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Derivative Instruments and Hedging Activities
11101 - Disclosure - Derivative Instruments and Hedging Activities
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<p style="margin-top: 11px; margin-bottom: 0px;"><font style="font-family: ARIAL;" class="_mt" color="#8c8272" size="2"><b>Note K — Derivative Instruments and Hedging Activities </b></font></p>
<p style="margin-top: 9px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">Under the accounting rules for derivatives and hedging, derivatives are recognized on the balance sheet at fair value, unless an exception is available under the accounting rules. Certain qualifying derivative contracts have been designated as normal purchases or normal sales contracts. These contracts are not reported at fair value under the accounting rules. </font></p>
<p style="margin-top: 0px; margin-bottom: 0px;"><font class="_mt" size="1"> </font> </p>
<p style="margin-top: 0px; margin-bottom: 0px;"><font style="font-family: ARIAL;" class="_mt" size="2"><b>Energy Price Hedging </b></font></p>
<p style="margin-top: 2px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">Con Edison's subsidiaries hedge market price fluctuations associated with physical purchases and sales of electricity, natural gas, and steam by using derivative instruments including futures, forwards, basis swaps, options, transmission congestion contracts and financial transmission rights contracts. The fair values of these hedges at September 30, 2010 and December 31, 2009 were as follows: </font></p>
<p style="margin-top: 0px; margin-bottom: 0px; font-size: 9px;"> </p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" align="center">
<tr><td width="48%"> </td>
<td valign="bottom" width="8%"> </td>
<td> </td>
<td> </td>
<td> </td>
<td valign="bottom" width="8%"> </td>
<td> </td>
<td> </td>
<td> </td>
<td valign="bottom" width="8%"> </td>
<td> </td>
<td> </td>
<td> </td>
<td valign="bottom" width="8%"> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr><td style="border-bottom: #8c8272 1px solid;" valign="bottom"> <font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" colspan="6" align="center"><font style="font-family: ARIAL;" class="_mt" size="1"><b>Con Edison</b></font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" colspan="6" align="center"><font style="font-family: ARIAL;" class="_mt" size="1"><b>CECONY</b></font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td></tr>
<tr><td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"><i> </i><b><i>(Millions of Dollars)</i></b></font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: ARIAL;" class="_mt" size="1"><b>2010</b></font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: ARIAL;" class="_mt" size="1"><b>2009</b></font></td>
<td style="border-bottom: #8c8272 1px solid; border-right: #8c8272 1px dotted;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: ARIAL;" class="_mt" size="1"><b>2010</b></font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: ARIAL;" class="_mt" size="1"><b>2009</b></font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td></tr>
<tr bgcolor="#e5e5e5"><td valign="top">
<p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="1">Fair value of net derivative (liabilities) – gross</font></p></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(436</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(266</font></td>
<td style="border-right: #8c8272 1px dotted;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(248</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(137</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td></tr>
<tr><td style="border-bottom: #8c8272 1px solid;" valign="top">
<p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="1">Impact of netting of cash collateral</font></p></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">282</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">162</font></td>
<td style="border-bottom: #8c8272 1px solid; border-right: #8c8272 1px dotted;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">143</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">87</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td></tr>
<tr bgcolor="#e5e5e5"><td style="border-bottom: #8c8272 1px solid;" valign="top">
<p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="1">Fair value of net derivative (liabilities) – net</font></p></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(154</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(104</font></td>
<td style="border-bottom: #8c8272 1px solid; border-right: #8c8272 1px dotted;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(105</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(50</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td></tr></table>
<p style="margin-top: 11px; margin-bottom: 0px;"><font style="font-family: ARIAL;" class="_mt" size="2"><b>Credit Exposure </b></font></p>
<p style="margin-top: 2px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">The Companies are exposed to credit risk related to transactions entered into primarily for the various energy supply and hedging activities by the Utilities and the competitive energy businesses. The Companies use credit policies to manage this risk, including an established credit approval process, monitoring of counterparty limits, netting provisions within agreements, collateral or prepayment arrangements, credit insurance and credit default swaps. </font></p>
<p style="margin-top: 9px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">At September 30, 2010, Con Edison and CECONY had $<font class="_mt">172</font> million and $<font class="_mt">24</font> million of credit exposure in connection with energy supply and hedging activities, net of collateral, respectively. Con Edison's net credit exposure consisted of $<font class="_mt">107</font> million with investment-grade counterparties, and $<font class="_mt">65</font> million primarily with commodity exchange brokers or independent system operators. CECONY's entire net credit exposure was with commodity exchange brokers. </font></p>
<p style="margin-top: 11px; margin-bottom: 0px;"><font style="font-family: ARIAL;" class="_mt" size="2"><b>Economic Hedges </b></font></p>
<p style="margin-top: 2px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">The Companies enter into certain derivative instruments that do not qualify or are not designated as hedges under the accounting rules for derivatives and hedging. However, management believes these instruments represent economic hedges that mitigate exposure to fluctuations in commodity prices. </font></p>
<p style="margin-top: 0px; margin-bottom: 0px; font-size: 9px;"> </p>
<p style="margin-top: 0px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">The fair values of the Companies' commodity derivatives at September 30, 2010 were: </font></p>
<p style="margin-top: 0px; margin-bottom: 0px; font-size: 9px;"> </p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" align="center">
<tr><td width="44%"> </td>
<td valign="bottom" width="4%"> </td>
<td width="39%"> </td>
<td valign="bottom" width="5%"> </td>
<td> </td>
<td> </td>
<td> </td>
<td valign="bottom" width="4%"> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr><td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"><i> </i><b><i>(Millions of Dollars)</i></b></font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"><b>Fair Value of Commodity Derivatives(a)<br />Balance Sheet Location</b></font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: ARIAL;" class="_mt" size="1"><b>Con<br />Edison</b></font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: ARIAL;" class="_mt" size="1"><b>CECONY</b></font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td></tr>
<tr><td style="border-bottom: #8c8272 1px solid;" valign="bottom" colspan="10" align="center"><font style="font-family: ARIAL;" class="_mt" size="1"><b>Asset Derivatives</b></font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td></tr>
<tr bgcolor="#e5e5e5"><td valign="top">
<p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="1">Current</font></p></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">Other current assets</font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">234</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">18</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td></tr>
<tr><td style="border-bottom: #8c8272 1px solid;" valign="top">
<p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="1">Long term</font></p></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">Other deferred charges and non-current assets</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">67</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">12</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td></tr>
<tr bgcolor="#e5e5e5"><td valign="top">
<p style="text-indent: -1em; margin-left: 2em;"><font style="font-family: ARIAL;" class="_mt" size="1">Total asset derivatives</font></p></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"> </td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">301</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">30</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td></tr>
<tr><td style="border-bottom: #8c8272 1px solid;" valign="top">
<p style="text-indent: -1em; margin-left: 2em;"><font style="font-family: ARIAL;" class="_mt" size="1">Impact of netting</font></p></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(181</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">6</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td></tr>
<tr bgcolor="#e5e5e5"><td style="border-bottom: #8c8272 1px solid;" valign="top">
<p style="text-indent: -1em; margin-left: 2em;"><font style="font-family: ARIAL;" class="_mt" size="1">Net asset derivatives</font></p></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">120</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">36</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td></tr>
<tr><td style="border-bottom: #8c8272 1px solid;" valign="bottom" colspan="10" align="center"><font style="font-family: ARIAL;" class="_mt" size="1"><b>Liability Derivatives</b></font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td></tr>
<tr bgcolor="#e5e5e5"><td valign="top">
<p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="1">Current</font></p></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">Fair value of derivative liabilities</font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">538</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">—</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td></tr>
<tr><td valign="top">
<p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="1">Current</font></p></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">Other current liabilities</font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">—</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">192</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td></tr>
<tr bgcolor="#e5e5e5"><td style="border-bottom: #8c8272 1px solid;" valign="top">
<p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="1">Long term</font></p></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">Fair value of derivative liabilities</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">199</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">86</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td></tr>
<tr><td valign="top">
<p style="text-indent: -1em; margin-left: 2em;"><font style="font-family: ARIAL;" class="_mt" size="1">Total liability derivatives</font></p></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"> </td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">737</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">278</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td></tr>
<tr bgcolor="#e5e5e5"><td style="border-bottom: #8c8272 1px solid;" valign="top">
<p style="text-indent: -1em; margin-left: 2em;"><font style="font-family: ARIAL;" class="_mt" size="1">Impact of netting</font></p></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(463</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(137</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td></tr>
<tr><td style="border-bottom: #8c8272 1px solid;" valign="top">
<p style="text-indent: -1em; margin-left: 2em;"><font style="font-family: ARIAL;" class="_mt" size="1">Net liability derivatives</font></p></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">274</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">141</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td></tr></table>
<p style="margin-top: 0px; margin-bottom: 0px; font-size: 6px;"> </p>
<table style="border-collapse: collapse;" class="MetaData" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr><td valign="top" width="3%" align="left"><font style="font-family: ARIAL;" class="_mt" size="1">(a)</font></td>
<td class="MetaData" valign="top" align="left"><font style="font-family: ARIAL;" class="_mt" size="1">Qualifying derivative contracts, which have been designated as normal purchases or normal sales contracts, are not reported at fair value under the accounting rules for derivatives and hedging and, therefore, are excluded from the table. </font></td></tr></table>
<p style="margin-top: 0px; margin-bottom: 0px;"><font class="_mt" size="1"> </font> </p>
<p style="margin-top: 0px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">The fair value of the Companies' commodity derivatives at December 31, 2009 were: </font></p>
<p style="margin-top: 0px; margin-bottom: 0px; font-size: 9px;"> </p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" align="center">
<tr><td width="44%"> </td>
<td valign="bottom" width="4%"> </td>
<td width="39%"> </td>
<td valign="bottom" width="5%"> </td>
<td> </td>
<td> </td>
<td> </td>
<td valign="bottom" width="4%"> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr><td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"><i> </i><b><i>(Millions of Dollars)</i></b></font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"><b>Fair Value of Commodity Derivatives(a)<br />Balance Sheet Location</b></font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: ARIAL;" class="_mt" size="1"><b>Con<br />Edison</b></font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: ARIAL;" class="_mt" size="1"><b>CECONY</b></font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td></tr>
<tr><td style="border-bottom: #8c8272 1px solid;" valign="bottom" colspan="10" align="center"><font style="font-family: ARIAL;" class="_mt" size="1"><b>Asset Derivatives</b></font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td></tr>
<tr bgcolor="#e5e5e5"><td valign="top">
<p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="1">Current</font></p></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">Fair value of derivative assets</font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">213</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">40</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td></tr>
<tr><td style="border-bottom: #8c8272 1px solid;" valign="top">
<p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="1">Long term</font></p></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">Other deferred charges and non-current assets</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">148</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">19</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td></tr>
<tr bgcolor="#e5e5e5"><td valign="top">
<p style="text-indent: -1em; margin-left: 2em;"><font style="font-family: ARIAL;" class="_mt" size="1">Total asset derivatives</font></p></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"> </td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">361</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">59</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td></tr>
<tr><td style="border-bottom: #8c8272 1px solid;" valign="top">
<p style="text-indent: -1em; margin-left: 2em;"><font style="font-family: ARIAL;" class="_mt" size="1">Impact of netting</font></p></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(231</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(20</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td></tr>
<tr bgcolor="#e5e5e5"><td style="border-bottom: #8c8272 1px solid;" valign="top">
<p style="text-indent: -1em; margin-left: 2em;"><font style="font-family: ARIAL;" class="_mt" size="1">Net asset derivatives</font></p></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">130</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">39</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td></tr>
<tr><td style="border-bottom: #8c8272 1px solid;" valign="bottom" colspan="10" align="center"><font style="font-family: ARIAL;" class="_mt" size="1"><b>Liability Derivatives</b></font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td></tr>
<tr bgcolor="#e5e5e5"><td valign="top">
<p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="1">Current</font></p></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">Fair value of derivative liabilities</font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">401</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">110</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td></tr>
<tr><td style="border-bottom: #8c8272 1px solid;" valign="top">
<p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="1">Long term</font></p></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">Fair value of derivative liabilities</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">226</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">86</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td></tr>
<tr bgcolor="#e5e5e5"><td valign="top">
<p style="text-indent: -1em; margin-left: 2em;"><font style="font-family: ARIAL;" class="_mt" size="1">Total liability derivatives</font></p></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"> </td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">627</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">196</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td></tr>
<tr><td style="border-bottom: #8c8272 1px solid;" valign="top">
<p style="text-indent: -1em; margin-left: 2em;"><font style="font-family: ARIAL;" class="_mt" size="1">Impact of netting</font></p></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(393</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(107</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td></tr>
<tr bgcolor="#e5e5e5"><td style="border-bottom: #8c8272 1px solid;" valign="top">
<p style="text-indent: -1em; margin-left: 2em;"><font style="font-family: ARIAL;" class="_mt" size="1">Net liability derivatives</font></p></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">234</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">89</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td></tr></table>
<p style="margin-top: 0px; margin-bottom: 0px; font-size: 6px;"> </p>
<table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr><td valign="top" width="3%" align="left"><font style="font-family: ARIAL;" class="_mt" size="1">(a)</font></td>
<td valign="top" align="left"><font style="font-family: ARIAL;" class="_mt" size="1">Qualifying derivative contracts, which have been designated as normal purchases or normal sales contracts, are not reported at fair value under the accounting rules for derivatives and hedging and, therefore, are excluded from the table. </font></td></tr></table>
<p style="margin-top: 0px; margin-bottom: 0px; font-size: 9px;"> </p>
<p style="margin-top: 0px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">The Utilities generally recover all of their prudently incurred fuel, purchased power and gas costs, including hedging gains and losses, in accordance with rate provisions approved by the applicable state utility commissions. See "Recoverable Energy Costs" in Note A to the financial statements in Item 8 of the Form 10-K. In accordance with the accounting rules for regulated operations, the Utilities record a regulatory asset or liability to defer recognition of unrealized gains and losses on their electric and gas derivatives. As gains and losses are realized in future periods, they will be recognized as purchased power, gas and fuel costs in the Companies' consolidated income statements. Con Edison's competitive energy businesses record realized and unrealized gains and losses on their derivative contracts in earnings in the reporting period in which they occur. </font></p>
<p style="margin-top: 0px; margin-bottom: 0px; font-size: 9px;"> </p>
<p style="margin-top: 0px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">The following table presents the changes in the fair values of commodity derivatives that have been deferred or recognized in earnings for the three and nine months ended September 30, 2010: </font></p>
<p style="margin-top: 0px; margin-bottom: 0px; font-size: 9px;"> </p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" align="center">
<tr><td width="43%"> </td>
<td valign="bottom" width="4%"> </td>
<td width="39%"> </td>
<td valign="bottom" width="5%"> </td>
<td> </td>
<td> </td>
<td> </td>
<td valign="bottom" width="4%"> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr><td style="border-bottom: #8c8272 1px solid;" valign="bottom" colspan="10" nowrap="nowrap" align="center"><font style="font-family: ARIAL;" class="_mt" size="1"><b>Realized and Unrealized Gains/(Losses) on Commodity Derivatives(a)<br />Deferred or Recognized in Income for the Three Months Ended September 30, 2010</b></font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td></tr>
<tr><td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"><i> </i><b><i>(Millions of Dollars)</i></b></font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"><b>Balance Sheet Location</b></font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: ARIAL;" class="_mt" size="1"><b>Con<br />Edison</b></font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: ARIAL;" class="_mt" size="1"><b>CECONY</b></font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td></tr>
<tr><td valign="top" colspan="10" nowrap="nowrap">
<p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="1">Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations:</font></p></td>
<td valign="top" nowrap="nowrap">
<p style="text-indent: -1em; margin-left: 1em;"> </p></td></tr>
<tr bgcolor="#e5e5e5"><td style="border-bottom: #8c8272 1px solid;" valign="top">
<p style="text-indent: -1em; margin-left: 2em;"><font style="font-family: ARIAL;" class="_mt" size="1">Current</font></p></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">Other current liabilities</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(3</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(3</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td></tr>
<tr><td style="border-bottom: #8c8272 1px solid;" valign="top">
<p style="text-indent: -1em; margin-left: 3em;"><font style="font-family: ARIAL;" class="_mt" size="1">Total deferred losses</font></p></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(3</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(3</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td></tr>
<tr bgcolor="#e5e5e5"><td valign="top">
<p style="text-indent: -1em; margin-left: 2em;"><font style="font-family: ARIAL;" class="_mt" size="1">Current</font></p></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">Other current assets</font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(61</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(54</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td></tr>
<tr><td valign="top">
<p style="text-indent: -1em; margin-left: 2em;"><font style="font-family: ARIAL;" class="_mt" size="1">Current</font></p></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">Recoverable energy costs</font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(70</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(63</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td></tr>
<tr bgcolor="#e5e5e5"><td style="border-bottom: #8c8272 1px solid;" valign="top">
<p style="text-indent: -1em; margin-left: 2em;"><font style="font-family: ARIAL;" class="_mt" size="1">Long term</font></p></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">Regulatory assets</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">4</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">7</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td></tr>
<tr><td valign="top">
<p style="text-indent: -1em; margin-left: 3em;"><font style="font-family: ARIAL;" class="_mt" size="1">Total deferred losses</font></p></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"> </td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(127</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(110</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td></tr>
<tr bgcolor="#e5e5e5"><td style="border-bottom: #8c8272 1px solid;" valign="top">
<p style="text-indent: -1em; margin-left: 4em;"><font style="font-family: ARIAL;" class="_mt" size="1">Net deferred losses</font></p></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(130</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(113</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td></tr>
<tr><td style="border-bottom: #8c8272 1px solid;" valign="top"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"><b>Income Statement Location</b></font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td></tr>
<tr><td valign="top" colspan="10">
<p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="1">Pre-tax gain/(loss) recognized in income</font></p></td>
<td valign="top">
<p style="text-indent: -1em; margin-left: 1em;"> </p></td></tr>
<tr bgcolor="#e5e5e5"><td valign="top"> </td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">Purchased power expense</font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(26</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">)(b) </font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">—</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td></tr>
<tr><td valign="top"> </td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">Gas purchased for resale</font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(1</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">—</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td></tr>
<tr bgcolor="#e5e5e5"><td style="border-bottom: #8c8272 1px solid;" valign="top"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">Non-utility revenue</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">4</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">(b) </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">—</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td></tr>
<tr><td style="border-bottom: #8c8272 1px solid;" valign="top">
<p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="1">Total pre-tax gain/(loss) recognized in income</font></p></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(23</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">—</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td></tr></table>
<p style="margin-top: 0px; margin-bottom: 0px; font-size: 6px;"> </p>
<table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr><td valign="top" width="3%" align="left"><font style="font-family: ARIAL;" class="_mt" size="1">(a)</font></td>
<td valign="top" align="left"><font style="font-family: ARIAL;" class="_mt" size="1">Qualifying derivative contracts, which have been designated as normal purchases or normal sales contracts, are not reported at fair value under the accounting rules for derivatives and hedging and, therefore, are excluded from the table. </font></td></tr></table>
<table style="border-collapse: collapse;" class="MetaData" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr><td valign="top" width="3%" align="left"><font style="font-family: ARIAL;" class="_mt" size="1">(b)</font></td>
<td class="MetaData" valign="top" align="left"><font style="font-family: ARIAL;" class="_mt" size="1">For the three months ended September 30, 2010, Con Edison recorded in non-utility operating revenues and purchased power expense an unrealized pre-tax gain/(loss) of $(3)million and $(34) million, respectively. </font></td></tr></table>
<p style="margin-top: 0px; margin-bottom: 0px;"><font class="_mt" size="1"> </font> </p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" align="center">
<tr><td width="43%"> </td>
<td valign="bottom" width="4%"> </td>
<td width="39%"> </td>
<td valign="bottom" width="5%"> </td>
<td> </td>
<td> </td>
<td> </td>
<td valign="bottom" width="4%"> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr><td style="border-bottom: #8c8272 1px solid;" valign="bottom" colspan="10" nowrap="nowrap" align="center"><font style="font-family: ARIAL;" class="_mt" size="1"><b>Realized and Unrealized Gains/(Losses) on Commodity Derivatives(a)<br />Deferred or Recognized in Income for the Nine Months Ended September 30, 2010</b></font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td></tr>
<tr><td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"><i> </i><b><i>(Millions of Dollars)</i></b></font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"><b>Balance Sheet Location</b></font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: ARIAL;" class="_mt" size="1"><b>Con<br />Edison</b></font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: ARIAL;" class="_mt" size="1"><b>CECONY</b></font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td></tr>
<tr><td valign="top" colspan="10" nowrap="nowrap">
<p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="1">Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations:</font></p></td>
<td valign="top" nowrap="nowrap">
<p style="text-indent: -1em; margin-left: 1em;"> </p></td></tr>
<tr bgcolor="#e5e5e5"><td style="border-bottom: #8c8272 1px solid;" valign="top">
<p style="text-indent: -1em; margin-left: 2em;"><font style="font-family: ARIAL;" class="_mt" size="1">Current</font></p></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">Other current liabilities</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(8</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(8</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td></tr>
<tr><td style="border-bottom: #8c8272 1px solid;" valign="top">
<p style="text-indent: -1em; margin-left: 3em;"><font style="font-family: ARIAL;" class="_mt" size="1">Total deferred losses</font></p></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(8</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(8</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td></tr>
<tr bgcolor="#e5e5e5"><td valign="top">
<p style="text-indent: -1em; margin-left: 2em;"><font style="font-family: ARIAL;" class="_mt" size="1">Current</font></p></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">Other current assets</font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(127</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(114</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td></tr>
<tr><td valign="top">
<p style="text-indent: -1em; margin-left: 2em;"><font style="font-family: ARIAL;" class="_mt" size="1">Current</font></p></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">Recoverable energy costs</font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(205</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(172</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td></tr>
<tr bgcolor="#e5e5e5"><td style="border-bottom: #8c8272 1px solid;" valign="top">
<p style="text-indent: -1em; margin-left: 2em;"><font style="font-family: ARIAL;" class="_mt" size="1">Long term</font></p></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">Regulatory assets</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(19</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(11</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td></tr>
<tr><td valign="top">
<p style="text-indent: -1em; margin-left: 3em;"><font style="font-family: ARIAL;" class="_mt" size="1">Total deferred losses</font></p></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"> </td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(351</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(297</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td></tr>
<tr bgcolor="#e5e5e5"><td style="border-bottom: #8c8272 1px solid;" valign="top">
<p style="text-indent: -1em; margin-left: 4em;"><font style="font-family: ARIAL;" class="_mt" size="1">Net deferred losses</font></p></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(359</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(305</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td></tr>
<tr><td style="border-bottom: #8c8272 1px solid;" valign="top"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"><b>Income Statement Location</b></font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td></tr>
<tr><td valign="top" colspan="10">
<p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="1">Pre-tax gain/(loss) recognized in income</font></p></td>
<td valign="top">
<p style="text-indent: -1em; margin-left: 1em;"> </p></td></tr>
<tr bgcolor="#e5e5e5"><td valign="top"> </td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">Purchased power expense</font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(132</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">—</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td></tr>
<tr><td valign="top"> </td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">Gas purchased for resale</font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(7</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">—</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td></tr>
<tr bgcolor="#e5e5e5"><td style="border-bottom: #8c8272 1px solid;" valign="top"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">Non-utility revenue</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">21</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">(b) </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">—</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td></tr>
<tr><td style="border-bottom: #8c8272 1px solid;" valign="top">
<p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="1">Total pre-tax gain/(loss) recognized in income</font></p></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(118</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">—</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td></tr></table>
<p style="margin-top: 0px; margin-bottom: 0px; font-size: 6px;"> </p>
<table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr><td valign="top" width="3%" align="left"><font style="font-family: ARIAL;" class="_mt" size="1">(a)</font></td>
<td valign="top" align="left"><font style="font-family: ARIAL;" class="_mt" size="1">Qualifying derivative contracts, which have been designated as normal purchases or normal sales contracts, are not reported at fair value under the accounting rules for derivatives and hedging and, therefore, are excluded from the table. </font></td></tr></table>
<table style="border-collapse: collapse;" class="MetaData" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr><td valign="top" width="3%" align="left"><font style="font-family: ARIAL;" class="_mt" size="1">(b)</font></td>
<td class="MetaData" valign="top" align="left"><font style="font-family: ARIAL;" class="_mt" size="1">For the nine months ended September 30, 2010, Con Edison recorded in non-utility operating revenues and purchased power expense an unrealized pre-tax gain/(loss) of $(1) million and $(34) million, respectively. </font></td></tr></table>
<p style="margin-top: 9px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">The following table presents the changes in the fair values of commodity derivatives that have been deferred or recognized in earnings for the three and nine months ended September 30, 2009: </font></p>
<p style="margin-top: 0px; margin-bottom: 0px; font-size: 9px;"> </p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" align="center">
<tr><td width="42%"> </td>
<td valign="bottom" width="5%"> </td>
<td width="37%"> </td>
<td valign="bottom" width="6%"> </td>
<td> </td>
<td> </td>
<td> </td>
<td valign="bottom" width="5%"> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr><td style="border-bottom: #8c8272 1px solid;" valign="bottom" colspan="10" nowrap="nowrap" align="center"><font style="font-family: ARIAL;" class="_mt" size="1"><b>Realized and Unrealized Gains/(Losses) on Commodity Derivatives(a)<br />Deferred or Recognized in Income for the Three Months Ended September 30, 2009</b></font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td></tr>
<tr><td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"><i> </i><b><i>(Millions of Dollars)</i></b></font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"><b>Balance Sheet Location</b></font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: ARIAL;" class="_mt" size="1"><b>Con<br />Edison</b></font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: ARIAL;" class="_mt" size="1"><b>Con Edison<br />of New York</b></font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td></tr>
<tr><td valign="top" colspan="10" nowrap="nowrap">
<p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="1">Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations:</font></p></td>
<td valign="top" nowrap="nowrap">
<p style="text-indent: -1em; margin-left: 1em;"> </p></td></tr>
<tr bgcolor="#e5e5e5"><td valign="top">
<p style="text-indent: -1em; margin-left: 2em;"><font style="font-family: ARIAL;" class="_mt" size="1">Current</font></p></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">Deferred derivative gains</font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">4</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">4</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td></tr>
<tr><td style="border-bottom: #8c8272 1px solid;" valign="top">
<p style="text-indent: -1em; margin-left: 2em;"><font style="font-family: ARIAL;" class="_mt" size="1">Long term</font></p></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">Regulatory liabilities</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">2</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">—</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td></tr>
<tr bgcolor="#e5e5e5"><td style="border-bottom: #8c8272 1px solid;" valign="top">
<p style="text-indent: -1em; margin-left: 3em;"><font style="font-family: ARIAL;" class="_mt" size="1">Total deferred gains</font></p></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">6</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">4</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td></tr>
<tr><td valign="top">
<p style="text-indent: -1em; margin-left: 2em;"><font style="font-family: ARIAL;" class="_mt" size="1">Current</font></p></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">Deferred derivative losses</font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">111</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">97</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td></tr>
<tr bgcolor="#e5e5e5"><td valign="top">
<p style="text-indent: -1em; margin-left: 2em;"><font style="font-family: ARIAL;" class="_mt" size="1">Current</font></p></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">Recoverable energy costs</font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(158</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(134</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td></tr>
<tr><td style="border-bottom: #8c8272 1px solid;" valign="top">
<p style="text-indent: -1em; margin-left: 2em;"><font style="font-family: ARIAL;" class="_mt" size="1">Long term</font></p></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">Regulatory assets</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">29</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">21</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td></tr>
<tr bgcolor="#e5e5e5"><td valign="top">
<p style="text-indent: -1em; margin-left: 3em;"><font style="font-family: ARIAL;" class="_mt" size="1">Total deferred losses</font></p></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"> </td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(18</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(16</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td></tr>
<tr><td style="border-bottom: #8c8272 1px solid;" valign="top">
<p style="text-indent: -1em; margin-left: 4em;"><font style="font-family: ARIAL;" class="_mt" size="1">Net deferred losses</font></p></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(12</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(12</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td></tr>
<tr bgcolor="#e5e5e5"><td style="border-bottom: #8c8272 1px solid;" valign="top"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"><b>Income Statement Location</b></font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td></tr>
<tr><td valign="top" colspan="10">
<p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="1">Pre-tax gain/(loss) recognized in income</font></p></td>
<td valign="top">
<p style="text-indent: -1em; margin-left: 1em;"> </p></td></tr>
<tr bgcolor="#e5e5e5"><td valign="top"> </td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">Purchased power expense</font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(176</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">—</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td></tr>
<tr><td valign="top"> </td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">Gas purchased for resale</font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(9</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">—</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td></tr>
<tr bgcolor="#e5e5e5"><td style="border-bottom: #8c8272 1px solid;" valign="top"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">Non-utility revenue</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">27</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">(b) </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">—</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td></tr>
<tr><td style="border-bottom: #8c8272 1px solid;" valign="top">
<p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="1">Total pre-tax gain/(loss) recognized in income</font></p></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(158</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">—</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td></tr></table>
<p style="margin-top: 0px; margin-bottom: 0px; font-size: 6px;"> </p>
<table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr><td valign="top" width="3%" align="left"><font style="font-family: ARIAL;" class="_mt" size="1">(a)</font></td>
<td valign="top" align="left"><font style="font-family: ARIAL;" class="_mt" size="1">Qualifying derivative contracts, which have been designated as normal purchases or normal sales contracts, are not reported at fair value under the accounting rules for derivatives and hedging and, therefore, are excluded from the table. </font></td></tr></table>
<table style="border-collapse: collapse;" class="MetaData" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr><td valign="top" width="3%" align="left"><font style="font-family: ARIAL;" class="_mt" size="1">(b)</font></td>
<td class="MetaData" valign="top" align="left"><font style="font-family: ARIAL;" class="_mt" size="1">For the three months ended September 30, 2009, Con Edison recorded in non-utility operating revenues an unrealized pre-tax gain of $28 million. </font></td></tr></table>
<p style="margin-top: 0px; margin-bottom: 0px;"><font class="_mt" size="1"> </font> </p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" align="center">
<tr><td width="42%"> </td>
<td valign="bottom" width="5%"> </td>
<td width="37%"> </td>
<td valign="bottom" width="6%"> </td>
<td> </td>
<td> </td>
<td> </td>
<td valign="bottom" width="5%"> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr><td style="border-bottom: #8c8272 1px solid;" valign="bottom" colspan="10" nowrap="nowrap" align="center">
<p style="margin-top: 0px; margin-bottom: 0px;" align="center"><font style="font-family: ARIAL;" class="_mt" size="1"><b>Realized and Unrealized Gains/(Losses) on Commodity Derivatives(a)</b></font></p>
<p style="margin-top: 0px; margin-bottom: 1px;" align="center"><font style="font-family: ARIAL;" class="_mt" size="1"><b>Deferred or Recognized in Income for the Nine Months Ended September 30, 2009</b></font></p></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td></tr>
<tr><td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"><i> </i><b><i>(Millions of Dollars)</i></b></font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"><b>Balance Sheet Location</b></font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: ARIAL;" class="_mt" size="1"><b>Con<br />Edison</b></font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: ARIAL;" class="_mt" size="1"><b>Con Edison<br />of New York</b></font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td></tr>
<tr><td valign="top" colspan="10" nowrap="nowrap">
<p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="1">Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations:</font></p></td>
<td valign="top" nowrap="nowrap">
<p style="text-indent: -1em; margin-left: 1em;"> </p></td></tr>
<tr bgcolor="#e5e5e5"><td valign="top">
<p style="text-indent: -1em; margin-left: 2em;"><font style="font-family: ARIAL;" class="_mt" size="1">Current</font></p></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">Deferred derivative gains</font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(9</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(9</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td></tr>
<tr><td style="border-bottom: #8c8272 1px solid;" valign="top">
<p style="text-indent: -1em; margin-left: 2em;"><font style="font-family: ARIAL;" class="_mt" size="1">Long term</font></p></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">Regulatory liabilities</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">3</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">—</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td></tr>
<tr bgcolor="#e5e5e5"><td style="border-bottom: #8c8272 1px solid;" valign="top">
<p style="text-indent: -1em; margin-left: 3em;"><font style="font-family: ARIAL;" class="_mt" size="1">Total deferred gains</font></p></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(6</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(9</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td></tr>
<tr><td valign="top">
<p style="text-indent: -1em; margin-left: 2em;"><font style="font-family: ARIAL;" class="_mt" size="1">Current</font></p></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">Deferred derivative losses</font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">136</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">136</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td></tr>
<tr bgcolor="#e5e5e5"><td valign="top">
<p style="text-indent: -1em; margin-left: 2em;"><font style="font-family: ARIAL;" class="_mt" size="1">Current</font></p></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">Recoverable energy costs</font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(462</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(394</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td></tr>
<tr><td style="border-bottom: #8c8272 1px solid;" valign="top">
<p style="text-indent: -1em; margin-left: 2em;"><font style="font-family: ARIAL;" class="_mt" size="1">Long term</font></p></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">Regulatory assets</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">8</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">4</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td></tr>
<tr bgcolor="#e5e5e5"><td valign="top">
<p style="text-indent: -1em; margin-left: 3em;"><font style="font-family: ARIAL;" class="_mt" size="1">Total deferred losses</font></p></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"> </td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(318</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(254</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td></tr>
<tr><td style="border-bottom: #8c8272 1px solid;" valign="top">
<p style="text-indent: -1em; margin-left: 4em;"><font style="font-family: ARIAL;" class="_mt" size="1">Net deferred losses</font></p></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(324</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(263</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td></tr>
<tr bgcolor="#e5e5e5"><td style="border-bottom: #8c8272 1px solid;" valign="top"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"><b>Income Statement Location</b></font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td></tr>
<tr><td valign="top" colspan="10">
<p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="1">Pre-tax gain/(loss) recognized in income</font></p></td>
<td valign="top">
<p style="text-indent: -1em; margin-left: 1em;"> </p></td></tr>
<tr bgcolor="#e5e5e5"><td valign="top"> </td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">Purchased power expense</font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(432</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">—</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td></tr>
<tr><td valign="top"> </td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">Gas purchased for resale</font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(7</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">—</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td></tr>
<tr bgcolor="#e5e5e5"><td style="border-bottom: #8c8272 1px solid;" valign="top"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">Non-utility revenue</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(5</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">)(b) </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">—</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td></tr>
<tr><td style="border-bottom: #8c8272 1px solid;" valign="top">
<p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="1">Total pre-tax gain/(loss) recognized in income</font></p></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">(444</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">) </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">—</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td></tr></table>
<p style="margin-top: 0px; margin-bottom: 0px; font-size: 6px;"> </p>
<table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr><td valign="top" width="3%" align="left"><font style="font-family: ARIAL;" class="_mt" size="1">(a)</font></td>
<td valign="top" align="left"><font style="font-family: ARIAL;" class="_mt" size="1">Qualifying derivative contracts, which have been designated as normal purchases or normal sales contracts, are not reported at fair value under the accounting rules for derivatives and hedging and, therefore, are excluded from the table. </font></td></tr></table>
<table style="border-collapse: collapse;" class="MetaData" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr><td valign="top" width="3%" align="left"><font style="font-family: ARIAL;" class="_mt" size="1">(b)</font></td>
<td class="MetaData" valign="top" align="left"><font style="font-family: ARIAL;" class="_mt" size="1">For the nine months ended September 30, 2009, Con Edison recorded in non-utility operating revenues an unrealized pre-tax gain of $2 million. </font></td></tr></table>
<p style="margin-top: 9px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">As of September 30, 2010, Con Edison had 1,475 contracts, including 693 CECONY contracts, which were considered to be derivatives under the accounting rules for derivatives and hedging (excluding qualifying derivative contracts, which have been designated as normal purchases or normal sales contracts). The following table presents the number of contracts by commodity type: </font></p>
<p style="margin-top: 0px; margin-bottom: 0px; font-size: 9px;"> </p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" align="center">
<tr><td width="29%"> </td>
<td valign="bottom" width="4%"> </td>
<td> </td>
<td> </td>
<td> </td>
<td valign="bottom" width="5%"> </td>
<td> </td>
<td> </td>
<td> </td>
<td valign="bottom" width="5%"> </td>
<td> </td>
<td> </td>
<td> </td>
<td valign="bottom" width="5%"> </td>
<td> </td>
<td> </td>
<td> </td>
<td valign="bottom" width="5%"> </td>
<td> </td>
<td> </td>
<td> </td>
<td valign="bottom" width="5%"> </td>
<td> </td>
<td> </td>
<td> </td>
<td valign="bottom" width="5%"> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr><td style="border-bottom: #8c8272 1px solid;" valign="bottom"> <font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" colspan="14" nowrap="nowrap" align="center"><font style="font-family: ARIAL;" class="_mt" size="1"><b>Electric Derivatives</b></font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" colspan="10" nowrap="nowrap" align="center"><font style="font-family: ARIAL;" class="_mt" size="1"><b>Gas Derivatives</b></font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td></tr>
<tr><td style="border-bottom: #8c8272 1px solid;" valign="bottom"> <font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><font style="font-family: ARIAL;" class="_mt" size="1"><b>Number of<br />Energy<br />Contracts(a)</b></font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><font style="font-family: ARIAL;" class="_mt" size="1"><b>MWhs(b)</b></font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><font style="font-family: ARIAL;" class="_mt" size="1"><b>Number of<br />Capacity<br />Contracts(a)</b></font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><font style="font-family: ARIAL;" class="_mt" size="1"><b>MWs(b)</b></font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><font style="font-family: ARIAL;" class="_mt" size="1"><b>Number of<br />Contracts(a)</b></font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><font style="font-family: ARIAL;" class="_mt" size="1"><b>Dths(b)</b></font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center">
<p style="margin-top: 0px; margin-bottom: 0px;" align="center"><font style="font-family: ARIAL;" class="_mt" size="1"><b>Total<br />Number of</b></font></p>
<p style="margin-top: 0px; margin-bottom: 1px;" align="center"><font style="font-family: ARIAL;" class="_mt" size="1"><b>Contracts(a)</b></font></p></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td></tr>
<tr bgcolor="#e5e5e5"><td valign="top">
<p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="1">Con Edison</font></p></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">690</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">18,268,063</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">63</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">9,075</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">722</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">141,570,000</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">1,475</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td></tr>
<tr><td style="border-bottom: #8c8272 1px solid;" valign="top">
<p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="1">CECONY</font></p></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">137</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">3,738,600</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">—</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">—</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">556</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">131,790,000</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">693</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td></tr></table>
<p style="margin-top: 0px; margin-bottom: 0px; font-size: 6px;"> </p>
<table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr><td valign="top" width="3%" align="left"><font style="font-family: ARIAL;" class="_mt" size="1">(a)</font></td>
<td valign="top" align="left"><font style="font-family: ARIAL;" class="_mt" size="1">Qualifying derivative contracts, which have been designated as normal purchases or normal sales contracts, are not reported at fair value under the accounting rules for derivatives and hedging and, therefore, are excluded from the table. </font></td></tr></table>
<table style="border-collapse: collapse;" class="MetaData" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr><td valign="top" width="3%" align="left"><font style="font-family: ARIAL;" class="_mt" size="1">(b)</font></td>
<td class="MetaData" valign="top" align="left"><font style="font-family: ARIAL;" class="_mt" size="1">Volumes are reported net of long and short positions. </font></td></tr></table>
<p style="margin-top: 0px; margin-bottom: 0px; font-size: 9px;"> </p>
<p style="margin-top: 0px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">The Companies also enter into electric congestion and gas basis swap contracts to hedge the congestion and transportation charges which are associated with electric and gas contracts and hedged volumes. </font></p>
<p style="margin-top: 9px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">The collateral requirements associated with, and settlement of, derivative transactions are included in net cash flows from operating activities in the Companies' consolidated statement of cash flows. Most derivative instrument contracts contain provisions that may require the Companies to provide collateral on derivative instruments in net liability positions. The amount of collateral to be provided will depend on the fair value of the derivative instruments and the Companies' credit ratings. </font></p>
<p style="margin-top: 0px; margin-bottom: 0px;"><font class="_mt" size="1"> </font> </p>
<p style="margin-top: 0px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">The aggregate fair value of all derivative instruments with credit-risk-related contingent features that are in a net liability position and collateral posted at September 30, 2010, and the additional collateral that would have been required to be posted had the lowest applicable credit rating been reduced one level and to below investment grade were: </font></p>
<p style="margin-top: 0px; margin-bottom: 0px; font-size: 9px;"> </p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" align="center">
<tr><td width="78%"> </td>
<td valign="bottom" width="9%"> </td>
<td> </td>
<td> </td>
<td> </td>
<td valign="bottom" width="9%"> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr><td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1"><i> </i><b><i>(Millions of Dollars)</i></b></font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><font style="font-family: ARIAL;" class="_mt" size="1"><b>Con Edison(a)</b></font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><font style="font-family: ARIAL;" class="_mt" size="1"><b>CECONY(a)</b></font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td></tr>
<tr bgcolor="#e5e5e5"><td valign="top">
<p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="1">Aggregate fair value – net liabilities</font></p></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">443</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">180</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td></tr>
<tr><td valign="top">
<p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="1">Collateral posted</font></p></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">240</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">92</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">(b) </font></td></tr>
<tr bgcolor="#e5e5e5"><td valign="top">
<p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="1">Additional collateral(c) (downgrade one level from current ratings(d))</font></p></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">53</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">35</font></td>
<td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td></tr>
<tr><td style="border-bottom: #8c8272 1px solid;" valign="top">
<p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="1">Additional collateral(c) (downgrade to below investment grade from current ratings(d))</font></p></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">324</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1">(e) </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font class="_mt" size="1"> </font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="1">$</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="1">103</font></td>
<td style="border-bottom: #8c8272 1px solid;" valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="1"> </font></td></tr></table>
<p style="margin-top: 0px; margin-bottom: 0px; font-size: 6px;"> </p>
<table style="border-collapse: collapse;" class="MetaData" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr><td valign="top" width="3%" align="left"><font style="font-family: ARIAL;" class="_mt" size="1">(a)</font></td>
<td class="MetaData" valign="top" align="left"><font style="font-family: ARIAL;" class="_mt" size="1">Non-derivative transactions for the purchase and sale of electricity and gas and qualifying derivative instruments, which have been designated as normal purchases or normal sales, are excluded from the table. These transactions primarily include purchases of electricity from independent system operators. In the event the Utilities and Con Edison's competitive energy businesses were no longer extended unsecured credit for such purchases, the Companies would be required to post collateral, which at September 30, 2010, would have amounted to an estimated $191 million for Con Edison, including $50 million for CECONY. For certain other such non-derivative transactions, the Companies could be required to post collateral under certain circumstances, including in the event counterparties had reasonable grounds for insecurity. </font></td></tr></table>
<table style="border-collapse: collapse;" class="MetaData" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr><td valign="top" width="3%" align="left"><font style="font-family: ARIAL;" class="_mt" size="1">(b)</font></td>
<td class="MetaData" valign="top" align="left"><font style="font-family: ARIAL;" class="_mt" size="1">Across the Utilities' energy derivative positions, credit limits for the same counterparties are generally integrated. At September 30, 2010, the Utilities posted combined collateral of $126 million, including an estimated $34 million attributable to O&R. </font></td></tr></table>
<table style="border-collapse: collapse;" class="MetaData" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr><td valign="top" width="3%" align="left"><font style="font-family: ARIAL;" class="_mt" size="1">(c)</font></td>
<td class="MetaData" valign="top" align="left"><font style="font-family: ARIAL;" class="_mt" size="1">The Companies measure the collateral requirements by taking into consideration the fair value amounts of derivative instruments that contain credit-risk-related contingent features that are in a net liabilities position plus amounts owed to counterparties for settled transactions and amounts required by counterparties for minimum financial security. The fair value amounts represent unrealized losses, net of any unrealized gains where the Companies have a legally enforceable right of setoff. </font></td></tr></table>
<table style="border-collapse: collapse;" class="MetaData" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr><td valign="top" width="3%" align="left"><font style="font-family: ARIAL;" class="_mt" size="1">(d)</font></td>
<td class="MetaData" valign="top" align="left"><font style="font-family: ARIAL;" class="_mt" size="1">The current ratings are Moody's, S&P and Fitch long-term credit rating of, as applicable, Con Edison (Baa1/BBB+/BBB+), CECONY (A3/A-/A-) or O&R (Baa1/A-/A-). Credit ratings assigned by rating agencies are expressions of opinions that are subject to revision or withdrawal at any time by the assigning rating agency. </font></td></tr></table>
<table style="border-collapse: collapse;" class="MetaData" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr><td valign="top" width="3%" align="left"><font style="font-family: ARIAL;" class="_mt" size="1">(e)</font></td>
<td class="MetaData" valign="top" align="left"><font style="font-family: ARIAL;" class="_mt" size="1">Derivative instruments that are net assets have been excluded from the table. At September 30, 2010, if Con Edison had been downgraded to below investment grade, it would have been required to post additional collateral for such derivative instruments of not more than $20 million. </font></td></tr></table>
<p style="margin-top: 0px; margin-bottom: 0px; font-size: 11px;"> </p>
<p style="margin-top: 0px; margin-bottom: 0px;"><font style="font-family: ARIAL;" class="_mt" size="2"><b>Interest Rate Swaps </b></font></p>
<p style="margin-top: 2px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">O&R has an interest rate swap related to its Series 1994A Debt (which debt was cancelled in August 2010, see Note C). O&R pays a fixed-rate of 6.09 percent and receives a LIBOR-based variable rate. The fair value of this interest rate swap at September 30, 2010 was an unrealized loss of $12 million, which has been included in Con Edison's consolidated balance sheet as a noncurrent liability/fair value of derivative liabilities and a regulatory asset. There was no material change in the fair value of the swap for the three and nine months ended September 30, 2010. In the event O&R's credit rating was downgraded to BBB- or lower by Standard & Poor's Rating Services or Baa3 or lower by Moody's Investors Service, the swap counterparty could elect to terminate the agreement and, if it did so, the parties would then be required to settle the transaction. </font></p> </div>
Note K — Derivative Instruments and Hedging Activities
Under the accounting rules for derivatives and hedging, derivatives are recognized on the balance
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This element can be used to disclose the entity's entire derivative instruments and hedging activities disclosure as a single block of text. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising there from, and the amounts of and methodologies and assumptions used in determining the amounts of such items.
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 45
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44
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UnKnown
UnKnown
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