ | 29 | $ | 1,272 | |||||||||
Energy Transactions — Con Edison guarantees payments on behalf of its competitive energy businesses in order to facilitate physical and financial transactions in gas, pipeline capacity, transportation, oil, electricity, renewable energy credits and energy services. To the extent that liabilities exist under the contracts subject to these guarantees, such liabilities are included in Con Edison’s consolidated balance sheet. | |||||||||||||||||
Solar Energy Projects — Con Edison and Con Edison Development guarantee payments associated with the investment in solar energy generation facilities on behalf of their wholly-owned subsidiaries. In addition, Con Edison Development has entered into a guarantee ($80 million maximum) on behalf of an entity in which it has a 50 percent interest (see Note M) in connection with the construction of solar energy generation facilities. Con Edison Development also provided $4 million in guarantees to Travelers Insurance Company for indemnity agreements for surety bonds in connection with the construction and operation of solar energy facilities performed by its subsidiaries. | |||||||||||||||||
Intra-company Guarantees — Con Edison guarantees electricity sales made by Con Edison Energy and Con Edison Solutions to O&R and CECONY. | |||||||||||||||||
Other Guarantees — Con Edison and Con Edison Development also guarantee the following: | |||||||||||||||||
• | $2 million relates to guarantees issued by Con Edison to CECONY covering a former Con Edison subsidiary’s lease payment to use CECONY’s conduit system in accordance with a tariff approved by the NYSPSC and a guarantee issued by Con Edison to a landlord to guarantee the former subsidiary’s obligations under a building lease. The former subsidiary is obligated to reimburse Con Edison for any payments made under these guarantees. This obligation is fully secured by letters of credit; | ||||||||||||||||
• | $25 million for guarantees provided by Con Edison to Travelers Insurance Company for indemnity agreements for surety bonds in connection with energy service projects performed by Con Edison Solutions; and | ||||||||||||||||
• | Con Edison, on behalf of Con Edison Solutions, as a retail electric provider, issued a guarantee to the Public Utility Commission of Texas with no specified limitation on the amount guaranteed, covering the payment of all obligations of a retail electric provider. Con Edison’s estimate of the maximum potential obligation is $5 million as of September 30, 2013. | ||||||||||||||||
CECONY [Member] | ' | ||||||||||||||||
Other Material Contingencies | ' | ||||||||||||||||
Note H — Other Material Contingencies | |||||||||||||||||
Manhattan Steam Main Rupture | |||||||||||||||||
In July 2007, a CECONY steam main located in midtown Manhattan ruptured. It has been reported that one person died and others were injured as a result of the incident. Several buildings in the area were damaged. Debris from the incident included dirt and mud containing asbestos. The response to the incident required the closing of several buildings and streets for various periods. Approximately 90 suits are pending against the company seeking generally unspecified compensatory and, in some cases, punitive damages, for personal injury, property damage and business interruption. The company has notified its insurers of the incident and believes that the policies in force at the time of the incident will cover the company’s costs to satisfy its liability to others in connection with the suits. At September 30, 2013, the company has accrued its estimated liability for the suits of $50 million and an insurance receivable in the same amount. | |||||||||||||||||
Lease In/Lease Out Transactions | |||||||||||||||||
In each of 1997 and 1999, Con Edison Development entered into transactions in which it leased property and then immediately subleased the properties back to the lessor (termed “Lease In/Lease Out,” or LILO transactions). The transactions respectively involved electric generating and gas distribution facilities in the Netherlands, with a total investment of $259 million. The transactions were financed with $93 million of equity and $166 million of non-recourse, long-term debt secured by the underlying assets. In accordance with the accounting rules for leases, Con Edison accounted for the two LILO transactions as leveraged leases. Accordingly, the company’s investment in these leases, net of non-recourse debt, was carried as a single amount in Con Edison’s consolidated balance sheet and income was recognized pursuant to a method that incorporated a level rate of return for those years when net investment in the lease was positive. | |||||||||||||||||
On audit of Con Edison’s tax return for 1997, the Internal Revenue Service (IRS) disallowed tax losses in connection with the 1997 LILO transaction and assessed the company a $0.3 million income tax deficiency. On audits of Con Edison’s 1998 through 2011 tax returns, the IRS disallowed $574 million of tax losses taken with respect to both LILO transactions. In December 2005, Con Edison paid the $0.3 million deficiency asserted by the IRS for the tax year 1997 with respect to the 1997 LILO transaction. In April 2006, the company paid interest of $0.2 million associated with the deficiency and commenced an action in the United States Court of Federal Claims, entitled Consolidated Edison Company of New York, Inc. v. United States, to obtain a refund of tax and interest. A trial was completed in November 2007. In October 2009, the court issued a decision in favor of the company concluding that the 1997 LILO transaction was, in substance, a true lease that possessed economic substance, the loans relating to the lease constituted bona fide indebtedness, and the deductions for the 1997 LILO transactions claimed by the company in its 1997 federal income tax return are allowable. In January 2013, the United States Court of Appeals for the Federal Circuit reversed the October 2009 trial court decision and disallowed the tax losses claimed by the company relating to the 1997 LILO transaction. In March 2013, the Court of Appeals denied the company’s request to grant rehearing en banc of the January 2013 decision. In June 2013, Con Edison entered into a closing agreement with the IRS regarding the 1997 and 1999 LILO transactions. | |||||||||||||||||
As a result of the January 2013 Court of Appeals decision, in the three months ended March 31, 2013, Con Edison recorded an after-tax charge of $150 million to reflect, as required by the accounting rules for leveraged lease transactions, the recalculation of the accounting effect of the LILO transactions based on the revised after-tax cash flows projected from the inception of the leveraged leases as well as the interest on the potential tax liability resulting from the disallowance of federal and state income tax losses with respect to the LILO transactions (see “Uncertain Tax Positions” in Note I). In June 2013, the 1999 LILO transaction was terminated, as a result of which the company realized a $29 million gain (after-tax) and received net cash proceeds of $108 million. In August 2013, the 1997 LILO transaction was terminated, resulting in a $26 million gain (after-tax) and net cash proceeds of $92 million. The effect on Con Edison’s consolidated income statement is as follows: | |||||||||||||||||
(Millions of Dollars) | For the Three | For the Nine | |||||||||||||||
Months Ended | Months Ended | ||||||||||||||||
September 30, 2013 | September 30, 2013 | ||||||||||||||||
Increase/(decrease) to non-utility operating revenues | $ | 44 | $ | (27 | ) | ||||||||||||
(Increase)/decrease to other interest expense | — | (131 | ) | ||||||||||||||
Income tax benefit/(expense) | (18 | ) | 63 | ||||||||||||||
Total increase/(decrease) in net income | $ | 26 | $ | (95 | ) | ||||||||||||
The transactions did not impact earnings in 2012. | |||||||||||||||||
At September 30, 2013, the company had terminated its LILO transactions and no longer had an investment recorded for these leases in its consolidated balance sheet. At December 31, 2012, the company’s net investment in the LILO transactions was $(76) million, comprised of a $228 million gross investment less $304 million of deferred tax liabilities. | |||||||||||||||||
In January 2013, to defray interest charges, the company deposited $447 million with federal and state tax agencies relating primarily to the potential tax liability from these LILO transactions in past tax years and interest thereon. In June 2013, at the company’s request, the IRS returned $95 million of the deposit. In August 2013, an additional $30 million of the deposit was returned from the IRS at the company’s request. In the third quarter of 2013, the IRS completed its audits for the tax years 1998 through 2011 and the company expects to apply a portion of the remaining deposited amounts against its federal tax liability during the fourth quarter of 2013. The company is currently amending its state tax returns for all years covered by the LILOs, and expects that the balance of the deposit will be applied to satisfy its related state tax liability. | |||||||||||||||||
Other Contingencies | |||||||||||||||||
See “Other Regulatory Matters” in Note B and “Uncertain Tax Positions” in Note I. | |||||||||||||||||
Guarantees | |||||||||||||||||
Con Edison and its subsidiaries enter into various agreements providing financial or performance assurance primarily to third parties on behalf of their subsidiaries. Maximum amounts guaranteed by Con Edison totaled $1,272 million and $859 million at September 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||
A summary, by type and term, of Con Edison’s total guarantees at September 30, 2013 is as follows: | |||||||||||||||||
Guarantee Type | 0 – 3 years | 4 – 10 years | > 10 years | Total | |||||||||||||
(Millions of Dollars) | |||||||||||||||||
Energy transactions | $ | 705 | $ | 52 | $ | 25 | $ | 782 | |||||||||
Solar energy projects | 443 | — | 4 | 447 | |||||||||||||
Intra-company guarantees | 16 | — | — | 16 | |||||||||||||
Other guarantees | 27 | — | — | 27 | |||||||||||||
Total | $ | 1,191 | $ | 52 | $ | 29 | $ | 1,272 | |||||||||
Energy Transactions — Con Edison guarantees payments on behalf of its competitive energy businesses in order to facilitate physical and financial transactions in gas, pipeline capacity, transportation, oil, electricity, renewable energy credits and energy services. To the extent that liabilities exist under the contracts subject to these guarantees, such liabilities are included in Con Edison’s consolidated balance sheet. | |||||||||||||||||
Solar Energy Projects — Con Edison and Con Edison Development guarantee payments associated with the investment in solar energy generation facilities on behalf of their wholly-owned subsidiaries. In addition, Con Edison Development has entered into a guarantee ($80 million maximum) on behalf of an entity in which it has a 50 percent interest (see Note M) in connection with the construction of solar energy generation facilities. Con Edison Development also provided $4 million in guarantees to Travelers Insurance Company for indemnity agreements for surety bonds in connection with the construction and operation of solar energy facilities performed by its subsidiaries. | |||||||||||||||||
Intra-company Guarantees — Con Edison guarantees electricity sales made by Con Edison Energy and Con Edison Solutions to O&R and CECONY. | |||||||||||||||||
Other Guarantees — Con Edison and Con Edison Development also guarantee the following: | |||||||||||||||||
• | $2 million relates to guarantees issued by Con Edison to CECONY covering a former Con Edison subsidiary’s lease payment to use CECONY’s conduit system in accordance with a tariff approved by the NYSPSC and a guarantee issued by Con Edison to a landlord to guarantee the former subsidiary’s obligations under a building lease. The former subsidiary is obligated to reimburse Con Edison for any payments made under these guarantees. This obligation is fully secured by letters of credit; | ||||||||||||||||
• | $25 million for guarantees provided by Con Edison to Travelers Insurance Company for indemnity agreements for surety bonds in connection with energy service projects performed by Con Edison Solutions; and | ||||||||||||||||
• | Con Edison, on behalf of Con Edison Solutions, as a retail electric provider, issued a guarantee to the Public Utility Commission of Texas with no specified limitation on the amount guaranteed, covering the payment of all obligations of a retail electric provider. Con Edison’s estimate of the maximum potential obligation is $5 million as of September 30, 2013. |
Income_Tax
Income Tax | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax | ' |
Note I — Income Tax | |
Con Edison’s income tax expense decreased to $250 million for the three months ended September 30, 2013, from $261 million for the three months ended September 30, 2012. The effective tax rates for the three months ended September 30, 2013 and 2012 were 35 percent and 37 percent, respectively. The decrease in the effective tax rate in 2013 is due primarily to reductions in liabilities for uncertain tax positions related to the completion of the IRS audits in the third quarter of 2013 (see “Uncertain Tax Positions,” below) and favorable tax adjustments recorded in conjunction with filing Con Edison’s 2012 consolidated federal tax return in September. The favorable tax adjustments are primarily due to higher flow-through federal income tax benefits related to plant and higher renewable energy tax credits. | |
Con Edison’s income tax expense decreased to $373 million for the nine months ended September 30, 2013, from $501 million for the nine months ended September 30, 2012. The effective tax rates for the nine months ended September 30, 2013 and 2012 were 31 percent and 35 percent, respectively. The decrease in the effective tax rate in 2013 is due primarily to the favorable tax adjustments discussed above and the impact of comparable favorable reconciling items on reduced income before income tax expense in the 2013 period compared with the 2012 period. Additionally, in the first quarter of 2013, the IRS accepted on audit the company’s claim for manufacturing tax deductions. This deduction, plus higher state income taxes in 2012, also resulted in a reduction in the 2013 effective tax rate. | |
CECONY’s income tax expense decreased to $222 million for the three months ended September 30, 2013, from $227 million for the three months ended September 30, 2012. The effective tax rates for the three months ended September 30, 2013 and 2012 were 36 percent and 37 percent, respectively. CECONY’s income tax expense decreased to $431 million for the nine months ended September 30, 2013, from $436 million for the nine months ended September 30, 2012. The effective tax rates for the nine months ended September 30, 2013 and 2012 were 34 percent and 35 percent, respectively. The decreases in the effective tax rates for the three and nine months ended September 30, 2013, are due primarily to higher flow-through federal income tax benefits ($7 million) reflected in CECONY’s federal tax return filed in September. | |
In September 2013, the IRS issued final regulations that provide guidance on the appropriate tax treatment of costs incurred to acquire, produce or improve tangible property. The new regulations, effective beginning in 2014, permit an acceleration of tax deductions for certain materials and supplies recorded as inventory for financial accounting purposes. The application of these regulations is not expected to have a material impact on the Companies’ financial position, results of operations or liquidity. | |
Uncertain Tax Positions | |
During the first quarter of 2013, the IRS accepted Con Edison’s deductions for repair costs to utility plant (the “repair allowance deductions”). As a result of this settlement, Con Edison and CECONY reduced their estimated liabilities for prior year uncertain tax positions by $72 million and $66 million, respectively, with a corresponding increase to accumulated deferred income tax liabilities. In addition, as a result of the January 2013 Court of Appeals decision (see “Lease In/Lease Out Transactions” in Note H), Con Edison increased its estimated prior year liabilities for federal and state uncertain tax positions by $238 million in the first quarter of 2013, with a corresponding reduction to accumulated deferred income tax liabilities. In June 2013, Con Edison entered into a closing agreement with the IRS regarding the 1997 and 1999 LILO transactions, as a result of which the company decreased its estimated prior year liabilities for federal and state uncertain tax positions by $238 million in the second quarter of 2013, with a corresponding increase to its current income tax liability. These changes to the Companies’ estimated liabilities for uncertain tax positions had no impact on income tax expense for the nine months ended September 30, 2013. | |
In the third quarter of 2013, the IRS completed its audits for the tax years 1998 through 2011 and the Companies recognized approximately $13 million of income tax benefits ($7 million for CECONY), including $6 million that favorably affected Con Edison’s effective tax rate for the three and nine months ended September 30, 2013. There were no material changes to the Companies’ estimated liabilities for uncertain tax positions during the nine months ended September 30, 2012. At September 30, 2013, the estimated liabilities for uncertain tax positions for Con Edison were $8 million and an immaterial amount for CECONY. | |
The Companies recognize interest on liabilities for uncertain tax positions in interest expense and would recognize penalties, if any, in operating expenses in the Companies’ consolidated income statements. In the first quarter of 2013, Con Edison recognized $126 million of interest expense ($131 million related to the LILO transactions, less a reduction of $5 million in accrued interest expense primarily associated with repair allowance deductions). In the third quarter of 2013, the Companies’ reversed $5 million ($3 million for CECONY) in accrued interest expense associated with reducing the Companies’ estimated liabilities for uncertain tax positions. The Companies’ accrued interest on uncertain tax positions at September 30, 2013 and December 31, 2012 was immaterial. | |
The Companies reasonably expect to resolve an immaterial amount of their uncertain tax positions with the IRS within the next twelve months, and accordingly, Con Edison has reflected its estimated liability for uncertain tax positions as noncurrent liabilities on its consolidated balance sheet. At September 30, 2013, the total amount of unrecognized tax benefits that, if recognized, would affect the Companies’ effective tax rate is $5 million for Con Edison and an immaterial amount for CECONY. | |
CECONY [Member] | ' |
Income Tax | ' |
Note I — Income Tax | |
Con Edison’s income tax expense decreased to $250 million for the three months ended September 30, 2013, from $261 million for the three months ended September 30, 2012. The effective tax rates for the three months ended September 30, 2013 and 2012 were 35 percent and 37 percent, respectively. The decrease in the effective tax rate in 2013 is due primarily to reductions in liabilities for uncertain tax positions related to the completion of the IRS audits in the third quarter of 2013 (see “Uncertain Tax Positions,” below) and favorable tax adjustments recorded in conjunction with filing Con Edison’s 2012 consolidated federal tax return in September. The favorable tax adjustments are primarily due to higher flow-through federal income tax benefits related to plant and higher renewable energy tax credits. | |
Con Edison’s income tax expense decreased to $373 million for the nine months ended September 30, 2013, from $501 million for the nine months ended September 30, 2012. The effective tax rates for the nine months ended September 30, 2013 and 2012 were 31 percent and 35 percent, respectively. The decrease in the effective tax rate in 2013 is due primarily to the favorable tax adjustments discussed above and the impact of comparable favorable reconciling items on reduced income before income tax expense in the 2013 period compared with the 2012 period. Additionally, in the first quarter of 2013, the IRS accepted on audit the company’s claim for manufacturing tax deductions. This deduction, plus higher state income taxes in 2012, also resulted in a reduction in the 2013 effective tax rate. | |
CECONY’s income tax expense decreased to $222 million for the three months ended September 30, 2013, from $227 million for the three months ended September 30, 2012. The effective tax rates for the three months ended September 30, 2013 and 2012 were 36 percent and 37 percent, respectively. CECONY’s income tax expense decreased to $431 million for the nine months ended September 30, 2013, from $436 million for the nine months ended September 30, 2012. The effective tax rates for the nine months ended September 30, 2013 and 2012 were 34 percent and 35 percent, respectively. The decreases in the effective tax rates for the three and nine months ended September 30, 2013, are due primarily to higher flow-through federal income tax benefits ($7 million) reflected in CECONY’s federal tax return filed in September. | |
In September 2013, the IRS issued final regulations that provide guidance on the appropriate tax treatment of costs incurred to acquire, produce or improve tangible property. The new regulations, effective beginning in 2014, permit an acceleration of tax deductions for certain materials and supplies recorded as inventory for financial accounting purposes. The application of these regulations is not expected to have a material impact on the Companies’ financial position, results of operations or liquidity. | |
Uncertain Tax Positions | |
During the first quarter of 2013, the IRS accepted Con Edison’s deductions for repair costs to utility plant (the “repair allowance deductions”). As a result of this settlement, Con Edison and CECONY reduced their estimated liabilities for prior year uncertain tax positions by $72 million and $66 million, respectively, with a corresponding increase to accumulated deferred income tax liabilities. In addition, as a result of the January 2013 Court of Appeals decision (see “Lease In/Lease Out Transactions” in Note H), Con Edison increased its estimated prior year liabilities for federal and state uncertain tax positions by $238 million in the first quarter of 2013, with a corresponding reduction to accumulated deferred income tax liabilities. In June 2013, Con Edison entered into a closing agreement with the IRS regarding the 1997 and 1999 LILO transactions, as a result of which the company decreased its estimated prior year liabilities for federal and state uncertain tax positions by $238 million in the second quarter of 2013, with a corresponding increase to its current income tax liability. These changes to the Companies’ estimated liabilities for uncertain tax positions had no impact on income tax expense for the nine months ended September 30, 2013. | |
In the third quarter of 2013, the IRS completed its audits for the tax years 1998 through 2011 and the Companies recognized approximately $13 million of income tax benefits ($7 million for CECONY), including $6 million that favorably affected Con Edison’s effective tax rate for the three and nine months ended September 30, 2013. There were no material changes to the Companies’ estimated liabilities for uncertain tax positions during the nine months ended September 30, 2012. At September 30, 2013, the estimated liabilities for uncertain tax positions for Con Edison were $8 million and an immaterial amount for CECONY. | |
The Companies recognize interest on liabilities for uncertain tax positions in interest expense and would recognize penalties, if any, in operating expenses in the Companies’ consolidated income statements. In the first quarter of 2013, Con Edison recognized $126 million of interest expense ($131 million related to the LILO transactions, less a reduction of $5 million in accrued interest expense primarily associated with repair allowance deductions). In the third quarter of 2013, the Companies’ reversed $5 million ($3 million for CECONY) in accrued interest expense associated with reducing the Companies’ estimated liabilities for uncertain tax positions. The Companies’ accrued interest on uncertain tax positions at September 30, 2013 and December 31, 2012 was immaterial. | |
The Companies reasonably expect to resolve an immaterial amount of their uncertain tax positions with the IRS within the next twelve months, and accordingly, Con Edison has reflected its estimated liability for uncertain tax positions as noncurrent liabilities on its consolidated balance sheet. At September 30, 2013, the total amount of unrecognized tax benefits that, if recognized, would affect the Companies’ effective tax rate is $5 million for Con Edison and an immaterial amount for CECONY. |
Financial_Information_by_Busin
Financial Information by Business Segment | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Financial Information by Business Segment | ' | ||||||||||||||||||||||||||||||||
Note J — Financial Information by Business Segment | |||||||||||||||||||||||||||||||||
The financial data for the business segments are as follows: | |||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, | |||||||||||||||||||||||||||||||||
Operating | Inter-segment | Depreciation and | Operating | ||||||||||||||||||||||||||||||
revenues | revenues | amortization | income | ||||||||||||||||||||||||||||||
(Millions of Dollars) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
CECONY | |||||||||||||||||||||||||||||||||
Electric | $ | 2,622 | $ | 2,611 | $ | 4 | $ | 4 | $ | 188 | $ | 179 | $ | 811 | $ | 812 | |||||||||||||||||
Gas | 199 | 189 | 1 | 1 | 33 | 31 | (24 | ) | (21 | ) | |||||||||||||||||||||||
Steam | 72 | 68 | 22 | 20 | 16 | 15 | (35 | ) | (37 | ) | |||||||||||||||||||||||
Consolidation adjustments | — | — | (27 | ) | (25 | ) | — | — | — | — | |||||||||||||||||||||||
Total CECONY | $ | 2,893 | $ | 2,868 | $ | — | $ | — | $ | 237 | $ | 225 | $ | 752 | $ | 754 | |||||||||||||||||
O&R | |||||||||||||||||||||||||||||||||
Electric | $ | 200 | $ | 199 | $ | — | $ | — | $ | 10 | $ | 10 | $ | 46 | $ | 50 | |||||||||||||||||
Gas | 26 | 27 | — | — | 4 | 3 | (7 | ) | (6 | ) | |||||||||||||||||||||||
Total O&R | $ | 226 | $ | 226 | $ | — | $ | — | $ | 14 | $ | 13 | $ | 39 | $ | 44 | |||||||||||||||||
Competitive energy businesses | $ | 365 | $ | 344 | $ | — | $ | 2 | $ | 6 | $ | 2 | $ | 63 | $ | 53 | |||||||||||||||||
Other* | — | — | — | (2 | ) | 1 | — | 1 | — | ||||||||||||||||||||||||
Total Con Edison | $ | 3,484 | $ | 3,438 | $ | — | $ | — | $ | 258 | $ | 240 | $ | 855 | $ | 851 | |||||||||||||||||
* | Parent company expenses, primarily interest, and consolidation adjustments. Other does not represent a business segment. | ||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||
Operating | Inter-segment | Depreciation and | Operating | ||||||||||||||||||||||||||||||
revenues | revenues | amortization | income | ||||||||||||||||||||||||||||||
(Millions of Dollars) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
CECONY | |||||||||||||||||||||||||||||||||
Electric | $ | 6,309 | $ | 6,307 | $ | 12 | $ | 11 | $ | 559 | $ | 527 | $ | 1,307 | $ | 1,383 | |||||||||||||||||
Gas | 1,190 | 1,017 | 4 | 4 | 97 | 89 | 272 | 255 | |||||||||||||||||||||||||
Steam | 522 | 414 | 60 | 58 | 49 | 48 | 80 | 40 | |||||||||||||||||||||||||
Consolidation adjustments | — | — | (76 | ) | (73 | ) | — | — | — | — | |||||||||||||||||||||||
Total CECONY | $ | 8,021 | $ | 7,738 | $ | — | $ | — | $ | 705 | $ | 664 | $ | 1,659 | $ | 1,678 | |||||||||||||||||
O&R | |||||||||||||||||||||||||||||||||
Electric | $ | 492 | $ | 457 | $ | — | $ | — | $ | 31 | $ | 28 | $ | 81 | $ | 74 | |||||||||||||||||
Gas | 143 | 144 | — | — | 11 | 11 | 20 | 26 | |||||||||||||||||||||||||
Total O&R | $ | 635 | $ | 601 | $ | — | $ | — | $ | 42 | $ | 39 | $ | 101 | $ | 100 | |||||||||||||||||
Competitive energy businesses | $ | 834 | $ | 954 | $ | 4 | $ | 6 | $ | 16 | $ | 6 | $ | 7 | $ | 111 | |||||||||||||||||
Other* | (3 | ) | (6 | ) | (4 | ) | (6 | ) | 1 | — | — | (3 | ) | ||||||||||||||||||||
Total Con Edison | $ | 9,487 | $ | 9,287 | $ | — | $ | — | $ | 764 | $ | 709 | $ | 1,767 | $ | 1,886 | |||||||||||||||||
* | Parent company expenses, primarily interest, and consolidation adjustments. Other does not represent a business segment. | ||||||||||||||||||||||||||||||||
CECONY [Member] | ' | ||||||||||||||||||||||||||||||||
Financial Information by Business Segment | ' | ||||||||||||||||||||||||||||||||
Note J — Financial Information by Business Segment | |||||||||||||||||||||||||||||||||
The financial data for the business segments are as follows: | |||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, | |||||||||||||||||||||||||||||||||
Operating | Inter-segment | Depreciation and | Operating | ||||||||||||||||||||||||||||||
revenues | revenues | amortization | income | ||||||||||||||||||||||||||||||
(Millions of Dollars) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
CECONY | |||||||||||||||||||||||||||||||||
Electric | $ | 2,622 | $ | 2,611 | $ | 4 | $ | 4 | $ | 188 | $ | 179 | $ | 811 | $ | 812 | |||||||||||||||||
Gas | 199 | 189 | 1 | 1 | 33 | 31 | (24 | ) | (21 | ) | |||||||||||||||||||||||
Steam | 72 | 68 | 22 | 20 | 16 | 15 | (35 | ) | (37 | ) | |||||||||||||||||||||||
Consolidation adjustments | — | — | (27 | ) | (25 | ) | — | — | — | — | |||||||||||||||||||||||
Total CECONY | $ | 2,893 | $ | 2,868 | $ | — | $ | — | $ | 237 | $ | 225 | $ | 752 | $ | 754 | |||||||||||||||||
O&R | |||||||||||||||||||||||||||||||||
Electric | $ | 200 | $ | 199 | $ | — | $ | — | $ | 10 | $ | 10 | $ | 46 | $ | 50 | |||||||||||||||||
Gas | 26 | 27 | — | — | 4 | 3 | (7 | ) | (6 | ) | |||||||||||||||||||||||
Total O&R | $ | 226 | $ | 226 | $ | — | $ | — | $ | 14 | $ | 13 | $ | 39 | $ | 44 | |||||||||||||||||
Competitive energy businesses | $ | 365 | $ | 344 | $ | — | $ | 2 | $ | 6 | $ | 2 | $ | 63 | $ | 53 | |||||||||||||||||
Other* | — | — | — | (2 | ) | 1 | — | 1 | — | ||||||||||||||||||||||||
Total Con Edison | $ | 3,484 | $ | 3,438 | $ | — | $ | — | $ | 258 | $ | 240 | $ | 855 | $ | 851 | |||||||||||||||||
* | Parent company expenses, primarily interest, and consolidation adjustments. Other does not represent a business segment. | ||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||
Operating | Inter-segment | Depreciation and | Operating | ||||||||||||||||||||||||||||||
revenues | revenues | amortization | income | ||||||||||||||||||||||||||||||
(Millions of Dollars) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
CECONY | |||||||||||||||||||||||||||||||||
Electric | $ | 6,309 | $ | 6,307 | $ | 12 | $ | 11 | $ | 559 | $ | 527 | $ | 1,307 | $ | 1,383 | |||||||||||||||||
Gas | 1,190 | 1,017 | 4 | 4 | 97 | 89 | 272 | 255 | |||||||||||||||||||||||||
Steam | 522 | 414 | 60 | 58 | 49 | 48 | 80 | 40 | |||||||||||||||||||||||||
Consolidation adjustments | — | — | (76 | ) | (73 | ) | — | — | — | — | |||||||||||||||||||||||
Total CECONY | $ | 8,021 | $ | 7,738 | $ | — | $ | — | $ | 705 | $ | 664 | $ | 1,659 | $ | 1,678 | |||||||||||||||||
O&R | |||||||||||||||||||||||||||||||||
Electric | $ | 492 | $ | 457 | $ | — | $ | — | $ | 31 | $ | 28 | $ | 81 | $ | 74 | |||||||||||||||||
Gas | 143 | 144 | — | — | 11 | 11 | 20 | 26 | |||||||||||||||||||||||||
Total O&R | $ | 635 | $ | 601 | $ | — | $ | — | $ | 42 | $ | 39 | $ | 101 | $ | 100 | |||||||||||||||||
Competitive energy businesses | $ | 834 | $ | 954 | $ | 4 | $ | 6 | $ | 16 | $ | 6 | $ | 7 | $ | 111 | |||||||||||||||||
Other* | (3 | ) | (6 | ) | (4 | ) | (6 | ) | 1 | — | — | (3 | ) | ||||||||||||||||||||
Total Con Edison | $ | 9,487 | $ | 9,287 | $ | — | $ | — | $ | 764 | $ | 709 | $ | 1,767 | $ | 1,886 | |||||||||||||||||
* | Parent company expenses, primarily interest, and consolidation adjustments. Other does not represent a business segment. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | ' | ||||||||||||||||||||||||||||
Note K – Derivative Instruments and Hedging Activities | |||||||||||||||||||||||||||||
Under the accounting rules for derivatives and hedging, derivatives are recognized on the balance sheet at fair value, unless an exception is available under the accounting rules. Certain qualifying derivative contracts have been designated as normal purchases or normal sales contracts. These contracts are not reported at fair value under the accounting rules. | |||||||||||||||||||||||||||||
Energy Price Hedging | |||||||||||||||||||||||||||||
Con Edison’s subsidiaries hedge market price fluctuations associated with physical purchases and sales of electricity, natural gas, and steam by using derivative instruments including futures, forwards, basis swaps, options, transmission congestion contracts and financial transmission rights contracts. | |||||||||||||||||||||||||||||
Effective January 1, 2013, the Companies adopted Accounting Standards Updates (ASUs) No. 2011-11, “Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities” and No. 2013-01, “Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities”. The amendments require the Companies to disclose certain quantitative information concerning financial and derivative instruments that are offset in the balance sheet and a description of the rights of setoff, including the nature of such rights, associated with recognized assets and liabilities that are subject to an enforceable master netting arrangement or similar agreement. | |||||||||||||||||||||||||||||
The Companies enter into master agreements for their commodity derivatives. These agreements typically provide setoff in the event of contract termination. In such case, generally the non-defaulting or non-affected party’s payable will be set-off by the other 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. | |||||||||||||||||||||||||||||
The fair values of the Companies’ commodity derivatives including the offsetting of assets and liabilities at September 30, 2013 were: | |||||||||||||||||||||||||||||
(Millions of Dollars) | |||||||||||||||||||||||||||||
Commodity Derivatives | Gross | Gross | Net Amounts of | Gross Amounts Not | Net | ||||||||||||||||||||||||
Amounts of | Amounts | Assets/(Liabilities) | Offset in the Statement | Amount | |||||||||||||||||||||||||
Recognized | Offset in the | Presented in | of Financial Position | ||||||||||||||||||||||||||
Assets/(Liabilities) | Statement of | the Statement | |||||||||||||||||||||||||||
Financial | of Financial | ||||||||||||||||||||||||||||
Position | Position | ||||||||||||||||||||||||||||
Financial | Cash | ||||||||||||||||||||||||||||
instruments | collateral | ||||||||||||||||||||||||||||
received | |||||||||||||||||||||||||||||
Con Edison | |||||||||||||||||||||||||||||
Derivative assets | $ | 80 | $ | (52 | ) | $ | 28 | (a) | $ | — | $ | — | $ | 28 | (a) | ||||||||||||||
Derivative liabilities | (124 | ) | 74 | (50 | ) | — | — | (50 | ) | ||||||||||||||||||||
Net derivative assets/(liabilities) | $ | (44 | ) | $ | 22 | $ | (22 | )(a) | $ | — | $ | — | $ | (22 | )(a) | ||||||||||||||
CECONY | |||||||||||||||||||||||||||||
Derivative assets | $ | 27 | $ | (18 | ) | $ | 9 | (a) | $ | — | $ | — | $ | 9 | (a) | ||||||||||||||
Derivative liabilities | (58 | ) | 33 | (25 | ) | — | — | (25 | ) | ||||||||||||||||||||
Net derivative assets/(liabilities) | $ | (31 | ) | $ | 15 | $ | (16 | )(a) | $ | — | $ | — | $ | (16 | )(a) | ||||||||||||||
(a) | At September 30, 2013, Con Edison and CECONY had margin deposits of $34 million and $14 million, respectively, classified as derivative assets in the balance sheet, but not included in the table. As required by an exchange, a margin is collateral, typically cash, that the holder of a derivative instrument has to deposit in order to transact on an exchange and to cover its potential losses with its broker or the exchange. | ||||||||||||||||||||||||||||
The fair values of the Companies’ commodity derivatives including the offsetting of assets and liabilities at December 31, 2012 were: | |||||||||||||||||||||||||||||
(Millions of Dollars) | |||||||||||||||||||||||||||||
Commodity Derivatives | Gross | Gross | Net Amounts | Gross Amounts Not | Net | ||||||||||||||||||||||||
Amounts of | Amounts | of Assets/ | Offset in the Statement | Amount | |||||||||||||||||||||||||
Recognized | Offset in the | (Liabilities) | of Financial Position | ||||||||||||||||||||||||||
Assets/ | Statement of | Presented in | |||||||||||||||||||||||||||
(Liabilities) | Financial | the Statement | |||||||||||||||||||||||||||
Position | of Financial | ||||||||||||||||||||||||||||
Position | |||||||||||||||||||||||||||||
Financial | Cash | ||||||||||||||||||||||||||||
instruments | collateral | ||||||||||||||||||||||||||||
received | |||||||||||||||||||||||||||||
Con Edison | |||||||||||||||||||||||||||||
Derivative assets | $ | 86 | $ | (57 | ) | $ | 29 | (a) | $ | — | $ | — | $ | 29 | (a) | ||||||||||||||
Derivative liabilities | (176 | ) | 104 | (72 | ) | — | — | (72 | ) | ||||||||||||||||||||
Net derivative assets/(liabilities) | $ | (90 | ) | $ | 47 | $ | (43 | )(a) | $ | — | $ | — | $ | (43 | )(a) | ||||||||||||||
CECONY | |||||||||||||||||||||||||||||
Derivative assets | $ | 27 | $ | (15 | ) | $ | 12 | (a) | $ | — | $ | — | $ | 12 | (a) | ||||||||||||||
Derivative liabilities | (83 | ) | 44 | (39 | ) | — | — | (39 | ) | ||||||||||||||||||||
Net derivative assets/(liabilities) | $ | (56 | ) | $ | 29 | $ | (27 | )(a) | $ | — | $ | — | $ | (27 | )(a) | ||||||||||||||
(a) | At December 31, 2012, Con Edison and CECONY had margin deposits of $37 million and $18 million, respectively, classified as derivative assets in the balance sheet, but not included in the table. As required by an exchange, a margin is collateral, typically cash, that the holder of a derivative instrument has to deposit in order to transact on an exchange and to cover its potential losses with its broker or the exchange. | ||||||||||||||||||||||||||||
Credit Exposure | |||||||||||||||||||||||||||||
The Companies are exposed to credit risk related to transactions entered into primarily for the various energy supply and hedging activities by the Utilities and the competitive energy businesses. The Companies use credit policies to manage this risk, including an established credit approval process, monitoring of counterparty limits, netting provisions within agreements, collateral or prepayment arrangements, credit insurance and credit default swaps. | |||||||||||||||||||||||||||||
At September 30, 2013, Con Edison and CECONY had $110 million and $14 million of credit exposure in connection with energy supply and hedging activities, net of collateral, respectively. Con Edison’s net credit exposure consisted of $42 million with independent system operators, $37 million with commodity exchange brokers, $30 million with investment-grade counterparties and $1 million with non-investment grade or non-rated counterparties. CECONY’s entire net credit exposure was with commodity exchange brokers. | |||||||||||||||||||||||||||||
Economic Hedges | |||||||||||||||||||||||||||||
The Companies enter into certain derivative instruments that do not qualify or are not designated as hedges under the accounting rules for derivatives and hedging. However, management believes these instruments represent economic hedges that mitigate exposure to fluctuations in commodity prices. | |||||||||||||||||||||||||||||
The fair values of the Companies’ commodity derivatives at September 30, 2013 were: | |||||||||||||||||||||||||||||
(Millions of Dollars) | Fair Value of Commodity Derivatives(a) | Con | CECONY | ||||||||||||||||||||||||||
Balance Sheet Location | Edison | ||||||||||||||||||||||||||||
Derivative Assets | |||||||||||||||||||||||||||||
Current | Other current assets | $ | 55 | $ | 18 | ||||||||||||||||||||||||
Long-term | Other deferred charges and noncurrent assets | 25 | 9 | ||||||||||||||||||||||||||
Total derivative assets | $ | 80 | $ | 27 | |||||||||||||||||||||||||
Impact of netting | (18 | ) | (4 | ) | |||||||||||||||||||||||||
Net derivative assets | $ | 62 | $ | 23 | |||||||||||||||||||||||||
Derivative Liabilities | |||||||||||||||||||||||||||||
Current | Fair value of derivative liabilities | $ | 71 | $ | 40 | ||||||||||||||||||||||||
Long-term | Fair value of derivative liabilities | 53 | 18 | ||||||||||||||||||||||||||
Total derivative liabilities | $ | 124 | $ | 58 | |||||||||||||||||||||||||
Impact of netting | (74 | ) | (33 | ) | |||||||||||||||||||||||||
Net derivative liabilities | $ | 50 | $ | 25 | |||||||||||||||||||||||||
(a) | Qualifying derivative contracts, which have been designated as normal purchases or normal sales contracts, are not reported at fair value under the accounting rules for derivatives and hedging and, therefore, are excluded from the table. | ||||||||||||||||||||||||||||
The fair values of the Companies’ commodity derivatives at December 31, 2012 were: | |||||||||||||||||||||||||||||
(Millions of Dollars) | Fair Value of Commodity Derivatives(a) | Con | CECONY | ||||||||||||||||||||||||||
Balance Sheet Location | Edison | ||||||||||||||||||||||||||||
Derivative Assets | |||||||||||||||||||||||||||||
Current | Other current assets | $ | 64 | $ | 18 | ||||||||||||||||||||||||
Long-term | Other deferred charges and noncurrent assets | 22 | 9 | ||||||||||||||||||||||||||
Total derivative assets | $ | 86 | $ | 27 | |||||||||||||||||||||||||
Impact of netting | (20 | ) | 3 | ||||||||||||||||||||||||||
Net derivative assets | $ | 66 | $ | 30 | |||||||||||||||||||||||||
Derivative Liabilities | |||||||||||||||||||||||||||||
Current | Fair value of derivative liabilities | $ | 122 | $ | 58 | ||||||||||||||||||||||||
Long-term | Fair value of derivative liabilities | 54 | 25 | ||||||||||||||||||||||||||
Total derivative liabilities | $ | 176 | $ | 83 | |||||||||||||||||||||||||
Impact of netting | (104 | ) | (44 | ) | |||||||||||||||||||||||||
Net derivative liabilities | $ | 72 | $ | 39 | |||||||||||||||||||||||||
(a) | Qualifying derivative contracts, which have been designated as normal purchases or normal sales contracts, are not reported at fair value under the accounting rules for derivatives and hedging and, therefore, are excluded from the table. | ||||||||||||||||||||||||||||
The Utilities generally recover all of their prudently incurred fuel, purchased power and gas cost, including hedging gains and losses, in accordance with rate provisions approved by the applicable state utility commissions. In accordance with the accounting rules for regulated operations, the Utilities record a regulatory asset or 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. Con Edison’s competitive energy businesses record realized and unrealized gains and losses on their derivative contracts in earnings in the reporting period in which they occur. | |||||||||||||||||||||||||||||
The following tables present the changes in the fair values of commodity derivatives that have been deferred or recognized in earnings for the three and nine months ended September 30, 2013: | |||||||||||||||||||||||||||||
Realized and Unrealized Gains/(Losses) on Commodity Derivatives(a) | |||||||||||||||||||||||||||||
Deferred or Recognized in Income for the Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||
(Millions of Dollars) | Balance Sheet Location | Con | CECONY | ||||||||||||||||||||||||||
Edison | |||||||||||||||||||||||||||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | |||||||||||||||||||||||||||||
Current | Deferred derivative gains | $ | — | $ | — | ||||||||||||||||||||||||
Long-term | Deferred derivative gains | — | — | ||||||||||||||||||||||||||
Total deferred gains/(losses) | $ | — | $ | — | |||||||||||||||||||||||||
Current | Deferred derivative losses | $ | 11 | $ | 9 | ||||||||||||||||||||||||
Current | Recoverable energy costs | (19 | ) | (17 | ) | ||||||||||||||||||||||||
Long-term | Deferred derivative losses | 6 | 7 | ||||||||||||||||||||||||||
Total deferred gains/(losses) | $ | (2 | ) | $ | (1 | ) | |||||||||||||||||||||||
Net deferred gains/(losses) | $ | (2 | ) | $ | (1 | ) | |||||||||||||||||||||||
Income Statement Location | |||||||||||||||||||||||||||||
Pre-tax gain/(loss) recognized in income | |||||||||||||||||||||||||||||
Purchased power expense | $ | 3 | (b) | $ | — | ||||||||||||||||||||||||
Gas purchased for resale | (6 | ) | — | ||||||||||||||||||||||||||
Non-utility revenue | 7 | — | |||||||||||||||||||||||||||
Total pre-tax gain/(loss) recognized in income | $ | 4 | $ | — | |||||||||||||||||||||||||
(a) | Qualifying derivative contracts, which have been designated as normal purchases or normal sales contracts, are not reported at fair value under the accounting rules for derivatives and hedging and, therefore, are excluded from the table. | ||||||||||||||||||||||||||||
(b) | For the three months ended September 30, 2013, Con Edison recorded in purchased power expense an unrealized pre-tax gain of $6 million. | ||||||||||||||||||||||||||||
Realized and Unrealized Gains/(Losses) on Commodity Derivatives(a) | |||||||||||||||||||||||||||||
Deferred or Recognized in Income for the Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||
(Millions of Dollars) | Balance Sheet Location | Con | CECONY | ||||||||||||||||||||||||||
Edison | |||||||||||||||||||||||||||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | |||||||||||||||||||||||||||||
Current | Deferred derivative gains | $ 1 | $ 1 | ||||||||||||||||||||||||||
Long-term | Deferred derivative gains | — | — | ||||||||||||||||||||||||||
Total deferred gains/(losses) | $ 1 | $ 1 | |||||||||||||||||||||||||||
Current | Deferred derivative losses | $ 24 | $ 19 | ||||||||||||||||||||||||||
Current | Recoverable energy costs | (22 | ) | (19 | ) | ||||||||||||||||||||||||
Long-term | Deferred derivative losses | 3 | 7 | ||||||||||||||||||||||||||
Total deferred gains/(losses) | $ 5 | $ 7 | |||||||||||||||||||||||||||
Net deferred gains/(losses) | $ 6 | $ 8 | |||||||||||||||||||||||||||
Income Statement Location | |||||||||||||||||||||||||||||
Pre-tax gain/(loss) recognized in income | |||||||||||||||||||||||||||||
Purchased power expense | $ 32 | (b) | $ — | ||||||||||||||||||||||||||
Gas purchased for resale | (17 | ) | — | ||||||||||||||||||||||||||
Non-utility revenue | 8 | — | |||||||||||||||||||||||||||
Total pre-tax gain/(loss) recognized in income | $ 23 | $ — | |||||||||||||||||||||||||||
(a) | Qualifying derivative contracts, which have been designated as normal purchases or normal sales contracts, are not reported at fair value under the accounting rules for derivatives and hedging and, therefore, are excluded from the table. | ||||||||||||||||||||||||||||
(b) | For the nine months ended September 30, 2013, Con Edison recorded in purchased power expense an unrealized pre-tax gain of $22 million. | ||||||||||||||||||||||||||||
The following tables present the changes in the fair values of commodity derivatives that have been deferred or recognized in earnings for the three and nine months ended September 30, 2012: | |||||||||||||||||||||||||||||
Realized and Unrealized Gains/(Losses) on Commodity Derivatives(a) | |||||||||||||||||||||||||||||
Deferred or Recognized in Income for the Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||
(Millions of Dollars) | Balance Sheet Location | Con | CECONY | ||||||||||||||||||||||||||
Edison | |||||||||||||||||||||||||||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | |||||||||||||||||||||||||||||
Current | Deferred derivative gains | $ 5 | $ 5 | ||||||||||||||||||||||||||
Long-term | Deferred derivative gains | 1 | 1 | ||||||||||||||||||||||||||
Total deferred gains/(losses) | $ 6 | $ 6 | |||||||||||||||||||||||||||
Current | Deferred derivative losses | $ 51 | $ 42 | ||||||||||||||||||||||||||
Current | Recoverable energy costs | (60 | ) | (52 | ) | ||||||||||||||||||||||||
Long-term | Deferred derivative losses | 22 | 20 | ||||||||||||||||||||||||||
Total deferred gains/(losses) | $ 13 | $ 10 | |||||||||||||||||||||||||||
Net deferred gains/(losses) | $ 19 | $ 16 | |||||||||||||||||||||||||||
Income Statement Location | |||||||||||||||||||||||||||||
Pre-tax gain/(loss) recognized in income | |||||||||||||||||||||||||||||
Purchased power expense | $ 9 | (b) | $ — | ||||||||||||||||||||||||||
Gas purchased for resale | — | — | |||||||||||||||||||||||||||
Non-utility revenue | 1 | — | |||||||||||||||||||||||||||
Total pre-tax gain/(loss) recognized in income | $ 10 | $ — | |||||||||||||||||||||||||||
(a) | Qualifying derivative contracts, which have been designated as normal purchases or normal sales contracts, are not reported at fair value under the accounting rules for derivatives and hedging and, therefore, are excluded from the table. | ||||||||||||||||||||||||||||
(b) | For the three months ended September 30, 2012, Con Edison recorded in purchased power expense an unrealized pre-tax gain of $30 million. | ||||||||||||||||||||||||||||
Realized and Unrealized Gains/(Losses) on Commodity Derivatives(a) | |||||||||||||||||||||||||||||
Deferred or Recognized in Income for the Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||
(Millions of Dollars) | Balance Sheet Location | Con | CECONY | ||||||||||||||||||||||||||
Edison | |||||||||||||||||||||||||||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | |||||||||||||||||||||||||||||
Current | Deferred derivative gains | $ 5 | $ 5 | ||||||||||||||||||||||||||
Long-term | Deferred derivative gains | 1 | 1 | ||||||||||||||||||||||||||
Total deferred gains/(losses) | $ 6 | $ 6 | |||||||||||||||||||||||||||
Current | Deferred derivative losses | $ 89 | $ 78 | ||||||||||||||||||||||||||
Current | Recoverable energy costs | (187 | ) | (164 | ) | ||||||||||||||||||||||||
Long-term | Deferred derivative losses | 13 | 19 | ||||||||||||||||||||||||||
Total deferred gains/(losses) | $ (85 | ) | $ (67 | ) | |||||||||||||||||||||||||
Net deferred gains/(losses) | $ (79 | ) | $ (61 | ) | |||||||||||||||||||||||||
Income Statement Location | |||||||||||||||||||||||||||||
Pre-tax gain/(loss) recognized in income | |||||||||||||||||||||||||||||
Purchased power expense | $ (49 | )(b) | $ — | ||||||||||||||||||||||||||
Gas purchased for resale | (2 | ) | — | ||||||||||||||||||||||||||
Non-utility revenue | (11 | )(b) | — | ||||||||||||||||||||||||||
Total pre-tax gain/(loss) recognized in income | $ (62 | ) | $ — | ||||||||||||||||||||||||||
(a) | Qualifying derivative contracts, which have been designated as normal purchases or normal sales contracts, are not reported at fair value under the accounting rules for derivatives and hedging and, therefore, are excluded from the table. | ||||||||||||||||||||||||||||
(b) | For the nine months ended September 30, 2012, Con Edison recorded in non-utility revenues and purchased power expense an unrealized pre-tax gain/(loss) of $(13) million and $75 million, respectively. | ||||||||||||||||||||||||||||
As of September 30, 2013, Con Edison had 1,187 contracts, including 628 CECONY contracts, which were considered to be derivatives under the accounting rules for derivatives and hedging (excluding qualifying derivative contracts, which have been designated as normal purchases or normal sales contracts). The following table presents the number of contracts by commodity type: | |||||||||||||||||||||||||||||
Electric Derivatives | Gas Derivatives | ||||||||||||||||||||||||||||
Number of | MWHs (b) | Number of | MWs (b) | Number of | Dths (b) | Total | |||||||||||||||||||||||
Energy | Capacity | Contracts (a) | Number Of | ||||||||||||||||||||||||||
Contracts (a) | Contracts (a) | Contracts (a) | |||||||||||||||||||||||||||
Con Edison | 470 | 13,643,994 | 83 | 11,625 | 634 | 79,090,035 | 1,187 | ||||||||||||||||||||||
CECONY | 82 | 3,127,600 | 4 | 1,200 | 542 | 75,470,000 | 628 | ||||||||||||||||||||||
(a) | Qualifying derivative contracts, which have been designated as normal purchases or normal sales contracts, are not reported at fair value under the accounting rules for derivatives and hedging and, therefore, are excluded from the table. | ||||||||||||||||||||||||||||
(b) | Volumes are reported net of long and short positions. | ||||||||||||||||||||||||||||
The Companies also enter into electric congestion and gas basis swap contracts to hedge the congestion and transportation charges which are associated with electric and gas contracts and hedged volumes. | |||||||||||||||||||||||||||||
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 the Companies to provide collateral on derivative instruments in net liability positions. The amount of collateral to be provided will depend on the fair value of the derivative instruments and the Companies’ credit ratings. | |||||||||||||||||||||||||||||
The aggregate fair value of all derivative instruments with credit-risk-related contingent features that are in a net liability position and collateral posted at September 30, 2013, 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 were: | |||||||||||||||||||||||||||||
(Millions of Dollars) | Con Edison (a) | CECONY (a) | |||||||||||||||||||||||||||
Aggregate fair value – net liabilities | $31 | $25 | |||||||||||||||||||||||||||
Collateral posted | $ — | $ — | |||||||||||||||||||||||||||
Additional collateral (b) (downgrade one level from current ratings) | $ — | $ — | |||||||||||||||||||||||||||
Additional collateral (b) (downgrade to below investment grade from current ratings) | $42 | (c) | $29 | (c) | |||||||||||||||||||||||||
(a) | Non-derivative transactions for the purchase and sale of electricity and gas and qualifying derivative instruments, which have been designated as normal purchases or normal sales, are excluded from the table. These transactions primarily include purchases of electricity from independent system operators. In the event the Utilities and Con Edison’s competitive energy businesses were no longer extended unsecured credit for such purchases, the Companies would be required to post collateral, which at September 30, 2013, would have amounted to an estimated $35 million and $14 million for Con Edison and CECONY, respectively. For certain other such non-derivative transactions, the Companies could be required to post collateral under certain circumstances, including in the event counterparties had reasonable grounds for insecurity. | ||||||||||||||||||||||||||||
(b) | The Companies measure the collateral requirements by taking into consideration the fair value amounts of derivative instruments that contain credit-risk-related contingent features that are in a net liabilities 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 of setoff. | ||||||||||||||||||||||||||||
(c) | Derivative instruments that are net assets have been excluded from the table. At September 30, 2013, if Con Edison had been downgraded to below investment grade, it would have been required to post additional collateral for such derivative instruments of $37 million. | ||||||||||||||||||||||||||||
Interest Rate Swap | |||||||||||||||||||||||||||||
O&R has an interest rate swap pursuant to which it pays a fixed-rate of 6.09 percent and receives a LIBOR-based variable rate. The fair value of this interest rate swap at September 30, 2013 was an unrealized loss of $3 million, which has been included in Con Edison’s consolidated balance sheet as a noncurrent liability/fair value of derivative liabilities and a regulatory asset. The increase in the fair value of the swap for the three and nine months ended September 30, 2013 was $1 million and $3 million, respectively. In the event O&R’s credit rating was downgraded to BBB- or lower by S&P or Baa3 or lower by Moody’s, the swap counterparty could elect to terminate the agreement and, if it did so, the parties would then be required to settle the transaction. | |||||||||||||||||||||||||||||
CECONY [Member] | ' | ||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | ' | ||||||||||||||||||||||||||||
Note K – Derivative Instruments and Hedging Activities | |||||||||||||||||||||||||||||
Under the accounting rules for derivatives and hedging, derivatives are recognized on the balance sheet at fair value, unless an exception is available under the accounting rules. Certain qualifying derivative contracts have been designated as normal purchases or normal sales contracts. These contracts are not reported at fair value under the accounting rules. | |||||||||||||||||||||||||||||
Energy Price Hedging | |||||||||||||||||||||||||||||
Con Edison’s subsidiaries hedge market price fluctuations associated with physical purchases and sales of electricity, natural gas, and steam by using derivative instruments including futures, forwards, basis swaps, options, transmission congestion contracts and financial transmission rights contracts. | |||||||||||||||||||||||||||||
Effective January 1, 2013, the Companies adopted Accounting Standards Updates (ASUs) No. 2011-11, “Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities” and No. 2013-01, “Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities”. The amendments require the Companies to disclose certain quantitative information concerning financial and derivative instruments that are offset in the balance sheet and a description of the rights of setoff, including the nature of such rights, associated with recognized assets and liabilities that are subject to an enforceable master netting arrangement or similar agreement. | |||||||||||||||||||||||||||||
The Companies enter into master agreements for their commodity derivatives. These agreements typically provide setoff in the event of contract termination. In such case, generally the non-defaulting or non-affected party’s payable will be set-off by the other 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. | |||||||||||||||||||||||||||||
The fair values of the Companies’ commodity derivatives including the offsetting of assets and liabilities at September 30, 2013 were: | |||||||||||||||||||||||||||||
(Millions of Dollars) | |||||||||||||||||||||||||||||
Commodity Derivatives | Gross | Gross | Net Amounts of | Gross Amounts Not | Net | ||||||||||||||||||||||||
Amounts of | Amounts | Assets/(Liabilities) | Offset in the Statement | Amount | |||||||||||||||||||||||||
Recognized | Offset in the | Presented in | of Financial Position | ||||||||||||||||||||||||||
Assets/(Liabilities) | Statement of | the Statement | |||||||||||||||||||||||||||
Financial | of Financial | ||||||||||||||||||||||||||||
Position | Position | ||||||||||||||||||||||||||||
Financial | Cash | ||||||||||||||||||||||||||||
instruments | collateral | ||||||||||||||||||||||||||||
received | |||||||||||||||||||||||||||||
Con Edison | |||||||||||||||||||||||||||||
Derivative assets | $ | 80 | $ | (52 | ) | $ | 28 | (a) | $ | — | $ | — | $ | 28 | (a) | ||||||||||||||
Derivative liabilities | (124 | ) | 74 | (50 | ) | — | — | (50 | ) | ||||||||||||||||||||
Net derivative assets/(liabilities) | $ | (44 | ) | $ | 22 | $ | (22 | )(a) | $ | — | $ | — | $ | (22 | )(a) | ||||||||||||||
CECONY | |||||||||||||||||||||||||||||
Derivative assets | $ | 27 | $ | (18 | ) | $ | 9 | (a) | $ | — | $ | — | $ | 9 | (a) | ||||||||||||||
Derivative liabilities | (58 | ) | 33 | (25 | ) | — | — | (25 | ) | ||||||||||||||||||||
Net derivative assets/(liabilities) | $ | (31 | ) | $ | 15 | $ | (16 | )(a) | $ | — | $ | — | $ | (16 | )(a) | ||||||||||||||
(a) | At September 30, 2013, Con Edison and CECONY had margin deposits of $34 million and $14 million, respectively, classified as derivative assets in the balance sheet, but not included in the table. As required by an exchange, a margin is collateral, typically cash, that the holder of a derivative instrument has to deposit in order to transact on an exchange and to cover its potential losses with its broker or the exchange. | ||||||||||||||||||||||||||||
The fair values of the Companies’ commodity derivatives including the offsetting of assets and liabilities at December 31, 2012 were: | |||||||||||||||||||||||||||||
(Millions of Dollars) | |||||||||||||||||||||||||||||
Commodity Derivatives | Gross | Gross | Net Amounts | Gross Amounts Not | Net | ||||||||||||||||||||||||
Amounts of | Amounts | of Assets/ | Offset in the Statement | Amount | |||||||||||||||||||||||||
Recognized | Offset in the | (Liabilities) | of Financial Position | ||||||||||||||||||||||||||
Assets/ | Statement of | Presented in | |||||||||||||||||||||||||||
(Liabilities) | Financial | the Statement | |||||||||||||||||||||||||||
Position | of Financial | ||||||||||||||||||||||||||||
Position | |||||||||||||||||||||||||||||
Financial | Cash | ||||||||||||||||||||||||||||
instruments | collateral | ||||||||||||||||||||||||||||
received | |||||||||||||||||||||||||||||
Con Edison | |||||||||||||||||||||||||||||
Derivative assets | $ | 86 | $ | (57 | ) | $ | 29 | (a) | $ | — | $ | — | $ | 29 | (a) | ||||||||||||||
Derivative liabilities | (176 | ) | 104 | (72 | ) | — | — | (72 | ) | ||||||||||||||||||||
Net derivative assets/(liabilities) | $ | (90 | ) | $ | 47 | $ | (43 | )(a) | $ | — | $ | — | $ | (43 | )(a) | ||||||||||||||
CECONY | |||||||||||||||||||||||||||||
Derivative assets | $ | 27 | $ | (15 | ) | $ | 12 | (a) | $ | — | $ | — | $ | 12 | (a) | ||||||||||||||
Derivative liabilities | (83 | ) | 44 | (39 | ) | — | — | (39 | ) | ||||||||||||||||||||
Net derivative assets/(liabilities) | $ | (56 | ) | $ | 29 | $ | (27 | )(a) | $ | — | $ | — | $ | (27 | )(a) | ||||||||||||||
(a) | At December 31, 2012, Con Edison and CECONY had margin deposits of $37 million and $18 million, respectively, classified as derivative assets in the balance sheet, but not included in the table. As required by an exchange, a margin is collateral, typically cash, that the holder of a derivative instrument has to deposit in order to transact on an exchange and to cover its potential losses with its broker or the exchange. | ||||||||||||||||||||||||||||
Credit Exposure | |||||||||||||||||||||||||||||
The Companies are exposed to credit risk related to transactions entered into primarily for the various energy supply and hedging activities by the Utilities and the competitive energy businesses. The Companies use credit policies to manage this risk, including an established credit approval process, monitoring of counterparty limits, netting provisions within agreements, collateral or prepayment arrangements, credit insurance and credit default swaps. | |||||||||||||||||||||||||||||
At September 30, 2013, Con Edison and CECONY had $110 million and $14 million of credit exposure in connection with energy supply and hedging activities, net of collateral, respectively. Con Edison’s net credit exposure consisted of $42 million with independent system operators, $37 million with commodity exchange brokers, $30 million with investment-grade counterparties and $1 million with non-investment grade or non-rated counterparties. CECONY’s entire net credit exposure was with commodity exchange brokers. | |||||||||||||||||||||||||||||
Economic Hedges | |||||||||||||||||||||||||||||
The Companies enter into certain derivative instruments that do not qualify or are not designated as hedges under the accounting rules for derivatives and hedging. However, management believes these instruments represent economic hedges that mitigate exposure to fluctuations in commodity prices. | |||||||||||||||||||||||||||||
The fair values of the Companies’ commodity derivatives at September 30, 2013 were: | |||||||||||||||||||||||||||||
(Millions of Dollars) | Fair Value of Commodity Derivatives(a) | Con | CECONY | ||||||||||||||||||||||||||
Balance Sheet Location | Edison | ||||||||||||||||||||||||||||
Derivative Assets | |||||||||||||||||||||||||||||
Current | Other current assets | $ | 55 | $ | 18 | ||||||||||||||||||||||||
Long-term | Other deferred charges and noncurrent assets | 25 | 9 | ||||||||||||||||||||||||||
Total derivative assets | $ | 80 | $ | 27 | |||||||||||||||||||||||||
Impact of netting | (18 | ) | (4 | ) | |||||||||||||||||||||||||
Net derivative assets | $ | 62 | $ | 23 | |||||||||||||||||||||||||
Derivative Liabilities | |||||||||||||||||||||||||||||
Current | Fair value of derivative liabilities | $ | 71 | $ | 40 | ||||||||||||||||||||||||
Long-term | Fair value of derivative liabilities | 53 | 18 | ||||||||||||||||||||||||||
Total derivative liabilities | $ | 124 | $ | 58 | |||||||||||||||||||||||||
Impact of netting | (74 | ) | (33 | ) | |||||||||||||||||||||||||
Net derivative liabilities | $ | 50 | $ | 25 | |||||||||||||||||||||||||
(a) | Qualifying derivative contracts, which have been designated as normal purchases or normal sales contracts, are not reported at fair value under the accounting rules for derivatives and hedging and, therefore, are excluded from the table. | ||||||||||||||||||||||||||||
The fair values of the Companies’ commodity derivatives at December 31, 2012 were: | |||||||||||||||||||||||||||||
(Millions of Dollars) | Fair Value of Commodity Derivatives(a) | Con | CECONY | ||||||||||||||||||||||||||
Balance Sheet Location | Edison | ||||||||||||||||||||||||||||
Derivative Assets | |||||||||||||||||||||||||||||
Current | Other current assets | $ | 64 | $ | 18 | ||||||||||||||||||||||||
Long-term | Other deferred charges and noncurrent assets | 22 | 9 | ||||||||||||||||||||||||||
Total derivative assets | $ | 86 | $ | 27 | |||||||||||||||||||||||||
Impact of netting | (20 | ) | 3 | ||||||||||||||||||||||||||
Net derivative assets | $ | 66 | $ | 30 | |||||||||||||||||||||||||
Derivative Liabilities | |||||||||||||||||||||||||||||
Current | Fair value of derivative liabilities | $ | 122 | $ | 58 | ||||||||||||||||||||||||
Long-term | Fair value of derivative liabilities | 54 | 25 | ||||||||||||||||||||||||||
Total derivative liabilities | $ | 176 | $ | 83 | |||||||||||||||||||||||||
Impact of netting | (104 | ) | (44 | ) | |||||||||||||||||||||||||
Net derivative liabilities | $ | 72 | $ | 39 | |||||||||||||||||||||||||
(a) | Qualifying derivative contracts, which have been designated as normal purchases or normal sales contracts, are not reported at fair value under the accounting rules for derivatives and hedging and, therefore, are excluded from the table. | ||||||||||||||||||||||||||||
The Utilities generally recover all of their prudently incurred fuel, purchased power and gas cost, including hedging gains and losses, in accordance with rate provisions approved by the applicable state utility commissions. In accordance with the accounting rules for regulated operations, the Utilities record a regulatory asset or 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. Con Edison’s competitive energy businesses record realized and unrealized gains and losses on their derivative contracts in earnings in the reporting period in which they occur. | |||||||||||||||||||||||||||||
The following tables present the changes in the fair values of commodity derivatives that have been deferred or recognized in earnings for the three and nine months ended September 30, 2013: | |||||||||||||||||||||||||||||
Realized and Unrealized Gains/(Losses) on Commodity Derivatives(a) | |||||||||||||||||||||||||||||
Deferred or Recognized in Income for the Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||
(Millions of Dollars) | Balance Sheet Location | Con | CECONY | ||||||||||||||||||||||||||
Edison | |||||||||||||||||||||||||||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | |||||||||||||||||||||||||||||
Current | Deferred derivative gains | $ | — | $ | — | ||||||||||||||||||||||||
Long-term | Deferred derivative gains | — | — | ||||||||||||||||||||||||||
Total deferred gains/(losses) | $ | — | $ | — | |||||||||||||||||||||||||
Current | Deferred derivative losses | $ | 11 | $ | 9 | ||||||||||||||||||||||||
Current | Recoverable energy costs | (19 | ) | (17 | ) | ||||||||||||||||||||||||
Long-term | Deferred derivative losses | 6 | 7 | ||||||||||||||||||||||||||
Total deferred gains/(losses) | $ | (2 | ) | $ | (1 | ) | |||||||||||||||||||||||
Net deferred gains/(losses) | $ | (2 | ) | $ | (1 | ) | |||||||||||||||||||||||
Income Statement Location | |||||||||||||||||||||||||||||
Pre-tax gain/(loss) recognized in income | |||||||||||||||||||||||||||||
Purchased power expense | $ | 3 | (b) | $ | — | ||||||||||||||||||||||||
Gas purchased for resale | (6 | ) | — | ||||||||||||||||||||||||||
Non-utility revenue | 7 | — | |||||||||||||||||||||||||||
Total pre-tax gain/(loss) recognized in income | $ | 4 | $ | — | |||||||||||||||||||||||||
(a) | Qualifying derivative contracts, which have been designated as normal purchases or normal sales contracts, are not reported at fair value under the accounting rules for derivatives and hedging and, therefore, are excluded from the table. | ||||||||||||||||||||||||||||
(b) | For the three months ended September 30, 2013, Con Edison recorded in purchased power expense an unrealized pre-tax gain of $6 million. | ||||||||||||||||||||||||||||
Realized and Unrealized Gains/(Losses) on Commodity Derivatives(a) | |||||||||||||||||||||||||||||
Deferred or Recognized in Income for the Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||
(Millions of Dollars) | Balance Sheet Location | Con | CECONY | ||||||||||||||||||||||||||
Edison | |||||||||||||||||||||||||||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | |||||||||||||||||||||||||||||
Current | Deferred derivative gains | $ 1 | $ 1 | ||||||||||||||||||||||||||
Long-term | Deferred derivative gains | — | — | ||||||||||||||||||||||||||
Total deferred gains/(losses) | $ 1 | $ 1 | |||||||||||||||||||||||||||
Current | Deferred derivative losses | $ 24 | $ 19 | ||||||||||||||||||||||||||
Current | Recoverable energy costs | (22 | ) | (19 | ) | ||||||||||||||||||||||||
Long-term | Deferred derivative losses | 3 | 7 | ||||||||||||||||||||||||||
Total deferred gains/(losses) | $ 5 | $ 7 | |||||||||||||||||||||||||||
Net deferred gains/(losses) | $ 6 | $ 8 | |||||||||||||||||||||||||||
Income Statement Location | |||||||||||||||||||||||||||||
Pre-tax gain/(loss) recognized in income | |||||||||||||||||||||||||||||
Purchased power expense | $ 32 | (b) | $ — | ||||||||||||||||||||||||||
Gas purchased for resale | (17 | ) | — | ||||||||||||||||||||||||||
Non-utility revenue | 8 | — | |||||||||||||||||||||||||||
Total pre-tax gain/(loss) recognized in income | $ 23 | $ — | |||||||||||||||||||||||||||
(a) | Qualifying derivative contracts, which have been designated as normal purchases or normal sales contracts, are not reported at fair value under the accounting rules for derivatives and hedging and, therefore, are excluded from the table. | ||||||||||||||||||||||||||||
(b) | For the nine months ended September 30, 2013, Con Edison recorded in purchased power expense an unrealized pre-tax gain of $22 million. | ||||||||||||||||||||||||||||
The following tables present the changes in the fair values of commodity derivatives that have been deferred or recognized in earnings for the three and nine months ended September 30, 2012: | |||||||||||||||||||||||||||||
Realized and Unrealized Gains/(Losses) on Commodity Derivatives(a) | |||||||||||||||||||||||||||||
Deferred or Recognized in Income for the Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||
(Millions of Dollars) | Balance Sheet Location | Con | CECONY | ||||||||||||||||||||||||||
Edison | |||||||||||||||||||||||||||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | |||||||||||||||||||||||||||||
Current | Deferred derivative gains | $ 5 | $ 5 | ||||||||||||||||||||||||||
Long-term | Deferred derivative gains | 1 | 1 | ||||||||||||||||||||||||||
Total deferred gains/(losses) | $ 6 | $ 6 | |||||||||||||||||||||||||||
Current | Deferred derivative losses | $ 51 | $ 42 | ||||||||||||||||||||||||||
Current | Recoverable energy costs | (60 | ) | (52 | ) | ||||||||||||||||||||||||
Long-term | Deferred derivative losses | 22 | 20 | ||||||||||||||||||||||||||
Total deferred gains/(losses) | $ 13 | $ 10 | |||||||||||||||||||||||||||
Net deferred gains/(losses) | $ 19 | $ 16 | |||||||||||||||||||||||||||
Income Statement Location | |||||||||||||||||||||||||||||
Pre-tax gain/(loss) recognized in income | |||||||||||||||||||||||||||||
Purchased power expense | $ 9 | (b) | $ — | ||||||||||||||||||||||||||
Gas purchased for resale | — | — | |||||||||||||||||||||||||||
Non-utility revenue | 1 | — | |||||||||||||||||||||||||||
Total pre-tax gain/(loss) recognized in income | $ 10 | $ — | |||||||||||||||||||||||||||
(a) | Qualifying derivative contracts, which have been designated as normal purchases or normal sales contracts, are not reported at fair value under the accounting rules for derivatives and hedging and, therefore, are excluded from the table. | ||||||||||||||||||||||||||||
(b) | For the three months ended September 30, 2012, Con Edison recorded in purchased power expense an unrealized pre-tax gain of $30 million. | ||||||||||||||||||||||||||||
Realized and Unrealized Gains/(Losses) on Commodity Derivatives(a) | |||||||||||||||||||||||||||||
Deferred or Recognized in Income for the Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||
(Millions of Dollars) | Balance Sheet Location | Con | CECONY | ||||||||||||||||||||||||||
Edison | |||||||||||||||||||||||||||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | |||||||||||||||||||||||||||||
Current | Deferred derivative gains | $ 5 | $ 5 | ||||||||||||||||||||||||||
Long-term | Deferred derivative gains | 1 | 1 | ||||||||||||||||||||||||||
Total deferred gains/(losses) | $ 6 | $ 6 | |||||||||||||||||||||||||||
Current | Deferred derivative losses | $ 89 | $ 78 | ||||||||||||||||||||||||||
Current | Recoverable energy costs | (187 | ) | (164 | ) | ||||||||||||||||||||||||
Long-term | Deferred derivative losses | 13 | 19 | ||||||||||||||||||||||||||
Total deferred gains/(losses) | $ (85 | ) | $ (67 | ) | |||||||||||||||||||||||||
Net deferred gains/(losses) | $ (79 | ) | $ (61 | ) | |||||||||||||||||||||||||
Income Statement Location | |||||||||||||||||||||||||||||
Pre-tax gain/(loss) recognized in income | |||||||||||||||||||||||||||||
Purchased power expense | $ (49 | )(b) | $ — | ||||||||||||||||||||||||||
Gas purchased for resale | (2 | ) | — | ||||||||||||||||||||||||||
Non-utility revenue | (11 | )(b) | — | ||||||||||||||||||||||||||
Total pre-tax gain/(loss) recognized in income | $ (62 | ) | $ — | ||||||||||||||||||||||||||
(a) | Qualifying derivative contracts, which have been designated as normal purchases or normal sales contracts, are not reported at fair value under the accounting rules for derivatives and hedging and, therefore, are excluded from the table. | ||||||||||||||||||||||||||||
(b) | For the nine months ended September 30, 2012, Con Edison recorded in non-utility revenues and purchased power expense an unrealized pre-tax gain/(loss) of $(13) million and $75 million, respectively. | ||||||||||||||||||||||||||||
As of September 30, 2013, Con Edison had 1,187 contracts, including 628 CECONY contracts, which were considered to be derivatives under the accounting rules for derivatives and hedging (excluding qualifying derivative contracts, which have been designated as normal purchases or normal sales contracts). The following table presents the number of contracts by commodity type: | |||||||||||||||||||||||||||||
Electric Derivatives | Gas Derivatives | ||||||||||||||||||||||||||||
Number of | MWHs (b) | Number of | MWs (b) | Number of | Dths (b) | Total | |||||||||||||||||||||||
Energy | Capacity | Contracts (a) | Number Of | ||||||||||||||||||||||||||
Contracts (a) | Contracts (a) | Contracts (a) | |||||||||||||||||||||||||||
Con Edison | 470 | 13,643,994 | 83 | 11,625 | 634 | 79,090,035 | 1,187 | ||||||||||||||||||||||
CECONY | 82 | 3,127,600 | 4 | 1,200 | 542 | 75,470,000 | 628 | ||||||||||||||||||||||
(a) | Qualifying derivative contracts, which have been designated as normal purchases or normal sales contracts, are not reported at fair value under the accounting rules for derivatives and hedging and, therefore, are excluded from the table. | ||||||||||||||||||||||||||||
(b) | Volumes are reported net of long and short positions. | ||||||||||||||||||||||||||||
The Companies also enter into electric congestion and gas basis swap contracts to hedge the congestion and transportation charges which are associated with electric and gas contracts and hedged volumes. | |||||||||||||||||||||||||||||
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 the Companies to provide collateral on derivative instruments in net liability positions. The amount of collateral to be provided will depend on the fair value of the derivative instruments and the Companies’ credit ratings. | |||||||||||||||||||||||||||||
The aggregate fair value of all derivative instruments with credit-risk-related contingent features that are in a net liability position and collateral posted at September 30, 2013, 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 were: | |||||||||||||||||||||||||||||
(Millions of Dollars) | Con Edison (a) | CECONY (a) | |||||||||||||||||||||||||||
Aggregate fair value – net liabilities | $31 | $25 | |||||||||||||||||||||||||||
Collateral posted | $ — | $ — | |||||||||||||||||||||||||||
Additional collateral (b) (downgrade one level from current ratings) | $ — | $ — | |||||||||||||||||||||||||||
Additional collateral (b) (downgrade to below investment grade from current ratings) | $42 | (c) | $29 | (c) | |||||||||||||||||||||||||
(a) | Non-derivative transactions for the purchase and sale of electricity and gas and qualifying derivative instruments, which have been designated as normal purchases or normal sales, are excluded from the table. These transactions primarily include purchases of electricity from independent system operators. In the event the Utilities and Con Edison’s competitive energy businesses were no longer extended unsecured credit for such purchases, the Companies would be required to post collateral, which at September 30, 2013, would have amounted to an estimated $35 million and $14 million for Con Edison and CECONY, respectively. For certain other such non-derivative transactions, the Companies could be required to post collateral under certain circumstances, including in the event counterparties had reasonable grounds for insecurity. | ||||||||||||||||||||||||||||
(b) | The Companies measure the collateral requirements by taking into consideration the fair value amounts of derivative instruments that contain credit-risk-related contingent features that are in a net liabilities 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 of setoff. | ||||||||||||||||||||||||||||
(c) | Derivative instruments that are net assets have been excluded from the table. At September 30, 2013, if Con Edison had been downgraded to below investment grade, it would have been required to post additional collateral for such derivative instruments of $37 million. | ||||||||||||||||||||||||||||
Interest Rate Swap | |||||||||||||||||||||||||||||
O&R has an interest rate swap pursuant to which it pays a fixed-rate of 6.09 percent and receives a LIBOR-based variable rate. The fair value of this interest rate swap at September 30, 2013 was an unrealized loss of $3 million, which has been included in Con Edison’s consolidated balance sheet as a noncurrent liability/fair value of derivative liabilities and a regulatory asset. The increase in the fair value of the swap for the three and nine months ended September 30, 2013 was $1 million and $3 million, respectively. In the event O&R’s credit rating was downgraded to BBB- or lower by S&P or Baa3 or lower by Moody’s, the swap counterparty could elect to terminate the agreement and, if it did so, the parties would then be required to settle the transaction. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||||||||||||||||||||||
Note L — Fair Value Measurements | |||||||||||||||||||||||||||||||||||||||||
The accounting rules for fair value measurements and disclosures define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in a principal or most advantageous market. Fair value is a market-based measurement that is determined based on inputs, which refer broadly to assumptions that market participants use in pricing assets or liabilities. These inputs can be readily observable, market corroborated, or generally unobservable firm inputs. The Companies often make certain assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, and the risks inherent in the inputs to valuation techniques. The Companies use valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. | |||||||||||||||||||||||||||||||||||||||||
The accounting rules for fair value measurements and disclosures established a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value in three broad levels. The rules require that assets and liabilities be classified in their entirety based on the level of input that is significant to the fair value measurement. Assessing the significance of a particular input may require judgment considering factors specific to the asset or liability, and may affect the valuation of the asset or liability and their placement within the fair value hierarchy. The Companies classify fair value balances based on the fair value hierarchy defined by the accounting rules for fair value measurements and disclosures as follows: | |||||||||||||||||||||||||||||||||||||||||
• | Level 1 – Consists of assets or liabilities whose value is based on unadjusted quoted prices in active markets at the measurement date. An active market is one in which transactions for assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. This category includes contracts traded on active exchange markets valued using unadjusted prices quoted directly from the exchange. | ||||||||||||||||||||||||||||||||||||||||
• | Level 2 – Consists of assets or liabilities valued using industry standard models and based on prices, other than quoted prices within Level 1, that are either directly or indirectly observable as of the measurement date. The industry standard models consider observable assumptions including time value, volatility factors, and current market and contractual prices for the underlying commodities, in addition to other economic measures. This category includes contracts traded on active exchanges or in over-the-counter markets priced with industry standard models. | ||||||||||||||||||||||||||||||||||||||||
• | Level 3 – Consists of assets or liabilities whose fair value is estimated based on internally developed models or methodologies using inputs that are generally less readily observable and supported by little, if any, market activity at the measurement date. Unobservable inputs are developed based on the best available information and subject to cost benefit constraints. This category includes contracts priced using models that are internally developed and contracts placed in illiquid markets. It also includes contracts that expire after the period of time for which quoted prices are available and internal models are used to determine a significant portion of the value. | ||||||||||||||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis as of September 30, 2013 are summarized below. | |||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Netting | Total | |||||||||||||||||||||||||||||||||||||
Adjustments(d) | |||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | Con | CECONY | Con | CECONY | Con | CECONY | Con | CECONY | Con | CECONY | |||||||||||||||||||||||||||||||
Edison | Edison | Edison | Edison | Edison | |||||||||||||||||||||||||||||||||||||
Derivative assets: | |||||||||||||||||||||||||||||||||||||||||
Commodity (a)(e) | $ | 1 | $ | 1 | $ | 52 | $ | 6 | $ | 9 | $ | 8 | $ | — | $ | 8 | $ | 62 | $ | 23 | |||||||||||||||||||||
Other assets (c)(e) | 129 | 122 | 108 | 98 | — | — | — | — | 237 | 220 | |||||||||||||||||||||||||||||||
Total | $ | 130 | $ | 123 | $ | 160 | $ | 104 | $ | 9 | $ | 8 | $ | — | $ | 8 | $ | 299 | $ | 243 | |||||||||||||||||||||
Derivative liabilities: | |||||||||||||||||||||||||||||||||||||||||
Commodity (a)(e) | $ | 9 | $ | 9 | $ | 74 | $ | 37 | $ | 23 | $ | — | $ | -56 | $ | -21 | $ | 50 | $ | 25 | |||||||||||||||||||||
Interest rate contract (b)(e) | — | — | 3 | — | — | — | — | — | 3 | — | |||||||||||||||||||||||||||||||
Total | $ | 9 | $ | 9 | $ | 77 | $ | 37 | $ | 23 | $ | — | $ | -56 | $ | -21 | $ | 53 | $ | 25 | |||||||||||||||||||||
(a) | A portion of the commodity derivatives categorized in Level 3 is valued using an internally developed model with observable inputs. The models also include some less readily observable inputs resulting in the classification of the entire contract as Level 3. See Note K. | ||||||||||||||||||||||||||||||||||||||||
(b) | See Note K. | ||||||||||||||||||||||||||||||||||||||||
(c) | Other assets are comprised of assets such as life insurance contracts within the deferred compensation plan and non-qualified retirement plans. | ||||||||||||||||||||||||||||||||||||||||
(d) | 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. | ||||||||||||||||||||||||||||||||||||||||
(e) | The Companies’ policy is to recognize transfers into and transfers out of the levels at the end of the reporting period. There were no transfers between levels 1, 2, and 3 for the nine months ended September 30, 2013. | ||||||||||||||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis as of December 31, 2012 are summarized below. | |||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Netting | Total | |||||||||||||||||||||||||||||||||||||
Adjustments(d) | |||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | Con | CECONY | Con | CECONY | Con | CECONY | Con | CECONY | Con | CECONY | |||||||||||||||||||||||||||||||
Edison | Edison | Edison | Edison | Edison | |||||||||||||||||||||||||||||||||||||
Derivative assets: | |||||||||||||||||||||||||||||||||||||||||
Commodity (a)(e) | $ | — | $ | — | $ | 43 | $ | 8 | $ | 33 | $ | 10 | $(10 | ) | $12 | $ | 66 | $ | 30 | ||||||||||||||||||||||
Other assets (c)(e)(f) | 106 | 99 | 107 | 98 | — | — | — | — | 213 | 197 | |||||||||||||||||||||||||||||||
Total | $ | 106 | $ | 99 | $ | 150 | $ | 106 | $ | 33 | $ | 10 | $(10 | ) | $12 | $ | 279 | $ | 227 | ||||||||||||||||||||||
Derivative liabilities: | |||||||||||||||||||||||||||||||||||||||||
Commodity (a)(e)(h) | $ | 12 | $ | 12 | $ | 116 | $ | 62 | $ | 38 | $ | — | $(94 | ) | $(35 | ) | $ | 72 | $ | 39 | |||||||||||||||||||||
Interest rate contract (b)(e)(g) | — | — | 6 | — | — | — | — | — | 6 | — | |||||||||||||||||||||||||||||||
Total | $ | 12 | $ | 12 | $ | 122 | $ | 62 | $ | 38 | $ | — | $(94 | ) | $(35 | ) | $ | 78 | $ | 39 | |||||||||||||||||||||
(a) | A significant portion of the commodity derivative contracts categorized in Level 3 is valued using either an industry acceptable model or an internally developed model with observable inputs. The models also include some less readily observable inputs resulting in the classification of the entire contract as Level 3. See Note K. | ||||||||||||||||||||||||||||||||||||||||
(b) | See Note K. | ||||||||||||||||||||||||||||||||||||||||
(c) | Other assets are comprised of assets such as life insurance contracts within the deferred compensation plan and non-qualified retirement plans. | ||||||||||||||||||||||||||||||||||||||||
(d) | 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. | ||||||||||||||||||||||||||||||||||||||||
(e) | The Companies’ policy is to recognize transfers into and transfers out of the levels at the end of the reporting period. | ||||||||||||||||||||||||||||||||||||||||
(f) | On March 31, 2012, other assets of $105 million for Con Edison and $95 million for CECONY were transferred from Level 3 to Level 2 because of reassessment of the levels in the fair value hierarchy within which certain inputs fall as of March 31, 2012. | ||||||||||||||||||||||||||||||||||||||||
(g) | On March 31, 2012, interest rate contract of $8 million was transferred from Level 3 to Level 2 because of reassessment of the levels in the fair value hierarchy within which certain inputs fall. | ||||||||||||||||||||||||||||||||||||||||
(h) | During 2012, Con Edison transferred commodity derivative contract liabilities of $2 million from Level 1 to Level 2, $9 million from Level 2 to Level 1, $2 million from Level 2 to Level 3, and $11 million from Level 3 to Level 2 because of reassessment of the levels in the fair value hierarchy within which certain inputs fall. | ||||||||||||||||||||||||||||||||||||||||
The employees in the risk management groups of the Utilities and the competitive energy businesses 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 on a monthly basis to the Companies’ risk committees, comprised of officers and employees of the Companies that oversee energy hedging at the Utilities and the competitive energy businesses. The managers of the risk management groups report to the Companies’ Vice President and Treasurer. | |||||||||||||||||||||||||||||||||||||||||
Fair Value of | Valuation | Unobservable Inputs | Range | ||||||||||||||||||||||||||||||||||||||
Level 3 at | Techniques | ||||||||||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | |||||||||||||||||||||||||||||||||||||||||
Con Edison—Commodity | |||||||||||||||||||||||||||||||||||||||||
Electricity | $ | (6 | ) | Discounted Cash Flow | Forward energy prices (a) | $24-$99 per MWH | |||||||||||||||||||||||||||||||||||
Standard Offer Capacity Agreements | (17 | ) | Discounted Cash Flow | Forward capacity prices (a) | $119-$248 MW -day | ||||||||||||||||||||||||||||||||||||
Present value factor (a) | 2.64% | ||||||||||||||||||||||||||||||||||||||||
Transmission Congestion Contracts / Financial Transmission Rights | 9 | Discounted Cash Flow | Discount to adjust auction prices for inter-zonal forward price curves (b) | (5.8)%-42.4% | |||||||||||||||||||||||||||||||||||||
Discount to adjust auction prices for historical monthly realized settlements (b) | (102.4)%-49.2% | ||||||||||||||||||||||||||||||||||||||||
Inter-zonal forward price curves adjusted for historical zonal losses (b) | $1.56-$2.16 | ||||||||||||||||||||||||||||||||||||||||
Total Con Edison—Commodity | $ | (14 | ) | ||||||||||||||||||||||||||||||||||||||
CECONY— | |||||||||||||||||||||||||||||||||||||||||
Commodity | |||||||||||||||||||||||||||||||||||||||||
Transmission Congestion Contracts | $ | 8 | Discounted Cash Flow | Discount to adjust auction prices for inter-zonal forward price curves (b) | (5.8)%-42.4% | ||||||||||||||||||||||||||||||||||||
Discount to adjust auction prices for historical monthly realized settlements (b) | (102.4)%-49.2% | ||||||||||||||||||||||||||||||||||||||||
(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, 2013 and 2012 and classified as Level 3 in the fair value hierarchy: | |||||||||||||||||||||||||||||||||||||||||
For Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
Total Gains/(Losses)— | |||||||||||||||||||||||||||||||||||||||||
Realized and Unrealized | |||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | Beginning | Included in | Included in | Purchases | Issuances | Sales | Settlements | Transfer | Ending | ||||||||||||||||||||||||||||||||
Balance as of | Earnings | Regulatory Assets | In/Out of | Balance as of | |||||||||||||||||||||||||||||||||||||
1-Jul-13 | and Liabilities | Level 3 | September 30, | ||||||||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||||||
Con Edison | |||||||||||||||||||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||||||||||||||
Commodity | $ | (6 | ) | $ | (3 | ) | $ | -2 | $ | 5 | $ | — | $ | — | $ | -8 | $ | — | $ | (14 | ) | ||||||||||||||||||||
CECONY | |||||||||||||||||||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||||||||||||||
Commodity | $ | 8 | $ | 2 | $ | -1 | $ | 5 | $ | — | $ | — | $ | -6 | $ | — | $ | 8 | |||||||||||||||||||||||
For Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
Total Gains/(Losses)— | |||||||||||||||||||||||||||||||||||||||||
Realized and Unrealized | |||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | Beginning | Included in | Included in | Purchases | Issuances | Sales | Settlements | Transfer | Ending | ||||||||||||||||||||||||||||||||
Balance as of | Earnings | Regulatory Assets | In/Out of | Balance as of | |||||||||||||||||||||||||||||||||||||
January 1, 2013 | and Liabilities | Level 3 | September 30, | ||||||||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||||||
Con Edison | |||||||||||||||||||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||||||||||||||
Commodity | $ | (5 | ) | $ | 5 | $ | 1 | $ | 12 | $ | — | $ | — | $ | -27 | $ | — | $ | (14 | ) | |||||||||||||||||||||
CECONY | |||||||||||||||||||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||||||||||||||
Commodity | $ | 10 | $ | 9 | $ | — | $ | 10 | $ | — | $ | — | $ | -21 | $ | — | $ | 8 | |||||||||||||||||||||||
For the Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
Total Gains/(Losses)— | |||||||||||||||||||||||||||||||||||||||||
Realized and Unrealized | |||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | Beginning | Included in | Included in | Purchases | Issuances | Sales | Settlements | Transfer | Ending | ||||||||||||||||||||||||||||||||
Balance as of | Earnings | Regulatory Assets | In/Out of | Balance as of | |||||||||||||||||||||||||||||||||||||
1-Jul-12 | and Liabilities | Level 3 | September 30, | ||||||||||||||||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||||||||||
Con Edison | |||||||||||||||||||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||||||||||||||
Commodity | $ | -61 | $ | -15 | $ | 19 | $ | 7 | $ | — | $ | — | $ | 25 | $ | 22 | $ | (3 | ) | ||||||||||||||||||||||
CECONY | |||||||||||||||||||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||||||||||||||
Commodity | $ | -10 | $ | -9 | $ | 8 | $ | 7 | $ | — | $ | — | $ | 5 | $ | 11 | $ | 12 | |||||||||||||||||||||||
For the Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
Total Gains/(Losses)— | |||||||||||||||||||||||||||||||||||||||||
Realized and Unrealized | |||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | Beginning | Included in | Included in | Purchases | Issuances | Sales | Settlements | Transfer | Ending | ||||||||||||||||||||||||||||||||
Balance as of | Earnings | Regulatory Assets | In/Out of | Balance as of | |||||||||||||||||||||||||||||||||||||
January 1, 2012 | and Liabilities | Level 3 | September 30, | ||||||||||||||||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||||||||||
Con Edison | |||||||||||||||||||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||||||||||||||
Commodity | $ | (62 | ) | $ | (97 | ) | $ | 11 | $ | 18 | $ | — | $ | — | $ | 106 | $ | 21 | $ | (3 | ) | ||||||||||||||||||||
Interest rate contract | (8 | ) | (1 | ) | — | — | — | — | 1 | 8 | (b) | — | |||||||||||||||||||||||||||||
Other assets(a) | 99 | 3 | 3 | — | — | — | — | (105 | )(b) | — | |||||||||||||||||||||||||||||||
Total | $ | 29 | $ | (95 | ) | $ | 14 | $ | 18 | $ | — | $ | — | $ | 107 | $ | (76 | ) | $ | (3 | ) | ||||||||||||||||||||
CECONY | |||||||||||||||||||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||||||||||||||
Commodity | $ | (7 | ) | $ | (25 | ) | $ | 8 | $ | 15 | $ | — | $ | — | $ | 12 | $ | 9 | (b) | $ | 12 | ||||||||||||||||||||
Other assets(a) | 90 | 3 | 2 | — | — | — | — | (95 | )(b) | — | |||||||||||||||||||||||||||||||
Total | $ | 83 | $ | (22 | ) | $ | 10 | $ | 15 | $ | — | $ | — | $ | 12 | $ | (86 | ) | $ | 12 | |||||||||||||||||||||
(a) | Amounts included in earnings are reported in investment and other income on the consolidated income statement. | ||||||||||||||||||||||||||||||||||||||||
(b) | Other assets and interest rate contract were transferred as of March 31, 2012. | ||||||||||||||||||||||||||||||||||||||||
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 commissions. 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 competitive energy businesses, realized and unrealized gains and losses on Level 3 commodity derivative assets and liabilities are reported in non-utility revenues (immaterial and $2 million loss) and purchased power costs ($4 million loss and $2 million gain) on the consolidated income statement for the three months ended September 30, 2013 and 2012, respectively. Realized and unrealized gains and losses on Level 3 commodity derivative assets and liabilities are reported in non-utility revenues ($2 million loss and $11 million loss) and purchased power costs (immaterial and $42 million loss) on the consolidated income statement for the nine months ended September 30, 2013 and 2012, respectively. The change in fair value relating to Level 3 commodity derivative assets and liabilities held at September 30, 2013 and 2012 is included in non-utility revenues (immaterial and $2 million loss) and purchased power costs ($5 million loss and $16 million gain) on the consolidated income statement for the three months ended September 30, 2013 and 2012, respectively. For the nine months ended September 30, 2013 and 2012, the change in fair value relating to Level 3 commodity derivative assets and liabilities is included in non-utility revenues ($2 million loss and $11 million loss) and purchased power costs ($3 million loss and $40 million gain) on the consolidated income statement, respectively. | |||||||||||||||||||||||||||||||||||||||||
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, 2013, the Companies determined that nonperformance risk would have no material impact on their financial position or results of operations. To assess nonperformance risk, the Companies considered information such as collateral requirements, master netting arrangements, letters of credit and parent company guarantees, and applied a market-based method by using the counterparty (for an asset) or the Companies’ (for a liability) credit default swaps rates. | |||||||||||||||||||||||||||||||||||||||||
CECONY [Member] | ' | ||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||||||||||||||||||||||
Note L — Fair Value Measurements | |||||||||||||||||||||||||||||||||||||||||
The accounting rules for fair value measurements and disclosures define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in a principal or most advantageous market. Fair value is a market-based measurement that is determined based on inputs, which refer broadly to assumptions that market participants use in pricing assets or liabilities. These inputs can be readily observable, market corroborated, or generally unobservable firm inputs. The Companies often make certain assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, and the risks inherent in the inputs to valuation techniques. The Companies use valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. | |||||||||||||||||||||||||||||||||||||||||
The accounting rules for fair value measurements and disclosures established a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value in three broad levels. The rules require that assets and liabilities be classified in their entirety based on the level of input that is significant to the fair value measurement. Assessing the significance of a particular input may require judgment considering factors specific to the asset or liability, and may affect the valuation of the asset or liability and their placement within the fair value hierarchy. The Companies classify fair value balances based on the fair value hierarchy defined by the accounting rules for fair value measurements and disclosures as follows: | |||||||||||||||||||||||||||||||||||||||||
• | Level 1 – Consists of assets or liabilities whose value is based on unadjusted quoted prices in active markets at the measurement date. An active market is one in which transactions for assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. This category includes contracts traded on active exchange markets valued using unadjusted prices quoted directly from the exchange. | ||||||||||||||||||||||||||||||||||||||||
• | Level 2 – Consists of assets or liabilities valued using industry standard models and based on prices, other than quoted prices within Level 1, that are either directly or indirectly observable as of the measurement date. The industry standard models consider observable assumptions including time value, volatility factors, and current market and contractual prices for the underlying commodities, in addition to other economic measures. This category includes contracts traded on active exchanges or in over-the-counter markets priced with industry standard models. | ||||||||||||||||||||||||||||||||||||||||
• | Level 3 – Consists of assets or liabilities whose fair value is estimated based on internally developed models or methodologies using inputs that are generally less readily observable and supported by little, if any, market activity at the measurement date. Unobservable inputs are developed based on the best available information and subject to cost benefit constraints. This category includes contracts priced using models that are internally developed and contracts placed in illiquid markets. It also includes contracts that expire after the period of time for which quoted prices are available and internal models are used to determine a significant portion of the value. | ||||||||||||||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis as of September 30, 2013 are summarized below. | |||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Netting | Total | |||||||||||||||||||||||||||||||||||||
Adjustments(d) | |||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | Con | CECONY | Con | CECONY | Con | CECONY | Con | CECONY | Con | CECONY | |||||||||||||||||||||||||||||||
Edison | Edison | Edison | Edison | Edison | |||||||||||||||||||||||||||||||||||||
Derivative assets: | |||||||||||||||||||||||||||||||||||||||||
Commodity (a)(e) | $ | 1 | $ | 1 | $ | 52 | $ | 6 | $ | 9 | $ | 8 | $ | — | $ | 8 | $ | 62 | $ | 23 | |||||||||||||||||||||
Other assets (c)(e) | 129 | 122 | 108 | 98 | — | — | — | — | 237 | 220 | |||||||||||||||||||||||||||||||
Total | $ | 130 | $ | 123 | $ | 160 | $ | 104 | $ | 9 | $ | 8 | $ | — | $ | 8 | $ | 299 | $ | 243 | |||||||||||||||||||||
Derivative liabilities: | |||||||||||||||||||||||||||||||||||||||||
Commodity (a)(e) | $ | 9 | $ | 9 | $ | 74 | $ | 37 | $ | 23 | $ | — | $ | -56 | $ | -21 | $ | 50 | $ | 25 | |||||||||||||||||||||
Interest rate contract (b)(e) | — | — | 3 | — | — | — | — | — | 3 | — | |||||||||||||||||||||||||||||||
Total | $ | 9 | $ | 9 | $ | 77 | $ | 37 | $ | 23 | $ | — | $ | -56 | $ | -21 | $ | 53 | $ | 25 | |||||||||||||||||||||
(a) | A portion of the commodity derivatives categorized in Level 3 is valued using an internally developed model with observable inputs. The models also include some less readily observable inputs resulting in the classification of the entire contract as Level 3. See Note K. | ||||||||||||||||||||||||||||||||||||||||
(b) | See Note K. | ||||||||||||||||||||||||||||||||||||||||
(c) | Other assets are comprised of assets such as life insurance contracts within the deferred compensation plan and non-qualified retirement plans. | ||||||||||||||||||||||||||||||||||||||||
(d) | 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. | ||||||||||||||||||||||||||||||||||||||||
(e) | The Companies’ policy is to recognize transfers into and transfers out of the levels at the end of the reporting period. There were no transfers between levels 1, 2, and 3 for the nine months ended September 30, 2013. | ||||||||||||||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis as of December 31, 2012 are summarized below. | |||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Netting | Total | |||||||||||||||||||||||||||||||||||||
Adjustments(d) | |||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | Con | CECONY | Con | CECONY | Con | CECONY | Con | CECONY | Con | CECONY | |||||||||||||||||||||||||||||||
Edison | Edison | Edison | Edison | Edison | |||||||||||||||||||||||||||||||||||||
Derivative assets: | |||||||||||||||||||||||||||||||||||||||||
Commodity (a)(e) | $ | — | $ | — | $ | 43 | $ | 8 | $ | 33 | $ | 10 | $(10 | ) | $12 | $ | 66 | $ | 30 | ||||||||||||||||||||||
Other assets (c)(e)(f) | 106 | 99 | 107 | 98 | — | — | — | — | 213 | 197 | |||||||||||||||||||||||||||||||
Total | $ | 106 | $ | 99 | $ | 150 | $ | 106 | $ | 33 | $ | 10 | $(10 | ) | $12 | $ | 279 | $ | 227 | ||||||||||||||||||||||
Derivative liabilities: | |||||||||||||||||||||||||||||||||||||||||
Commodity (a)(e)(h) | $ | 12 | $ | 12 | $ | 116 | $ | 62 | $ | 38 | $ | — | $(94 | ) | $(35 | ) | $ | 72 | $ | 39 | |||||||||||||||||||||
Interest rate contract (b)(e)(g) | — | — | 6 | — | — | — | — | — | 6 | — | |||||||||||||||||||||||||||||||
Total | $ | 12 | $ | 12 | $ | 122 | $ | 62 | $ | 38 | $ | — | $(94 | ) | $(35 | ) | $ | 78 | $ | 39 | |||||||||||||||||||||
(a) | A significant portion of the commodity derivative contracts categorized in Level 3 is valued using either an industry acceptable model or an internally developed model with observable inputs. The models also include some less readily observable inputs resulting in the classification of the entire contract as Level 3. See Note K. | ||||||||||||||||||||||||||||||||||||||||
(b) | See Note K. | ||||||||||||||||||||||||||||||||||||||||
(c) | Other assets are comprised of assets such as life insurance contracts within the deferred compensation plan and non-qualified retirement plans. | ||||||||||||||||||||||||||||||||||||||||
(d) | 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. | ||||||||||||||||||||||||||||||||||||||||
(e) | The Companies’ policy is to recognize transfers into and transfers out of the levels at the end of the reporting period. | ||||||||||||||||||||||||||||||||||||||||
(f) | On March 31, 2012, other assets of $105 million for Con Edison and $95 million for CECONY were transferred from Level 3 to Level 2 because of reassessment of the levels in the fair value hierarchy within which certain inputs fall as of March 31, 2012. | ||||||||||||||||||||||||||||||||||||||||
(g) | On March 31, 2012, interest rate contract of $8 million was transferred from Level 3 to Level 2 because of reassessment of the levels in the fair value hierarchy within which certain inputs fall. | ||||||||||||||||||||||||||||||||||||||||
(h) | During 2012, Con Edison transferred commodity derivative contract liabilities of $2 million from Level 1 to Level 2, $9 million from Level 2 to Level 1, $2 million from Level 2 to Level 3, and $11 million from Level 3 to Level 2 because of reassessment of the levels in the fair value hierarchy within which certain inputs fall. | ||||||||||||||||||||||||||||||||||||||||
The employees in the risk management groups of the Utilities and the competitive energy businesses 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 on a monthly basis to the Companies’ risk committees, comprised of officers and employees of the Companies that oversee energy hedging at the Utilities and the competitive energy businesses. The managers of the risk management groups report to the Companies’ Vice President and Treasurer. | |||||||||||||||||||||||||||||||||||||||||
Fair Value of | Valuation | Unobservable Inputs | Range | ||||||||||||||||||||||||||||||||||||||
Level 3 at | Techniques | ||||||||||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | |||||||||||||||||||||||||||||||||||||||||
Con Edison—Commodity | |||||||||||||||||||||||||||||||||||||||||
Electricity | $ | (6 | ) | Discounted Cash Flow | Forward energy prices (a) | $24-$99 per MWH | |||||||||||||||||||||||||||||||||||
Standard Offer Capacity Agreements | (17 | ) | Discounted Cash Flow | Forward capacity prices (a) | $119-$248 MW -day | ||||||||||||||||||||||||||||||||||||
Present value factor (a) | 2.64% | ||||||||||||||||||||||||||||||||||||||||
Transmission Congestion Contracts / Financial Transmission Rights | 9 | Discounted Cash Flow | Discount to adjust auction prices for inter-zonal forward price curves (b) | (5.8)%-42.4% | |||||||||||||||||||||||||||||||||||||
Discount to adjust auction prices for historical monthly realized settlements (b) | (102.4)%-49.2% | ||||||||||||||||||||||||||||||||||||||||
Inter-zonal forward price curves adjusted for historical zonal losses (b) | $1.56-$2.16 | ||||||||||||||||||||||||||||||||||||||||
Total Con Edison—Commodity | $ | (14 | ) | ||||||||||||||||||||||||||||||||||||||
CECONY— | |||||||||||||||||||||||||||||||||||||||||
Commodity | |||||||||||||||||||||||||||||||||||||||||
Transmission Congestion Contracts | $ | 8 | Discounted Cash Flow | Discount to adjust auction prices for inter-zonal forward price curves (b) | (5.8)%-42.4% | ||||||||||||||||||||||||||||||||||||
Discount to adjust auction prices for historical monthly realized settlements (b) | (102.4)%-49.2% | ||||||||||||||||||||||||||||||||||||||||
(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, 2013 and 2012 and classified as Level 3 in the fair value hierarchy: | |||||||||||||||||||||||||||||||||||||||||
For Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
Total Gains/(Losses)— | |||||||||||||||||||||||||||||||||||||||||
Realized and Unrealized | |||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | Beginning | Included in | Included in | Purchases | Issuances | Sales | Settlements | Transfer | Ending | ||||||||||||||||||||||||||||||||
Balance as of | Earnings | Regulatory Assets | In/Out of | Balance as of | |||||||||||||||||||||||||||||||||||||
1-Jul-13 | and Liabilities | Level 3 | September 30, | ||||||||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||||||
Con Edison | |||||||||||||||||||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||||||||||||||
Commodity | $ | (6 | ) | $ | (3 | ) | $ | -2 | $ | 5 | $ | — | $ | — | $ | -8 | $ | — | $ | (14 | ) | ||||||||||||||||||||
CECONY | |||||||||||||||||||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||||||||||||||
Commodity | $ | 8 | $ | 2 | $ | -1 | $ | 5 | $ | — | $ | — | $ | -6 | $ | — | $ | 8 | |||||||||||||||||||||||
For Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
Total Gains/(Losses)— | |||||||||||||||||||||||||||||||||||||||||
Realized and Unrealized | |||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | Beginning | Included in | Included in | Purchases | Issuances | Sales | Settlements | Transfer | Ending | ||||||||||||||||||||||||||||||||
Balance as of | Earnings | Regulatory Assets | In/Out of | Balance as of | |||||||||||||||||||||||||||||||||||||
January 1, 2013 | and Liabilities | Level 3 | September 30, | ||||||||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||||||
Con Edison | |||||||||||||||||||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||||||||||||||
Commodity | $ | (5 | ) | $ | 5 | $ | 1 | $ | 12 | $ | — | $ | — | $ | -27 | $ | — | $ | (14 | ) | |||||||||||||||||||||
CECONY | |||||||||||||||||||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||||||||||||||
Commodity | $ | 10 | $ | 9 | $ | — | $ | 10 | $ | — | $ | — | $ | -21 | $ | — | $ | 8 | |||||||||||||||||||||||
For the Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
Total Gains/(Losses)— | |||||||||||||||||||||||||||||||||||||||||
Realized and Unrealized | |||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | Beginning | Included in | Included in | Purchases | Issuances | Sales | Settlements | Transfer | Ending | ||||||||||||||||||||||||||||||||
Balance as of | Earnings | Regulatory Assets | In/Out of | Balance as of | |||||||||||||||||||||||||||||||||||||
1-Jul-12 | and Liabilities | Level 3 | September 30, | ||||||||||||||||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||||||||||
Con Edison | |||||||||||||||||||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||||||||||||||
Commodity | $ | -61 | $ | -15 | $ | 19 | $ | 7 | $ | — | $ | — | $ | 25 | $ | 22 | $ | (3 | ) | ||||||||||||||||||||||
CECONY | |||||||||||||||||||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||||||||||||||
Commodity | $ | -10 | $ | -9 | $ | 8 | $ | 7 | $ | — | $ | — | $ | 5 | $ | 11 | $ | 12 | |||||||||||||||||||||||
For the Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
Total Gains/(Losses)— | |||||||||||||||||||||||||||||||||||||||||
Realized and Unrealized | |||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | Beginning | Included in | Included in | Purchases | Issuances | Sales | Settlements | Transfer | Ending | ||||||||||||||||||||||||||||||||
Balance as of | Earnings | Regulatory Assets | In/Out of | Balance as of | |||||||||||||||||||||||||||||||||||||
January 1, 2012 | and Liabilities | Level 3 | September 30, | ||||||||||||||||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||||||||||
Con Edison | |||||||||||||||||||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||||||||||||||
Commodity | $ | (62 | ) | $ | (97 | ) | $ | 11 | $ | 18 | $ | — | $ | — | $ | 106 | $ | 21 | $ | (3 | ) | ||||||||||||||||||||
Interest rate contract | (8 | ) | (1 | ) | — | — | — | — | 1 | 8 | (b) | — | |||||||||||||||||||||||||||||
Other assets(a) | 99 | 3 | 3 | — | — | — | — | (105 | )(b) | — | |||||||||||||||||||||||||||||||
Total | $ | 29 | $ | (95 | ) | $ | 14 | $ | 18 | $ | — | $ | — | $ | 107 | $ | (76 | ) | $ | (3 | ) | ||||||||||||||||||||
CECONY | |||||||||||||||||||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||||||||||||||
Commodity | $ | (7 | ) | $ | (25 | ) | $ | 8 | $ | 15 | $ | — | $ | — | $ | 12 | $ | 9 | (b) | $ | 12 | ||||||||||||||||||||
Other assets(a) | 90 | 3 | 2 | — | — | — | — | (95 | )(b) | — | |||||||||||||||||||||||||||||||
Total | $ | 83 | $ | (22 | ) | $ | 10 | $ | 15 | $ | — | $ | — | $ | 12 | $ | (86 | ) | $ | 12 | |||||||||||||||||||||
(a) | Amounts included in earnings are reported in investment and other income on the consolidated income statement. | ||||||||||||||||||||||||||||||||||||||||
(b) | Other assets and interest rate contract were transferred as of March 31, 2012. | ||||||||||||||||||||||||||||||||||||||||
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 commissions. 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 competitive energy businesses, realized and unrealized gains and losses on Level 3 commodity derivative assets and liabilities are reported in non-utility revenues (immaterial and $2 million loss) and purchased power costs ($4 million loss and $2 million gain) on the consolidated income statement for the three months ended September 30, 2013 and 2012, respectively. Realized and unrealized gains and losses on Level 3 commodity derivative assets and liabilities are reported in non-utility revenues ($2 million loss and $11 million loss) and purchased power costs (immaterial and $42 million loss) on the consolidated income statement for the nine months ended September 30, 2013 and 2012, respectively. The change in fair value relating to Level 3 commodity derivative assets and liabilities held at September 30, 2013 and 2012 is included in non-utility revenues (immaterial and $2 million loss) and purchased power costs ($5 million loss and $16 million gain) on the consolidated income statement for the three months ended September 30, 2013 and 2012, respectively. For the nine months ended September 30, 2013 and 2012, the change in fair value relating to Level 3 commodity derivative assets and liabilities is included in non-utility revenues ($2 million loss and $11 million loss) and purchased power costs ($3 million loss and $40 million gain) on the consolidated income statement, respectively. | |||||||||||||||||||||||||||||||||||||||||
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, 2013, the Companies determined that nonperformance risk would have no material impact on their financial position or results of operations. To assess nonperformance risk, the Companies considered information such as collateral requirements, master netting arrangements, letters of credit and parent company guarantees, and applied a market-based method by using the counterparty (for an asset) or the Companies’ (for a liability) credit default swaps rates. |
Variable_Interest_Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2013 | |
Variable Interest Entities | ' |
Note M — Variable Interest Entities | |
Con Edison has variable interests in Copper Mountain Solar 2 Holdings, LLC (CMS 2) and Mesquite Solar 1 Holdings, LLC (MS 1), non-consolidated entities in which Con Edison Development purchased a 50 percent membership interest in July and September 2013, respectively. CMS 2 owns a project company that is developing a 150 MW (AC) solar energy project (with 92 MW currently in service) in Nevada. MS 1 owns a project company that owns a 150 MW (AC) solar energy project in Arizona. Electricity generated by the projects is sold to Pacific Gas and Electric Company pursuant to long-term power purchase agreements. Con Edison is not the primary beneficiary of these variable interest entities since the power to direct the activities that most significantly impact the economics of CMS 2 and MS 1 is shared equally between Con Edison Development and a third party. At September 30, 2013, Con Edison’s consolidated balance sheet includes $76 million and $104 million in investments (including earnings) related to CMS 2 and MS 1, respectively, which assessed in accordance with the accounting rules for variable interest entities, is Con Edison’s current maximum exposure to loss in the entities. In addition, Con Edison and Con Edison Development have issued certain guarantees to third parties in connection with the CMS 2 and MS 1 projects. See “Guarantees” in Note H. | |
CECONY [Member] | ' |
Variable Interest Entities | ' |
Note M — Variable Interest Entities | |
Con Edison has variable interests in Copper Mountain Solar 2 Holdings, LLC (CMS 2) and Mesquite Solar 1 Holdings, LLC (MS 1), non-consolidated entities in which Con Edison Development purchased a 50 percent membership interest in July and September 2013, respectively. CMS 2 owns a project company that is developing a 150 MW (AC) solar energy project (with 92 MW currently in service) in Nevada. MS 1 owns a project company that owns a 150 MW (AC) solar energy project in Arizona. Electricity generated by the projects is sold to Pacific Gas and Electric Company pursuant to long-term power purchase agreements. Con Edison is not the primary beneficiary of these variable interest entities since the power to direct the activities that most significantly impact the economics of CMS 2 and MS 1 is shared equally between Con Edison Development and a third party. At September 30, 2013, Con Edison’s consolidated balance sheet includes $76 million and $104 million in investments (including earnings) related to CMS 2 and MS 1, respectively, which assessed in accordance with the accounting rules for variable interest entities, is Con Edison’s current maximum exposure to loss in the entities. In addition, Con Edison and Con Edison Development have issued certain guarantees to third parties in connection with the CMS 2 and MS 1 projects. See “Guarantees” in Note H. |
Asset_Retirement_Obligations
Asset Retirement Obligations | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Asset Retirement Obligations | ' | ||||||||||||||||
Note N — Asset Retirement Obligations | |||||||||||||||||
The Companies account for retirement obligations on their assets in accordance with the accounting rules for asset retirement obligations. | |||||||||||||||||
The Companies recorded asset retirement obligations associated with the removal of asbestos and asbestos-containing material in their buildings (other than generating station and substation building structures themselves), electric equipment, and steam and gas distribution systems. The Companies also recorded asset retirement obligations relating to gas pipelines abandoned in place. The estimates of future liabilities were developed using historical information, and where available, quoted prices from outside contractors. | |||||||||||||||||
The Companies did not record an asset retirement obligation for the removal of asbestos associated with the generating station and substation building structures themselves. For these building structures, the Companies were unable to reasonably estimate their asset retirement obligations because the Companies were unable to estimate the undiscounted retirement costs or the retirement dates and settlement dates. The amount of the undiscounted retirement costs could vary considerably depending on the disposition method for the building structures, and the method has not been determined. The Companies anticipate continuing to use these building structures in their businesses for an indefinite period, and so the retirement dates and settlement dates are not determinable. | |||||||||||||||||
The accrued liability for asset retirement obligations and the regulatory liabilities for allowance for cost of removal less salvage for the Companies at September 30, 2013 and December 31, 2012 were as follows: | |||||||||||||||||
Con Edison | CECONY | ||||||||||||||||
(Millions of Dollars) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Accrued liability — asset retirement obligations | $164 | $159 | $163 | $158 | |||||||||||||
Regulatory liabilities — allowance for cost of removal less salvage | $522 | $503 | $436 | $420 | |||||||||||||
CECONY [Member] | ' | ||||||||||||||||
Asset Retirement Obligations | ' | ||||||||||||||||
Note N — Asset Retirement Obligations | |||||||||||||||||
The Companies account for retirement obligations on their assets in accordance with the accounting rules for asset retirement obligations. | |||||||||||||||||
The Companies recorded asset retirement obligations associated with the removal of asbestos and asbestos-containing material in their buildings (other than generating station and substation building structures themselves), electric equipment, and steam and gas distribution systems. The Companies also recorded asset retirement obligations relating to gas pipelines abandoned in place. The estimates of future liabilities were developed using historical information, and where available, quoted prices from outside contractors. | |||||||||||||||||
The Companies did not record an asset retirement obligation for the removal of asbestos associated with the generating station and substation building structures themselves. For these building structures, the Companies were unable to reasonably estimate their asset retirement obligations because the Companies were unable to estimate the undiscounted retirement costs or the retirement dates and settlement dates. The amount of the undiscounted retirement costs could vary considerably depending on the disposition method for the building structures, and the method has not been determined. The Companies anticipate continuing to use these building structures in their businesses for an indefinite period, and so the retirement dates and settlement dates are not determinable. | |||||||||||||||||
The accrued liability for asset retirement obligations and the regulatory liabilities for allowance for cost of removal less salvage for the Companies at September 30, 2013 and December 31, 2012 were as follows: | |||||||||||||||||
Con Edison | CECONY | ||||||||||||||||
(Millions of Dollars) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Accrued liability — asset retirement obligations | $164 | $159 | $163 | $158 | |||||||||||||
Regulatory liabilities — allowance for cost of removal less salvage | $522 | $503 | $436 | $420 |
New_Financial_Accounting_Stand
New Financial Accounting Standards | 9 Months Ended |
Sep. 30, 2013 | |
New Financial Accounting Standards | ' |
Note O — New Financial Accounting Standards | |
In December 2011 and January 2013, the Financial Accounting Standards Board (FASB) issued amendments to address and clarify the scope of the balance sheet off-setting disclosure guidance within Accounting Standards Codification (ASC) 210, “Balance Sheet.” ASU No. 2011-11 and ASU No. 2013-01, “Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities,” provide guidance that requires a reporting entity to disclose certain quantitative information concerning financial and derivative instruments that are offset in the balance sheet and a description of the rights of setoff, including the nature of such rights, associated with recognized assets and liabilities that are subject to an enforceable master netting arrangement or similar agreement. ASU No. 2013-01 clarifies that financial instruments subject to the disclosure guidance are (1) derivatives accounted for in accordance with ASC 815, Derivatives and Hedging, (2) repurchase agreements and reverse purchase agreements and (3) securities borrowing and securities lending transactions that are either offset in accordance with ASC Section 210-20-45 or Section 815-10-45 or subject to an enforceable master netting arrangement or similar agreement. A reporting entity electing gross presentation of such assets and liabilities in its balance sheet will still be subject to the same disclosure requirements. Both ASUs are applicable for fiscal years beginning on or after January 1, 2013, interim periods within those fiscal years, and retrospectively for all comparative periods presented. The application of this guidance does not have a material impact on the Companies’ financial position, results of operations and liquidity. See Note K. | |
In February 2013, the FASB issued amendments to improve the reporting of reclassifications out of accumulated OCI through ASU No. 2013-02, “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” The amendments require an entity to provide information either on the face of the financial statements or in a single footnote on significant amounts reclassified out of accumulated OCI and the related income statement line items to the extent an amount is reclassified in its entirety to net income under U.S. GAAP. For significant items not reclassified to net income in their entirety, an entity is required to cross-reference to other disclosures that provide additional information. For public entities, the amendments are effective prospectively for reporting periods beginning after December 15, 2012. The application of this guidance does not have a material impact on the Companies’ financial position, results of operations and liquidity. See Note A. | |
In July 2013, the FASB issued ASU No. 2013-10, “Derivatives and Hedging (Topic 815): Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes (a consensus of the FASB Emerging Issues Task Force).” The new guidance permits designating the Federal Funds Effective Swap Rate as a benchmark interest rate for hedge accounting. Previously, only the U.S. Treasury and LIBOR rates were allowed under the hedge accounting rules in U.S. GAAP. The new guidance also eliminates the restriction on using different benchmark interest rates for similar hedges. The amendments are effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. The application of this guidance does not have a material impact on the Companies’ financial position, results of operations and liquidity. | |
In July 2013, the FASB issued ASU No. 2013-11, “Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit when a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a Consensus of the FASB Emerging Issues Task Force).” The amendments require a liability related to an unrecognized tax benefit to be presented on a net basis with its associated deferred tax asset when utilization of such deferred tax assets is required or expected in the event the uncertain tax position is disallowed. Otherwise, the unrecognized tax benefit will be presented as a liability and will not be netted against deferred tax assets. For public entities, the amendments are effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. The application of this guidance is not expected to have a material impact on the Companies’ financial position, results of operations and liquidity. See Note I. | |
CECONY [Member] | ' |
New Financial Accounting Standards | ' |
Note O — New Financial Accounting Standards | |
In December 2011 and January 2013, the Financial Accounting Standards Board (FASB) issued amendments to address and clarify the scope of the balance sheet off-setting disclosure guidance within Accounting Standards Codification (ASC) 210, “Balance Sheet.” ASU No. 2011-11 and ASU No. 2013-01, “Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities,” provide guidance that requires a reporting entity to disclose certain quantitative information concerning financial and derivative instruments that are offset in the balance sheet and a description of the rights of setoff, including the nature of such rights, associated with recognized assets and liabilities that are subject to an enforceable master netting arrangement or similar agreement. ASU No. 2013-01 clarifies that financial instruments subject to the disclosure guidance are (1) derivatives accounted for in accordance with ASC 815, Derivatives and Hedging, (2) repurchase agreements and reverse purchase agreements and (3) securities borrowing and securities lending transactions that are either offset in accordance with ASC Section 210-20-45 or Section 815-10-45 or subject to an enforceable master netting arrangement or similar agreement. A reporting entity electing gross presentation of such assets and liabilities in its balance sheet will still be subject to the same disclosure requirements. Both ASUs are applicable for fiscal years beginning on or after January 1, 2013, interim periods within those fiscal years, and retrospectively for all comparative periods presented. The application of this guidance does not have a material impact on the Companies’ financial position, results of operations and liquidity. See Note K. | |
In February 2013, the FASB issued amendments to improve the reporting of reclassifications out of accumulated OCI through ASU No. 2013-02, “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” The amendments require an entity to provide information either on the face of the financial statements or in a single footnote on significant amounts reclassified out of accumulated OCI and the related income statement line items to the extent an amount is reclassified in its entirety to net income under U.S. GAAP. For significant items not reclassified to net income in their entirety, an entity is required to cross-reference to other disclosures that provide additional information. For public entities, the amendments are effective prospectively for reporting periods beginning after December 15, 2012. The application of this guidance does not have a material impact on the Companies’ financial position, results of operations and liquidity. See Note A. | |
In July 2013, the FASB issued ASU No. 2013-10, “Derivatives and Hedging (Topic 815): Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes (a consensus of the FASB Emerging Issues Task Force).” The new guidance permits designating the Federal Funds Effective Swap Rate as a benchmark interest rate for hedge accounting. Previously, only the U.S. Treasury and LIBOR rates were allowed under the hedge accounting rules in U.S. GAAP. The new guidance also eliminates the restriction on using different benchmark interest rates for similar hedges. The amendments are effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. The application of this guidance does not have a material impact on the Companies’ financial position, results of operations and liquidity. | |
In July 2013, the FASB issued ASU No. 2013-11, “Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit when a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a Consensus of the FASB Emerging Issues Task Force).” The amendments require a liability related to an unrecognized tax benefit to be presented on a net basis with its associated deferred tax asset when utilization of such deferred tax assets is required or expected in the event the uncertain tax position is disallowed. Otherwise, the unrecognized tax benefit will be presented as a liability and will not be netted against deferred tax assets. For public entities, the amendments are effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. The application of this guidance is not expected to have a material impact on the Companies’ financial position, results of operations and liquidity. See Note I. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Earnings Per Common Share | ' | ||||||||||||||||
For the three and nine months ended September 30, 2013 and 2012, basic and diluted earnings per share (EPS) for Con Edison are calculated as follows: | |||||||||||||||||
For the Three Months | For the Nine Months | ||||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||
(Millions of Dollars, except per share amounts/Shares in Millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Net income for common stock | $ | 464 | $ | 440 | $ | 828 | $ | 931 | |||||||||
Weighted average common shares outstanding – basic | 292.9 | 292.9 | 292.9 | 292.9 | |||||||||||||
Add: Incremental shares attributable to effect of potentially dilutive securities | 1.4 | 1.7 | 1.4 | 1.7 | |||||||||||||
Adjusted weighted average common shares outstanding – diluted | 294.3 | 294.6 | 294.3 | 294.6 | |||||||||||||
Net income for common stock per common share – basic | $ | 1.58 | $ | 1.5 | $ | 2.83 | $ | 3.18 | |||||||||
Net income for common stock per common share – diluted | $ | 1.58 | $ | 1.49 | $ | 2.81 | $ | 3.16 | |||||||||
Changes in Accumulated Other Comprehensive Income by Component | ' | ||||||||||||||||
For the three and nine months ended September 30, 2013, changes to accumulated other comprehensive income (OCI) for Con Edison and CECONY are as follows: | |||||||||||||||||
(Millions of Dollars) | Con Edison | CECONY | |||||||||||||||
Accumulated OCI, net of taxes, at December 31, 2012 | $ | (53 | ) | $ | (9 | ) | |||||||||||
OCI before reclassifications, net of tax of $1 and $- for Con Edison and CECONY, respectively | 1 | — | |||||||||||||||
Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax of $1 and $- for Con Edison and CECONY, respectively (a)(b) | 2 | — | |||||||||||||||
Total OCI, net of taxes, at March 31, 2013 | $ | 3 | $ | — | |||||||||||||
Accumulated OCI, net of taxes, at March 31, 2013 (b) | $ | (50 | ) | $ | (9 | ) | |||||||||||
OCI before reclassifications | — | — | |||||||||||||||
Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax of $1 and $- for Con Edison and CECONY, respectively (a)(b) | 2 | — | |||||||||||||||
Total OCI, net of taxes, at June 30, 2013 | $ | 2 | $ | — | |||||||||||||
Accumulated OCI, net of taxes, at June 30, 2013 (b) | $ | (48 | ) | $ | (9 | ) | |||||||||||
OCI before reclassifications | — | — | |||||||||||||||
Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax of $1 and $- for Con Edison and CECONY, respectively (a)(b) | 2 | — | |||||||||||||||
Total OCI, net of taxes, at September 30, 2013 | $ | 2 | $ | — | |||||||||||||
Accumulated OCI, net of taxes, at September 30, 2013 (b) | $ | (46 | ) | $ | (9 | ) | |||||||||||
(a) | For the portion of unrecognized pension and other postretirement benefit costs relating to the regulated Utilities, costs are recorded into, and amortized out of, regulatory assets instead of OCI. The net actuarial losses and prior service costs recognized during the period are included in the computation of net periodic pension and other postretirement benefit cost. See Notes E and F. | ||||||||||||||||
(b) | Tax reclassified from accumulated OCI is reported in the income tax expense line item of the income statement. |
Regulatory_Matters_Tables
Regulatory Matters (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Regulatory Assets and Liabilities | ' | ||||||||||||||||
Regulatory Assets and Liabilities | |||||||||||||||||
Regulatory assets and liabilities at September 30, 2013 and December 31, 2012 were comprised of the following items: | |||||||||||||||||
Con Edison | CECONY | ||||||||||||||||
(Millions of Dollars) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Regulatory assets | |||||||||||||||||
Unrecognized pension and other postretirement costs | $5,011 | $5,677 | $4,779 | $5,407 | |||||||||||||
Future income tax | 2,035 | 1,922 | 1,929 | 1,831 | |||||||||||||
Environmental remediation costs | 704 | 730 | 591 | 615 | |||||||||||||
Deferred storm costs | 451 | 432 | 340 | 309 | |||||||||||||
Pension and other postretirement benefits deferrals | 229 | 183 | 201 | 154 | |||||||||||||
Revenue taxes | 191 | 176 | 182 | 170 | |||||||||||||
Surcharge for New York State assessment | 119 | 73 | 113 | 68 | |||||||||||||
Net electric deferrals | 88 | 102 | 88 | 102 | |||||||||||||
Unamortized loss on reacquired debt | 67 | 74 | 64 | 70 | |||||||||||||
Deferred derivative losses – long-term | 34 | 40 | 13 | 20 | |||||||||||||
O&R transition bond charges | 34 | 39 | — | — | |||||||||||||
Preferred stock redemption | 28 | 29 | 28 | 29 | |||||||||||||
Property tax reconciliation | 20 | 16 | — | — | |||||||||||||
Workers’ compensation | 16 | 19 | 16 | 19 | |||||||||||||
Other | 163 | 193 | 153 | 178 | |||||||||||||
Regulatory assets – long-term | 9,190 | 9,705 | 8,497 | 8,972 | |||||||||||||
Deferred derivative losses – current | 45 | 69 | 42 | 60 | |||||||||||||
Recoverable energy costs – current | 1 | 5 | — | — | |||||||||||||
Regulatory assets – current | 46 | 74 | 42 | 60 | |||||||||||||
Total Regulatory Assets | $9,236 | $9,779 | $8,539 | $9,032 | |||||||||||||
Regulatory liabilities | |||||||||||||||||
Allowance for cost of removal less salvage | $ 522 | $ 503 | $ 436 | $ 420 | |||||||||||||
Property tax reconciliation | 290 | 187 | 290 | 187 | |||||||||||||
Property tax refunds | 130 | 7 | 129 | 6 | |||||||||||||
Net unbilled revenue deferrals | 104 | 136 | 104 | 136 | |||||||||||||
Long-term interest rate reconciliation | 94 | 62 | 94 | 62 | |||||||||||||
World Trade Center settlement proceeds | 62 | 62 | 62 | 62 | |||||||||||||
Carrying charges on T&D net plant – electric and steam | 30 | 31 | 20 | 13 | |||||||||||||
Expenditure prudence proceeding | 16 | 14 | 16 | 14 | |||||||||||||
Other | 309 | 200 | 280 | 177 | |||||||||||||
Regulatory liabilities – long-term | 1,557 | 1,202 | 1,431 | 1,077 | |||||||||||||
Refundable energy costs – current | 64 | 82 | 36 | 48 | |||||||||||||
Revenue decoupling mechanism | 51 | 72 | 49 | 68 | |||||||||||||
Deferred derivative gains – current | 2 | — | 1 | — | |||||||||||||
Electric surcharge offset | — | 29 | — | 29 | |||||||||||||
Regulatory liabilities – current | 117 | 183 | 86 | 145 | |||||||||||||
Total Regulatory Liabilities | $1,674 | $1,385 | $1,517 | $1,222 |
Capitalization_Tables
Capitalization (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Regulated Operations [Abstract] | ' | ||||||||||||||||
Carrying Amounts and Fair Values of Long-Term Debt | ' | ||||||||||||||||
The carrying amounts and fair values of long-term debt are: | |||||||||||||||||
(Millions of Dollars) | September 30, 2013 | December 31, 2012 | |||||||||||||||
Long-Term Debt (including current portion) | Carrying | Fair | Carrying | Fair | |||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
Con Edison | $10,976 | $12,213 | $10,768 | $12,935 | |||||||||||||
CECONY | $ 9,841 | $10,925 | $ 9,845 | $11,751 |
Pension_Benefits_Tables
Pension Benefits (Tables) (Pension benefits [Member]) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Pension benefits [Member] | ' | ||||||||||||||||
Companies' Net Periodic Benefit Costs | ' | ||||||||||||||||
The components of the Companies’ net periodic benefit costs for the three and nine months ended September 30, 2013 and 2012 were as follows: | |||||||||||||||||
For the Three Months Ended September 30, | |||||||||||||||||
Con Edison | CECONY | ||||||||||||||||
(Millions of Dollars) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost – including administrative expenses | $ 67 | $ 59 | $ 62 | $ 55 | |||||||||||||
Interest cost on projected benefit obligation | 134 | 137 | 126 | 128 | |||||||||||||
Expected return on plan assets | (187 | ) | (176 | ) | (178 | ) | (168 | ) | |||||||||
Recognition of net actuarial loss | 208 | 177 | 197 | 168 | |||||||||||||
Recognition of prior service costs | 1 | 2 | 1 | 2 | |||||||||||||
NET PERIODIC BENEFIT COST | $ 223 | $ 199 | $ 208 | $ 185 | |||||||||||||
Amortization of regulatory asset | 1 | — | 1 | — | |||||||||||||
TOTAL PERIODIC BENEFIT COST | $ 224 | $ 199 | $ 209 | $ 185 | |||||||||||||
Cost capitalized | (86 | ) | (64 | ) | (78 | ) | (60 | ) | |||||||||
Reconciliation to rate level | (31 | ) | — | (34 | ) | (1 | ) | ||||||||||
Cost charged to operating expenses | $ 107 | $ 135 | $ 97 | $ 124 | |||||||||||||
For the Nine Months Ended September 30, | |||||||||||||||||
Con Edison | CECONY | ||||||||||||||||
(Millions of Dollars) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost – including administrative expenses | $ 200 | $ 177 | $ 186 | $ 165 | |||||||||||||
Interest cost on projected benefit obligation | 403 | 410 | 377 | 385 | |||||||||||||
Expected return on plan assets | (563 | ) | (528 | ) | (534 | ) | (503 | ) | |||||||||
Recognition of net actuarial loss | 624 | 531 | 591 | 503 | |||||||||||||
Recognition of prior service costs | 4 | 6 | 3 | 4 | |||||||||||||
NET PERIODIC BENEFIT COST | $ 668 | $ 596 | $ 623 | $ 554 | |||||||||||||
Amortization of regulatory asset | 2 | 1 | 2 | 1 | |||||||||||||
TOTAL PERIODIC BENEFIT COST | $ 670 | $ 597 | $ 625 | $ 555 | |||||||||||||
Cost capitalized | (256 | ) | (200 | ) | (241 | ) | (186 | ) | |||||||||
Reconciliation to rate level | (55 | ) | (37 | ) | (56 | ) | (36 | ) | |||||||||
Cost charged to operating expenses | $ 359 | $ 360 | $ 328 | $ 333 |
Other_Postretirement_Benefits_
Other Postretirement Benefits (Tables) (Other Postretirement Benefits [Member]) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Other Postretirement Benefits [Member] | ' | ||||||||||||||||
Net Periodic Postretirement Benefit Costs | ' | ||||||||||||||||
The components of the Companies’ net periodic postretirement benefit costs for the three and nine months ended September 30, 2013 and 2012 were as follows: | |||||||||||||||||
For the Three Months Ended September 30, | |||||||||||||||||
Con Edison | CECONY | ||||||||||||||||
(Millions of Dollars) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ 6 | $ 6 | $ 5 | $ 5 | |||||||||||||
Interest cost on accumulated other postretirement benefit obligation | 13 | 18 | 12 | 16 | |||||||||||||
Expected return on plan assets | (19 | ) | (21 | ) | (17 | ) | (19 | ) | |||||||||
Recognition of net actuarial loss | 16 | 24 | 14 | 22 | |||||||||||||
Recognition of prior service cost | (7 | ) | (5 | ) | (6 | ) | (4 | ) | |||||||||
NET PERIODIC POSTRETIREMENT BENEFIT COST | $ 9 | $ 22 | $ 8 | $ 20 | |||||||||||||
Cost capitalized | (3 | ) | (8 | ) | (3 | ) | (7 | ) | |||||||||
Reconciliation to rate level | 14 | 3 | 12 | 3 | |||||||||||||
Cost charged to operating expenses | $ 20 | $ 17 | $ 17 | $ 16 | |||||||||||||
For the Nine Months Ended September 30, | |||||||||||||||||
Con Edison | CECONY | ||||||||||||||||
(Millions of Dollars) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ 18 | $ 20 | $ 14 | $ 15 | |||||||||||||
Interest cost on accumulated other postretirement benefit obligation | 40 | 55 | 34 | 48 | |||||||||||||
Expected return on plan assets | (58 | ) | (64 | ) | (51 | ) | (56 | ) | |||||||||
Recognition of net actuarial loss | 48 | 73 | 43 | 65 | |||||||||||||
Recognition of prior service cost | (20 | ) | (16 | ) | (17 | ) | (13 | ) | |||||||||
Recognition of transition obligation | — | 1 | — | 1 | |||||||||||||
NET PERIODIC POSTRETIREMENT BENEFIT COST | $ 28 | $ 69 | $ 23 | $ 60 | |||||||||||||
Cost capitalized | (10 | ) | (24 | ) | (9 | ) | (20 | ) | |||||||||
Reconciliation to rate level | 43 | 15 | 37 | 12 | |||||||||||||
Cost charged to operating expenses | $ 61 | $ 60 | $ 51 | $ 52 |
Environmental_Matters_Tables
Environmental Matters (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Environmental Remediation Obligations [Abstract] | ' | ||||||||||||||||
Accrued Liabilities and Regulatory Assets | ' | ||||||||||||||||
The accrued liabilities and regulatory assets related to Superfund Sites at September 30, 2013 and December 31, 2012 were as follows: | |||||||||||||||||
Con Edison | CECONY | ||||||||||||||||
(Millions of Dollars) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Accrued Liabilities: | |||||||||||||||||
Manufactured gas plant sites | $439 | $462 | $332 | $351 | |||||||||||||
Other Superfund Sites | 73 | 83 | 71 | 82 | |||||||||||||
Total | $512 | $545 | $403 | $433 | |||||||||||||
Regulatory assets | $704 | $730 | $591 | $615 | |||||||||||||
Environmental Remediation Costs | ' | ||||||||||||||||
Environmental remediation costs incurred and insurance recoveries received related to Superfund Sites for the three and nine months ended September 30, 2013 and 2012 were as follows: | |||||||||||||||||
For the Three Months Ended September 30, | |||||||||||||||||
Con Edison | CECONY | ||||||||||||||||
(Millions of Dollars) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Remediation costs incurred | $10 | $3 | $10 | $1 | |||||||||||||
Insurance recoveries received | — | — | — | — | |||||||||||||
For the Nine Months Ended September 30, | |||||||||||||||||
Con Edison | CECONY | ||||||||||||||||
(Millions of Dollars) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Remediation costs incurred | $35 | $18 | $30 | $15 | |||||||||||||
Insurance recoveries received | — | — | — | — | |||||||||||||
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 for the Companies at September 30, 2013 and December 31, 2012 were as follows: | |||||||||||||||||
Con Edison | CECONY | ||||||||||||||||
(Millions of Dollars) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Accrued liability – asbestos suits | $10 | $10 | $10 | $10 | |||||||||||||
Regulatory assets – asbestos suits | $10 | $10 | $10 | $10 | |||||||||||||
Accrued liability – workers’ compensation | $91 | $94 | $86 | $89 | |||||||||||||
Regulatory assets – workers’ compensation | $16 | $19 | $16 | $19 |
Other_Material_Contingencies_T
Other Material Contingencies (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Leveraged Lease Transactions Effect on Consolidated Income Statement | ' | ||||||||||||||||
The effect on Con Edison’s consolidated income statement is as follows: | |||||||||||||||||
(Millions of Dollars) | For the Three | For the Nine | |||||||||||||||
Months Ended | Months Ended | ||||||||||||||||
September 30, 2013 | September 30, 2013 | ||||||||||||||||
Increase/(decrease) to non-utility operating revenues | $ | 44 | $ | (27 | ) | ||||||||||||
(Increase)/decrease to other interest expense | — | (131 | ) | ||||||||||||||
Income tax benefit/(expense) | (18 | ) | 63 | ||||||||||||||
Total increase/(decrease) in net income | $ | 26 | $ | (95 | ) | ||||||||||||
Total Guarantees | ' | ||||||||||||||||
A summary, by type and term, of Con Edison’s total guarantees at September 30, 2013 is as follows: | |||||||||||||||||
Guarantee Type | 0 – 3 years | 4 – 10 years | > 10 years | Total | |||||||||||||
(Millions of Dollars) | |||||||||||||||||
Energy transactions | $ | 705 | $ | 52 | $ | 25 | $ | 782 | |||||||||
Solar energy projects | 443 | — | 4 | 447 | |||||||||||||
Intra-company guarantees | 16 | — | — | 16 | |||||||||||||
Other guarantees | 27 | — | — | 27 | |||||||||||||
Total | $ | 1,191 | $ | 52 | $ | 29 | $ | 1,272 |
Financial_Information_by_Busin1
Financial Information by Business Segment (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||||||||||
Financial Data for Business Segments | ' | ||||||||||||||||||||||||||||||||
The financial data for the business segments are as follows: | |||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, | |||||||||||||||||||||||||||||||||
Operating | Inter-segment | Depreciation and | Operating | ||||||||||||||||||||||||||||||
revenues | revenues | amortization | income | ||||||||||||||||||||||||||||||
(Millions of Dollars) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
CECONY | |||||||||||||||||||||||||||||||||
Electric | $ | 2,622 | $ | 2,611 | $ | 4 | $ | 4 | $ | 188 | $ | 179 | $ | 811 | $ | 812 | |||||||||||||||||
Gas | 199 | 189 | 1 | 1 | 33 | 31 | (24 | ) | (21 | ) | |||||||||||||||||||||||
Steam | 72 | 68 | 22 | 20 | 16 | 15 | (35 | ) | (37 | ) | |||||||||||||||||||||||
Consolidation adjustments | — | — | (27 | ) | (25 | ) | — | — | — | — | |||||||||||||||||||||||
Total CECONY | $ | 2,893 | $ | 2,868 | $ | — | $ | — | $ | 237 | $ | 225 | $ | 752 | $ | 754 | |||||||||||||||||
O&R | |||||||||||||||||||||||||||||||||
Electric | $ | 200 | $ | 199 | $ | — | $ | — | $ | 10 | $ | 10 | $ | 46 | $ | 50 | |||||||||||||||||
Gas | 26 | 27 | — | — | 4 | 3 | (7 | ) | (6 | ) | |||||||||||||||||||||||
Total O&R | $ | 226 | $ | 226 | $ | — | $ | — | $ | 14 | $ | 13 | $ | 39 | $ | 44 | |||||||||||||||||
Competitive energy businesses | $ | 365 | $ | 344 | $ | — | $ | 2 | $ | 6 | $ | 2 | $ | 63 | $ | 53 | |||||||||||||||||
Other* | — | — | — | (2 | ) | 1 | — | 1 | — | ||||||||||||||||||||||||
Total Con Edison | $ | 3,484 | $ | 3,438 | $ | — | $ | — | $ | 258 | $ | 240 | $ | 855 | $ | 851 | |||||||||||||||||
* | Parent company expenses, primarily interest, and consolidation adjustments. Other does not represent a business segment. | ||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||
Operating | Inter-segment | Depreciation and | Operating | ||||||||||||||||||||||||||||||
revenues | revenues | amortization | income | ||||||||||||||||||||||||||||||
(Millions of Dollars) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
CECONY | |||||||||||||||||||||||||||||||||
Electric | $ | 6,309 | $ | 6,307 | $ | 12 | $ | 11 | $ | 559 | $ | 527 | $ | 1,307 | $ | 1,383 | |||||||||||||||||
Gas | 1,190 | 1,017 | 4 | 4 | 97 | 89 | 272 | 255 | |||||||||||||||||||||||||
Steam | 522 | 414 | 60 | 58 | 49 | 48 | 80 | 40 | |||||||||||||||||||||||||
Consolidation adjustments | — | — | (76 | ) | (73 | ) | — | — | — | — | |||||||||||||||||||||||
Total CECONY | $ | 8,021 | $ | 7,738 | $ | — | $ | — | $ | 705 | $ | 664 | $ | 1,659 | $ | 1,678 | |||||||||||||||||
O&R | |||||||||||||||||||||||||||||||||
Electric | $ | 492 | $ | 457 | $ | — | $ | — | $ | 31 | $ | 28 | $ | 81 | $ | 74 | |||||||||||||||||
Gas | 143 | 144 | — | — | 11 | 11 | 20 | 26 | |||||||||||||||||||||||||
Total O&R | $ | 635 | $ | 601 | $ | — | $ | — | $ | 42 | $ | 39 | $ | 101 | $ | 100 | |||||||||||||||||
Competitive energy businesses | $ | 834 | $ | 954 | $ | 4 | $ | 6 | $ | 16 | $ | 6 | $ | 7 | $ | 111 | |||||||||||||||||
Other* | (3 | ) | (6 | ) | (4 | ) | (6 | ) | 1 | — | — | (3 | ) | ||||||||||||||||||||
Total Con Edison | $ | 9,487 | $ | 9,287 | $ | — | $ | — | $ | 764 | $ | 709 | $ | 1,767 | $ | 1,886 | |||||||||||||||||
* | Parent company expenses, primarily interest, and consolidation adjustments. Other does not represent a business segment. |
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Fair Values of Commodity Derivatives Including Offsetting of Assets and Liabilities | ' | ||||||||||||||||||||||||||||
The fair values of the Companies’ commodity derivatives including the offsetting of assets and liabilities at September 30, 2013 were: | |||||||||||||||||||||||||||||
(Millions of Dollars) | |||||||||||||||||||||||||||||
Commodity Derivatives | Gross | Gross | Net Amounts of | Gross Amounts Not | Net | ||||||||||||||||||||||||
Amounts of | Amounts | Assets/(Liabilities) | Offset in the Statement | Amount | |||||||||||||||||||||||||
Recognized | Offset in the | Presented in | of Financial Position | ||||||||||||||||||||||||||
Assets/(Liabilities) | Statement of | the Statement | |||||||||||||||||||||||||||
Financial | of Financial | ||||||||||||||||||||||||||||
Position | Position | ||||||||||||||||||||||||||||
Financial | Cash | ||||||||||||||||||||||||||||
instruments | collateral | ||||||||||||||||||||||||||||
received | |||||||||||||||||||||||||||||
Con Edison | |||||||||||||||||||||||||||||
Derivative assets | $ | 80 | $ | (52 | ) | $ | 28 | (a) | $ | — | $ | — | $ | 28 | (a) | ||||||||||||||
Derivative liabilities | (124 | ) | 74 | (50 | ) | — | — | (50 | ) | ||||||||||||||||||||
Net derivative assets/(liabilities) | $ | (44 | ) | $ | 22 | $ | (22 | )(a) | $ | — | $ | — | $ | (22 | )(a) | ||||||||||||||
CECONY | |||||||||||||||||||||||||||||
Derivative assets | $ | 27 | $ | (18 | ) | $ | 9 | (a) | $ | — | $ | — | $ | 9 | (a) | ||||||||||||||
Derivative liabilities | (58 | ) | 33 | (25 | ) | — | — | (25 | ) | ||||||||||||||||||||
Net derivative assets/(liabilities) | $ | (31 | ) | $ | 15 | $ | (16 | )(a) | $ | — | $ | — | $ | (16 | )(a) | ||||||||||||||
(a) | At September 30, 2013, Con Edison and CECONY had margin deposits of $34 million and $14 million, respectively, classified as derivative assets in the balance sheet, but not included in the table. As required by an exchange, a margin is collateral, typically cash, that the holder of a derivative instrument has to deposit in order to transact on an exchange and to cover its potential losses with its broker or the exchange. | ||||||||||||||||||||||||||||
The fair values of the Companies’ commodity derivatives including the offsetting of assets and liabilities at December 31, 2012 were: | |||||||||||||||||||||||||||||
(Millions of Dollars) | |||||||||||||||||||||||||||||
Commodity Derivatives | Gross | Gross | Net Amounts | Gross Amounts Not | Net | ||||||||||||||||||||||||
Amounts of | Amounts | of Assets/ | Offset in the Statement | Amount | |||||||||||||||||||||||||
Recognized | Offset in the | (Liabilities) | of Financial Position | ||||||||||||||||||||||||||
Assets/ | Statement of | Presented in | |||||||||||||||||||||||||||
(Liabilities) | Financial | the Statement | |||||||||||||||||||||||||||
Position | of Financial | ||||||||||||||||||||||||||||
Position | |||||||||||||||||||||||||||||
Financial | Cash | ||||||||||||||||||||||||||||
instruments | collateral | ||||||||||||||||||||||||||||
received | |||||||||||||||||||||||||||||
Con Edison | |||||||||||||||||||||||||||||
Derivative assets | $ | 86 | $ | (57 | ) | $ | 29 | (a) | $ | — | $ | — | $ | 29 | (a) | ||||||||||||||
Derivative liabilities | (176 | ) | 104 | (72 | ) | — | — | (72 | ) | ||||||||||||||||||||
Net derivative assets/(liabilities) | $ | (90 | ) | $ | 47 | $ | (43 | )(a) | $ | — | $ | — | $ | (43 | )(a) | ||||||||||||||
CECONY | |||||||||||||||||||||||||||||
Derivative assets | $ | 27 | $ | (15 | ) | $ | 12 | (a) | $ | — | $ | — | $ | 12 | (a) | ||||||||||||||
Derivative liabilities | (83 | ) | 44 | (39 | ) | — | — | (39 | ) | ||||||||||||||||||||
Net derivative assets/(liabilities) | $ | (56 | ) | $ | 29 | $ | (27 | )(a) | $ | — | $ | — | $ | (27 | )(a) | ||||||||||||||
(a) | At December 31, 2012, Con Edison and CECONY had margin deposits of $37 million and $18 million, respectively, classified as derivative assets in the balance sheet, but not included in the table. As required by an exchange, a margin is collateral, typically cash, that the holder of a derivative instrument has to deposit in order to transact on an exchange and to cover its potential losses with its broker or the exchange. | ||||||||||||||||||||||||||||
Fair Values of Companies' Commodity Derivatives | ' | ||||||||||||||||||||||||||||
The fair values of the Companies’ commodity derivatives at September 30, 2013 were: | |||||||||||||||||||||||||||||
(Millions of Dollars) | Fair Value of Commodity Derivatives(a) | Con | CECONY | ||||||||||||||||||||||||||
Balance Sheet Location | Edison | ||||||||||||||||||||||||||||
Derivative Assets | |||||||||||||||||||||||||||||
Current | Other current assets | $ | 55 | $ | 18 | ||||||||||||||||||||||||
Long-term | Other deferred charges and noncurrent assets | 25 | 9 | ||||||||||||||||||||||||||
Total derivative assets | $ | 80 | $ | 27 | |||||||||||||||||||||||||
Impact of netting | (18 | ) | (4 | ) | |||||||||||||||||||||||||
Net derivative assets | $ | 62 | $ | 23 | |||||||||||||||||||||||||
Derivative Liabilities | |||||||||||||||||||||||||||||
Current | Fair value of derivative liabilities | $ | 71 | $ | 40 | ||||||||||||||||||||||||
Long-term | Fair value of derivative liabilities | 53 | 18 | ||||||||||||||||||||||||||
Total derivative liabilities | $ | 124 | $ | 58 | |||||||||||||||||||||||||
Impact of netting | (74 | ) | (33 | ) | |||||||||||||||||||||||||
Net derivative liabilities | $ | 50 | $ | 25 | |||||||||||||||||||||||||
(a) | Qualifying derivative contracts, which have been designated as normal purchases or normal sales contracts, are not reported at fair value under the accounting rules for derivatives and hedging and, therefore, are excluded from the table. | ||||||||||||||||||||||||||||
The fair values of the Companies’ commodity derivatives at December 31, 2012 were: | |||||||||||||||||||||||||||||
(Millions of Dollars) | Fair Value of Commodity Derivatives(a) | Con | CECONY | ||||||||||||||||||||||||||
Balance Sheet Location | Edison | ||||||||||||||||||||||||||||
Derivative Assets | |||||||||||||||||||||||||||||
Current | Other current assets | $ | 64 | $ | 18 | ||||||||||||||||||||||||
Long-term | Other deferred charges and noncurrent assets | 22 | 9 | ||||||||||||||||||||||||||
Total derivative assets | $ | 86 | $ | 27 | |||||||||||||||||||||||||
Impact of netting | (20 | ) | 3 | ||||||||||||||||||||||||||
Net derivative assets | $ | 66 | $ | 30 | |||||||||||||||||||||||||
Derivative Liabilities | |||||||||||||||||||||||||||||
Current | Fair value of derivative liabilities | $ | 122 | $ | 58 | ||||||||||||||||||||||||
Long-term | Fair value of derivative liabilities | 54 | 25 | ||||||||||||||||||||||||||
Total derivative liabilities | $ | 176 | $ | 83 | |||||||||||||||||||||||||
Impact of netting | (104 | ) | (44 | ) | |||||||||||||||||||||||||
Net derivative liabilities | $ | 72 | $ | 39 | |||||||||||||||||||||||||
(a) | Qualifying derivative contracts, which have been designated as normal purchases or normal sales contracts, are not reported at fair value under the accounting rules for derivatives and hedging and, therefore, are excluded from the table. | ||||||||||||||||||||||||||||
Changes in Fair Values of Commodity Derivatives | ' | ||||||||||||||||||||||||||||
The following tables present the changes in the fair values of commodity derivatives that have been deferred or recognized in earnings for the three and nine months ended September 30, 2013: | |||||||||||||||||||||||||||||
Realized and Unrealized Gains/(Losses) on Commodity Derivatives(a) | |||||||||||||||||||||||||||||
Deferred or Recognized in Income for the Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||
(Millions of Dollars) | Balance Sheet Location | Con | CECONY | ||||||||||||||||||||||||||
Edison | |||||||||||||||||||||||||||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | |||||||||||||||||||||||||||||
Current | Deferred derivative gains | $ | — | $ | — | ||||||||||||||||||||||||
Long-term | Deferred derivative gains | — | — | ||||||||||||||||||||||||||
Total deferred gains/(losses) | $ | — | $ | — | |||||||||||||||||||||||||
Current | Deferred derivative losses | $ | 11 | $ | 9 | ||||||||||||||||||||||||
Current | Recoverable energy costs | (19 | ) | (17 | ) | ||||||||||||||||||||||||
Long-term | Deferred derivative losses | 6 | 7 | ||||||||||||||||||||||||||
Total deferred gains/(losses) | $ | (2 | ) | $ | (1 | ) | |||||||||||||||||||||||
Net deferred gains/(losses) | $ | (2 | ) | $ | (1 | ) | |||||||||||||||||||||||
Income Statement Location | |||||||||||||||||||||||||||||
Pre-tax gain/(loss) recognized in income | |||||||||||||||||||||||||||||
Purchased power expense | $ | 3 | (b) | $ | — | ||||||||||||||||||||||||
Gas purchased for resale | (6 | ) | — | ||||||||||||||||||||||||||
Non-utility revenue | 7 | — | |||||||||||||||||||||||||||
Total pre-tax gain/(loss) recognized in income | $ | 4 | $ | — | |||||||||||||||||||||||||
(a) | Qualifying derivative contracts, which have been designated as normal purchases or normal sales contracts, are not reported at fair value under the accounting rules for derivatives and hedging and, therefore, are excluded from the table. | ||||||||||||||||||||||||||||
(b) | For the three months ended September 30, 2013, Con Edison recorded in purchased power expense an unrealized pre-tax gain of $6 million. | ||||||||||||||||||||||||||||
Realized and Unrealized Gains/(Losses) on Commodity Derivatives(a) | |||||||||||||||||||||||||||||
Deferred or Recognized in Income for the Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||
(Millions of Dollars) | Balance Sheet Location | Con | CECONY | ||||||||||||||||||||||||||
Edison | |||||||||||||||||||||||||||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | |||||||||||||||||||||||||||||
Current | Deferred derivative gains | $ 1 | $ 1 | ||||||||||||||||||||||||||
Long-term | Deferred derivative gains | — | — | ||||||||||||||||||||||||||
Total deferred gains/(losses) | $ 1 | $ 1 | |||||||||||||||||||||||||||
Current | Deferred derivative losses | $ 24 | $ 19 | ||||||||||||||||||||||||||
Current | Recoverable energy costs | (22 | ) | (19 | ) | ||||||||||||||||||||||||
Long-term | Deferred derivative losses | 3 | 7 | ||||||||||||||||||||||||||
Total deferred gains/(losses) | $ 5 | $ 7 | |||||||||||||||||||||||||||
Net deferred gains/(losses) | $ 6 | $ 8 | |||||||||||||||||||||||||||
Income Statement Location | |||||||||||||||||||||||||||||
Pre-tax gain/(loss) recognized in income | |||||||||||||||||||||||||||||
Purchased power expense | $ 32 | (b) | $ — | ||||||||||||||||||||||||||
Gas purchased for resale | (17 | ) | — | ||||||||||||||||||||||||||
Non-utility revenue | 8 | — | |||||||||||||||||||||||||||
Total pre-tax gain/(loss) recognized in income | $ 23 | $ — | |||||||||||||||||||||||||||
(a) | Qualifying derivative contracts, which have been designated as normal purchases or normal sales contracts, are not reported at fair value under the accounting rules for derivatives and hedging and, therefore, are excluded from the table. | ||||||||||||||||||||||||||||
(b) | For the nine months ended September 30, 2013, Con Edison recorded in purchased power expense an unrealized pre-tax gain of $22 million. | ||||||||||||||||||||||||||||
The following tables present the changes in the fair values of commodity derivatives that have been deferred or recognized in earnings for the three and nine months ended September 30, 2012: | |||||||||||||||||||||||||||||
Realized and Unrealized Gains/(Losses) on Commodity Derivatives(a) | |||||||||||||||||||||||||||||
Deferred or Recognized in Income for the Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||
(Millions of Dollars) | Balance Sheet Location | Con | CECONY | ||||||||||||||||||||||||||
Edison | |||||||||||||||||||||||||||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | |||||||||||||||||||||||||||||
Current | Deferred derivative gains | $ 5 | $ 5 | ||||||||||||||||||||||||||
Long-term | Deferred derivative gains | 1 | 1 | ||||||||||||||||||||||||||
Total deferred gains/(losses) | $ 6 | $ 6 | |||||||||||||||||||||||||||
Current | Deferred derivative losses | $ 51 | $ 42 | ||||||||||||||||||||||||||
Current | Recoverable energy costs | (60 | ) | (52 | ) | ||||||||||||||||||||||||
Long-term | Deferred derivative losses | 22 | 20 | ||||||||||||||||||||||||||
Total deferred gains/(losses) | $ 13 | $ 10 | |||||||||||||||||||||||||||
Net deferred gains/(losses) | $ 19 | $ 16 | |||||||||||||||||||||||||||
Income Statement Location | |||||||||||||||||||||||||||||
Pre-tax gain/(loss) recognized in income | |||||||||||||||||||||||||||||
Purchased power expense | $ 9 | (b) | $ — | ||||||||||||||||||||||||||
Gas purchased for resale | — | — | |||||||||||||||||||||||||||
Non-utility revenue | 1 | — | |||||||||||||||||||||||||||
Total pre-tax gain/(loss) recognized in income | $ 10 | $ — | |||||||||||||||||||||||||||
(a) | Qualifying derivative contracts, which have been designated as normal purchases or normal sales contracts, are not reported at fair value under the accounting rules for derivatives and hedging and, therefore, are excluded from the table. | ||||||||||||||||||||||||||||
(b) | For the three months ended September 30, 2012, Con Edison recorded in purchased power expense an unrealized pre-tax gain of $30 million. | ||||||||||||||||||||||||||||
Realized and Unrealized Gains/(Losses) on Commodity Derivatives(a) | |||||||||||||||||||||||||||||
Deferred or Recognized in Income for the Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||
(Millions of Dollars) | Balance Sheet Location | Con | CECONY | ||||||||||||||||||||||||||
Edison | |||||||||||||||||||||||||||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | |||||||||||||||||||||||||||||
Current | Deferred derivative gains | $ 5 | $ 5 | ||||||||||||||||||||||||||
Long-term | Deferred derivative gains | 1 | 1 | ||||||||||||||||||||||||||
Total deferred gains/(losses) | $ 6 | $ 6 | |||||||||||||||||||||||||||
Current | Deferred derivative losses | $ 89 | $ 78 | ||||||||||||||||||||||||||
Current | Recoverable energy costs | (187 | ) | (164 | ) | ||||||||||||||||||||||||
Long-term | Deferred derivative losses | 13 | 19 | ||||||||||||||||||||||||||
Total deferred gains/(losses) | $ (85 | ) | $ (67 | ) | |||||||||||||||||||||||||
Net deferred gains/(losses) | $ (79 | ) | $ (61 | ) | |||||||||||||||||||||||||
Income Statement Location | |||||||||||||||||||||||||||||
Pre-tax gain/(loss) recognized in income | |||||||||||||||||||||||||||||
Purchased power expense | $ (49 | )(b) | $ — | ||||||||||||||||||||||||||
Gas purchased for resale | (2 | ) | — | ||||||||||||||||||||||||||
Non-utility revenue | (11 | )(b) | — | ||||||||||||||||||||||||||
Total pre-tax gain/(loss) recognized in income | $ (62 | ) | $ — | ||||||||||||||||||||||||||
(a) | Qualifying derivative contracts, which have been designated as normal purchases or normal sales contracts, are not reported at fair value under the accounting rules for derivatives and hedging and, therefore, are excluded from the table. | ||||||||||||||||||||||||||||
(b) | For the nine months ended September 30, 2012, Con Edison recorded in non-utility revenues and purchased power expense an unrealized pre-tax gain/(loss) of $(13) million and $75 million, respectively. | ||||||||||||||||||||||||||||
Number of Derivative Contracts by Commodity Type | ' | ||||||||||||||||||||||||||||
The following table presents the number of contracts by commodity type: | |||||||||||||||||||||||||||||
Electric Derivatives | Gas Derivatives | ||||||||||||||||||||||||||||
Number of | MWHs (b) | Number of | MWs (b) | Number of | Dths (b) | Total | |||||||||||||||||||||||
Energy | Capacity | Contracts (a) | Number Of | ||||||||||||||||||||||||||
Contracts (a) | Contracts (a) | Contracts (a) | |||||||||||||||||||||||||||
Con Edison | 470 | 13,643,994 | 83 | 11,625 | 634 | 79,090,035 | 1,187 | ||||||||||||||||||||||
CECONY | 82 | 3,127,600 | 4 | 1,200 | 542 | 75,470,000 | 628 | ||||||||||||||||||||||
(a) | Qualifying derivative contracts, which have been designated as normal purchases or normal sales contracts, are not reported at fair value under the accounting rules for derivatives and hedging and, therefore, are excluded from the table. | ||||||||||||||||||||||||||||
(b) | Volumes are reported net of long and short positions. | ||||||||||||||||||||||||||||
Aggregate Fair Value of All Derivative Instruments with Credit-Risk-Related Contingent Features | ' | ||||||||||||||||||||||||||||
The aggregate fair value of all derivative instruments with credit-risk-related contingent features that are in a net liability position and collateral posted at September 30, 2013, 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 were: | |||||||||||||||||||||||||||||
(Millions of Dollars) | Con Edison (a) | CECONY (a) | |||||||||||||||||||||||||||
Aggregate fair value – net liabilities | $31 | $25 | |||||||||||||||||||||||||||
Collateral posted | $ — | $ — | |||||||||||||||||||||||||||
Additional collateral (b) (downgrade one level from current ratings) | $ — | $ — | |||||||||||||||||||||||||||
Additional collateral (b) (downgrade to below investment grade from current ratings) | $42 | (c) | $29 | (c) | |||||||||||||||||||||||||
(a) | Non-derivative transactions for the purchase and sale of electricity and gas and qualifying derivative instruments, which have been designated as normal purchases or normal sales, are excluded from the table. These transactions primarily include purchases of electricity from independent system operators. In the event the Utilities and Con Edison’s competitive energy businesses were no longer extended unsecured credit for such purchases, the Companies would be required to post collateral, which at September 30, 2013, would have amounted to an estimated $35 million and $14 million for Con Edison and CECONY, respectively. For certain other such non-derivative transactions, the Companies could be required to post collateral under certain circumstances, including in the event counterparties had reasonable grounds for insecurity. | ||||||||||||||||||||||||||||
(b) | The Companies measure the collateral requirements by taking into consideration the fair value amounts of derivative instruments that contain credit-risk-related contingent features that are in a net liabilities 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 of setoff. | ||||||||||||||||||||||||||||
(c) | Derivative instruments that are net assets have been excluded from the table. At September 30, 2013, if Con Edison had been downgraded to below investment grade, it would have been required to post additional collateral for such derivative instruments of $37 million. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
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, 2013 are summarized below. | |||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Netting | Total | |||||||||||||||||||||||||||||||||||||
Adjustments(d) | |||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | Con | CECONY | Con | CECONY | Con | CECONY | Con | CECONY | Con | CECONY | |||||||||||||||||||||||||||||||
Edison | Edison | Edison | Edison | Edison | |||||||||||||||||||||||||||||||||||||
Derivative assets: | |||||||||||||||||||||||||||||||||||||||||
Commodity (a)(e) | $ | 1 | $ | 1 | $ | 52 | $ | 6 | $ | 9 | $ | 8 | $ | — | $ | 8 | $ | 62 | $ | 23 | |||||||||||||||||||||
Other assets (c)(e) | 129 | 122 | 108 | 98 | — | — | — | — | 237 | 220 | |||||||||||||||||||||||||||||||
Total | $ | 130 | $ | 123 | $ | 160 | $ | 104 | $ | 9 | $ | 8 | $ | — | $ | 8 | $ | 299 | $ | 243 | |||||||||||||||||||||
Derivative liabilities: | |||||||||||||||||||||||||||||||||||||||||
Commodity (a)(e) | $ | 9 | $ | 9 | $ | 74 | $ | 37 | $ | 23 | $ | — | $ | -56 | $ | -21 | $ | 50 | $ | 25 | |||||||||||||||||||||
Interest rate contract (b)(e) | — | — | 3 | — | — | — | — | — | 3 | — | |||||||||||||||||||||||||||||||
Total | $ | 9 | $ | 9 | $ | 77 | $ | 37 | $ | 23 | $ | — | $ | -56 | $ | -21 | $ | 53 | $ | 25 | |||||||||||||||||||||
(a) | A portion of the commodity derivatives categorized in Level 3 is valued using an internally developed model with observable inputs. The models also include some less readily observable inputs resulting in the classification of the entire contract as Level 3. See Note K. | ||||||||||||||||||||||||||||||||||||||||
(b) | See Note K. | ||||||||||||||||||||||||||||||||||||||||
(c) | Other assets are comprised of assets such as life insurance contracts within the deferred compensation plan and non-qualified retirement plans. | ||||||||||||||||||||||||||||||||||||||||
(d) | 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. | ||||||||||||||||||||||||||||||||||||||||
(e) | The Companies’ policy is to recognize transfers into and transfers out of the levels at the end of the reporting period. There were no transfers between levels 1, 2, and 3 for the nine months ended September 30, 2013. | ||||||||||||||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis as of December 31, 2012 are summarized below. | |||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Netting | Total | |||||||||||||||||||||||||||||||||||||
Adjustments(d) | |||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | Con | CECONY | Con | CECONY | Con | CECONY | Con | CECONY | Con | CECONY | |||||||||||||||||||||||||||||||
Edison | Edison | Edison | Edison | Edison | |||||||||||||||||||||||||||||||||||||
Derivative assets: | |||||||||||||||||||||||||||||||||||||||||
Commodity (a)(e) | $ | — | $ | — | $ | 43 | $ | 8 | $ | 33 | $ | 10 | $(10 | ) | $12 | $ | 66 | $ | 30 | ||||||||||||||||||||||
Other assets (c)(e)(f) | 106 | 99 | 107 | 98 | — | — | — | — | 213 | 197 | |||||||||||||||||||||||||||||||
Total | $ | 106 | $ | 99 | $ | 150 | $ | 106 | $ | 33 | $ | 10 | $(10 | ) | $12 | $ | 279 | $ | 227 | ||||||||||||||||||||||
Derivative liabilities: | |||||||||||||||||||||||||||||||||||||||||
Commodity (a)(e)(h) | $ | 12 | $ | 12 | $ | 116 | $ | 62 | $ | 38 | $ | — | $(94 | ) | $(35 | ) | $ | 72 | $ | 39 | |||||||||||||||||||||
Interest rate contract (b)(e)(g) | — | — | 6 | — | — | — | — | — | 6 | — | |||||||||||||||||||||||||||||||
Total | $ | 12 | $ | 12 | $ | 122 | $ | 62 | $ | 38 | $ | — | $(94 | ) | $(35 | ) | $ | 78 | $ | 39 | |||||||||||||||||||||
(a) | A significant portion of the commodity derivative contracts categorized in Level 3 is valued using either an industry acceptable model or an internally developed model with observable inputs. The models also include some less readily observable inputs resulting in the classification of the entire contract as Level 3. See Note K. | ||||||||||||||||||||||||||||||||||||||||
(b) | See Note K. | ||||||||||||||||||||||||||||||||||||||||
(c) | Other assets are comprised of assets such as life insurance contracts within the deferred compensation plan and non-qualified retirement plans. | ||||||||||||||||||||||||||||||||||||||||
(d) | 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. | ||||||||||||||||||||||||||||||||||||||||
(e) | The Companies’ policy is to recognize transfers into and transfers out of the levels at the end of the reporting period. | ||||||||||||||||||||||||||||||||||||||||
(f) | On March 31, 2012, other assets of $105 million for Con Edison and $95 million for CECONY were transferred from Level 3 to Level 2 because of reassessment of the levels in the fair value hierarchy within which certain inputs fall as of March 31, 2012. | ||||||||||||||||||||||||||||||||||||||||
(g) | On March 31, 2012, interest rate contract of $8 million was transferred from Level 3 to Level 2 because of reassessment of the levels in the fair value hierarchy within which certain inputs fall. | ||||||||||||||||||||||||||||||||||||||||
(h) | During 2012, Con Edison transferred commodity derivative contract liabilities of $2 million from Level 1 to Level 2, $9 million from Level 2 to Level 1, $2 million from Level 2 to Level 3, and $11 million from Level 3 to Level 2 because of reassessment of the levels in the fair value hierarchy within which certain inputs fall. | ||||||||||||||||||||||||||||||||||||||||
Schedule of Commodity Derivatives | ' | ||||||||||||||||||||||||||||||||||||||||
The managers of the risk management groups report to the Companies’ Vice President and Treasurer. | |||||||||||||||||||||||||||||||||||||||||
Fair Value of | Valuation | Unobservable Inputs | Range | ||||||||||||||||||||||||||||||||||||||
Level 3 at | Techniques | ||||||||||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | |||||||||||||||||||||||||||||||||||||||||
Con Edison—Commodity | |||||||||||||||||||||||||||||||||||||||||
Electricity | $ | (6 | ) | Discounted Cash Flow | Forward energy prices (a) | $24-$99 per MWH | |||||||||||||||||||||||||||||||||||
Standard Offer Capacity Agreements | (17 | ) | Discounted Cash Flow | Forward capacity prices (a) | $119-$248 MW -day | ||||||||||||||||||||||||||||||||||||
Present value factor (a) | 2.64% | ||||||||||||||||||||||||||||||||||||||||
Transmission Congestion Contracts / Financial Transmission Rights | 9 | Discounted Cash Flow | Discount to adjust auction prices for inter-zonal forward price curves (b) | (5.8)%-42.4% | |||||||||||||||||||||||||||||||||||||
Discount to adjust auction prices for historical monthly realized settlements (b) | (102.4)%-49.2% | ||||||||||||||||||||||||||||||||||||||||
Inter-zonal forward price curves adjusted for historical zonal losses (b) | $1.56-$2.16 | ||||||||||||||||||||||||||||||||||||||||
Total Con Edison—Commodity | $ | (14 | ) | ||||||||||||||||||||||||||||||||||||||
CECONY— | |||||||||||||||||||||||||||||||||||||||||
Commodity | |||||||||||||||||||||||||||||||||||||||||
Transmission Congestion Contracts | $ | 8 | Discounted Cash Flow | Discount to adjust auction prices for inter-zonal forward price curves (b) | (5.8)%-42.4% | ||||||||||||||||||||||||||||||||||||
Discount to adjust auction prices for historical monthly realized settlements (b) | (102.4)%-49.2% | ||||||||||||||||||||||||||||||||||||||||
(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, 2013 and 2012 and classified as Level 3 in the fair value hierarchy: | |||||||||||||||||||||||||||||||||||||||||
For Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
Total Gains/(Losses)— | |||||||||||||||||||||||||||||||||||||||||
Realized and Unrealized | |||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | Beginning | Included in | Included in | Purchases | Issuances | Sales | Settlements | Transfer | Ending | ||||||||||||||||||||||||||||||||
Balance as of | Earnings | Regulatory Assets | In/Out of | Balance as of | |||||||||||||||||||||||||||||||||||||
1-Jul-13 | and Liabilities | Level 3 | September 30, | ||||||||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||||||
Con Edison | |||||||||||||||||||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||||||||||||||
Commodity | $ | (6 | ) | $ | (3 | ) | $ | -2 | $ | 5 | $ | — | $ | — | $ | -8 | $ | — | $ | (14 | ) | ||||||||||||||||||||
CECONY | |||||||||||||||||||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||||||||||||||
Commodity | $ | 8 | $ | 2 | $ | -1 | $ | 5 | $ | — | $ | — | $ | -6 | $ | — | $ | 8 | |||||||||||||||||||||||
For Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
Total Gains/(Losses)— | |||||||||||||||||||||||||||||||||||||||||
Realized and Unrealized | |||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | Beginning | Included in | Included in | Purchases | Issuances | Sales | Settlements | Transfer | Ending | ||||||||||||||||||||||||||||||||
Balance as of | Earnings | Regulatory Assets | In/Out of | Balance as of | |||||||||||||||||||||||||||||||||||||
January 1, 2013 | and Liabilities | Level 3 | September 30, | ||||||||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||||||
Con Edison | |||||||||||||||||||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||||||||||||||
Commodity | $ | (5 | ) | $ | 5 | $ | 1 | $ | 12 | $ | — | $ | — | $ | -27 | $ | — | $ | (14 | ) | |||||||||||||||||||||
CECONY | |||||||||||||||||||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||||||||||||||
Commodity | $ | 10 | $ | 9 | $ | — | $ | 10 | $ | — | $ | — | $ | -21 | $ | — | $ | 8 | |||||||||||||||||||||||
For the Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
Total Gains/(Losses)— | |||||||||||||||||||||||||||||||||||||||||
Realized and Unrealized | |||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | Beginning | Included in | Included in | Purchases | Issuances | Sales | Settlements | Transfer | Ending | ||||||||||||||||||||||||||||||||
Balance as of | Earnings | Regulatory Assets | In/Out of | Balance as of | |||||||||||||||||||||||||||||||||||||
1-Jul-12 | and Liabilities | Level 3 | September 30, | ||||||||||||||||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||||||||||
Con Edison | |||||||||||||||||||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||||||||||||||
Commodity | $ | -61 | $ | -15 | $ | 19 | $ | 7 | $ | — | $ | — | $ | 25 | $ | 22 | $ | (3 | ) | ||||||||||||||||||||||
CECONY | |||||||||||||||||||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||||||||||||||
Commodity | $ | -10 | $ | -9 | $ | 8 | $ | 7 | $ | — | $ | — | $ | 5 | $ | 11 | $ | 12 | |||||||||||||||||||||||
For the Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
Total Gains/(Losses)— | |||||||||||||||||||||||||||||||||||||||||
Realized and Unrealized | |||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | Beginning | Included in | Included in | Purchases | Issuances | Sales | Settlements | Transfer | Ending | ||||||||||||||||||||||||||||||||
Balance as of | Earnings | Regulatory Assets | In/Out of | Balance as of | |||||||||||||||||||||||||||||||||||||
January 1, 2012 | and Liabilities | Level 3 | September 30, | ||||||||||||||||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||||||||||
Con Edison | |||||||||||||||||||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||||||||||||||
Commodity | $ | (62 | ) | $ | (97 | ) | $ | 11 | $ | 18 | $ | — | $ | — | $ | 106 | $ | 21 | $ | (3 | ) | ||||||||||||||||||||
Interest rate contract | (8 | ) | (1 | ) | — | — | — | — | 1 | 8 | (b) | — | |||||||||||||||||||||||||||||
Other assets(a) | 99 | 3 | 3 | — | — | — | — | (105 | )(b) | — | |||||||||||||||||||||||||||||||
Total | $ | 29 | $ | (95 | ) | $ | 14 | $ | 18 | $ | — | $ | — | $ | 107 | $ | (76 | ) | $ | (3 | ) | ||||||||||||||||||||
CECONY | |||||||||||||||||||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||||||||||||||
Commodity | $ | (7 | ) | $ | (25 | ) | $ | 8 | $ | 15 | $ | — | $ | — | $ | 12 | $ | 9 | (b) | $ | 12 | ||||||||||||||||||||
Other assets(a) | 90 | 3 | 2 | — | — | — | — | (95 | )(b) | — | |||||||||||||||||||||||||||||||
Total | $ | 83 | $ | (22 | ) | $ | 10 | $ | 15 | $ | — | $ | — | $ | 12 | $ | (86 | ) | $ | 12 | |||||||||||||||||||||
(a) | Amounts included in earnings are reported in investment and other income on the consolidated income statement. | ||||||||||||||||||||||||||||||||||||||||
(b) | Other assets and interest rate contract were transferred as of March 31, 2012. |
Asset_Retirement_Obligations_T
Asset Retirement Obligations (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Asset Retirement Obligation Disclosure [Abstract] | ' | ||||||||||||||||
Accrued Liability for Asset Retirement Obligations and Regulatory Liabilities | ' | ||||||||||||||||
The accrued liability for asset retirement obligations and the regulatory liabilities for allowance for cost of removal less salvage for the Companies at September 30, 2013 and December 31, 2012 were as follows: | |||||||||||||||||
Con Edison | CECONY | ||||||||||||||||
(Millions of Dollars) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Accrued liability — asset retirement obligations | $164 | $159 | $163 | $158 | |||||||||||||
Regulatory liabilities — allowance for cost of removal less salvage | $522 | $503 | $436 | $420 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2013 |
Regulatory Assets [Abstract] | ' |
Reduction in net cash flow from financing activities instead of operating activities | $108 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Earnings Per Common Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Net income for common stock | $464 | $172 | $192 | $440 | $214 | $277 | $828 | $931 |
Weighted average common shares outstanding - basic | 292.9 | ' | ' | 292.9 | ' | ' | 292.9 | 292.9 |
Add: Incremental shares attributable to effect of potentially dilutive securities | 1.4 | ' | ' | 1.7 | ' | ' | 1.4 | 1.7 |
Adjusted weighted average common shares outstanding - diluted | 294.3 | ' | ' | 294.6 | ' | ' | 294.3 | 294.6 |
Net income for common stock per common share - basic | $1.58 | ' | ' | $1.50 | ' | ' | $2.83 | $3.18 |
Net income for common stock per common share - diluted | $1.58 | ' | ' | $1.49 | ' | ' | $2.81 | $3.16 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Changes in Accumulated Other Comprehensive Income by Component (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Accumulated OCI, net of taxes | ($48) | ($50) | ($53) | ' | ($53) | ' |
OCI before reclassifications, net of tax | ' | ' | 1 | ' | ' | ' |
Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax of $1 and $- for Con Edison and CECONY, respectively | 2 | 2 | 2 | ' | ' | ' |
TOTAL OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAXES | 2 | 2 | 3 | 2 | 7 | 8 |
Accumulated OCI, net of taxes | -46 | -48 | -50 | ' | -46 | ' |
CECONY [Member] | ' | ' | ' | ' | ' | ' |
Accumulated OCI, net of taxes | -9 | -9 | -9 | ' | -9 | ' |
OCI before reclassifications, net of tax | ' | ' | ' | ' | ' | ' |
Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax of $1 and $- for Con Edison and CECONY, respectively | ' | ' | ' | ' | ' | ' |
TOTAL OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAXES | ' | ' | ' | ' | ' | -2 |
Accumulated OCI, net of taxes | ($9) | ($9) | ($9) | ' | ($9) | ' |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Changes in Accumulated Other Comprehensive Income by Component (Parenthetical) (Detail) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 |
OCI before reclassifications, Tax | ' | ' | $1 |
Amounts reclassified from accumulated OCI related to pension plan liabilities, Tax | 1 | 1 | 1 |
CECONY [Member] | ' | ' | ' |
OCI before reclassifications, Tax | ' | ' | ' |
Amounts reclassified from accumulated OCI related to pension plan liabilities, Tax | ' | ' | ' |
Regulatory_Matters_Other_Regul
Regulatory Matters - Other Regulatory Matters - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Aug. 31, 2013 | Jan. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
Schedule Of Regulatory Assets And Liabilities [Line Items] | ' | ' | ' | ' | ' |
Revenues from electric | ' | ' | ' | $249 | ' |
Revenues from gas | ' | ' | ' | 32 | ' |
Revenues from steam service | ' | ' | ' | 6 | ' |
Potential refund to customers | ' | ' | ' | 1,318 | ' |
Overcharges of construction expenditures | ' | ' | ' | 208 | ' |
Refund amount | 16 | ' | ' | 16 | ' |
Regulatory asset | 9,236 | ' | ' | 9,236 | 9,779 |
Minimum [Member] | ' | ' | ' | ' | ' |
Schedule Of Regulatory Assets And Liabilities [Line Items] | ' | ' | ' | ' | ' |
Refund amount | 16 | ' | ' | 16 | ' |
Maximum [Member] | ' | ' | ' | ' | ' |
Schedule Of Regulatory Assets And Liabilities [Line Items] | ' | ' | ' | ' | ' |
Overcharges of construction expenditures | ' | ' | ' | 208 | ' |
Storm Damage [Member] | ' | ' | ' | ' | ' |
Schedule Of Regulatory Assets And Liabilities [Line Items] | ' | ' | ' | ' | ' |
Number of customers interrupted electric distribution service | ' | ' | ' | 1,400,000 | ' |
Rockland Electric Company [Member] | Storm Costs [Member] | ' | ' | ' | ' | ' |
Schedule Of Regulatory Assets And Liabilities [Line Items] | ' | ' | ' | ' | ' |
Regulatory asset | 28 | ' | ' | 28 | ' |
Capital expenditures | ' | ' | ' | 6 | ' |
CECONY [Member] | ' | ' | ' | ' | ' |
Schedule Of Regulatory Assets And Liabilities [Line Items] | ' | ' | ' | ' | ' |
Electric rate increases | 418 | ' | 375 | ' | ' |
Gas rate increases | 27 | ' | 25 | ' | ' |
Steam rate decreases | ' | 10 | 5 | ' | ' |
Return on common equity | 10.10% | 8.70% | 10.35% | ' | ' |
Common equity ratio | 50.00% | 48.00% | 50.00% | ' | ' |
Electric rate decreases | ' | 146 | ' | ' | ' |
Gas rate decreases | ' | 95 | ' | ' | ' |
Steam rate increases | 8 | ' | ' | ' | ' |
Response and restoration costs | ' | ' | ' | 471 | ' |
Capital expenditures | ' | ' | ' | 143 | ' |
Regulatory asset | 8,539 | ' | ' | 8,539 | 9,032 |
O&R [Member] | ' | ' | ' | ' | ' |
Schedule Of Regulatory Assets And Liabilities [Line Items] | ' | ' | ' | ' | ' |
Response and restoration costs | ' | ' | ' | 92 | ' |
Capital expenditures | ' | ' | ' | $15 | ' |
Regulatory_Matters_Regulatory_
Regulatory Matters - Regulatory Assets and Liabilities (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets | $46 | $74 |
Regulatory assets - long-term | 9,190 | 9,705 |
Regulatory assets - current | 46 | 74 |
Total Regulatory Assets | 9,236 | 9,779 |
Regulatory liabilities | 117 | 183 |
Regulatory liabilities - long-term | 1,557 | 1,202 |
Regulatory liabilities - current | 117 | 183 |
Total Regulatory Liabilities | 1,674 | 1,385 |
Unrecognized Pension and Other Postretirement Costs [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets - long-term | 5,011 | 5,677 |
Future Income Tax [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets - long-term | 2,035 | 1,922 |
Environmental Remediation Costs [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets - long-term | 704 | 730 |
Deferred Storm Costs [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets - long-term | 451 | 432 |
Pension and Other Postretirement Benefits Deferrals [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets - long-term | 229 | 183 |
Revenue Taxes [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets - long-term | 191 | 176 |
Surcharge for New York State Assessment [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets - long-term | 119 | 73 |
Net Electric Deferrals [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets - long-term | 88 | 102 |
Unamortized Loss on Reacquired Debt [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets - long-term | 67 | 74 |
Deferred Derivative Losses - Long-Term [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets - long-term | 34 | 40 |
O&R Transition Bond Charges [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets - long-term | 34 | 39 |
Preferred Stock Redemption [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets - long-term | 28 | 29 |
Property Tax Reconciliation [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets - long-term | 20 | 16 |
Regulatory liabilities - long-term | 290 | 187 |
Workers' compensation [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets - long-term | 16 | 19 |
Other [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets - long-term | 163 | 193 |
Deferred Derivative Losses - Current [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets | 45 | 69 |
Regulatory assets - current | 45 | 69 |
Recoverable Energy Costs - Current [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets | 1 | 5 |
Regulatory assets - current | 1 | 5 |
Allowance for Cost Removal Less Salvage [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory liabilities - long-term | 522 | 503 |
Property Tax Refunds [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory liabilities - long-term | 130 | 7 |
Net Unbilled Revenue Deferrals [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory liabilities - long-term | 104 | 136 |
Long-Term Interest Rate Reconciliation [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory liabilities - long-term | 94 | 62 |
World Trade Center Settlement Proceeds [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory liabilities - long-term | 62 | 62 |
Carrying Charges on Transmission and Distribution Net Plant Electric and Steam [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory liabilities - long-term | 30 | 31 |
Expenditure Prudence Proceeding [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory liabilities - long-term | 16 | 14 |
Other [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory liabilities - long-term | 309 | 200 |
Refundable Energy Costs - Current [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory liabilities | 64 | 82 |
Regulatory liabilities - current | 64 | 82 |
Revenue Decoupling Mechanism [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory liabilities | 51 | 72 |
Regulatory liabilities - current | 51 | 72 |
Deferred Derivative Gains - Current [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory liabilities | 2 | ' |
Regulatory liabilities - current | 2 | ' |
Electric Surcharge Offset [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory liabilities | ' | 29 |
Regulatory liabilities - current | ' | 29 |
CECONY [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets | 42 | 60 |
Regulatory assets - long-term | 8,497 | 8,972 |
Regulatory assets - current | 42 | 60 |
Total Regulatory Assets | 8,539 | 9,032 |
Regulatory liabilities | 86 | 145 |
Regulatory liabilities - long-term | 1,431 | 1,077 |
Regulatory liabilities - current | 86 | 145 |
Total Regulatory Liabilities | 1,517 | 1,222 |
CECONY [Member] | Unrecognized Pension and Other Postretirement Costs [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets - long-term | 4,779 | 5,407 |
CECONY [Member] | Future Income Tax [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets - long-term | 1,929 | 1,831 |
CECONY [Member] | Environmental Remediation Costs [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets - long-term | 591 | 615 |
CECONY [Member] | Deferred Storm Costs [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets - long-term | 340 | 309 |
CECONY [Member] | Pension and Other Postretirement Benefits Deferrals [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets - long-term | 201 | 154 |
CECONY [Member] | Revenue Taxes [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets - long-term | 182 | 170 |
CECONY [Member] | Surcharge for New York State Assessment [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets - long-term | 113 | 68 |
CECONY [Member] | Net Electric Deferrals [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets - long-term | 88 | 102 |
CECONY [Member] | Unamortized Loss on Reacquired Debt [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets - long-term | 64 | 70 |
CECONY [Member] | Deferred Derivative Losses - Long-Term [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets - long-term | 13 | 20 |
CECONY [Member] | Preferred Stock Redemption [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets - long-term | 28 | 29 |
CECONY [Member] | Property Tax Reconciliation [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory liabilities - long-term | 290 | 187 |
CECONY [Member] | Workers' compensation [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets - long-term | 16 | 19 |
CECONY [Member] | Other [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets - long-term | 153 | 178 |
CECONY [Member] | Deferred Derivative Losses - Current [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets | 42 | 60 |
Regulatory assets - current | 42 | 60 |
CECONY [Member] | Allowance for Cost Removal Less Salvage [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory liabilities - long-term | 436 | 420 |
CECONY [Member] | Property Tax Refunds [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory liabilities - long-term | 129 | 6 |
CECONY [Member] | Net Unbilled Revenue Deferrals [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory liabilities - long-term | 104 | 136 |
CECONY [Member] | Long-Term Interest Rate Reconciliation [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory liabilities - long-term | 94 | 62 |
CECONY [Member] | World Trade Center Settlement Proceeds [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory liabilities - long-term | 62 | 62 |
CECONY [Member] | Carrying Charges on Transmission and Distribution Net Plant Electric and Steam [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory liabilities - long-term | 20 | 13 |
CECONY [Member] | Expenditure Prudence Proceeding [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory liabilities - long-term | 16 | 14 |
CECONY [Member] | Other [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory liabilities - long-term | 280 | 177 |
CECONY [Member] | Refundable Energy Costs - Current [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory liabilities | 36 | 48 |
Regulatory liabilities - current | 36 | 48 |
CECONY [Member] | Revenue Decoupling Mechanism [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory liabilities | 49 | 68 |
Regulatory liabilities - current | 49 | 68 |
CECONY [Member] | Deferred Derivative Gains - Current [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory liabilities | 1 | ' |
Regulatory liabilities - current | 1 | ' |
CECONY [Member] | Electric Surcharge Offset [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory liabilities | ' | 29 |
Regulatory liabilities - current | ' | $29 |
Capitalization_Additional_Info
Capitalization - Additional Information (Detail) (USD $) | 1 Months Ended | 1 Months Ended | 9 Months Ended | ||||||||
In Millions, unless otherwise specified | Apr. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Feb. 28, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 |
Level 2 [Member] | Level 3 [Member] | CECONY [Member] | CECONY [Member] | CECONY [Member] | CECONY [Member] | CECONY [Member] | CECONY [Member] | ||||
Level 2 [Member] | Level 3 [Member] | ||||||||||
Schedule of Capitalization [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debentures issued | ' | ' | ' | ' | ' | ' | $700 | ' | ' | ' | ' |
Debentures interest rate | 4.78% | ' | ' | ' | ' | ' | 3.95% | ' | ' | ' | ' |
Period of debentures | ' | ' | ' | ' | ' | ' | '30 years | ' | ' | ' | ' |
Redeemable debentures | ' | ' | ' | ' | ' | 200 | 500 | ' | ' | ' | ' |
Redeemable debentures interest rate | ' | ' | ' | ' | ' | 3.85% | 4.88% | ' | ' | ' | ' |
Period of redeemable debentures | ' | ' | ' | ' | ' | '10 years | '10 years | ' | ' | ' | ' |
Senior notes issued | 219 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes weighted average life | '15 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes maturity date | '2037 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, fair value | ' | 12,213 | 12,935 | 11,577 | 636 | ' | ' | 10,925 | 11,751 | 10,289 | 636 |
Tax - exempt debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $636 |
Capitalization_Carrying_Amount
Capitalization - Carrying Amounts and Fair Values of Long-Term Debt (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Carrying Amount | $10,976 | $10,768 |
Fair Value | 12,213 | 12,935 |
CECONY [Member] | ' | ' |
Carrying Amount | 9,841 | 9,845 |
Fair Value | $10,925 | $11,751 |
ShortTerm_Borrowing_Additional
Short-Term Borrowing - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Short-term Debt [Line Items] | ' | ' |
Commercial paper, outstanding | $1,220,000,000 | $539,000,000 |
Weighted average interest rate | 0.30% | 0.30% |
Loans outstanding under the credit agreement | ' | ' |
Letters of credit outstanding under the credit agreement | 29,000,000 | 131,000,000 |
Aggregate commitments under the credit agreement | 2,100,000,000 | ' |
Previously Reported [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Credit agreement termination date | 31-Oct-16 | ' |
Currently Reported [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Credit agreement termination date | 31-Oct-17 | ' |
CECONY [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Commercial paper, outstanding | 1,042,000,000 | 421,000,000 |
Weighted average interest rate | 0.30% | 0.30% |
Letters of credit outstanding under the credit agreement | $11,000,000 | $121,000,000 |
Pension_Benefits_Companies_Net
Pension Benefits - Companies' Net Periodic Benefit Costs (Detail) (Pension benefits [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost - including administrative expenses | $67 | $59 | $200 | $177 |
Interest cost on projected benefit obligation | 134 | 137 | 403 | 410 |
Expected return on plan assets | -187 | -176 | -563 | -528 |
Recognition of net actuarial loss | 208 | 177 | 624 | 531 |
Recognition of prior service costs | 1 | 2 | 4 | 6 |
NET PERIODIC BENEFIT COST | 223 | 199 | 668 | 596 |
Amortization of regulatory asset | 1 | ' | 2 | 1 |
TOTAL PERIODIC BENEFIT COST | 224 | 199 | 670 | 597 |
Cost capitalized | -86 | -64 | -256 | -200 |
Reconciliation to rate level | -31 | ' | -55 | -37 |
Cost charged to operating expenses | 107 | 135 | 359 | 360 |
CECONY [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost - including administrative expenses | 62 | 55 | 186 | 165 |
Interest cost on projected benefit obligation | 126 | 128 | 377 | 385 |
Expected return on plan assets | -178 | -168 | -534 | -503 |
Recognition of net actuarial loss | 197 | 168 | 591 | 503 |
Recognition of prior service costs | 1 | 2 | 3 | 4 |
NET PERIODIC BENEFIT COST | 208 | 185 | 623 | 554 |
Amortization of regulatory asset | 1 | ' | 2 | 1 |
TOTAL PERIODIC BENEFIT COST | 209 | 185 | 625 | 555 |
Cost capitalized | -78 | -60 | -241 | -186 |
Reconciliation to rate level | -34 | -1 | -56 | -36 |
Cost charged to operating expenses | $97 | $124 | $328 | $333 |
Pension_Benefits_Additional_In
Pension Benefits - Additional Information (Detail) (Pension benefits [Member], USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ' |
Contributions | $867 |
Funds made to non-qualified supplemental plan | 11 |
CECONY [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Contributions | $810 |
Other_Postretirement_Benefits_1
Other Postretirement Benefits - Net Periodic Postretirement Benefit Costs (Detail) (Other Postretirement Benefits [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Schedule Of Other Postretirement Benefits [Line Items] | ' | ' | ' | ' |
Service cost | $6 | $6 | $18 | $20 |
Interest cost on accumulated other postretirement benefit obligation | 13 | 18 | 40 | 55 |
Expected return on plan assets | -19 | -21 | -58 | -64 |
Recognition of net actuarial loss | 16 | 24 | 48 | 73 |
Recognition of prior service cost | -7 | -5 | -20 | -16 |
Recognition of transition obligation | ' | ' | ' | 1 |
NET PERIODIC BENEFIT COST | 9 | 22 | 28 | 69 |
Cost capitalized | -3 | -8 | -10 | -24 |
Reconciliation to rate level | 14 | 3 | 43 | 15 |
Cost charged to operating expenses | 20 | 17 | 61 | 60 |
CECONY [Member] | ' | ' | ' | ' |
Schedule Of Other Postretirement Benefits [Line Items] | ' | ' | ' | ' |
Service cost | 5 | 5 | 14 | 15 |
Interest cost on accumulated other postretirement benefit obligation | 12 | 16 | 34 | 48 |
Expected return on plan assets | -17 | -19 | -51 | -56 |
Recognition of net actuarial loss | 14 | 22 | 43 | 65 |
Recognition of prior service cost | -6 | -4 | -17 | -13 |
Recognition of transition obligation | ' | ' | ' | 1 |
NET PERIODIC BENEFIT COST | 8 | 20 | 23 | 60 |
Cost capitalized | -3 | -7 | -9 | -20 |
Reconciliation to rate level | 12 | 3 | 37 | 12 |
Cost charged to operating expenses | $17 | $16 | $51 | $52 |
Other_Postretirement_Benefits_2
Other Postretirement Benefits - Additional Information (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Schedule Of Other Postretirement Benefits [Line Items] | ' | ' |
Contributions | $887 | $821 |
Other Postretirement Benefits [Member] | ' | ' |
Schedule Of Other Postretirement Benefits [Line Items] | ' | ' |
Contributions | 9 | ' |
CECONY [Member] | ' | ' |
Schedule Of Other Postretirement Benefits [Line Items] | ' | ' |
Contributions | 830 | 761 |
CECONY [Member] | Other Postretirement Benefits [Member] | ' | ' |
Schedule Of Other Postretirement Benefits [Line Items] | ' | ' |
Contributions | $9 | ' |
Environmental_Matters_Accrued_
Environmental Matters - Accrued Liabilities and Regulatory Assets (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Accrued Liabilities: | ' | ' |
Regulatory assets | $9,236 | $9,779 |
Manufactured gas plant sites [Member] | ' | ' |
Accrued Liabilities: | ' | ' |
Accrued Liabilities | 439 | 462 |
Other Superfund Sites [Member] | ' | ' |
Accrued Liabilities: | ' | ' |
Accrued Liabilities | 73 | 83 |
Superfund Sites [Member] | ' | ' |
Accrued Liabilities: | ' | ' |
Accrued Liabilities | 512 | 545 |
Regulatory assets | 704 | 730 |
CECONY [Member] | ' | ' |
Accrued Liabilities: | ' | ' |
Regulatory assets | 8,539 | 9,032 |
CECONY [Member] | Manufactured gas plant sites [Member] | ' | ' |
Accrued Liabilities: | ' | ' |
Accrued Liabilities | 332 | 351 |
CECONY [Member] | Other Superfund Sites [Member] | ' | ' |
Accrued Liabilities: | ' | ' |
Accrued Liabilities | 71 | 82 |
CECONY [Member] | Superfund Sites [Member] | ' | ' |
Accrued Liabilities: | ' | ' |
Accrued Liabilities | 403 | 433 |
Regulatory assets | $591 | $615 |
Environmental_Matters_Environm
Environmental Matters - Environmental Remediation Costs (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Accrued Environmental Remediation Costs [Line Items] | ' | ' | ' | ' |
Remediation costs incurred | $10 | $3 | $35 | $18 |
Insurance recoveries received | ' | ' | ' | ' |
CECONY [Member] | ' | ' | ' | ' |
Accrued Environmental Remediation Costs [Line Items] | ' | ' | ' | ' |
Remediation costs incurred | 10 | 1 | 30 | 15 |
Insurance recoveries received | ' | ' | ' | ' |
Environmental_Matters_Addition
Environmental Matters - Additional Information (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2010 |
CECONY [Member] | Asbestos Proceedings [Member] | ' |
Accrued Environmental Remediation Costs [Line Items] | ' |
Estimated undiscounted asbestos liability | $10 |
Estimated undiscounted asbestos liability in year | '15 years |
CECONY [Member] | Superfund Sites [Member] | Manufactured Gas Plant Sites [Member] | ' |
Accrued Environmental Remediation Costs [Line Items] | ' |
Estimated aggregate undiscounted potential liability related environmental contaminants | 1,900 |
O&R [Member] | Superfund Sites [Member] | Manufactured Gas Plant Sites [Member] | ' |
Accrued Environmental Remediation Costs [Line Items] | ' |
Estimated aggregate undiscounted potential liability related environmental contaminants | $200 |
Environmental_Matters_Accrued_1
Environmental Matters - Accrued Liability for Asbestos Suits and Workers' Compensation Proceedings (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Site Contingency [Line Items] | ' | ' |
Regulatory assets | $9,236 | $9,779 |
Asbestos suits [Member] | ' | ' |
Site Contingency [Line Items] | ' | ' |
Accrued liability | 10 | 10 |
Regulatory assets | 10 | 10 |
Workers Compensation Insurance [Member] | ' | ' |
Site Contingency [Line Items] | ' | ' |
Accrued liability | 91 | 94 |
Regulatory assets | 16 | 19 |
CECONY [Member] | ' | ' |
Site Contingency [Line Items] | ' | ' |
Regulatory assets | 8,539 | 9,032 |
CECONY [Member] | Asbestos suits [Member] | ' | ' |
Site Contingency [Line Items] | ' | ' |
Accrued liability | 10 | 10 |
Regulatory assets | 10 | 10 |
CECONY [Member] | Workers Compensation Insurance [Member] | ' | ' |
Site Contingency [Line Items] | ' | ' |
Accrued liability | 86 | 89 |
Regulatory assets | $16 | $19 |
Other_Material_Contingencies_A
Other Material Contingencies - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||
In Millions, unless otherwise specified | Aug. 31, 2013 | Jun. 30, 2013 | Jan. 31, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Aug. 31, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Lawsuits | Con Edison [Member] | IRS [Member] | IRS [Member] | Insurance Receivables [Member] | Tax deficiency paid in December 2005 [Member] | Interest in April 2006 [Member] | Leases [Member] | Energy [Member] | Solar Energy Projects [Member] | Construction [Member] | ||||||
Operating Leased Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of suits pending against the company | ' | ' | ' | ' | 90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated accrued liability for suits | ' | ' | ' | ' | ' | ' | ' | ' | ' | $50 | ' | ' | ' | ' | ' | ' |
Insurance receivable for suits | ' | ' | ' | ' | 50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total investment in electric generating and gas distribution facilities | ' | ' | ' | ' | 259 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transactions financed with equity | ' | ' | ' | ' | 93 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transactions financed with non-recourse | ' | ' | ' | ' | 166 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax deficiency paid to IRS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.3 | ' | ' | ' | ' | ' |
Interest paid related to tax deficiency | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.2 | ' | ' | ' | ' |
Disallowed deduction | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 574 | ' | ' | ' | ' | ' |
Estimated charge after-tax | ' | ' | ' | 150 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain from LILO transaction termination | 26 | 29 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from the termination of a LILO transaction | 92 | 108 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
The company's net investment in LILO transactions | ' | ' | ' | ' | ' | -76 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross investment in LILO transactions | ' | ' | ' | ' | ' | 228 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred tax liabilities | ' | ' | ' | ' | ' | 304 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defray of interest charges relating to potential tax liability | ' | ' | 447 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Returned deposit from IRS | ' | ' | ' | ' | 375 | 70 | ' | 30 | 95 | ' | ' | ' | ' | ' | ' | ' |
Guarantee obligations maximum exposure | ' | ' | ' | ' | 1,272 | 859 | ' | ' | ' | ' | ' | ' | ' | ' | 80 | ' |
Percentage of membership interest | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Guarantees issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 25 | ' | 4 |
Maximum potential obligation | ' | ' | ' | ' | $5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other_Material_Contingencies_S
Other Material Contingencies - Schedule of Leveraged Lease Transactions Effect on Consolidated Income Statement (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Leveraged Lease [Line Items] | ' | ' |
Total increase/(decrease) in net income | $26 | ($95) |
Increase/(decrease) to non-utility operating revenues [Member] | ' | ' |
Leveraged Lease [Line Items] | ' | ' |
Total increase/(decrease) in net income | 44 | -27 |
(Increase)/decrease to other interest expense [Member] | ' | ' |
Leveraged Lease [Line Items] | ' | ' |
Total increase/(decrease) in net income | ' | -131 |
Income tax benefit/(expense) [Member] | ' | ' |
Leveraged Lease [Line Items] | ' | ' |
Total increase/(decrease) in net income | ($18) | $63 |
Other_Material_Contingencies_T1
Other Material Contingencies - Total Guarantees (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Guarantor Obligations [Line Items] | ' | ' |
Total guarantees, by type and term | $1,272 | $859 |
Energy transactions [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Total guarantees, by type and term | 782 | ' |
Solar energy projects [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Total guarantees, by type and term | 447 | ' |
Intra-company guarantees [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Total guarantees, by type and term | 16 | ' |
Other guarantees [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Total guarantees, by type and term | 27 | ' |
0 - 3 years [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Total guarantees, by type and term | 1,191 | ' |
0 - 3 years [Member] | Energy transactions [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Total guarantees, by type and term | 705 | ' |
0 - 3 years [Member] | Solar energy projects [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Total guarantees, by type and term | 443 | ' |
0 - 3 years [Member] | Intra-company guarantees [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Total guarantees, by type and term | 16 | ' |
0 - 3 years [Member] | Other guarantees [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Total guarantees, by type and term | 27 | ' |
4 - 10 years [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Total guarantees, by type and term | 52 | ' |
4 - 10 years [Member] | Energy transactions [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Total guarantees, by type and term | 52 | ' |
4 - 10 years [Member] | Solar energy projects [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Total guarantees, by type and term | ' | ' |
4 - 10 years [Member] | Intra-company guarantees [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Total guarantees, by type and term | ' | ' |
4 - 10 years [Member] | Other guarantees [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Total guarantees, by type and term | ' | ' |
Greater than 10 years [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Total guarantees, by type and term | 29 | ' |
Greater than 10 years [Member] | Energy transactions [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Total guarantees, by type and term | 25 | ' |
Greater than 10 years [Member] | Solar energy projects [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Total guarantees, by type and term | 4 | ' |
Greater than 10 years [Member] | Intra-company guarantees [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Total guarantees, by type and term | ' | ' |
Greater than 10 years [Member] | Other guarantees [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Total guarantees, by type and term | ' | ' |
Income_Tax_Additional_Informat
Income Tax - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' | ' | ' |
INCOME TAX EXPENSE | $250 | ' | ' | $261 | $373 | $501 |
Effective tax rate | 35.00% | ' | ' | 37.00% | 31.00% | 35.00% |
Estimated federal and state uncertain tax positions | 8 | ' | 72 | ' | 8 | ' |
Decrease in estimated prior year liabilities | ' | 238 | ' | ' | ' | ' |
Interest charges related to uncertain tax positions | ' | ' | 126 | ' | ' | ' |
Reduced interest expenses | 5 | ' | ' | ' | ' | ' |
Interest charges related to uncertain tax position, LILO transaction | ' | ' | 131 | ' | ' | ' |
Unrecognized tax benefits amount | 5 | ' | ' | ' | 5 | ' |
Federal and State [Member] | ' | ' | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' | ' | ' |
Estimated federal and state uncertain tax positions | ' | ' | 238 | ' | ' | ' |
CECONY [Member] | ' | ' | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' | ' | ' |
INCOME TAX EXPENSE | 222 | ' | ' | 227 | 431 | 436 |
Effective tax rate | 36.00% | ' | ' | 37.00% | 34.00% | 35.00% |
Federal income tax benefits | 7 | ' | ' | ' | ' | ' |
Estimated federal and state uncertain tax positions | ' | ' | 66 | ' | ' | ' |
Reduced interest expenses | 3 | ' | 5 | ' | ' | ' |
Con Edison [Member] | ' | ' | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' | ' | ' |
INCOME TAX EXPENSE | $6 | ' | ' | ' | $6 | ' |
Financial_Information_by_Busin2
Financial Information by Business Segment - Financial Data for Business Segments (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating revenues | $3,484 | $3,438 | $9,487 | $9,287 |
Inter-segment revenues | ' | ' | ' | ' |
Depreciation and amortization | 258 | 240 | 764 | 709 |
Operating income | 855 | 851 | 1,767 | 1,886 |
Competitive energy businesses [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating revenues | 365 | 344 | 834 | 954 |
Inter-segment revenues | ' | 2 | 4 | 6 |
Depreciation and amortization | 6 | 2 | 16 | 6 |
Operating income | 63 | 53 | 7 | 111 |
Other [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating revenues | ' | ' | -3 | -6 |
Inter-segment revenues | ' | -2 | -4 | -6 |
Depreciation and amortization | 1 | ' | 1 | ' |
Operating income | 1 | ' | ' | -3 |
CECONY [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating revenues | 2,893 | 2,868 | 8,021 | 7,738 |
Inter-segment revenues | ' | ' | ' | ' |
Depreciation and amortization | 237 | 225 | 705 | 664 |
Operating income | 752 | 754 | 1,659 | 1,678 |
CECONY [Member] | Operating Segments [Member] | CECONY - Electric [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating revenues | 2,622 | 2,611 | 6,309 | 6,307 |
Inter-segment revenues | 4 | 4 | 12 | 11 |
Depreciation and amortization | 188 | 179 | 559 | 527 |
Operating income | 811 | 812 | 1,307 | 1,383 |
CECONY [Member] | Operating Segments [Member] | CECONY - Gas [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating revenues | 199 | 189 | 1,190 | 1,017 |
Inter-segment revenues | 1 | 1 | 4 | 4 |
Depreciation and amortization | 33 | 31 | 97 | 89 |
Operating income | -24 | -21 | 272 | 255 |
CECONY [Member] | Operating Segments [Member] | CECONY - Steam [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating revenues | 72 | 68 | 522 | 414 |
Inter-segment revenues | 22 | 20 | 60 | 58 |
Depreciation and amortization | 16 | 15 | 49 | 48 |
Operating income | -35 | -37 | 80 | 40 |
CECONY [Member] | Consolidation adjustments [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating revenues | ' | ' | ' | ' |
Inter-segment revenues | -27 | -25 | -76 | -73 |
Depreciation and amortization | ' | ' | ' | ' |
Operating income | ' | ' | ' | ' |
O&R [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating revenues | 226 | 226 | 635 | 601 |
Inter-segment revenues | ' | ' | ' | ' |
Depreciation and amortization | 14 | 13 | 42 | 39 |
Operating income | 39 | 44 | 101 | 100 |
O&R [Member] | Operating Segments [Member] | CECONY - Electric [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating revenues | 200 | 199 | 492 | 457 |
Inter-segment revenues | ' | ' | ' | ' |
Depreciation and amortization | 10 | 10 | 31 | 28 |
Operating income | 46 | 50 | 81 | 74 |
O&R [Member] | Operating Segments [Member] | CECONY - Gas [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating revenues | 26 | 27 | 143 | 144 |
Inter-segment revenues | ' | ' | ' | ' |
Depreciation and amortization | 4 | 3 | 11 | 11 |
Operating income | ($7) | ($6) | $20 | $26 |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities - Fair Values of Commodity Derivatives Including Offsetting of Assets and Liabilities (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Gross Amounts of Recognized Assets/(Liabilities) | ($44) | ($90) |
Gross Amounts Offset in the Statement of Financial Position | 22 | 47 |
Net Amounts of Assets/(Liabilities) Presented in the Statement of Financial Position | -22 | -43 |
Net Amount | -22 | -43 |
Derivative assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Gross Amounts of Recognized Assets/(Liabilities) | 80 | 86 |
Gross Amounts Offset in the Statement of Financial Position | -52 | -57 |
Net Amounts of Assets/(Liabilities) Presented in the Statement of Financial Position | 28 | 29 |
Net Amount | 28 | 29 |
Derivative liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Gross Amounts of Recognized Assets/(Liabilities) | -124 | -176 |
Gross Amounts Offset in the Statement of Financial Position | 74 | 104 |
Net Amounts of Assets/(Liabilities) Presented in the Statement of Financial Position | -50 | -72 |
Net Amount | -50 | -72 |
Financial instruments [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Gross Amounts Not Offset in the Statement of Financial Position | ' | ' |
Financial instruments [Member] | Derivative assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Gross Amounts Not Offset in the Statement of Financial Position | ' | ' |
Financial instruments [Member] | Derivative liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Gross Amounts Not Offset in the Statement of Financial Position | ' | ' |
Cash collateral received [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Gross Amounts Not Offset in the Statement of Financial Position | ' | ' |
Cash collateral received [Member] | Derivative assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Gross Amounts Not Offset in the Statement of Financial Position | ' | ' |
Cash collateral received [Member] | Derivative liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Gross Amounts Not Offset in the Statement of Financial Position | ' | ' |
CECONY [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Gross Amounts of Recognized Assets/(Liabilities) | -31 | -56 |
Gross Amounts Offset in the Statement of Financial Position | 15 | 29 |
Net Amounts of Assets/(Liabilities) Presented in the Statement of Financial Position | -16 | -27 |
Net Amount | -16 | -27 |
CECONY [Member] | Derivative assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Gross Amounts of Recognized Assets/(Liabilities) | 27 | 27 |
Gross Amounts Offset in the Statement of Financial Position | -18 | -15 |
Net Amounts of Assets/(Liabilities) Presented in the Statement of Financial Position | 9 | 12 |
Net Amount | 9 | 12 |
CECONY [Member] | Derivative liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Gross Amounts of Recognized Assets/(Liabilities) | -58 | -83 |
Gross Amounts Offset in the Statement of Financial Position | 33 | 44 |
Net Amounts of Assets/(Liabilities) Presented in the Statement of Financial Position | -25 | -39 |
Net Amount | -25 | -39 |
CECONY [Member] | Financial instruments [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Gross Amounts Not Offset in the Statement of Financial Position | ' | ' |
CECONY [Member] | Financial instruments [Member] | Derivative assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Gross Amounts Not Offset in the Statement of Financial Position | ' | ' |
CECONY [Member] | Financial instruments [Member] | Derivative liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Gross Amounts Not Offset in the Statement of Financial Position | ' | ' |
CECONY [Member] | Cash collateral received [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Gross Amounts Not Offset in the Statement of Financial Position | ' | ' |
CECONY [Member] | Cash collateral received [Member] | Derivative assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Gross Amounts Not Offset in the Statement of Financial Position | ' | ' |
CECONY [Member] | Cash collateral received [Member] | Derivative liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Gross Amounts Not Offset in the Statement of Financial Position | ' | ' |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities - Fair Values of Commodity Derivatives Including Offsetting of Assets and Liabilities (Parenthetical) (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Margin deposits | $34 | $37 |
CECONY [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Margin deposits | $14 | $18 |
Derivative_Instruments_and_Hed4
Derivative Instruments and Hedging Activities - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Investment Holdings [Line Items] | ' | ' |
Energy supply and hedging activities credit exposure total | $110 | $110 |
Makeup of net credit exposure, with investment-grade counterparties | 30 | 30 |
Makeup of net credit exposure with commodity exchange brokers | 37 | 37 |
Makeup of net credit exposure independent system operators | ' | 42 |
Makeup of net credit exposure non-investment grade or non-rated counterparties | ' | 1 |
Number of Capacity Contracts | ' | 1,187 |
Interest Rate Swap [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Derivative, fixed interest rate | 6.09% | 6.09% |
Unrealized gain (loss) on derivatives | ' | -3 |
Increase in the fair value of derivative | 1 | 3 |
CECONY [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Energy supply and hedging activities credit exposure total | $14 | $14 |
Number of Capacity Contracts | ' | 628 |
Derivative_Instruments_and_Hed5
Derivative Instruments and Hedging Activities - Fair Values of Companies' Commodity Derivatives (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Derivatives Liabilities | ' | ' |
Fair value of derivative liabilities | $124 | $176 |
Impact of netting | -74 | -104 |
Net derivatives liabilities | 50 | 72 |
Derivatives Assets [Member] | ' | ' |
Derivatives Assets | ' | ' |
Fair value of derivative assets | 80 | 86 |
Impact of netting | -18 | -20 |
Net derivatives assets | 62 | 66 |
Derivatives Assets [Member] | Other current assets [Member] | ' | ' |
Derivatives Assets | ' | ' |
Fair value of derivative assets | 55 | 64 |
Derivatives Assets [Member] | Other deferred charges and noncurrent assets [Member] | ' | ' |
Derivatives Assets | ' | ' |
Fair value of derivative assets | 25 | 22 |
Derivatives Liabilities [Member] | Fair value of derivative liabilities, Current [Member] | ' | ' |
Derivatives Liabilities | ' | ' |
Fair value of derivative liabilities | 71 | 122 |
Derivatives Liabilities [Member] | Fair value of derivative liabilities, Long-term [Member] | ' | ' |
Derivatives Liabilities | ' | ' |
Fair value of derivative liabilities | 53 | 54 |
CECONY [Member] | ' | ' |
Derivatives Liabilities | ' | ' |
Fair value of derivative liabilities | 58 | 83 |
Impact of netting | -33 | -44 |
Net derivatives liabilities | 25 | 39 |
CECONY [Member] | Derivatives Assets [Member] | ' | ' |
Derivatives Assets | ' | ' |
Fair value of derivative assets | 27 | 27 |
Impact of netting | -4 | 3 |
Net derivatives assets | 23 | 30 |
CECONY [Member] | Derivatives Assets [Member] | Other current assets [Member] | ' | ' |
Derivatives Assets | ' | ' |
Fair value of derivative assets | 18 | 18 |
CECONY [Member] | Derivatives Assets [Member] | Other deferred charges and noncurrent assets [Member] | ' | ' |
Derivatives Assets | ' | ' |
Fair value of derivative assets | 9 | 9 |
CECONY [Member] | Derivatives Liabilities [Member] | Fair value of derivative liabilities, Current [Member] | ' | ' |
Derivatives Liabilities | ' | ' |
Fair value of derivative liabilities | 40 | 58 |
CECONY [Member] | Derivatives Liabilities [Member] | Fair value of derivative liabilities, Long-term [Member] | ' | ' |
Derivatives Liabilities | ' | ' |
Fair value of derivative liabilities | $18 | $25 |
Derivative_Instruments_and_Hed6
Derivative Instruments and Hedging Activities - Changes in Fair Values of Commodity Derivatives (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ' | ' | ' | ' |
Total deferred gains/(losses) | ' | $6 | $1 | $6 |
Total deferred gains/(losses) | -2 | 13 | 5 | -85 |
Net deferred gains/(losses) | -2 | 19 | 6 | -79 |
Pre-tax gain/(loss) recognized in income | ' | ' | ' | ' |
Total pre-tax gain/(loss) recognized in income | 4 | 10 | 23 | -62 |
Deferred derivative gains, Current [Member] | ' | ' | ' | ' |
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ' | ' | ' | ' |
Total deferred gains/(losses) | ' | 5 | 1 | 5 |
Regulatory liabilities, Long-term [Member] | ' | ' | ' | ' |
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ' | ' | ' | ' |
Total deferred gains/(losses) | ' | 1 | ' | 1 |
Deferred derivative losses, Current [Member] | ' | ' | ' | ' |
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ' | ' | ' | ' |
Total deferred gains/(losses) | 11 | 51 | 24 | 89 |
Recoverable energy costs, Current [Member] | ' | ' | ' | ' |
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ' | ' | ' | ' |
Total deferred gains/(losses) | -19 | -60 | -22 | -187 |
Regulatory assets, Long-term [Member] | ' | ' | ' | ' |
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ' | ' | ' | ' |
Total deferred gains/(losses) | 6 | 22 | 3 | 13 |
CECONY [Member] | ' | ' | ' | ' |
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ' | ' | ' | ' |
Total deferred gains/(losses) | ' | 6 | 1 | 6 |
Total deferred gains/(losses) | -1 | 10 | 7 | -67 |
Net deferred gains/(losses) | -1 | 16 | 8 | -61 |
Pre-tax gain/(loss) recognized in income | ' | ' | ' | ' |
Total pre-tax gain/(loss) recognized in income | ' | ' | ' | ' |
CECONY [Member] | Deferred derivative gains, Current [Member] | ' | ' | ' | ' |
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ' | ' | ' | ' |
Total deferred gains/(losses) | ' | 5 | 1 | 5 |
CECONY [Member] | Regulatory liabilities, Long-term [Member] | ' | ' | ' | ' |
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ' | ' | ' | ' |
Total deferred gains/(losses) | ' | 1 | ' | 1 |
CECONY [Member] | Deferred derivative losses, Current [Member] | ' | ' | ' | ' |
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ' | ' | ' | ' |
Total deferred gains/(losses) | 9 | 42 | 19 | 78 |
CECONY [Member] | Recoverable energy costs, Current [Member] | ' | ' | ' | ' |
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ' | ' | ' | ' |
Total deferred gains/(losses) | -17 | -52 | -19 | -164 |
CECONY [Member] | Regulatory assets, Long-term [Member] | ' | ' | ' | ' |
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ' | ' | ' | ' |
Total deferred gains/(losses) | 7 | 20 | 7 | 19 |
Purchased power expense [Member] | ' | ' | ' | ' |
Pre-tax gain/(loss) recognized in income | ' | ' | ' | ' |
Total pre-tax gain/(loss) recognized in income | 3 | 9 | 32 | -49 |
Purchased power expense [Member] | CECONY [Member] | ' | ' | ' | ' |
Pre-tax gain/(loss) recognized in income | ' | ' | ' | ' |
Total pre-tax gain/(loss) recognized in income | ' | ' | ' | ' |
Gas purchased for resale [Member] | ' | ' | ' | ' |
Pre-tax gain/(loss) recognized in income | ' | ' | ' | ' |
Total pre-tax gain/(loss) recognized in income | -6 | ' | -17 | -2 |
Gas purchased for resale [Member] | CECONY [Member] | ' | ' | ' | ' |
Pre-tax gain/(loss) recognized in income | ' | ' | ' | ' |
Total pre-tax gain/(loss) recognized in income | ' | ' | ' | ' |
Non-utility revenue [Member] | ' | ' | ' | ' |
Pre-tax gain/(loss) recognized in income | ' | ' | ' | ' |
Total pre-tax gain/(loss) recognized in income | 7 | 1 | 8 | -11 |
Non-utility revenue [Member] | CECONY [Member] | ' | ' | ' | ' |
Pre-tax gain/(loss) recognized in income | ' | ' | ' | ' |
Total pre-tax gain/(loss) recognized in income | ' | ' | ' | ' |
Derivative_Instruments_and_Hed7
Derivative Instruments and Hedging Activities - Changes in Fair Values of Commodity Derivatives (Parenthetical) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Purchased power expense [Member] | ' | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' |
Unrealized gain/(loss) on derivatives | $6 | $30 | $22 | $75 |
Non-utility revenue [Member] | ' | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' |
Unrealized gain/(loss) on derivatives | ' | ' | ' | ($13) |
Derivative_Instruments_and_Hed8
Derivative Instruments and Hedging Activities - Number of Derivative Contracts by Commodity Type (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Contract | |
Derivatives, Fair Value [Line Items] | ' |
Number of Capacity Contracts | 1,187 |
CECONY [Member] | ' |
Derivatives, Fair Value [Line Items] | ' |
Number of Capacity Contracts | 628 |
Electric Derivatives [Member] | ' |
Derivatives, Fair Value [Line Items] | ' |
Number of Energy Contracts | 470 |
MWHs | 13,643,994 |
Number of Capacity Contracts | 83 |
MWs | 11,625 |
Electric Derivatives [Member] | CECONY [Member] | ' |
Derivatives, Fair Value [Line Items] | ' |
Number of Energy Contracts | 82 |
MWHs | 3,127,600 |
Number of Capacity Contracts | 4 |
MWs | 1,200 |
Gas Derivatives [Member] | ' |
Derivatives, Fair Value [Line Items] | ' |
Number of Energy Contracts | 634 |
Dths | 79,090,035 |
Number of Capacity Contracts | 1,187 |
Gas Derivatives [Member] | CECONY [Member] | ' |
Derivatives, Fair Value [Line Items] | ' |
Number of Energy Contracts | 542 |
Dths | 75,470,000 |
Number of Capacity Contracts | 628 |
Derivative_Instruments_and_Hed9
Derivative Instruments and Hedging Activities - Aggregate Fair Value of All Derivative Instruments with Credit-Risk-Related Contingent Features (Detail) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Derivatives, Fair Value [Line Items] | ' |
Aggregate fair value - net liabilities | $31 |
Collateral posted | ' |
Additional Collateral Required Due To Loss Of Unsecured Credit [Member] | ' |
Derivatives, Fair Value [Line Items] | ' |
Collateral posted | 35 |
Additional collateral | ' |
Additional Collateral Aggregate Fair Value Down below Investment Grade [Member] | ' |
Derivatives, Fair Value [Line Items] | ' |
Collateral posted | 37 |
Additional collateral | 42 |
CECONY [Member] | ' |
Derivatives, Fair Value [Line Items] | ' |
Aggregate fair value - net liabilities | 25 |
Collateral posted | ' |
CECONY [Member] | Additional Collateral Required Due To Loss Of Unsecured Credit [Member] | ' |
Derivatives, Fair Value [Line Items] | ' |
Collateral posted | 14 |
Additional collateral | ' |
CECONY [Member] | Additional Collateral Aggregate Fair Value Down below Investment Grade [Member] | ' |
Derivatives, Fair Value [Line Items] | ' |
Additional collateral | $29 |
Recovered_Sheet1
Derivative Instruments and Hedging Activities - Aggregate Fair Value of All Derivative Instruments with Credit-Risk-Related Contingent Features (Parenthetical) (Detail) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Derivatives, Fair Value [Line Items] | ' |
Collateral posted | ' |
Additional Collateral Required Due To Loss Of Unsecured Credit [Member] | ' |
Derivatives, Fair Value [Line Items] | ' |
Collateral posted | 35 |
Additional Collateral Aggregate Fair Value Down below Investment Grade [Member] | ' |
Derivatives, Fair Value [Line Items] | ' |
Collateral posted | 37 |
CECONY [Member] | ' |
Derivatives, Fair Value [Line Items] | ' |
Collateral posted | ' |
CECONY [Member] | Additional Collateral Required Due To Loss Of Unsecured Credit [Member] | ' |
Derivatives, Fair Value [Line Items] | ' |
Collateral posted | $14 |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Con Edison [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | $299 | $279 |
Total liabilities | 53 | 78 |
CECONY [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 243 | 227 |
Total liabilities | 25 | 39 |
Commodity [Member] | Con Edison [Member] | Derivatives Assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 62 | 66 |
Commodity [Member] | Con Edison [Member] | Derivatives Liabilities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative liabilities | 50 | 72 |
Commodity [Member] | CECONY [Member] | Derivatives Assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 23 | 30 |
Commodity [Member] | CECONY [Member] | Derivatives Liabilities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative liabilities | 25 | 39 |
Other assets [Member] | Con Edison [Member] | Derivatives Assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 237 | 213 |
Other assets [Member] | CECONY [Member] | Derivatives Assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 220 | 197 |
Interest rate contract [Member] | Con Edison [Member] | Derivatives Liabilities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative liabilities | 3 | 6 |
Interest rate contract [Member] | CECONY [Member] | Derivatives Liabilities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative liabilities | ' | ' |
Level 1 [Member] | Con Edison [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 130 | 106 |
Total liabilities | 9 | 12 |
Level 1 [Member] | CECONY [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 123 | 99 |
Total liabilities | 9 | 12 |
Level 1 [Member] | Commodity [Member] | Con Edison [Member] | Derivatives Assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 1 | ' |
Level 1 [Member] | Commodity [Member] | Con Edison [Member] | Derivatives Liabilities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative liabilities | 9 | 12 |
Level 1 [Member] | Commodity [Member] | CECONY [Member] | Derivatives Assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 1 | ' |
Level 1 [Member] | Commodity [Member] | CECONY [Member] | Derivatives Liabilities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative liabilities | 9 | 12 |
Level 1 [Member] | Other assets [Member] | Con Edison [Member] | Derivatives Assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 129 | 106 |
Level 1 [Member] | Other assets [Member] | CECONY [Member] | Derivatives Assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 122 | 99 |
Level 1 [Member] | Interest rate contract [Member] | Con Edison [Member] | Derivatives Liabilities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative liabilities | ' | ' |
Level 1 [Member] | Interest rate contract [Member] | CECONY [Member] | Derivatives Liabilities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative liabilities | ' | ' |
Level 2 [Member] | Con Edison [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 160 | 150 |
Total liabilities | 77 | 122 |
Level 2 [Member] | CECONY [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 104 | 106 |
Total liabilities | 37 | 62 |
Level 2 [Member] | Commodity [Member] | Con Edison [Member] | Derivatives Assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 52 | 43 |
Level 2 [Member] | Commodity [Member] | Con Edison [Member] | Derivatives Liabilities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative liabilities | 74 | 116 |
Level 2 [Member] | Commodity [Member] | CECONY [Member] | Derivatives Assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 6 | 8 |
Level 2 [Member] | Commodity [Member] | CECONY [Member] | Derivatives Liabilities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative liabilities | 37 | 62 |
Level 2 [Member] | Other assets [Member] | Con Edison [Member] | Derivatives Assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 108 | 107 |
Level 2 [Member] | Other assets [Member] | CECONY [Member] | Derivatives Assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 98 | 98 |
Level 2 [Member] | Interest rate contract [Member] | Con Edison [Member] | Derivatives Liabilities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative liabilities | 3 | 6 |
Level 2 [Member] | Interest rate contract [Member] | CECONY [Member] | Derivatives Liabilities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative liabilities | ' | ' |
Level 3 [Member] | Con Edison [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 9 | 33 |
Total liabilities | 23 | 38 |
Level 3 [Member] | CECONY [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 8 | 10 |
Total liabilities | ' | ' |
Level 3 [Member] | Commodity [Member] | Con Edison [Member] | Derivatives Assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 9 | 33 |
Level 3 [Member] | Commodity [Member] | Con Edison [Member] | Derivatives Liabilities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative liabilities | 23 | 38 |
Level 3 [Member] | Commodity [Member] | CECONY [Member] | Derivatives Assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 8 | 10 |
Level 3 [Member] | Commodity [Member] | CECONY [Member] | Derivatives Liabilities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative liabilities | ' | ' |
Level 3 [Member] | Other assets [Member] | Con Edison [Member] | Derivatives Assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | ' | ' |
Level 3 [Member] | Other assets [Member] | CECONY [Member] | Derivatives Assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | ' | ' |
Level 3 [Member] | Interest rate contract [Member] | Con Edison [Member] | Derivatives Liabilities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative liabilities | ' | ' |
Level 3 [Member] | Interest rate contract [Member] | CECONY [Member] | Derivatives Liabilities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative liabilities | ' | ' |
Netting Adjustments [Member] | Con Edison [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | ' | -10 |
Total liabilities | -56 | -94 |
Netting Adjustments [Member] | CECONY [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 8 | 12 |
Total liabilities | -21 | -35 |
Netting Adjustments [Member] | Commodity [Member] | Con Edison [Member] | Derivatives Assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | ' | -10 |
Netting Adjustments [Member] | Commodity [Member] | Con Edison [Member] | Derivatives Liabilities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative liabilities | -56 | -94 |
Netting Adjustments [Member] | Commodity [Member] | CECONY [Member] | Derivatives Assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 8 | 12 |
Netting Adjustments [Member] | Commodity [Member] | CECONY [Member] | Derivatives Liabilities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative liabilities | -21 | -35 |
Netting Adjustments [Member] | Other assets [Member] | Con Edison [Member] | Derivatives Assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | ' | ' |
Netting Adjustments [Member] | Other assets [Member] | CECONY [Member] | Derivatives Assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | ' | ' |
Netting Adjustments [Member] | Interest rate contract [Member] | Con Edison [Member] | Derivatives Liabilities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative liabilities | ' | ' |
Netting Adjustments [Member] | Interest rate contract [Member] | CECONY [Member] | Derivatives Liabilities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative liabilities | ' | ' |
Fair_Value_Measurements_Assets1
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Parenthetical) (Detail) (USD $) | 12 Months Ended | 3 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2012 | Mar. 31, 2012 | Mar. 31, 2012 | Mar. 31, 2012 |
Interest rate contract [Member] | Con Edison [Member] | CECONY [Member] | ||
Other assets [Member] | Other assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Fair value measurement assets, transfers from Level 3 to Level 2 | ' | ' | $105 | $95 |
Fair value measurement liabilities, transfers from Level 1 to Level 2 | 2 | ' | ' | ' |
Fair value measurement liabilities, transfers from Level 2 to Level 1 | 9 | ' | ' | ' |
Fair value measurement liabilities, transfers from Level 2 to Level 3 | 2 | ' | ' | ' |
Fair value measurement liabilities, transfers from Level 3 to Level 2 | $11 | $8 | ' | ' |
Fair_Value_Measurements_Schedu
Fair Value Measurements - Schedule of Commodity Derivatives (Detail) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Electricity [Member] | ' |
Financial Instruments [Line Items] | ' |
Valuation Techniques | 'Discounted Cash Flow |
Standard Offer Capacity Agreements [Member] | ' |
Financial Instruments [Line Items] | ' |
Valuation Techniques | 'Discounted Cash Flow |
Transmission Congestion Contracts / Financial Transmission Rights [Member] | ' |
Financial Instruments [Line Items] | ' |
Valuation Techniques | 'Discounted Cash Flow |
Minimum [Member] | Present Value Factor [Member] | ' |
Financial Instruments [Line Items] | ' |
Unobservable Inputs Range in percentage | 2.64% |
Minimum [Member] | Discount to Adjust Auction Prices for Inter-Zonal Forward Price Curves [Member] | ' |
Financial Instruments [Line Items] | ' |
Unobservable Inputs Range in percentage | -5.80% |
Minimum [Member] | Discount to Adjust Auction Prices for Historical Monthly Realized Settlements [Member] | ' |
Financial Instruments [Line Items] | ' |
Unobservable Inputs Range in percentage | -102.40% |
Minimum [Member] | Inter-Zonal Forward Price Curves and for Historical Zonal Losses [Member] | ' |
Financial Instruments [Line Items] | ' |
Unobservable Inputs Range in percentage | 1.56% |
Unobservable Inputs Range | 1.56 |
Minimum [Member] | Forward energy prices [Member] | ' |
Financial Instruments [Line Items] | ' |
Unobservable Inputs Range | 24 |
Minimum [Member] | Forward capacity prices [Member] | Standard Offer Capacity Agreements [Member] | ' |
Financial Instruments [Line Items] | ' |
Unobservable Inputs Range | 119 |
Maximum [Member] | Discount to Adjust Auction Prices for Inter-Zonal Forward Price Curves [Member] | ' |
Financial Instruments [Line Items] | ' |
Unobservable Inputs Range in percentage | 42.40% |
Maximum [Member] | Discount to Adjust Auction Prices for Historical Monthly Realized Settlements [Member] | ' |
Financial Instruments [Line Items] | ' |
Unobservable Inputs Range in percentage | 49.20% |
Maximum [Member] | Inter-Zonal Forward Price Curves and for Historical Zonal Losses [Member] | ' |
Financial Instruments [Line Items] | ' |
Unobservable Inputs Range in percentage | 2.16% |
Unobservable Inputs Range | 2.16 |
Maximum [Member] | Forward energy prices [Member] | ' |
Financial Instruments [Line Items] | ' |
Unobservable Inputs Range | 99 |
Maximum [Member] | Forward capacity prices [Member] | Standard Offer Capacity Agreements [Member] | ' |
Financial Instruments [Line Items] | ' |
Unobservable Inputs Range | 248 |
Level 3 [Member] | ' |
Financial Instruments [Line Items] | ' |
Fair Value of commodity derivatives | -14,000,000 |
Level 3 [Member] | Electricity [Member] | ' |
Financial Instruments [Line Items] | ' |
Fair Value of commodity derivatives | -6,000,000 |
Level 3 [Member] | Standard Offer Capacity Agreements [Member] | ' |
Financial Instruments [Line Items] | ' |
Fair Value of commodity derivatives | -17,000,000 |
Level 3 [Member] | Transmission Congestion Contracts / Financial Transmission Rights [Member] | ' |
Financial Instruments [Line Items] | ' |
Fair Value of commodity derivatives | 9,000,000 |
CECONY [Member] | Transmission Congestion Contracts [Member] | ' |
Financial Instruments [Line Items] | ' |
Valuation Techniques | 'Discounted Cash Flow |
CECONY [Member] | Minimum [Member] | Discount to Adjust Auction Prices for Inter-Zonal Forward Price Curves [Member] | ' |
Financial Instruments [Line Items] | ' |
Unobservable Inputs Range in percentage | -5.80% |
CECONY [Member] | Minimum [Member] | Discount to Adjust Auction Prices for Historical Monthly Realized Settlements [Member] | ' |
Financial Instruments [Line Items] | ' |
Unobservable Inputs Range in percentage | -102.40% |
CECONY [Member] | Maximum [Member] | Discount to Adjust Auction Prices for Inter-Zonal Forward Price Curves [Member] | ' |
Financial Instruments [Line Items] | ' |
Unobservable Inputs Range in percentage | 42.40% |
CECONY [Member] | Maximum [Member] | Discount to Adjust Auction Prices for Historical Monthly Realized Settlements [Member] | ' |
Financial Instruments [Line Items] | ' |
Unobservable Inputs Range in percentage | 49.20% |
CECONY [Member] | Level 3 [Member] | Transmission Congestion Contracts [Member] | ' |
Financial Instruments [Line Items] | ' |
Fair Value of commodity derivatives | 8,000,000 |
Fair_Value_Measurements_Reconc
Fair Value Measurements - Reconciliation of Beginning and Ending Net Balances for Assets and Liabilities Measured at Level 3 Fair Value (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | ' | $29 |
Included in Earnings | ' | ' | ' | -95 |
Included in Regulatory Assets and Liabilities | ' | ' | ' | 14 |
Purchases | ' | ' | ' | 18 |
Issuances | ' | ' | ' | ' |
Sales | ' | ' | ' | ' |
Settlements | ' | ' | ' | 107 |
Transfer In/Out of Level 3 | ' | ' | ' | -76 |
Ending Balance | ' | -3 | ' | -3 |
Commodity [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' |
Beginning Balance | -6 | -61 | -5 | -62 |
Included in Earnings | -3 | -15 | 5 | -97 |
Included in Regulatory Assets and Liabilities | -2 | 19 | 1 | 11 |
Purchases | 5 | 7 | 12 | 18 |
Issuances | ' | ' | ' | ' |
Sales | ' | ' | ' | ' |
Settlements | -8 | 25 | -27 | 106 |
Transfer In/Out of Level 3 | ' | 22 | ' | 21 |
Ending Balance | -14 | -3 | -14 | -3 |
Interest rate contract [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | ' | -8 |
Included in Earnings | ' | ' | ' | -1 |
Included in Regulatory Assets and Liabilities | ' | ' | ' | ' |
Purchases | ' | ' | ' | ' |
Issuances | ' | ' | ' | ' |
Sales | ' | ' | ' | ' |
Settlements | ' | ' | ' | 1 |
Transfer In/Out of Level 3 | ' | ' | ' | 8 |
Ending Balance | ' | ' | ' | ' |
Other assets [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | ' | 99 |
Included in Earnings | ' | ' | ' | 3 |
Included in Regulatory Assets and Liabilities | ' | ' | ' | 3 |
Purchases | ' | ' | ' | ' |
Issuances | ' | ' | ' | ' |
Sales | ' | ' | ' | ' |
Settlements | ' | ' | ' | ' |
Transfer In/Out of Level 3 | ' | ' | ' | -105 |
Ending Balance | ' | ' | ' | ' |
CECONY [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | ' | 83 |
Included in Earnings | ' | ' | ' | -22 |
Included in Regulatory Assets and Liabilities | ' | ' | ' | 10 |
Purchases | ' | ' | ' | 15 |
Issuances | ' | ' | ' | ' |
Sales | ' | ' | ' | ' |
Settlements | ' | ' | ' | 12 |
Transfer In/Out of Level 3 | ' | ' | ' | -86 |
Ending Balance | ' | 12 | ' | 12 |
CECONY [Member] | Commodity [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' |
Beginning Balance | 8 | -10 | 10 | -7 |
Included in Earnings | 2 | -9 | 9 | -25 |
Included in Regulatory Assets and Liabilities | -1 | 8 | ' | 8 |
Purchases | 5 | 7 | 10 | 15 |
Issuances | ' | ' | ' | ' |
Sales | ' | ' | ' | ' |
Settlements | -6 | 5 | -21 | 12 |
Transfer In/Out of Level 3 | ' | 11 | ' | 9 |
Ending Balance | 8 | 12 | 8 | 12 |
CECONY [Member] | Other assets [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | ' | 90 |
Included in Earnings | ' | ' | ' | 3 |
Included in Regulatory Assets and Liabilities | ' | ' | ' | 2 |
Purchases | ' | ' | ' | ' |
Issuances | ' | ' | ' | ' |
Sales | ' | ' | ' | ' |
Settlements | ' | ' | ' | ' |
Transfer In/Out of Level 3 | ' | ' | ' | -95 |
Ending Balance | ' | ' | ' | ' |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' |
Gain (loss) on Level 3 energy derivative assets | ' | ' | ' | $95 |
Competitive energy businesses [Member] | Other Income [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' |
Gain (loss) on Level 3 energy derivative assets | ' | ' | -2 | ' |
Gain (loss) on Level 3 energy derivative liabilities | ' | -2 | ' | -11 |
Fair value, assets measured on recurring basis, change in unrealized gain (loss) | ' | -2 | -2 | -11 |
Competitive energy businesses [Member] | Purchased power expense [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' |
Gain (loss) on Level 3 energy derivative assets | -4 | ' | ' | ' |
Gain (loss) on Level 3 energy derivative liabilities | ' | 2 | ' | -42 |
Fair value, assets measured on recurring basis, change in unrealized gain (loss) | ($5) | $16 | ($3) | $40 |
Variable_Interest_Entities_Add
Variable Interest Entities - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | |
In Millions, unless otherwise specified | Jul. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
CMS 2 [Member] | CMS 2 [Member] | CMS 2 [Member] | MS 1 [Member] | MS 1 [Member] | |
NEVADA | Arizona [Member] | ||||
MW | MW | ||||
Variable Interest Entity [Line Items] | ' | ' | ' | ' | ' |
Percentage of variable interests | 50.00% | ' | ' | 50.00% | ' |
Solar energy project | ' | ' | 150 | ' | 150 |
Solar energy in service | ' | ' | 92 | ' | ' |
Investments including earnings | ' | $76 | ' | $104 | ' |
Asset_Retirement_Obligations_A
Asset Retirement Obligations - Accrued Liability for Asset Retirement Obligations and Regulatory Liabilities (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Regulatory Liabilities [Line Items] | ' | ' |
Accrued liability - asset retirement obligations | $164 | $159 |
Regulatory liabilities - allowance for cost of removal less salvage | 1,557 | 1,202 |
Allowance for Cost Removal Less Salvage [Member] | ' | ' |
Regulatory Liabilities [Line Items] | ' | ' |
Regulatory liabilities - allowance for cost of removal less salvage | 522 | 503 |
CECONY [Member] | ' | ' |
Regulatory Liabilities [Line Items] | ' | ' |
Accrued liability - asset retirement obligations | 163 | 158 |
Regulatory liabilities - allowance for cost of removal less salvage | 1,431 | 1,077 |
CECONY [Member] | Allowance for Cost Removal Less Salvage [Member] | ' | ' |
Regulatory Liabilities [Line Items] | ' | ' |
Regulatory liabilities - allowance for cost of removal less salvage | $436 | $420 |