Short-Term Borrowing

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Short-Term Borrowing

Short-Term Borrowing

In March 2026, Con Edison and the Utilities entered into a Credit Agreement (the Credit Agreement) that replaced a March 2023 Credit Agreement and a March 2025 CECONY 364-Day Revolving Credit Agreement under which banks are committed to provide loans and letters of credit, on a revolving credit basis. The Credit Agreement expires in March 2031, unless extended for up to two additional one-year terms. There is a maximum of $3,500 million of credit available. The full amount is available to CECONY and $800 million (subject to increase up to $1,000 million) is available to Con Edison, including up to $900 million of letters of credit. The Companies intend to use the Credit Agreement to support their commercial paper programs. Loans and letters of credit issued under the Credit Agreement may also be used for other general corporate purposes. Any borrowings under the Credit Agreement would generally be at variable interest rates. Interest and fees for loans and letters of credit under the Credit Agreement generally reflect the respective credit ratings of the Companies.

The banks’ commitments under the Credit Agreement are subject to certain conditions, including that there be no event of default or event which with notice or the lapse of time would become an event of default with respect to any company. The commitments are not subject to maintenance of credit rating levels or the absence of a material adverse change. Upon a change of control of, or upon an event of default by one of the companies, the banks may terminate their commitments with respect to that company, declare any amounts owed by that company immediately due and payable and require that company to provide cash collateral relating to the letters of credit issued for it under the Credit Agreement. Events of default for a company include, among other things, that company's failure to pay any principal of any loan or any draw under any letter of credit issued pursuant to the Credit Agreement when due; that company's failure to pay any interest or fees pursuant to the Credit Agreement within five days; that company's failure to meet certain covenants, including covenants that the company's ratio of consolidated debt to consolidated total capital not at any time exceed 0.65 to 1; the company creating, assuming or suffering a lien or other encumbrance on its assets exceeding 10 percent of that company's consolidated net tangible assets; that company failing to make one or more payments in respect of material financial obligations (in excess of $150 million in aggregate); the occurrence of an event or condition which results in the acceleration of the maturity of any material debt (in excess of $150 million in aggregate); and other customary events of default. At March 31, 2026 no loans or letters of credit were outstanding under the Credit Agreement, the March 2023 Credit Agreement or the March 2025 CECONY 364-Day Revolving Credit Agreement. The Companies were in compliance with their significant debt covenants at March 31, 2026.

In March 2026, CECONY repaid in full prior to maturity $500 million pursuant to a 364-Day Senior Unsecured Term Loan Agreement entered into by the company in November 2025.

At March 31, 2026, Con Edison had $869 million of commercial paper outstanding, of which $593 million of commercial paper was outstanding under CECONY’s program. The weighted average interest rate at March 31, 2026 was 4.0 percent for both Con Edison and CECONY. At December 31, 2025, Con Edison had $1,575 million of

commercial paper outstanding, of which $1,240 million was outstanding under CECONY’s program. The weighted average interest rate at December 31, 2025 was 3.9 percent for both Con Edison and CECONY.