SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-------------------
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report: November 21, 2003
Commission Exact name of registrant as specified in its charter State of I.R.S. Employer
File Number and principal office address and telephone number Incorporation I.D. Number
1-14514 Consolidated Edison, Inc. New York 13-3965100
4 Irving Place, New York, New York 10003
(212) 460-4600
1-1217 Consolidated Edison Company of New York, Inc. New York 13-5009340
4 Irving Place, New York, New York 10003
(212) 460-4600
1-4315 Orange and Rockland Utilities, Inc. New York 13-1727729
One Blue Hill Plaza, Pearl River New York 10965
(845) 352-6000
INFORMATION TO BE INCLUDED IN THE REPORT
ITEM 5. OTHER EVENTS
On November 21, 2003, Consolidated Edison Company of New York, Inc. (Con Edison
of New York) filed requests with the New York State Public Service Commission
(PSC) to increase charges for gas and steam service by $108 million and $129
million, respectively, effective October 2004. For gas, the increase is an
estimated 9.8 percent over current charges. For steam, net of an estimated $64
million of expected fuel savings associated with the ongoing East River
Repowering Project, the increase is an estimated 14.6 percent over current
charges.
Con Edison of New York believes that the proposed levels of charges are
necessary for the company to upgrade and maintain critical infrastructure to
meet the future energy needs of our customers and to continue to provide the
safe and reliable service our customers have come to expect. Included in the
infrastructure upgrades is the East River Repowering Project which will enable
the company to retire older, less efficient generating units. In addition, the
proposed charges will provide the company with the opportunity to earn a
reasonable return for its shareholders in light of changing economic conditions
which have resulted in increased pension and benefit expenses, property taxes
and other expenses.
The filings with the PSC reflect a return on equity of 12 percent and an equity
ratio of 49.3 percent. The filings assume firm gas sales and transportation
delivery volume increases of 0.8 percent annually and no increase in steam
sales.
The filings include a proposal for a multi-year rate plan to continue the
proposed levels of charges through September 2007 provided charges would be
adjusted, effective October 2005 and October 2006, to reflect inflation and
changes in pension and health insurance expenses, property taxes, capital
expenditures, environmental expenditures and certain other costs.
In addition, the filings would continue the provisions pursuant to which energy
costs are recovered from customers on a current basis and the provisions
pursuant to which the effects of weather-related changes on gas net income are
moderated.
The company's most recent gas and steam agreements with the PSC, the 2002 gas
agreement and the 2000 steam agreement (which respectively cover the three and
four year periods ending September 2004), decreased charges for gas service by
$25 million and increased charges for steam service by $16.6 million.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
each registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CONSOLIDATED EDISON, INC.
CONSOLIDATED EDISON COMPANY
OF NEW YORK, INC.
ORANGE AND ROCKLAND UTILITIES, INC.
By /s/ Edward J. Rasmussen
Edward J. Rasmussen
Vice President and Controller
DATE: November 21, 2003