Regulatory Matters (Tables)

6 Months Ended

Jun. 30, 2025

Regulated Operations [Abstract]

Schedule of Regulatory Assets

Regulatory assets and liabilities at June 30, 2025 and December 31, 2024 were comprised of the following items:

 

	Con Edison		CECONY
(Millions of Dollars)	2025	2024	2025	2024
Regulatory assets
Energy efficiency and other clean energy programs (a)	$1,702	$1,675	$1,606	$1,601
Customer account deferrals (b)	1,135	1,073	1,125	1,058
Environmental investigation and remediation costs	1,031	1,038	944	952
Revenue taxes	592	540	566	517
Legacy meters (c)	398	413	384	398
Property tax reconciliation (e)	108	131	108	131
Deferred storm costs (d)	106	147	24	53
Deferred derivative losses - long term	105	106	93	94
MTA power reliability deferral (f)	15	31	15	31
Unrecognized pension and other postretirement costs (h)	15	—	9	—
Pension and other postretirement benefits deferrals	—	2	—	2
Other	312	367	282	321
Regulatory assets – noncurrent	5,519	5,523	5,156	5,158
Deferred derivative losses - short term	107	102	97	92
Recoverable energy costs	5	39	5	14
Regulatory assets – current	112	141	102	106
Total Regulatory Assets	$5,631	$5,664	$5,258	$5,264
Regulatory liabilities
Allowance for cost of removal less salvage (g)	$1,572	$1,527	$1,360	$1,322
Future income tax*	1,178	1,224	1,069	1,112
Unrecognized pension and other postretirement costs (h)	806	1,054	752	984
Pension and other postretirement benefit deferrals	362	368	308	304
Net unbilled revenue deferrals	281	436	281	436
Late payment charge deferral	240	231	236	224
System benefit charge carrying charge	98	115	91	110
Deferred derivative gains - long term	25	8	23	6
Settlement of prudence proceeding (i)	9	10	9	10
Other	463	471	423	432
Regulatory liabilities – noncurrent	5,034	5,444	4,552	4,940
Refundable energy costs	30	59	14	18
Deferred derivative gains - short term	27	25	23	22
Revenue decoupling mechanism	14	18	—	—
Regulatory liabilities – current	71	102	37	40
Total Regulatory Liabilities	$5,105	$5,546	$4,589	$4,980

* See "Other Regulatory Matters" above.

(a) Energy Efficiency and Other Clean Energy Programs represent programs designed to increase energy efficiency achievements and other clean energy transformation efforts.

(b) Customer account deferrals include (1) the amount to be collected from customers related to the Emergency Summer Cooling Credits program for CECONY, (2) deferrals under CECONY and O&R's electric and gas rate plans for the reconciliation of write-offs of customer accounts receivable balances to amounts reflected in rates as well as for increases to the allowance for uncollectible accounts receivable and (3) deferral related to the arrears relief programs. Amounts deferred under the arrears relief programs were $296.0 million and $1.4 million for CECONY and O&R at June 30, 2025, respectively, and $323.7 million and $1.4 million at December 31, 2024, respectively, and receive a return at the pre-tax weighted average cost of capital.

(c) 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.

(d) Deferred storm costs represent response and restoration costs, other than capital expenditures, in connection with Tropical Storm Isaias and other major storms that were deferred by the Utilities.

(e) Property tax reconciliation represents the amount deferred between actual property taxes incurred and the level included in rates subject to the provisions of the respective rate plans.

(f) MTA power reliability deferral represents CECONY’s costs in excess of those reflected in its prior electric rate plan to take certain actions relating to the electrical equipment that serves the Metropolitan Transportation Authority (MTA) subway system. The company is recovering this regulatory asset pursuant to its current electric rate plan.

(g) Allowance for cost of removal less salvage represents cash previously collected from customers to fund future anticipated removal expenditures.

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

(i) Settlement of prudence proceeding represents the remaining amount to be credited to customers pursuant to a Joint Proposal, approved by the NYSPSC in April 2016, with respect to the prudence of certain CECONY expenditures and related matters.

Schedule of Regulatory Liabilities

Regulatory assets and liabilities at June 30, 2025 and December 31, 2024 were comprised of the following items:

 

	Con Edison		CECONY
(Millions of Dollars)	2025	2024	2025	2024
Regulatory assets
Energy efficiency and other clean energy programs (a)	$1,702	$1,675	$1,606	$1,601
Customer account deferrals (b)	1,135	1,073	1,125	1,058
Environmental investigation and remediation costs	1,031	1,038	944	952
Revenue taxes	592	540	566	517
Legacy meters (c)	398	413	384	398
Property tax reconciliation (e)	108	131	108	131
Deferred storm costs (d)	106	147	24	53
Deferred derivative losses - long term	105	106	93	94
MTA power reliability deferral (f)	15	31	15	31
Unrecognized pension and other postretirement costs (h)	15	—	9	—
Pension and other postretirement benefits deferrals	—	2	—	2
Other	312	367	282	321
Regulatory assets – noncurrent	5,519	5,523	5,156	5,158
Deferred derivative losses - short term	107	102	97	92
Recoverable energy costs	5	39	5	14
Regulatory assets – current	112	141	102	106
Total Regulatory Assets	$5,631	$5,664	$5,258	$5,264
Regulatory liabilities
Allowance for cost of removal less salvage (g)	$1,572	$1,527	$1,360	$1,322
Future income tax*	1,178	1,224	1,069	1,112
Unrecognized pension and other postretirement costs (h)	806	1,054	752	984
Pension and other postretirement benefit deferrals	362	368	308	304
Net unbilled revenue deferrals	281	436	281	436
Late payment charge deferral	240	231	236	224
System benefit charge carrying charge	98	115	91	110
Deferred derivative gains - long term	25	8	23	6
Settlement of prudence proceeding (i)	9	10	9	10
Other	463	471	423	432
Regulatory liabilities – noncurrent	5,034	5,444	4,552	4,940
Refundable energy costs	30	59	14	18
Deferred derivative gains - short term	27	25	23	22
Revenue decoupling mechanism	14	18	—	—
Regulatory liabilities – current	71	102	37	40
Total Regulatory Liabilities	$5,105	$5,546	$4,589	$4,980

* See "Other Regulatory Matters" above.

(a) Energy Efficiency and Other Clean Energy Programs represent programs designed to increase energy efficiency achievements and other clean energy transformation efforts.

(b) Customer account deferrals include (1) the amount to be collected from customers related to the Emergency Summer Cooling Credits program for CECONY, (2) deferrals under CECONY and O&R's electric and gas rate plans for the reconciliation of write-offs of customer accounts receivable balances to amounts reflected in rates as well as for increases to the allowance for uncollectible accounts receivable and (3) deferral related to the arrears relief programs. Amounts deferred under the arrears relief programs were $296.0 million and $1.4 million for CECONY and O&R at June 30, 2025, respectively, and $323.7 million and $1.4 million at December 31, 2024, respectively, and receive a return at the pre-tax weighted average cost of capital.

(c) 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.

(d) Deferred storm costs represent response and restoration costs, other than capital expenditures, in connection with Tropical Storm Isaias and other major storms that were deferred by the Utilities.

(e) Property tax reconciliation represents the amount deferred between actual property taxes incurred and the level included in rates subject to the provisions of the respective rate plans.

(f) MTA power reliability deferral represents CECONY’s costs in excess of those reflected in its prior electric rate plan to take certain actions relating to the electrical equipment that serves the Metropolitan Transportation Authority (MTA) subway system. The company is recovering this regulatory asset pursuant to its current electric rate plan.

(g) Allowance for cost of removal less salvage represents cash previously collected from customers to fund future anticipated removal expenditures.

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

(i) Settlement of prudence proceeding represents the remaining amount to be credited to customers pursuant to a Joint Proposal, approved by the NYSPSC in April 2016, with respect to the prudence of certain CECONY expenditures and related matters.

Schedule of Regulatory Assets Not Earning Return

Regulatory Assets Not Earning a Return*

	Con Edison		CECONY
(Millions of Dollars)	2025	2024	2025	2024
Environmental investigation and remediation costs	$1,019	$1,037	$933	$942
Revenue taxes	595	567	569	543
UB deferral for uncollectible accounts receivable	546	551	541	541
Deferred derivative losses - short-term	107	102	97	92
Deferred derivative losses - long-term	105	106	93	94
Unrecognized pension and other postretirement costs	15	—	9	—
Other	66	39	53	28
Total	$2,453	$2,402	$2,295	$2,240

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