CONSOLIDATED EDISON CO OF NEW YORK INC
For the period ended Mar 31, 2026. Filed May 7, 2026.
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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.
Mar 31, 2026 · Filed May 7, 2026
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 2025-09-30; filed 2025-11-06.
0001047862-25-000138
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-07.
0001047862-26-000091
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 305 previous paragraphs and 234 current paragraphs.
84 unchanged; 86 reworded; 62 added; 117 removed; 18 previous and 2 current paragraphs rearranged.
Tables are not compared: 46 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 (62)
Current report
The Utilities, in an effort to reduce aged accounts receivables balances, continue to execute on their integrated collections strategy, which includes, among other things, implementation of flexible payment arrangement options, enhanced targeted digital and mail communications to customers regarding collections and an increased presence of field collectors to support in-person account resolution. The Utilities have also strengthened their credit and collection efforts to better manage incoming inquiries and have instituted additional measures to manage outbound collection calls.
Current report
There has been heightened legislative activity and public policy discussions regarding energy affordability. Substantial investments are needed to support an increasingly decarbonized electric grid that the Utilities, regulators and stakeholders must balance with the need for affordable rates. While the Companies continue to monitor energy affordability concerns, they are unable to predict additional legislative, executive, or regulatory measures that may result from energy affordability concerns.
Current report
In February 2026, the U.S. Supreme Court ruled that U.S. tariffs imposed under the International Emergency Economic Powers Act (IEEPA) on goods imported into the U.S. were unauthorized, but the ruling did not address the potential recovery of duties previously collected under the invalidated IEEPA tariffs. The Utilities are evaluating whether refunds of IEEPA tariffs paid through their third-party vendors are available to them.
Current report
Federal Energy Regulatory Commission (FERC)
Current report
In March 2026, the FERC issued an order regarding CECONY’s and other parties’ longstanding dispute with PJM Interconnection LLC (PJM) regarding PJM’s cost-allocation methodology that assigned disproportionate costs from regional transmission expansion plan projects to CECONY and other New York-connected entities. The FERC directed PJM to change one element of the cost allocation methodology that would result in refunds to CECONY that would ultimately be credited to CECONY’s electric customers and initiated a proceeding to review the applicability of the methodology generally. The order is subject to rehearing and potential appeal. CECONY is unable to estimate the amount of any refund it could receive.
Current report
Cyber Regulation
Current report
In April 2026, the NYSPSC adopted cybersecurity regulations for New York utilities, including CECONY and O&R, effective June 1, 2026. The regulations require the Utilities to, among other things, implement and maintain a risk‑based cybersecurity program aligned with the National Institute of Standards and Technology (NIST) Cybersecurity Framework, including governance oversight, periodic risk assessments and audits, continuous monitoring, security controls, incident response and recovery planning. The regulations also require prompt reporting of cybersecurity incidents to the NYSDPS (including cybersecurity data breaches experienced by third-party vendors), investigations following incidents and credit monitoring to customers following certain data breaches. Compliance will be phased in over specified periods set forth in the order, with incremental costs (including capital expenditures incurred to comply with the order) subject to deferral and review in future rate proceedings. The Utilities already comply with many of the requirements prescribed in the regulations, including alignment with the NIST framework, and expect to comply with all of the requirements of the regulations within the prescribed timeframe.
Current report
In April 2026, CECONY and Con Edison Transmission entered into an agreement to sell their interests in Honeoye for $5 million in aggregate, of which approximately $1.5 million was attributed to CECONY, before certain closing adjustments and expenses. The closing is expected to occur following approval from the NYSPSC.
Current report
(a)Other includes the parent company, Con Edison’s tax equity investments and consolidation adjustments. See Note Q to the First Quarter Financial Statements.
Current report
On February 18, 2026, the IRS and the Department of Treasury issued Notice 2026-7, that provides additional interim guidance regarding the application of the CAMT and allows the Companies to deduct certain repair expenditures as a reduction to the Companies’ modified GAAP net income. This interim guidance is retroactive to the beginning of the IRA provisions in calculating the Companies’ CAMT liability. In the three months ended March 31, 2026, Con Edison reduced its CAMT carryforward by $205 million ($213 million of which is for CECONY) and increased its general business tax credit carryforward by approximately $154 million as a result of adopting the interim guidance for the 2024 and 2025 tax years. This guidance will also reduce the Companies’ CAMT liability going forward.
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, with the sale and transfer completed in January 2025. See Note Qto 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, with the sale and transfer completed in January 2025. See Note Qto 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
Operating revenues increased $72 million in the three months ended March 31, 2026 compared with the 2025 period primarily due to higher unbilled revenue ($30 million), an increase in other revenue ($20 million) and an increase in revenues from the electric rate plan ($14 million).
Current report
Purchased power expenses decreased $30 million in the three months ended March 31, 2026 compared with the 2025 period due to lower unit costs ($87 million), offset in part by higher purchased volumes ($57 million).
Current report
Taxes, other than income taxes increased $40 million in the three months ended March 31, 2026 compared with the 2025 period primarily due to higher property taxes ($44 million) and higher state and local revenue taxes ($6 million), offset in part by higher deferral of under-collected property taxes ($9 million).
Current report
Operating revenues increased $63 million in the three months ended March 31, 2026 compared with the 2025 period primarily due to higher gas purchased for resale ($56 million).
Current report
Gas purchased for resale increased $56 million in the three months ended March 31, 2026 compared with the 2025 period due to higher unit costs ($80 million), offset in part by lower purchased volumes ($24 million).
Current report
Fuel costs increased $33 million in the three months ended March 31, 2026 compared with the 2025 period due to higher unit costs ($29 million) and higher purchased volumes from the company's steam generating facilities ($4 million).
Current report
Taxes, Other Than Income Taxes
Current report
(a)Including sales tax on customers’ bills, total taxes other than income taxes in 2026 and 2025 were $1,253 millionand $1,157 million, respectively.
Current report
Other Income (Deductions)
Current report
Other income decreased $54 million in the three months ended March 31, 2026 compared with the 2025 period primarily due to lower credits associated with components of pension and other postretirement benefits other than service cost ($60 million), offset in part by an increase in AFUDC ($2 million).
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
Other operations and maintenance decreased $(4) million in the three months ended March 31, 2026 compared with the 2025 period primarily due to lower regulatory system benefit charges ($4 million).
Current report
Gas purchased for resale increased $10 million in the three months ended March 31, 2026 compared with the 2025 period due to higher unit costs ($11 million), offset in part by lower purchased volumes ($1 million).
Current report
Taxes, Other Than Income Taxes
Current report
(a)Including sales tax on customers’ bills, total taxes other than income taxes in 2026 and 2025 were $39 million and $34 million, respectively.
Current report
Income taxes increased $3 million in the three months ended March 31, 2026 compared with the 2025 period primarily due to higher income before income tax expense.
Current report
Income taxes increased $54 million in the three months ended March 31, 2026 compared with the 2025 period primarily due to higher income before income tax expense from the sale of its equity interest in MVP.
Current report
(a) 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, with the sale and transfer completed in January 2025. See Note Qto the First Quarter Financial Statements.
Current report
•an increase in prepayments of $137 million
Current report
•an increase in unbilled revenue and net unbilled revenue deferrals of $38 million.
Current report
•lower net deferred credits, noncurrent liabilities and other regulatory liabilities of $363 million primarily due to higher recoverable energy costs $359 million; and
Current report
•the proceeds from the sale of Con Edison Transmission's equity interest in MVP of $358 million.
Current report
•higher utility capital expenditures of ($17 million).
Current report
•an increase in utility capital expenditures of $3 million.
Current report
Offset by
Current report
•a decrease in cost of removal less salvage of ($3 million).
Current report
•a decrease in the issuance of common shares - public offering of $532 million;
Showing the first 40 of 62 passages. Open the source sections for the rest.
Removed paragraphs (117)
Previous 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 recently having hired additional field collectors and increasing collector efficiency and employing additional call center representatives to handle in-bound call volumes and to place outbound calls to customers regarding collections. O&R's collection strategy aligns with that of CECONY's in many respects.
Previous 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.
Previous 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 September 30, 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. See "Federal Regulation," below.
Previous 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. See "Aged Accounts Receivable Balances," above and "Commodity Price Risk," below.
Previous report
Beginning in January 2025, a series of executive orders, presidential memoranda and proclamations were issued (collectively, Presidential Actions) designed to address areas such as tariffs, environm ental and energy regulations, domestic energy production and retention of domestic generation resources, among other things. The situation remains fluid and is subject to rapid change.
Previous 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.
Previous 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.
Previous report
During the summer of 2025, electric peak demand in CECONY's service area was 12,530 MW (which occurred on June 25, 2025). At design conditions, electric peak demand in CECONY's service area would have been approximately 12,600 MW in 2025 compared to CECONY's forecast of 12,610 MW.
Previous report
In June 2025, CECONY increased its five-year forecast of average annual growth of the firm peak gas demand in its service area at design conditions from approximately 0.1 percent (for 2025 to 2029) to approximately 0.2 percent (for 2026 to 2030).
Previous report
In June 2025, CECONY changed its five-year forecast of the average annual peak steam demand in its service area at design conditions from a 0.4 percent decrease (for 2025 to 2029) to a 0.9 percent decrease (for 2026 to 2030). This percent change indicates increased levels of energy efficiency within the next five years along with lower customer retention for the steam system due to policy and regulations.
Previous report
During the summer of 2025, electric peak demand in O&R's service area was 1,553 MW (which occurred on June 23, 2025). At design conditions, electric peak demand in O&R's service area would have been approximately 1,523 MW in 2025 compared to O&R's forecast of 1,605 MW.
Previous report
In June 2025, O&R increased its five-year forecast of the average annual firm peak gas demand in its service area at design conditions from a 0.1 percent decrease (for 2025 to 2029) to a 1.2 percent increase (for 2026 to 2030). This change reflects an increase in new business within the next five years.
Previous 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, with the sale and transfer completed in January 2025. See Note Q to the Third Quarter Financial Statements.
Previous report
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 Q 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.
Previous report
(b)Other includes the impact of the May 2024 NYSPSC order denying CECONY's request to capitalize costs to implement its new customer billing and information system ($51 million).
Previous report
(c)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, with the sale and transfer completed in January 2025. See Note Qto the Third Quarter Financial Statements.
Previous 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, with the sale and transfer completed in January 2025. See Note Qto the Third Quarter Financial Statements.
Previous report
Operating revenues increased $357 million in the three months ended September 30, 2025 compared with the 2024 period primarily due to an increase in revenues from the electric rate plan ($205 million), higher purchased power expenses ($132 million) and higher fuel expenses ($14 million).
Previous report
Purchased power expenses increased $132 million in the three months ended September 30, 2025 compared with the 2024 period due to higher unit costs ($97 million) and higher purchased volumes ($35 million).
Previous report
Depreciation and amortization expenses increased $27 million in the three months ended September 30, 2025 compared with the 2024 period primarily due to higher electric utility plant balances.
Previous report
Taxes, other than income taxes increased $68 million in the three months ended September 30, 2025 compared with the 2024 period due to lower deferral of under-collected property taxes ($49 million), higher property taxes ($21 million), offset in part by lower state and local revenue taxes ($3 million).
Previous report
Operating revenues increased $55 million in the three months ended September 30, 2025 compared with the 2024 period primarily due to higher gas purchased for resale ($38 million) and an increase in gas revenues under the company's gas rate plan ($30 million), offset in part by higher interest accrual on net plant reconciliations ($3 million).
Previous report
Gas purchased for resale increased $38 million in the three months ended September 30, 2025 compared with the 2024 period due to higher unit costs ($24 million) and purchased volumes ($14 million).
Previous report
Taxes, other than income taxes increased $7 million in the three months ended September 30, 2025 compared with the 2024 period primarily due to a lower deferral of under-collected property taxes ($11 million), offset in part by lower property taxes ($4 million).
Previous report
(a)Including sales tax on customers’ bills, total taxes other than income taxes in 2025 and 2024 were $1,136 million and $1,025 million, respectively.
Previous report
Other income increased $63 million in the three months ended September 30, 2025 compared with the 2024 period primarily due to higher credits associated with components of pension and other postretirement benefits other than service cost ($51 million), an increase in AFUDC ($7 million) and lower expenses resulting from investment performance in the deferred compensation plan ($2 million).
Previous report
Income taxes increased $68 million in the three months ended September 30, 2025 compared with the 2024 period primarily due to lower amortization of excess deferred federal income taxes ($39 million) and higher income before income tax expense ($44 million), offset in part by a higher benefit from the annual amortization of Metropolitan Transportation Authority (MTA) tax surcredit ($6 million), higher write-offs of uncollectible accounts ($5 million) and a lower reserve for injuries and damages ($4 million).
Previous report
(d)After adjusting for weather and other variations, electric delivery volumes in O&R’s service area remained constant in the three months ended September 30, 2025 compared with the 2024 period.
Previous report
Purchased power expense increased $27 million in the three months ended September 30, 2025 compared with the 2024 period due to higher unit costs($30 million), offset in part by lower purchased volumes ($3 million).
Previous report
Other operations and maintenance decreased $12 million in the three months ended September 30, 2025 compared with the 2024 period primarily due to lower non-deferred storm costs ($7 million), lower costs to comply with the NJ Clean Energy Act ($2 million) and lower pension costs ($2 million).
Previous report
(a)Including sales tax on customers’ bills, total taxes other than income taxes in 2025 and 2024 were $35 million and $35 million, respectively.
Previous report
Other income increased $4 million in the three months ended September 30, 2025 compared with the 2024 period primarily due to higher credits associated with components of pension and other postretirement benefits other than service cost ($3 million).
Previous 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, with the sale and transfer completed in January 2025. See Note Qto the Third Quarter Financial Statements.
Previous report
CECONY’s results of electric operations for the nine months ended September 30, 2025 compared with the 2024 period were as follows:
Previous report
CECONY’s electric sales and deliveries for the nine months ended September 30, 2025 compared with the 2024 period were:
Previous report
(d)After adjusting for variations, primarily weather and billing days, electric delivery volumes in CECONY’s service area increased 2.8 percent in the nine months ended September 30, 2025 compared with the 2024 period.
Previous report
Operating revenues increased $812 million in the nine months ended September 30, 2025 compared with the 2024 period primarily due to an increase in revenues from the electric rate plan ($486 million), higher purchased power expenses ($265 million) andhigher fuel expenses ($26 million).
Previous report
Purchased Power expenses increased $265 million in the nine months ended September 30, 2025 compared with the 2024 period due to higher unit costs ($216 million) and higher purchased volumes ($49 million).
Previous report
Fuel expenses increased $26 million in the nine months ended September 30, 2025 compared with the 2024 period due to higher purchased volumes from CECONY's electric generating facilities ($70 million), offset in part by lower unit costs ($44 million).
Previous report
Depreciation and amortization expenses increased $97 million in the nine months ended September 30, 2025 compared with the 2024 period primarily due to higher electric utility plant balances.
Showing the first 40 of 117 passages. Open the source sections for the rest.
Reworded paragraphs (86)
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, 2024 (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, 2025 and June 30, 2025 (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, 2025 (File Nos.1-14514 and 1-01217, the Form 10-K).
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 Transmis sion, a regulated company primarily under the oversight of the Federal Energy Regulatory Commission (FERC), develops and invests in electric transmission projects and owns, through joint ventures, both electric and gas assets. 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 Third Quarter Financial Statements and“Con Edison Transmission” below.
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 Transmis sion, a regulated company primarily under the oversight of the Federal Energy Regulatory Commission (FERC), develops and invests in electric transmission projects and owns interests in both electric and gas assets. During the first quarter of 2026, Con Edison Transmission completed the sale of its approximately 6.6 percent equity interest in Mountain Valley Pipeline, LLC (MVP). In April 2026, CECONY and Con Edison Transmission entered into an agreement to sell their interests in Honeoye Storage Corporation (Honeoye) for $5 million in aggregate, of which approximately $1.5 million was attributed to CECONY, before certain closing adjustments and expenses. The closing is expected to occur following approval by the NYSPSC. See“Investments” in Note A to the First Quarter Financial Statements and“Con Edison Transmission” below.
Previous 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 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, 2025, CECONY’s and O&R’s customer accounts receivables balances of $2,843 million and $121 million, respectively, included aged accounts receivables (balances outstanding in excess of 60 days) of $1,511 million and $28 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 wording
At March 31, 2026, CECONY’s and O&R’s customer accounts receivables balances of $3,120 million and $162 million, respectively, included aged accounts receivables (balances outstanding in excess of 60 days) of $1,352 million and $28 million, respectively. At December 31, 2025, CECONY’s and O&R’s customer accounts receivables balances of $2,970 million and $120 million, respectively, included aged accounts receivables (balances outstanding in excess of 60 days) of $1,427 million and $27 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.
Previous wording
CECONY’s 2023 - 2025 electric and gas rate plans include reconciliation of late payment charges (from January 1, 2023 through December 31, 2025 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/surcredit. 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. CECONY’s November 2025 joint proposal, that is subject to approval by the NYSPSC, includes reconciliation of late payment charges during the rate plan pursuant to which CECONY will calculate the annual difference between (i) its actual uncollectible expenses and late payment charges and (ii) the levels of uncollectible expenses and late payment charges provided in rates. In the event the actual net expenses (uncollectible expenses plus late payment charges) are below the amounts in rates, CECONY will defer the full variance as a regulatory liability and refund to customers via surcredit. In the event the actual net expenses are above the amounts in rates, CECONY will defer the full annual variance above $10 million ($8.5 million for electric and $1.5 million for gas) in 2026; above $15 million ($12.75 million for electric and $2.25 million for gas) in 2027; and above $20 million ($17.0 million for electric and $3.0 million for gas) in 2028; as a regulatory asset for recovery via surcharge.
Current wording
CECONY’s rate plans include reconciliation of uncollectible expenses and late payment charges (from January 1, 2026 through December 31, 2028 for electric and gas and from January 1, 2020 through October 31, 2026 for steam), pursuant to which CECONY will calculate the annual difference between (i) its actual uncollectible expenses and late payment charges and (ii) the levels of uncollectible expenses and late payment charges provided in rates. In the event the actual net expenses (uncollectible expenses plus late payment charges) are below the amounts in rates, CECONY will defer the full variance as a regulatory liability and refund to customers via surcredit. In the event the actual net expenses are above the amounts in rates, CECONY will defer the full annual variance above $10 million ($8.5 million for electric and $1.5 million for gas) in 2026; above $15 million ($12.75 million for electric and $2.25 million for gas) in 2027; and above $20 million ($17.0 million for electric and $3.0 million for gas) in 2028; as a regulatory asset for recovery via surcharge. Annual surcharge recovery is subject to a 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 future recovery in CECONY’s next base rate cases.
Previous wording
O&R’s 2025 – 2027 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/surcredit. Surcharge recovery is subject to an annual cap that produces no more than a 0.5 percent total customer bill impactper 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 wording
O&R’s rate plans for the three-year period January 2025 through December 2027 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 expenses and late payment charges, and the level set forth in rates that is above the threshold. Recovery/refunds will be made via surcharge/surcredit. Surcharge recovery is subject to an annual cap that produces no more than a 0.5 percent total customer bill impactper 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.
Previous wording
Although these regulatory mechanisms are currently in place, the Utilities’ ability to effectively manage their customer accounts receivable balances, and obtain recovery in rates for their respective carrying costs and any related write-offs could have a material impact on the Companies’ businesses. In addition, 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 Third Quarter Financial Statements.
Current wording
Although these regulatory mechanisms are currently in place, the Utilities’ ability to effectively manage their customer accounts receivable balances and obtain recovery in rates for their respective carrying costs and any related write-offs could have a material impact on the Companies’ businesses. In addition, a continued slow recovery of accounts receivable balances has impacted and is expected to continue to impact the Companies’ liquidity.
Previous wording
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 wording
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. The company expects that resources will again be adequate to meet the requirements of its customers in 2026. See "Electric Reliability Needs," below. While supply margins are narrow in New York City until the Champlain Hudson Power Express transmission line enters the NYISO’s energy and capacity markets, existing resources are projected to be sufficient to cover the supply requirement. The company plans to meet its continuing obligation to supply electricity to its full-service customers through a combination of electricity purchased under contract, purchased through the NYISO’s wholesale electricity market, or generated from its electricity generating facilities.
Previous wording
CECONY and O&R monitor the adequacy of the electric capacity resources and related developments in their service areas and work with other parties on long-term resource adequacy and transmission security within the framework of the NYISO reliability planning process. In October 2025, the NYISO issued its 2025 Q3 Short-Term Assessment of Reliability (STAR) that identifies a bulk power system electric reliability need in New York City beginning in the summer of 2026 and continuing through 2030. The need is primarily driven by forecasted increases in peak demand, deactivation notices of existing generation on the Gowanus and Narrows barges and uncertainty as to whether or notcertain planned projects are completed and energized within the forecasted time period (the Gowanus-Greenwood 345-138 kV feeder and the Champlain Hudson Power Express in May 2026, Empire Wind in July 2027 and Propel NY in May 2030). The NYISO is expected to issue a solicitation for both market-based and regulated solutions. CECONY, as the Responsible Transmission Owner, would propose a regulated backstop solution.
Current wording
CECONY and O&R monitor the adequacy of the electric capacity resources and related developments in their service areas and work with other parties on long-term resource adequacy and transmission security within the framework of the New York Independent System Operator (NYISO) reliability planning process. In April 2026, the NYISO issued its 2026 Quarter 1 Short-Term Assessment of Reliability that, among other things, continued to identify reliability needs in New York City beginning in the summer of 2026 and continuing through 2030. The need is primarily driven by the deactivation notices of certain generation, in combination with forecasted increases in peak demand under expected weather conditions, aging generation and the uncertainty as to whether certain planned projects will be completed and energized within the scheduled time period. The NYISO evaluated both market-based and regulated solutions and determined that certain existing generation resources should remain in service until May 1, 2029 to maintain system reliability. Longer-term reliability is dependent on the timely completion of planned transmission and generation projects and the addition of new resources. CECONY will continue to monitor reliability assessments, regulatory developments and the progress of planned transmission and generation projects.
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 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.
Current wording
The success of the Companies’ efforts to meet 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 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.
Previous wording
During 2025, the federal government has issued numerous executive orders imposing tariffs on imports, many of which have since been modified, stayed, or are the subject of litigation. Although these tariffs have not had a significant impact on the Companies’ operations or financial condition to date, the cost of materials have increased during 2025 across various supply chain contract portfolios. If the tariffs remain in place, the cost of materials is anticipated to continue to increase and also may lead to supply chain disruptions. The Companies continue to monitor these developments closely to assess any potential additional 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 wording
Although tariffs have not had a significant impact on the Companies' operations or financial condition to date, the cost of materials has increased across various supply chain contract portfolios. If tariffs (other than the IEEPA tariffs) remain in place, the cost of materials is anticipated to continue to increase and also may lead to supply chain disruptions.
Previous wording
The Companies continue to monitor these developments closely to assess 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 these governmental actions.
Current wording
The Companies continue to assess tariffs and are unable to predict the impact on their operations or financial condition. In addition, the Companies continue to monitor the evolving legal and policy landscape related to tariffs and are unable to predict changes in laws, regulations, regulatory guidance, legal interpretations, policy positions or implementation actions that may result from these developments.
Previous wording
Con Edison Transmission, through its New York Transco partnership and jointly with the New York Power Authority (NYPA), 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. See the table under "Con Edison Transmission," below. Con Edison Transmission also participates 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. In July 2025, the NYSPSC issued an order withdrawing the public policy transmission need (PPTN) process given actions taken by the federal government that reduced the prospects for the construction of the offshore wind resources that were anticipated to be served by the proposed transmission solutions. See “Federal Regulation,” above and “Environmental Matters – Offshore Wind,” below.
Current wording
Con Edison Transmission, through its New York Transco partnership and jointly with the New York Power Authority (NYPA), 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. See the table under "Con Edison Transmission," below. Con Edison Transmission also participates 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.
Previous wording
CECONY provides electric service to approximately 3.8 million customers in all of New York City (except a part of Queens) and most of Westchester County, an approximately 660 square mile service area with a population of more than nine million.
Current wording
CECONY provides electric service to approximately 3.7 million customers in all of New York City (except a part of Queens) and most of Westchester County, an approximately 660 square mile service area with a population of more than nine million.
Previous wording
CECONY delivers gas to approxima tely 1.1 million customers in Manhattan, the Bronx, parts of Queens and most of Westchester County.
Current wording
CECONY delivers gas to approximately 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 15,494 MMlb of steam annually to approximately 1,500 customers in parts of Manhattan.
Current wording
CECONY operates the largest steam distribution system in the United States by producing and delivering approximately 16,975 MMlb of steam annually to approximately 1,485 customers 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 approxi mately 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 approxima tely 0.3 million customers in southeastern New York and northern New Jersey an approximately 1,300 square mile service area.
Previous wording
On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was signed into law, containing a broad range of tax reform provisions, including extending and modifying certain key provisions of the federal Tax Cuts and Jobs Act of 2017, as enacted on December 22, 2017 (TCJA) and expanding certain incentives under the federal Inflation Reduction Act, as enacted on August 16, 2022 (IRA) while accelerating the phase-out of solar and wind credits. The Companies are assessing the potential impacts of the OBBBA and any such assessments may be impacted by future guidance to be issued by the Department of Treasury. However, based on management’s preliminary assessment, the provisions in the OBBBA are not expected to have a material impact on the Companies’ financial position, results of operations or liquidity.
Current wording
On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was signed into law, containing a broad range of tax reform provisions, including extending and modifying certain key provisions of the federal Tax Cuts and Jobs Act of 2017, as enacted on December 22, 2017 (TCJA) and expanding certain incentives under the federal Inflation Reduction Act, as enacted on August 16, 2022 (IRA) while accelerating the phase-out of solar and wind credits. The Companies have assessed the potential impacts of the OBBBA and any such assessments may be impacted by future guidance to be issued by the Department of Treasury. However, based on management’s assessment, the provisions in the OBBBA are not expected to have a material impact on the Companies’ financial position, results of operations or liquidity.
Previous wording
Beginning in 2024, based on the existing statute, the Companies are subject to and report the CAMT in their Consolidated Income Statements, Consolidated Statements of Cash Flows and the Consolidated Balance Sheets. As of September 30, 2025 and 2024, Con Edison accrued a CAMT liability of $66 million ($89 million for CECONY) and $73 million ($64 million for CECONY), respectively, before the application of general business credits, with an offsetting deferred tax asset representing the minimum tax credit carryforward. The deferred tax asset related to the minimum tax credit carryforward will be realized to the extent the Companies’ consolidated deferred tax liabilities exceed the minimum tax credit carryforward. The Companies’ deferred tax liabilities are expected to exceed the minimum tax credit carryforward for the foreseeable future and thus no valuation allowance is required. 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
At March 31, 2026, Con Edison recorded a CAMT liability of $53 million ($45 million of which is for CECONY)before the application of general business credits, with an offsetting deferred tax asset representing the minimum tax credit carryforward. The deferred tax asset related to the minimum tax credit carryforward will be realized to the extent the Companies’ consolidated deferred tax liabilities exceed the minimum tax credit carryforward. The Companies’ deferred tax liabilities are expected to exceed the minimum tax credit carryforward for the foreseeable future and thus no valuation allowance is required. 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.
Previous wording
Net income for common stock and earnings per share for the three and nine months ended September 30, 2025 and 2024 were as follows:
Current wording
Net income for common stock and earnings per share for the three months ended March 31, 2026 and 2025 were as follows:
Previous wording
(a)Net income for common stock and earnings per share for the three and nine months ended September 30, 2025 includes $2 million or $0.01 a share (after-tax) and $7 million or $0.02 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 Third Quarter Financial Statements.
Current wording
(a)Net income for common stock and earnings per share for the three months ended March 31, 2026 includes $134 million or $0.37 a share (after-tax) for the gain on the sale of Con Edison's equity interest in MVP. Net income for common stock and earnings per share for the three months ended March 31, 2026 includes $2 million or $0.01 a share (after-tax) for accretion of the basis difference of Con Edison's equity interest in MVP. Net income for common stock and earnings per share for the three months ended March 31, 2026 includes $(2) million or $(0.01) a share (after-tax) for the transaction costs associated with the strategic alternatives review of Con Edison's equity interests in MVP and Honeoye. 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 interest in MVP. See “Investment in Mountain Valley Pipeline, LLC (MVP)” in Note A to the First Quarter Financial Statements.
Previous 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, with the sale and transfer completed in January 2025. Net income for common stock for the nine months ended September 30, 2025 includes $1 million (after-tax) for an adjustment related to the sale of all of the stock of the Clean Energy Businesses. See Note Q to the Third Quarter Financial Statements.
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, with the sale and transfer completed in January 2025. Net income for common stock for the three months ended March 31, 2025 includes $(3) million or $(0.01) a share (after-tax) on the effects of HLBV accounting for tax equity investments in certain renewable electric projects. See Note Q to the First Quarter Financial Statements.
Previous wording
(c) Earnings per share on a diluted basis were $1.90 a share and $1.69 a share for the three months ended September 30, 2025 and 2024, respectively, and $4.83 a share and $4.35 a share for the nine months ended September 30, 2025 and 2024, respectively.
Current wording
(c) Earnings per share on a diluted basis were $2.54 a share and $2.25 a share for the three months ended March 31, 2026 and 2025.
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, 2025 as compared with the 2024 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, 2026 as compared with the 2025 period.
Previous wording
The Companies’ other operations and maintenance expenses for the three and nine months ended September 30, 2025 and 2024 were as follows:
Current wording
The Companies’ other operations and maintenance expenses for the three months ended March 31, 2026 and 2025 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, 2025 and 2024 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, 2026 and 2025 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 0.3 percentin the three months ended September 30, 2025 compared with the 2024 period.
Current wording
(d)After adjusting for variations, primarily weather and billing days, electric delivery volumes in CECONY’s service area decreased 0.1 percentin the three months ended March 31, 2026 compared with the 2025 period.
Previous wording
Fuel expenses increased $14 million in the three months ended September 30, 2025 compared with the 2024 period due to higher unit costs ($17 million), offset in part by lower purchased volumes from the company's electric generating facilities ($3 million).
Current wording
Fuel costs increased $29 million in the three months ended March 31, 2026 compared with the 2025 period due to higher unit costs ($15 million) and higher purchased volumes from the company's electric generating facilities ($14 million).
Previous wording
Other operations and maintenance expenses decreased $10 million in the three months ended September 30, 2025 compared with the 2024 period primarily due to total surcredits for assessments and fees that are collected in revenues from customers ($9 million).
Current wording
Other operations and maintenance expenses decreased $10 million in the three months ended March 31, 2026 compared with the 2025 period primarily due to lower costs for pension and other postretirement benefits, reflecting reconciliation to the rate plan level ($17 million) and lower total surcredits for assessments and fees that are collected in revenues from customers ($8 million), offset in part by higher electric operations maintenance activities ($14 million).
Previous wording
(b)After adjusting for variations, primarily billing days, firm gas sales and transporta tion volumes in CECONY’s service area decreased 0.3 percent in the three months ended September 30, 2025 compared with the 2024 period.
Current wording
(b)After adjusting for variations, primarily billing days, firm gas sales and transporta tion volumes in CECONY’s service area decreased (3.2)percent in the three months ended March 31, 2026 compared with the 2025 period.
Previous wording
Depreciation and amortization expenses increased $4 million in the nine months ended September 30, 2025 compared with the 2024 period due to higher electric utility plant balances.
Current wording
Depreciation and amortization expenses increased $4 million in the three months ended March 31, 2026 compared with the 2025 period primarily due to higher gas utility plant balances.
Previous wording
Taxes, other than income taxes increased $206 million in the nine months ended September 30, 2025 compared with the 2024 period primarily due to higher property taxes ($150 million), lower deferral of under-collected property taxes ($48 million) and higher state and local revenue taxes ($5 million).
Current wording
Taxes, other than income taxes increased $24 million in the three months ended March 31, 2026 compared with the 2025 period primarily due to higher deferral of over-collected property taxes ($9 million), higher property taxes ($6 million), higher state and local revenue taxes ($5 million) and higher payroll taxes ($2 million).
Previous wording
(b)After adjusting for variations, primarily weather and billing days, steam sales and deliveries in the company's service area increased 0.7 percent in the three months ended September 30, 2025 compared with the 2024 period.
Current wording
(b)After adjusting for variations, primarily weather and billing days, steam sales and deliveries in the company's service area decreased (6.1) percent in the three months ended March 31, 2026 compared with the 2025 period.
Previous wording
Operating revenues increased$7 million in the three months ended September 30, 2025 compared with the 2024 period primarily due to an increase in steam revenues under the company's steam rate plan ($4 million) and higher purchased power expenses ($3 million).
Current wording
Operating revenues increased $78 million in the three months ended March 31, 2026 compared with the 2025 period primarily due to higher fuel costs ($33 million), an increase in steam revenues under the company's steam rate plan ($26 million) and higher purchased power expenses ($5 million).
Previous wording
Gas purchased for resale increased $9 million in the three months ended September 30, 2025 compared with the 2024 period due to higher unit costs ($5 million) and higher purchased volumes ($4 million).
Current wording
Purchased power expenses increased $5 million in the three months ended March 31, 2026 compared with the 2025 period due to higher unit costs ($5 million).
Previous wording
Depreciation and amortization expenses increased$6 million in thenine months ended September 30, 2025 compared with the 2024 period primarily due to higher steam utility plant balances.
Current wording
Depreciation and amortization expenses increased $4 million in the three months ended March 31, 2026 compared with the 2025 period primarily due to higher steam utility plant balances.
Previous wording
Taxes, other than income taxes increased $22 million in the three months ended September 30, 2025 compared with the 2024 period primarily due to lower deferral of under-collected property taxes ($21 million) and higher state and local revenue taxes ($1 million).
Current wording
Taxes, other than income taxes increased $22 million in the three months ended March 31, 2026 compared with the 2025 period primarily due to a higher deferral of over-collected property taxes ($23 million).
Previous wording
At $928 million, taxes other than income taxes remain one of CECONY’s largest operating expenses forthe three months ended September 30, 2025. The principal components of, and variations in, taxes other than income taxes were:
Current wording
At$1,006 million, taxes other than income taxes remain one of CECONY’s largest operating expenses forthe three months ended March 31, 2026. The principal components of, and variations in, taxes other than income taxes were:
Previous wording
(b)Including the deferral of over-collected property taxes in 2025 of $4 million and the deferral of under-collected property taxes in 2024 of $78 million, respectively.
Current wording
(b)Including the deferral of over-collected property taxes in 2026 and 2025 were $53 million and $30 million, respectively.
Showing the first 40 of 86 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations
Current report — wording carried from elsewhere
Beginning in 2024, based on the existing statute, the Companies are subject to and report the CAMT in their Consolidated Income Statements, Consolidated Statements of Cash Flows and the Consolidated Balance Sheets.
Rearranged previous paragraphs (18)
Previous report — wording carried elsewhere
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 MVP. See “Investment in MVP” in Note A to the Third Quarter Financial Statements.
Previous report — wording carried elsewhere
Depreciation and amortization expenses increased $5 million in the three months ended September 30, 2025 compared with the 2024 period primarily due to higher gas utility plant balances.
Previous report — wording carried elsewhere
The Companies’ results of operations for the nine months ended September 30, 2025 and 2024 were as follows:
Previous report — wording carried elsewhere
(b)Represents the consolidated results of operations of Con Edison and its businesses.
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 increased 5.1 percent in the nine months ended September 30, 2025 compared with the 2024 period.
Previous report — wording carried elsewhere
(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 report — wording carried elsewhere
CECONY’s results of steam operations for the nine months ended September 30, 2025 compared with the 2024 period were as follows:
Previous report — wording carried elsewhere
(b)Other steam operating revenues generally reflect changes in regulatory assets and liabilities in accordance with CECONY’s rate plan.
Previous report — wording carried elsewhere
(c)After adjusting for variations, primarily weather and billing days, steam sales and deliveries in the company's service area decreased 3.8 percent inthe nine months ended September 30, 2025 compared with the 2024 period.
Previous report — wording carried elsewhere
At $2,717 million, taxes other than income taxes remain one of CECONY’s largest operating expenses forthe nine months ended September 30, 2025. The principal components of, and variations in, taxes other than income taxes were:
Previous report — wording carried elsewhere
(b)Including the deferral of over-collected property taxes in 2025 of $56 million and the deferral of under-collected property taxes in 2024 of $104 million, respectively.
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, 2025 compared with the 2024 period were:
Previous report — wording carried elsewhere
Taxes, other than income taxes, remained consistent in 2025 compared with 2024 for the nine months ended September 30, 2025. The principal components of taxes, other than income taxes, were:
Previous report — wording carried elsewhere
•an increase in the net payment of short-term debt of $1,223 million.