Regulatory Matters (Tables)

6 Months Ended

Jun. 30, 2024

Regulated Operations [Abstract]

Schedule of Regulatory Assets

Regulatory assets and liabilities at June 30, 2024 and December 31, 2023 were comprised of the following items:

 

	Con Edison		CECONY
(Millions of Dollars)	2024	2023	2024	2023
Regulatory assets
System peak reduction and energy efficiency programs	$1,129	$1,095	$1,102	$1,075
Environmental remediation costs	1,100	1,105	1,017	1,022
COVID - 19 pandemic deferrals	853	789	839	782
Revenue taxes	505	476	484	455
Legacy meters (a)	428	17	413	—
Deferred storm costs	175	206	82	115
Property tax reconciliation	126	169	126	169
Deferred derivative losses - long term	115	163	104	148
Electric vehicle make ready	100	73	91	68
MTA power reliability deferral	46	61	46	61
Gas service line deferred costs	29	43	29	43
Pension and other postretirement benefits deferrals	9	48	8	39
Unrecognized pension and other postretirement costs (b)	7	—	7	—
Other	474	362	429	337
Regulatory assets – noncurrent	5,096	4,607	4,777	4,314
Deferred derivative losses - short term	147	269	137	253
Recoverable energy costs	20	12	8	1
Regulatory assets – current	167	281	145	254
Total Regulatory Assets	$5,263	$4,888	$4,922	$4,568
Regulatory liabilities
Allowance for cost of removal less salvage	$1,468	$1,456	$1,271	$1,266
Future income tax*	1,397	1,535	1,279	1,404
Unrecognized pension and other postretirement costs (b)	793	943	746	867
Pension and other postretirement benefit deferrals	324	284	270	233
Net unbilled revenue deferrals	268	278	268	278
Late payment charge deferral	208	167	202	161
System benefit charge carrying charge	103	92	99	88
Net proceeds from sale of property	36	48	35	47
Deferred derivative gains - long term	26	49	24	49
Settlement of prudence proceeding	11	11	11	11
Other	433	465	386	414
Regulatory liabilities – noncurrent	5,067	5,328	4,591	4,818
Deferred derivative gains - short term	60	74	55	71
Refundable energy costs	52	71	21	36
Revenue decoupling mechanism	13	—	—	—
Regulatory liabilities – current	125	145	76	107
Total Regulatory Liabilities	$5,192	$5,473	$4,667	$4,925

* See "Other Regulatory Matters," above.

(a) Pursuant to their rate plans, CECONY and O&R are recovering the costs of legacy meters over a 15-year period beginning January 1, 2024 and a 12-year period beginning January 1, 2022, respectively.

(b) Unrecognized pension and other postretirement costs represent the deferrals associated with the accounting rules for retirement benefits.

Schedule of Regulatory Liabilities

Regulatory assets and liabilities at June 30, 2024 and December 31, 2023 were comprised of the following items:

 

	Con Edison		CECONY
(Millions of Dollars)	2024	2023	2024	2023
Regulatory assets
System peak reduction and energy efficiency programs	$1,129	$1,095	$1,102	$1,075
Environmental remediation costs	1,100	1,105	1,017	1,022
COVID - 19 pandemic deferrals	853	789	839	782
Revenue taxes	505	476	484	455
Legacy meters (a)	428	17	413	—
Deferred storm costs	175	206	82	115
Property tax reconciliation	126	169	126	169
Deferred derivative losses - long term	115	163	104	148
Electric vehicle make ready	100	73	91	68
MTA power reliability deferral	46	61	46	61
Gas service line deferred costs	29	43	29	43
Pension and other postretirement benefits deferrals	9	48	8	39
Unrecognized pension and other postretirement costs (b)	7	—	7	—
Other	474	362	429	337
Regulatory assets – noncurrent	5,096	4,607	4,777	4,314
Deferred derivative losses - short term	147	269	137	253
Recoverable energy costs	20	12	8	1
Regulatory assets – current	167	281	145	254
Total Regulatory Assets	$5,263	$4,888	$4,922	$4,568
Regulatory liabilities
Allowance for cost of removal less salvage	$1,468	$1,456	$1,271	$1,266
Future income tax*	1,397	1,535	1,279	1,404
Unrecognized pension and other postretirement costs (b)	793	943	746	867
Pension and other postretirement benefit deferrals	324	284	270	233
Net unbilled revenue deferrals	268	278	268	278
Late payment charge deferral	208	167	202	161
System benefit charge carrying charge	103	92	99	88
Net proceeds from sale of property	36	48	35	47
Deferred derivative gains - long term	26	49	24	49
Settlement of prudence proceeding	11	11	11	11
Other	433	465	386	414
Regulatory liabilities – noncurrent	5,067	5,328	4,591	4,818
Deferred derivative gains - short term	60	74	55	71
Refundable energy costs	52	71	21	36
Revenue decoupling mechanism	13	—	—	—
Regulatory liabilities – current	125	145	76	107
Total Regulatory Liabilities	$5,192	$5,473	$4,667	$4,925

* See "Other Regulatory Matters," above.

(a) Pursuant to their rate plans, CECONY and O&R are recovering the costs of legacy meters over a 15-year period beginning January 1, 2024 and a 12-year period beginning January 1, 2022, respectively.

(b) Unrecognized pension and other postretirement costs represent the deferrals associated with the accounting rules for retirement benefits.

Schedule of Regulatory Assets Not Earning Return

Regulatory Assets Not Earning a Return*

	Con Edison		CECONY
(Millions of Dollars)	2024	2023	2024	2023
Environmental remediation costs	$1,100	$1,105	$1,017	$1,022
Revenue taxes	514	490	493	470
COVID-19 deferral for uncollectible accounts receivable	365	291	354	288
Deferred derivative losses - current	147	269	136	253
Deferred derivative losses - long term	115	163	104	148
Unrecognized pension and other postretirement costs	7	—	7	—
Other	65	29	53	28
Total	$2,313	$2,347	$2,164	$2,209

*This table presents regulatory assets not earning a return for which no cash outlay has been made.