-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Kg6yLBKhW4XIxqsQR/ONiMfOqvjcSUUA9ctrgyrl5lUbSeTX6f4zz5AHlHtVH3aI b3BERDhgHXxdX7PFGe214g== 0001193125-08-109837.txt : 20080509 0001193125-08-109837.hdr.sgml : 20080509 20080509162827 ACCESSION NUMBER: 0001193125-08-109837 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080509 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080509 DATE AS OF CHANGE: 20080509 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CONSOLIDATED EDISON CO OF NEW YORK INC CENTRAL INDEX KEY: 0000023632 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 135009340 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-01217 FILM NUMBER: 08818820 BUSINESS ADDRESS: STREET 1: 4 IRVING PL CITY: NEW YORK STATE: NY ZIP: 10003 BUSINESS PHONE: 2124604600 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CONSOLIDATED EDISON INC CENTRAL INDEX KEY: 0001047862 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 133965100 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14514 FILM NUMBER: 08818821 BUSINESS ADDRESS: STREET 1: 4 IRVING PLACE STREET 2: ROOM 1618 S CITY: NEW YORK STATE: NY ZIP: 10003 BUSINESS PHONE: 2124604600 MAIL ADDRESS: STREET 1: 4 IRVING PLACE STREET 2: ROOM 1618 S CITY: NEW YORK STATE: NY ZIP: 10003 8-K 1 d8k.htm FORM 8-K Form 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)

May 9, 2008

 

 

Consolidated Edison, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

New York   1-14514   13-3965100

(State or Other Jurisdiction

of Incorporation)

  (Commission File Number)  

(IRS Employer

Identification No.)

 

4 Irving Place, New York, New York   10003
(Address of principal executive offices)   (Zip Code)

Registrant’s telephone number, including area code

(212) 460-4600

 

 

Consolidated Edison Company of New York, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

New York   1-1217   13-5009340

(State or Other Jurisdiction

of Incorporation)

  (Commission File Number)  

(IRS Employer

Identification No.)

 

4 Irving Place, New York, New York   10003
(Address of principal executive offices)   (Zip Code)

Registrant’s telephone number, including area code

(212) 460-4600

 

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


INFORMATION TO BE INCLUDED IN THE REPORT

 

ITEM 7.01. Regulation FD Disclosure.

The material attached hereto as Exhibit 99, which is incorporated in this Item 7.01 by reference thereto, is furnished pursuant to Regulation FD.

 

ITEM 8.01. Other Events.

On May 9, 2008, Consolidated Edison Company of New York, Inc. (Con Edison of New York) filed a proposal with the New York State Public Service Commission (PSC) for a three-year electric rate plan with level annual rate increases of $556.7 million effective April 2009, 2010 and 2011. The filing reflects a return on common equity of 10.0 percent and a common equity ratio of 48.0 percent.

The filing reflects efforts by Con Edison of New York to mitigate the impact on its customers of rate increases, including its proposed targeted energy efficiency programs and its proposal to begin to accrue revenues in the month electric service is provided instead of when it bills customers for the service.

The filing also includes an alternative proposal for an electric rate increase of $654 million, effective April 2009, to recover increased property taxes ($200 million); additional operating costs and new and or expanded operating programs ($165 million); carrying charges on additional infrastructure investments ($230 million); and an increased return on equity as compared to the return on equity reflected in current electric rates ($115 million).

The company is requesting that expenses for pension and other post-retirement benefits, property taxes, municipal infrastructure support and environmental site investigation and remediation be reconciled to amounts reflected in rates and that increases, if any, in certain expenses above a 4 percent annual inflation rate be deferred as a regulatory asset if its annual return on common equity is less than the authorized return. The filing also reflects continuation of the revenue decoupling mechanism that eliminates the direct relationship between the company’s level of delivery revenues and profits and the provisions pursuant to which the company recovers its purchased power and fuel costs from customers.

 

ITEM 9.01 Financial Statements and Exhibits.

(d) Exhibits

 

Exhibit 99   Information Sheet For Electric Rate Filing.

 

2


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  CONSOLIDATED EDISON, INC.
  CONSOLIDATED EDISON COMPANY OF NEW YORK, INC.
  By  

/s/ Edward J. Rasmussen

    Edward J. Rasmussen
    Vice President and Controller
Date: May 9, 2008    

 

3

EX-99 2 dex99.htm INFORMATION SHEET FOR ELECTRIC RATE FILING. Information Sheet For Electric Rate Filing.

Exhibit 99

Consolidated Edison, Inc.

Information Sheet for

Consolidated Edison Company of New York’s

Electric Service Rate Case Filing

Details of filing

 

   

Effective date of new rates—April 2009

 

   

Rates based on future test year—April 2009 through March 2010

 

   

Historic year—calendar year 2007

 

   

Annual levelized increases of $556.7 million (4.9% on customers’ total bills) effective April 2009, 2010 and 2011

 

   

Alternatively, a one-year rate increase of $654 million (5.8% on customers’ total bills) effective April 2009

 

   

Rate increase for the first year without mitigation would be $1,082 million or 9.6%

 

•     Capital expenditures: 3-year total of

   $ 5,498 million

•     By year

  

•     2009

   $ 2,033

•     2010

   $ 1,866

•     2011

   $ 1,599

•     By type

  

•     Substations

   $ 633

•     Transformers and related equipment

     957

•     Primary cable

     567

•     Secondary cable

     576

•     Feeder New/Replacements/Upgrades

     387

•     Substation Equipment & Life Extension

     291

•     Storm Hardening

     160

•     Advanced Technology (AMR)

     33

•     Other, routine capital including reliability and miscellaneous equipment upgrades

     1,894

 

1


   

Continued current recovery of fuel and purchased power costs

 

   

Return on equity—10.0%

 

   

Equity ratio reflected in rate year—48.0%

 

   

Continuation of the Targeted Demand Side Management program under the same general conditions established by the 2005 Electric Rate Agreement and March 2008 Electric Rate Order with recovery through the monthly adjustment clause.

True-up reconciliations

 

   

Revenue decoupling mechanism

 

   

Demand management and energy efficiency programs

 

   

Pensions and other postretirement costs (PSC Policy)

 

   

Property taxes

 

   

Environmental site investigation and remediation

 

   

Municipal infrastructure support

 

   

Storm expenses

 

   

ERRP maintenance

 

   

Inflation above 4%

Major components of proposed $654 million increase effective April 2009

 

•     Carrying cost of new infrastructure

   $ 230 million

•     Property taxes

     200

•     Other operating expenses

     165

•     Increase return on equity (10.0% vs. 9.1% currently)

     115

•     Accounting credits

     (31)

•     Sales growth

     (25)
      

Total

   $ 654 million
      

Rate base balances

 

•     12 months ending December 31, 2007

   $ 11.7 billion

•     12 months ending March 31, 2010

   $ 14.6 billion

•     12 months ending March 31, 2011

   $ 16.0 billion

•     12 months ending March 31, 2012

   $ 17.7 billion

 

2


Typical bill comparisons assuming a $556.7 million levelized increase effective April 2009

 

   

Typical residential customer paying $78.90 per month would see an increase of $5.38 , or about 6.8 percent

 

   

Typical business paying $2,338 per month would see an increase of $101, or 4.3 percent

Typical bill comparisons assuming a $654 million increase effective April 2009

 

   

Typical residential customer paying $78.90 per month would see an increase of $6.18 , or about 7.8 percent

 

   

Typical business paying $2,338 per month would see an increase of $120, or 5.1 percent

5-09-08

 

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