CONSOLIDATED EDISON INC
For the period ended Sep 30, 2024. Filed Nov 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 7, 2024
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
| ☒ | Quarterly Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934 |
|---|
FOR THE QUARTERLY PERIOD ENDED September 30, 2024
OR
| ☐ | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
|---|
For the transition period from to
| CommissionFile Number · Exact name of registrant as specified in its charterand principal executive office address and telephone number · State ofIncorporation · I.R.S. EmployerID. Number | |||||
|---|---|---|---|---|---|
| 1-14514 | Consolidated Edison, Inc. | New York | 13-3965100 | ||
| 4 Irving Place, | New York, | New York | 10003 | ||
| (212) | 460-4600 | ||||
| 1-01217 | Consolidated Edison Company of New York, Inc. | New York | 13-5009340 | ||
| 4 Irving Place, | New York, | New York | 10003 | ||
| (212) | 460-4600 | ||||
Securities Registered Pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange on which registered |
|---|---|---|
| Consolidated Edison, Inc. | ED | New York Stock Exchange |
| Common Shares ($.10 par value) | ||
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
| Consolidated Edison, Inc. (Con Edison) | Yes | ☒ | No ☐ |
|---|---|---|---|
| Consolidated Edison Company of New York, Inc. (CECONY) | Yes | ☒ | No ☐ |
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
| Con Edison | Yes | ☒ | No ☐ |
|---|---|---|---|
| CECONY | Yes | ☒ | No ☐ |
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
| Con Edison | |||||
|---|---|---|---|---|---|
| Large accelerated filer | ☒ | Accelerated filer ☐ | Non-accelerated filer | ☐ | |
| Smaller reporting company | ☐ | Emerging growth company | ☐ | ||
| CECONY | |||||
| Large accelerated filer | ☐ | Accelerated filer ☐ | Non-accelerated filer | ☒ | |
| Smaller reporting company | ☐ | Emerging growth company | ☐ | ||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
| Con Edison | Yes | ☐ | No | ☒ |
|---|---|---|---|---|
| CECONY | Yes | ☐ | No | ☒ |
As of October 31, 2024, Con Edison had outstanding 346,412,190 Common Shares ($.10 par value). All of the outstanding common equity of CECONY is held by Con Edison.
Filing Format
This Quarterly Report on Form 10-Q is a combined report being filed separately by two different registrants: Consolidated Edison, Inc. (Con Edison) and Consolidated Edison Company of New York, Inc. (CECONY). CECONY is a wholly-owned subsidiary of Con Edison and, as such, the information in this report about CECONY also applies to Con Edison. As used in this report, the term the “Companies” refers to Con Edison and CECONY. However, CECONY makes no representation as to the information contained in this report relating to Con Edison or the subsidiaries of Con Edison other than itself.
Glossary of Terms
The following is a glossary of abbreviations or acronyms that are used in the Companies’ SEC reports:
| Con Edison Companies | |
|---|---|
| Con Edison | Consolidated Edison, Inc. |
| CECONY | Consolidated Edison Company of New York, Inc. |
| Clean Energy Businesses | Con Edison Clean Energy Businesses, Inc., a former subsidiary of Con Edison |
| Con Edison Transmission | Con Edison Transmission, Inc., together with its subsidiaries |
| O&R | Orange and Rockland Utilities, Inc. |
| RECO | Rockland Electric Company |
| The Companies | Con Edison and CECONY |
| The Utilities | CECONY and O&R |
| Regulatory Agencies, Government Agencies and Other Organizations | |
| FASB | Financial Accounting Standards Board |
| FERC | Federal Energy Regulatory Commission |
| IRS | Internal Revenue Service |
| NJBPU | New Jersey Board of Public Utilities |
| NYISO | New York Independent System Operator |
| NYPA | New York Power Authority |
| NYSDEC | New York State Department of Environmental Conservation |
| NYSDPS | New York State Department of Public Service |
| NYSPSC | New York State Public Service Commission |
| SEC | U.S. Securities and Exchange Commission |
| Accounting | |
| AFUDC | Allowance for Funds Used During Construction |
| ASC | Accounting Standards Codification Topic |
| ASU | Accounting Standards Update |
| GAAP | Generally Accepted Accounting Principles in the United States of America |
| HLBV | Hypothetical Liquidation at Book Value |
| NOL | Net Operating Loss |
| OCI | Other Comprehensive Income |
| VIE | Variable Interest Entity |
| Environmental | |
|---|---|
| GHG | Greenhouse gases |
| Superfund | Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 and similar state statutes |
| Units of Measure | |
| Dt | Dekatherm |
| kWh | Kilowatt-hour |
| MMlb | Million pounds |
| MW | Megawatt or thousand kilowatts |
| MWh | Megawatt hour |
| Other | |
| COVID-19 | Coronavirus Disease 2019 and any mutations or variants thereof |
| Third Quarter Financial Statements | Consolidated financial statements included in the Companies' Quarterly Report on Form 10-Q for the quarterly period ended September 30 of the current year |
| IRA | The federal Inflation Reduction Act, as enacted on August 16, 2022 |
| TCJA | The federal Tax Cuts and Jobs Act of 2017, as enacted on December 22, 2017 |
TABLE OF CONTENTS
| PAGE | ||
|---|---|---|
| PART I—Financial Information | ||
| ITEM 1 · Financial Statements (Unaudited) | ||
| Con Edison | ||
| Consolidated Income Statement | 7 | |
| Consolidated Statement of Comprehensive Income | 8 | |
| Consolidated Statement of Cash Flows | 9 | |
| Consolidated Balance Sheet | 11 | |
| Consolidated Statement of Equity | 13 | |
| CECONY | ||
| Consolidated Income Statement | 14 | |
| Consolidated Statement of Comprehensive Income | 15 | |
| Consolidated Statement of Cash Flows | 16 | |
| Consolidated Balance Sheet | 17 | |
| Consolidated Statement of Shareholder’s Equity | 19 | |
| Notes to the Financial Statements (Unaudited) | 20 | |
| ITEM 2 | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 48 |
| ITEM 3 | Quantitative and Qualitative Disclosures About Market Risk | 81 |
| ITEM 4 | Controls and Procedures | 81 |
| PART II—Other Information | 82 | |
| ITEM 1 | Legal Proceedings | 82 |
| ITEM 1A | Risk Factors | 82 |
| ITEM 6 | Exhibits | 82 |
| Signatures | 83 | |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.