Regulatory Matters (Tables)

3 Months Ended

Mar. 31, 2025

Regulated Operations [Abstract]

Schedule of Regulatory Assets

Regulatory assets and liabilities at March 31, 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)	$1,680	$1,656	$1,603	$1,598
Customer account deferrals (b)	1,115	1,073	1,103	1,058
Environmental investigation and remediation costs	1,037	1,038	951	952
Revenue taxes	579	540	554	517
Legacy meters (c)	405	413	391	398
Deferred derivative losses - long term	148	106	133	94
Deferred storm costs (d)	128	147	39	53
Property tax reconciliation (e)	122	131	122	131
MTA power reliability deferral (f)	23	31	23	31
Gas service line deferred costs	12	18	12	18
Unrecognized pension and other postretirement costs (b)	9	—	4	—
Pension and other postretirement benefits deferrals	—	2	—	2
Other	324	368	275	306
Regulatory assets – noncurrent	5,582	5,523	5,210	5,158
Deferred derivative losses - short term	207	102	190	92
Recoverable energy costs	—	39	—	14
Regulatory assets – current	207	141	190	106
Total Regulatory Assets	$5,789	$5,664	$5,400	$5,264
Regulatory liabilities
Allowance for cost of removal less salvage (g)	$1,541	$1,527	$1,333	$1,322
Future income tax*	1,200	1,224	1,090	1,112
Unrecognized pension and other postretirement costs (h)	876	1,054	820	984
Pension and other postretirement benefit deferrals	357	368	297	304
Late payment charge deferral	237	231	232	224
Net unbilled revenue deferrals	181	436	181	436
System benefit charge carrying charge	120	115	115	110
Deferred derivative gains - long term	21	8	19	6
Net proceeds from sale of property	19	25	18	24
Settlement of prudence proceeding (i)	9	10	9	10
Other	436	446	395	408
Regulatory liabilities – noncurrent	4,997	5,444	4,509	4,940
Refundable energy costs	70	59	43	18
Deferred derivative gains - short term	112	25	101	22
Revenue decoupling mechanism	31	18	8	—
Regulatory liabilities – current	213	102	152	40
Total Regulatory Liabilities	$5,210	$5,546	$4,661	$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 $314.1 million and $1.4 million for CECONY and O&R at March 31, 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 March 31, 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)	$1,680	$1,656	$1,603	$1,598
Customer account deferrals (b)	1,115	1,073	1,103	1,058
Environmental investigation and remediation costs	1,037	1,038	951	952
Revenue taxes	579	540	554	517
Legacy meters (c)	405	413	391	398
Deferred derivative losses - long term	148	106	133	94
Deferred storm costs (d)	128	147	39	53
Property tax reconciliation (e)	122	131	122	131
MTA power reliability deferral (f)	23	31	23	31
Gas service line deferred costs	12	18	12	18
Unrecognized pension and other postretirement costs (b)	9	—	4	—
Pension and other postretirement benefits deferrals	—	2	—	2
Other	324	368	275	306
Regulatory assets – noncurrent	5,582	5,523	5,210	5,158
Deferred derivative losses - short term	207	102	190	92
Recoverable energy costs	—	39	—	14
Regulatory assets – current	207	141	190	106
Total Regulatory Assets	$5,789	$5,664	$5,400	$5,264
Regulatory liabilities
Allowance for cost of removal less salvage (g)	$1,541	$1,527	$1,333	$1,322
Future income tax*	1,200	1,224	1,090	1,112
Unrecognized pension and other postretirement costs (h)	876	1,054	820	984
Pension and other postretirement benefit deferrals	357	368	297	304
Late payment charge deferral	237	231	232	224
Net unbilled revenue deferrals	181	436	181	436
System benefit charge carrying charge	120	115	115	110
Deferred derivative gains - long term	21	8	19	6
Net proceeds from sale of property	19	25	18	24
Settlement of prudence proceeding (i)	9	10	9	10
Other	436	446	395	408
Regulatory liabilities – noncurrent	4,997	5,444	4,509	4,940
Refundable energy costs	70	59	43	18
Deferred derivative gains - short term	112	25	101	22
Revenue decoupling mechanism	31	18	8	—
Regulatory liabilities – current	213	102	152	40
Total Regulatory Liabilities	$5,210	$5,546	$4,661	$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 $314.1 million and $1.4 million for CECONY and O&R at March 31, 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	$1,023	$1,037	$937	$942
Revenue taxes	589	567	564	543
UB deferral for uncollectible accounts receivable	547	551	541	541
Deferred derivative losses - short-term	207	102	190	92
Deferred derivative losses - long-term	148	106	133	94
Unrecognized pension and other postretirement costs	9	—	4	—
Other	53	39	40	28
Total	$2,576	$2,402	$2,409	$2,240

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