CONSOLIDATED EDISON INC
For the period ended Mar 31, 2025. Filed May 1, 2025.
View on SEC.govAbout this filing
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.
Mar 31, 2025 · Filed May 1, 2025
ED$118.56-2.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-30; filed 2024-11-07.
0001047862-24-000064
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-05-01.
0001047862-25-000045
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 320 previous paragraphs and 220 current paragraphs.
69 unchanged; 77 reworded; 68 added; 158 removed; 16 previous and 6 current paragraphs rearranged.
Tables are not compared: 45 previous and 29 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (68)
Current report
CECONY Electric and Gas Rate Plans
Current report
In January 2025, as updated in April 2025, CECONY filed requests with the NYSPSC for electric and gas rate increases of $1,608 million and $349 million, respectively, effective January 2026. The filings reflect a return on common equity of 10.0 percent and a common equity ratio of 48 percent. CECONY’s future earnings will depend on the rates authorized in, and the other provisions of, its January 2026 electric and gas rate plans and CECONY’s ability to operate its businesses in a manner consistent with such rate plans. Therefore, the outcome of CECONY’s rate requests, which require approval by the NYSPSC, will impact the Companies’ future financial condition, results of operations and liquidity. See “Rate Plans” in Note B to the First Quarter Financial Statements.
Current report
O&R’s rate plans include reconciliation of uncollectible expenses and late payment charges that are subject to a combined annual threshold of $0.9 million and $0.5 million for electric and gas, respectively. Once the threshold is met, O&R will defer the variance between actual uncollectible expense and late payment charge, and the level set forth in rates that is above the threshold. Recovery/refunds will be made via surcharge/sur-credit. Surcharge recovery is subject to an annual cap that produces no more than a 0.5 percent total customer bill impact per commodity. Amounts in excess of the surcharge caps will be deferred as a regulatory asset for recovery in O&R’s next base rate cases.
Current report
In particular, CECONY, in an effort to reduce aged accounts receivables balances, plans to continue to execute on its integrated collections strategy, which includes, among other things, implementation of payment arrangements, enhanced digital and mail communications to customers regarding collections, increased field collections by hiring new field collectors and increasing collector efficiency and employing additional call center representatives to handle in-bound call volumes. O&R's collection strategy aligns with that of CECONY's in many respects.
Current report
Electric Supply
Current report
Most of the electricity sold by CECONY to its full-service customers in 2025 was purchased through the wholesale electricity market administered by the NYISO. To reduce the volatility of its full-service customers’ electric energy costs, the company enters into derivative transactions to hedge the costs of a portion of its expected purchases through the NYISO’s wholesale electricity market.
Current report
The NYISO is interconnected with two Canadian system operators, Ontario’s Independent Electricity System Operator and Hydro-Québec, allowing for up to approximately 2500 MW and 2100 MW of imports from Ontario to New York and from Quebec to New York, respectively.
Current report
Beginning in February 2025, the President of the United States issued an executive order imposing a 10 percent tariff on most Canadian imports to the United States of “energy or energy resources.” This executive order took effect on March 4, 2025 with an exemption for goods compliant with the United States-Mexico-Canada Agreement. The federal government has not provided guidance regarding the applicability of tariffs to imported Canadian electricity and, as of March 31, 2025, no tariffs are being applied to electricity sales. In March 2025, Ontario announced a 25 percent surcharge on all U.S.-bound electricity that was subsequently paused.
Current report
These tariffs, if implemented, may result in increases in electric commodity prices. The Utilities do not make any margin or profit on the electricity they sell and generally recover these costs pursuant to their rate plans.
Current report
The Companies are monitoring these actions closely, but are unable to predict changes in regulations, regulatory guidance, legal interpretations, policy positions and implementation actions that may result from these governmental actions.
Current report
Federal Regulation
Current report
Beginning in January 2025, a series of executive orders and presidential memoranda were issued (collectively, Presidential Actions) designed to address areas such as environmental and energy regulations, domestic energy production and retention of domestic generation resources, among other things.
Current report
In April 2025, an executive order was issued by the President of the United States that directs the Attorney General to identify and take action against state laws and policies that burden the use of domestic energy resources and that are unconstitutional, preempted by federal law, or otherwise unenforceable (the April 2025 Executive Order). The April 2025 Executive Order directs the Attorney General to identify and stop the enforcement of laws and policies purporting to address climate change or involving environmental, social and governance initiatives, environmental justice, carbon or greenhouse gas emissions and funds to collect carbon penalties or carbon taxes.
Current report
The Companies are monitoring these actions closely in an effort to understand any potential impact on the Companies. The Companies are unable to predict changes in regulations, regulatory guidance, legal interpretations, policy positions and implementation actions that may result from the Presidential Actions and the April 2025 Executive Order.
Current report
In April 2025, construction of relevant marine activities associated with Empire Wind 1 offshore wind project (810 MW) were suspended in compliance with a stop work order issued by the United States Bureau of Ocean Energy Management. See "Federal Regulation," above. The project was expected to enter commercial operation in 2027 and connect to the New York City electrical grid at CECONY’s Gowanus substation. CECONY is monitoring this development. The NYISO evaluates electric reliability and supply in New York State.
Current report
Con Edison Transmission, throughits New York Transco partnership and jointly with the New York Power Authority, is developing the Propel NY Energy transmission project, a 90-mile electric transmission project that is expected to increase high voltage transmission connections between Long Island and the rest of New York State. Con Edison Transmission is also participating in competitive solicitations to develop additional electric projects. The success of Con Edison Transmission’s efforts in these competitive solicitations and to grow its electric transmission portfolio may impact Con Edison’s future capital requirements. In January 2025, the President of the United States issued an executive order temporarily withdrawing all areas on the outer continental shelf from new offshore wind leasing, pending review by the new Administration, noting that nothing in this withdrawal affects rights under existing leases in the withdrawn areas, and further that with respect to such existing leases, the Secretary of the Interior, in consultation with the Attorney General as needed, shall conduct a comprehensive review of the ecological, economic, and environmental necessity of terminating or amending any existing wind energy leases. See“Federal Regulation” above.
Current report
Con Edison Transmission is considering strategic alternatives with respect to its investment in MVP and both Con Edison Transmission and CECONY are considering strategic alternatives with respect to their investments in Honeoye.
Current report
(a)Other includesthe parent company, Con Edison’s tax equity investments, consolidation adjustments and Broken Bow II, the deferred project that was classified as held for sale at December 31, 2024, the sale and transfer of which was completed in January 2025. See Note Q and Note R to the First Quarter Financial Statements.
Current report
(b)Other includesthe parent company, Con Edison’s tax equity investments, consolidation adjustments and Broken Bow II, the deferred project that was classified as held for sale at December 31, 2024, the sale and transfer of which was completed in January 2025. See Note Q and Note Rto the First Quarter Financial Statements.
Current report
(a)Other includesthe parent company, Con Edison’s tax equity investments, consolidation adjustments and Broken Bow II, the deferred project that was classified as held for sale at December 31, 2024, the sale and transfer of which was completed in January 2025. See Note Q and Note Rto the First Quarter Financial Statements.
Current report
(b)“Residential/Religious” generally includes single-family dwellings, individual apartments in multi-family dwellings, religious organizations and certain other not-for-profit organizations.
Current report
Purchased power expenses increased $53 million in the three months ended March 31, 2025 compared with the 2024 period due to higher purchased volumes ($36 million) and higher unit costs ($17 million).
Current report
Other operations and maintenance expenses increased $47 million in the three months ended March 31, 2025 compared with the 2024 period primarily due to higher total surcharges for assessments and fees that are collected in revenues from customers ($20 million), higher stock-based compensation ($16 million) and higher health care costs ($11 million).
Current report
Operating revenues increased $158 million in the three months ended March 31, 2025 compared with the 2024 period primarily due to an increase in gas revenues under the company's gas rate plan ($89 million) and higher gas purchased for resale expenses ($70 million), offset in part by higher interest accrual on net plant reconciliations ($8 million).
Current report
Gas purchased for resale increased $70 million in the three months ended March 31, 2025 compared with the 2024 period due to higher unit costs ($55 million) and higher purchased volumes ($15 million).
Current report
Other operations and maintenance expenses increased $11 million in the three months ended March 31, 2025 compared with the 2024 period primarily due to higher total surcharges for assessments and fees that are collected in revenues from customers ($4 million), uncollectible expenses ($4 million) and higher stock-based compensation ($3 million).
Current report
Taxes, other than income taxes increased $48 million in the three months ended March 31, 2025 compared with the 2024 period primarily due to lower deferral of under-collected property taxes ($34 million), higher property taxes ($9 million) and higher state and local revenue taxes ($5 million).
Current report
Fuel expenses increased$31 million in the three months ended March 31, 2025 compared with the 2024 period due to higher unit costs ($26 million) and higher purchased volumes from the company’s steam generating facilities ($5 million).
Current report
Taxes, Other Than Income Taxes
Current report
(a)Including sales tax on customers’ bills, total taxes other than income taxes in 2025 and 2024 were $1,157 million and $978 million, respectively.
Current report
Other Income (Deductions)
Current report
Other income increased $42 million in the three months ended March 31, 2025 compared with the 2024 period primarily due to higher credits associated with components of pension and other postretirement benefits other than service cost ($46 million), offset in part by higher expenses resulting from investment performance in the deferred compensation plan ($7 million).
Current report
Net Interest Expense
Current report
Income Tax Expense
Current report
(b)“Residential/Religious” generally includes single-family dwellings, individual apartments in multi-family dwellings, religious organizations and certain other not-for-profit organizations.
Current report
Operating revenues increased $20 million in the three months ended March 31, 2025 compared with the 2024 period primarily due to higher purchased power expenses ($16 million) and higher revenues from the company's New York electric rate plan($5 million).
Current report
Operating revenues increased $28 million in the three months ended March 31, 2025 compared with the 2024 period primarily due to higher gas purchased for resale ($24 million) and revenues from the company's New York gas rate plan ($4 million).
Current report
Gas purchased for resale increased $24 million in the three months ended March 31, 2025 compared with the 2024 period due to higher purchased volumes ($12 million) and higher unit costs ($12 million).
Current report
Taxes, Other Than Income Taxes
Current report
(a)Including sales tax on customers’ bills, total taxes other than income taxes in 2025 and 2024 were $34 million and $33 million, respectively.
Showing the first 40 of 68 passages. Open the source sections for the rest.
Removed paragraphs (158)
Previous report
In May 2024, the NYSPSC issued an order implementing amendments to certain provisions of the New York State Public Service Law that require utilities, including CECONY and O&R, to bill most residential and small non-residential customers within three months instead of six months of the end of their service period, to provide 13 months of usage information on all electric, gas and steam bills and to make available two years of historical billing information upon customer request. The NYSPSC also ordered the NYSDPS to further consider regulations that would expand the new billing requirements to large non-residential customers and to prohibit utilities, including CECONY and O&R, from recovering revenue lost due to untimely billing.
Previous report
Con Edison Transmission, through its New York Transco partnership and jointly NYPA, is developing the Propel NY Energy transmission project that will deliver offshore wind energy from Long Island to New York City, Westchester County and the rest of New York State's high voltage power grid. Con Edison Transmission is also participating in competitive solicitations to develop additional electric projects, including a proposal submitted in April 2024 with another entity to build transmission infrastructure that will carry offshore wind power to New Jersey's electric grid and multiple proposals submitted in June 2024 through its New York Transco partnership to integrate electricity produced from offshore wind into New York City's energy grid. The success of Con Edison Transmission’s efforts in these competitive solicitations and to grow its electric transmission portfolio may impact Con Edison’s future capital requirements.
Previous report
During the summer of 2024, electric peak demand in CECONY's service area was 11,822 MW (which occurred on July 16, 2024). At design conditions, electric peak demand in CECONY's service area would have been approximately 12,540 MW in 2024 compared to the company's forecast of 12,800 MW. The lower peak demand at design conditions as compared to the forecast primarily reflects lower than anticipated new business. CECONY increased its five-year forecast of average annual growth in electric peak demand in its service area at design conditions from approximately 0.7 percent (for 2024 to 2028) to approximately 1.0 percent (for 2025 to 2029).
Previous report
In June 2024, CECONY decreased its five-year forecast of average annual growth of the firm peak gas demand in its service area at design conditions from approximately 0.8 percent (for 2024 to 2028) to approximately 0.1 percent (for 2025 to 2029). The decrease is reflective of and aligned with state and local clean energy future policies driving the phase-out of the use of natural gas.
Previous report
In June 2024, CECONY increased its five-year forecast of the average annual peak steam demand in its service area at design conditions from a 0.5 percent decrease (for 2024 to 2028) to a 0.4 percent decrease (for 2025 to 2029). The increase is reflective of and aligned with local policies driving the phase-out of the use of natural gas along with an anticipated increase in oil-to-steam customer conversions.
Previous report
Collective Bargaining Agreement
Previous report
In June 2024, CECONY reached a collective bargaining agreement with its largest union covering approximately 7,300 employees. The union subsequently ratified the four-year agreement with an effective date of June 23, 2024.
Previous report
During the summer of 2024, electric peak demand in O&R's service area was 1,484 MW (which occurred on July 16, 2024). At design conditions, electric peak demand in O&R's service area would have been approximately 1,533 MW in 2024 compared to O&R's forecast of 1,530 MW. O&R increased its five-year forecast of average annual growth in electric peak demand in its service area at design conditions from approximately 2.0 percent (for 2024 to 2028) to approximately 3.7 percent (for 2025 to 2029).
Previous report
In June 2024, O&R increased its five-year forecast of the average annual firm peak gas demand in its service area at design conditions from a 0.2 percent decrease (for 2024 to 2028) to a 0.1 percent decrease (for 2025 to 2029). This change is reflective of and aligned with state clean energy future policies driving the phase-out of the use of natural gas.
Previous report
Net income for common stock and earnings per share for the three and nine months ended September 30, 2024 and 2023 were as follows:
Previous report
(a)Net income for common stock from the Clean Energy Businesses for the nine months ended September 30, 2023 included $(9) million or $(0.03) a share net after-tax mark-to-market effects. Net income for common stock and earnings per share from the Clean Energy Businesses for the nine months ended September 30, 2023 also includes $2 million or $0.01 a share (after-tax) net of the effects of HLBV accounting for tax equity investments in certain renewable electric projects. Depreciation and amortization expenses on their assets of $31 million or $0.09 a share (after-tax) were not recorded for the nine months ended September 30, 2023.
Previous report
Net income for common stock and earnings per share for thenine months ended September 30, 2023 included an immaterial amount or $0.00 a share net of income tax impact on the net after-tax mark-to-market effects. Net income for common stock and earnings per share for the three and nine months ended September 30, 2023, respectively, also included $(3) million or $(0.01) a share and $(7) million or $(0.02) a share net of income tax impact on the effects of HLBV accounting for tax equity investments in certain renewable electric projects. Net income for common stock for the three and nine months ended September 30, 2023 also included $(5) million or $(0.01) a share and $(13) million and $(0.04) a share of transaction costs and other accruals, respectively, related to the sale of all of the stock of the Clean Energy Businesses (net of tax). Impact of the sale of the Clean Energy Businesses on the changes in state unitary tax apportionments (net of federal taxes) is $(7) million or $(0.02) per share and $(17) million or $(0.05) per share for the three and nine months ended September 30, 2023, respectively. Depreciation and amortization expenses on the assets of the Clean Energy Businesses of $(3) million or $(0.01) a share (after-tax) were not recorded for thenine months ended September 30, 2023. Net income for common stock and earnings per share for the three months ended September 30, 2023 included an increase in the state taxes on sale of $(19) million or $(0.05) a share. Net income for common stock and earnings per share for thenine months ended September 30, 2023 included $784 million (after-tax) or $2.25 a share (after-tax) for the gain on the sale of all of the stock of the Clean Energy Businesses. See Note R and Note S to the Third Quarter Financial Statements.
Previous report
(e) On March 1, 2023, Con Edison completed the sale of all of the stock of the Clean Energy Businesses. See Note R and Note S to the Third Quarter Financial Statements.
Previous report
(b)Other includes the impact of the NYSPSC order denying an April 2023 petition by CECONY that requested permission to capitalize costs to implement its new customer billing and information system for the nine months ended September 30, 2024 ($51 million).
Previous report
(c)On March 1, 2023, Con Edison completed the sale of all of the stock of the Clean Energy Businesses. See Note R and Note S to the Third Quarter Financial Statements.
Previous report
(d)Other includes the parent company, Con Edison’s tax equity investments, the deferred project held for sale and consolidation adjustments. See Note Sto the Third Quarter Financial Statements.
Previous report
(a)Other includes the parent company, Con Edison’s tax equity investments, the deferred project held for sale and consolidation adjustments. See Note Sto the Third Quarter Financial Statements.
Previous report
Purchased power expenses decreased $76 million in the three months ended September 30, 2024 compared with the 2023 period due to lower purchased volumes ($11 million) and lower unit costs ($65 million).
Previous report
Other operations and maintenance expenses increased $52 million in the three months ended September 30, 2024 compared with the 2023 period primarily due to higher total surcharges for assessments and fees that are collected in revenues from customers ($37 million) and an increase in stock-based compensation ($9 million).
Previous report
Depreciation and amortization expenses increased $24 million in the three months ended September 30, 2024 compared with the 2023 period primarily due to higher electric utility plant balances.
Previous report
(c)Incl udes 725 thousand and 1,819 thousand of Dt for the 2024 and 2023 periods, respectively, that are also reflected in firm transportation and other.
Previous report
Gas purchased for resale decreased $3 million in the three months ended September 30, 2024 compared with the 2023 period due to lower unit costs ($7 million), offset in part by higher purchased volumes ($4 million).
Previous report
Other operations and maintenance expenses increased $3 million in the three months ended September 30, 2024 compared with the 2023 period primarily due to an increase in stock-based compensation ($2 million).
Previous report
Depreciation and amortization expenses increased $9 million in the three months ended September 30, 2024 compared with the 2023 period primarily due to higher gas utility plant balances.
Previous report
Taxes, other than income taxes increased $14 million in the three months ended September 30, 2024 compared with the 2023 period primarily due to higher property taxes ($11 million) and lower deferral of under-collected property taxes ($4 million), offset in part by lower state and local revenue taxes ($2 million).
Previous report
Operating revenues remained consistent in the three months ended September 30, 2024 compared with the 2023 period.
Previous report
Taxes, other than income taxes increased $12 million in the three months ended September 30, 2024 compared with the 2023 period primarily due to a lower deferral of under-collected property taxes ($10 million) and higher property taxes ($2 million).
Previous report
(a)Including sales tax on customers’ bills, total taxes other than income taxes in 2024 and 2023 were $1,025 million and $990 million, respectively.
Previous report
Other income decreased $46 million in the three months ended September 30, 2024 compared with the 2023 period primarily due to lower credits associated with components of pension and other postretirement benefits other than service cost ($44 million).
Previous report
Operating revenues increased $47 million in the three months ended September 30, 2024 compared with the 2023 period primarily due to higher purchased power expenses ($24 million) and higher revenues from the New York electric rate plan($17 million).
Previous report
Other operations and maintenance expenses increased $7 million in the three months ended September 30, 2024 compared with the 2023 period primarily due to higher costs to comply with the New Jersey Clean Energy Act ($2 million), higher regulatory amortizations ($2 million), higher non-deferred storm costs ($1 million) and higher tree trimming costs ($1 million).
Previous report
Operating revenues increased $1 million in the three months ended September 30, 2024 compared with the 2023 period primarily due to a change in incentives earned under the earnings adjustment mechanisms ($3 million), offset in part by lower gas purchased for resale ($4 million).
Previous report
Other income decreased $4 million in the three months ended September 30, 2024 compared with the 2023 period primarily due to lower credits associated with components of pension and other postretirement benefits other than service cost ($4 million).
Previous report
Other income increased $8 million in the three months ended September 30, 2024 compared with the 2023 period due to higher investment income from MVP ($8 million).
Previous report
Income taxes decreased $24 million in the three months ended September 30, 2024 compared with the 2023 period due to non-recurring state taxes on the gain on the sale of all of the stock of the Clean Energy Businesses ($24 million) recognized in 2023.
Previous report
(a)On March 1, 2023, Con Edison completed the sale of all of the stock of the Clean Energy Businesses. See Note R and Note S to the Third Quarter Financial Statements.
Previous report
(b)Other includes the parent company, Con Edison’s tax equity investments, the deferred project held for sale and consolidation adjustments. See Note Sto the Third Quarter Financial Statements.
Previous report
(c)Represents the consolidated results of operations of Con Edison and its businesses.
Previous report
CECONY’s results of electric operations for the nine months ended September 30, 2024 compared with the 2023 period were as follows:
Previous report
CECONY’s electric sales and deliveries for the nine months ended September 30, 2024 compared with the 2023 period were:
Showing the first 40 of 158 passages. Open the source sections for the rest.
Reworded paragraphs (77)
Previous wording
This combined management’s discussion and analysis of financial condition and results of operations (MD&A) relates to the consolidated financial statements (the Third Quarter Financial Statements) included in this report of two separate registrants: Consolidated Edison, Inc. (Con Edison) and Consolidated Edison Company of New York, Inc. (CECONY). As used in this report, the term the “Companies” refers to Con Edison and CECONY. CECONY is a subsidiary of Con Edison and, as such, information in this MD&A about CECONY applies to Con Edison.
Current wording
This combined management’s discussion and analysis of financial condition and results of operations (MD&A) relates to the consolidated financial statements (the First Quarter Financial Statements) included in this report of two separate registrants: Consolidated Edison, Inc. (Con Edison) and Consolidated Edison Company of New York, Inc. (CECONY). As used in this report, the term the “Companies” refers to Con Edison and CECONY. CECONY is a subsidiary of Con Edison and, as such, information in this MD&A about CECONY applies to Con Edison.
Previous wording
This MD&A should be read in conjunction with the Third Quarter Financial Statements and the notes thereto and the MD&A in Item 7 of the Companies’ combined Annual Report on Form 10-K for the year ended December 31, 2023 (File Nos.1-14514 and 1-01217, the Form 10-K) and the MD&A in Part 1, Item 2 of the Companies' combined Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2024 and June 30, 2024 (File Nos. 1-14514 and 1-01217).
Current wording
This MD&A should be read in conjunction with the First Quarter Financial Statements and the notes thereto and the MD&A in Item 7 of the Companies’ combined Annual Report on Form 10-K for the year ended December 31, 2024 (File Nos.1-14514 and 1-01217, the Form 10-K).
Previous wording
Con Edison, incorporated in New York State in 1997, is a holding company that owns all of the outstanding common stock of CECONY, Orange and Rockland Utilities, Inc. (O&R) and Con Edison Transmission, Inc. As used in this report, the term the “Utilities” refers to CECONY and O&R.
Current wording
Con Edison, incorporated in New York State in 1997, is a holding company that owns all of the outstanding common stock of CECONY, Orange and Rockland Utilities, Inc. (O&R) and Con Edison Transmission, Inc. (together with its subsidiaries, “Con Edison Transmission”). As used in this report, the term the “Utilities” refers to CECONY and O&R.
Previous wording
Con Edison’s principal business operations are those of the Utilities and Con Edison Transmission. CECONY’s principal business operations are its regulated electric, gas and steam delivery businesses. O&R’s principal business operations are its regulated electric and gas delivery businesses. Con Edison Transmission, through its subsidiaries, invests in electric transmission projects supporting Con Edison's effort to transition to clean, renewable energy and manages, through joint ventures, both electric and gas assets while seeking to develop electric transmission projects that will bring clean, renewable electricity to customers focusing on New York and the Northeast. See "Investments" in Note A to the Third Quarter Financial Statements. On March 1, 2023, Con Edison completed the sale of all of the stock of the Clean Energy Businesses. See Note R and Note S to the Third Quarter Financial Statements.
Current wording
Con Edison’s principal business operations are those of the Utilities and Con Edison Transmission. CECONY’s principal business operations are its regulated electric, gas and steam delivery businesses. O&R’s principal business operations are its regulated electric and gas delivery businesses. Con Edison Transmission, through its subsidiaries, invests in electric transmission projects and manages, through joint ventures, both electric and gas assets while seeking to develop electric transmission projects. Con Edison Transmission is considering strategic alternatives with respect to its investment in Mountain Valley Pipeline, LLC (MVP) and both Con Edison Transmission and CECONY are considering strategic alternatives with respect to their investments in Honeoye Storage Corporation (Honeoye). See“Investments” in Note A to the First Quarter Financial Statements and“Con Edison Transmission” below.
Previous wording
Con Edison seeks to provide shareholder value through continued dividend growth, supported by earnings growth in regulated utilities and contracted electric transmission assets. Con Edison invests to provide reliable, resilient, safe and clean energy critical for its New York and New Jersey customers. Con Edison is a responsible neighbor, helping the communities it serves become more sustainable.
Current wording
Con Edison seeks to provide shareholder value through continued dividend growth, supported by earnings growth in regulated utilities and electric transmission assets. Con Edison invests to provide reliable, resilient, safe and clean energy critical for its New York and New Jersey customers. Con Edison is a responsible neighbor, helping the communities it serves become more sustainable.
Previous wording
In addition to the Companies’ material contingencies described in Notes B, G and H to the Third Quarter Financial Statements, the Companies’ management considers the following events, trends, and uncertainties to be important to understanding the Companies’ current and future financial condition.
Current wording
In addition to the risks and uncertainties described in Item 1A and the Companies’ material contingencies described in Notes B, G and H to the First Quarter Financial Statements, the Companies’ management considers the following events, trends, and uncertainties to be important to understanding the Companies’ current and future financial condition.
Previous wording
At September 30, 2024, CECONY’s and O&R’s customer accounts receivables balances of $2,904 million and $123 million, respectively, included aged accounts receivables (balances outstanding in excess of 60 days) of $1,654 million and $34 million, respectively. In comparison, CECONY’s and O&R’s customer accounts receivable balances at February 28, 2020 were $1,322 million and $89 million, respectively, including aged accounts receivables (balances outstanding in excess of 60 days) of $408 million and $15 million, respectively. Prior to the start of the COVID-19 pandemic, the Utilities’ practice was to write off customer accounts receivables as uncollectible 90 days after the account is disconnected for non-payment or the account is closed during the collection process. In general, the Utilities suspended collection activities and service disconnections during the COVID-19 pandemic and have since resumed such activities. CECONY’s rate plans include reconciliation of late payment charges (from January 1, 2023 through December 31, 2025 for electric and gas and from January 1, 2020 through October 31, 2026 for steam) and write-offs of customer accounts receivable balances (from January 1, 2020 through December 31, 2025 for electric and gas and from January 1, 2020 through October 31, 2026 for steam) to amounts reflected in rates, with recovery/refund from or to customers via surcharge/sur-credit. CECONY's surcharge recoveries for late payment charges and write-offs of accounts receivable balances will, collectively, be subject to separate annual caps for electric and gas that produce no more than a half percent (0.5 percent) total customer bill impact per commodity (estimated for electric to be $57.3 million, $60.3 million, $62.6 million for 2023, 2024 and 2025, respectively, and for gas to be $14.8 million, $15.9 million and $16.8 million for 2023, 2024 and 2025, respectively). CECONY's surcharge recoveries for late payment charges and write-offs of accounts receivables for steam will each be subject to an annual cap that produces no more than half percent (0.5 percent) total customer bill impact (estimated to be $2.5 million, $3.0 million and $3.5 million for 2024, 2025 and 2026, respectively). Amounts in excess of the surcharge caps will be deferred as a regulatory asset for recovery in CECONY’s next base rate cases. O&R’s 2022 - 2024 rate plans include reconciliation of late payment charges to amounts reflected in rates for years 2022 through 2024, with full recovery/refund via surcharge/sur-credit once the annual variance equals or exceeds 5 basis points of return on equity and reconciliation of write-offs of customer accounts receivable balances to amounts reflected in rates from January 1, 2020 through December 31, 2024, with full recovery/refund via surcharge/sur-credit once the annual variance equals or exceeds 5 basis points of return on equity. Although these regulatory mechanisms are in place, a continued increase in accounts receivable bala…
Excerpt shortened here; the source contains the full paragraph.
Current wording
CECONY’s rate plans include reconciliation of late payment charges (from January 1, 2023 through December 31, 2025 for electric and gas and from January 1, 2020 through October 31, 2026 for steam) and write-offs of customer accounts receivable balances (from January 1, 2020 through December 31, 2025 for electric and gas and from January 1, 2020 through October 31, 2026 for steam) to amounts reflected in rates, with recovery/refund from or to customers via surcharge/sur-credit. CECONY's surcharge recoveries for late payment charges and write-offs of accounts receivable balances will, collectively, be subject to separate annual caps for electric and gas that produce no more than a half percent (0.5 percent) total customer bill impact per commodity (estimated for electric to be $57.3 million, $60.3 million, $62.6 million for 2023, 2024 and 2025, respectively, and for gas to be $14.8 million, $15.9 million and $16.8 million for 2023, 2024 and 2025, respectively). CECONY's surcharge recoveries for late payment charges and write-offs of accounts receivables for steam will each be subject to an annual cap that produces no more than a half percent (0.5 percent) total customer bill impact (estimated to be $2.5 million, $3.0 million and $3.5 million for 2024, 2025 and 2026, respectively). Amounts in excess of the surcharge caps will be deferred as a regulatory asset for recovery in CECONY’s next base rate cases.
Previous wording
Thesuccess of the Companies’ efforts to meet federal, state and city clean energy policy goals and the impact of energy consumers' efforts to meet such goals on CECONY’s electric, gas and steam businesses and O&R’s electric and gas businesses may impact the Companies’ future financial condition. The Utilities expect electric usage to increase and gas and steam usage to decrease in their service territories as federal, state and local laws and policies are enacted and implemented that aim to reduce the carbon intensity of the energy that is consumed in their respective jurisdictions. The Utilities’ and their regulators’ efforts to maintain electric reliability in their service territories as electric usage increases may also impact the Companies’ future financial condition. The long-term future of the Utilities’ gas businesses depends upon the role that natural gas or other gaseous fuels will play in facilitating New York State’s and New York City’s climate goals. In addition, the impact and costs of climate change on the Utilities’ systems and the success of the Utilities’ efforts to maintain system reliability and manage service interruptions resulting from severe weather may impact the Companies’ future financial condition, results of operations and liquidity.
Current wording
Thesuccess of the Companies’efforts to meet federal, state and city clean energy policy goals and the impact of energy consumers' efforts to meet such goals on CECONY’s electric, gas and steam businesses and O&R’s electric and gas businesses may impact the Companies’ future financial condition. The Utilities expect electric usage to increase and gas and steam usage to decrease in their service territories as federal, state and local laws and policies are enacted and implemented that aim to reduce the carbon intensity of the energy that is consumed in their respective jurisdictions. The Utilities’ and their regulators’ efforts to maintain electric reliability in their service territories as electric usage increases may also impact the Companies’ future financial condition. The long-term future of the Utilities’ gas businesses depends upon the role that natural gas or other gaseous fuels will play in facilitating New York State’s and New York City’s climate goals. In addition, the impact and costs from climate change impacts on the Utilities’ systems and the success of the Utilities’ efforts to maintain system reliability and manage service interruptions resulting from severe weather may impact the Companies’ future financial condition, results of operations and liquidity. See “Federal Regulation,” above.
Previous wording
CECONY delivers gas to approximately 1.1 million customers in Manhattan, the Bronx, parts of Queens and most of Westchester County.
Current wording
CECONY delivers gas to approxima tely 1.1 million customers in Manhattan, the Bronx, parts of Queens and most of Westchester County.
Previous wording
CECONY operates the largest steam distribution system in the United States by producing and delivering approximately 15,444 MMlb of steam annually to approximately 1,510 customers in parts of Manhattan.
Current wording
CECONY operates the largest steam distribution system in the United States by producing and delivering approximately 15,494 MMlb of steam annually to approxi mately 1,500 custo mers in parts of Manhattan.
Previous wording
O&R and its utility subsidiary, Rockland Electric Company (RECO) (together referred to herein as O&R) provide electric service to approximately 0.3 million customers in southeastern New York and northern New Jersey an approximately 1,300 square mile service area.
Current wording
O&R and its utility subsidiary, Rockland Electric Company (RECO) (together referred to herein as O&R) provide electric service to approxi mately 0.3 million customers in southeastern New York and northern New Jersey an approximately 1,300 square mile service area.
Previous wording
On August 16, 2022, the Inflation Reduction Act of 2022 (the IRA) was signed into law and included a new 15 percent Corporate Alternative Minimum Tax (CAMT). Under the IRA, a corporation is subject to the CAMT if its average annual adjusted financial statement Income for the three taxable year period ending prior to the taxable year exceeds $1,000 million, and applies to tax years beginning after December 31, 2022. Con Edison and CECONY were not subject to the CAMT in 2023 and are subject to the CAMT beginning in 2024. The Companies are continuing to assess the impacts of the IRA on their financial statements and will update estimates based on future guidance to be issued by the Department of the Treasury.
Current wording
On August 16, 2022, the Inflation Reduction Act (IRA) was signed into law and implemented a new corporate alternative minimum tax (CAMT) that imposed a 15 percent tax on modified GAAP net income. Under the IRA, a corporation is subject to the CAMT if its average annual adjusted financial statement income for the three taxable year period ending prior to the taxable year exceeds $1,000 million, and applies to tax years beginning after December 31, 2022. Pursuant to the IRA, corporations are entitled to a tax credit (minimum tax credit) to the extent the CAMT liability exceeds the regular tax liability. This amount can be carried forward indefinitely and used in future years when regular tax liability exceeds the CAMT liability.
Previous wording
In April 2021, New York passed a law that increased the corporate franchise tax rate on business income from 6.5 percent to 7.25 percent, retroactive to January 1, 2021, for taxpayers with taxable income greater than $5 million. The law also reinstated the business capital tax at 0.1875 percent, not to exceed a maximum tax liability of $5 million per taxpayer. New York requires a corporate franchise taxpayer to calculate and pay the highest amount of tax under the three alternative methods: a tax on business income; a tax on business capital; or a fixed dollar minimum. The provisions to increase the corporate franchise tax rate and reinstate a capital tax were scheduled to expire after 2023. In May 2023, New York passed a law that extended the increase in the corporate franchise tax rate from 6.5 percent to 7.25 percent for an additional three years, through tax year 2026 and extended the business capital tax through tax year 2026. New York also passed a law establishing a permanent rate of 30 percent for the metropolitan transportation business tax surcharge. As a result of the sale of all of the stock of the Clean Energy Businesses in 2023, Con Edison’s New York State taxable income was higher than $5 million and it was subject to the higher 7.25 percent rate (9.425 percent with the surcharge rate) on its taxable income for tax year 2023, but is not expected to be subject to the higher rate in tax year 2024.
Current wording
In April 2021, New York passed a law that increased the corporate franchise tax rate on business income from 6.5 percent to 7.25 percent, retroactive to January 1, 2021, for taxpayers with taxable income greater than $5 million. The law also reinstated the business capital tax at 0.1875 percent, not to exceed a maximum tax liability of $5 million per taxpayer. New York requires a corporate franchise taxpayer to calculate and pay the highest amount of tax under the three alternative methods: a tax on business income; a tax on business capital; or a fixed dollar minimum. The provisions to increase the corporate franchise tax rate and reinstate a capital tax were scheduled to expire after 2023. In May 2023, New York passed a law that extended the increase in the corporate franchise tax rate from 6.5 percent to 7.25 percent for an additional three years, through tax year 2026 and extended the business capital tax through tax year 2026. New York also passed a law establishing a permanent rate of 30 percent for the metropolitan transportation business tax surcharge. Con Edison does not expect to be subject to the higher tax rate of 7.25 percent in 2025.
Previous wording
(a)Other includes the parent company, Con Edison’s tax equity investments, the deferred project held for sale and consolidation adjustments. Net income for common stock for thenine months ended September 30, 2024 includes $(22) million (after-tax) foran adjustment related to the sale of the Clean Energy Businesses. See Note R and Note S to the Third Quarter Financial Statements.
Current wording
Net income for common stock and earnings per share for the three months ended March 31, 2025 and 2024 were as follows:
Previous wording
(c) Net income for common stock and earnings per share for the three and nine months ended September 30, 2024 includes $3 million or $0.01 a share (after-tax) for accretion of the basis difference of Con Edison's equity investment in Mountain Valley Pipeline, LLC (MVP).
Current wording
(a)Net income for common stock and earnings per share for the three months ended March 31, 2025 includes $2 million or $0.01 a share (after-tax) for accretion of the basis difference of Con Edison's equity investment in MVP. See “Investment in MVP” in Note A to the First Quarter Financial Statements.
Previous wording
(b) Other includes the parent company, Con Edison’s tax equity investments, the deferred project held for sale and consolidation adjustments. Net income for common stock and earnings per share for the nine months ended September 30, 2024 includes $(22) million (after-tax) or $(0.07) a share (after-tax) for an adjustment related to the sale of all of the stock of the Clean Energy Businesses. See Note R and Note S to the Third Quarter Financial Statements. Net income for common stock and earnings per share for the three and nine months ended September 30, 2024 also included $2 million or $0.01 a share (after-tax) and $1 million or $0.01 a share (after-tax), respectively, net of the effects of HLBV accounting for tax equity investments in certain renewable electric projects.
Current wording
(b) Other includes the parent company, Con Edison’s tax equity investments, consolidation adjustments and Broken Bow II, the deferred project that was classified as held for sale at December 31, 2024, the sale and transfer of which was completed in January 2025. Net income for common stock and earnings per share for the three months ended March 31, 2025 also included $(3) million or $(0.01) a share (after-tax) on the effects of HLBV accounting for tax equity investments in certain renewable electric projects. Net income for common stock and earnings per share for the three months ended March 31, 2024 includes $(22) million (after-tax) or $(0.07) a share (after-tax) for an adjustment related to the sale of the Clean Energy Businesses. See Note Q and Note R to the First Quarter Financial Statements.
Previous wording
(d) Earnings per share on a diluted basis were$1.69 a share and $1.52 a share for the three months ended September 30, 2024 and 2023, respectively and $4.35 a share and $6.24 a share for the nine months ended September 30, 2024 and 2023, respectively.
Current wording
(c) Earnings per share on a diluted basis were$2.25 a share and $2.08 a share for the three months ended March 31, 2025 and 2024, respectively.
Previous wording
The following tables present the estimated effect of major factors on earnings per share and net income for common stock for the three and nine months ended September 30, 2024 as compared with the 2023 period.
Current wording
The following table presents the estimated effect of major factors on earnings per share and net income for common stock for the three months ended March 31, 2025 as compared with the 2024 period.
Previous wording
The Companies’ other operations and maintenance expenses for the three and nine months ended September 30, 2024 and 2023 were as follows:
Current wording
The Companies’ other operations and maintenance expenses for the three months ended March 31, 2025 and 2024 were as follows:
Previous wording
A discussion of the results of operations by principal business segment for the three and nine months ended September 30, 2024 and 2023 follows. For additional business segment financial information, see Note M to the Third Quarter Financial Statements.
Current wording
A discussion of the results of operations by principal business segment for the three months ended March 31, 2025 and 2024 follows. For additional business segment financial information, see Note M to the First Quarter Financial Statements.
Previous wording
(d)After adjusting for variations, primarily weather and billing days, electric delivery volumes in CECONY’s service area increased 1.6 percent in the three months ended September 30, 2024 compared with the 2023 period.
Current wording
(d)After adjusting for variations, primarily weather and billing days, electric delivery volumes in CECONY’s service area increased 6.2 percent in the three months ended March 31, 2025 compared with the 2024 period.
Previous wording
Operating revenues increased $153 million in the three months ended September 30, 2024 compared with the 2023 period primarily due to an increase in revenues from the electric rate plan ($168 million), offset in part by lower fuel expenses ($6 million).
Current wording
Operating revenues increased $245 million in the three months ended March 31, 2025 compared with the 2024 period primarily due to an increase in revenues from the electric rate plan ($148 million), higher purchased power expenses ($53 million) and higher operating revenue primarily driven by surcharge and lower deferral activity ($23 million).
Previous wording
Fuel expenses decreased $6 million in the three months ended September 30, 2024 compared with the 2023 period due to lower unit costs ($5 million) and lower purchased volumes from the company's electric generating facilities ($1 million).
Current wording
Fuel expenses increased $8 million in the three months ended March 31, 2025 compared with the 2024 period due to higher unit costs ($18 million), offset in part by lower purchased volumes from the company's electric generating facilities ($10 million).
Previous wording
Taxes, other than income taxes increased $28 million in the three months ended September 30, 2024 compared with the 2023 period due to higher property taxes ($78 million) and higher state and local revenue taxes ($2 million), offset in part by higher deferral of under-collected property taxes ($53 million).
Current wording
Taxes, other than income taxes increased $69 million in the three months ended March 31, 2025 compared with the 2024 period due to higher property taxes ($67 million) and higher state and local revenue taxes ($2 million), offset in part by higher deferral of under-collected property taxes ($3 million).
Previous wording
(b)After adjusting for variations, primarily billing days, firm gas sales and transportation volumes in CECONY’s service area decreased 7.7 percent in the three months ended September 30, 2024 compared with the 2023 period.
Current wording
(b)After adjusting for variations, primarily billing days, firm gas sales and transportation volumes in CECONY’s service area increased 1.9 percent in the three months ended March 31, 2025 compared with the 2024 period.
Previous wording
(d)Other gas operating revenues generally reflect changes in the revenue decoupling mechanism and weather normalization clause current asset or regulatory liability and changes in regulatory assets and liabilities in accordance with other provisions of CECONY’s rate plan.
Current wording
(c)Other gas operating revenues generally reflect changes in the revenue decoupling mechanism and weather normalization clause current asset or regulatory liability and changes in regulatory assets and liabilities in accordance with other provisions of CECONY’s rate plan.
Previous wording
Depreciation and Amortization expenses increased $4 million in the nine months ended September 30, 2024 compared with the 2023 period due to higher gas utility plant balances.
Current wording
Depreciation and amortization expenses increased $4 million in the three months ended March 31, 2025 compared with the 2024 period primarily due to higher gas utility plant balances.
Previous wording
(b)After adjusting for variations, primarily weather prior to November 1, 2023, and billing days, steam sales and deliveries in the company's service area decreased 3.0 percent in the three months ended September 30, 2024 compared with the 2023 period.
Current wording
(b)After adjusting for variations, primarily weather prior to November 1, 2023, and billing days, steam sales and deliveries in the company's service area decreased 4.9 percent in the three months ended March 31, 2025 compared with the 2024 period.
Previous wording
Operating revenues increased $19 million in the three months ended September 30, 2024 compared with the 2023 period primarily due to an increase in gas revenues under the company's gas rate plan ($19 million).
Current wording
Operating revenues increased$67 million in the three months ended March 31, 2025 compared with the 2024 period primarily due to an increase in steam revenues under the company's steam rate plan ($33 million), higher fuel expenses ($31 million) and higher purchased power expenses ($3 million).
Previous wording
Gas purchased for resale decreased $4 million in the three months ended September 30, 2024 compared with the 2023 period due to lower unit costs ($4 million).
Current wording
Purchased power expenses increased$3 million in the three months ended March 31, 2025 compared with the 2024 period due to higher unit costs ($4 million), offset in part by lower purchased volumes ($1 million).
Previous wording
Other operations and maintenance expenses decreased $9 million in the three months ended September 30, 2024 compared with the 2023 period primarily due to lower costs for pension and other postretirement benefits, reflecting reconciliation to the rate plan level ($15 million), offset in part by an increase in the total sur-credits for assessments and fees that are collected in revenues from customers municipal infrastructure support ($1 million) and higher stock-based compensation ($1 million).
Current wording
Other operations and maintenance expenses increased $7 million in the three months ended March 31, 2025 compared with the 2024 period primarily due to an increase in municipal infrastructure support ($4 million), higher stock-based compensation ($1 million), higher costs for pension and other postretirement benefits, reflecting reconciliation to the rate plan level ($1 million) and higher health care costs ($1 million).
Previous wording
Taxes, other than income taxes increased $19 million in the nine months ended September 30, 2024 compared with the 2023 period primarily due to lower deferral of under-collected property taxes ($11 million), higher property taxes ($6 million) and higher state and local taxes ($1 million).
Current wording
Taxes, other than income taxes increased $22 million in the three months ended March 31, 2025 compared with the 2024 period primarily due to a lower deferral of under-collected property taxes ($19 million), higher property taxes ($1 million) and higher state and local revenue taxes ($1 million).
Previous wording
At$831 million, taxes other than income taxes remain one of CECONY’s largest operating expenses forthe three months ended September 30, 2024. The principal components of, and variations in, taxes other than income taxes were:
Current wording
At $920 million, taxes other than income taxes remain one of CECONY’s largest operating expenses forthe three months ended March 31, 2025. The principal components of, and variations in, taxes other than income taxes were:
Previous wording
(b)Including the deferral of under-collected property taxes in 2024 and 2023 of $78 million and $40 million, respectively.
Current wording
(b)Including the deferral of over-collected property taxes in 2025 of $30 million and the deferral of under-collected property taxes in 2024 of $20 million, respectively.
Previous wording
Net interest expense increased $46 million in the three months ended September 30, 2024 compared with the 2023 period primarily due to higher interest on long-term debt ($41 million) and an increase in the carrying charges and interest on regulatory liability balances ($2 million).
Current wording
Net interest expense increased $23 million in the three months ended March 31, 2025 compared with the 2024 period primarily due to higher interest on long-term debt resulting from increased debt balances ($34 million), offset in part by lower interest on short-term debt ($15 million).
Previous wording
Income taxes increased $10 million in the three months ended September 30, 2024 compared with the 2023 period primarily due to higher income before income tax expense ($10 million) and various immaterial tax adjustments ($7 million), offset in part by higher amortization of excess deferred federal income taxes ($7 million).
Current wording
Income taxes increased $46 million in the three months ended March 31, 2025 compared with the 2024 period primarily due to higher income before income tax expense ($26 million) and lower amortization of excess deferred federal income taxes ($39 million), offset in part by a higher benefit from the annual amortization of Metropolitan Transportation Authority (MTA) tax-surcredit ($12 million) and higher write-offs of uncollectible accounts, net of COVID-19 assistance ($7 million).
Previous wording
(d)After adjusting for weather and other variations, electric delivery volumes in O&R’s service area increased 7.7 percent in the three months ended September 30, 2024 compared with the 2023 period.
Current wording
(d)After adjusting for weather and other variations, electric delivery volumes in O&R’s service area increased 1.5 percent in the three months ended March 31, 2025 compared with the 2024 period.
Previous wording
Purchased power expense increased $24 million in the three months ended September 30, 2024 compared with the 2023 period due to higher purchased volumes ($19 million) and higher unit costs ($5 million).
Current wording
Purchased power expense increased $16 million in the three months ended March 31, 2025 compared with the 2024 period due to higher purchased volumes ($8 million) and higher unit costs ($8 million).
Previous wording
(b)After adjusting for weather and other variations, firm sales and transportation volumes in O&R's service area decreased 2.4 percent in the three months ended September 30, 2024 compared with the 2023 period.
Current wording
(b)After adjusting for weather and other variations, firm sales and transportation volumes in O&R's service area increased 3.8 percent in the three months ended March 31, 2025 compared with the 2024 period.
Previous wording
Con Edison and the Utilities have a $2,500 million revolving credit agreement (the Credit Agreement) in place under which banks are committed to provide loans on a revolving credit basis until March 2029, unless extended for an additional one-year term, subject to certain conditions. CECONY has a $500 million 364-day revolving credit agreement (the CECONY Credit Agreement) in place under which banks are committed to provide loans on a revolving credit basis until March 2025, subject to certain conditions. Con Edison and the Utilities have not entered into any loans under the Credit Agreement and CECONY has not entered into any loans under the CECONY Credit Agreement. See Note D to the Third Quarter Financial Statements.
Current wording
Con Edison and the Utilities have a $2,500 million revolving credit agreement (the Credit Agreement) in place under which banks are committed to provide loans on a revolving credit basis until March 2029, unless extended for an additional one-year term, subject to certain conditions. CECONY has a $500 million 364-day revolving credit agreement (the CECONY Credit Agreement) in place under which banks are committed to provide loans on a revolving credit basis until March 2026, subject to certain conditions. Con Edison and the Utilities have not entered into any loans under the Credit Agreement and CECONY has not entered into any loans under the CECONY Credit Agreement. See Note D to the First Quarter Financial Statements.
Showing the first 40 of 77 pairs. Open the source sections for the rest.
Rearranged current paragraphs (6)
Current report — wording carried from elsewhere
At March 31, 2025, CECONY’s and O&R’s customer accounts receivables balances of $3,232 million and $133 million, respectively, included aged accounts receivables (balances outstanding in excess of 60 days) of $1,513 million and $26 million, respectively. At December 31, 2024, CECONY’s and O&R’s customer accounts receivables balances of $2,947 million and $113 million, respectively, included aged accounts receivables (balances outstanding in excess of 60 days) of $1,652 million and $32 million, respectively. In comparison, CECONY’s and O&R’s customer accounts receivable balances at February 28, 2020 were $1,322 million and $89 million, respectively, including aged accounts receivables (balances outstanding in excess of 60 days) of $408 million and $15 million, respectively. Prior to the start of the COVID-19 pandemic, the Utilities’ practice was to write off customer accounts receivables as uncollectible 90 days after the account is disconnected for non-payment or the account is closed during the collection process. In general, the Utilities suspended collection activities and service disconnections during the COVID-19 pandemic and have since resumed such activities.
Current report — wording carried from elsewhere
Although these regulatory mechanisms are in place, a continued increase in accounts receivable balances has impacted and is expected to continue to impact the Companies’ liquidity. See “Liquidity and Capital Resources,” below, and Note B and Note L to the First Quarter Financial Statements.
Current report — wording carried from elsewhere
Beginning in 2024, based on the existing statue, the Companies are subject to and report the CAMT in their Consolidated Income Statements, Consolidated Statements of Cash Flows and the Consolidated Balance Sheets. The Companies’ CAMT liability did not exceed their regular tax liability for the three months ended March 31, 2025 and 2024. The Companies are continuing to assess the impacts of the IRA on their financial statements and will update estimates based on future guidance to be issued by the Department of the Treasury.
Current report — wording carried from elsewhere
Depreciation and amortization expenses increased $19 million in the three months ended March 31, 2025 compared with the 2024 period primarily due to higher electric utility plant balances.
Current report — wording carried from elsewhere
Cash Flows Used in Investing Activities
Current report — wording carried from elsewhere
Cash Flows Used In Financing Activities
Rearranged previous paragraphs (16)
Previous report — wording carried elsewhere
(a)Revenues from gas sales are subject to a revenue decoupling mechanism as a result of which delivery revenues are generally not affected by changes in delivery volumes from levels assumed when rates were approved.
Previous report — wording carried elsewhere
(d)Other gas operating revenues generally reflect changes in the revenue decoupling mechanism current asset or regulatory liability and changes in regulatory assets and liabilities in accordance with other provisions of CECONY’s rate plan.
Previous report — wording carried elsewhere
(a)Including sales tax on customers’ bills, total taxes other than income taxes in 2024 and 2023 were $35 million and $32 million, respectively.
Previous report — wording carried elsewhere
The Companies’ results of operations for the nine months ended September 30, 2024 and 2023 were as follows:
Previous report — wording carried elsewhere
(a)Revenues from electric sales are subject to a revenue decoupling mechanism, as a result of which delivery revenues generally are not affected by changes in delivery volumes from levels assumed when rates were approved.
Previous report — wording carried elsewhere
(c)Other electric operating revenues generally reflect changes in the revenue decoupling mechanism current asset or regulatory liability and changes in regulatory assets and liabilities in accordance with other provisions of CECONY’s rate plan.
Previous report — wording carried elsewhere
(b)After adjusting for variations, primarily billing days, firm gas sales and transportation volumes in CECONY’s service area decreased 2.8 percent in the nine months ended September 30, 2024 compared with the 2023 period.
Previous report — wording carried elsewhere
CECONY’s results of steam operations for the nine months ended September 30, 2024 compared with the 2023 period were as follows:
Previous report — wording carried elsewhere
(a)Other steam operating revenues generally reflect changes in regulatory assets and liabilities in accordance with CECONY’s rate plan.
Previous report — wording carried elsewhere
At $2,372 million, taxes other than income taxes remain one of CECONY’s largest operating expenses forthe nine months ended September 30, 2024. The principal components of, and variations in, taxes other than income taxes were:
Previous report — wording carried elsewhere
(a)O&R’s New York electric delivery revenues are subject to a revenue decoupling mechanism, as a result of which delivery revenues are generally not affected by changes in delivery volumes from levels assumed when rates were approved. The majority of O&R’s electric distribution revenues in New Jersey are subject to a conservation incentive program, as a result of which distribution revenues are generally not affected by changes in delivery volumes from levels assumed when rates were approved. O&R’s electric transmission revenues in New Jersey are not subject to a conservation incentive program, and as a result, changes in such volumes do impact revenues.
Previous report — wording carried elsewhere
(c)Other electric operating revenues generally reflect changes in regulatory assets and liabilities in accordance with O&R’s electric rate plan.
Previous report — wording carried elsewhere
O&R’s gas sales and deliveries, excluding off-system sales, for the nine months ended September 30, 2024 compared with the 2023 period were:
Previous report — wording carried elsewhere
(a)Revenues from New York gas sales are subject to a weather normalization clause and a revenue decoupling mechanism as a result of which delivery revenues are generally not affected by changes in delivery volumes from levels assumed when rates were approved.
Previous report — wording carried elsewhere
Taxes, other than income taxes, increased by $3 million in 2024 compared with 2023 for the nine months ended September 30, 2024. The principal components of taxes, other than income taxes, were:
Previous report — wording carried elsewhere
•higher net deferred credits, noncurrent liabilities, leases and other regulatory liabilities balances of $418 million;