Regulatory Matters (Tables)

3 Months Ended

Mar. 31, 2026

Regulated Operations [Abstract]

Schedule of Regulatory Assets

Regulatory assets and liabilities at March 31, 2026 and December 31, 2025 were comprised of the following items:

 

	Con Edison		CECONY
(Millions of Dollars)	2026	2025	2026	2025
Regulatory assets
Energy efficiency and other clean energy programs (a)	$2,088	$1,994	$1,987	$1,893
Environmental investigation and remediation costs	1,082	1,079	990	987
Customer account deferrals (b)	1,039	1,089	1,035	1,084
Revenue taxes	675	638	645	611
Legacy meters (c)	377	382	364	370
Property tax reconciliation (d)	95	101	88	97
Deferred storm costs (e)	87	85	12	1
Deferred derivative losses-long-term	23	18	21	15
Unrecognized pension and other postretirement costs	7	4	—	—
Pension and other postretirement benefits deferrals	12	—	—	—
Other	188	209	155	177
Regulatory assets - noncurrent	5,673	5,599	5,297	5,235
Recoverable energy cost	287	6	287	5
Deferred derivative losses - short term	75	97	70	90
Regulatory assets - current	362	103	357	95
Total Regulatory Assets	$6,035	$5,702	$5,654	$5,330
Regulatory liabilities
Allowance for cost of removal less salvage (g)	$1,718	$1,686	$1,497	$1,468
Future Income Tax*	1,107	1,120	994	1,015
Unrecognized Other Postretirement Benefit Cost (f)	810	873	743	806
Pension and Other Postretirement Employee Benefit Deferrals	294	356	243	313
Net unbilled revenue deferrals	223	397	223	397
Late Payment Charge Deferral	141	192	141	191
System benefit charge carrying charge	104	108	95	100
Deferred derivative gains – long term	68	119	61	109
Storm reserve passback	72	80	72	80
Settlement of prudence proceeding (h)	8	8	8	8
Other	483	435	437	392
Regulatory liabilities - noncurrent	5,028	5,374	4,514	4,879
Deferred derivative gains	229	165	210	152
Revenue decoupling mechanism liabilities	78	13	51	—
Refundable energy costs current	41	71	1	53
Regulatory liabilities - current	348	249	262	205
Total Regulatory Liabilities	$5,376	$5,623	$4,776	$5,084

* 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) 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 (2) deferral related to the arrears relief programs. Amounts deferred under the arrears relief programs were $243.5 million and $0.3 million for CECONY and O&R at March 31, 2026, respectively, and $262.9 million and $0.8 million at December 31, 2025, respectively, and receive a return at the pre-tax weighted average cost of capital. The arrears relief programs' recovery periods end in August 2026 and April 2033, respectively.

(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) 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.

(e) 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.

(f) Unrecognized pension and other postretirement costs represent the deferrals associated with the accounting rules for retirement benefits.

(g) Allowance for cost of removal less salvage represents cash previously collected from customers to fund future anticipated removal expenditures.

(h) 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, 2026 and December 31, 2025 were comprised of the following items:

 

	Con Edison		CECONY
(Millions of Dollars)	2026	2025	2026	2025
Regulatory assets
Energy efficiency and other clean energy programs (a)	$2,088	$1,994	$1,987	$1,893
Environmental investigation and remediation costs	1,082	1,079	990	987
Customer account deferrals (b)	1,039	1,089	1,035	1,084
Revenue taxes	675	638	645	611
Legacy meters (c)	377	382	364	370
Property tax reconciliation (d)	95	101	88	97
Deferred storm costs (e)	87	85	12	1
Deferred derivative losses-long-term	23	18	21	15
Unrecognized pension and other postretirement costs	7	4	—	—
Pension and other postretirement benefits deferrals	12	—	—	—
Other	188	209	155	177
Regulatory assets - noncurrent	5,673	5,599	5,297	5,235
Recoverable energy cost	287	6	287	5
Deferred derivative losses - short term	75	97	70	90
Regulatory assets - current	362	103	357	95
Total Regulatory Assets	$6,035	$5,702	$5,654	$5,330
Regulatory liabilities
Allowance for cost of removal less salvage (g)	$1,718	$1,686	$1,497	$1,468
Future Income Tax*	1,107	1,120	994	1,015
Unrecognized Other Postretirement Benefit Cost (f)	810	873	743	806
Pension and Other Postretirement Employee Benefit Deferrals	294	356	243	313
Net unbilled revenue deferrals	223	397	223	397
Late Payment Charge Deferral	141	192	141	191
System benefit charge carrying charge	104	108	95	100
Deferred derivative gains – long term	68	119	61	109
Storm reserve passback	72	80	72	80
Settlement of prudence proceeding (h)	8	8	8	8
Other	483	435	437	392
Regulatory liabilities - noncurrent	5,028	5,374	4,514	4,879
Deferred derivative gains	229	165	210	152
Revenue decoupling mechanism liabilities	78	13	51	—
Refundable energy costs current	41	71	1	53
Regulatory liabilities - current	348	249	262	205
Total Regulatory Liabilities	$5,376	$5,623	$4,776	$5,084

* 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) 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 (2) deferral related to the arrears relief programs. Amounts deferred under the arrears relief programs were $243.5 million and $0.3 million for CECONY and O&R at March 31, 2026, respectively, and $262.9 million and $0.8 million at December 31, 2025, respectively, and receive a return at the pre-tax weighted average cost of capital. The arrears relief programs' recovery periods end in August 2026 and April 2033, respectively.

(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) 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.

(e) 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.

(f) Unrecognized pension and other postretirement costs represent the deferrals associated with the accounting rules for retirement benefits.

(g) Allowance for cost of removal less salvage represents cash previously collected from customers to fund future anticipated removal expenditures.

(h) 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)	2026	2025	2026	2025
Environmental investigation and remediation costs	$1,074	$1,072	$983	$980
Revenue taxes	642	621	615	595
Deferral for uncollectible accounts receivable	395	427	392	426
Deferred derivative losses - short-term	75	97	70	90
Deferred derivative losses - long-term	23	18	21	15
Unrecognized pension and other postretirement costs	7	4	—	—
Other	56	42	43	31
Total	$2,272	$2,281	$2,124	$2,137

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