Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024 are summarized below.

	2025					2024
(Millions of Dollars)	Level 1	Level 2	Level 3	Netting Adjustment (d)	Total	Level 1	Level 2	Level 3	Netting Adjustment (d)	Total
Con Edison
Derivative assets:
Commodity (a)(b)(c)	$22	$162	$1	$(52)	$133	$9	$81	$1	$(49)	$42
Mutual Funds (a)(b)	570	—	—	—	570	570	—	—	—	570
Cash Value of Life Insurance Policies (a)(b)	—	129	—	—	129	—	129	—	—	129
Total assets	$592	$291	$1	$(52)	$832	$579	$210	$1	$(49)	$741
Derivative liabilities:
Commodity (a)(b)(c)	$1	$330	$14	$(25)	320	$5	$175	$16	$(48)	$148
CECONY
Derivative assets:
Commodity (a)(b)(c)	$20	$150	$1	$(50)	$121	$9	$74	$1	$(48)	$36
Mutual Funds (a)(b)	554	—	—	—	554	553	—	—	—	553
Cash Value of Life Insurance Policies (a)(b)	—	123	—	—	123	—	123	—	—	123
Total assets	$574	$273	$1	$(50)	$798	$562	$197	$1	$(48)	$712
Derivative liabilities:
Commodity (a)(b)(c)	$1	$309	$6	$(25)	291	$4	$164	$7	$(47)	$128

(a)The Companies’ policy is to review the fair value hierarchy and recognize transfers into and transfers out of the levels at the end of each reporting period. Transfers out of Level 3 represent assets and liabilities that were previously classified as Level 3 for which the inputs became observable for classification in Level 2. The inputs are now observable because of availability of observable market data due to the decrease in the terms of certain contracts from beyond three years to less than three years.

(b)Level 2 assets and liabilities include investments held in the deferred compensation plan and/or non-qualified retirement plans, exchange-traded contracts where there is insufficient market liquidity to warrant inclusion in Level 1, and certain over-the-counter derivative instruments for electricity, refined products and natural gas. Derivative instruments classified as Level 2 are valued using industry standard models that incorporate corroborated observable inputs, such as pricing services or prices from similar instruments that trade in liquid markets, time value and volatility factors.

(c)The accounting rules for fair value measurements and disclosures require consideration of the impact of nonperformance risk (including credit risk) from a market participant perspective in the measurement of the fair value of assets and liabilities. At March 31, 2025 and December 31, 2024, the Companies determined that nonperformance risk would have no material impact on their financial position or results of operations.

(d)Amounts represent the impact of legally-enforceable master netting agreements that allow the Companies to net gain and loss positions and cash collateral held or placed with the same counterparties.

Schedule of Commodity Derivatives

	Fair Value of Level 3 at March 31, 2025	Valuation Techniques	Unobservable Inputs	Range	Average Market Price
	(Millions of Dollars)
Con Edison – Commodity
Electricity	$(14)	Discounted Cash Flow	Forward capacity prices ($/kW-month) (a)	$0.73 - $7.14	$3.74
Transmission Congestion Contracts	1	Discounted Cash Flow	Inter-zonal forward price curves adjusted for historical zonal losses ($/MWh)  (b)	$(0.20) - $3.73	$1.22
Total Con Edison—Commodity	$(13)
CECONY – Commodity
Electricity	$(6)	Discounted Cash Flow	Forward capacity prices ($/kW-month) (a)	$0.73 - $7.14	$3.79
Transmission Congestion Contracts	1	Discounted Cash Flow	Inter-zonal forward price curves adjusted for historical zonal losses ($/MWh) (b)	$(0.20) - $3.73	$1.22
Total CECONY—Commodity	$(5)

(a)Generally, increases (decreases) in this input in isolation would result in a higher (lower) fair value measurement.

(b)Generally, increases (decreases) in this input in isolation would result in a lower (higher) fair value measurement.

Schedule of Reconciliation of Beginning and Ending Net Balances for Assets and Liabilities Measured at Level 3 Fair Value

The table listed below provides a reconciliation of the beginning and ending net balances for assets and liabilities measured at fair value as of March 31, 2025 and 2024 and classified as Level 3 in the fair value hierarchy:

	For the Three Months Ended March 31,
	Con Edison		CECONY
(Millions of Dollars)	2025	2024	2025	2024
Beginning balance as of January 1,	$(15)	$(8)	$(6)	$(5)
Included in earnings	(2)	(2)	—	(1)
Included in regulatory assets and liabilities	—	1	—	—
Settlements	4	5	1	2
Transfer out of level 3	—	4	—	4
Ending balance as of March 31,	$(13)	$—	$(5)	$—