Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 31, 2015 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | ED | |
Entity Registrant Name | CONSOLIDATED EDISON INC | |
Entity Central Index Key | 1,047,862 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 292,877,149 | |
CECONY | ||
Document Information [Line Items] | ||
Entity Registrant Name | CONSOLIDATED EDISON CO OF NEW YORK INC | |
Entity Central Index Key | 23,632 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer |
Consolidated Income Statement
Consolidated Income Statement - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
OPERATING REVENUES | ||||
Electric | $ 2,040 | $ 2,134 | $ 4,175 | $ 4,372 |
Gas | 324 | 395 | 1,056 | 1,277 |
Steam | 96 | 98 | 471 | 439 |
Non-utility | 328 | 284 | 702 | 612 |
TOTAL OPERATING REVENUES | 2,788 | 2,911 | 6,404 | 6,700 |
OPERATING EXPENSES | ||||
Purchased power | 660 | 783 | 1,544 | 1,746 |
Fuel | 31 | 34 | 185 | 189 |
Gas purchased for resale | 89 | 151 | 351 | 551 |
Other operations and maintenance | 802 | 801 | 1,616 | 1,627 |
Depreciation and amortization | 276 | 265 | 555 | 526 |
Taxes, other than income taxes | 458 | 467 | 955 | 966 |
TOTAL OPERATING EXPENSES | 2,316 | 2,501 | 5,206 | 5,605 |
Gain on sale of solar energy projects | 0 | 45 | 0 | 45 |
OPERATING INCOME | 472 | 455 | 1,198 | 1,140 |
OTHER INCOME (DEDUCTIONS) | ||||
Investment and other income | 14 | 14 | 19 | 25 |
Allowance for equity funds used during construction | 1 | 1 | 2 | 3 |
Other deductions | (5) | (6) | (7) | (8) |
TOTAL OTHER INCOME | 10 | 9 | 14 | 20 |
INCOME BEFORE INTEREST AND INCOME TAX EXPENSE | 482 | 464 | 1,212 | 1,160 |
INTEREST EXPENSE | ||||
Interest on long-term debt | 156 | 147 | 311 | 293 |
Other interest (income) | 7 | 4 | 13 | (5) |
Allowance for borrowed funds used during construction | (1) | (1) | (1) | (2) |
NET INTEREST EXPENSE | 162 | 150 | 323 | 286 |
INCOME BEFORE INCOME TAX EXPENSE | 320 | 314 | 889 | 874 |
INCOME TAX EXPENSE | 101 | 102 | 300 | 300 |
NET INCOME FOR COMMON STOCK | $ 219 | $ 212 | $ 589 | $ 574 |
Net income for common stock per common share-basic (dollars per share) | $ 0.75 | $ 0.73 | $ 2.01 | $ 1.96 |
Net income for common stock per common share-diluted (dollars per share) | 0.74 | 0.72 | 2.01 | 1.95 |
DIVIDENDS DECLARED PER SHARE OF COMMON STOCK (dollars per share) | $ 0.65 | $ 0.630 | $ 1.30 | $ 1.260 |
AVERAGE NUMBER OF SHARES OUTSTANDING-BASIC (IN MILLIONS) (shares) | 292.9 | 292.9 | 292.9 | 292.9 |
AVERAGE NUMBER OF SHARES OUTSTANDING-DILUTED (IN MILLIONS) (shares) | 294 | 294 | 293.9 | 294 |
CECONY | ||||
OPERATING REVENUES | ||||
Electric | $ 1,879 | $ 1,978 | $ 3,858 | $ 4,053 |
Gas | 308 | 360 | 963 | 1,149 |
Steam | 96 | 98 | 471 | 439 |
TOTAL OPERATING REVENUES | 2,283 | 2,436 | 5,292 | 5,641 |
OPERATING EXPENSES | ||||
Purchased power | 358 | 517 | 897 | 1,135 |
Fuel | 31 | 34 | 185 | 189 |
Gas purchased for resale | 54 | 104 | 252 | 451 |
Other operations and maintenance | 687 | 699 | 1,390 | 1,424 |
Depreciation and amortization | 254 | 247 | 511 | 486 |
Taxes, other than income taxes | 439 | 449 | 914 | 926 |
TOTAL OPERATING EXPENSES | 1,823 | 2,050 | 4,149 | 4,611 |
OPERATING INCOME | 460 | 386 | 1,143 | 1,030 |
OTHER INCOME (DEDUCTIONS) | ||||
Investment and other income | 2 | 1 | 3 | 8 |
Allowance for equity funds used during construction | 1 | 1 | 2 | 1 |
Other deductions | (5) | (5) | (6) | (7) |
TOTAL OTHER INCOME | (2) | (3) | (1) | 2 |
INCOME BEFORE INTEREST AND INCOME TAX EXPENSE | 458 | 383 | 1,142 | 1,032 |
INTEREST EXPENSE | ||||
Interest on long-term debt | 141 | 130 | 282 | 258 |
Other interest | 5 | 3 | 9 | 7 |
Allowance for borrowed funds used during construction | 0 | 0 | (1) | (1) |
NET INTEREST EXPENSE | 146 | 133 | 290 | 264 |
INCOME BEFORE INCOME TAX EXPENSE | 312 | 250 | 852 | 768 |
INCOME TAX EXPENSE | 101 | 78 | 293 | 262 |
NET INCOME FOR COMMON STOCK | $ 211 | $ 172 | $ 559 | $ 506 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
NET INCOME | $ 219 | $ 212 | $ 589 | $ 574 |
OTHER COMPREHENSIVE INCOME, NET OF TAXES | ||||
Pension and other postretirement benefit plan liability adjustments, net of taxes | 1 | 1 | 6 | 5 |
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAXES | 1 | 1 | 6 | 5 |
COMPREHENSIVE INCOME FOR COMMON STOCK | 220 | 213 | 595 | 579 |
CECONY | ||||
NET INCOME | 211 | 172 | 559 | 506 |
OTHER COMPREHENSIVE INCOME, NET OF TAXES | ||||
Pension and other postretirement benefit plan liability adjustments, net of taxes | 1 | 0 | 1 | 1 |
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAXES | 1 | 0 | 1 | 1 |
COMPREHENSIVE INCOME | $ 212 | $ 172 | $ 560 | $ 507 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
OPERATING ACTIVITIES | ||
NET INCOME | $ 589 | $ 574 |
PRINCIPAL NON-CASH CHARGES/(CREDITS) TO INCOME | ||
Depreciation and amortization | 555 | 526 |
Deferred income taxes | 202 | 162 |
Rate case amortization and accruals | (20) | 61 |
Common equity component of allowance for funds used during construction | (2) | (3) |
Net derivative gains (loss) | 8 | (15) |
Pre-tax gain on sale of solar electric production projects | 0 | (45) |
Other non-cash items (net) | 18 | (6) |
CHANGES IN ASSETS AND LIABILITIES | ||
Accounts receivable – customers, less allowance for uncollectibles | 35 | 24 |
Special deposits | 4 | 312 |
Materials and supplies, including fuel oil and gas in storage | 48 | 40 |
Other receivables and other current assets | (21) | 2 |
Income taxes receivable | 224 | 0 |
Prepayments | (144) | (11) |
Accounts payable | (158) | 21 |
Pensions and retiree benefits obligations (net) | 379 | 404 |
Pensions and retiree benefits contributions | (407) | (406) |
Accrued taxes | (20) | (407) |
Accrued interest | (1) | (76) |
Superfund and environmental remediation costs (net) | 15 | 16 |
Distributions from equity investments related to renewable electric production projects | 18 | 0 |
Deferred charges, noncurrent assets and other regulatory assets | (3) | (35) |
Deferred credits and other regulatory liabilities | 136 | 158 |
Other current and noncurrent liabilities | 31 | (39) |
NET CASH FLOWS FROM OPERATING ACTIVITIES | 1,486 | 1,257 |
INVESTING ACTIVITIES | ||
Utility construction expenditures | (1,174) | (1,073) |
Cost of removal less salvage | (105) | (99) |
Non-utility construction expenditures | (178) | (113) |
Investments in/acquisitions of renewable electric production projects | (252) | (107) |
Proceeds from grants related to solar electric production projects | 0 | 36 |
Proceeds from sale of solar electric production projects | 0 | 108 |
Return of equity investments related to renewable electric production projects | 6 | 0 |
Restricted cash | (22) | 15 |
NET CASH FLOWS USED IN INVESTING ACTIVITIES | (1,725) | (1,233) |
FINANCING ACTIVITIES | ||
Net issuance of short-term debt | 445 | 80 |
Issuance of long-term debt | 238 | 850 |
Retirement of long-term debt | (45) | (478) |
Debt issuance costs | (2) | (6) |
Common stock dividends | (380) | (368) |
Issuance of common shares for stock plans, net of repurchases | (7) | (2) |
NET CASH FLOWS FROM FINANCING ACTIVITIES | 249 | 76 |
CASH AND TEMPORARY CASH INVESTMENTS: | ||
NET CHANGE FOR THE PERIOD | 10 | 100 |
BALANCE AT BEGINNING OF PERIOD | 699 | 674 |
BALANCE AT END OF PERIOD | 709 | 774 |
Cash paid/(received) during the period for: | ||
Interest | 305 | 277 |
Income taxes | (9) | 518 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION | ||
Construction expenditures in accounts payable | 213 | 140 |
CECONY | ||
OPERATING ACTIVITIES | ||
NET INCOME | 559 | 506 |
PRINCIPAL NON-CASH CHARGES/(CREDITS) TO INCOME | ||
Depreciation and amortization | 511 | 486 |
Deferred income taxes | 135 | 135 |
Rate case amortization and accruals | (32) | 55 |
Common equity component of allowance for funds used during construction | (2) | (2) |
Other non-cash items (net) | (10) | (17) |
CHANGES IN ASSETS AND LIABILITIES | ||
Accounts receivable – customers, less allowance for uncollectibles | 53 | 44 |
Materials and supplies, including fuel oil and gas in storage | 42 | 37 |
Other receivables and other current assets | 11 | (93) |
Accounts receivable from affiliated companies | (4) | 0 |
Prepayments | 18 | 13 |
Accounts payable | (101) | (71) |
Pensions and retiree benefits obligations (net) | 360 | 382 |
Pensions and retiree benefits contributions | (406) | (405) |
Accrued taxes | (1) | (240) |
Accrued interest | (1) | 12 |
Superfund and environmental remediation costs (net) | 14 | 17 |
Accrued taxes to affiliated companies | (10) | 0 |
Deferred charges, noncurrent assets and other regulatory assets | (22) | (86) |
Deferred credits and other regulatory liabilities | 119 | 142 |
Other current and noncurrent liabilities | (31) | (33) |
NET CASH FLOWS FROM OPERATING ACTIVITIES | 1,202 | 882 |
INVESTING ACTIVITIES | ||
Utility construction expenditures | (1,108) | (1,007) |
Cost of removal less salvage | (101) | (97) |
NET CASH FLOWS USED IN INVESTING ACTIVITIES | (1,209) | (1,104) |
FINANCING ACTIVITIES | ||
Net issuance of short-term debt | 545 | 272 |
Issuance of long-term debt | 0 | 850 |
Retirement of long-term debt | 0 | (475) |
Debt issuance costs | (1) | (6) |
Dividend to parent | (516) | (356) |
NET CASH FLOWS FROM FINANCING ACTIVITIES | 28 | 285 |
CASH AND TEMPORARY CASH INVESTMENTS: | ||
NET CHANGE FOR THE PERIOD | 21 | 63 |
BALANCE AT BEGINNING OF PERIOD | 645 | 633 |
BALANCE AT END OF PERIOD | 666 | 696 |
Cash paid/(received) during the period for: | ||
Interest | 277 | 248 |
Income taxes | 160 | 392 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION | ||
Construction expenditures in accounts payable | $ 151 | $ 119 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
CURRENT ASSETS | ||
Cash and temporary cash investments | $ 709 | $ 699 |
Special deposits | 4 | 8 |
Accounts receivable - customers, less allowance for uncollectible accounts | 1,084 | 1,201 |
Other receivables, less allowance for uncollectible accounts | 255 | 133 |
Income taxes receivable | 0 | 224 |
Accrued unbilled revenue | 361 | 500 |
Fuel oil, gas in storage, materials and supplies, at average cost | 321 | 372 |
Prepayments | 307 | 163 |
Regulatory assets | 75 | 148 |
Deferred tax assets | 173 | 128 |
Assets held for sale | 167 | 0 |
Other current assets | 223 | 278 |
TOTAL CURRENT ASSETS | 3,679 | 3,854 |
INVESTMENTS | 848 | 816 |
UTILITY PLANT, AT ORIGINAL COST | ||
General | 2,517 | 2,465 |
TOTAL | 36,875 | 35,909 |
Less: Accumulated depreciation | 7,826 | 7,614 |
Net | 29,049 | 28,295 |
Construction work in progress | 996 | 1,031 |
NET UTILITY PLANT | 30,045 | 29,326 |
NON-UTILITY PLANT | ||
Non-utility property, less accumulated depreciation | 475 | 388 |
Construction work in progress | 403 | 113 |
NET PLANT | 30,923 | 29,827 |
OTHER NONCURRENT ASSETS | ||
Goodwill | 429 | 429 |
Intangible assets, less accumulated amortization of $4 in 2015 and 2014 | 3 | 3 |
Regulatory assets | 8,646 | 9,156 |
Other deferred charges and noncurrent assets | 223 | 223 |
TOTAL OTHER NONCURRENT ASSETS | 9,301 | 9,811 |
TOTAL ASSETS | 44,751 | 44,308 |
CURRENT LIABILITIES | ||
Long-term debt due within one year | 460 | 560 |
Notes payable | 1,245 | 800 |
Accounts payable | 845 | 1,019 |
Customer deposits | 348 | 344 |
Accrued taxes | 52 | 72 |
Accrued interest | 131 | 132 |
Accrued wages | 100 | 95 |
Fair value of derivative liabilities | 32 | 64 |
Regulatory liabilities | 142 | 187 |
Liabilities held for sale | 91 | 0 |
Other current liabilities | 489 | 508 |
TOTAL CURRENT LIABILITIES | 3,935 | 3,781 |
NONCURRENT LIABILITIES | ||
Provision for injuries and damages | 186 | 182 |
Pensions and retiree benefits | 3,420 | 3,914 |
Superfund and other environmental costs | 751 | 764 |
Asset retirement obligations | 193 | 188 |
Fair value of derivative liabilities | 24 | 13 |
Deferred income taxes and investment tax credits | 9,408 | 9,076 |
Regulatory liabilities | 1,947 | 1,993 |
Other deferred credits and noncurrent liabilities | 165 | 181 |
TOTAL NONCURRENT LIABILITIES | 16,094 | 16,311 |
LONG-TERM DEBT | 11,925 | 11,631 |
EQUITY | ||
Common shareholders’ equity | 12,788 | 12,576 |
Noncontrolling interest | 9 | 9 |
TOTAL EQUITY (See Statement of Equity) | 12,797 | 12,585 |
TOTAL LIABILITIES AND EQUITY | 44,751 | 44,308 |
CECONY | ||
CURRENT ASSETS | ||
Cash and temporary cash investments | 666 | 645 |
Special deposits | 2 | 2 |
Accounts receivable - customers, less allowance for uncollectible accounts | 1,011 | 1,064 |
Other receivables, less allowance for uncollectible accounts | 56 | 71 |
Accrued unbilled revenue | 329 | 384 |
Accounts receivable from affiliated companies | 136 | 132 |
Fuel oil, gas in storage, materials and supplies, at average cost | 270 | 312 |
Prepayments | 108 | 126 |
Regulatory assets | 60 | 132 |
Deferred tax assets | 144 | 94 |
Other current assets | 157 | 158 |
TOTAL CURRENT ASSETS | 2,939 | 3,120 |
INVESTMENTS | 296 | 271 |
UTILITY PLANT, AT ORIGINAL COST | ||
General | 2,310 | 2,265 |
TOTAL | 34,496 | 33,584 |
Less: Accumulated depreciation | 7,161 | 6,970 |
Net | 27,335 | 26,614 |
Construction work in progress | 935 | 971 |
NET UTILITY PLANT | 28,270 | 27,585 |
NON-UTILITY PLANT | ||
Non-utility property, less accumulated depreciation | 5 | 5 |
NET PLANT | 28,275 | 27,590 |
OTHER NONCURRENT ASSETS | ||
Regulatory assets | 8,011 | 8,481 |
Other deferred charges and noncurrent assets | 180 | 175 |
TOTAL OTHER NONCURRENT ASSETS | 8,191 | 8,656 |
TOTAL ASSETS | 39,701 | 39,637 |
CURRENT LIABILITIES | ||
Long-term debt due within one year | 350 | 350 |
Notes payable | 995 | 450 |
Accounts payable | 657 | 802 |
Accounts payable to affiliated companies | 28 | 23 |
Customer deposits | 333 | 330 |
Accrued taxes | 45 | 46 |
Accrued taxes to affiliated companies | 0 | 10 |
Accrued interest | 116 | 117 |
Accrued wages | 93 | 84 |
Fair value of derivative liabilities | 23 | 48 |
Regulatory liabilities | 107 | 142 |
Other current liabilities | 381 | 415 |
TOTAL CURRENT LIABILITIES | 3,128 | 2,817 |
NONCURRENT LIABILITIES | ||
Provision for injuries and damages | 180 | 176 |
Pensions and retiree benefits | 3,011 | 3,493 |
Superfund and other environmental costs | 656 | 666 |
Asset retirement obligations | 189 | 185 |
Fair value of derivative liabilities | 19 | 10 |
Deferred income taxes and investment tax credits | 8,516 | 8,257 |
Regulatory liabilities | 1,772 | 1,837 |
Other deferred credits and noncurrent liabilities | 133 | 144 |
TOTAL NONCURRENT LIABILITIES | 14,476 | 14,768 |
LONG-TERM DEBT | 10,865 | 10,864 |
EQUITY | ||
Common shareholders’ equity | 11,232 | 11,188 |
TOTAL LIABILITIES AND EQUITY | 39,701 | 39,637 |
Electric | ||
UTILITY PLANT, AT ORIGINAL COST | ||
Utility plant, at original cost | 25,741 | 25,091 |
Electric | CECONY | ||
UTILITY PLANT, AT ORIGINAL COST | ||
Utility plant, at original cost | 24,219 | 23,599 |
Gas | ||
UTILITY PLANT, AT ORIGINAL COST | ||
Utility plant, at original cost | 6,329 | 6,102 |
Gas | CECONY | ||
UTILITY PLANT, AT ORIGINAL COST | ||
Utility plant, at original cost | 5,679 | 5,469 |
Steam | ||
UTILITY PLANT, AT ORIGINAL COST | ||
Utility plant, at original cost | 2,288 | 2,251 |
Steam | CECONY | ||
UTILITY PLANT, AT ORIGINAL COST | ||
Utility plant, at original cost | $ 2,288 | $ 2,251 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Accounts receivable - customers, allowance for uncollectible accounts | $ 91 | $ 96 |
Other receivables, allowance for uncollectible accounts | 10 | 10 |
Non-utility property, accumulated depreciation | 85 | 91 |
Intangible assets, accumulated amortization | 4 | 4 |
CECONY | ||
Accounts receivable - customers, allowance for uncollectible accounts | 86 | 90 |
Other receivables, allowance for uncollectible accounts | 8 | 8 |
Non-utility property, accumulated depreciation | $ 25 | $ 25 |
Consolidated Statement of Share
Consolidated Statement of Shareholder's Equity - USD ($) $ in Millions | Total | CECONY | Common Stock | Common StockCECONY | Additional Paid-In Capital | Additional Paid-In CapitalCECONY | Retained Earnings | Retained EarningsCECONY | Repurchased Con Edison StockCECONY | Treasury Stock | Capital Stock Expense | Capital Stock ExpenseCECONY | Accumulated Other Comprehensive Income/(Loss) | Accumulated Other Comprehensive Income/(Loss)CECONY | Noncontrolling Interest |
Beginning Balance at Dec. 31, 2013 | $ 12,245 | $ 32 | $ 4,995 | $ 8,338 | $ (1,034) | $ (61) | $ (25) | ||||||||
Beginning Balance at Dec. 31, 2013 | $ 10,847 | $ 589 | $ 4,234 | $ 7,053 | $ (962) | $ (61) | $ (6) | ||||||||
Beginning Balance (in shares) at Dec. 31, 2013 | 292,872,396 | 235,488,094 | 23,210,200 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net income for common stock | 361 | 361 | |||||||||||||
NET INCOME | 334 | 334 | |||||||||||||
Common stock dividends | (184) | (178) | (184) | (178) | |||||||||||
Issuance of common shares for stock plans, net of repurchases | (2) | $ 2 | |||||||||||||
Issuance of common shares for stock plans, net of repurchases (in shares) | 51,656 | (51,656) | |||||||||||||
Other comprehensive income | 4 | 1 | 4 | 1 | |||||||||||
Ending Balance at Mar. 31, 2014 | 11,004 | $ 589 | 4,234 | 7,209 | (962) | (61) | (5) | ||||||||
Ending Balance at Mar. 31, 2014 | 12,426 | $ 32 | 4,993 | 8,515 | $ (1,032) | (61) | (21) | ||||||||
Ending Balance (in shares) at Mar. 31, 2014 | 292,924,052 | 235,488,094 | 23,158,544 | ||||||||||||
Beginning Balance at Dec. 31, 2013 | 12,245 | $ 32 | 4,995 | 8,338 | $ (1,034) | (61) | (25) | ||||||||
Beginning Balance at Dec. 31, 2013 | 10,847 | $ 589 | 4,234 | 7,053 | (962) | (61) | (6) | ||||||||
Beginning Balance (in shares) at Dec. 31, 2013 | 292,872,396 | 235,488,094 | 23,210,200 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net income for common stock | 574 | 506 | |||||||||||||
NET INCOME | 574 | 506 | |||||||||||||
Ending Balance at Jun. 30, 2014 | 10,998 | $ 589 | 4,234 | 7,203 | (962) | (61) | (5) | ||||||||
Ending Balance at Jun. 30, 2014 | 12,455 | $ 32 | 4,993 | 8,543 | $ (1,032) | (61) | (20) | ||||||||
Ending Balance (in shares) at Jun. 30, 2014 | 292,878,394 | 235,488,094 | 23,204,202 | ||||||||||||
Beginning Balance at Mar. 31, 2014 | 12,426 | $ 32 | 4,993 | 8,515 | $ (1,032) | (61) | (21) | ||||||||
Beginning Balance at Mar. 31, 2014 | 11,004 | $ 589 | 4,234 | 7,209 | (962) | (61) | (5) | ||||||||
Beginning Balance (in shares) at Mar. 31, 2014 | 292,924,052 | 235,488,094 | 23,158,544 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net income for common stock | 212 | 172 | 212 | ||||||||||||
NET INCOME | 212 | 172 | 172 | ||||||||||||
Common stock dividends | (184) | (178) | (184) | (178) | |||||||||||
Issuance of common shares for stock plans, net of repurchases | 0 | $ 0 | |||||||||||||
Issuance of common shares for stock plans, net of repurchases (in shares) | (45,658) | 45,658 | |||||||||||||
Other comprehensive income | 1 | 0 | 1 | 0 | |||||||||||
Ending Balance at Jun. 30, 2014 | 10,998 | $ 589 | 4,234 | 7,203 | (962) | (61) | (5) | ||||||||
Ending Balance at Jun. 30, 2014 | 12,455 | $ 32 | 4,993 | 8,543 | $ (1,032) | (61) | (20) | ||||||||
Ending Balance (in shares) at Jun. 30, 2014 | 292,878,394 | 235,488,094 | 23,204,202 | ||||||||||||
Beginning Balance at Dec. 31, 2014 | 12,585 | $ 32 | 4,991 | 8,691 | $ (1,032) | (61) | (45) | $ 9 | |||||||
Beginning Balance at Dec. 31, 2014 | 12,576 | 11,188 | $ 589 | 4,234 | 7,399 | (962) | (61) | (11) | |||||||
Beginning Balance (in shares) at Dec. 31, 2014 | 292,876,196 | 235,488,094 | 23,206,400 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net income for common stock | 370 | 370 | |||||||||||||
NET INCOME | 348 | 348 | |||||||||||||
Common stock dividends | (190) | (338) | (190) | (338) | |||||||||||
Issuance of common shares for stock plans, net of repurchases | 2 | $ (2) | |||||||||||||
Issuance of common shares for stock plans, net of repurchases (in shares) | 24,600 | (24,600) | |||||||||||||
Other comprehensive income | 5 | 0 | 5 | 0 | |||||||||||
Ending Balance at Mar. 31, 2015 | 11,198 | $ 589 | 4,234 | 7,409 | (962) | (61) | |||||||||
Ending Balance at Mar. 31, 2015 | 12,770 | $ 32 | 4,993 | 8,871 | $ (1,034) | (61) | (40) | 9 | |||||||
Ending Balance (in shares) at Mar. 31, 2015 | 292,900,796 | 235,488,094 | 23,181,800 | ||||||||||||
Beginning Balance at Dec. 31, 2014 | 12,585 | $ 32 | 4,991 | 8,691 | $ (1,032) | (61) | (45) | 9 | |||||||
Beginning Balance at Dec. 31, 2014 | 12,576 | 11,188 | $ 589 | 4,234 | 7,399 | (962) | (61) | (11) | |||||||
Beginning Balance (in shares) at Dec. 31, 2014 | 292,876,196 | 235,488,094 | 23,206,400 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net income for common stock | 589 | 559 | |||||||||||||
NET INCOME | 589 | 559 | |||||||||||||
Ending Balance at Jun. 30, 2015 | 12,788 | 11,232 | $ 589 | 4,234 | 7,442 | (962) | (61) | (10) | |||||||
Ending Balance at Jun. 30, 2015 | 12,797 | $ 32 | 4,993 | 8,900 | $ (1,037) | (61) | (39) | 9 | |||||||
Ending Balance (in shares) at Jun. 30, 2015 | 292,872,662 | 235,488,094 | 23,209,934 | ||||||||||||
Beginning Balance at Mar. 31, 2015 | 12,770 | $ 32 | 4,993 | 8,871 | $ (1,034) | (61) | (40) | 9 | |||||||
Beginning Balance at Mar. 31, 2015 | 11,198 | $ 589 | 4,234 | 7,409 | (962) | (61) | |||||||||
Beginning Balance (in shares) at Mar. 31, 2015 | 292,900,796 | 235,488,094 | 23,181,800 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net income for common stock | 219 | 211 | 219 | ||||||||||||
NET INCOME | 219 | 211 | 211 | ||||||||||||
Common stock dividends | (190) | (178) | (190) | (178) | |||||||||||
Issuance of common shares for stock plans, net of repurchases | (3) | 0 | $ (3) | ||||||||||||
Issuance of common shares for stock plans, net of repurchases (in shares) | (28,134) | 28,134 | |||||||||||||
Other comprehensive income | 1 | 1 | 1 | 1 | |||||||||||
Ending Balance at Jun. 30, 2015 | 12,788 | $ 11,232 | $ 589 | $ 4,234 | $ 7,442 | $ (962) | $ (61) | $ (10) | |||||||
Ending Balance at Jun. 30, 2015 | $ 12,797 | $ 32 | $ 4,993 | $ 8,900 | $ (1,037) | $ (61) | $ (39) | $ 9 | |||||||
Ending Balance (in shares) at Jun. 30, 2015 | 292,872,662 | 235,488,094 | 23,209,934 |
General
General | 6 Months Ended |
Jun. 30, 2015 | |
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, 2014 and their separate unaudited financial statements (including the combined notes thereto) included in Part I, Item 1 of their combined Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2015. Certain prior period amounts have been reclassified to conform to the current period presentation. 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 company which sells to retail customers electricity purchased in wholesale markets (see Note O), enters into related hedging transactions and also provides energy-related products and services to retail customers; Consolidated Edison Energy, Inc. (Con Edison Energy), a company that provides energy-related products and services to wholesale customers; and Consolidated Edison Development, Inc. (Con Edison Development), a company that develops, owns and operates renewable and energy infrastructure projects. In addition, in 2014 Con Edison formed Consolidated Edison Transmission, LLC (Con Edison Transmission) to invest in a transmission company. See information about Con Edison Transmission under “Guarantees” in Note H. |
CECONY | |
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, 2014 and their separate unaudited financial statements (including the combined notes thereto) included in Part I, Item 1 of their combined Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2015. Certain prior period amounts have been reclassified to conform to the current period presentation. 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 company which sells to retail customers electricity purchased in wholesale markets (see Note O), enters into related hedging transactions and also provides energy-related products and services to retail customers; Consolidated Edison Energy, Inc. (Con Edison Energy), a company that provides energy-related products and services to wholesale customers; and Consolidated Edison Development, Inc. (Con Edison Development), a company that develops, owns and operates renewable and energy infrastructure projects. In addition, in 2014 Con Edison formed Consolidated Edison Transmission, LLC (Con Edison Transmission) to invest in a transmission company. See information about Con Edison Transmission under “Guarantees” in Note H. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2015 | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Earnings Per Common Share For the three and six months ended June 30, 2015 and 2014 , basic and diluted earnings per share (EPS) for Con Edison are calculated as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, (Millions of Dollars, except per share amounts/Shares in Millions) 2015 2014 2015 2014 Net income for common stock $219 $212 $589 $574 Weighted average common shares outstanding – basic 292.9 292.9 292.9 292.9 Add: Incremental shares attributable to effect of potentially dilutive securities 1.1 1.1 1.0 1.1 Adjusted weighted average common shares outstanding – diluted 294.0 294.0 293.9 294.0 Net Income for common stock per common share – basic $0.75 $0.73 $2.01 $1.96 Net Income for common stock per common share – diluted $0.74 $0.72 $2.01 $1.95 The computation of diluted EPS for the three and six months ended June 30, 2015 and 2014 excludes immaterial amounts of performance share awards that were not included because of their anti-dilutive effect. Changes in Accumulated Other Comprehensive Income/(Loss) by Component For the three and six months ended June 30, 2015 and 2014 , changes to accumulated other comprehensive income/(loss) (OCI) for Con Edison and CECONY are as follows: For the Three Months Ended June 30, Con Edison CECONY (Millions of Dollars) 2015 2014 2015 2014 Beginning balance, accumulated OCI, net of taxes (a) $(40) $(21) $(11) $(5) Amounts reclassified from accumulated OCI related to pension plan liabilities net of tax of $(1) for Con Edison in 2015 and 2014 (a)(b) 1 1 1 — Current period OCI, net of taxes 1 1 1 — Ending balance, accumulated OCI, net of taxes $(39) $(20) $(10) $(5) For the Six Months Ended June 30, Con Edison CECONY (Millions of Dollars) 2015 2014 2015 2014 Beginning balance, accumulated OCI, net of taxes (a) $(45) $(25) $(11) $(6) OCI before reclassifications, net of tax of $(2) and $(1) for Con Edison in 2015 and 2014, respectively 3 2 — — Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax of $(2) for Con Edison in 2015 and 2014 (a)(b) 3 3 1 1 Current period OCI, net of taxes 6 5 1 1 Ending balance, accumulated OCI, net of taxes $(39) $(20) $(10) $(5) (a) Tax reclassified from accumulated OCI is reported in the income tax expense line item of the income statement. (b) 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 total periodic pension and other postretirement benefit cost. See Notes E and F. Reclassifications and Revisions Prior period amounts have been reclassified where necessary to conform to the current period presentation. |
CECONY | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Earnings Per Common Share For the three and six months ended June 30, 2015 and 2014 , basic and diluted earnings per share (EPS) for Con Edison are calculated as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, (Millions of Dollars, except per share amounts/Shares in Millions) 2015 2014 2015 2014 Net income for common stock $219 $212 $589 $574 Weighted average common shares outstanding – basic 292.9 292.9 292.9 292.9 Add: Incremental shares attributable to effect of potentially dilutive securities 1.1 1.1 1.0 1.1 Adjusted weighted average common shares outstanding – diluted 294.0 294.0 293.9 294.0 Net Income for common stock per common share – basic $0.75 $0.73 $2.01 $1.96 Net Income for common stock per common share – diluted $0.74 $0.72 $2.01 $1.95 The computation of diluted EPS for the three and six months ended June 30, 2015 and 2014 excludes immaterial amounts of performance share awards that were not included because of their anti-dilutive effect. Changes in Accumulated Other Comprehensive Income/(Loss) by Component For the three and six months ended June 30, 2015 and 2014 , changes to accumulated other comprehensive income/(loss) (OCI) for Con Edison and CECONY are as follows: For the Three Months Ended June 30, Con Edison CECONY (Millions of Dollars) 2015 2014 2015 2014 Beginning balance, accumulated OCI, net of taxes (a) $(40) $(21) $(11) $(5) Amounts reclassified from accumulated OCI related to pension plan liabilities net of tax of $(1) for Con Edison in 2015 and 2014 (a)(b) 1 1 1 — Current period OCI, net of taxes 1 1 1 — Ending balance, accumulated OCI, net of taxes $(39) $(20) $(10) $(5) For the Six Months Ended June 30, Con Edison CECONY (Millions of Dollars) 2015 2014 2015 2014 Beginning balance, accumulated OCI, net of taxes (a) $(45) $(25) $(11) $(6) OCI before reclassifications, net of tax of $(2) and $(1) for Con Edison in 2015 and 2014, respectively 3 2 — — Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax of $(2) for Con Edison in 2015 and 2014 (a)(b) 3 3 1 1 Current period OCI, net of taxes 6 5 1 1 Ending balance, accumulated OCI, net of taxes $(39) $(20) $(10) $(5) (a) Tax reclassified from accumulated OCI is reported in the income tax expense line item of the income statement. (b) 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 total periodic pension and other postretirement benefit cost. See Notes E and F. Reclassifications and Revisions Prior period amounts have been reclassified where necessary to conform to the current period presentation. |
Regulatory Matters
Regulatory Matters | 6 Months Ended |
Jun. 30, 2015 | |
Public Utilities, General Disclosures [Line Items] | |
Regulatory Matters | Regulatory Matters Rate Plans CECONY — Electric In June 2015, the New York State Public Service Commission (NYSPSC) approved an April 2015 Joint Proposal entered into by CECONY, the staff of the NYSPSC and other parties. Under the Joint Proposal, the rate plan for 2016 does not include a rate increase or decrease. The rate plan for 2016 includes additional revenues from the amortization to income of net regulatory liabilities. The following table contains a summary of the rate plan for 2016: Effective period January 2016 – December 2016 Base rate changes None (a) Amortizations to income of net regulatory (assets) and liabilities Additional $123 million of net regulatory liabilities (b). Other revenue sources Continued retention of $90 million of annual transmission congestion revenues. Revenue decoupling mechanism Continued reconciliation of actual electric delivery revenues to those authorized in the rate plan. Recoverable energy costs Continued current rate recovery of purchased power and fuel costs (c). Negative revenue adjustments Continued potential penalties (up to $400 million annually) if certain performance targets are not met. Cost reconciliations Continued reconciliation of expenses for pension and other postretirement benefits, variable-rate tax-exempt debt, major storms, property taxes (d), municipal infrastructure support, the impact of new laws and environmental remediation to amounts reflected in rates. Net utility plant reconciliations Target levels reflected in rates are as follows: Average rate base $18,282 million Weighted average cost of capital (after-tax) 6.91 percent Authorized return on common equity 9.0 percent Earnings sharing Most earnings above an annual earnings threshold of 9.6 percent are to be applied to reduce regulatory assets for environmental remediation and other costs. Cost of long-term debt 5.09 percent Common equity ratio 48 percent (a) The impact of 2014 and 2015 base rate changes under the current electric rate plan will continue to be deferred. $249 million of annual revenues collected from electric customers will continue to be subject to potential refund following NYSPSC staff review of certain costs. Revenues will continue to include $21 million as funding for major storm reserve. (b) Annual amortization of $107 million of the regulatory asset for deferred Superstorm Sandy and other major storm costs will continue. The costs recoverable from customers will be reduced by $4 million . The costs will no longer be subject to NYSPSC staff review and the recovery of the costs will no longer be subject to refund. (c) For transmission service provided pursuant to the open access transmission tariff of PJM Interconnection LLC (PJM), unless and until changed by the NYSPSC, the company will recover all charges incurred associated with the transmission service. In January 2014, PJM submitted to the Federal Energy Regulatory Commission (FERC) a request that would substantially increase the charges for the transmission service. FERC has granted the request and rejected CECONY’s protests. CECONY is challenging the FERC’s decision. (d) Deferrals for property taxes will continue to be limited to 90 percent of the difference from amounts reflected in rates, subject to an annual maximum for the remaining difference of not more than a 10 basis point impact on return on common equity. O&R New York – Electric and Gas In June 2015, O&R entered into a Joint Proposal with the NYSPSC staff and other parties for new electric and gas rate plans. Under the Joint Proposal, which is subject to NYSPSC review and approval, the new rate plans would be effective November 2015. The following tables contain a summary of the new rate plans: O&R New York - Electric Effective period November 2015 - October 2017 Base rate changes Yr. 1 - $9.3 million Amortizations to income of net regulatory (assets) and liabilities (a) Yr. 1 - $(8.5) million Revenue decoupling mechanism Continued reconciliation of actual electric delivery revenues to those authorized in the rate plan. Recoverable energy costs Continued current rate recovery of purchased power costs. Negative revenue adjustments Potential penalties (up to $4 million annually) if certain performance targets are not met. Cost reconciliations Continued reconciliation of expenses for pension and other postretirement benefits, property taxes, the impact of new laws and environmental remediation to amounts reflected in rates. Net utility plant reconciliations (b) Target levels reflected in rates are: Average rate base Yr. 1 - $763 million Weighted average cost of capital (after-tax) Yr. 1 - 7.10 percent Authorized return on common equity 9.0 percent Earnings sharing Most earnings above an annual earnings threshold of 9.6 percent are to be applied to reduce regulatory assets. Cost of long-term debt Yr. 1 - 5.42 percent Common equity ratio 48 percent (a) The Joint Proposal provides that the company should be allowed to recover from customers $59.3 million of its regulatory asset for deferred storm costs over a five-year period, including $11.85 million in each of years 1 and 2, $1 million of the regulatory asset for such costs will not be recovered from customers, and all outstanding issues related to Superstorm Sandy and other past major storms prior to November 2014 are resolved. The Joint Proposal also provides that a total of approximately $4 million of regulatory assets for property tax and interest rate reconciliations will not be recovered from customers. Amounts that will not be recovered from customers were charged-off in June 2015. (b) Excludes electric advanced metering infrastructure as to which the company will be required to defer as a regulatory liability the revenue requirement impact of the amount, if any, by which actual average net utility plant balances are less than amounts reflected in rates: $1 million in year 1 and $9 million in year 2. O&R New York - Gas Effective period November 2015 - October 2018 Base rate changes (a) Yr. 1 - $27.5 million Amortizations to income of net regulatory (assets) and liabilities (b) Yr. 1 - $(1.7) million Revenue decoupling mechanism Continued reconciliation of actual gas delivery revenues to those authorized in the rate plan, including through weather normalization clause. Recoverable energy costs Continued current rate recovery of purchased gas costs. Negative revenue adjustments Potential penalties (up to $3.7 million in Yr. 1, $4.7 million in Yr. 2 and $5.8 million in Yr. 3) if certain performance targets are not met. Cost reconciliations Continued reconciliation of expenses for pension and other postretirement benefits, property taxes, the impact of new laws and environmental remediation to amounts reflected in rates. Net utility plant reconciliations (c) Target levels reflected in rates are: Average rate base Yr. 1 - $366 million Weighted average cost of capital (after-tax) Yr. 1 - 7.10 percent Authorized return on common equity 9.0 percent Earnings sharing Most earnings above an annual earnings threshold of 9.6 percent are to be applied to reduce regulatory assets. Cost of long-term debt Yr. 1 - 5.42 percent Common equity ratio 48 percent (a) The base rate changes may be implemented, at the NYSPSC’s option, with increases of $16.4 million in each of years 1 and 2 and an increase of $5.8 million , together with a surcharge of $10.6 million , in year 3. (b) Reflects that the company will not recover from customers a total of approximately $14 million of regulatory assets for property tax and interest rate reconciliations. Amounts that will not be recovered from customers were charged-off in June 2015. (c) Excludes gas advanced metering infrastructure as to which the company will be required to defer as a regulatory liability the revenue requirement impact of the amount, if any, by which actual average net utility plant balances are less than amounts reflected in rates: $0.5 million in year 1, $4.2 million in year 2 and $7.2 million in year 3. 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 June 30, 2015 , the company had collected an estimated $1,818 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. In May 2014, the NYSPSC’s Chief Administrative Law Judge appointed a settlement judge to assist the parties. There is no assurance that there will be a settlement, and any settlement would be subject to NYSPSC approval. At June 30, 2015 , the company had a $103 million regulatory liability relating to this matter. The company currently estimates that any additional amount the NYSPSC requires the company to refund to customers in excess of the regulatory liability accrued could range 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 June 30, 2015 , CECONY and O&R incurred response and restoration costs for Superstorm Sandy of $507 million and $91 million , respectively (including capital expenditures of $147 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. Collection from customers of these costs is provided for under CECONY's current electric rate plan, the June 2015 Joint Proposal with respect to O&R's electric rates (which is subject to NYSPSC approval) and RECO’s current electric rate plan. See “Rate Plans,” above. In June 2014, the NYSPSC initiated a proceeding to investigate the practices of qualifying persons to perform plastic fusions on gas facilities. New York State regulations require gas utilities to qualify and, except in certain circumstances, annually requalify workers that perform fusion to join plastic pipe. The NYSPSC directed the New York gas utilities to provide information in this proceeding about their compliance with the qualification and requalification requirements and related matters; their procedures for compliance with all gas safety regulations; and their annual chief executive officer certifications regarding these and other procedures. CECONY’s qualification and requalification procedures had not included certain required testing to evaluate specimen fuses. In addition, CECONY and O&R had not timely requalified certain workers that had been qualified under their respective procedures to perform fusion to join plastic pipe. CECONY and O&R have requalified their workers who perform plastic pipe fusions. In May 2015, the NYSPSC, which indicated that it would address enforcement at a later date, ordered CECONY, O&R and other gas utilities to perform risk assessment and remediation plans, additional leakage surveying and reporting; CECONY to hire an independent statistician to develop a risk assessment and remediation plan; and the gas utilities to implement certain new plastic fusion requirements. Regulatory Assets and Liabilities Regulatory assets and liabilities at June 30, 2015 and December 31, 2014 were comprised of the following items: Con Edison CECONY (Millions of Dollars) 2015 2014 2015 2014 Regulatory assets Unrecognized pension and other postretirement costs $4,400 $4,846 $4,191 $4,609 Future income tax 2,326 2,273 2,216 2,166 Environmental remediation costs 897 925 796 820 Deferred storm costs 254 319 167 224 Revenue taxes 227 219 215 208 Pension and other postretirement benefits deferrals 54 66 27 42 Net electric deferrals 54 63 53 63 Unamortized loss on reacquired debt 54 57 51 55 Deferred derivative losses 46 25 41 23 Surcharge for New York State assessment 40 99 38 92 O&R property tax reconciliation 40 36 — — Preferred stock redemption 27 27 27 27 O&R transition bond charges 24 27 — — Workers’ compensation 10 8 10 8 Recoverable energy costs — 19 — 17 Other 193 147 179 127 Regulatory assets – noncurrent 8,646 9,156 8,011 8,481 Deferred derivative losses 65 97 60 92 Future income tax 8 10 — — Recoverable energy costs 2 41 — 40 Regulatory assets – current 75 148 60 132 Total Regulatory Assets $8,721 $9,304 $8,071 $8,613 Regulatory liabilities Allowance for cost of removal less salvage $620 $598 $518 $499 Property tax reconciliation 300 295 300 295 Base rate change deferrals 146 155 146 155 Net unbilled revenue deferrals 116 138 116 138 Prudence proceeding 103 105 103 105 Pension and other postretirement benefit deferrals 83 46 59 37 Variable-rate tax-exempt debt – cost rate reconciliation 80 78 69 78 Property tax refunds 65 87 65 87 New York State income tax rate change 64 62 61 59 Carrying charges on repair allowance and bonus depreciation 52 58 50 57 World Trade Center settlement proceeds 31 41 31 41 Net utility plant reconciliations 22 21 23 20 Earnings sharing – electric 21 19 21 18 Unrecognized other postretirement costs 17 — 17 — Other 227 290 193 248 Regulatory liabilities – noncurrent 1,947 1,993 1,772 1,837 Refundable energy costs 72 128 39 84 Revenue decoupling mechanism 42 30 41 30 Future income tax 22 24 21 24 Deferred derivative gains 6 5 6 4 Regulatory liabilities – current 142 187 107 142 Total Regulatory Liabilities $2,089 $2,180 $1,879 $1,979 |
CECONY | |
Public Utilities, General Disclosures [Line Items] | |
Regulatory Matters | Regulatory Matters Rate Plans CECONY — Electric In June 2015, the New York State Public Service Commission (NYSPSC) approved an April 2015 Joint Proposal entered into by CECONY, the staff of the NYSPSC and other parties. Under the Joint Proposal, the rate plan for 2016 does not include a rate increase or decrease. The rate plan for 2016 includes additional revenues from the amortization to income of net regulatory liabilities. The following table contains a summary of the rate plan for 2016: Effective period January 2016 – December 2016 Base rate changes None (a) Amortizations to income of net regulatory (assets) and liabilities Additional $123 million of net regulatory liabilities (b). Other revenue sources Continued retention of $90 million of annual transmission congestion revenues. Revenue decoupling mechanism Continued reconciliation of actual electric delivery revenues to those authorized in the rate plan. Recoverable energy costs Continued current rate recovery of purchased power and fuel costs (c). Negative revenue adjustments Continued potential penalties (up to $400 million annually) if certain performance targets are not met. Cost reconciliations Continued reconciliation of expenses for pension and other postretirement benefits, variable-rate tax-exempt debt, major storms, property taxes (d), municipal infrastructure support, the impact of new laws and environmental remediation to amounts reflected in rates. Net utility plant reconciliations Target levels reflected in rates are as follows: Average rate base $18,282 million Weighted average cost of capital (after-tax) 6.91 percent Authorized return on common equity 9.0 percent Earnings sharing Most earnings above an annual earnings threshold of 9.6 percent are to be applied to reduce regulatory assets for environmental remediation and other costs. Cost of long-term debt 5.09 percent Common equity ratio 48 percent (a) The impact of 2014 and 2015 base rate changes under the current electric rate plan will continue to be deferred. $249 million of annual revenues collected from electric customers will continue to be subject to potential refund following NYSPSC staff review of certain costs. Revenues will continue to include $21 million as funding for major storm reserve. (b) Annual amortization of $107 million of the regulatory asset for deferred Superstorm Sandy and other major storm costs will continue. The costs recoverable from customers will be reduced by $4 million . The costs will no longer be subject to NYSPSC staff review and the recovery of the costs will no longer be subject to refund. (c) For transmission service provided pursuant to the open access transmission tariff of PJM Interconnection LLC (PJM), unless and until changed by the NYSPSC, the company will recover all charges incurred associated with the transmission service. In January 2014, PJM submitted to the Federal Energy Regulatory Commission (FERC) a request that would substantially increase the charges for the transmission service. FERC has granted the request and rejected CECONY’s protests. CECONY is challenging the FERC’s decision. (d) Deferrals for property taxes will continue to be limited to 90 percent of the difference from amounts reflected in rates, subject to an annual maximum for the remaining difference of not more than a 10 basis point impact on return on common equity. O&R New York – Electric and Gas In June 2015, O&R entered into a Joint Proposal with the NYSPSC staff and other parties for new electric and gas rate plans. Under the Joint Proposal, which is subject to NYSPSC review and approval, the new rate plans would be effective November 2015. The following tables contain a summary of the new rate plans: O&R New York - Electric Effective period November 2015 - October 2017 Base rate changes Yr. 1 - $9.3 million Amortizations to income of net regulatory (assets) and liabilities (a) Yr. 1 - $(8.5) million Revenue decoupling mechanism Continued reconciliation of actual electric delivery revenues to those authorized in the rate plan. Recoverable energy costs Continued current rate recovery of purchased power costs. Negative revenue adjustments Potential penalties (up to $4 million annually) if certain performance targets are not met. Cost reconciliations Continued reconciliation of expenses for pension and other postretirement benefits, property taxes, the impact of new laws and environmental remediation to amounts reflected in rates. Net utility plant reconciliations (b) Target levels reflected in rates are: Average rate base Yr. 1 - $763 million Weighted average cost of capital (after-tax) Yr. 1 - 7.10 percent Authorized return on common equity 9.0 percent Earnings sharing Most earnings above an annual earnings threshold of 9.6 percent are to be applied to reduce regulatory assets. Cost of long-term debt Yr. 1 - 5.42 percent Common equity ratio 48 percent (a) The Joint Proposal provides that the company should be allowed to recover from customers $59.3 million of its regulatory asset for deferred storm costs over a five-year period, including $11.85 million in each of years 1 and 2, $1 million of the regulatory asset for such costs will not be recovered from customers, and all outstanding issues related to Superstorm Sandy and other past major storms prior to November 2014 are resolved. The Joint Proposal also provides that a total of approximately $4 million of regulatory assets for property tax and interest rate reconciliations will not be recovered from customers. Amounts that will not be recovered from customers were charged-off in June 2015. (b) Excludes electric advanced metering infrastructure as to which the company will be required to defer as a regulatory liability the revenue requirement impact of the amount, if any, by which actual average net utility plant balances are less than amounts reflected in rates: $1 million in year 1 and $9 million in year 2. O&R New York - Gas Effective period November 2015 - October 2018 Base rate changes (a) Yr. 1 - $27.5 million Amortizations to income of net regulatory (assets) and liabilities (b) Yr. 1 - $(1.7) million Revenue decoupling mechanism Continued reconciliation of actual gas delivery revenues to those authorized in the rate plan, including through weather normalization clause. Recoverable energy costs Continued current rate recovery of purchased gas costs. Negative revenue adjustments Potential penalties (up to $3.7 million in Yr. 1, $4.7 million in Yr. 2 and $5.8 million in Yr. 3) if certain performance targets are not met. Cost reconciliations Continued reconciliation of expenses for pension and other postretirement benefits, property taxes, the impact of new laws and environmental remediation to amounts reflected in rates. Net utility plant reconciliations (c) Target levels reflected in rates are: Average rate base Yr. 1 - $366 million Weighted average cost of capital (after-tax) Yr. 1 - 7.10 percent Authorized return on common equity 9.0 percent Earnings sharing Most earnings above an annual earnings threshold of 9.6 percent are to be applied to reduce regulatory assets. Cost of long-term debt Yr. 1 - 5.42 percent Common equity ratio 48 percent (a) The base rate changes may be implemented, at the NYSPSC’s option, with increases of $16.4 million in each of years 1 and 2 and an increase of $5.8 million , together with a surcharge of $10.6 million , in year 3. (b) Reflects that the company will not recover from customers a total of approximately $14 million of regulatory assets for property tax and interest rate reconciliations. Amounts that will not be recovered from customers were charged-off in June 2015. (c) Excludes gas advanced metering infrastructure as to which the company will be required to defer as a regulatory liability the revenue requirement impact of the amount, if any, by which actual average net utility plant balances are less than amounts reflected in rates: $0.5 million in year 1, $4.2 million in year 2 and $7.2 million in year 3. 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 June 30, 2015 , the company had collected an estimated $1,818 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. In May 2014, the NYSPSC’s Chief Administrative Law Judge appointed a settlement judge to assist the parties. There is no assurance that there will be a settlement, and any settlement would be subject to NYSPSC approval. At June 30, 2015 , the company had a $103 million regulatory liability relating to this matter. The company currently estimates that any additional amount the NYSPSC requires the company to refund to customers in excess of the regulatory liability accrued could range 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 June 30, 2015 , CECONY and O&R incurred response and restoration costs for Superstorm Sandy of $507 million and $91 million , respectively (including capital expenditures of $147 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. Collection from customers of these costs is provided for under CECONY's current electric rate plan, the June 2015 Joint Proposal with respect to O&R's electric rates (which is subject to NYSPSC approval) and RECO’s current electric rate plan. See “Rate Plans,” above. In June 2014, the NYSPSC initiated a proceeding to investigate the practices of qualifying persons to perform plastic fusions on gas facilities. New York State regulations require gas utilities to qualify and, except in certain circumstances, annually requalify workers that perform fusion to join plastic pipe. The NYSPSC directed the New York gas utilities to provide information in this proceeding about their compliance with the qualification and requalification requirements and related matters; their procedures for compliance with all gas safety regulations; and their annual chief executive officer certifications regarding these and other procedures. CECONY’s qualification and requalification procedures had not included certain required testing to evaluate specimen fuses. In addition, CECONY and O&R had not timely requalified certain workers that had been qualified under their respective procedures to perform fusion to join plastic pipe. CECONY and O&R have requalified their workers who perform plastic pipe fusions. In May 2015, the NYSPSC, which indicated that it would address enforcement at a later date, ordered CECONY, O&R and other gas utilities to perform risk assessment and remediation plans, additional leakage surveying and reporting; CECONY to hire an independent statistician to develop a risk assessment and remediation plan; and the gas utilities to implement certain new plastic fusion requirements. Regulatory Assets and Liabilities Regulatory assets and liabilities at June 30, 2015 and December 31, 2014 were comprised of the following items: Con Edison CECONY (Millions of Dollars) 2015 2014 2015 2014 Regulatory assets Unrecognized pension and other postretirement costs $4,400 $4,846 $4,191 $4,609 Future income tax 2,326 2,273 2,216 2,166 Environmental remediation costs 897 925 796 820 Deferred storm costs 254 319 167 224 Revenue taxes 227 219 215 208 Pension and other postretirement benefits deferrals 54 66 27 42 Net electric deferrals 54 63 53 63 Unamortized loss on reacquired debt 54 57 51 55 Deferred derivative losses 46 25 41 23 Surcharge for New York State assessment 40 99 38 92 O&R property tax reconciliation 40 36 — — Preferred stock redemption 27 27 27 27 O&R transition bond charges 24 27 — — Workers’ compensation 10 8 10 8 Recoverable energy costs — 19 — 17 Other 193 147 179 127 Regulatory assets – noncurrent 8,646 9,156 8,011 8,481 Deferred derivative losses 65 97 60 92 Future income tax 8 10 — — Recoverable energy costs 2 41 — 40 Regulatory assets – current 75 148 60 132 Total Regulatory Assets $8,721 $9,304 $8,071 $8,613 Regulatory liabilities Allowance for cost of removal less salvage $620 $598 $518 $499 Property tax reconciliation 300 295 300 295 Base rate change deferrals 146 155 146 155 Net unbilled revenue deferrals 116 138 116 138 Prudence proceeding 103 105 103 105 Pension and other postretirement benefit deferrals 83 46 59 37 Variable-rate tax-exempt debt – cost rate reconciliation 80 78 69 78 Property tax refunds 65 87 65 87 New York State income tax rate change 64 62 61 59 Carrying charges on repair allowance and bonus depreciation 52 58 50 57 World Trade Center settlement proceeds 31 41 31 41 Net utility plant reconciliations 22 21 23 20 Earnings sharing – electric 21 19 21 18 Unrecognized other postretirement costs 17 — 17 — Other 227 290 193 248 Regulatory liabilities – noncurrent 1,947 1,993 1,772 1,837 Refundable energy costs 72 128 39 84 Revenue decoupling mechanism 42 30 41 30 Future income tax 22 24 21 24 Deferred derivative gains 6 5 6 4 Regulatory liabilities – current 142 187 107 142 Total Regulatory Liabilities $2,089 $2,180 $1,879 $1,979 |
Capitalization
Capitalization | 6 Months Ended |
Jun. 30, 2015 | |
Debt Instrument [Line Items] | |
Capitalization | Capitalization In June 2015, O&R issued $120 million aggregate principal amount of 4.95 percent debentures, due 2045 . Also in June 2015, a Con Edison Development subsidiary issued $118 million aggregate principal amount of 3.94 percent Senior Notes, due 2036 . The Notes are secured by four of the company's solar projects. The carrying amounts and fair values of long-term debt at June 30, 2015 and December 31, 2014 are: (Millions of Dollars) 2015 2014 Long-Term Debt (including current portion) Carrying Amount Fair Value Carrying Amount Fair Value Con Edison $12,385 $13,498 $12,191 $13,998 CECONY $11,215 $12,206 $11,214 $12,846 Fair values of long-term debt have been estimated primarily using available market information. For Con Edison, $12,862 million and $636 million of the fair value of long-term debt at June 30, 2015 are classified as Level 2 and Level 3, respectively. For CECONY, $11,570 million and $636 million of the fair value of long-term debt at June 30, 2015 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 | |
Debt Instrument [Line Items] | |
Capitalization | Capitalization In June 2015, O&R issued $120 million aggregate principal amount of 4.95 percent debentures, due 2045 . Also in June 2015, a Con Edison Development subsidiary issued $118 million aggregate principal amount of 3.94 percent Senior Notes, due 2036 . The Notes are secured by four of the company's solar projects. The carrying amounts and fair values of long-term debt at June 30, 2015 and December 31, 2014 are: (Millions of Dollars) 2015 2014 Long-Term Debt (including current portion) Carrying Amount Fair Value Carrying Amount Fair Value Con Edison $12,385 $13,498 $12,191 $13,998 CECONY $11,215 $12,206 $11,214 $12,846 Fair values of long-term debt have been estimated primarily using available market information. For Con Edison, $12,862 million and $636 million of the fair value of long-term debt at June 30, 2015 are classified as Level 2 and Level 3, respectively. For CECONY, $11,570 million and $636 million of the fair value of long-term debt at June 30, 2015 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. |
Short-Term Borrowing
Short-Term Borrowing | 6 Months Ended |
Jun. 30, 2015 | |
Short-Term Borrowing | Short-Term Borrowing At June 30, 2015 , Con Edison had $1,245 million of commercial paper outstanding of which $995 million was outstanding under CECONY’s program. The weighted average interest rate at June 30, 2015 was 0.4 percent for both Con Edison and CECONY. At December 31, 2014 , Con Edison had $800 million of commercial paper outstanding of which $450 million was outstanding under CECONY’s program. The weighted average interest rate at December 31, 2014 was 0.4 percent for both Con Edison and CECONY. At June 30, 2015 and December 31, 2014 , no loans were outstanding under the credit agreement (Credit Agreement) and $56 million (including $11 million for CECONY) and $11 million (including $11 million for CECONY), respectively, of letters of credit were outstanding under the Credit Agreement. |
CECONY | |
Short-Term Borrowing | Short-Term Borrowing At June 30, 2015 , Con Edison had $1,245 million of commercial paper outstanding of which $995 million was outstanding under CECONY’s program. The weighted average interest rate at June 30, 2015 was 0.4 percent for both Con Edison and CECONY. At December 31, 2014 , Con Edison had $800 million of commercial paper outstanding of which $450 million was outstanding under CECONY’s program. The weighted average interest rate at December 31, 2014 was 0.4 percent for both Con Edison and CECONY. At June 30, 2015 and December 31, 2014 , no loans were outstanding under the credit agreement (Credit Agreement) and $56 million (including $11 million for CECONY) and $11 million (including $11 million for CECONY), respectively, of letters of credit were outstanding under the Credit Agreement. |
Pension Benefits
Pension Benefits | 6 Months Ended |
Jun. 30, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |
Pension Benefits | Pension Benefits Total Periodic Benefit Cost The components of the Companies’ total periodic benefit costs for the three and six months ended June 30, 2015 and 2014 were as follows: For the Three Months Ended June 30, Con Edison CECONY (Millions of Dollars) 2015 2014 2015 2014 Service cost – including administrative expenses $74 $57 $70 $53 Interest cost on projected benefit obligation 144 143 135 134 Expected return on plan assets (222) (208) (210) (198) Recognition of net actuarial loss 194 154 183 146 Recognition of prior service costs 1 1 — 1 NET PERIODIC BENEFIT COST $191 $147 $178 $136 Amortization of regulatory asset 1 1 1 1 TOTAL PERIODIC BENEFIT COST $192 $148 $179 $137 Cost capitalized (76) (57) (72) (54) Reconciliation to rate level (17) 30 (18) 28 Cost charged to operating expenses $99 $121 $89 $111 For the Six Months Ended June 30, Con Edison CECONY (Millions of Dollars) 2015 2014 2015 2014 Service cost – including administrative expenses $149 $113 $139 $106 Interest cost on projected benefit obligation 287 286 269 268 Expected return on plan assets (443) (416) (420) (395) Recognition of net actuarial loss 388 309 367 293 Recognition of prior service costs 2 2 1 1 NET PERIODIC BENEFIT COST $383 $294 $356 $273 Amortization of regulatory asset 1 1 1 1 TOTAL PERIODIC BENEFIT COST $384 $295 $357 $274 Cost capitalized (144) (109) (137) (103) Reconciliation to rate level (42) 57 (42) 51 Cost charged to operating expenses $198 $243 $178 $222 Expected Contributions Based on estimates as of June 30, 2015 , the Companies expect to make contributions to the pension plans during 2015 of $750 million (of which $697 million is to be contributed by CECONY). The Companies’ policy is to fund the total periodic benefit cost of the qualified plan to the extent tax deductible and to also contribute to the non-qualified supplemental plans. During the first six months of 2015 , the Companies contributed $407 million to the pension plans, nearly all of which was contributed by CECONY. CECONY also contributed $16 million to its external trust for supplemental plans. |
CECONY | |
Defined Benefit Plan Disclosure [Line Items] | |
Pension Benefits | Pension Benefits Total Periodic Benefit Cost The components of the Companies’ total periodic benefit costs for the three and six months ended June 30, 2015 and 2014 were as follows: For the Three Months Ended June 30, Con Edison CECONY (Millions of Dollars) 2015 2014 2015 2014 Service cost – including administrative expenses $74 $57 $70 $53 Interest cost on projected benefit obligation 144 143 135 134 Expected return on plan assets (222) (208) (210) (198) Recognition of net actuarial loss 194 154 183 146 Recognition of prior service costs 1 1 — 1 NET PERIODIC BENEFIT COST $191 $147 $178 $136 Amortization of regulatory asset 1 1 1 1 TOTAL PERIODIC BENEFIT COST $192 $148 $179 $137 Cost capitalized (76) (57) (72) (54) Reconciliation to rate level (17) 30 (18) 28 Cost charged to operating expenses $99 $121 $89 $111 For the Six Months Ended June 30, Con Edison CECONY (Millions of Dollars) 2015 2014 2015 2014 Service cost – including administrative expenses $149 $113 $139 $106 Interest cost on projected benefit obligation 287 286 269 268 Expected return on plan assets (443) (416) (420) (395) Recognition of net actuarial loss 388 309 367 293 Recognition of prior service costs 2 2 1 1 NET PERIODIC BENEFIT COST $383 $294 $356 $273 Amortization of regulatory asset 1 1 1 1 TOTAL PERIODIC BENEFIT COST $384 $295 $357 $274 Cost capitalized (144) (109) (137) (103) Reconciliation to rate level (42) 57 (42) 51 Cost charged to operating expenses $198 $243 $178 $222 Expected Contributions Based on estimates as of June 30, 2015 , the Companies expect to make contributions to the pension plans during 2015 of $750 million (of which $697 million is to be contributed by CECONY). The Companies’ policy is to fund the total periodic benefit cost of the qualified plan to the extent tax deductible and to also contribute to the non-qualified supplemental plans. During the first six months of 2015 , the Companies contributed $407 million to the pension plans, nearly all of which was contributed by CECONY. CECONY also contributed $16 million to its external trust for supplemental plans. |
Other Postretirement Benefits
Other Postretirement Benefits | 6 Months Ended |
Jun. 30, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |
Other Postretirement Benefits | Other Postretirement Benefits Total Periodic Benefit Cost The components of the Companies’ total periodic other postretirement benefit costs for the three and six months ended June 30, 2015 and 2014 were as follows: For the Three Months Ended June 30, Con Edison CECONY (Millions of Dollars) 2015 2014 2015 2014 Service cost $5 $5 $4 $4 Interest cost on accumulated other postretirement benefit obligation 13 15 11 13 Expected return on plan assets (20) (19) (17) (17) Recognition of net actuarial loss 8 14 7 13 Recognition of prior service cost (5) (5) (4) (4) TOTAL PERIODIC OTHER POSTRETIREMENT BENEFIT COST $1 $10 $1 $9 Cost capitalized (1) (4) (1) (4) Reconciliation to rate level 4 3 2 1 Cost charged to operating expenses $4 $9 $2 $6 For the Six Months Ended June 30, Con Edison CECONY (Millions of Dollars) 2015 2014 2015 2014 Service cost $10 $10 $7 $7 Interest cost on accumulated other postretirement benefit obligation 25 30 22 26 Expected return on plan assets (39) (38) (34) (34) Recognition of net actuarial loss 16 28 14 26 Recognition of prior service cost (10) (10) (7) (7) TOTAL PERIODIC OTHER POSTRETIREMENT BENEFIT COST $2 $20 $2 $18 Cost capitalized (1) (8) (1) (7) Reconciliation to rate level 8 6 3 1 Cost charged to operating expenses $9 $18 $4 $12 Expected Contributions Based on estimates as of June 30, 2015 , the Companies expect to make a contribution of $6 million , nearly all of which is for CECONY, to the other postretirement benefit plans in 2015 . The Companies’ policy is to fund the total periodic benefit cost of the plans to the extent tax deductible. |
CECONY | |
Defined Benefit Plan Disclosure [Line Items] | |
Other Postretirement Benefits | Other Postretirement Benefits Total Periodic Benefit Cost The components of the Companies’ total periodic other postretirement benefit costs for the three and six months ended June 30, 2015 and 2014 were as follows: For the Three Months Ended June 30, Con Edison CECONY (Millions of Dollars) 2015 2014 2015 2014 Service cost $5 $5 $4 $4 Interest cost on accumulated other postretirement benefit obligation 13 15 11 13 Expected return on plan assets (20) (19) (17) (17) Recognition of net actuarial loss 8 14 7 13 Recognition of prior service cost (5) (5) (4) (4) TOTAL PERIODIC OTHER POSTRETIREMENT BENEFIT COST $1 $10 $1 $9 Cost capitalized (1) (4) (1) (4) Reconciliation to rate level 4 3 2 1 Cost charged to operating expenses $4 $9 $2 $6 For the Six Months Ended June 30, Con Edison CECONY (Millions of Dollars) 2015 2014 2015 2014 Service cost $10 $10 $7 $7 Interest cost on accumulated other postretirement benefit obligation 25 30 22 26 Expected return on plan assets (39) (38) (34) (34) Recognition of net actuarial loss 16 28 14 26 Recognition of prior service cost (10) (10) (7) (7) TOTAL PERIODIC OTHER POSTRETIREMENT BENEFIT COST $2 $20 $2 $18 Cost capitalized (1) (8) (1) (7) Reconciliation to rate level 8 6 3 1 Cost charged to operating expenses $9 $18 $4 $12 Expected Contributions Based on estimates as of June 30, 2015 , the Companies expect to make a contribution of $6 million , nearly all of which is for CECONY, to the other postretirement benefit plans in 2015 . The Companies’ policy is to fund the total periodic benefit cost of the plans to the extent tax deductible. |
Environmental Matters
Environmental Matters | 6 Months Ended |
Jun. 30, 2015 | |
Site Contingency [Line Items] | |
Environmental Matters | Environmental Matters Superfund Sites Hazardous substances, such as asbestos, polychlorinated biphenyls (PCBs) and coal tar, have been used or generated in the course of operations of the Utilities and their predecessors and are present at sites and in facilities and equipment they currently or previously owned, including sites at which gas was manufactured or stored. The Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 and similar state statutes (Superfund) impose joint and several liability, regardless of fault, upon generators of hazardous substances for investigation and remediation costs (which include costs of demolition, removal, disposal, storage, replacement, containment and monitoring) and natural resource damages. Liability under these laws can be material and may be imposed for contamination from past acts, even though such past acts may have been lawful at the time they occurred. The sites at which the Utilities have been asserted to have liability under these laws, including their manufactured gas plant sites and any neighboring areas to which contamination may have migrated, are referred to herein as “Superfund Sites.” For Superfund Sites where there are other potentially responsible parties and the Utilities are not managing the site investigation and remediation, the accrued liability represents an estimate of the amount the Utilities will need to pay to investigate and, where determinable, discharge their related obligations. For Superfund Sites (including the manufactured gas plant sites) for which one of the Utilities is managing the investigation and remediation, the accrued liability represents an estimate of the company’s share of the undiscounted cost to investigate the sites and, for sites that have been investigated in whole or in part, the cost to remediate the sites, if remediation is necessary and if a reasonable estimate of such cost can be made. Remediation costs are estimated in light of the information available, applicable remediation standards and experience with similar sites. The accrued liabilities and regulatory assets related to Superfund Sites at June 30, 2015 and December 31, 2014 were as follows: Con Edison CECONY (Millions of Dollars) 2015 2014 2015 2014 Accrued Liabilities: Manufactured gas plant sites $671 $684 $576 $587 Other Superfund Sites 80 80 80 79 Total $751 $764 $656 $666 Regulatory assets $897 $925 $796 $820 Most of the accrued Superfund Site liability relates to sites that have been investigated, in whole or in part. However, for some of the sites, the extent and associated cost of the required remediation has not yet been determined. As investigations progress and information pertaining to the required remediation becomes available, the Utilities expect that additional liability may be accrued, the amount of which is not presently determinable but may be material. The Companies are unable to estimate the time period over which the remaining accrued liability will be incurred because, among other things, the required remediation has not been determined for some of the sites. Under their current rate plans, 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 six months ended June 30, 2015 and 2014 were as follows: For the Three Months Ended June 30, Con Edison CECONY (Millions of Dollars) 2015 2014 2015 2014 Remediation costs incurred $8 $5 $7 $2 Insurance recoveries received — — — — For the Six Months Ended June 30, Con Edison CECONY (Millions of Dollars) 2015 2014 2015 2014 Remediation costs incurred $15 $14 $12 $10 Insurance recoveries received (a) — 5 — 5 (a) Reduced amount deferred for recovery from customers In 2014, Con Edison and CECONY estimated that for their manufactured gas plant sites (including CECONY’s Astoria site), the aggregate undiscounted potential liability for the investigation and remediation of coal tar and/or other environmental contaminants could range up to $2.7 billion and $2.5 billion , respectively. These estimates were based on the assumption that there is contamination at all sites, including those that have not yet been fully investigated and additional assumptions about the extent of the contamination and the type and extent of the remediation that may be required. Actual experience may be materially different. Asbestos Proceedings Suits have been brought in New York State and federal courts against the Utilities and many other defendants, wherein a large number of plaintiffs sought large amounts of compensatory and punitive damages for deaths and injuries allegedly caused by exposure to asbestos at various premises of the Utilities. The suits that have been resolved, which are many, have been resolved without any payment by the Utilities, or for amounts that were not, in the aggregate, material to them. The amounts specified in all the remaining thousands of suits total billions of dollars; however, the Utilities believe that these amounts are greatly exaggerated, based on the disposition of previous claims. At June 30, 2015 and December 31, 2014 , Con Edison and CECONY had accrued their estimated aggregate undiscounted potential liabilities for these suits and additional suits that may be brought over the next 15 years of $8 million and $7 million , respectively. The estimates were based upon a combination of modeling, historical data analysis and risk factor assessment. Trial courts have begun, and unless otherwise determined by an appellate court may continue, to apply a different standard for determining liability in asbestos suits than the standard that applied historically. As a result, the Companies currently believe that there is a reasonable possibility of an exposure to loss in excess of the liability accrued for the suits. The Companies are unable to estimate the amount or range of such loss. In addition, certain current and former employees have claimed or are claiming workers’ compensation benefits based on alleged disability from exposure to asbestos. Under its current rate plans, 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 June 30, 2015 and December 31, 2014 were as follows: Con Edison CECONY (Millions of Dollars) 2015 2014 2015 2014 Accrued liability – asbestos suits $8 $8 $7 $7 Regulatory assets – asbestos suits $8 $8 $7 $7 Accrued liability – workers’ compensation $86 $83 $81 $78 Regulatory assets – workers’ compensation $10 $8 $10 $8 |
CECONY | |
Site Contingency [Line Items] | |
Environmental Matters | Environmental Matters Superfund Sites Hazardous substances, such as asbestos, polychlorinated biphenyls (PCBs) and coal tar, have been used or generated in the course of operations of the Utilities and their predecessors and are present at sites and in facilities and equipment they currently or previously owned, including sites at which gas was manufactured or stored. The Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 and similar state statutes (Superfund) impose joint and several liability, regardless of fault, upon generators of hazardous substances for investigation and remediation costs (which include costs of demolition, removal, disposal, storage, replacement, containment and monitoring) and natural resource damages. Liability under these laws can be material and may be imposed for contamination from past acts, even though such past acts may have been lawful at the time they occurred. The sites at which the Utilities have been asserted to have liability under these laws, including their manufactured gas plant sites and any neighboring areas to which contamination may have migrated, are referred to herein as “Superfund Sites.” For Superfund Sites where there are other potentially responsible parties and the Utilities are not managing the site investigation and remediation, the accrued liability represents an estimate of the amount the Utilities will need to pay to investigate and, where determinable, discharge their related obligations. For Superfund Sites (including the manufactured gas plant sites) for which one of the Utilities is managing the investigation and remediation, the accrued liability represents an estimate of the company’s share of the undiscounted cost to investigate the sites and, for sites that have been investigated in whole or in part, the cost to remediate the sites, if remediation is necessary and if a reasonable estimate of such cost can be made. Remediation costs are estimated in light of the information available, applicable remediation standards and experience with similar sites. The accrued liabilities and regulatory assets related to Superfund Sites at June 30, 2015 and December 31, 2014 were as follows: Con Edison CECONY (Millions of Dollars) 2015 2014 2015 2014 Accrued Liabilities: Manufactured gas plant sites $671 $684 $576 $587 Other Superfund Sites 80 80 80 79 Total $751 $764 $656 $666 Regulatory assets $897 $925 $796 $820 Most of the accrued Superfund Site liability relates to sites that have been investigated, in whole or in part. However, for some of the sites, the extent and associated cost of the required remediation has not yet been determined. As investigations progress and information pertaining to the required remediation becomes available, the Utilities expect that additional liability may be accrued, the amount of which is not presently determinable but may be material. The Companies are unable to estimate the time period over which the remaining accrued liability will be incurred because, among other things, the required remediation has not been determined for some of the sites. Under their current rate plans, 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 six months ended June 30, 2015 and 2014 were as follows: For the Three Months Ended June 30, Con Edison CECONY (Millions of Dollars) 2015 2014 2015 2014 Remediation costs incurred $8 $5 $7 $2 Insurance recoveries received — — — — For the Six Months Ended June 30, Con Edison CECONY (Millions of Dollars) 2015 2014 2015 2014 Remediation costs incurred $15 $14 $12 $10 Insurance recoveries received (a) — 5 — 5 (a) Reduced amount deferred for recovery from customers In 2014, Con Edison and CECONY estimated that for their manufactured gas plant sites (including CECONY’s Astoria site), the aggregate undiscounted potential liability for the investigation and remediation of coal tar and/or other environmental contaminants could range up to $2.7 billion and $2.5 billion , respectively. These estimates were based on the assumption that there is contamination at all sites, including those that have not yet been fully investigated and additional assumptions about the extent of the contamination and the type and extent of the remediation that may be required. Actual experience may be materially different. Asbestos Proceedings Suits have been brought in New York State and federal courts against the Utilities and many other defendants, wherein a large number of plaintiffs sought large amounts of compensatory and punitive damages for deaths and injuries allegedly caused by exposure to asbestos at various premises of the Utilities. The suits that have been resolved, which are many, have been resolved without any payment by the Utilities, or for amounts that were not, in the aggregate, material to them. The amounts specified in all the remaining thousands of suits total billions of dollars; however, the Utilities believe that these amounts are greatly exaggerated, based on the disposition of previous claims. At June 30, 2015 and December 31, 2014 , Con Edison and CECONY had accrued their estimated aggregate undiscounted potential liabilities for these suits and additional suits that may be brought over the next 15 years of $8 million and $7 million , respectively. The estimates were based upon a combination of modeling, historical data analysis and risk factor assessment. Trial courts have begun, and unless otherwise determined by an appellate court may continue, to apply a different standard for determining liability in asbestos suits than the standard that applied historically. As a result, the Companies currently believe that there is a reasonable possibility of an exposure to loss in excess of the liability accrued for the suits. The Companies are unable to estimate the amount or range of such loss. In addition, certain current and former employees have claimed or are claiming workers’ compensation benefits based on alleged disability from exposure to asbestos. Under its current rate plans, 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 June 30, 2015 and December 31, 2014 were as follows: Con Edison CECONY (Millions of Dollars) 2015 2014 2015 2014 Accrued liability – asbestos suits $8 $8 $7 $7 Regulatory assets – asbestos suits $8 $8 $7 $7 Accrued liability – workers’ compensation $86 $83 $81 $78 Regulatory assets – workers’ compensation $10 $8 $10 $8 |
Other Material Contingencies
Other Material Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
Guarantor Obligations [Line Items] | |
Other Material Contingencies | 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. In the company’s estimation, there is not a reasonable possibility that an exposure to loss exists for the suits that is materially in excess of the estimated liability accrued. At June 30, 2015 , the company has accrued its estimated liability for the suits of $50 million and an insurance receivable in the same amount. Manhattan Explosion and Fire On March 12, 2014, two multi-use five-story tall buildings located on Park Avenue between 116 th and 117 th Street in Manhattan were destroyed by an explosion and fire. CECONY had delivered gas to the buildings through service lines from a distribution main located below ground on Park Avenue. Eight people died and more than 50 people were injured. Additional buildings were also damaged. The National Transportation Safety Board (NTSB) investigated. The parties to the investigation included the company, the City of New York, the Pipeline and Hazardous Materials Safety Administration and the NYSPSC (which is also conducting an investigation). In June 2015, the NTSB issued a final report concerning the incident, its probable cause and safety recommendations. The NTSB determined that the probable cause of the incident was (1) the failure of a defective fusion joint at a service tee (which joined a plastic service line to a distribution main) installed by the company that allowed gas to leak from the distribution main and migrate into a building where it ignited and (2) a breach in a City sewer line that allowed groundwater and soil to flow into the sewer, resulting in a loss of support for the distribution main, which caused it to sag and overstressed the defective fusion joint. The NTSB also made safety recommendations, including recommendations to the company that addressed its procedures for the preparation and examination of plastic fusions, training of its staff on conditions for notifications to the City’s Fire Department and extension of its gas main isolation valve installation program. Approximately 70 suits are pending against the company seeking generally unspecified damages and, in one case, 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, in excess of a required retention (the amount of which is not material), to satisfy any liability it may have for damages in connection with the incident. The company is unable to estimate the amount or range of its possible loss related to the incident. At June 30, 2015 , the company had not accrued a liability for the incident. 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 $2,529 million and $2,547 million at June 30, 2015 and December 31, 2014 , respectively. A summary, by type and term, of Con Edison’s total guarantees at June 30, 2015 is as follows: Guarantee Type 0 – 3 years 4 – 10 years > 10 years Total (Millions of Dollars) NY Transco $1,359 $— $— $1,359 Energy transactions 739 42 90 871 Renewable electric production projects 165 50 54 269 Other 30 — — 30 Total $2,293 $92 $144 $2,529 NY Transco — Con Edison has guaranteed payment by its subsidiary, Con Edison Transmission, of the contributions it agreed to make to New York Transco LLC (NY Transco). Con Edison Transmission acquired a 46 percent interest in NY Transco when it was formed in 2014. NY Transco’s transmission projects are expected to be developed initially by CECONY and other New York transmission owners and then sold to NY Transco. The development of the projects would be subject to authorizations from the NYSPSC, the FERC and other federal, state and local agencies. Guarantee amount shown is for the maximum possible required amount of Con Edison Transmission’s contributions, which assumes that all the NY Transco projects proposed when NY Transco was formed receive all required regulatory approvals and are completed at 175 percent of their estimated costs and that NY Transco does not use any debt financing for the projects. Guarantee term shown is assumed as the timing of the contributions is not known. 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. Renewable Electric Production Projects — Con Edison and Con Edison Development guarantee payments associated with the investment in solar and wind energy facilities on behalf of their wholly-owned subsidiaries. In addition, Con Edison Development also provided $3 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. Other — Other guarantees primarily relate to 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 ( $25 million ). In addition, Con Edison issued a guarantee to the Public Utility Commission of Texas covering obligations of Con Edison Solutions as a retail electric provider. Con Edison’s estimate of the maximum potential obligation for this guarantee is $5 million as of June 30, 2015 . |
CECONY | |
Guarantor Obligations [Line Items] | |
Other Material Contingencies | 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. In the company’s estimation, there is not a reasonable possibility that an exposure to loss exists for the suits that is materially in excess of the estimated liability accrued. At June 30, 2015 , the company has accrued its estimated liability for the suits of $50 million and an insurance receivable in the same amount. Manhattan Explosion and Fire On March 12, 2014, two multi-use five-story tall buildings located on Park Avenue between 116 th and 117 th Street in Manhattan were destroyed by an explosion and fire. CECONY had delivered gas to the buildings through service lines from a distribution main located below ground on Park Avenue. Eight people died and more than 50 people were injured. Additional buildings were also damaged. The National Transportation Safety Board (NTSB) investigated. The parties to the investigation included the company, the City of New York, the Pipeline and Hazardous Materials Safety Administration and the NYSPSC (which is also conducting an investigation). In June 2015, the NTSB issued a final report concerning the incident, its probable cause and safety recommendations. The NTSB determined that the probable cause of the incident was (1) the failure of a defective fusion joint at a service tee (which joined a plastic service line to a distribution main) installed by the company that allowed gas to leak from the distribution main and migrate into a building where it ignited and (2) a breach in a City sewer line that allowed groundwater and soil to flow into the sewer, resulting in a loss of support for the distribution main, which caused it to sag and overstressed the defective fusion joint. The NTSB also made safety recommendations, including recommendations to the company that addressed its procedures for the preparation and examination of plastic fusions, training of its staff on conditions for notifications to the City’s Fire Department and extension of its gas main isolation valve installation program. Approximately 70 suits are pending against the company seeking generally unspecified damages and, in one case, 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, in excess of a required retention (the amount of which is not material), to satisfy any liability it may have for damages in connection with the incident. The company is unable to estimate the amount or range of its possible loss related to the incident. At June 30, 2015 , the company had not accrued a liability for the incident. 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 $2,529 million and $2,547 million at June 30, 2015 and December 31, 2014 , respectively. A summary, by type and term, of Con Edison’s total guarantees at June 30, 2015 is as follows: Guarantee Type 0 – 3 years 4 – 10 years > 10 years Total (Millions of Dollars) NY Transco $1,359 $— $— $1,359 Energy transactions 739 42 90 871 Renewable electric production projects 165 50 54 269 Other 30 — — 30 Total $2,293 $92 $144 $2,529 NY Transco — Con Edison has guaranteed payment by its subsidiary, Con Edison Transmission, of the contributions it agreed to make to New York Transco LLC (NY Transco). Con Edison Transmission acquired a 46 percent interest in NY Transco when it was formed in 2014. NY Transco’s transmission projects are expected to be developed initially by CECONY and other New York transmission owners and then sold to NY Transco. The development of the projects would be subject to authorizations from the NYSPSC, the FERC and other federal, state and local agencies. Guarantee amount shown is for the maximum possible required amount of Con Edison Transmission’s contributions, which assumes that all the NY Transco projects proposed when NY Transco was formed receive all required regulatory approvals and are completed at 175 percent of their estimated costs and that NY Transco does not use any debt financing for the projects. Guarantee term shown is assumed as the timing of the contributions is not known. 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. Renewable Electric Production Projects — Con Edison and Con Edison Development guarantee payments associated with the investment in solar and wind energy facilities on behalf of their wholly-owned subsidiaries. In addition, Con Edison Development also provided $3 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. Other — Other guarantees primarily relate to 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 ( $25 million ). In addition, Con Edison issued a guarantee to the Public Utility Commission of Texas covering obligations of Con Edison Solutions as a retail electric provider. Con Edison’s estimate of the maximum potential obligation for this guarantee is $5 million as of June 30, 2015 . |
Income Tax
Income Tax | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Examination [Line Items] | |
Income Tax | Income Tax Con Edison’s income tax expense decreased to $101 million for the three months ended June 30, 2015 from $102 million for the three months ended June 30, 2014 . Con Edison's effective tax rate for the three months ended June 30, 2015 and 2014 was 32 percent . CECONY’s income tax expense increased to $101 million for the three months ended June 30, 2015 from $78 million for the three months ended June 30, 2014 . CECONY's effective tax rate for the three months ended June 30, 2015 and 2014 was 32 percent and 31 percent , respectively. The increase in CECONY’s effective tax rate is due primarily to plant-related flow through items and lower injuries and damages claims in 2015, partially offset by lower amortization of New York State’s Metropolitan Transportation Authority business tax . Con Edison’s income tax expense was $300 million for the six months ended June 30, 2015 and 2014 . Con Edison's effective tax rate for the six months ended June 30, 2015 and 2014 was 34 percent . CECONY’s income tax expense increased to $293 million for the six months ended June 30, 2015 from $262 million for the six months ended June 30, 2014 . CECONY's effective tax rate for the six months ended June 30, 2015 and 2014 was 34 percent . Uncertain Tax Positions At June 30, 2015 the estimated liability for uncertain tax positions for Con Edison was $34 million ( $2 million for CECONY). Con Edison reasonably expects to resolve approximately $25 million ( $16 million , net of federal taxes) of its uncertain tax positions within the next twelve months, of which the entire amount, if recognized, would reduce Con Edison’s effective tax rate. The amount related to CECONY is approximately $2 million ( $1 million , net of federal taxes), of which the entire amount, if recognized, would reduce CECONY’s effective tax rate. The total amount of unrecognized tax benefits, if recognized, that would reduce Con Edison’s effective tax rate is $34 million ( $22 million , net of federal taxes). 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 three and six months ended June 30, 2015 , Con Edison recognized an immaterial amount of interest expense and no penalties for uncertain tax positions in its consolidated income statements. At June 30, 2015 and December 31, 2014 , Con Edison recognized an immaterial amount of accrued interest on its consolidated balance sheets. |
CECONY | |
Income Tax Examination [Line Items] | |
Income Tax | Income Tax Con Edison’s income tax expense decreased to $101 million for the three months ended June 30, 2015 from $102 million for the three months ended June 30, 2014 . Con Edison's effective tax rate for the three months ended June 30, 2015 and 2014 was 32 percent . CECONY’s income tax expense increased to $101 million for the three months ended June 30, 2015 from $78 million for the three months ended June 30, 2014 . CECONY's effective tax rate for the three months ended June 30, 2015 and 2014 was 32 percent and 31 percent , respectively. The increase in CECONY’s effective tax rate is due primarily to plant-related flow through items and lower injuries and damages claims in 2015, partially offset by lower amortization of New York State’s Metropolitan Transportation Authority business tax . Con Edison’s income tax expense was $300 million for the six months ended June 30, 2015 and 2014 . Con Edison's effective tax rate for the six months ended June 30, 2015 and 2014 was 34 percent . CECONY’s income tax expense increased to $293 million for the six months ended June 30, 2015 from $262 million for the six months ended June 30, 2014 . CECONY's effective tax rate for the six months ended June 30, 2015 and 2014 was 34 percent . Uncertain Tax Positions At June 30, 2015 the estimated liability for uncertain tax positions for Con Edison was $34 million ( $2 million for CECONY). Con Edison reasonably expects to resolve approximately $25 million ( $16 million , net of federal taxes) of its uncertain tax positions within the next twelve months, of which the entire amount, if recognized, would reduce Con Edison’s effective tax rate. The amount related to CECONY is approximately $2 million ( $1 million , net of federal taxes), of which the entire amount, if recognized, would reduce CECONY’s effective tax rate. The total amount of unrecognized tax benefits, if recognized, that would reduce Con Edison’s effective tax rate is $34 million ( $22 million , net of federal taxes). 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 three and six months ended June 30, 2015 , Con Edison recognized an immaterial amount of interest expense and no penalties for uncertain tax positions in its consolidated income statements. At June 30, 2015 and December 31, 2014 , Con Edison recognized an immaterial amount of accrued interest on its consolidated balance sheets. |
Financial Information by Busine
Financial Information by Business Segment | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting Information [Line Items] | |
Financial Information by Business Segment | Financial Information by Business Segment The financial data for the business segments are as follows: For the Three Months Ended June 30, Operating revenues Inter-segment revenues Depreciation and amortization Operating income (Millions of Dollars) 2015 2014 2015 2014 2015 2014 2015 2014 CECONY Electric $1,879 $1,978 $5 $4 $201 $195 $422 $347 Gas 308 360 1 2 35 33 54 54 Steam 96 98 21 21 18 19 (16) (15) Consolidation adjustments — — (27) (27) — — — — Total CECONY $2,283 $2,436 $— $— $254 $247 $460 $386 O&R Electric $162 $157 $— $— $13 $11 $16 $25 Gas 16 35 — — 4 4 (18) (5) Total O&R $178 $192 $— $— $17 $15 $(2) $20 Competitive energy businesses $328 $284 $(1) $(1) $6 $4 $13 $48 Other (a) (1) (1) 1 1 (1) (1) 1 1 Total Con Edison $2,788 $2,911 $— $— $276 $265 $472 $455 (a) Parent company and consolidation adjustments. Other does not represent a business segment. For the Six Months Ended June 30, Operating revenues Inter-segment revenues Depreciation and amortization Operating income (Millions of Dollars) 2015 2014 2015 2014 2015 2014 2015 2014 CECONY Electric $3,858 $4,053 $9 $8 $403 $383 $700 $605 Gas 963 1,149 3 3 70 64 294 287 Steam 471 439 43 41 38 39 149 138 Consolidation adjustments — — (55) (52) — — — — Total CECONY $5,292 $5,641 $— $— $511 $486 $1,143 $1,030 O&R Electric $318 $320 $— $— $25 $21 $34 $37 Gas 93 128 — — 9 8 9 22 Total O&R $411 $448 $— $— $34 $29 $43 $59 Competitive energy businesses $702 $612 $(4) $1 $11 $11 $10 $50 Other (a) (1) (1) 4 (1) (1) — 2 1 Total Con Edison $6,404 $6,700 $— $— $555 $526 $1,198 $1,140 (a) Parent company and consolidation adjustments. Other does not represent a business segment. |
CECONY | |
Segment Reporting Information [Line Items] | |
Financial Information by Business Segment | Financial Information by Business Segment The financial data for the business segments are as follows: For the Three Months Ended June 30, Operating revenues Inter-segment revenues Depreciation and amortization Operating income (Millions of Dollars) 2015 2014 2015 2014 2015 2014 2015 2014 CECONY Electric $1,879 $1,978 $5 $4 $201 $195 $422 $347 Gas 308 360 1 2 35 33 54 54 Steam 96 98 21 21 18 19 (16) (15) Consolidation adjustments — — (27) (27) — — — — Total CECONY $2,283 $2,436 $— $— $254 $247 $460 $386 O&R Electric $162 $157 $— $— $13 $11 $16 $25 Gas 16 35 — — 4 4 (18) (5) Total O&R $178 $192 $— $— $17 $15 $(2) $20 Competitive energy businesses $328 $284 $(1) $(1) $6 $4 $13 $48 Other (a) (1) (1) 1 1 (1) (1) 1 1 Total Con Edison $2,788 $2,911 $— $— $276 $265 $472 $455 (a) Parent company and consolidation adjustments. Other does not represent a business segment. For the Six Months Ended June 30, Operating revenues Inter-segment revenues Depreciation and amortization Operating income (Millions of Dollars) 2015 2014 2015 2014 2015 2014 2015 2014 CECONY Electric $3,858 $4,053 $9 $8 $403 $383 $700 $605 Gas 963 1,149 3 3 70 64 294 287 Steam 471 439 43 41 38 39 149 138 Consolidation adjustments — — (55) (52) — — — — Total CECONY $5,292 $5,641 $— $— $511 $486 $1,143 $1,030 O&R Electric $318 $320 $— $— $25 $21 $34 $37 Gas 93 128 — — 9 8 9 22 Total O&R $411 $448 $— $— $34 $29 $43 $59 Competitive energy businesses $702 $612 $(4) $1 $11 $11 $10 $50 Other (a) (1) (1) 4 (1) (1) — 2 1 Total Con Edison $6,404 $6,700 $— $— $555 $526 $1,198 $1,140 (a) Parent company and consolidation adjustments. Other does not represent a business segment. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 6 Months Ended |
Jun. 30, 2015 | |
Derivative [Line Items] | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities Con Edison’s subsidiaries hedge market price fluctuations associated with physical purchases and sales of electricity, natural gas, steam and, to a lesser extent, refined fuels by using derivative instruments including futures, forwards, basis swaps, options, transmission congestion contracts and financial transmission rights contracts. Derivatives are recognized on the balance sheet at fair value (see Note L), unless an exception is available under the accounting rules for derivatives and hedging. Qualifying derivative contracts that have been designated as normal purchases or normal sales contracts are not reported at fair value under the accounting rules. The fair values of the Companies’ commodity derivatives including the offsetting of assets and liabilities on the consolidated balance sheet at June 30, 2015 and December 31, 2014 were: (Millions of Dollars) 2015 2014 Balance Sheet Location Gross Amounts of Recognized Assets/(Liabilities) Gross Amounts Offset Net Amounts of Assets/ (Liabilities) (a) Gross Amounts of Recognized Assets/(Liabilities) Gross Amounts Offset Net Amounts of Assets/ (Liabilities) (a) Con Edison Fair value of derivative assets Current $70 $(50) $20 (b) $111 $(67) $44 (b) Current - assets held for sale (c) 55 (53) 2 — — — Noncurrent 24 (21) 3 34 (23) 11 Total fair value of derivative assets $149 $(124) $25 $145 $(90) $55 Fair value of derivative liabilities Current $(110) $78 $(32) $(242) $139 $(103) Current - liabilities held for sale (c) (100) 43 (57) — — — Noncurrent (66) 42 (24) (66) 91 25 Noncurrent - liabilities held for sale (c) (35) 10 (25) — — — Total fair value of derivative liabilities $(311) $173 $(138) $(308) $230 $(78) Net fair value derivative assets/(liabilities) $(162) $49 $(113) (b) $(163) $140 $(23) (b) CECONY Fair value of derivative assets Current $46 $(36) $10 (b) $26 $(15) $11 (b) Noncurrent 19 (17) 2 22 (20) 2 Total fair value of derivative assets $65 $(53) $12 $48 $(35) $13 Fair value of derivative liabilities Current $(86) $63 $(23) $(96) $48 $(48) Noncurrent (57) 38 (19) (42) 32 (10) Total fair value of derivative liabilities $(143) $101 $(42) $(138) $80 $(58) Net fair value derivative assets/(liabilities) $(78) $48 $(30) (b) $(90) $45 $(45) (b) (a) Derivative instruments and collateral were offset on the consolidated balance sheet as applicable under the accounting rules. The Companies enter into master agreements for their commodity derivatives. These agreements typically provide offset in the event of contract termination. In such case, generally the non-defaulting party’s payable will be offset by the defaulting party’s payable. The non-defaulting party will customarily notify the defaulting party within a specific time period and come to an agreement on the early termination amount. (b) At June 30, 2015 and December 31, 2014 , margin deposits for Con Edison ( $22 million and $27 million , respectively) and CECONY ( $21 million and $25 million , respectively) were classified as derivative assets on the consolidated balance sheet, but not included in the table. Margin is collateral, typically cash, that the holder of a derivative instrument is required to deposit in order to transact on an exchange and to cover its potential losses with its broker or the exchange. (c) Amounts represent derivative assets and liabilities included in assets and liabilities held for sale on the consolidated balance sheet (see Note O). The Utilities generally recover their prudently incurred fuel, purchased power and gas costs, including hedging gains and losses, in accordance with rate provisions approved by the applicable state utility regulators. In accordance with the accounting rules for regulated operations, the Utilities record a regulatory asset or 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 purchased power, gas purchased for resale and non-utility revenue in the reporting period in which they occur. Management believes that these derivative instruments represent economic hedges that mitigate exposure to fluctuations in commodity prices. The following table presents the realized and unrealized gains or losses on commodity derivatives that have been deferred or recognized in earnings for the three and six months ended June 30, 2015 and 2014 : For the Three Months Ended June 30, Con Edison CECONY (Millions of Dollars) Balance Sheet Location 2015 2014 2015 2014 Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: Current Deferred derivative gains $(2) $1 $(1) $1 Noncurrent Deferred derivative gains — 2 — 2 Total deferred gains/(losses) $(2) $3 $(1) $3 Current Deferred derivative losses $(11) $(2) $(10) $(2) Current Recoverable energy costs (40) (7) (36) (6) Noncurrent Deferred derivative losses (2) (3) (1) (3) Total deferred gains/(losses) $(53) $(12) $(47) $(11) Net deferred gains/(losses) $(55) $(9) $(48) $(8) Income Statement Location Pre-tax gain/(loss) recognized in income Purchased power expense $(50) (a) $(13) (b) $— $— Gas purchased for resale (26) (32) — — Non-utility revenue (27) (a) 14 (b) — — Total pre-tax gain/(loss) recognized in income $(103) $(31) $— $— (a) For the three months ended June 30, 2015 , Con Edison recorded unrealized pre-tax gains and losses in non-utility operating revenue ( $1 million gain) and purchased power expense ( $17 million loss). (b) For the three months ended June 30, 2014 , Con Edison recorded in purchased power expense an unrealized pre-tax loss of $5 million . For the Six Months Ended June 30, Con Edison CECONY (Millions of Dollars) Balance Sheet Location 2015 2014 2015 2014 Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: Current Deferred derivative gains $1 $31 $2 $25 Noncurrent Deferred derivative gains — 7 — 6 Total deferred gains/(losses) $1 $38 $2 $31 Current Deferred derivative losses $32 $15 $32 $15 Current Recoverable energy costs (39) 87 (38) 70 Noncurrent Deferred derivative losses (21) — (18) (1) Total deferred gains/(losses) $(28) $102 $(24) $84 Net deferred gains/(losses) $(27) $140 $(22) $115 Income Statement Location Pre-tax gain/(loss) recognized in income Purchased power expense $(28) (a) $161 (b) $— $— Gas purchased for resale (69) (46) — — Non-utility revenue 15 (a) (10) (b) — — Total pre-tax gain/(loss) recognized in income $(82) $105 $— $— (a) For the six months ended June 30, 2015 , Con Edison recorded unrealized pre-tax gains and losses in non-utility operating revenue ( $3 million loss) and purchased power expense ( $5 million loss). (b) For the six months ended June 30, 2014 , Con Edison recorded in purchased power expense an unrealized pre-tax gain of $15 million . The following table presents the hedged volume of Con Edison’s and CECONY’s derivative transactions at June 30, 2015 : Electric Energy (MWHs) (a)(b) Capacity (MWs)(a) Natural Gas (Dt) (a)(b) Refined Fuels (gallons) Con Edison (c) 20,982,862 7,324 61,343,892 5,502,000 CECONY 6,941,125 2,400 55,640,000 5,502,000 (a) Volumes are reported net of long and short positions, except natural gas collars where the volumes of long positions are reported. (b) Excludes electric congestion and gas basis swap contracts which are associated with electric and gas contracts and hedged volumes. (c) Includes 12,801,647 MWHs for electric energy, 6,635 MWs for capacity and 1,397,036 Dt for natural gas derivative transactions that are held for sale. 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. Credit risk relates to the loss that may result from a counterparty’s nonperformance. The Companies use credit policies to manage this risk, including an established credit approval process, monitoring of counterparty limits, netting provisions within agreements, collateral or prepayment arrangements, credit insurance and credit default swaps. The Companies measure credit risk exposure as the replacement cost for open energy commodity and derivative positions plus amounts owed from counterparties for settled transactions. The replacement cost of open positions represents unrealized gains, net of any unrealized losses where the Companies have a legally enforceable right to offset. At June 30, 2015 , Con Edison and CECONY had $166 million and $21 million of credit exposure in connection with energy supply and hedging activities, net of collateral, respectively. Con Edison’s net credit exposure consisted of $77 million with commodity exchange brokers, $76 million with independent system operators, $8 million with investment-grade counterparties and $5 million with non-investment grade/non-rated counterparties. CECONY’s net credit exposure was with commodity exchange brokers. The collateral requirements associated with, and settlement of, derivative transactions are included in net cash flows from operating activities in the Companies’ consolidated statement of cash flows. Most derivative instrument contracts contain provisions that may require a party to provide collateral on its derivative instruments that are in a net liability position. The amount of collateral to be provided will depend on the fair value of the derivative instruments and the party’s credit ratings. The following table presents the aggregate fair value of the Companies’ derivative instruments with credit-risk-related contingent features that are in a net liability position, the collateral posted for such positions and the additional collateral that would have been required to be posted had the lowest applicable credit rating been reduced one level and to below investment grade at June 30, 2015 : (Millions of Dollars) Con Edison (a) CECONY (a) Aggregate fair value – net liabilities $60 $41 Collateral posted 5 — Additional collateral (b) (downgrade one level from current ratings) 5 — Additional collateral (b) (downgrade to below investment grade from current ratings) 85 (c) 56 (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 the competitive energy businesses were no longer extended unsecured credit for such purchases, the Companies would be required to post additional collateral of $2 million at June 30, 2015 . 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 to offset. (c) Derivative instruments that are net assets have been excluded from the table. At June 30, 2015 , if Con Edison had been downgraded to below investment grade, it would have been required to post additional collateral for such derivative instruments of $7 million . |
CECONY | |
Derivative [Line Items] | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities Con Edison’s subsidiaries hedge market price fluctuations associated with physical purchases and sales of electricity, natural gas, steam and, to a lesser extent, refined fuels by using derivative instruments including futures, forwards, basis swaps, options, transmission congestion contracts and financial transmission rights contracts. Derivatives are recognized on the balance sheet at fair value (see Note L), unless an exception is available under the accounting rules for derivatives and hedging. Qualifying derivative contracts that have been designated as normal purchases or normal sales contracts are not reported at fair value under the accounting rules. The fair values of the Companies’ commodity derivatives including the offsetting of assets and liabilities on the consolidated balance sheet at June 30, 2015 and December 31, 2014 were: (Millions of Dollars) 2015 2014 Balance Sheet Location Gross Amounts of Recognized Assets/(Liabilities) Gross Amounts Offset Net Amounts of Assets/ (Liabilities) (a) Gross Amounts of Recognized Assets/(Liabilities) Gross Amounts Offset Net Amounts of Assets/ (Liabilities) (a) Con Edison Fair value of derivative assets Current $70 $(50) $20 (b) $111 $(67) $44 (b) Current - assets held for sale (c) 55 (53) 2 — — — Noncurrent 24 (21) 3 34 (23) 11 Total fair value of derivative assets $149 $(124) $25 $145 $(90) $55 Fair value of derivative liabilities Current $(110) $78 $(32) $(242) $139 $(103) Current - liabilities held for sale (c) (100) 43 (57) — — — Noncurrent (66) 42 (24) (66) 91 25 Noncurrent - liabilities held for sale (c) (35) 10 (25) — — — Total fair value of derivative liabilities $(311) $173 $(138) $(308) $230 $(78) Net fair value derivative assets/(liabilities) $(162) $49 $(113) (b) $(163) $140 $(23) (b) CECONY Fair value of derivative assets Current $46 $(36) $10 (b) $26 $(15) $11 (b) Noncurrent 19 (17) 2 22 (20) 2 Total fair value of derivative assets $65 $(53) $12 $48 $(35) $13 Fair value of derivative liabilities Current $(86) $63 $(23) $(96) $48 $(48) Noncurrent (57) 38 (19) (42) 32 (10) Total fair value of derivative liabilities $(143) $101 $(42) $(138) $80 $(58) Net fair value derivative assets/(liabilities) $(78) $48 $(30) (b) $(90) $45 $(45) (b) (a) Derivative instruments and collateral were offset on the consolidated balance sheet as applicable under the accounting rules. The Companies enter into master agreements for their commodity derivatives. These agreements typically provide offset in the event of contract termination. In such case, generally the non-defaulting party’s payable will be offset by the defaulting party’s payable. The non-defaulting party will customarily notify the defaulting party within a specific time period and come to an agreement on the early termination amount. (b) At June 30, 2015 and December 31, 2014 , margin deposits for Con Edison ( $22 million and $27 million , respectively) and CECONY ( $21 million and $25 million , respectively) were classified as derivative assets on the consolidated balance sheet, but not included in the table. Margin is collateral, typically cash, that the holder of a derivative instrument is required to deposit in order to transact on an exchange and to cover its potential losses with its broker or the exchange. (c) Amounts represent derivative assets and liabilities included in assets and liabilities held for sale on the consolidated balance sheet (see Note O). The Utilities generally recover their prudently incurred fuel, purchased power and gas costs, including hedging gains and losses, in accordance with rate provisions approved by the applicable state utility regulators. In accordance with the accounting rules for regulated operations, the Utilities record a regulatory asset or 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 purchased power, gas purchased for resale and non-utility revenue in the reporting period in which they occur. Management believes that these derivative instruments represent economic hedges that mitigate exposure to fluctuations in commodity prices. The following table presents the realized and unrealized gains or losses on commodity derivatives that have been deferred or recognized in earnings for the three and six months ended June 30, 2015 and 2014 : For the Three Months Ended June 30, Con Edison CECONY (Millions of Dollars) Balance Sheet Location 2015 2014 2015 2014 Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: Current Deferred derivative gains $(2) $1 $(1) $1 Noncurrent Deferred derivative gains — 2 — 2 Total deferred gains/(losses) $(2) $3 $(1) $3 Current Deferred derivative losses $(11) $(2) $(10) $(2) Current Recoverable energy costs (40) (7) (36) (6) Noncurrent Deferred derivative losses (2) (3) (1) (3) Total deferred gains/(losses) $(53) $(12) $(47) $(11) Net deferred gains/(losses) $(55) $(9) $(48) $(8) Income Statement Location Pre-tax gain/(loss) recognized in income Purchased power expense $(50) (a) $(13) (b) $— $— Gas purchased for resale (26) (32) — — Non-utility revenue (27) (a) 14 (b) — — Total pre-tax gain/(loss) recognized in income $(103) $(31) $— $— (a) For the three months ended June 30, 2015 , Con Edison recorded unrealized pre-tax gains and losses in non-utility operating revenue ( $1 million gain) and purchased power expense ( $17 million loss). (b) For the three months ended June 30, 2014 , Con Edison recorded in purchased power expense an unrealized pre-tax loss of $5 million . For the Six Months Ended June 30, Con Edison CECONY (Millions of Dollars) Balance Sheet Location 2015 2014 2015 2014 Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: Current Deferred derivative gains $1 $31 $2 $25 Noncurrent Deferred derivative gains — 7 — 6 Total deferred gains/(losses) $1 $38 $2 $31 Current Deferred derivative losses $32 $15 $32 $15 Current Recoverable energy costs (39) 87 (38) 70 Noncurrent Deferred derivative losses (21) — (18) (1) Total deferred gains/(losses) $(28) $102 $(24) $84 Net deferred gains/(losses) $(27) $140 $(22) $115 Income Statement Location Pre-tax gain/(loss) recognized in income Purchased power expense $(28) (a) $161 (b) $— $— Gas purchased for resale (69) (46) — — Non-utility revenue 15 (a) (10) (b) — — Total pre-tax gain/(loss) recognized in income $(82) $105 $— $— (a) For the six months ended June 30, 2015 , Con Edison recorded unrealized pre-tax gains and losses in non-utility operating revenue ( $3 million loss) and purchased power expense ( $5 million loss). (b) For the six months ended June 30, 2014 , Con Edison recorded in purchased power expense an unrealized pre-tax gain of $15 million . The following table presents the hedged volume of Con Edison’s and CECONY’s derivative transactions at June 30, 2015 : Electric Energy (MWHs) (a)(b) Capacity (MWs)(a) Natural Gas (Dt) (a)(b) Refined Fuels (gallons) Con Edison (c) 20,982,862 7,324 61,343,892 5,502,000 CECONY 6,941,125 2,400 55,640,000 5,502,000 (a) Volumes are reported net of long and short positions, except natural gas collars where the volumes of long positions are reported. (b) Excludes electric congestion and gas basis swap contracts which are associated with electric and gas contracts and hedged volumes. (c) Includes 12,801,647 MWHs for electric energy, 6,635 MWs for capacity and 1,397,036 Dt for natural gas derivative transactions that are held for sale. 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. Credit risk relates to the loss that may result from a counterparty’s nonperformance. The Companies use credit policies to manage this risk, including an established credit approval process, monitoring of counterparty limits, netting provisions within agreements, collateral or prepayment arrangements, credit insurance and credit default swaps. The Companies measure credit risk exposure as the replacement cost for open energy commodity and derivative positions plus amounts owed from counterparties for settled transactions. The replacement cost of open positions represents unrealized gains, net of any unrealized losses where the Companies have a legally enforceable right to offset. At June 30, 2015 , Con Edison and CECONY had $166 million and $21 million of credit exposure in connection with energy supply and hedging activities, net of collateral, respectively. Con Edison’s net credit exposure consisted of $77 million with commodity exchange brokers, $76 million with independent system operators, $8 million with investment-grade counterparties and $5 million with non-investment grade/non-rated counterparties. CECONY’s net credit exposure was with commodity exchange brokers. The collateral requirements associated with, and settlement of, derivative transactions are included in net cash flows from operating activities in the Companies’ consolidated statement of cash flows. Most derivative instrument contracts contain provisions that may require a party to provide collateral on its derivative instruments that are in a net liability position. The amount of collateral to be provided will depend on the fair value of the derivative instruments and the party’s credit ratings. The following table presents the aggregate fair value of the Companies’ derivative instruments with credit-risk-related contingent features that are in a net liability position, the collateral posted for such positions and the additional collateral that would have been required to be posted had the lowest applicable credit rating been reduced one level and to below investment grade at June 30, 2015 : (Millions of Dollars) Con Edison (a) CECONY (a) Aggregate fair value – net liabilities $60 $41 Collateral posted 5 — Additional collateral (b) (downgrade one level from current ratings) 5 — Additional collateral (b) (downgrade to below investment grade from current ratings) 85 (c) 56 (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 the competitive energy businesses were no longer extended unsecured credit for such purchases, the Companies would be required to post additional collateral of $2 million at June 30, 2015 . 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 to offset. (c) Derivative instruments that are net assets have been excluded from the table. At June 30, 2015 , if Con Edison had been downgraded to below investment grade, it would have been required to post additional collateral for such derivative instruments of $7 million . |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Measurements | Fair Value Measurements The accounting rules for fair value measurements and disclosures define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in a principal or most advantageous market. Fair value is a market-based measurement that is determined based on inputs, which refer broadly to assumptions that market participants use in pricing assets or liabilities. These inputs can be readily observable, market corroborated, or generally unobservable firm inputs. The Companies often make certain assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, and the risks inherent in the inputs to valuation techniques. The Companies use valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. The accounting rules for fair value measurements and disclosures established a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value in three broad levels. The rules require that assets and liabilities be classified in their entirety based on the level of input that is significant to the fair value measurement. Assessing the significance of a particular input may require judgment considering factors specific to the asset or liability, and may affect the valuation of the asset or liability and their placement within the fair value hierarchy. The Companies classify fair value balances based on the fair value hierarchy defined by the accounting rules for fair value measurements and disclosures as follows: • Level 1 – Consists of assets or liabilities whose value is based on unadjusted quoted prices in active markets at the measurement date. An active market is one in which transactions for assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. This category includes contracts traded on active exchange markets valued using unadjusted prices quoted directly from the exchange. • Level 2 – Consists of assets or liabilities valued using industry standard models and based on prices, other than quoted prices within Level 1, that are either directly or indirectly observable as of the measurement date. The industry standard models consider observable assumptions including time value, volatility factors and current market and contractual prices for the underlying commodities, in addition to other economic measures. This category includes contracts traded on active exchanges or in over-the-counter markets priced with industry standard models. • Level 3 – Consists of assets or liabilities whose fair value is estimated based on internally developed models or methodologies using inputs that are generally less readily observable and supported by little, if any, market activity at the measurement date. Unobservable inputs are developed based on the best available information and subject to cost benefit constraints. This category includes contracts priced using models that are internally developed and contracts placed in illiquid markets. It also includes contracts that expire after the period of time for which quoted prices are available and internal models are used to determine a significant portion of the value. Assets and liabilities measured at fair value on a recurring basis as of June 30, 2015 and December 31, 2014 are summarized below. 2015 2014 (Millions of Dollars) Level 1 Level 2 Level 3 Netting Adjustment (e) Total Level 1 Level 2 Level 3 Netting Adjustment (e) Total Con Edison Derivative assets: Commodity (a)(b)(c) $1 $24 $15 $4 $44 $3 $78 $28 $(27) $82 Commodity held for sale (f) — 45 2 (45) 2 — — — — — Other (a)(b)(d) 187 117 — — 304 163 116 — — 279 Total assets $188 $186 $17 $(41) $350 $166 $194 $28 $(27) $361 Derivative liabilities: Commodity (a)(b)(c) $11 $111 $— $(67) $55 $18 $246 $8 $(194) $78 Commodity held for sale (f) 1 122 4 (45) 82 — — — — — Total liabilities $12 $233 $4 $(112) $137 $18 $246 $8 $(194) $78 CECONY Derivative assets: Commodity (a)(b)(c) $1 $8 $11 $13 $33 $1 $3 $13 $21 $38 Other (a)(b)(d) 179 107 — — 286 155 106 — — 261 Total assets $180 $115 $11 $13 $319 $156 $109 $13 $21 $299 Derivative liabilities: Commodity (a)(b)(c) $10 $88 $— $(56) $42 $16 $91 $— $(49) $58 (a) The Companies’ policy is to review the fair value hierarchy and recognize transfers into and transfers out of the levels at the end of each reporting period. There were no transfers between levels 1, 2 and 3 for the six months ended June 30, 2015 and for the year ended December 31, 2014 . (b) Level 2 assets and liabilities include investments held in the deferred compensation plan and/or non-qualified retirement plans, exchange-traded contracts where there is insufficient market liquidity to warrant inclusion in Level 1, certain over-the-counter derivative instruments for electricity, refined products and natural gas. Derivative instruments classified as Level 2 are valued using industry standard models that incorporate corroborated observable inputs; such as pricing services or prices from similar instruments that trade in liquid markets, time value and volatility factors. (c) The accounting rules for fair value measurements and disclosures require consideration of the impact of nonperformance risk (including credit risk) from a market participant perspective in the measurement of the fair value of assets and liabilities. At June 30, 2015 and December 31, 2014 , the Companies determined that nonperformance risk would have no material impact on their financial position or results of operations. (d) Other assets are comprised of assets such as life insurance contracts within the deferred compensation plan and non-qualified retirement plans. (e) Amounts represent the impact of legally-enforceable master netting agreements that allow the Companies to net gain and loss positions and cash collateral held or placed with the same counterparties. (f) Amounts represent derivative assets and liabilities included in Assets and Liabilities held for sale on the consolidated balance sheet (see Note O). The employees in the Companies’ risk management group develop and maintain the Companies’ valuation policies and procedures for, and verify pricing and fair value valuation of, commodity derivatives. Under the Companies’ policies and procedures, multiple independent sources of information are obtained for forward price curves used to value commodity derivatives. Fair value and changes in fair value of commodity derivatives are reported 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 risk management group reports to the Companies’ Vice President and Treasurer. Fair Value of Level 3 at June 30, 2015 Valuation Techniques Unobservable Inputs Range (Millions of Dollars) Con Edison – Commodity Electricity $(2) Discounted Cash Flow Forward energy prices (a) $18.25-$118.25 per MWH Discounted Cash Flow Forward capacity prices (a) $3.70-$15.26 per kW-month Transmission Congestion Contracts/Financial Transmission Rights 14 Discounted Cash Flow Discount to adjust auction prices for inter-zonal forward price curves (b) 40.8%-57.9% Discount to adjust auction prices for historical monthly realized settlements (b) 37.5%-60.8% Inter-zonal forward price curves adjusted for historical zonal losses (b) $(2.57)-$6.62 per MWH Natural gas 1 Discounted Cash Flow Forward gas prices (a) $(1.56)-$10.00 per Dt Total Con Edison—Commodity $13 CECONY—Commodity Transmission Congestion Contracts $11 Discounted Cash Flow Discount to adjust auction prices for inter-zonal forward price curves (b) 40.8%-57.9% Discount to adjust auction prices for historical monthly realized settlements (b) 37.5%-60.8% (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 June 30, 2015 and 2014 and classified as Level 3 in the fair value hierarchy: For the Three Months Ended June 30, Con Edison CECONY (Millions of Dollars) 2015 2014 2015 2014 Beginning balance as of April 1, $11 $24 $12 $13 Included in earnings (3) (2) (2) (2) Included in regulatory assets and liabilities — 3 — 3 Purchases 5 3 2 2 Settlements — (1) (1) (2) Ending balance as of June 30, $13 $27 $11 $14 For the Six Months Ended June 30, Con Edison CECONY (Millions of Dollars) 2015 2014 2015 2014 Beginning balance as of January 1, $20 $9 $13 $6 Included in earnings (15) 49 (5) 9 Included in regulatory assets and liabilities 1 7 1 7 Purchases 8 11 4 9 Settlements (1) (49) (2) (17) Ending balance as of June 30, $13 $27 $11 $14 For the Utilities, realized gains and losses on Level 3 commodity derivative assets and liabilities are reported as part of purchased power, gas and fuel costs. The Utilities generally recover these costs in accordance with rate provisions approved by the applicable state public utilities regulators. Unrealized gains and losses for commodity derivatives are generally deferred on the consolidated balance sheet in accordance with the accounting rules for regulated operations. For the competitive energy businesses, realized and unrealized gains and losses on Level 3 commodity derivative assets and liabilities are reported in non-utility revenues ( immaterial for both periods) and purchased power costs ( $1 million loss and immaterial ) on the consolidated income statement for the three months ended June 30, 2015 and 2014 , respectively. Realized and unrealized gains and losses on Level 3 commodity derivative assets and liabilities are reported in non-utility revenues ( immaterial for both periods) and purchased power costs ( $10 million loss and $40 million gain ) on the consolidated income statement for the six months ended June 30, 2015 and 2014 , respectively. The change in fair value relating to Level 3 commodity derivative assets and liabilities held at June 30, 2015 and 2014 is included in non-utility revenues ( immaterial for both periods) and purchased power costs ( $1 million gain and $2 million gain ) on the consolidated income statement for the three months ended June 30, 2015 and 2014 , respectively. For the six months ended June 30, 2015 and 2014 , the change in fair value relating to Level 3 commodity derivative assets and liabilities is included in non-utility revenues ( immaterial for both periods) and purchased power costs ( $4 million loss and $11 million gain ) on the consolidated income statement, respectively. |
CECONY | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Measurements | Fair Value Measurements The accounting rules for fair value measurements and disclosures define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in a principal or most advantageous market. Fair value is a market-based measurement that is determined based on inputs, which refer broadly to assumptions that market participants use in pricing assets or liabilities. These inputs can be readily observable, market corroborated, or generally unobservable firm inputs. The Companies often make certain assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, and the risks inherent in the inputs to valuation techniques. The Companies use valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. The accounting rules for fair value measurements and disclosures established a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value in three broad levels. The rules require that assets and liabilities be classified in their entirety based on the level of input that is significant to the fair value measurement. Assessing the significance of a particular input may require judgment considering factors specific to the asset or liability, and may affect the valuation of the asset or liability and their placement within the fair value hierarchy. The Companies classify fair value balances based on the fair value hierarchy defined by the accounting rules for fair value measurements and disclosures as follows: • Level 1 – Consists of assets or liabilities whose value is based on unadjusted quoted prices in active markets at the measurement date. An active market is one in which transactions for assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. This category includes contracts traded on active exchange markets valued using unadjusted prices quoted directly from the exchange. • Level 2 – Consists of assets or liabilities valued using industry standard models and based on prices, other than quoted prices within Level 1, that are either directly or indirectly observable as of the measurement date. The industry standard models consider observable assumptions including time value, volatility factors and current market and contractual prices for the underlying commodities, in addition to other economic measures. This category includes contracts traded on active exchanges or in over-the-counter markets priced with industry standard models. • Level 3 – Consists of assets or liabilities whose fair value is estimated based on internally developed models or methodologies using inputs that are generally less readily observable and supported by little, if any, market activity at the measurement date. Unobservable inputs are developed based on the best available information and subject to cost benefit constraints. This category includes contracts priced using models that are internally developed and contracts placed in illiquid markets. It also includes contracts that expire after the period of time for which quoted prices are available and internal models are used to determine a significant portion of the value. Assets and liabilities measured at fair value on a recurring basis as of June 30, 2015 and December 31, 2014 are summarized below. 2015 2014 (Millions of Dollars) Level 1 Level 2 Level 3 Netting Adjustment (e) Total Level 1 Level 2 Level 3 Netting Adjustment (e) Total Con Edison Derivative assets: Commodity (a)(b)(c) $1 $24 $15 $4 $44 $3 $78 $28 $(27) $82 Commodity held for sale (f) — 45 2 (45) 2 — — — — — Other (a)(b)(d) 187 117 — — 304 163 116 — — 279 Total assets $188 $186 $17 $(41) $350 $166 $194 $28 $(27) $361 Derivative liabilities: Commodity (a)(b)(c) $11 $111 $— $(67) $55 $18 $246 $8 $(194) $78 Commodity held for sale (f) 1 122 4 (45) 82 — — — — — Total liabilities $12 $233 $4 $(112) $137 $18 $246 $8 $(194) $78 CECONY Derivative assets: Commodity (a)(b)(c) $1 $8 $11 $13 $33 $1 $3 $13 $21 $38 Other (a)(b)(d) 179 107 — — 286 155 106 — — 261 Total assets $180 $115 $11 $13 $319 $156 $109 $13 $21 $299 Derivative liabilities: Commodity (a)(b)(c) $10 $88 $— $(56) $42 $16 $91 $— $(49) $58 (a) The Companies’ policy is to review the fair value hierarchy and recognize transfers into and transfers out of the levels at the end of each reporting period. There were no transfers between levels 1, 2 and 3 for the six months ended June 30, 2015 and for the year ended December 31, 2014 . (b) Level 2 assets and liabilities include investments held in the deferred compensation plan and/or non-qualified retirement plans, exchange-traded contracts where there is insufficient market liquidity to warrant inclusion in Level 1, certain over-the-counter derivative instruments for electricity, refined products and natural gas. Derivative instruments classified as Level 2 are valued using industry standard models that incorporate corroborated observable inputs; such as pricing services or prices from similar instruments that trade in liquid markets, time value and volatility factors. (c) The accounting rules for fair value measurements and disclosures require consideration of the impact of nonperformance risk (including credit risk) from a market participant perspective in the measurement of the fair value of assets and liabilities. At June 30, 2015 and December 31, 2014 , the Companies determined that nonperformance risk would have no material impact on their financial position or results of operations. (d) Other assets are comprised of assets such as life insurance contracts within the deferred compensation plan and non-qualified retirement plans. (e) Amounts represent the impact of legally-enforceable master netting agreements that allow the Companies to net gain and loss positions and cash collateral held or placed with the same counterparties. (f) Amounts represent derivative assets and liabilities included in Assets and Liabilities held for sale on the consolidated balance sheet (see Note O). The employees in the Companies’ risk management group develop and maintain the Companies’ valuation policies and procedures for, and verify pricing and fair value valuation of, commodity derivatives. Under the Companies’ policies and procedures, multiple independent sources of information are obtained for forward price curves used to value commodity derivatives. Fair value and changes in fair value of commodity derivatives are reported 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 risk management group reports to the Companies’ Vice President and Treasurer. Fair Value of Level 3 at June 30, 2015 Valuation Techniques Unobservable Inputs Range (Millions of Dollars) Con Edison – Commodity Electricity $(2) Discounted Cash Flow Forward energy prices (a) $18.25-$118.25 per MWH Discounted Cash Flow Forward capacity prices (a) $3.70-$15.26 per kW-month Transmission Congestion Contracts/Financial Transmission Rights 14 Discounted Cash Flow Discount to adjust auction prices for inter-zonal forward price curves (b) 40.8%-57.9% Discount to adjust auction prices for historical monthly realized settlements (b) 37.5%-60.8% Inter-zonal forward price curves adjusted for historical zonal losses (b) $(2.57)-$6.62 per MWH Natural gas 1 Discounted Cash Flow Forward gas prices (a) $(1.56)-$10.00 per Dt Total Con Edison—Commodity $13 CECONY—Commodity Transmission Congestion Contracts $11 Discounted Cash Flow Discount to adjust auction prices for inter-zonal forward price curves (b) 40.8%-57.9% Discount to adjust auction prices for historical monthly realized settlements (b) 37.5%-60.8% (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 June 30, 2015 and 2014 and classified as Level 3 in the fair value hierarchy: For the Three Months Ended June 30, Con Edison CECONY (Millions of Dollars) 2015 2014 2015 2014 Beginning balance as of April 1, $11 $24 $12 $13 Included in earnings (3) (2) (2) (2) Included in regulatory assets and liabilities — 3 — 3 Purchases 5 3 2 2 Settlements — (1) (1) (2) Ending balance as of June 30, $13 $27 $11 $14 For the Six Months Ended June 30, Con Edison CECONY (Millions of Dollars) 2015 2014 2015 2014 Beginning balance as of January 1, $20 $9 $13 $6 Included in earnings (15) 49 (5) 9 Included in regulatory assets and liabilities 1 7 1 7 Purchases 8 11 4 9 Settlements (1) (49) (2) (17) Ending balance as of June 30, $13 $27 $11 $14 For the Utilities, realized gains and losses on Level 3 commodity derivative assets and liabilities are reported as part of purchased power, gas and fuel costs. The Utilities generally recover these costs in accordance with rate provisions approved by the applicable state public utilities regulators. Unrealized gains and losses for commodity derivatives are generally deferred on the consolidated balance sheet in accordance with the accounting rules for regulated operations. For the competitive energy businesses, realized and unrealized gains and losses on Level 3 commodity derivative assets and liabilities are reported in non-utility revenues ( immaterial for both periods) and purchased power costs ( $1 million loss and immaterial ) on the consolidated income statement for the three months ended June 30, 2015 and 2014 , respectively. Realized and unrealized gains and losses on Level 3 commodity derivative assets and liabilities are reported in non-utility revenues ( immaterial for both periods) and purchased power costs ( $10 million loss and $40 million gain ) on the consolidated income statement for the six months ended June 30, 2015 and 2014 , respectively. The change in fair value relating to Level 3 commodity derivative assets and liabilities held at June 30, 2015 and 2014 is included in non-utility revenues ( immaterial for both periods) and purchased power costs ( $1 million gain and $2 million gain ) on the consolidated income statement for the three months ended June 30, 2015 and 2014 , respectively. For the six months ended June 30, 2015 and 2014 , the change in fair value relating to Level 3 commodity derivative assets and liabilities is included in non-utility revenues ( immaterial for both periods) and purchased power costs ( $4 million loss and $11 million gain ) on the consolidated income statement, respectively. |
Variable Interest Entities
Variable Interest Entities | 6 Months Ended |
Jun. 30, 2015 | |
Schedule of Equity Method Investments [Line Items] | |
Variable Interest Entities | Variable Interest Entities Con Edison enters into arrangements including leases, partnerships and electricity purchase agreements, with various entities. As a result of these arrangements, Con Edison retains or may retain a variable interest in these entities. CECONY has a variable interest in a non-consolidated variable interest entity (VIE), Astoria Energy, LLC (Astoria Energy), with which CECONY has entered into a long-term electricity purchase agreement. CECONY is not the primary beneficiary of this VIE since CECONY does not have the power to direct activities that CECONY believes most significantly impact the economic performance of Astoria Energy. In particular, CECONY has not invested in, or guaranteed the indebtedness of, Astoria Energy and CECONY does not operate or maintain Astoria Energy’s generating facilities. CECONY also has long-term electricity purchase agreements with the following three potential VIEs: Cogen Technologies Linden Venture, LP, Brooklyn Navy Yard Cogeneration Partners, LP and Indeck Energy Services of Corinth, Inc. In 2014 , requests were made of these three counterparties for information necessary to determine whether the entity was a VIE and whether CECONY is the primary beneficiary; however, the information was not made available. The payments pursuant to these agreements, which constitute CECONY’s maximum exposure to loss with respect to the potential VIEs, for the three months ended June 30, 2015 were $177 million for Cogen Technologies Linden Venture, LP, $54 million for Brooklyn Navy Yard Cogeneration Partners, LP and $28 million for Indeck Energy Services of Corinth, Inc. The following table summarizes the VIEs in which Con Edison Development has entered into as of June 30, 2015 : Project Name (a) Generating Capacity Owned (MWs AC) Power Purchase Agreement Term in Years Year of Initial Investment Location Maximum Exposure to Loss ( Millions of Dollars ) (c) Copper Mountain Solar 3 128 20 2014 Nevada $187 Mesquite Solar 1 83 20 2013 Arizona 105 Copper Mountain Solar 2 75 25 2013 Nevada 88 California Solar 55 25 2012 California 73 Broken Bow II 37 25 2014 Nebraska 56 Texas Solar 4 32 25 2014 Texas 49 Pilesgrove 9 n/a (b) 2010 New Jersey 26 (a) With the exception of Texas Solar 4, Con Edison’s ownership interest is 50 percent and these projects are accounted for using the equity method of accounting. Con Edison is not the primary beneficiary since the power to direct the activities that most significantly impact the economics of the entities are shared equally between Con Edison Development and third parties. Con Edison’s ownership interest in Texas Solar 4 is 80 percent and is consolidated in the financial statements. Con Edison is the primary beneficiary since the power to direct the activities that most significantly impact the economics of Texas Solar 4 is held by Con Edison Development. The maximum exposure for Texas Solar 4 is the net assets of the investment offset by a $9 million noncontrolling interest. (b) Pilesgrove has 3 - 5 year Solar Renewable Energy Credit hedges in place. (c) For investments accounted for under the equity method, maximum exposure is equal to the carrying value of the investment on the consolidated balance sheet. For consolidated investments, maximum exposure is equal to the net assets of the investment on the consolidated balance sheet less any applicable minority interest. Con Edison did not provide any financial or other support during the year that was not previously contractually required. |
CECONY | |
Schedule of Equity Method Investments [Line Items] | |
Variable Interest Entities | Variable Interest Entities Con Edison enters into arrangements including leases, partnerships and electricity purchase agreements, with various entities. As a result of these arrangements, Con Edison retains or may retain a variable interest in these entities. CECONY has a variable interest in a non-consolidated variable interest entity (VIE), Astoria Energy, LLC (Astoria Energy), with which CECONY has entered into a long-term electricity purchase agreement. CECONY is not the primary beneficiary of this VIE since CECONY does not have the power to direct activities that CECONY believes most significantly impact the economic performance of Astoria Energy. In particular, CECONY has not invested in, or guaranteed the indebtedness of, Astoria Energy and CECONY does not operate or maintain Astoria Energy’s generating facilities. CECONY also has long-term electricity purchase agreements with the following three potential VIEs: Cogen Technologies Linden Venture, LP, Brooklyn Navy Yard Cogeneration Partners, LP and Indeck Energy Services of Corinth, Inc. In 2014 , requests were made of these three counterparties for information necessary to determine whether the entity was a VIE and whether CECONY is the primary beneficiary; however, the information was not made available. The payments pursuant to these agreements, which constitute CECONY’s maximum exposure to loss with respect to the potential VIEs, for the three months ended June 30, 2015 were $177 million for Cogen Technologies Linden Venture, LP, $54 million for Brooklyn Navy Yard Cogeneration Partners, LP and $28 million for Indeck Energy Services of Corinth, Inc. The following table summarizes the VIEs in which Con Edison Development has entered into as of June 30, 2015 : Project Name (a) Generating Capacity Owned (MWs AC) Power Purchase Agreement Term in Years Year of Initial Investment Location Maximum Exposure to Loss ( Millions of Dollars ) (c) Copper Mountain Solar 3 128 20 2014 Nevada $187 Mesquite Solar 1 83 20 2013 Arizona 105 Copper Mountain Solar 2 75 25 2013 Nevada 88 California Solar 55 25 2012 California 73 Broken Bow II 37 25 2014 Nebraska 56 Texas Solar 4 32 25 2014 Texas 49 Pilesgrove 9 n/a (b) 2010 New Jersey 26 (a) With the exception of Texas Solar 4, Con Edison’s ownership interest is 50 percent and these projects are accounted for using the equity method of accounting. Con Edison is not the primary beneficiary since the power to direct the activities that most significantly impact the economics of the entities are shared equally between Con Edison Development and third parties. Con Edison’s ownership interest in Texas Solar 4 is 80 percent and is consolidated in the financial statements. Con Edison is the primary beneficiary since the power to direct the activities that most significantly impact the economics of Texas Solar 4 is held by Con Edison Development. The maximum exposure for Texas Solar 4 is the net assets of the investment offset by a $9 million noncontrolling interest. (b) Pilesgrove has 3 - 5 year Solar Renewable Energy Credit hedges in place. (c) For investments accounted for under the equity method, maximum exposure is equal to the carrying value of the investment on the consolidated balance sheet. For consolidated investments, maximum exposure is equal to the net assets of the investment on the consolidated balance sheet less any applicable minority interest. Con Edison did not provide any financial or other support during the year that was not previously contractually required. |
New Financial Accounting Standa
New Financial Accounting Standards | 6 Months Ended |
Jun. 30, 2015 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Financial Accounting Standards | New Financial Accounting Standards In January 2015, the Financial Accounting Standards Board (FASB) issued amendments on income statement guidance through Accounting Standards Update (ASU) No. 2015-01, “Income Statement—Extraordinary and Unusual Items (Subtopic 225-20).” The amendments eliminate the requirement to report extraordinary items separately on the income statement. The amendments are effective for reporting periods beginning on or after December 15, 2015. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The application of this guidance is not expected to have a material impact on the Companies’ financial position, results of operations and liquidity. In February 2015, the FASB issued amendments on consolidation guidance through ASU No. 2015-02, “Consolidation (Topic 810).” The amendments provide additional guidance for VIE accounting of limited partnerships and similar legal entities, fees paid to decision makers of a VIE, the effect of fee arrangements on primary beneficiary determination, and the effect of related parties on primary beneficiary determination. The amendments are effective prospectively for reporting periods beginning on or after December 15, 2015. Early adoption is permitted. The application of this guidance is not expected to have a material impact on the Companies’ financial position, results of operations and liquidity. In April 2015, the FASB issued amendments on debt issuance costs guidance through ASU No. 2015-03, “Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” The amendments provide additional guidance requiring that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a reduction of that debt liability rather than as a deferred cost (i.e. an asset) as required by current guidance. For public entities, the amendments are effective for reporting periods beginning on or after December 15, 2015. Early adoption is permitted. The application of this guidance is not expected to have a material impact on the Companies’ financial position, results of operations and liquidity. In April 2015, the FASB issued amendments on internal-use software guidance through ASU No. 2015-05, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement.” The amendments provide guidance to customers about whether a cloud computing arrangement should be accounted for as a license of internal use software or as a service contract. For public entities, the amendments are effective for reporting periods beginning on or after December 15, 2015. Early adoption is permitted. The application of this guidance is not expected to have a material impact on the Companies’ financial position, results of operations and liquidity. In May 2015, the FASB issued amendments on disclosure guidance for investments using Net Asset Value per Share through ASU No. 2015-07, “Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).” The amendments remove the requirement to categorize investments in the fair value hierarchy if Net Asset Value per Share is used as a practical expedient to determine the fair value of the investment. For public entities, the amendments are effective for reporting periods beginning on or after December 15, 2015. Early adoption is permitted. The application of this guidance is not expected to have a material impact on the Companies’ financial position, results of operations and liquidity. In July 2015, the FASB issued amendments on the measurement of first-in, first-out and average cost inventory through ASU No.2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory.” The amendments require that inventory within the scope of the guidance be measured at the lower of cost and net realizable value rather than cost and market value. For public entities, the amendments are effective for reporting periods beginning on or after December 15, 2016. Early adoption is permitted. The Companies are evaluating the application and impact of the new guidance on the Companies’ financial position, results of operations and liquidity. |
CECONY | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Financial Accounting Standards | New Financial Accounting Standards In January 2015, the Financial Accounting Standards Board (FASB) issued amendments on income statement guidance through Accounting Standards Update (ASU) No. 2015-01, “Income Statement—Extraordinary and Unusual Items (Subtopic 225-20).” The amendments eliminate the requirement to report extraordinary items separately on the income statement. The amendments are effective for reporting periods beginning on or after December 15, 2015. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The application of this guidance is not expected to have a material impact on the Companies’ financial position, results of operations and liquidity. In February 2015, the FASB issued amendments on consolidation guidance through ASU No. 2015-02, “Consolidation (Topic 810).” The amendments provide additional guidance for VIE accounting of limited partnerships and similar legal entities, fees paid to decision makers of a VIE, the effect of fee arrangements on primary beneficiary determination, and the effect of related parties on primary beneficiary determination. The amendments are effective prospectively for reporting periods beginning on or after December 15, 2015. Early adoption is permitted. The application of this guidance is not expected to have a material impact on the Companies’ financial position, results of operations and liquidity. In April 2015, the FASB issued amendments on debt issuance costs guidance through ASU No. 2015-03, “Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” The amendments provide additional guidance requiring that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a reduction of that debt liability rather than as a deferred cost (i.e. an asset) as required by current guidance. For public entities, the amendments are effective for reporting periods beginning on or after December 15, 2015. Early adoption is permitted. The application of this guidance is not expected to have a material impact on the Companies’ financial position, results of operations and liquidity. In April 2015, the FASB issued amendments on internal-use software guidance through ASU No. 2015-05, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement.” The amendments provide guidance to customers about whether a cloud computing arrangement should be accounted for as a license of internal use software or as a service contract. For public entities, the amendments are effective for reporting periods beginning on or after December 15, 2015. Early adoption is permitted. The application of this guidance is not expected to have a material impact on the Companies’ financial position, results of operations and liquidity. In May 2015, the FASB issued amendments on disclosure guidance for investments using Net Asset Value per Share through ASU No. 2015-07, “Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).” The amendments remove the requirement to categorize investments in the fair value hierarchy if Net Asset Value per Share is used as a practical expedient to determine the fair value of the investment. For public entities, the amendments are effective for reporting periods beginning on or after December 15, 2015. Early adoption is permitted. The application of this guidance is not expected to have a material impact on the Companies’ financial position, results of operations and liquidity. In July 2015, the FASB issued amendments on the measurement of first-in, first-out and average cost inventory through ASU No.2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory.” The amendments require that inventory within the scope of the guidance be measured at the lower of cost and net realizable value rather than cost and market value. For public entities, the amendments are effective for reporting periods beginning on or after December 15, 2016. Early adoption is permitted. The Companies are evaluating the application and impact of the new guidance on the Companies’ financial position, results of operations and liquidity. |
New Assets Held For Sale
New Assets Held For Sale | 6 Months Ended |
Jun. 30, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Net Assets Held For Sale | Assets Held For Sale During the three months ended J une 30, 2015, Con Edison initiated a plan to actively market and sell the retail electric supply business of its competitive energy businesses. The company expects the sale to close within the next twelve months. At June 30, 2015, the company classified as held for sale the assets and liabilities of this retail electric supply business and ceased recording depreciation expense on these assets. There was no impairment of the assets held for sale, as the estimated fair value less costs to sell exceeded the carrying amount. At June 30, 2015, the carrying amounts of the assets and liabilities designated as held for sale were as follows: (Millions of Dollars) 2015 Accounts receivable $82 Accrued unbilled revenue 76 Other current assets 3 Derivative assets 2 Total current assets 163 Non-utility property 4 TOTAL ASSETS HELD FOR SALE $167 Derivative liabilities - current $57 Accounts payable 9 Total current liabilities 66 Derivative liabilities - noncurrent 25 TOTAL LIABILITIES HELD FOR SALE $91 |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share For the three and six months ended June 30, 2015 and 2014 , basic and diluted earnings per share (EPS) for Con Edison are calculated as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, (Millions of Dollars, except per share amounts/Shares in Millions) 2015 2014 2015 2014 Net income for common stock $219 $212 $589 $574 Weighted average common shares outstanding – basic 292.9 292.9 292.9 292.9 Add: Incremental shares attributable to effect of potentially dilutive securities 1.1 1.1 1.0 1.1 Adjusted weighted average common shares outstanding – diluted 294.0 294.0 293.9 294.0 Net Income for common stock per common share – basic $0.75 $0.73 $2.01 $1.96 Net Income for common stock per common share – diluted $0.74 $0.72 $2.01 $1.95 The computation of diluted EPS for the three and six months ended June 30, 2015 and 2014 excludes immaterial amounts of performance share awards that were not included because of their anti-dilutive effect. |
Changes in Accumulated Other Comprehensive Income/Loss by Component | Changes in Accumulated Other Comprehensive Income/(Loss) by Component For the three and six months ended June 30, 2015 and 2014 , changes to accumulated other comprehensive income/(loss) (OCI) for Con Edison and CECONY are as follows: For the Three Months Ended June 30, Con Edison CECONY (Millions of Dollars) 2015 2014 2015 2014 Beginning balance, accumulated OCI, net of taxes (a) $(40) $(21) $(11) $(5) Amounts reclassified from accumulated OCI related to pension plan liabilities net of tax of $(1) for Con Edison in 2015 and 2014 (a)(b) 1 1 1 — Current period OCI, net of taxes 1 1 1 — Ending balance, accumulated OCI, net of taxes $(39) $(20) $(10) $(5) For the Six Months Ended June 30, Con Edison CECONY (Millions of Dollars) 2015 2014 2015 2014 Beginning balance, accumulated OCI, net of taxes (a) $(45) $(25) $(11) $(6) OCI before reclassifications, net of tax of $(2) and $(1) for Con Edison in 2015 and 2014, respectively 3 2 — — Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax of $(2) for Con Edison in 2015 and 2014 (a)(b) 3 3 1 1 Current period OCI, net of taxes 6 5 1 1 Ending balance, accumulated OCI, net of taxes $(39) $(20) $(10) $(5) (a) Tax reclassified from accumulated OCI is reported in the income tax expense line item of the income statement. (b) 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 total periodic pension and other postretirement benefit cost. See Notes E and F. |
New Financial Accounting Standards | New Financial Accounting Standards In January 2015, the Financial Accounting Standards Board (FASB) issued amendments on income statement guidance through Accounting Standards Update (ASU) No. 2015-01, “Income Statement—Extraordinary and Unusual Items (Subtopic 225-20).” The amendments eliminate the requirement to report extraordinary items separately on the income statement. The amendments are effective for reporting periods beginning on or after December 15, 2015. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The application of this guidance is not expected to have a material impact on the Companies’ financial position, results of operations and liquidity. In February 2015, the FASB issued amendments on consolidation guidance through ASU No. 2015-02, “Consolidation (Topic 810).” The amendments provide additional guidance for VIE accounting of limited partnerships and similar legal entities, fees paid to decision makers of a VIE, the effect of fee arrangements on primary beneficiary determination, and the effect of related parties on primary beneficiary determination. The amendments are effective prospectively for reporting periods beginning on or after December 15, 2015. Early adoption is permitted. The application of this guidance is not expected to have a material impact on the Companies’ financial position, results of operations and liquidity. In April 2015, the FASB issued amendments on debt issuance costs guidance through ASU No. 2015-03, “Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” The amendments provide additional guidance requiring that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a reduction of that debt liability rather than as a deferred cost (i.e. an asset) as required by current guidance. For public entities, the amendments are effective for reporting periods beginning on or after December 15, 2015. Early adoption is permitted. The application of this guidance is not expected to have a material impact on the Companies’ financial position, results of operations and liquidity. In April 2015, the FASB issued amendments on internal-use software guidance through ASU No. 2015-05, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement.” The amendments provide guidance to customers about whether a cloud computing arrangement should be accounted for as a license of internal use software or as a service contract. For public entities, the amendments are effective for reporting periods beginning on or after December 15, 2015. Early adoption is permitted. The application of this guidance is not expected to have a material impact on the Companies’ financial position, results of operations and liquidity. In May 2015, the FASB issued amendments on disclosure guidance for investments using Net Asset Value per Share through ASU No. 2015-07, “Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).” The amendments remove the requirement to categorize investments in the fair value hierarchy if Net Asset Value per Share is used as a practical expedient to determine the fair value of the investment. For public entities, the amendments are effective for reporting periods beginning on or after December 15, 2015. Early adoption is permitted. The application of this guidance is not expected to have a material impact on the Companies’ financial position, results of operations and liquidity. In July 2015, the FASB issued amendments on the measurement of first-in, first-out and average cost inventory through ASU No.2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory.” The amendments require that inventory within the scope of the guidance be measured at the lower of cost and net realizable value rather than cost and market value. For public entities, the amendments are effective for reporting periods beginning on or after December 15, 2016. Early adoption is permitted. The Companies are evaluating the application and impact of the new guidance on the Companies’ financial position, results of operations and liquidity. |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Earnings Per Common Share | For the three and six months ended June 30, 2015 and 2014 , basic and diluted earnings per share (EPS) for Con Edison are calculated as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, (Millions of Dollars, except per share amounts/Shares in Millions) 2015 2014 2015 2014 Net income for common stock $219 $212 $589 $574 Weighted average common shares outstanding – basic 292.9 292.9 292.9 292.9 Add: Incremental shares attributable to effect of potentially dilutive securities 1.1 1.1 1.0 1.1 Adjusted weighted average common shares outstanding – diluted 294.0 294.0 293.9 294.0 Net Income for common stock per common share – basic $0.75 $0.73 $2.01 $1.96 Net Income for common stock per common share – diluted $0.74 $0.72 $2.01 $1.95 |
Changes in Accumulated Other Comprehensive Income/(Loss) by Component | For the three and six months ended June 30, 2015 and 2014 , changes to accumulated other comprehensive income/(loss) (OCI) for Con Edison and CECONY are as follows: For the Three Months Ended June 30, Con Edison CECONY (Millions of Dollars) 2015 2014 2015 2014 Beginning balance, accumulated OCI, net of taxes (a) $(40) $(21) $(11) $(5) Amounts reclassified from accumulated OCI related to pension plan liabilities net of tax of $(1) for Con Edison in 2015 and 2014 (a)(b) 1 1 1 — Current period OCI, net of taxes 1 1 1 — Ending balance, accumulated OCI, net of taxes $(39) $(20) $(10) $(5) For the Six Months Ended June 30, Con Edison CECONY (Millions of Dollars) 2015 2014 2015 2014 Beginning balance, accumulated OCI, net of taxes (a) $(45) $(25) $(11) $(6) OCI before reclassifications, net of tax of $(2) and $(1) for Con Edison in 2015 and 2014, respectively 3 2 — — Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax of $(2) for Con Edison in 2015 and 2014 (a)(b) 3 3 1 1 Current period OCI, net of taxes 6 5 1 1 Ending balance, accumulated OCI, net of taxes $(39) $(20) $(10) $(5) (a) Tax reclassified from accumulated OCI is reported in the income tax expense line item of the income statement. (b) 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 total periodic pension and other postretirement benefit cost. See Notes E and F. |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Public Utilities, General Disclosures [Line Items] | |
Regulatory Assets and Liabilities | Regulatory assets and liabilities at June 30, 2015 and December 31, 2014 were comprised of the following items: Con Edison CECONY (Millions of Dollars) 2015 2014 2015 2014 Regulatory assets Unrecognized pension and other postretirement costs $4,400 $4,846 $4,191 $4,609 Future income tax 2,326 2,273 2,216 2,166 Environmental remediation costs 897 925 796 820 Deferred storm costs 254 319 167 224 Revenue taxes 227 219 215 208 Pension and other postretirement benefits deferrals 54 66 27 42 Net electric deferrals 54 63 53 63 Unamortized loss on reacquired debt 54 57 51 55 Deferred derivative losses 46 25 41 23 Surcharge for New York State assessment 40 99 38 92 O&R property tax reconciliation 40 36 — — Preferred stock redemption 27 27 27 27 O&R transition bond charges 24 27 — — Workers’ compensation 10 8 10 8 Recoverable energy costs — 19 — 17 Other 193 147 179 127 Regulatory assets – noncurrent 8,646 9,156 8,011 8,481 Deferred derivative losses 65 97 60 92 Future income tax 8 10 — — Recoverable energy costs 2 41 — 40 Regulatory assets – current 75 148 60 132 Total Regulatory Assets $8,721 $9,304 $8,071 $8,613 Regulatory liabilities Allowance for cost of removal less salvage $620 $598 $518 $499 Property tax reconciliation 300 295 300 295 Base rate change deferrals 146 155 146 155 Net unbilled revenue deferrals 116 138 116 138 Prudence proceeding 103 105 103 105 Pension and other postretirement benefit deferrals 83 46 59 37 Variable-rate tax-exempt debt – cost rate reconciliation 80 78 69 78 Property tax refunds 65 87 65 87 New York State income tax rate change 64 62 61 59 Carrying charges on repair allowance and bonus depreciation 52 58 50 57 World Trade Center settlement proceeds 31 41 31 41 Net utility plant reconciliations 22 21 23 20 Earnings sharing – electric 21 19 21 18 Unrecognized other postretirement costs 17 — 17 — Other 227 290 193 248 Regulatory liabilities – noncurrent 1,947 1,993 1,772 1,837 Refundable energy costs 72 128 39 84 Revenue decoupling mechanism 42 30 41 30 Future income tax 22 24 21 24 Deferred derivative gains 6 5 6 4 Regulatory liabilities – current 142 187 107 142 Total Regulatory Liabilities $2,089 $2,180 $1,879 $1,979 |
CECONY | Electric | |
Public Utilities, General Disclosures [Line Items] | |
Summary of Rate Plan | The following table contains a summary of the rate plan for 2016: Effective period January 2016 – December 2016 Base rate changes None (a) Amortizations to income of net regulatory (assets) and liabilities Additional $123 million of net regulatory liabilities (b). Other revenue sources Continued retention of $90 million of annual transmission congestion revenues. Revenue decoupling mechanism Continued reconciliation of actual electric delivery revenues to those authorized in the rate plan. Recoverable energy costs Continued current rate recovery of purchased power and fuel costs (c). Negative revenue adjustments Continued potential penalties (up to $400 million annually) if certain performance targets are not met. Cost reconciliations Continued reconciliation of expenses for pension and other postretirement benefits, variable-rate tax-exempt debt, major storms, property taxes (d), municipal infrastructure support, the impact of new laws and environmental remediation to amounts reflected in rates. Net utility plant reconciliations Target levels reflected in rates are as follows: Average rate base $18,282 million Weighted average cost of capital (after-tax) 6.91 percent Authorized return on common equity 9.0 percent Earnings sharing Most earnings above an annual earnings threshold of 9.6 percent are to be applied to reduce regulatory assets for environmental remediation and other costs. Cost of long-term debt 5.09 percent Common equity ratio 48 percent (a) The impact of 2014 and 2015 base rate changes under the current electric rate plan will continue to be deferred. $249 million of annual revenues collected from electric customers will continue to be subject to potential refund following NYSPSC staff review of certain costs. Revenues will continue to include $21 million as funding for major storm reserve. (b) Annual amortization of $107 million of the regulatory asset for deferred Superstorm Sandy and other major storm costs will continue. The costs recoverable from customers will be reduced by $4 million . The costs will no longer be subject to NYSPSC staff review and the recovery of the costs will no longer be subject to refund. (c) For transmission service provided pursuant to the open access transmission tariff of PJM Interconnection LLC (PJM), unless and until changed by the NYSPSC, the company will recover all charges incurred associated with the transmission service. In January 2014, PJM submitted to the Federal Energy Regulatory Commission (FERC) a request that would substantially increase the charges for the transmission service. FERC has granted the request and rejected CECONY’s protests. CECONY is challenging the FERC’s decision. (d) Deferrals for property taxes will continue to be limited to 90 percent of the difference from amounts reflected in rates, subject to an annual maximum for the remaining difference of not more than a 10 basis point impact on return on common equity. |
O&R | Electric | |
Public Utilities, General Disclosures [Line Items] | |
Summary of Rate Plan | The following tables contain a summary of the new rate plans: O&R New York - Electric Effective period November 2015 - October 2017 Base rate changes Yr. 1 - $9.3 million Amortizations to income of net regulatory (assets) and liabilities (a) Yr. 1 - $(8.5) million Revenue decoupling mechanism Continued reconciliation of actual electric delivery revenues to those authorized in the rate plan. Recoverable energy costs Continued current rate recovery of purchased power costs. Negative revenue adjustments Potential penalties (up to $4 million annually) if certain performance targets are not met. Cost reconciliations Continued reconciliation of expenses for pension and other postretirement benefits, property taxes, the impact of new laws and environmental remediation to amounts reflected in rates. Net utility plant reconciliations (b) Target levels reflected in rates are: Average rate base Yr. 1 - $763 million Weighted average cost of capital (after-tax) Yr. 1 - 7.10 percent Authorized return on common equity 9.0 percent Earnings sharing Most earnings above an annual earnings threshold of 9.6 percent are to be applied to reduce regulatory assets. Cost of long-term debt Yr. 1 - 5.42 percent Common equity ratio 48 percent (a) The Joint Proposal provides that the company should be allowed to recover from customers $59.3 million of its regulatory asset for deferred storm costs over a five-year period, including $11.85 million in each of years 1 and 2, $1 million of the regulatory asset for such costs will not be recovered from customers, and all outstanding issues related to Superstorm Sandy and other past major storms prior to November 2014 are resolved. The Joint Proposal also provides that a total of approximately $4 million of regulatory assets for property tax and interest rate reconciliations will not be recovered from customers. Amounts that will not be recovered from customers were charged-off in June 2015. (b) Excludes electric advanced metering infrastructure as to which the company will be required to defer as a regulatory liability the revenue requirement impact of the amount, if any, by which actual average net utility plant balances are less than amounts reflected in rates: $1 million in year 1 and $9 million in year |
O&R | Gas | |
Public Utilities, General Disclosures [Line Items] | |
Summary of Rate Plan | Gas Effective period November 2015 - October 2018 Base rate changes (a) Yr. 1 - $27.5 million Amortizations to income of net regulatory (assets) and liabilities (b) Yr. 1 - $(1.7) million Revenue decoupling mechanism Continued reconciliation of actual gas delivery revenues to those authorized in the rate plan, including through weather normalization clause. Recoverable energy costs Continued current rate recovery of purchased gas costs. Negative revenue adjustments Potential penalties (up to $3.7 million in Yr. 1, $4.7 million in Yr. 2 and $5.8 million in Yr. 3) if certain performance targets are not met. Cost reconciliations Continued reconciliation of expenses for pension and other postretirement benefits, property taxes, the impact of new laws and environmental remediation to amounts reflected in rates. Net utility plant reconciliations (c) Target levels reflected in rates are: Average rate base Yr. 1 - $366 million Weighted average cost of capital (after-tax) Yr. 1 - 7.10 percent Authorized return on common equity 9.0 percent Earnings sharing Most earnings above an annual earnings threshold of 9.6 percent are to be applied to reduce regulatory assets. Cost of long-term debt Yr. 1 - 5.42 percent Common equity ratio 48 percent (a) The base rate changes may be implemented, at the NYSPSC’s option, with increases of $16.4 million in each of years 1 and 2 and an increase of $5.8 million , together with a surcharge of $10.6 million , in year 3. (b) Reflects that the company will not recover from customers a total of approximately $14 million of regulatory assets for property tax and interest rate reconciliations. Amounts that will not be recovered from customers were charged-off in June 2015. (c) Excludes gas advanced metering infrastructure as to which the company will be required to defer as a regulatory liability the revenue requirement impact of the amount, if any, by which actual average net utility plant balances are less than amounts reflected in rates: $0.5 million in year 1, $4.2 million in year 2 and $7.2 million in year 3. |
Capitalization (Tables)
Capitalization (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Carrying Amounts and Fair Values of Long-Term Debt | The carrying amounts and fair values of long-term debt at June 30, 2015 and December 31, 2014 are: (Millions of Dollars) 2015 2014 Long-Term Debt (including current portion) Carrying Amount Fair Value Carrying Amount Fair Value Con Edison $12,385 $13,498 $12,191 $13,998 CECONY $11,215 $12,206 $11,214 $12,846 |
Pension Benefits (Tables)
Pension Benefits (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Pension Benefits | |
Total Periodic Benefit Costs | The components of the Companies’ total periodic benefit costs for the three and six months ended June 30, 2015 and 2014 were as follows: For the Three Months Ended June 30, Con Edison CECONY (Millions of Dollars) 2015 2014 2015 2014 Service cost – including administrative expenses $74 $57 $70 $53 Interest cost on projected benefit obligation 144 143 135 134 Expected return on plan assets (222) (208) (210) (198) Recognition of net actuarial loss 194 154 183 146 Recognition of prior service costs 1 1 — 1 NET PERIODIC BENEFIT COST $191 $147 $178 $136 Amortization of regulatory asset 1 1 1 1 TOTAL PERIODIC BENEFIT COST $192 $148 $179 $137 Cost capitalized (76) (57) (72) (54) Reconciliation to rate level (17) 30 (18) 28 Cost charged to operating expenses $99 $121 $89 $111 For the Six Months Ended June 30, Con Edison CECONY (Millions of Dollars) 2015 2014 2015 2014 Service cost – including administrative expenses $149 $113 $139 $106 Interest cost on projected benefit obligation 287 286 269 268 Expected return on plan assets (443) (416) (420) (395) Recognition of net actuarial loss 388 309 367 293 Recognition of prior service costs 2 2 1 1 NET PERIODIC BENEFIT COST $383 $294 $356 $273 Amortization of regulatory asset 1 1 1 1 TOTAL PERIODIC BENEFIT COST $384 $295 $357 $274 Cost capitalized (144) (109) (137) (103) Reconciliation to rate level (42) 57 (42) 51 Cost charged to operating expenses $198 $243 $178 $222 |
Other Postretirement Benefits (
Other Postretirement Benefits (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Other Postretirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Total Periodic Benefit Costs | The components of the Companies’ total periodic other postretirement benefit costs for the three and six months ended June 30, 2015 and 2014 were as follows: For the Three Months Ended June 30, Con Edison CECONY (Millions of Dollars) 2015 2014 2015 2014 Service cost $5 $5 $4 $4 Interest cost on accumulated other postretirement benefit obligation 13 15 11 13 Expected return on plan assets (20) (19) (17) (17) Recognition of net actuarial loss 8 14 7 13 Recognition of prior service cost (5) (5) (4) (4) TOTAL PERIODIC OTHER POSTRETIREMENT BENEFIT COST $1 $10 $1 $9 Cost capitalized (1) (4) (1) (4) Reconciliation to rate level 4 3 2 1 Cost charged to operating expenses $4 $9 $2 $6 For the Six Months Ended June 30, Con Edison CECONY (Millions of Dollars) 2015 2014 2015 2014 Service cost $10 $10 $7 $7 Interest cost on accumulated other postretirement benefit obligation 25 30 22 26 Expected return on plan assets (39) (38) (34) (34) Recognition of net actuarial loss 16 28 14 26 Recognition of prior service cost (10) (10) (7) (7) TOTAL PERIODIC OTHER POSTRETIREMENT BENEFIT COST $2 $20 $2 $18 Cost capitalized (1) (8) (1) (7) Reconciliation to rate level 8 6 3 1 Cost charged to operating expenses $9 $18 $4 $12 |
Environmental Matters (Tables)
Environmental Matters (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Environmental Remediation Obligations [Abstract] | |
Accrued Liabilities and Regulatory Assets | The accrued liabilities and regulatory assets related to Superfund Sites at June 30, 2015 and December 31, 2014 were as follows: Con Edison CECONY (Millions of Dollars) 2015 2014 2015 2014 Accrued Liabilities: Manufactured gas plant sites $671 $684 $576 $587 Other Superfund Sites 80 80 80 79 Total $751 $764 $656 $666 Regulatory assets $897 $925 $796 $820 |
Environmental Remediation Costs | Environmental remediation costs incurred and insurance recoveries received related to Superfund Sites for the three and six months ended June 30, 2015 and 2014 were as follows: For the Three Months Ended June 30, Con Edison CECONY (Millions of Dollars) 2015 2014 2015 2014 Remediation costs incurred $8 $5 $7 $2 Insurance recoveries received — — — — For the Six Months Ended June 30, Con Edison CECONY (Millions of Dollars) 2015 2014 2015 2014 Remediation costs incurred $15 $14 $12 $10 Insurance recoveries received (a) — 5 — 5 (a) Reduced amount deferred for recovery from customers |
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 June 30, 2015 and December 31, 2014 were as follows: Con Edison CECONY (Millions of Dollars) 2015 2014 2015 2014 Accrued liability – asbestos suits $8 $8 $7 $7 Regulatory assets – asbestos suits $8 $8 $7 $7 Accrued liability – workers’ compensation $86 $83 $81 $78 Regulatory assets – workers’ compensation $10 $8 $10 $8 |
Other Material Contingencies (T
Other Material Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Total Guarantees | A summary, by type and term, of Con Edison’s total guarantees at June 30, 2015 is as follows: Guarantee Type 0 – 3 years 4 – 10 years > 10 years Total (Millions of Dollars) NY Transco $1,359 $— $— $1,359 Energy transactions 739 42 90 871 Renewable electric production projects 165 50 54 269 Other 30 — — 30 Total $2,293 $92 $144 $2,529 |
Financial Information by Busi32
Financial Information by Business Segment (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Financial Data for Business Segments | The financial data for the business segments are as follows: For the Three Months Ended June 30, Operating revenues Inter-segment revenues Depreciation and amortization Operating income (Millions of Dollars) 2015 2014 2015 2014 2015 2014 2015 2014 CECONY Electric $1,879 $1,978 $5 $4 $201 $195 $422 $347 Gas 308 360 1 2 35 33 54 54 Steam 96 98 21 21 18 19 (16) (15) Consolidation adjustments — — (27) (27) — — — — Total CECONY $2,283 $2,436 $— $— $254 $247 $460 $386 O&R Electric $162 $157 $— $— $13 $11 $16 $25 Gas 16 35 — — 4 4 (18) (5) Total O&R $178 $192 $— $— $17 $15 $(2) $20 Competitive energy businesses $328 $284 $(1) $(1) $6 $4 $13 $48 Other (a) (1) (1) 1 1 (1) (1) 1 1 Total Con Edison $2,788 $2,911 $— $— $276 $265 $472 $455 (a) Parent company and consolidation adjustments. Other does not represent a business segment. For the Six Months Ended June 30, Operating revenues Inter-segment revenues Depreciation and amortization Operating income (Millions of Dollars) 2015 2014 2015 2014 2015 2014 2015 2014 CECONY Electric $3,858 $4,053 $9 $8 $403 $383 $700 $605 Gas 963 1,149 3 3 70 64 294 287 Steam 471 439 43 41 38 39 149 138 Consolidation adjustments — — (55) (52) — — — — Total CECONY $5,292 $5,641 $— $— $511 $486 $1,143 $1,030 O&R Electric $318 $320 $— $— $25 $21 $34 $37 Gas 93 128 — — 9 8 9 22 Total O&R $411 $448 $— $— $34 $29 $43 $59 Competitive energy businesses $702 $612 $(4) $1 $11 $11 $10 $50 Other (a) (1) (1) 4 (1) (1) — 2 1 Total Con Edison $6,404 $6,700 $— $— $555 $526 $1,198 $1,140 (a) Parent company and consolidation adjustments. Other does not represent a business segment. |
Derivative Instruments and He33
Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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 on the consolidated balance sheet at June 30, 2015 and December 31, 2014 were: (Millions of Dollars) 2015 2014 Balance Sheet Location Gross Amounts of Recognized Assets/(Liabilities) Gross Amounts Offset Net Amounts of Assets/ (Liabilities) (a) Gross Amounts of Recognized Assets/(Liabilities) Gross Amounts Offset Net Amounts of Assets/ (Liabilities) (a) Con Edison Fair value of derivative assets Current $70 $(50) $20 (b) $111 $(67) $44 (b) Current - assets held for sale (c) 55 (53) 2 — — — Noncurrent 24 (21) 3 34 (23) 11 Total fair value of derivative assets $149 $(124) $25 $145 $(90) $55 Fair value of derivative liabilities Current $(110) $78 $(32) $(242) $139 $(103) Current - liabilities held for sale (c) (100) 43 (57) — — — Noncurrent (66) 42 (24) (66) 91 25 Noncurrent - liabilities held for sale (c) (35) 10 (25) — — — Total fair value of derivative liabilities $(311) $173 $(138) $(308) $230 $(78) Net fair value derivative assets/(liabilities) $(162) $49 $(113) (b) $(163) $140 $(23) (b) CECONY Fair value of derivative assets Current $46 $(36) $10 (b) $26 $(15) $11 (b) Noncurrent 19 (17) 2 22 (20) 2 Total fair value of derivative assets $65 $(53) $12 $48 $(35) $13 Fair value of derivative liabilities Current $(86) $63 $(23) $(96) $48 $(48) Noncurrent (57) 38 (19) (42) 32 (10) Total fair value of derivative liabilities $(143) $101 $(42) $(138) $80 $(58) Net fair value derivative assets/(liabilities) $(78) $48 $(30) (b) $(90) $45 $(45) (b) (a) Derivative instruments and collateral were offset on the consolidated balance sheet as applicable under the accounting rules. The Companies enter into master agreements for their commodity derivatives. These agreements typically provide offset in the event of contract termination. In such case, generally the non-defaulting party’s payable will be offset by the defaulting party’s payable. The non-defaulting party will customarily notify the defaulting party within a specific time period and come to an agreement on the early termination amount. (b) At June 30, 2015 and December 31, 2014 , margin deposits for Con Edison ( $22 million and $27 million , respectively) and CECONY ( $21 million and $25 million , respectively) were classified as derivative assets on the consolidated balance sheet, but not included in the table. Margin is collateral, typically cash, that the holder of a derivative instrument is required to deposit in order to transact on an exchange and to cover its potential losses with its broker or the exchange. (c) Amounts represent derivative assets and liabilities included in assets and liabilities held for sale on the consolidated balance sheet (see Note O). |
Realized and Unrealized Gains or Losses on Commodity Derivatives | The following table presents the realized and unrealized gains or losses on commodity derivatives that have been deferred or recognized in earnings for the three and six months ended June 30, 2015 and 2014 : For the Three Months Ended June 30, Con Edison CECONY (Millions of Dollars) Balance Sheet Location 2015 2014 2015 2014 Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: Current Deferred derivative gains $(2) $1 $(1) $1 Noncurrent Deferred derivative gains — 2 — 2 Total deferred gains/(losses) $(2) $3 $(1) $3 Current Deferred derivative losses $(11) $(2) $(10) $(2) Current Recoverable energy costs (40) (7) (36) (6) Noncurrent Deferred derivative losses (2) (3) (1) (3) Total deferred gains/(losses) $(53) $(12) $(47) $(11) Net deferred gains/(losses) $(55) $(9) $(48) $(8) Income Statement Location Pre-tax gain/(loss) recognized in income Purchased power expense $(50) (a) $(13) (b) $— $— Gas purchased for resale (26) (32) — — Non-utility revenue (27) (a) 14 (b) — — Total pre-tax gain/(loss) recognized in income $(103) $(31) $— $— (a) For the three months ended June 30, 2015 , Con Edison recorded unrealized pre-tax gains and losses in non-utility operating revenue ( $1 million gain) and purchased power expense ( $17 million loss). (b) For the three months ended June 30, 2014 , Con Edison recorded in purchased power expense an unrealized pre-tax loss of $5 million . For the Six Months Ended June 30, Con Edison CECONY (Millions of Dollars) Balance Sheet Location 2015 2014 2015 2014 Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: Current Deferred derivative gains $1 $31 $2 $25 Noncurrent Deferred derivative gains — 7 — 6 Total deferred gains/(losses) $1 $38 $2 $31 Current Deferred derivative losses $32 $15 $32 $15 Current Recoverable energy costs (39) 87 (38) 70 Noncurrent Deferred derivative losses (21) — (18) (1) Total deferred gains/(losses) $(28) $102 $(24) $84 Net deferred gains/(losses) $(27) $140 $(22) $115 Income Statement Location Pre-tax gain/(loss) recognized in income Purchased power expense $(28) (a) $161 (b) $— $— Gas purchased for resale (69) (46) — — Non-utility revenue 15 (a) (10) (b) — — Total pre-tax gain/(loss) recognized in income $(82) $105 $— $— (a) For the six months ended June 30, 2015 , Con Edison recorded unrealized pre-tax gains and losses in non-utility operating revenue ( $3 million loss) and purchased power expense ( $5 million loss). (b) For the six months ended June 30, 2014 , Con Edison recorded in purchased power expense an unrealized pre-tax gain of $15 million . |
Hedged Volume of Derivative Transactions | The following table presents the hedged volume of Con Edison’s and CECONY’s derivative transactions at June 30, 2015 : Electric Energy (MWHs) (a)(b) Capacity (MWs)(a) Natural Gas (Dt) (a)(b) Refined Fuels (gallons) Con Edison (c) 20,982,862 7,324 61,343,892 5,502,000 CECONY 6,941,125 2,400 55,640,000 5,502,000 (a) Volumes are reported net of long and short positions, except natural gas collars where the volumes of long positions are reported. (b) Excludes electric congestion and gas basis swap contracts which are associated with electric and gas contracts and hedged volumes. (c) Includes 12,801,647 MWHs for electric energy, 6,635 MWs for capacity and 1,397,036 Dt for natural gas derivative transactions that are held for sale. |
Aggregate Fair Value of Companies' Derivative Instruments with Credit-Risk-Related Contingent Features | The following table presents the aggregate fair value of the Companies’ derivative instruments with credit-risk-related contingent features that are in a net liability position, the collateral posted for such positions and the additional collateral that would have been required to be posted had the lowest applicable credit rating been reduced one level and to below investment grade at June 30, 2015 : (Millions of Dollars) Con Edison (a) CECONY (a) Aggregate fair value – net liabilities $60 $41 Collateral posted 5 — Additional collateral (b) (downgrade one level from current ratings) 5 — Additional collateral (b) (downgrade to below investment grade from current ratings) 85 (c) 56 (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 the competitive energy businesses were no longer extended unsecured credit for such purchases, the Companies would be required to post additional collateral of $2 million at June 30, 2015 . 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 to offset. (c) Derivative instruments that are net assets have been excluded from the table. At June 30, 2015 , if Con Edison had been downgraded to below investment grade, it would have been required to post additional collateral for such derivative instruments of $7 million . |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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 June 30, 2015 and December 31, 2014 are summarized below. 2015 2014 (Millions of Dollars) Level 1 Level 2 Level 3 Netting Adjustment (e) Total Level 1 Level 2 Level 3 Netting Adjustment (e) Total Con Edison Derivative assets: Commodity (a)(b)(c) $1 $24 $15 $4 $44 $3 $78 $28 $(27) $82 Commodity held for sale (f) — 45 2 (45) 2 — — — — — Other (a)(b)(d) 187 117 — — 304 163 116 — — 279 Total assets $188 $186 $17 $(41) $350 $166 $194 $28 $(27) $361 Derivative liabilities: Commodity (a)(b)(c) $11 $111 $— $(67) $55 $18 $246 $8 $(194) $78 Commodity held for sale (f) 1 122 4 (45) 82 — — — — — Total liabilities $12 $233 $4 $(112) $137 $18 $246 $8 $(194) $78 CECONY Derivative assets: Commodity (a)(b)(c) $1 $8 $11 $13 $33 $1 $3 $13 $21 $38 Other (a)(b)(d) 179 107 — — 286 155 106 — — 261 Total assets $180 $115 $11 $13 $319 $156 $109 $13 $21 $299 Derivative liabilities: Commodity (a)(b)(c) $10 $88 $— $(56) $42 $16 $91 $— $(49) $58 (a) The Companies’ policy is to review the fair value hierarchy and recognize transfers into and transfers out of the levels at the end of each reporting period. There were no transfers between levels 1, 2 and 3 for the six months ended June 30, 2015 and for the year ended December 31, 2014 . (b) Level 2 assets and liabilities include investments held in the deferred compensation plan and/or non-qualified retirement plans, exchange-traded contracts where there is insufficient market liquidity to warrant inclusion in Level 1, certain over-the-counter derivative instruments for electricity, refined products and natural gas. Derivative instruments classified as Level 2 are valued using industry standard models that incorporate corroborated observable inputs; such as pricing services or prices from similar instruments that trade in liquid markets, time value and volatility factors. (c) The accounting rules for fair value measurements and disclosures require consideration of the impact of nonperformance risk (including credit risk) from a market participant perspective in the measurement of the fair value of assets and liabilities. At June 30, 2015 and December 31, 2014 , the Companies determined that nonperformance risk would have no material impact on their financial position or results of operations. (d) Other assets are comprised of assets such as life insurance contracts within the deferred compensation plan and non-qualified retirement plans. (e) Amounts represent the impact of legally-enforceable master netting agreements that allow the Companies to net gain and loss positions and cash collateral held or placed with the same counterparties. (f) Amounts represent derivative assets and liabilities included in Assets and Liabilities held for sale on the consolidated balance sheet (see Note O). |
Schedule of Commodity Derivatives | The risk management group reports to the Companies’ Vice President and Treasurer. Fair Value of Level 3 at June 30, 2015 Valuation Techniques Unobservable Inputs Range (Millions of Dollars) Con Edison – Commodity Electricity $(2) Discounted Cash Flow Forward energy prices (a) $18.25-$118.25 per MWH Discounted Cash Flow Forward capacity prices (a) $3.70-$15.26 per kW-month Transmission Congestion Contracts/Financial Transmission Rights 14 Discounted Cash Flow Discount to adjust auction prices for inter-zonal forward price curves (b) 40.8%-57.9% Discount to adjust auction prices for historical monthly realized settlements (b) 37.5%-60.8% Inter-zonal forward price curves adjusted for historical zonal losses (b) $(2.57)-$6.62 per MWH Natural gas 1 Discounted Cash Flow Forward gas prices (a) $(1.56)-$10.00 per Dt Total Con Edison—Commodity $13 CECONY—Commodity Transmission Congestion Contracts $11 Discounted Cash Flow Discount to adjust auction prices for inter-zonal forward price curves (b) 40.8%-57.9% Discount to adjust auction prices for historical monthly realized settlements (b) 37.5%-60.8% (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 June 30, 2015 and 2014 and classified as Level 3 in the fair value hierarchy: For the Three Months Ended June 30, Con Edison CECONY (Millions of Dollars) 2015 2014 2015 2014 Beginning balance as of April 1, $11 $24 $12 $13 Included in earnings (3) (2) (2) (2) Included in regulatory assets and liabilities — 3 — 3 Purchases 5 3 2 2 Settlements — (1) (1) (2) Ending balance as of June 30, $13 $27 $11 $14 For the Six Months Ended June 30, Con Edison CECONY (Millions of Dollars) 2015 2014 2015 2014 Beginning balance as of January 1, $20 $9 $13 $6 Included in earnings (15) 49 (5) 9 Included in regulatory assets and liabilities 1 7 1 7 Purchases 8 11 4 9 Settlements (1) (49) (2) (17) Ending balance as of June 30, $13 $27 $11 $14 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summary of VIEs | The following table summarizes the VIEs in which Con Edison Development has entered into as of June 30, 2015 : Project Name (a) Generating Capacity Owned (MWs AC) Power Purchase Agreement Term in Years Year of Initial Investment Location Maximum Exposure to Loss ( Millions of Dollars ) (c) Copper Mountain Solar 3 128 20 2014 Nevada $187 Mesquite Solar 1 83 20 2013 Arizona 105 Copper Mountain Solar 2 75 25 2013 Nevada 88 California Solar 55 25 2012 California 73 Broken Bow II 37 25 2014 Nebraska 56 Texas Solar 4 32 25 2014 Texas 49 Pilesgrove 9 n/a (b) 2010 New Jersey 26 (a) With the exception of Texas Solar 4, Con Edison’s ownership interest is 50 percent and these projects are accounted for using the equity method of accounting. Con Edison is not the primary beneficiary since the power to direct the activities that most significantly impact the economics of the entities are shared equally between Con Edison Development and third parties. Con Edison’s ownership interest in Texas Solar 4 is 80 percent and is consolidated in the financial statements. Con Edison is the primary beneficiary since the power to direct the activities that most significantly impact the economics of Texas Solar 4 is held by Con Edison Development. The maximum exposure for Texas Solar 4 is the net assets of the investment offset by a $9 million noncontrolling interest. (b) Pilesgrove has 3 - 5 year Solar Renewable Energy Credit hedges in place. (c) For investments accounted for under the equity method, maximum exposure is equal to the carrying value of the investment on the consolidated balance sheet. For consolidated investments, maximum exposure is equal to the net assets of the investment on the consolidated balance sheet less any applicable minority interest. Con Edison did not provide any financial or other support during the year that was not previously contractually required. |
New Assets Held For Sale (Table
New Assets Held For Sale (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | At June 30, 2015, the carrying amounts of the assets and liabilities designated as held for sale were as follows: (Millions of Dollars) 2015 Accounts receivable $82 Accrued unbilled revenue 76 Other current assets 3 Derivative assets 2 Total current assets 163 Non-utility property 4 TOTAL ASSETS HELD FOR SALE $167 Derivative liabilities - current $57 Accounts payable 9 Total current liabilities 66 Derivative liabilities - noncurrent 25 TOTAL LIABILITIES HELD FOR SALE $91 |
Summary of Significant Accoun37
Summary of Significant Accounting Policies - Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Accounting Policies [Abstract] | ||||||
Net income for common stock | $ 219 | $ 370 | $ 212 | $ 361 | $ 589 | $ 574 |
Weighted average common shares outstanding – basic | 292.9 | 292.9 | 292.9 | 292.9 | ||
Add: Incremental shares attributable to effect of potentially dilutive securities | 1.1 | 1.1 | 1 | 1.1 | ||
Adjusted weighted average common shares outstanding – diluted | 294 | 294 | 293.9 | 294 | ||
Net Income for common stock per common share - basic (dollars per share) | $ 0.75 | $ 0.73 | $ 2.01 | $ 1.96 | ||
Net Income for common stock per common share - diluted (dollars per share) | $ 0.74 | $ 0.72 | $ 2.01 | $ 1.95 |
Summary of Significant Accoun38
Summary of Significant Accounting Policies -Changes in Accumulated Other Comprehensive Income/(Loss) by Component (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance, accumulated OCI, net of taxes | $ (40) | $ (21) | $ (45) | $ (25) |
OCI before reclassifications, net of tax | 3 | 2 | ||
Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax | 1 | 1 | 3 | 3 |
Current period OCI, net of taxes | 1 | 1 | 6 | 5 |
Ending balance, accumulated OCI, net of taxes | (39) | (20) | (39) | (20) |
OCI before reclassifications, tax | (2) | (1) | ||
Amounts reclassified from accumulated OCI related to pension plan liabilities, tax | (1) | (1) | (2) | (2) |
CECONY | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance, accumulated OCI, net of taxes | (11) | (5) | (11) | (6) |
OCI before reclassifications, net of tax | 0 | 0 | ||
Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax | 1 | 0 | 1 | 1 |
Current period OCI, net of taxes | 1 | 0 | 1 | 1 |
Ending balance, accumulated OCI, net of taxes | $ (10) | $ (5) | $ (10) | $ (5) |
Regulatory Matters - Summary of
Regulatory Matters - Summary of Rate Plan (Detail) - Jun. 30, 2015 - USD ($) | Total | Total |
CECONY | Electric | ||
Public Utilities, General Disclosures [Line Items] | ||
Potential refund from customers | $ 249,000,000 | |
O&R | Electric | ||
Public Utilities, General Disclosures [Line Items] | ||
Potential penalties | $ 4,000,000 | |
Deferred storm and property reserve deficiency | 59,300,000 | 59,300,000 |
Deferred storm and property deficiency not recovered | 1,000,000 | 1,000,000 |
Storm Reserve | CECONY | ||
Public Utilities, General Disclosures [Line Items] | ||
Revenue requirement | 21,000,000 | 21,000,000 |
Deferred storm costs | CECONY | Electric | ||
Public Utilities, General Disclosures [Line Items] | ||
Amortization of regulatory asset | 107,000,000 | |
Reduction of costs recoverable from customers | 4,000,000 | |
Property Tax and Interest Rate Reconciliations | O&R | Electric | ||
Public Utilities, General Disclosures [Line Items] | ||
Regulatory assets not recoverable | 4,000,000 | 4,000,000 |
Property Tax and Interest Rate Reconciliations | O&R | Gas | ||
Public Utilities, General Disclosures [Line Items] | ||
Regulatory assets not recoverable | 14,000,000 | $ 14,000,000 |
Year 1 | CECONY | Electric | ||
Public Utilities, General Disclosures [Line Items] | ||
Amortizations to income of net regulatory (assets) liabilities | 123,000,000 | |
Retention of annual transmission congestion revenues | 90,000,000 | |
Average rate base | $ 18,282,000,000 | |
Weighted average cost of capital (after-tax) (percent) | 6.91% | |
Authorized return on common equity (percent) | 9.00% | |
Earnings sharing percentage | 9.60% | 9.60% |
Cost of long-term debt (percent) | 5.09% | 5.09% |
Common equity ratio (percent) | 48.00% | |
Year 1 | CECONY | Electric | Maximum | ||
Public Utilities, General Disclosures [Line Items] | ||
Potential penalties | $ 400,000,000 | |
Year 1 | O&R | Electric | ||
Public Utilities, General Disclosures [Line Items] | ||
Base rate changes | 9,300,000 | $ 9,300,000 |
Amortizations to income of net regulatory (assets) liabilities | (8,500,000) | |
Net utility plant reconciliations | 928,000,000 | |
Average rate base | $ 763,000,000 | |
Weighted average cost of capital (after-tax) (percent) | 7.10% | |
Authorized return on common equity (percent) | 9.00% | |
Earnings sharing percentage | 9.60% | 9.60% |
Cost of long-term debt (percent) | 5.42% | 5.42% |
Common equity ratio (percent) | 48.00% | |
Deferred storm and property reserve deficiency | $ 11,850,000 | $ 11,850,000 |
Rate exclusion amount with balance below regulatory threshold | 1,000,000 | |
Year 1 | O&R | Gas | ||
Public Utilities, General Disclosures [Line Items] | ||
Base rate changes | 27,500,000 | $ 27,500,000 |
Amortizations to income of net regulatory (assets) liabilities | (1,700,000) | |
Potential penalties | 3,700,000 | |
Net utility plant reconciliations | 492,000,000 | |
Average rate base | $ 366,000,000 | |
Weighted average cost of capital (after-tax) (percent) | 7.10% | |
Authorized return on common equity (percent) | 9.00% | |
Earnings sharing percentage | 9.60% | 9.60% |
Cost of long-term debt (percent) | 5.42% | 5.42% |
Common equity ratio (percent) | 48.00% | |
Potential base rate changes | $ 16,400,000 | $ 16,400,000 |
Rate exclusion amount with balance below regulatory threshold | 500,000 | |
Year 1 | T&D | CECONY | Electric | ||
Public Utilities, General Disclosures [Line Items] | ||
Net utility plant reconciliations | 17,929,000,000 | |
Year 1 | Storm Hardening | CECONY | Electric | ||
Public Utilities, General Disclosures [Line Items] | ||
Net utility plant reconciliations | 268,000,000 | |
Year 1 | Other | CECONY | Electric | ||
Public Utilities, General Disclosures [Line Items] | ||
Net utility plant reconciliations | 2,069,000,000 | |
Year 2 | O&R | Electric | ||
Public Utilities, General Disclosures [Line Items] | ||
Base rate changes | 8,800,000 | $ 8,800,000 |
Amortizations to income of net regulatory (assets) liabilities | (9,400,000) | |
Net utility plant reconciliations | 970,000,000 | |
Average rate base | $ 805,000,000 | |
Weighted average cost of capital (after-tax) (percent) | 7.06% | |
Authorized return on common equity (percent) | 9.00% | |
Earnings sharing percentage | 9.60% | 9.60% |
Cost of long-term debt (percent) | 5.35% | 5.35% |
Common equity ratio (percent) | 48.00% | |
Deferred storm and property reserve deficiency | $ 11,850,000 | $ 11,850,000 |
Deferred storm and property reserve deficiency period (in years) | 5 years | |
Rate exclusion amount with balance below regulatory threshold | $ 9,000,000 | |
Year 2 | O&R | Gas | ||
Public Utilities, General Disclosures [Line Items] | ||
Base rate changes | 4,400,000 | $ 4,400,000 |
Amortizations to income of net regulatory (assets) liabilities | (2,100,000) | |
Potential penalties | 4,700,000 | |
Net utility plant reconciliations | 518,000,000 | |
Average rate base | $ 391,000,000 | |
Weighted average cost of capital (after-tax) (percent) | 7.06% | |
Authorized return on common equity (percent) | 9.00% | |
Earnings sharing percentage | 9.60% | 9.60% |
Cost of long-term debt (percent) | 5.35% | 5.35% |
Common equity ratio (percent) | 48.00% | |
Potential base rate changes | $ 16,400,000 | $ 16,400,000 |
Rate exclusion amount with balance below regulatory threshold | 4,200,000 | |
Year 3 | O&R | Gas | ||
Public Utilities, General Disclosures [Line Items] | ||
Base rate changes | 6,700,000 | $ 6,700,000 |
Amortizations to income of net regulatory (assets) liabilities | (2,500,000) | |
Potential penalties | 5,800,000 | |
Net utility plant reconciliations | 546,000,000 | |
Average rate base | $ 417,000,000 | |
Weighted average cost of capital (after-tax) (percent) | 7.06% | |
Authorized return on common equity (percent) | 9.00% | |
Earnings sharing percentage | 9.60% | 9.60% |
Cost of long-term debt (percent) | 5.35% | 5.35% |
Common equity ratio (percent) | 48.00% | |
Potential base rate changes | $ 5,800,000 | $ 5,800,000 |
Potential base rate surcharge | 10,600,000 | $ 10,600,000 |
Rate exclusion amount with balance below regulatory threshold | $ 7,200,000 |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Detail) $ in Thousands, Customer in Millions | 1 Months Ended | 6 Months Ended | ||
Oct. 31, 2012Customer | Feb. 28, 2009USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2014USD ($) | |
Public Utilities, General Disclosures [Line Items] | ||||
Annual electric revenue subject to potential refund | $ 249,000 | |||
Annual gas revenue subject to potential refund | 32,000 | |||
Annual steam revenue subject to potential refund | $ 6,000 | |||
Potential estimated refund to customers | $ 1,818,000 | |||
Construction expenditures overcharge consultant estimate | 208,000 | |||
Regulatory liabilities | 1,947,000 | $ 1,993,000 | ||
Prudence proceeding | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Regulatory liabilities | 103,000 | 105,000 | ||
CECONY | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Regulatory liabilities | 1,772,000 | 1,837,000 | ||
Response and restoration costs | 507,000 | |||
Capital expenditures | 147,000 | |||
CECONY | Prudence proceeding | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Regulatory liabilities | 103,000 | $ 105,000 | ||
O&R | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Response and restoration costs | 91,000 | |||
Capital expenditures | $ 15,000 | |||
Storm Damage | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Number of customers interrupted electric distribution service | Customer | 1.4 |
Regulatory Matters - Regulatory
Regulatory Matters - Regulatory Assets and Liabilities (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Regulatory assets | ||
Regulatory assets – noncurrent | $ 8,646 | $ 9,156 |
Regulatory assets – current | 75 | 148 |
Total Regulatory Assets | 8,721 | 9,304 |
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 1,947 | 1,993 |
Regulatory liabilities – current | 142 | 187 |
Total Regulatory Liabilities | 2,089 | 2,180 |
Unrecognized pension and other postretirement costs | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 4,400 | 4,846 |
Future income tax | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 2,326 | 2,273 |
Deferred storm costs | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 254 | 319 |
Revenue taxes | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 227 | 219 |
Pension and other postretirement benefits deferrals | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 54 | 66 |
Net electric deferrals | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 54 | 63 |
Unamortized loss on reacquired debt | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 54 | 57 |
Deferred derivative losses | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 46 | 25 |
Surcharge for New York State assessment | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 40 | 99 |
O&R property tax reconciliation | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 40 | 36 |
Preferred stock redemption | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 27 | 27 |
O&R transition bond charges | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 24 | 27 |
Recoverable energy costs | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 0 | 19 |
Regulatory assets – current | 2 | 41 |
Other | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 193 | 147 |
Deferred derivative losses | ||
Regulatory assets | ||
Regulatory assets – current | 65 | 97 |
Future income tax | ||
Regulatory assets | ||
Regulatory assets – current | 8 | 10 |
Allowance for cost of removal less salvage | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 620 | 598 |
Property tax reconciliation | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 300 | 295 |
Base rate change deferrals | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 146 | 155 |
Net unbilled revenue deferrals | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 116 | 138 |
Prudence proceeding | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 103 | 105 |
Pension and other postretirement benefit deferrals | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 83 | 46 |
Variable-rate tax-exempt debt – cost rate reconciliation | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 80 | 78 |
Property tax refunds | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 65 | 87 |
New York State income tax rate change | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 64 | 62 |
Carrying charges on repair allowance and bonus depreciation | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 52 | 58 |
World Trade Center settlement proceeds | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 31 | 41 |
Net utility plant reconciliations | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 22 | 21 |
Earnings sharing – electric | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 21 | 19 |
Unrecognized other postretirement costs | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 17 | 0 |
Other | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 227 | 290 |
Refundable energy costs | ||
Regulatory liabilities | ||
Regulatory liabilities – current | 72 | 128 |
Revenue decoupling mechanism | ||
Regulatory liabilities | ||
Regulatory liabilities – current | 42 | 30 |
Future income tax | ||
Regulatory liabilities | ||
Regulatory liabilities – current | 22 | 24 |
Deferred derivative gains | ||
Regulatory liabilities | ||
Regulatory liabilities – current | 6 | 5 |
CECONY | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 8,011 | 8,481 |
Regulatory assets – current | 60 | 132 |
Total Regulatory Assets | 8,071 | 8,613 |
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 1,772 | 1,837 |
Regulatory liabilities – current | 107 | 142 |
Total Regulatory Liabilities | 1,879 | 1,979 |
CECONY | Unrecognized pension and other postretirement costs | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 4,191 | 4,609 |
CECONY | Future income tax | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 2,216 | 2,166 |
CECONY | Deferred storm costs | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 167 | 224 |
CECONY | Revenue taxes | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 215 | 208 |
CECONY | Pension and other postretirement benefits deferrals | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 27 | 42 |
CECONY | Net electric deferrals | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 53 | 63 |
CECONY | Unamortized loss on reacquired debt | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 51 | 55 |
CECONY | Deferred derivative losses | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 41 | 23 |
CECONY | Surcharge for New York State assessment | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 38 | 92 |
CECONY | O&R property tax reconciliation | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 0 | 0 |
CECONY | Preferred stock redemption | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 27 | 27 |
CECONY | O&R transition bond charges | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 0 | 0 |
CECONY | Recoverable energy costs | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 0 | 17 |
Regulatory assets – current | 0 | 40 |
CECONY | Other | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 179 | 127 |
CECONY | Deferred derivative losses | ||
Regulatory assets | ||
Regulatory assets – current | 60 | 92 |
CECONY | Future income tax | ||
Regulatory assets | ||
Regulatory assets – current | 0 | 0 |
CECONY | Allowance for cost of removal less salvage | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 518 | 499 |
CECONY | Property tax reconciliation | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 300 | 295 |
CECONY | Base rate change deferrals | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 146 | 155 |
CECONY | Net unbilled revenue deferrals | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 116 | 138 |
CECONY | Prudence proceeding | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 103 | 105 |
CECONY | Pension and other postretirement benefit deferrals | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 59 | 37 |
CECONY | Variable-rate tax-exempt debt – cost rate reconciliation | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 69 | 78 |
CECONY | Property tax refunds | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 65 | 87 |
CECONY | New York State income tax rate change | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 61 | 59 |
CECONY | Carrying charges on repair allowance and bonus depreciation | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 50 | 57 |
CECONY | World Trade Center settlement proceeds | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 31 | 41 |
CECONY | Net utility plant reconciliations | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 23 | 20 |
CECONY | Earnings sharing – electric | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 21 | 18 |
CECONY | Unrecognized other postretirement costs | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 17 | 0 |
CECONY | Other | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 193 | 248 |
CECONY | Refundable energy costs | ||
Regulatory liabilities | ||
Regulatory liabilities – current | 39 | 84 |
CECONY | Revenue decoupling mechanism | ||
Regulatory liabilities | ||
Regulatory liabilities – current | 41 | 30 |
CECONY | Future income tax | ||
Regulatory liabilities | ||
Regulatory liabilities – current | 21 | 24 |
CECONY | Deferred derivative gains | ||
Regulatory liabilities | ||
Regulatory liabilities – current | 6 | 4 |
Superfund Sites | ||
Regulatory assets | ||
Total Regulatory Assets | 897 | 925 |
Superfund Sites | Environmental remediation costs | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 897 | 925 |
Superfund Sites | CECONY | ||
Regulatory assets | ||
Total Regulatory Assets | 796 | 820 |
Superfund Sites | CECONY | Environmental remediation costs | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 796 | 820 |
Workers’ compensation | ||
Regulatory assets | ||
Total Regulatory Assets | 10 | 8 |
Workers’ compensation | Workers’ compensation | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 10 | 8 |
Workers’ compensation | CECONY | ||
Regulatory assets | ||
Total Regulatory Assets | 10 | 8 |
Workers’ compensation | CECONY | Workers’ compensation | ||
Regulatory assets | ||
Regulatory assets – noncurrent | $ 10 | $ 8 |
Capitalization - Carrying Amoun
Capitalization - Carrying Amounts and Fair Values of Long-Term Debt (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Carrying Amount | $ 12,385 | $ 12,191 |
Fair Value | 13,498 | 13,998 |
CECONY | ||
Debt Instrument [Line Items] | ||
Carrying Amount | 11,215 | 11,214 |
Fair Value | $ 12,206 | $ 12,846 |
Capitalization - Additional Inf
Capitalization - Additional Information (Detail) | 6 Months Ended | |
Jun. 30, 2015USD ($)project | Dec. 31, 2014USD ($) | |
Schedule of Capitalization [Line Items] | ||
Number of solar projects securing notes | project | 4 | |
Long-term debt, fair value | $ 13,498,000,000 | $ 13,998,000,000 |
Level 2 | ||
Schedule of Capitalization [Line Items] | ||
Long-term debt, fair value | 12,862,000,000 | |
Level 3 | ||
Schedule of Capitalization [Line Items] | ||
Long-term debt, fair value | 636,000,000 | |
CECONY | ||
Schedule of Capitalization [Line Items] | ||
Long-term debt, fair value | 12,206,000,000 | $ 12,846,000,000 |
CECONY | Level 2 | ||
Schedule of Capitalization [Line Items] | ||
Long-term debt, fair value | 11,570,000,000 | |
CECONY | Level 3 | ||
Schedule of Capitalization [Line Items] | ||
Long-term debt, fair value | 636,000,000 | |
Tax-exempt debt | 636,000,000 | |
Secured Debt | 4.95% debentures due 2045 | O&R | ||
Schedule of Capitalization [Line Items] | ||
Debt Instrument, face amount | $ 120,000,000 | |
Debt instrument, interest rate (percent) | 4.95% | |
Senior Notes | 3.94% Senior Notes due 2036 | Con Edison Development | ||
Schedule of Capitalization [Line Items] | ||
Debt Instrument, face amount | $ 118,000,000 | |
Debt instrument, interest rate (percent) | 3.94% |
Short-Term Borrowing - Addition
Short-Term Borrowing - Additional Information (Detail) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Short-term Debt [Line Items] | ||
Commercial paper, outstanding | $ 1,245,000,000 | $ 800,000,000 |
Weighted average interest rate (percent) | 0.40% | 0.40% |
Loans outstanding under credit agreement | $ 0 | $ 0 |
Letters of credit outstanding under the Credit Agreement | 56,000,000 | 11,000,000 |
CECONY | ||
Short-term Debt [Line Items] | ||
Commercial paper, outstanding | $ 995,000,000 | $ 450,000,000 |
Weighted average interest rate (percent) | 0.40% | 0.40% |
Letters of credit outstanding under the Credit Agreement | $ 11,000,000 | $ 11,000,000 |
Pension Benefits - Total Period
Pension Benefits - Total Periodic Benefit Costs (Detail) - Pension Benefits - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost – including administrative expenses | $ 74 | $ 57 | $ 149 | $ 113 |
Interest cost on projected benefit obligation | 144 | 143 | 287 | 286 |
Expected return on plan assets | (222) | (208) | (443) | (416) |
Recognition of net actuarial loss | 194 | 154 | 388 | 309 |
Recognition of prior service costs | 1 | 1 | 2 | 2 |
NET PERIODIC BENEFIT COST | 191 | 147 | 383 | 294 |
Amortization of regulatory asset | 1 | 1 | 1 | 1 |
TOTAL PERIODIC BENEFIT COST | 192 | 148 | 384 | 295 |
Cost capitalized | (76) | (57) | (144) | (109) |
Reconciliation to rate level | (17) | 30 | (42) | 57 |
Cost charged to operating expenses | 99 | 121 | 198 | 243 |
CECONY | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost – including administrative expenses | 70 | 53 | 139 | 106 |
Interest cost on projected benefit obligation | 135 | 134 | 269 | 268 |
Expected return on plan assets | (210) | (198) | (420) | (395) |
Recognition of net actuarial loss | 183 | 146 | 367 | 293 |
Recognition of prior service costs | 0 | 1 | 1 | 1 |
NET PERIODIC BENEFIT COST | 178 | 136 | 356 | 273 |
Amortization of regulatory asset | 1 | 1 | 1 | 1 |
TOTAL PERIODIC BENEFIT COST | 179 | 137 | 357 | 274 |
Cost capitalized | (72) | (54) | (137) | (103) |
Reconciliation to rate level | (18) | 28 | (42) | 51 |
Cost charged to operating expenses | $ 89 | $ 111 | $ 178 | $ 222 |
Pension Benefits - Additional I
Pension Benefits - Additional Information (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected contributions | $ 750 |
CECONY | Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected contributions | 697 |
Contributions | 407 |
CECONY | Non-qualified Supplemental Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected contributions | $ 16 |
Other Postretirement Benefits -
Other Postretirement Benefits - Total Periodic Postretirement Benefit Costs (Detail) - Other Postretirement Benefits - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 5 | $ 5 | $ 10 | $ 10 |
Interest cost on accumulated other postretirement benefit obligation | 13 | 15 | 25 | 30 |
Expected return on plan assets | (20) | (19) | (39) | (38) |
Recognition of net actuarial loss | 8 | 14 | 16 | 28 |
Recognition of prior service cost | (5) | (5) | (10) | (10) |
NET PERIODIC BENEFIT COST | 1 | 10 | 2 | 20 |
Cost capitalized | (1) | (4) | (1) | (8) |
Reconciliation to rate level | 4 | 3 | 8 | 6 |
Cost charged to operating expenses | 4 | 9 | 9 | 18 |
CECONY | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 4 | 4 | 7 | 7 |
Interest cost on accumulated other postretirement benefit obligation | 11 | 13 | 22 | 26 |
Expected return on plan assets | (17) | (17) | (34) | (34) |
Recognition of net actuarial loss | 7 | 13 | 14 | 26 |
Recognition of prior service cost | (4) | (4) | (7) | (7) |
NET PERIODIC BENEFIT COST | 1 | 9 | 2 | 18 |
Cost capitalized | (1) | (4) | (1) | (7) |
Reconciliation to rate level | 2 | 1 | 3 | 1 |
Cost charged to operating expenses | $ 2 | $ 6 | $ 4 | $ 12 |
Other Postretirement Benefits48
Other Postretirement Benefits - Additional Information (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Other Postretirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected contributions | $ 6 |
Environmental Matters - Accrued
Environmental Matters - Accrued Liabilities and Regulatory Assets (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Accrued Liabilities: | ||
Accrued Liabilities | $ 751 | $ 764 |
Regulatory assets | 8,721 | 9,304 |
Manufactured gas plant sites | ||
Accrued Liabilities: | ||
Accrued Liabilities | 671 | 684 |
Other Superfund Sites | ||
Accrued Liabilities: | ||
Accrued Liabilities | 80 | 80 |
Superfund Sites | ||
Accrued Liabilities: | ||
Accrued Liabilities | 751 | 764 |
Regulatory assets | 897 | 925 |
CECONY | ||
Accrued Liabilities: | ||
Accrued Liabilities | 656 | 666 |
Regulatory assets | 8,071 | 8,613 |
CECONY | Manufactured gas plant sites | ||
Accrued Liabilities: | ||
Accrued Liabilities | 576 | 587 |
CECONY | Other Superfund Sites | ||
Accrued Liabilities: | ||
Accrued Liabilities | 80 | 79 |
CECONY | Superfund Sites | ||
Accrued Liabilities: | ||
Accrued Liabilities | 656 | 666 |
Regulatory assets | $ 796 | $ 820 |
Environmental Matters - Environ
Environmental Matters - Environmental Remediation Costs (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Environmental Exit Cost [Line Items] | ||||
Remediation costs incurred | $ 8 | $ 5 | $ 15 | $ 14 |
Insurance recoveries received | 0 | 0 | 0 | 5 |
CECONY | ||||
Environmental Exit Cost [Line Items] | ||||
Remediation costs incurred | 7 | 2 | 12 | 10 |
Insurance recoveries received | $ 0 | $ 0 | $ 0 | $ 5 |
Environmental Matters - Additio
Environmental Matters - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Asbestos Proceedings | ||
Site Contingency [Line Items] | ||
Estimated undiscounted asbestos liability | $ 8,000,000 | |
Estimated undiscounted asbestos liability in year | 15 years | |
Manufactured gas plant sites | Maximum | ||
Site Contingency [Line Items] | ||
Estimated aggregate undiscounted potential liability related environmental contaminants | 2,700,000,000 | |
CECONY | Asbestos Proceedings | ||
Site Contingency [Line Items] | ||
Estimated undiscounted asbestos liability | 7,000,000 | |
Estimated undiscounted asbestos liability in year | 15 years | |
CECONY | Manufactured gas plant sites | Maximum | ||
Site Contingency [Line Items] | ||
Estimated aggregate undiscounted potential liability related environmental contaminants | $ 2,500,000,000 |
Environmental Matters - Accru52
Environmental Matters - Accrued Liability for Asbestos Suits and Workers' Compensation Proceedings (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Site Contingency [Line Items] | ||
Regulatory assets | $ 8,721 | $ 9,304 |
Asbestos Suits | ||
Site Contingency [Line Items] | ||
Accrued liability | 8 | 8 |
Regulatory assets | 8 | 8 |
Workers’ compensation | ||
Site Contingency [Line Items] | ||
Accrued liability | 86 | 83 |
Regulatory assets | 10 | 8 |
CECONY | ||
Site Contingency [Line Items] | ||
Regulatory assets | 8,071 | 8,613 |
CECONY | Asbestos Suits | ||
Site Contingency [Line Items] | ||
Accrued liability | 7 | 7 |
Regulatory assets | 7 | 7 |
CECONY | Workers’ compensation | ||
Site Contingency [Line Items] | ||
Accrued liability | 81 | 78 |
Regulatory assets | $ 10 | $ 8 |
Other Material Contingencies -
Other Material Contingencies - Additional Information (Detail) | Mar. 12, 2014buildingPersonlawsuit | Jul. 31, 2007Personlawsuit | Jun. 30, 2015USD ($) | Dec. 31, 2014USD ($) |
Guarantor Obligations [Line Items] | ||||
Number of person died in steam ruptured | Person | 1 | |||
Number of suits pending against the company | lawsuit | 90 | |||
Estimated accrued liability for suits | $ 50,000,000 | |||
Number of buildings destroyed by fire | building | 2 | |||
Insurance receivable for suits | $ 50,000,000 | |||
Number of people died in explosion and fire incident | Person | 8 | |||
Number of people injured in explosion and fire incident | Person | 50 | |||
Description of explosion and fire incident | On March 12, 2014, two multi-use five-story buildings located on Park Avenue between 116th and 117th Street in Manhattan were destroyed by an explosion and fire. CECONY had delivered gas to the buildings through service lines from a distribution main located below ground on Park Avenue. Eight people died and more than 48 people were injured. Additional buildings were also damaged. | |||
Guarantee obligations maximum exposure | $ 2,529,000,000 | $ 2,547,000,000 | ||
Ownership interest, percentage | 46.00% | |||
Estimated project cost percentage | 175.00% | |||
Manhattan Explosion and Fire | ||||
Guarantor Obligations [Line Items] | ||||
Number of suits pending against the company | lawsuit | 70 | |||
Other | ||||
Guarantor Obligations [Line Items] | ||||
Guarantee obligations maximum exposure | $ 30,000,000 | |||
Indemnity agreements amount | 25,000,000 | |||
Electric provider obligation to Public Utility Commission of Texas | 5,000,000 | |||
Construction and Operation of Solar Energy Facilities | ||||
Guarantor Obligations [Line Items] | ||||
Guarantees issued | $ 3,000,000 |
Other Material Contingencies 54
Other Material Contingencies - Total Guarantees (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Guarantor Obligations [Line Items] | ||
Guarantee obligations maximum exposure | $ 2,529 | $ 2,547 |
NY Transco | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations maximum exposure | 1,359 | |
Energy transactions | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations maximum exposure | 871 | |
Renewable electric production projects | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations maximum exposure | 269 | |
Other | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations maximum exposure | 30 | |
0-3 years | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations maximum exposure | 2,293 | |
0-3 years | NY Transco | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations maximum exposure | 1,359 | |
0-3 years | Energy transactions | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations maximum exposure | 739 | |
0-3 years | Renewable electric production projects | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations maximum exposure | 165 | |
0-3 years | Other | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations maximum exposure | 30 | |
4-10 years | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations maximum exposure | 92 | |
4-10 years | NY Transco | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations maximum exposure | 0 | |
4-10 years | Energy transactions | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations maximum exposure | 42 | |
4-10 years | Renewable electric production projects | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations maximum exposure | 50 | |
4-10 years | Other | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations maximum exposure | 0 | |
Greater than 10 years | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations maximum exposure | 144 | |
Greater than 10 years | NY Transco | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations maximum exposure | 0 | |
Greater than 10 years | Energy transactions | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations maximum exposure | 90 | |
Greater than 10 years | Renewable electric production projects | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations maximum exposure | 54 | |
Greater than 10 years | Other | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations maximum exposure | $ 0 |
Income Tax - Additional Informa
Income Tax - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Taxes Disclosure [Line Items] | ||||
Income tax expense | $ 101 | $ 102 | $ 300 | $ 300 |
Effective tax rate | 32.00% | 32.00% | 34.00% | 34.00% |
Estimated liability for uncertain tax positions | $ 34 | $ 34 | ||
Uncertain tax positions, reasonably possible to resolve within twelve months | 25 | 25 | ||
Uncertain tax positions, reasonably possible to resolve within twelve months, net of federal taxes | 16 | 16 | ||
Total amount of unrecognized tax benefits, if recognized, that would reduce effective tax rate | 34 | 34 | ||
Total amount of unrecognized tax benefits, if recognized, that would reduce effective tax rate, net of federal taxes | 22 | 22 | ||
CECONY | ||||
Income Taxes Disclosure [Line Items] | ||||
Income tax expense | $ 101 | $ 78 | $ 293 | $ 262 |
Effective tax rate | 32.00% | 31.00% | 34.00% | 34.00% |
Estimated liability for uncertain tax positions | $ 2 | $ 2 | ||
Uncertain tax positions, reasonably possible to resolve within twelve months | 2 | 2 | ||
Uncertain tax positions, reasonably possible to resolve within twelve months, net of federal taxes | $ 1 | $ 1 |
Financial Information by Busi56
Financial Information by Business Segment - Financial Data for Business Segments (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Operating revenues | $ 2,788 | $ 2,911 | $ 6,404 | $ 6,700 |
Depreciation and amortization | 276 | 265 | 555 | 526 |
Operating income | 472 | 455 | 1,198 | 1,140 |
CECONY | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 2,283 | 2,436 | 5,292 | 5,641 |
Depreciation and amortization | 254 | 247 | 511 | 486 |
Operating income | 460 | 386 | 1,143 | 1,030 |
CECONY | Electric | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 201 | 195 | 403 | 383 |
Operating income | 422 | 347 | 700 | 605 |
CECONY | Gas | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 35 | 33 | 70 | 64 |
Operating income | 54 | 54 | 294 | 287 |
CECONY | Steam | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 18 | 19 | 38 | 39 |
Operating income | (16) | (15) | 149 | 138 |
O&R | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 17 | 15 | 34 | 29 |
Operating income | (2) | 20 | 43 | 59 |
O&R | Electric | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 13 | 11 | 25 | 21 |
Operating income | 16 | 25 | 34 | 37 |
O&R | Gas | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 4 | 4 | 9 | 8 |
Operating income | (18) | (5) | 9 | 22 |
Competitive energy businesses | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 6 | 4 | 11 | 11 |
Operating income | 13 | 48 | 10 | 50 |
Other | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | (1) | (1) | (1) | |
Operating income | 1 | 1 | 2 | 1 |
Operating revenues | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 2,788 | 2,911 | 6,404 | 6,700 |
Operating revenues | CECONY | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 2,283 | 2,436 | 5,292 | 5,641 |
Operating revenues | CECONY | Electric | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 1,879 | 1,978 | 3,858 | 4,053 |
Operating revenues | CECONY | Gas | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 308 | 360 | 963 | 1,149 |
Operating revenues | CECONY | Steam | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 96 | 98 | 471 | 439 |
Operating revenues | O&R | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 178 | 192 | 411 | 448 |
Operating revenues | O&R | Electric | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 162 | 157 | 318 | 320 |
Operating revenues | O&R | Gas | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 16 | 35 | 93 | 128 |
Operating revenues | Competitive energy businesses | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 328 | 284 | 702 | 612 |
Operating revenues | Other | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | (1) | (1) | (1) | (1) |
Inter-segment revenues | CECONY | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | (27) | (27) | (55) | (52) |
Inter-segment revenues | CECONY | Electric | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 5 | 4 | 9 | 8 |
Inter-segment revenues | CECONY | Gas | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 1 | 2 | 3 | 3 |
Inter-segment revenues | CECONY | Steam | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 21 | 21 | 43 | 41 |
Inter-segment revenues | Competitive energy businesses | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | (1) | (1) | (4) | 1 |
Inter-segment revenues | Other | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | $ 1 | $ 1 | $ 4 | $ (1) |
Derivative Instruments and He57
Derivative Instruments and Hedging Activities - Fair Values of Commodity Derivatives Including Offsetting of Assets and Liabilities (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | ||
Gross Amounts of Recognized Assets/(Liabilities) | $ (162) | $ (163) |
Gross Amounts Offset | 49 | 140 |
Net Amounts of Assets/ (Liabilities) (a) | (113) | (23) |
Margin deposits | 22 | 27 |
Fair Value of Derivative Assets, Current | ||
Derivatives, Fair Value [Line Items] | ||
Gross Amounts of Recognized Assets/(Liabilities) | 70 | 111 |
Gross Amounts Offset | (50) | (67) |
Net Amounts of Assets/ (Liabilities) (a) | 20 | 44 |
Fair Value of Derivative Assets, Assets Held for Sale, Current | ||
Derivatives, Fair Value [Line Items] | ||
Gross Amounts of Recognized Assets/(Liabilities) | 55 | 0 |
Gross Amounts Offset | (53) | 0 |
Net Amounts of Assets/ (Liabilities) (a) | 2 | 0 |
Fair Value of Derivative Assets, Noncurrent | ||
Derivatives, Fair Value [Line Items] | ||
Gross Amounts of Recognized Assets/(Liabilities) | 24 | 34 |
Gross Amounts Offset | (21) | (23) |
Net Amounts of Assets/ (Liabilities) (a) | 3 | 11 |
Fair Value of Derivative Assets | ||
Derivatives, Fair Value [Line Items] | ||
Gross Amounts of Recognized Assets/(Liabilities) | 149 | 145 |
Gross Amounts Offset | (124) | (90) |
Net Amounts of Assets/ (Liabilities) (a) | 25 | 55 |
Fair Value of Derivative Liabilities, Current | ||
Derivatives, Fair Value [Line Items] | ||
Gross Amounts of Recognized Assets/(Liabilities) | (110) | (242) |
Gross Amounts Offset | 78 | 139 |
Net Amounts of Assets/ (Liabilities) (a) | (32) | (103) |
Fair Value of Derivative Liabilities, Liabilities Held For Sale, Current | ||
Derivatives, Fair Value [Line Items] | ||
Gross Amounts of Recognized Assets/(Liabilities) | (100) | 0 |
Gross Amounts Offset | 43 | 0 |
Net Amounts of Assets/ (Liabilities) (a) | (57) | 0 |
Fair Value of Derivative Liabilities, Noncurrent | ||
Derivatives, Fair Value [Line Items] | ||
Gross Amounts of Recognized Assets/(Liabilities) | (66) | (66) |
Gross Amounts Offset | 42 | 91 |
Net Amounts of Assets/ (Liabilities) (a) | (24) | 25 |
Fair Value of Derivative Liabilities, Liabilities Held For Sale, Noncurrent | ||
Derivatives, Fair Value [Line Items] | ||
Gross Amounts of Recognized Assets/(Liabilities) | (35) | 0 |
Gross Amounts Offset | 10 | 0 |
Net Amounts of Assets/ (Liabilities) (a) | (25) | 0 |
Fair Value of Derivative Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Gross Amounts of Recognized Assets/(Liabilities) | (311) | (308) |
Gross Amounts Offset | 173 | 230 |
Net Amounts of Assets/ (Liabilities) (a) | (138) | (78) |
CECONY | ||
Derivatives, Fair Value [Line Items] | ||
Gross Amounts of Recognized Assets/(Liabilities) | (78) | (90) |
Gross Amounts Offset | 48 | 45 |
Net Amounts of Assets/ (Liabilities) (a) | (30) | (45) |
Margin deposits | 21 | 25 |
CECONY | Fair Value of Derivative Assets, Current | ||
Derivatives, Fair Value [Line Items] | ||
Gross Amounts of Recognized Assets/(Liabilities) | 46 | 26 |
Gross Amounts Offset | (36) | (15) |
Net Amounts of Assets/ (Liabilities) (a) | 10 | 11 |
CECONY | Fair Value of Derivative Assets, Noncurrent | ||
Derivatives, Fair Value [Line Items] | ||
Gross Amounts of Recognized Assets/(Liabilities) | 19 | 22 |
Gross Amounts Offset | (17) | (20) |
Net Amounts of Assets/ (Liabilities) (a) | 2 | 2 |
CECONY | Fair Value of Derivative Assets | ||
Derivatives, Fair Value [Line Items] | ||
Gross Amounts of Recognized Assets/(Liabilities) | 65 | 48 |
Gross Amounts Offset | (53) | (35) |
Net Amounts of Assets/ (Liabilities) (a) | 12 | 13 |
CECONY | Fair Value of Derivative Liabilities, Current | ||
Derivatives, Fair Value [Line Items] | ||
Gross Amounts of Recognized Assets/(Liabilities) | (86) | (96) |
Gross Amounts Offset | 63 | 48 |
Net Amounts of Assets/ (Liabilities) (a) | (23) | (48) |
CECONY | Fair Value of Derivative Liabilities, Noncurrent | ||
Derivatives, Fair Value [Line Items] | ||
Gross Amounts of Recognized Assets/(Liabilities) | (57) | (42) |
Gross Amounts Offset | 38 | 32 |
Net Amounts of Assets/ (Liabilities) (a) | (19) | (10) |
CECONY | Fair Value of Derivative Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Gross Amounts of Recognized Assets/(Liabilities) | (143) | (138) |
Gross Amounts Offset | 101 | 80 |
Net Amounts of Assets/ (Liabilities) (a) | $ (42) | $ (58) |
Derivative Instruments and He58
Derivative Instruments and Hedging Activities - Realized and Unrealized Gains or Losses on Commodity Derivatives (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||||
Total deferred gains/(losses) | $ (2) | $ 3 | $ 1 | $ 38 |
Total deferred gains/(losses) | (53) | (12) | (28) | 102 |
Net deferred gains/(losses) | (55) | (9) | (27) | 140 |
Pre-tax gain/(loss) recognized in income | ||||
Total pre-tax gain/(loss) recognized in income | (103) | (31) | (82) | 105 |
Deferred derivative gains | ||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||||
Total deferred gains/(losses) | (2) | 1 | 1 | 31 |
Deferred Derivative Gains, Noncurrent | ||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||||
Total deferred gains/(losses) | 0 | 2 | 0 | 7 |
Deferred Derivative Losses, Current | ||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||||
Total deferred gains/(losses) | (11) | (2) | 32 | 15 |
Recoverable energy costs | ||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||||
Total deferred gains/(losses) | (40) | (7) | (39) | 87 |
Deferred Derivative Losses, Noncurrent | ||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||||
Total deferred gains/(losses) | (2) | (3) | (21) | 0 |
CECONY | ||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||||
Total deferred gains/(losses) | (1) | 3 | 2 | 31 |
Total deferred gains/(losses) | (47) | (11) | (24) | 84 |
Net deferred gains/(losses) | (48) | (8) | (22) | 115 |
CECONY | Deferred derivative gains | ||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||||
Total deferred gains/(losses) | (1) | 1 | 2 | 25 |
CECONY | Deferred Derivative Gains, Noncurrent | ||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||||
Total deferred gains/(losses) | 0 | 2 | 0 | 6 |
CECONY | Deferred Derivative Losses, Current | ||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||||
Total deferred gains/(losses) | (10) | (2) | 32 | 15 |
CECONY | Recoverable energy costs | ||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||||
Total deferred gains/(losses) | (36) | (6) | (38) | 70 |
CECONY | Deferred Derivative Losses, Noncurrent | ||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||||
Total deferred gains/(losses) | (1) | (3) | (18) | (1) |
Non Utility Operating Revenue [Member] | ||||
Pre-tax gain/(loss) recognized in income | ||||
Unrealized gain (loss) on derivatives | 1 | (3) | ||
Purchased power expense | ||||
Pre-tax gain/(loss) recognized in income | ||||
Total pre-tax gain/(loss) recognized in income | (50) | (13) | (28) | 161 |
Unrealized gain (loss) on derivatives | (17) | (5) | (5) | 15 |
Gas purchased for resale | ||||
Pre-tax gain/(loss) recognized in income | ||||
Total pre-tax gain/(loss) recognized in income | (26) | (32) | (69) | (46) |
Non-utility revenue | ||||
Pre-tax gain/(loss) recognized in income | ||||
Total pre-tax gain/(loss) recognized in income | $ (27) | $ 14 | $ 15 | $ (10) |
Derivative Instruments and He59
Derivative Instruments and Hedging Activities - Hedged Volume of Derivative Transactions (Detail) - 6 months ended Jun. 30, 2015 | DTHMWhMWgal |
Electric Energy Derivative | |
Derivatives, Fair Value [Line Items] | |
MWHs | 20,982,862 |
Electric Capacity Derivative | |
Derivatives, Fair Value [Line Items] | |
MWs | MW | 7,324 |
Natural Gas Derivative | |
Derivatives, Fair Value [Line Items] | |
Dths | DTH | 61,343,892 |
Refined Fuels | |
Derivatives, Fair Value [Line Items] | |
Gallons | gal | 5,502,000 |
CECONY | Electric Energy Derivative | |
Derivatives, Fair Value [Line Items] | |
MWHs | 6,941,125 |
CECONY | Electric Capacity Derivative | |
Derivatives, Fair Value [Line Items] | |
MWs | MW | 2,400 |
CECONY | Natural Gas Derivative | |
Derivatives, Fair Value [Line Items] | |
Dths | DTH | 55,640,000 |
CECONY | Refined Fuels | |
Derivatives, Fair Value [Line Items] | |
Gallons | gal | 5,502,000 |
Discontinued Operations, Held-for-sale | Electric Energy Derivative | |
Derivatives, Fair Value [Line Items] | |
MWHs | 12,801,647 |
Discontinued Operations, Held-for-sale | Electric Capacity Derivative | |
Derivatives, Fair Value [Line Items] | |
MWs | MW | 6,635 |
Discontinued Operations, Held-for-sale | Natural Gas Derivative | |
Derivatives, Fair Value [Line Items] | |
Dths | DTH | 1,397,036 |
Derivative Instruments and He60
Derivative Instruments and Hedging Activities - Additional Information (Detail) - Jun. 30, 2015 - USD ($) $ in Millions | Total |
Investment Holdings [Line Items] | |
Energy supply and hedging activities credit exposure total | $ 166 |
Makeup of net credit exposure with commodity exchange brokers | 77 |
Makeup of net credit exposure independent system operators | 76 |
Makeup of net credit exposure with investment-grade counterparties | 8 |
Makeup of net credit exposure non-investment grade/non-rated counterparties | 5 |
CECONY | |
Investment Holdings [Line Items] | |
Energy supply and hedging activities credit exposure total | $ 21 |
Derivative Instruments and He61
Derivative Instruments and Hedging Activities - Aggregate Fair Value of Companies' Derivative Instruments with Credit-Risk-Related Contingent Features (Detail) $ in Millions | Jun. 30, 2015USD ($) |
Derivatives, Fair Value [Line Items] | |
Aggregate fair value – net liabilities | $ 60 |
Collateral posted | 5 |
Downgrade One Level from Current Ratings | |
Derivatives, Fair Value [Line Items] | |
Derivatives in net liability position additional collateral | 5 |
Downgrade to Below Investment Grade from Current Ratings | |
Derivatives, Fair Value [Line Items] | |
Derivatives in net liability position additional collateral | 85 |
Derivatives in net asset position additional collateral | 7 |
Additional Collateral Required Due To Loss Of Unsecured Credit | |
Derivatives, Fair Value [Line Items] | |
Collateral posted | 2 |
CECONY | |
Derivatives, Fair Value [Line Items] | |
Aggregate fair value – net liabilities | 41 |
Collateral posted | 0 |
CECONY | Downgrade One Level from Current Ratings | |
Derivatives, Fair Value [Line Items] | |
Derivatives in net liability position additional collateral | 0 |
CECONY | Downgrade to Below Investment Grade from Current Ratings | |
Derivatives, Fair Value [Line Items] | |
Derivatives in net liability position additional collateral | $ 56 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | $ 350,000,000 | $ 361,000,000 |
Derivative liabilities | 137,000,000 | 78,000,000 |
Transfers between levels 1,2 and 3 | 0 | 0 |
CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 319,000,000 | 299,000,000 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 188,000,000 | 166,000,000 |
Derivative liabilities | 12,000,000 | 18,000,000 |
Level 1 | CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 180,000,000 | 156,000,000 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 186,000,000 | 194,000,000 |
Derivative liabilities | 233,000,000 | 246,000,000 |
Level 2 | CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 115,000,000 | 109,000,000 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 17,000,000 | 28,000,000 |
Derivative liabilities | 4,000,000 | 8,000,000 |
Commodity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 44,000,000 | 82,000,000 |
Derivative liabilities | 55,000,000 | 78,000,000 |
Commodity | CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 33,000,000 | 38,000,000 |
Derivative liabilities | 42,000,000 | 58,000,000 |
Commodity | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 1,000,000 | 3,000,000 |
Derivative liabilities | 11,000,000 | 18,000,000 |
Commodity | Level 1 | CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 1,000,000 | 1,000,000 |
Derivative liabilities | 10,000,000 | 16,000,000 |
Commodity | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 24,000,000 | 78,000,000 |
Derivative liabilities | 111,000,000 | 246,000,000 |
Commodity | Level 2 | CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 8,000,000 | 3,000,000 |
Derivative liabilities | 88,000,000 | 91,000,000 |
Commodity | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 15,000,000 | 28,000,000 |
Derivative liabilities | 0 | 8,000,000 |
Commodity | Level 3 | CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 11,000,000 | 13,000,000 |
Derivative liabilities | 0 | 0 |
Commodity Contract, Held For Sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 2,000,000 | 0 |
Derivative liabilities | 82,000,000 | 0 |
Commodity Contract, Held For Sale | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 1,000,000 | 0 |
Commodity Contract, Held For Sale | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 45,000,000 | 0 |
Derivative liabilities | 122,000,000 | 0 |
Commodity Contract, Held For Sale | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 2,000,000 | 0 |
Derivative liabilities | 4,000,000 | 0 |
Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 304,000,000 | 279,000,000 |
Other | CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 286,000,000 | 261,000,000 |
Other | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 187,000,000 | 163,000,000 |
Other | Level 1 | CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 179,000,000 | 155,000,000 |
Other | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 117,000,000 | 116,000,000 |
Other | Level 2 | CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 107,000,000 | 106,000,000 |
Other | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Other | Level 3 | CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Netting Adjustments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | (41,000,000) | (27,000,000) |
Derivative liabilities | (112,000,000) | (194,000,000) |
Netting Adjustments | Commodity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 4,000,000 | (27,000,000) |
Derivative liabilities | (67,000,000) | (194,000,000) |
Netting Adjustments | Commodity | CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 13,000,000 | 21,000,000 |
Derivative liabilities | (56,000,000) | (49,000,000) |
Netting Adjustments | Commodity Contract, Held For Sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | (45,000,000) | 0 |
Derivative liabilities | (45,000,000) | 0 |
Netting Adjustments | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Netting Adjustments | Other | CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | $ 0 | $ 0 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Commodity Derivatives (Detail) - Jun. 30, 2015 $ in Millions | USD ($)$ / kW-month$ / MWh$ / Dt |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Valuation Techniques | Discounted Cash Flow |
Electricity | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Valuation Techniques | Discounted Cash Flow |
Transmission Congestion Contracts/Financial Transmission Rights | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Valuation Techniques | Discounted Cash Flow |
Natural Gas | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Valuation Techniques | Discounted Cash Flow |
Minimum | Discount to Adjust Auction Prices for Inter-Zonal Forward Price Curves | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Unobservable Inputs Range in percentage | 40.80% |
Minimum | Discount to Adjust Auction Prices for Historical Monthly Realized Settlements | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Unobservable Inputs Range in percentage | 37.50% |
Minimum | Inter-Zonal Forward Price Curves Adjusted for Historical Zonal Losses | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Unobservable Inputs Range (dollar per kW-month) | $ / MWh | (2.57) |
Minimum | Forward Energy Prices | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Unobservable Inputs Range (dollar per MWH/Dt) | $ / MWh | 18.25 |
Minimum | Forward Capacity Prices | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Unobservable Inputs Range (dollar per MWH/Dt) | $ / kW-month | 3.70 |
Minimum | Forward Gas Prices | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Unobservable Inputs Range (dollar per MWH/Dt) | $ / Dt | (1.56) |
Maximum | Discount to Adjust Auction Prices for Inter-Zonal Forward Price Curves | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Unobservable Inputs Range in percentage | 57.90% |
Maximum | Discount to Adjust Auction Prices for Historical Monthly Realized Settlements | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Unobservable Inputs Range in percentage | 60.80% |
Maximum | Inter-Zonal Forward Price Curves Adjusted for Historical Zonal Losses | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Unobservable Inputs Range (dollar per kW-month) | $ / MWh | 6.62 |
Maximum | Forward Energy Prices | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Unobservable Inputs Range (dollar per MWH/Dt) | $ / MWh | 118.25 |
Maximum | Forward Capacity Prices | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Unobservable Inputs Range (dollar per MWH/Dt) | $ / kW-month | 15.26 |
Maximum | Forward Gas Prices | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Unobservable Inputs Range (dollar per MWH/Dt) | $ / Dt | 10 |
Level 3 | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Fair Value of commodity derivatives | $ 13 |
Level 3 | Electricity | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Fair Value of commodity derivatives | (2) |
Level 3 | Transmission Congestion Contracts/Financial Transmission Rights | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Fair Value of commodity derivatives | 14 |
Level 3 | Natural Gas | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Fair Value of commodity derivatives | $ 1 |
CECONY | Transmission Congestion Contracts | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Valuation Techniques | Discounted Cash Flow |
CECONY | Minimum | Discount to Adjust Auction Prices for Inter-Zonal Forward Price Curves | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Unobservable Inputs Range in percentage | 40.80% |
CECONY | Minimum | Discount to Adjust Auction Prices for Historical Monthly Realized Settlements | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Unobservable Inputs Range in percentage | 37.50% |
CECONY | Maximum | Discount to Adjust Auction Prices for Inter-Zonal Forward Price Curves | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Unobservable Inputs Range in percentage | 57.90% |
CECONY | Maximum | Discount to Adjust Auction Prices for Historical Monthly Realized Settlements | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Unobservable Inputs Range in percentage | 60.80% |
CECONY | Level 3 | Transmission Congestion Contracts | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Fair Value of commodity derivatives | $ 11 |
Fair Value Measurements - Recon
Fair Value Measurements - Reconciliation of Beginning and Ending Net Balances for Assets and Liabilities Measured at Level 3 Fair Value (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | $ 11 | $ 24 | $ 20 | $ 9 |
Included in earnings | (3) | (2) | (15) | 49 |
Included in regulatory assets and liabilities | 0 | 3 | 1 | 7 |
Purchases | 5 | 3 | 8 | 11 |
Settlements | 0 | (1) | (1) | (49) |
Ending balance | 13 | 27 | 13 | 27 |
CECONY | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 12 | 13 | 13 | 6 |
Included in earnings | (2) | (2) | (5) | 9 |
Included in regulatory assets and liabilities | 0 | 3 | 1 | 7 |
Purchases | 2 | 2 | 4 | 9 |
Settlements | (1) | (2) | (2) | (17) |
Ending balance | $ 11 | $ 14 | $ 11 | $ 14 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Purchased power expense | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair value, assets measured on recurring basis, change in unrealized gain (loss) | $ 1 | $ 2 | $ (4) | $ 11 |
Competitive energy businesses | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Gain (loss) on Level 3 energy derivative liabilities | $ (1) | $ (10) | $ 40 |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information (Detail) $ in Millions | Jun. 30, 2015USD ($) | Dec. 31, 2014entity |
Cogen Technologies Linden Venture, LP | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss | $ 177 | |
Brooklyn Navy Yard Cogeneration Partners, LP | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss | 54 | |
Indeck Energy Services of Corinth, Inc | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss | $ 28 | |
CECONY | ||
Variable Interest Entity [Line Items] | ||
Number of potential VIEs, long-term electricity purchase agreements | entity | 3 |
Variable Interest Entities - Su
Variable Interest Entities - Summary of VIEs (Detail) - Jun. 30, 2015 | USD ($)MW |
Pilesgrove | Minimum | Solar Renewable Energy Credit Hedge | |
Variable Interest Entity [Line Items] | |
Renewable Energy Credit | 3 years |
Pilesgrove | Maximum | Solar Renewable Energy Credit Hedge | |
Variable Interest Entity [Line Items] | |
Renewable Energy Credit | 5 years |
Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure | |
Variable Interest Entity [Line Items] | |
Percentage of variable interests | 50.00% |
Variable Interest Entity, Not Primary Beneficiary | Copper Mountain Solar 3 | Nevada | |
Variable Interest Entity [Line Items] | |
Generating Capacity Owned (MWs AC) | MW | 128 |
Power Purchase Agreement Term in Years | 20 years |
Year of Initial Investment | 2,014 |
Maximum exposure to loss | $ 187,000,000 |
Variable Interest Entity, Not Primary Beneficiary | Mesquite Solar 1 | Arizona | |
Variable Interest Entity [Line Items] | |
Generating Capacity Owned (MWs AC) | MW | 83 |
Power Purchase Agreement Term in Years | 20 years |
Year of Initial Investment | 2,013 |
Maximum exposure to loss | $ 105,000,000 |
Variable Interest Entity, Not Primary Beneficiary | Copper Mountain Solar 2 | Nevada | |
Variable Interest Entity [Line Items] | |
Generating Capacity Owned (MWs AC) | MW | 75 |
Power Purchase Agreement Term in Years | 25 years |
Year of Initial Investment | 2,013 |
Maximum exposure to loss | $ 88,000,000 |
Variable Interest Entity, Not Primary Beneficiary | California Solar | California | |
Variable Interest Entity [Line Items] | |
Generating Capacity Owned (MWs AC) | MW | 55 |
Power Purchase Agreement Term in Years | 25 years |
Year of Initial Investment | 2,012 |
Maximum exposure to loss | $ 73,000,000 |
Variable Interest Entity, Not Primary Beneficiary | Broken Bow II | Nebraska | |
Variable Interest Entity [Line Items] | |
Generating Capacity Owned (MWs AC) | MW | 37 |
Power Purchase Agreement Term in Years | 25 years |
Year of Initial Investment | 2,014 |
Maximum exposure to loss | $ 56,000,000 |
Variable Interest Entity, Not Primary Beneficiary | Pilesgrove | New Jersey | |
Variable Interest Entity [Line Items] | |
Generating Capacity Owned (MWs AC) | MW | 9 |
Year of Initial Investment | 2,010 |
Maximum exposure to loss | $ 26,000,000 |
Variable Interest Entity, Primary Beneficiary | Texas Solar 4 | |
Variable Interest Entity [Line Items] | |
Percentage of variable interests | 80.00% |
VIEs, noncontrolling interest | $ 9,000,000 |
Variable Interest Entity, Primary Beneficiary | Texas Solar 4 | Texas | |
Variable Interest Entity [Line Items] | |
Generating Capacity Owned (MWs AC) | MW | 32 |
Power Purchase Agreement Term in Years | 25 years |
Year of Initial Investment | 2,014 |
Maximum exposure to loss | $ 49,000,000 |
New Assets Held For Sale (Detai
New Assets Held For Sale (Details) - USD ($) | 1 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Total current assets | $ 167,000,000 | $ 0 |
Total current liabilities | 91,000,000 | $ 0 |
Discontinued Operations, Held-for-sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Accounts receivable | 82,000,000 | |
Accrued unbilled revenue | 76,000,000 | |
Other current assets | 3,000,000 | |
Derivative assets | 2,000,000 | |
Total current assets | 163,000,000 | |
Non-utility property | 4,000,000 | |
TOTAL ASSETS HELD FOR SALE | 167,000,000 | |
Derivative liabilities - current | 57,000,000 | |
Accounts payable | 9,000,000 | |
Total current liabilities | 66,000,000 | |
Derivative liabilities - noncurrent | 25,000,000 | |
TOTAL LIABILITIES HELD FOR SALE | 91,000,000 | |
Impairment of long-live assets to be disposed of | $ 0 |