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Capitalization

9 Months Ended

Sep. 30, 2025

In September 2025, O&R issued $250 million aggregate principal amount of 5.99 percent debentures, due 2055.

In March 2025, Con Edison issued 7,000,000 shares of its common stock for approximately $677 million upon physical settlement of a forward sale agreement entered into by the company in December 2024. Also in March 2025, Con Edison issued 6,300,000 shares of its common stock resulting in net proceeds of approximately $631 million.

The carrying amounts and fair values of long-term debt at September 30, 2025 and December 31, 2024 were:


(Millions of Dollars)	2025		2024
Long-Term Debt (including current portion) (a)	Carrying Amount	Fair Value	Carrying Amount	Fair Value
Con Edison (b)	$24,909	$22,995	$24,651	$21,997
CECONY	$23,418	$21,640	$23,409	$20,915

(a)Amounts shown are net of unamortized debt expense and unamortized debt discount of $241 million and $232 million for Con Edison and CECONY, respectively, as of September 30, 2025 and $249 million and $241 million for Con Edison and CECONY, respectively, as of December 31, 2024.

(b)Amounts shown exclude $59 million of debt for Broken Bow II, a deferred project that was classified as held for sale as of December 31, 2024 and was sold and transferred in January 2025. The sale and transfer of Broken Bow II, including the related debt, was completed in January 2025. See Note Q.

The fair values of the Companies' long-term debt have been estimated primarily using available market information and at September 30, 2025 are classified as Level 2 liabilities. See Note O.