Short-Term Borrowing

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Short-Term Borrowing

Short-Term Borrowing

In March 2024, CECONY entered into a 364-Day Revolving Credit Agreement (the CECONY Credit Agreement) that replaced a March 2023 CECONY 364-Day Credit Agreement under which banks are committed to provide loans up to $500 million on a revolving credit basis. The CECONY Credit Agreement expires in March 2025 and supports CECONY’s commercial paper program. Loans issued under the CECONY Credit Agreement may also be used for other general corporate purposes. Any borrowings under the CECONY Credit Agreement would generally be at variable interest rates.

The banks’ commitments under the CECONY Credit Agreement are subject to certain conditions, including that there be no event of default. The commitments are not subject to maintenance of credit rating levels or the absence of a material adverse change. Upon a change of control of, or upon an event of default by CECONY under the CECONY Credit Agreement, the banks may terminate their commitments, declare any amounts owed by CECONY immediately due and payable. Events of default include, among others, CECONY exceeding at any time of a ratio of consolidated debt to consolidated total capital of 0.65 to 1; CECONY having liens on its assets in an aggregate amount exceeding ten percent of its consolidated net tangible assets, subject to certain exceptions; CECONY or any of its material subsidiaries failing to make one or more payments in respect of material financial obligations (in excess of an aggregate $150 million of debt or derivative obligations other than non-recourse debt); the occurrence of an event or condition which results in the acceleration of the maturity of any material debt (in excess of an aggregate $150 million of debt other than non-recourse debt) or enables the holders of such debt to accelerate the maturity thereof; and other customary events of default. Interest and fees charged reflect CECONY's credit rating.

At March 31, 2024, Con Edison had $2,299 million of commercial paper outstanding of which $1,857 million was

outstanding under CECONY’s program. The weighted average interest rate at March 31, 2024 was 5.5 percent for

both Con Edison and CECONY. At December 31, 2023, Con Edison had $2,288 million of commercial paper

outstanding of which $1,903 million was outstanding under CECONY’s program. The weighted average interest rate

at December 31, 2023 was 5.6 percent for both Con Edison and CECONY.

At March 31, 2024 and December 31, 2023, no loans or letters of credit were outstanding under the Companies’

$2,500 million 2023 Credit Agreement (Credit Agreement) and no loans were outstanding under the CECONY

Credit Agreement. The Companies were in compliance with their significant debt covenants at March 31, 2024. In

March 2024, the termination date of the Credit Agreement was extended from March 2028 to March 2029. In March

2024, the Companies also entered into a First Amendment to the Credit Agreement that, among other things,

amended the mechanics relating to determining the interest rate to be paid with respect to a “term SOFR loan.”