XML 63 R48.htm IDEA: XBRL DOCUMENT v3.25.3
Derivative Instruments and Hedging Activities (Tables)
 9 Months Ended
Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Offsetting of Assets
The fair values of the Companies’ derivatives, including the offsetting of assets and liabilities on the consolidated balance sheets at September 30, 2025 and December 31, 2024 were:
 
(Millions of Dollars)20252024
Balance Sheet Location
Gross Amounts of
Recognized
Assets (Liabilities)
Gross
Amounts
Offset
Net Amounts
of Assets
(Liabilities) (a)
Gross Amounts of
Recognized
Assets (Liabilities)
Gross
Amounts
Offset
Net Amounts
of Assets
(Liabilities) (a)
Con Edison
Fair value of derivative assets
Current$52$(39)$13
(b)
$56$(41)$15
Noncurrent54(17)3739(12)27
Total fair value of derivative assets$106$(56)$50$95$(53)$42
Fair value of derivative liabilities
Current$(109)$39$(70)(b)$(92)$44$(48)(b)
Noncurrent(71)15(56)(108)12(96)
Total fair value of derivative liabilities$(180)$54$(126)$(200)$56$(144)
Net fair value derivative assets (liabilities)$(74)$(2)$(76)$(105)$3$(102)
CECONY
Fair value of derivative assets
Current$45$(35)$10(b)$51$(40)$11
Noncurrent45(12)3336(11)25
Total fair value of derivative assets$90$(47)$43$87$(51)$36
Fair value of derivative liabilities
Current$(100)$36$(64)(b)$(84)$42$(42)(b)
Noncurrent(61)12(49)(95)11(84)
Total fair value of derivative liabilities$(161)$48$(113)$(179)$53$(126)
Net fair value derivative assets (liabilities)$(71)$1$(70)$(92)$2$(90)
(a)Derivative instruments and collateral were offset on the consolidated balance sheet as applicable under the accounting rules. The Companies enter into master agreements for their commodity derivatives. These agreements typically provide offset in the event of contract termination. In such case, generally the non-defaulting party’s payable will be offset by the defaulting party’s payable. The non-defaulting party will customarily notify the defaulting party within a specific time period and come to an agreement on the early termination amount.
(b)At September 30, 2025, collateral and margin deposits for Con Edison and CECONY of $(3) million and $(2) million, respectively, were classified as derivative liabilities on the consolidated balance sheets, but not included in the table. Collateral and margin deposits for Con Edison and CECONY of $1 million were classified as derivative assets on the consolidated balance sheets, but not included in the table. At December 31, 2024, collateral and margin deposits for Con Edison and CECONY of $(4) million and $(2) million, respectively, were classified as derivative liabilities on the consolidated balance sheets, but not included in the table. Margin is collateral, typically cash, that the holder of a derivative instrument is required to deposit in order to transact on an exchange and to cover its potential losses with its broker or the exchange.
Schedule of Offsetting of Liabilities
The fair values of the Companies’ derivatives, including the offsetting of assets and liabilities on the consolidated balance sheets at September 30, 2025 and December 31, 2024 were:
 
(Millions of Dollars)20252024
Balance Sheet Location
Gross Amounts of
Recognized
Assets (Liabilities)
Gross
Amounts
Offset
Net Amounts
of Assets
(Liabilities) (a)
Gross Amounts of
Recognized
Assets (Liabilities)
Gross
Amounts
Offset
Net Amounts
of Assets
(Liabilities) (a)
Con Edison
Fair value of derivative assets
Current$52$(39)$13
(b)
$56$(41)$15
Noncurrent54(17)3739(12)27
Total fair value of derivative assets$106$(56)$50$95$(53)$42
Fair value of derivative liabilities
Current$(109)$39$(70)(b)$(92)$44$(48)(b)
Noncurrent(71)15(56)(108)12(96)
Total fair value of derivative liabilities$(180)$54$(126)$(200)$56$(144)
Net fair value derivative assets (liabilities)$(74)$(2)$(76)$(105)$3$(102)
CECONY
Fair value of derivative assets
Current$45$(35)$10(b)$51$(40)$11
Noncurrent45(12)3336(11)25
Total fair value of derivative assets$90$(47)$43$87$(51)$36
Fair value of derivative liabilities
Current$(100)$36$(64)(b)$(84)$42$(42)(b)
Noncurrent(61)12(49)(95)11(84)
Total fair value of derivative liabilities$(161)$48$(113)$(179)$53$(126)
Net fair value derivative assets (liabilities)$(71)$1$(70)$(92)$2$(90)
(a)Derivative instruments and collateral were offset on the consolidated balance sheet as applicable under the accounting rules. The Companies enter into master agreements for their commodity derivatives. These agreements typically provide offset in the event of contract termination. In such case, generally the non-defaulting party’s payable will be offset by the defaulting party’s payable. The non-defaulting party will customarily notify the defaulting party within a specific time period and come to an agreement on the early termination amount.
(b)At September 30, 2025, collateral and margin deposits for Con Edison and CECONY of $(3) million and $(2) million, respectively, were classified as derivative liabilities on the consolidated balance sheets, but not included in the table. Collateral and margin deposits for Con Edison and CECONY of $1 million were classified as derivative assets on the consolidated balance sheets, but not included in the table. At December 31, 2024, collateral and margin deposits for Con Edison and CECONY of $(4) million and $(2) million, respectively, were classified as derivative liabilities on the consolidated balance sheets, but not included in the table. Margin is collateral, typically cash, that the holder of a derivative instrument is required to deposit in order to transact on an exchange and to cover its potential losses with its broker or the exchange.
Schedule of Realized and Unrealized Gains or Losses on Commodity Derivatives
The following table presents the realized and unrealized gains or losses on derivatives that have been deferred or recognized in earnings for the three and nine months ended September 30, 2025 and 2024:

For the Three Months Ended September 30,
          Con Edison          CECONY
(Millions of Dollars) Financial Statement Location2025202420252024
Pre-tax gains (losses) deferred in accordance with accounting rules for regulated operations:
CurrentRegulatory liabilities$(5)$(31)$(5)$(27)
NoncurrentRegulatory liabilities(10)(7)(11)(5)
Total deferred gains (losses)$(15)$(38)$(16)$(32)
CurrentRegulatory assets$(9)$(18)$(11)$(15)
CurrentRecoverable energy costs(13)(81)(13)(75)
NoncurrentRegulatory assets41(39)36(34)
Total deferred gains (losses)$19$(138)$12$(124)
Net deferred gains (losses) (a)
$4$(176)$(4)$(156)
Pre-tax gains (losses) recognized in income
Other operations and maintenance expense$—$(1)$—$(1)
Total pre-tax gains (losses) recognized in income$—$(1)$—$(1)
(a)Unrealized net deferred gains on electric and gas derivatives for the Utilities increased as a result of higher electric and gas commodity prices during the three months ended September 30, 2025. Upon settlement, short-term deferred derivative losses generally increase the recoverable costs of electric and gas purchases.

For the Nine Months Ended September 30,
          Con Edison          CECONY
(Millions of Dollars) Financial Statement Location2025202420252024
Pre-tax gains (losses) deferred in accordance with accounting rules for regulated operations:
CurrentRegulatory liabilities$(3)$(45)$(4)$(42)
NoncurrentRegulatory liabilities8(30)6(30)
Total deferred gains (losses)$5$(75)$2$(72)
CurrentRegulatory assets$(14)$104$(16)$102
CurrentRecoverable energy costs41(269)38(247)
NoncurrentRegulatory assets429369
Total deferred gains (losses)$69$(156)$58$(136)
   Net deferred gains (losses) (a)$74$(231)$60$(208)
(a)Unrealized net deferred gains on electric and gas derivatives for the Utilities increased as a result of higher electric and gas commodity prices during the nine months ended September 30, 2025. Upon settlement, short-term deferred derivative losses generally increase the recoverable costs of electric and gas purchases.
Schedule of Hedged Volume of Derivative Transactions
The following table presents the hedged volume of Con Edison’s and CECONY’s commodity derivative transactions at September 30, 2025:
 
Electric Energy
(MWh) (a)(b)
Capacity  (MW-mos) (a)
Natural Gas
(Dt) (a)(b)		Refined Fuels
(gallons)
Con Edison 31,734,34025,200340,270,0003,528,000
CECONY29,204,95014,100319,960,0003,528,000
(a)Volumes are reported net of long and short positions, except natural gas collars where the volumes of long positions are reported.
(b)Excludes electric congestion and gas basis swap contracts which are associated with electric and gas contracts and hedged volumes.
Schedule of Aggregate Fair Value of Companies' Derivative Instruments with Credit-Risk-Related Contingent Features
The following table presents the aggregate fair value of the Companies’ derivative instruments with credit-risk-related contingent features that are in a net liability position, the collateral posted including cash and letters of credit for such positions and the additional cash collateral that would have been required to be posted had the lowest applicable credit rating been reduced one level and to below investment grade at September 30, 2025:
(Millions of Dollars)Con Edison (a)CECONY (a)
Aggregate fair value – net liabilities$113$103
Collateral posted107105
Additional collateral (b) (downgrade one level from current ratings)5—
Additional collateral (b)(c) (downgrade to below investment grade from current ratings)133117
(a)Non-derivative transactions for the purchase and sale of electricity and gas and qualifying derivative instruments, that have been designated as normal purchases or normal sales, are excluded from the table. These transactions primarily include purchases of electricity from independent system operators. In the event the Utilities are no longer extended unsecured credit for such purchases, the Companies would be required to post additional cash collateral of $2 million at September 30, 2025. For certain other such non-derivative transactions, the Companies could be required to post cash collateral under certain circumstances, including in the event counterparties had reasonable grounds for insecurity.
(b)The Companies measure the collateral requirements by taking into consideration the fair value amounts of derivative instruments that contain credit-risk-related contingent features that are in a net liability position plus amounts owed to counterparties for settled transactions and amounts required by counterparties for minimum financial security. The fair value amounts represent unrealized losses, net of any unrealized gains where the Companies have a legally enforceable right to offset.
(c)Derivative instruments that are net assets have been excluded from the table. At September 30, 2025, if Con Edison had been downgraded to below investment grade, it would have been required to post additional cash collateral for such derivative instruments of $7 million.