|
New York
|
|
13-3965100
|
State of Incorporation
|
|
I.R.S. Employer
ID. Number
|
New York
|
|
13-5009340
|
State of Incorporation
|
|
I.R.S. Employer
ID. Number
|
Title of each class
|
|
|
Name of each exchange
on which registered
|
|
Consolidated Edison, Inc.,
|
|
|
|
|
Common Shares ($.10 par value)
|
|
|
New York Stock Exchange
|
|
Consolidated Edison, Inc. (Con Edison)
|
Yes
|
|
x
|
|
No
|
|
¨
|
|
|
Consolidated Edison Company of New York, Inc. (CECONY)
|
Yes
|
|
x
|
|
No
|
|
¨
|
|
|
Con Edison
|
Yes
|
|
¨
|
|
No
|
|
x
|
|
|
CECONY
|
Yes
|
|
¨
|
|
No
|
|
x
|
|
|
Con Edison
|
Yes
|
|
x
|
|
No
|
|
¨
|
|
|
CECONY
|
Yes
|
|
x
|
|
No
|
|
¨
|
|
|
Con Edison
|
Yes
|
|
x
|
|
No
|
|
¨
|
|
|
CECONY
|
Yes
|
|
x
|
|
No
|
|
¨
|
|
Con Edison
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Large accelerated filer
|
|
x
|
|
Accelerated filer
|
|
¨
|
|
Non-accelerated filer
|
|
¨
|
|
Smaller reporting company
|
|
¨
|
CECONY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Large accelerated filer
|
|
¨
|
|
Accelerated filer
|
|
¨
|
|
Non-accelerated filer
|
|
x
|
|
Smaller reporting company
|
|
¨
|
Con Edison
|
|
Yes
|
|
¨
|
|
No
|
|
x
|
|
CECONY
|
|
Yes
|
|
¨
|
|
No
|
|
x
|
|
|
Con Edison Companies
|
|
|
Con Edison
|
|
Consolidated Edison, Inc.
|
CECONY
|
|
Consolidated Edison Company of New York, Inc.
|
Clean Energy Businesses
|
|
Con Edison Clean Energy Businesses, Inc., together with its subsidiaries
|
Con Edison Development
|
|
Consolidated Edison Development, Inc.
|
Con Edison Energy
|
|
Consolidated Edison Energy, Inc.
|
Con Edison Solutions
|
|
Consolidated Edison Solutions, Inc.
|
Con Edison Transmission
|
|
Con Edison Transmission, Inc., together with its subsidiaries
|
CET Electric
|
|
Consolidated Edison Transmission, LLC
|
CET Gas
|
|
Con Edison Gas Pipeline and Storage, LLC
|
O&R
|
|
Orange and Rockland Utilities, Inc.
|
Pike
|
|
Pike County Light & Power Company
|
RECO
|
|
Rockland Electric Company
|
The Companies
|
|
Con Edison and CECONY
|
The Utilities
|
|
CECONY and O&R
|
|
||
Regulatory Agencies, Government Agencies and Other Organizations
|
||
EPA
|
|
U. S. Environmental Protection Agency
|
FASB
|
|
Financial Accounting Standards Board
|
FERC
|
|
Federal Energy Regulatory Commission
|
IASB
|
|
International Accounting Standards Board
|
IRS
|
|
Internal Revenue Service
|
NJBPU
|
|
New Jersey Board of Public Utilities
|
NJDEP
|
|
New Jersey Department of Environmental Protection
|
NYISO
|
|
New York Independent System Operator
|
NYPA
|
|
New York Power Authority
|
NYSDEC
|
|
New York State Department of Environmental Conservation
|
NYSERDA
|
|
New York State Energy Research and Development Authority
|
NYSPSC
|
|
New York State Public Service Commission
|
NYSRC
|
|
New York State Reliability Council, LLC
|
PJM
|
|
PJM Interconnection LLC
|
SEC
|
|
U.S. Securities and Exchange Commission
|
|
|
|
Accounting
|
|
|
ASU
|
|
Accounting Standards Update
|
GAAP
|
|
Generally Accepted Accounting Principles in the United States of America
|
LILO
|
|
Lease In/Lease Out
|
OCI
|
|
Other Comprehensive Income
|
VIE
|
|
Variable Interest Entity
|
Environmental
|
|
|
CO2
|
|
Carbon dioxide
|
GHG
|
|
Greenhouse gases
|
MGP Sites
|
|
Manufactured gas plant sites
|
PCBs
|
|
Polychlorinated biphenyls
|
PRP
|
|
Potentially responsible party
|
RGGI
|
|
Regional Greenhouse Gas Initiative
|
Superfund
|
|
Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 and similar state statutes
|
|
|
|
Units of Measure
|
|
|
AC
|
|
Alternating current
|
Bcf
|
|
Billion cubic feet
|
Dt
|
|
Dekatherms
|
kV
|
|
Kilovolt
|
kWh
|
|
Kilowatt-hour
|
MDt
|
|
Thousand dekatherms
|
MMlb
|
|
Million pounds
|
MVA
|
|
Megavolt ampere
|
MW
|
|
Megawatt or thousand kilowatts
|
MWh
|
|
Megawatt hour
|
|
|
|
Other
|
|
|
AFUDC
|
|
Allowance for funds used during construction
|
AMI
|
|
Advanced metering infrastructure
|
COSO
|
|
Committee of Sponsoring Organizations of the Treadway Commission
|
DER
|
|
Distributed energy resources
|
EGWP
|
|
Employer Group Waiver Plan
|
Fitch
|
|
Fitch Ratings
|
LTIP
|
|
Long Term Incentive Plan
|
Moody’s
|
|
Moody’s Investors Service
|
REV
|
|
Reforming the Energy Vision
|
S&P
|
|
Standard & Poor’s Financial Services LLC
|
VaR
|
|
Value-at-Risk
|
|
PAGE
|
|
|
||
Item 1:
|
||
Item 1A:
|
||
Item 1B:
|
||
Item 2:
|
||
Item 3:
|
||
Item 4:
|
||
|
||
|
|
|
Item 5:
|
||
Item 6:
|
||
Item 7:
|
||
Item 7A:
|
||
Item 8:
|
||
Item 9:
|
||
Item 9A:
|
||
Item 9B:
|
||
|
|
|
Item 10:
|
||
Item 11:
|
||
Item 12:
|
||
Item 13:
|
||
Item 14:
|
||
|
|
|
Item 15:
|
||
Item 16:
|
Form 10-K Summary
|
|
|
•
|
Consolidated Edison Company of New York, Inc. (CECONY), which delivers electricity, natural gas and steam to customers in New York City and Westchester County;
|
•
|
Orange & Rockland Utilities, Inc. (O&R), which together with its subsidiary, Rockland Electric Company, delivers electricity and natural gas to customers primarily located in southeastern New York State and northern New Jersey (O&R, together with CECONY referred to as the Utilities);
|
•
|
Con Edison Clean Energy Businesses, Inc., which through its subsidiaries develops, owns and operates renewable and energy infrastructure projects and provide energy-related products and services to wholesale and retail customers (Con Edison Clean Energy Businesses, Inc., together with its subsidiaries referred to as the Clean Energy Businesses); and
|
•
|
Con Edison Transmission, Inc., which through its subsidiaries invests in electric and gas transmission projects (Con Edison Transmission, Inc., together with its subsidiaries referred to as Con Edison Transmission).
|
|
For the Year Ended December 31,
|
|||||||||
(Millions of Dollars, except per share amounts)
|
2012
|
|
2013
|
|
2014
|
|
2015
|
|
2016
|
|
Operating revenues
|
$12,188
|
|
$12,354
|
|
$12,919
|
|
$12,554
|
|
$12,075
|
|
Energy costs
|
3,887
|
|
4,054
|
|
4,513
|
|
3,716
|
|
3,088
|
|
Operating income
|
2,339
|
|
2,244
|
|
2,209
|
|
2,427
|
|
2,575
|
|
Net income
|
1,141
|
|
1,062
|
(a)
|
1,092
|
|
1,193
|
|
1,245
|
|
Total assets (f)(g)
|
40,845
|
|
40,451
|
(b)
|
44,071
|
(c)
|
45,642
|
(d)
|
48,255
|
(e)
|
Long-term debt (f)
|
9,994
|
|
10,415
|
|
11,546
|
|
12,006
|
|
14,735
|
|
Total equity
|
11,869
|
|
12,245
|
|
12,585
|
|
13,061
|
|
14,306
|
|
Net Income per common share – basic
|
$3.88
|
|
$3.62
|
|
$3.73
|
|
$4.07
|
|
$4.15
|
|
Net Income per common share – diluted
|
$3.86
|
|
$3.61
|
|
$3.71
|
|
$4.05
|
|
$4.12
|
|
Dividends declared per common share
|
$2.42
|
|
$2.46
|
|
$2.52
|
|
$2.60
|
|
$2.68
|
|
Book value per share
|
$40.53
|
|
$41.81
|
|
$42.97
|
|
$44.50
|
|
$46.91
|
|
Average common shares outstanding
(millions)
|
293
|
|
293
|
|
293
|
|
293
|
|
300
|
|
Stock price low
|
$53.63
|
|
$54.33
|
|
$52.23
|
|
$56.86
|
|
$63.47
|
|
Stock price high
|
$65.98
|
|
$63.66
|
|
$68.92
|
|
$72.25
|
|
$81.88
|
|
(a)
|
Reflects a charge to earnings of $95 million (after taxes of $63 million) relating to the lease in/lease out (LILO) transactions that were terminated in 2013.
|
(b)
|
Reflects a $2,947 million decrease in regulatory assets for unrecognized pension and other postretirement costs offset by an increase of $1,497 million, $280 million, $257 million and $223 million in net plant, cash, special deposits and regulatory assets for future income tax, respectively.
|
(c)
|
Reflects a $2,116 million increase in regulatory assets for unrecognized pension and other postretirement costs and a $1,391 million increase in net plant. See Notes
B
,
E
and
F
to the financial statements in Item 8.
|
(d)
|
Reflects a $2,382 million increase in net plant offset by a $970 million decrease in regulatory assets for unrecognized pension and other postretirement costs. See Notes
B
,
E
and
F
to the financial statements in Item 8.
|
(e)
|
Reflects a
$3,007 million
increase in net plant offset by a $1,002 million decrease in regulatory assets for unrecognized pension and other postretirement costs. See Notes
B
,
E
and
F
to the financial statements in Item 8.
|
(f)
|
Reflects $68 million, $74 million and $85 million in 2012, 2013 and 2014, respectively, related to the adoption of Accounting Standards Update (ASU) No. 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.”
|
(g)
|
Reflects $296 million, $122 million and $152 million in 2012, 2013, 2014, respectively, related to the adoption of ASU No. 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes.”
|
|
For the Year Ended December 31,
|
|||||||||
(Millions of Dollars)
|
2012
|
|
2013
|
|
2014
|
|
2015
|
|
2016
|
|
Operating revenues
|
$10,187
|
|
$10,430
|
|
$10,786
|
|
$10,328
|
|
$10,165
|
|
Energy costs
|
2,665
|
|
2,873
|
|
2,985
|
|
2,304
|
|
2,059
|
|
Operating income
|
2,093
|
|
2,060
|
|
2,139
|
|
2,247
|
|
2,262
|
|
Net income
|
1,014
|
|
1,020
|
|
1,058
|
|
1,084
|
|
1,056
|
|
Total assets (e)(f)
|
36,630
|
|
36,095
|
(a)
|
39,443
|
(b)
|
40,230
|
(c)
|
40,856
|
(d)
|
Long-term debt (e)
|
9,083
|
|
9,303
|
|
10,788
|
|
10,787
|
|
12,073
|
|
Shareholder’s equity
|
10,552
|
|
10,847
|
|
11,188
|
|
11,415
|
|
11,829
|
|
(a)
|
Reflects a $2,797 million decrease in regulatory assets for unrecognized pension and other postretirement costs offset by an increase of $1,405 million, $280 million, $215 million and $199 million in net plant, cash, regulatory assets for environmental remediation costs and regulatory assets for future income tax, respectively.
|
(b)
|
Reflects a $1,999 million increase in regulatory assets for unrecognized pension and other postretirement costs and a $1,440 million increase in net plant. See Notes
B
,
E
and
F
to the financial statements in Item 8.
|
(c)
|
Reflects a $1,725 million increase in net plant and a $912 million decr
ease in regulatory assets for unrecognized pension and other postretirement costs. See Notes
B
,
E
and
F
to the financial statements in Item 8.
|
(d)
|
Reflects a
$1,804 million
increase in net plant and a $967 million decrease in regulatory assets for unrecognized pension and other postretirement costs. See Notes
B
,
E
and
F
to the financial statements in Item 8.
|
(e)
|
Reflects $62 million, $63 million and $76 million in 2012, 2013 and 2014, respectively, related to the adoption of ASU No. 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.”
|
(f)
|
Reflects $193 million, $100 million and $118 million in 2012, 2013 and 2014, respectively, related to the adoption of ASU No. 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes.”
|
•
|
Con Edison reported
2016
net income of
$1,245 million
or
$4.15
a share compared with
$1,193 million
or
$4.07
a share in
2015
. Adjusted earnings were
$1,198 million
or
$3.99
a share in
2016
compared with
$1,196 million
or
$4.08
a share in
2015
. See “Results of Operations” in Item 7 and “Non-GAAP Financial Measure” below.
|
•
|
In
2016
, the Utilities invested
$2,922 million
to upgrade and reinforce their energy delivery systems, Con Edison Transmission invested
$1,078 million
in electric transmission and gas pipeline and storage businesses and the Clean Energy Businesses invested
$1,235 million
primarily in renewable electric production projects. See "Capital Requirements and Resources" in Item 1 and
Note U
to the financial statements in Item 8.
|
•
|
In
2017
, the Utilities expect to invest
$3,154 million
for their energy delivery systems, Con Edison Transmission expects to invest
$90 million
in gas pipeline and storage businesses and the Clean Energy Businesses expect to invest
$450 million
in renewable electric production projects.
Con Edison plans to meet its 2017 capital requirements through internally-generated funds and the issuance of securities. The company’s plans include the issuance of between $1,000 million and $1,800 million of long-term debt, most of which would be at the Utilities, and the issuance of additional debt secured by its renewable
electric
production projects. The company’s plans also include the issuance of up to $350 million of common equity in addition to equity under its dividend reinvestment, employee stock purchase and long term incentive plans.
See “Capital Requirements and Resources” in Item 1.
|
•
|
In 2016, the Clean Energy Businesses sold their retail electric supply business and O&R sold its Pennsylvania utility subsidiary for aggregate cash consideration of $250 million. See
Note U
to the financial statements in Item 8.
|
•
|
CECONY forecasts average annual growth in peak demand in its service area at design conditions over the next five years for electric and gas to be approximately
0.2
percent and
2.3
percent, respectively, and average annual decrease in steam peak demand in its service area at design conditions over the next five years to be approximately
0.7
percent. O&R forecasts average annual decrease in electric peak demand in its service area at design conditions over the next five years to be approximately
0.1
percent and average annual growth in gas peak demand in its service area over the next five years at design conditions to be approximately
0.2
percent. See “The Utilities” in Item 1.
|
•
|
In 2016, the New York State Public Service Commission (NYSPSC) continued its Reforming the Energy Vision (REV) proceeding to improve system efficiency and reliability, encourage renewable energy and distributed energy resources and empower customer choice. The NYSPSC, among other things, issued orders adopting a ratemaking and utility revenue framework and a clean energy standard and an order approving CECONY’s advanced metering infrastructure (AMI) plan for the company’s electric and gas businesses. See “Utility Regulation - State Utility Regulation - Reforming the Energy Vision” in Item 1.
|
•
|
In 2016, the NYSPSC continued its proceeding to investigate the practices of qualifying persons to perform plastic fusions on gas facilities and its review of a March 2014 explosion and fire in which eight people died and more than 50 people were injured. In February 2017, the NYSPSC approved a settlement agreement with CECONY related to these matters. Pursuant to the settlement agreement, the company will not recover from customers $126 million of costs it incurred for gas emergency response activities in 2014, 2015 and 2016 in excess of amounts reflected in its gas rate plan for those years. At December 31, 2016, the company had not deferred any such incremental costs as a regulatory asset. In addition, the company will provide $27 million of future benefits to customers. At December 31, 2016, the company had accrued a regulatory liability for these future benefits. See “Other Regulatory Matters” in
Note B
and “Manhattan Explosion and Fire” in
Note H
to the financial statements in Item 8.
|
•
|
In January 2017, the NYSPSC approved a September 2016 Joint Proposal among CECONY, the NYSPSC staff and other parties for CECONY electric and gas rate plans for the three-year period January 2017 through December 2019. See “Rate Plans” in
Note B
to the financial statements in Item 8.
|
(Millions of Dollars, except per share amounts)
|
2012
|
2013
|
2014
|
2015
|
2016
|
|||||
Reported net income – GAAP basis
|
$1,138
|
$1,062
|
$1,092
|
$1,193
|
$1,245
|
|||||
Gain on sale of the Clean Energy Businesses' retail electric supply business (a)
|
—
|
|
—
|
|
—
|
|
—
|
|
(56)
|
|
Goodwill impairment related to the Clean Energy Businesses' energy service business (b)
|
—
|
|
—
|
|
—
|
|
—
|
|
12
|
|
Impairment of assets held for sale (c)
|
—
|
|
—
|
|
—
|
|
3
|
—
|
|
|
Gain on sale of solar electric production projects (d)
|
—
|
|
—
|
|
(26)
|
—
|
|
—
|
|
|
Loss from LILO transactions (e)
|
—
|
|
95
|
1
|
—
|
|
—
|
|
||
Net mark-to-market effects of the Clean Energy Businesses (f)
|
(40)
|
(45)
|
73
|
—
|
|
(3)
|
||||
Adjusted earnings
|
$1,098
|
$1,112
|
$1,140
|
$1,196
|
$1,198
|
|||||
Reported earnings per share – GAAP basis (basic)
|
$3.88
|
$3.62
|
$3.73
|
$4.07
|
$4.15
|
|||||
Gain on sale of the Clean Energy Businesses' retail electric supply business
|
—
|
|
—
|
|
—
|
|
—
|
|
(0.19)
|
|
Goodwill impairment related to the Clean Energy Businesses' energy service business
|
—
|
|
—
|
|
—
|
|
—
|
|
0.04
|
|
Impairment of assets held for sale
|
—
|
|
—
|
|
—
|
|
0.01
|
—
|
|
|
Gain on sale of solar electric production projects
|
—
|
|
—
|
|
(0.09)
|
—
|
|
—
|
|
|
Loss from LILO transactions
|
—
|
|
0.32
|
—
|
|
—
|
|
—
|
|
|
Net mark-to-market effects of the Clean Energy Businesses
|
(0.13)
|
(0.14)
|
0.25
|
—
|
|
(0.01)
|
||||
Adjusted earnings per share
|
$3.75
|
$3.80
|
$3.89
|
$4.08
|
$3.99
|
(a)
|
After taxes of $(48) million, which includes an adjustment for the apportionment of state income taxes. See
Note U
to the financial statements in Item 8.
|
(b)
|
After taxes of $3 million. See
Note K
to the financial statements in Item 8.
|
(c)
|
After taxes of $2 million, recorded related to Pike County Light & Power Company, which O&R sold in 2016. See
Note U
to the financial statements in Item 8.
|
(d)
|
After taxes of $(19) million.
|
(e)
|
In 2013, a court disallowed tax losses claimed by Con Edison relating to Con Edison Development’s Lease In/Lease Out (LILO) transactions and the company subsequently terminated the transactions, resulting in a charge to earnings of $95 million (after taxes of $63 million). In 2014, adjustments were made to taxes and accrued interest.
|
(f)
|
After taxes of $(29) million, $(30) million and $55 million for the years ended December 31, 2012 through 2014. After taxes of $(2) million for the year ended December 31, 2016.
|
Contents of Item 1
|
Page
|
Contents of Item 1
|
Page
|
CET Electric
|
|
CET Gas
|
|
•
|
ordered CECONY, O&R and the other electric utilities to file distributed system implementation plans (DSIPs) pursuant to which the utilities, under the NYSPSC’s authority and supervision, would serve as distributed system platforms to optimize the use of DER;
|
•
|
indicated that the utilities will be allowed to own DER only under limited circumstances, and that utility affiliate ownership of DER within the utility’s service territory will require market power protections;
|
•
|
ordered the utilities to file energy efficiency plans (see “Environmental Matters - Climate Change," below);
|
•
|
instituted a separate proceeding to consider large-scale renewable generation;
|
•
|
required the utilities to file demonstration projects for approval by NYSPSC staff; and
|
•
|
indicated that the design and implementation of the reformed energy system will occur over a period of years.
|
Technology
|
CECONY
|
O&R
|
||||||||||
Total MW, except project number
|
2014
|
2015
|
2016
|
2014
|
2015
|
2016
|
||||||
Internal-combustion engines
|
101
|
|
103
|
|
104
|
|
21
|
|
21
|
|
22
|
|
Photovoltaic solar
|
58
|
|
95
|
|
135
|
|
28
|
|
46
|
|
63
|
|
Gas turbines
|
40
|
|
40
|
|
40
|
|
—
|
|
—
|
|
—
|
|
Micro turbines
|
9
|
|
10
|
|
10
|
|
1
|
|
1
|
|
1
|
|
Fuel cells
|
8
|
|
8
|
|
9
|
|
—
|
|
—
|
|
—
|
|
Steam turbines
|
3
|
|
3
|
|
4
|
|
—
|
|
—
|
|
—
|
|
Landfill
|
—
|
|
—
|
|
—
|
|
2
|
|
2
|
|
2
|
|
Total distribution-level distributed generation
|
219
|
|
259
|
|
302
|
|
52
|
|
70
|
|
88
|
|
Number of distributed generation projects
|
4,200
|
|
7,451
|
|
12,928
|
|
1,881
|
|
3,704
|
|
5,376
|
|
|
|
Year Ended December 31,
|
||||||||||||
|
|
2012
|
|
2013
|
|
2014
|
|
2015
|
|
2016
|
||||
Electric Energy Delivered
(millions of kWh)
|
|
|
|
|
|
|
|
|
|
|
||||
CECONY full service customers
|
|
20,622
|
|
20,118
|
|
19,757
|
|
20,206
|
|
19,886
|
||||
Delivery service for retail choice customers
|
|
25,990
|
|
26,574
|
|
26,221
|
|
26,662
|
|
26,813
|
||||
Delivery service to NYPA customers and others
|
|
10,267
|
|
10,226
|
|
10,325
|
|
10,147
|
|
10,046
|
||||
Delivery service for municipal agencies
|
|
322
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total Deliveries in Franchise Area
|
|
57,201
|
|
56,918
|
|
56,303
|
|
57,015
|
|
56,745
|
||||
Electric Energy Delivered
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
||||
CECONY full service customers
|
|
$4,731
|
|
$4,799
|
|
$5,023
|
|
$4,757
|
|
$4,404
|
||||
Delivery service for retail choice customers
|
|
2,750
|
|
2,683
|
|
2,646
|
|
2,714
|
|
2,768
|
||||
Delivery service to NYPA customers and others
|
|
596
|
|
602
|
|
625
|
|
600
|
|
610
|
||||
Delivery service for municipal agencies
|
|
10
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Other operating revenues
|
|
89
|
|
47
|
|
143
|
|
101
|
|
324
|
||||
Total Deliveries in Franchise Area
|
|
$8,176
|
|
$8,131
|
|
$8,437
|
|
$8,172
|
|
$8,106
|
||||
Average Revenue per kWh Sold
(Cents)
(a)
|
|
|
|
|
|
|
|
|
|
|
||||
Residential
|
|
25.6
|
|
27.0
|
|
28.9
|
|
26.3
|
|
24.9
|
||||
Commercial and Industrial
|
|
20.0
|
|
20.6
|
|
22.1
|
|
20.6
|
|
19.1
|
(a)
|
Includes Municipal Agency sales.
|
|
Year Ended December 31,
|
||||||
|
2012
|
2013
|
2014
|
2015
|
2016
|
||
Gas Delivered
(MDt)
|
|
|
|
|
|
||
Firm Sales
|
|
|
|
|
|
||
Full service
|
57,595
|
67,007
|
75,630
|
77,197
|
75,892
|
||
Firm transportation of customer-owned gas
|
52,860
|
61,139
|
68,731
|
72,864
|
68,442
|
||
Total Firm Sales
|
110,455
|
128,146
|
144,361
|
150,061
|
144,334
|
||
Interruptible Sales (a)
|
5,961
|
10,900
|
10,498
|
6,332
|
8,957
|
||
Total Gas Delivered to CECONY Customers
|
116,416
|
139,046
|
154,859
|
156,393
|
153,291
|
||
Transportation of customer-owned gas
|
|
|
|
|
|
||
NYPA
|
48,107
|
48,682
|
47,548
|
44,038
|
43,101
|
||
Other (mainly generating plants and interruptible transportation)
|
108,086
|
87,379
|
105,012
|
104,857
|
109,000
|
||
Off-System Sales
|
730
|
4,638
|
15
|
389
|
—
|
|
|
Total Sales
|
273,339
|
279,745
|
307,434
|
305,677
|
305,392
|
||
Gas Delivered
($ in millions)
|
|
|
|
|
|
||
Firm Sales
|
|
|
|
|
|
||
Full service
|
$889
|
$1,059
|
$1,141
|
$956
|
$933
|
||
Firm transportation of customer-owned gas
|
380
|
414
|
453
|
458
|
426
|
||
Total Firm Sales
|
1,269
|
1,473
|
1,594
|
1,414
|
1,359
|
||
Interruptible Sales
|
39
|
69
|
91
|
46
|
34
|
||
Total Gas Delivered to CECONY Customers
|
1,308
|
1,542
|
1,685
|
1,460
|
1,393
|
||
Transportation of customer-owned gas
|
|
|
|
||||
NYPA
|
2
|
2
|
2
|
2
|
2
|
||
Other (mainly generating plants and interruptible transportation)
|
68
|
71
|
70
|
54
|
57
|
||
Off-System Sales
|
5
|
18
|
—
|
|
1
|
—
|
|
Other operating revenues (mainly regulatory amortizations)
|
32
|
(17)
|
(36)
|
11
|
56
|
||
Total Sales
|
$1,415
|
$1,616
|
$1,721
|
$1,528
|
$1,508
|
||
Average Revenue per Dt Sold
|
|
|
|
||||
Residential
|
$18.14
|
$18.52
|
$16.76
|
$13.91
|
$13.96
|
||
General
|
$11.68
|
$12.05
|
$12.38
|
$9.73
|
$9.47
|
(a)
|
Includes 563, 5,362, 6,057, 1,229 and
4,708
MDt for 2012, 2013, 2014, 2015 and 2016, respectively, which are also reflected in firm transportation and other.
|
|
Year Ended December 31,
|
||||
|
2012
|
2013
|
2014
|
2015
|
2016
|
Steam Sold
(MMlb)
|
|
|
|
|
|
General
|
425
|
547
|
594
|
538
|
465
|
Apartment house
|
5,240
|
6,181
|
6,574
|
6,272
|
5,792
|
Annual power
|
14,076
|
15,195
|
15,848
|
15,109
|
13,722
|
Total Steam Delivered to CECONY Customers
|
19,741
|
21,923
|
23,016
|
21,919
|
19,979
|
Steam Sold
($ in millions)
|
|
|
|
|
|
General
|
$25
|
$31
|
$30
|
$29
|
$23
|
Apartment house
|
158
|
187
|
180
|
176
|
148
|
Annual power
|
429
|
491
|
469
|
453
|
378
|
Other operating revenues
|
(16)
|
(26)
|
(51)
|
(29)
|
2
|
Total Steam Delivered to CECONY Customers
|
$596
|
$683
|
$628
|
$629
|
$551
|
Average Revenue per MMlb Sold
|
$31.00
|
$32.34
|
$29.50
|
$30.02
|
$27.48
|
|
Year Ended December 31,
|
||||||
|
2012
|
2013
|
2014
|
2015
|
2016
|
||
Gas Delivered
(MDt)
|
|
|
|
|
|
||
Firm Sales
|
|
|
|
|
|
||
Full service
|
7,539
|
8,808
|
9,529
|
9,348
|
9,723
|
||
Firm transportation
|
10,505
|
12,062
|
12,592
|
11,752
|
10,381
|
||
Total Firm Sales
|
18,044
|
20,870
|
22,121
|
21,100
|
20,104
|
||
Interruptible Sales
|
4,326
|
4,118
|
4,216
|
4,205
|
3,853
|
||
Total Gas Delivered to O&R Customers
|
22,370
|
24,988
|
26,337
|
25,305
|
23,957
|
||
Transportation of customer-owned gas
|
|
|
|
|
|
||
Sales for resale
|
793
|
885
|
945
|
906
|
867
|
||
Sales to electric generating stations
|
15
|
19
|
70
|
25
|
18
|
||
Off-System Sales
|
—
|
|
—
|
|
3
|
62
|
16
|
Total Sales
|
23,178
|
25,892
|
27,355
|
26,298
|
24,858
|
|
Year Ended December 31,
|
||||||||
|
2012
|
2013
|
2014
|
2015
|
2016
|
||||
Gas Delivered
($ in millions)
|
|
|
|
|
|
||||
Firm Sales
|
|
|
|
|
|
||||
Full service
|
$103
|
$115
|
$121
|
$91
|
$99
|
||||
Firm transportation
|
76
|
77
|
75
|
68
|
70
|
||||
Total Firm Sales
|
179
|
192
|
196
|
159
|
169
|
||||
Interruptible Sales
|
4
|
3
|
2
|
3
|
3
|
||||
Total Gas Delivered to O&R Customers
|
183
|
195
|
198
|
162
|
172
|
||||
Transportation of customer-owned gas
|
|
|
|
|
|
||||
Sales to electric generating stations
|
—
|
|
—
|
|
1
|
—
|
|
—
|
|
Other operating revenues
|
20
|
10
|
13
|
20
|
12
|
||||
Total Sales
|
$203
|
$205
|
$212
|
$182
|
$184
|
||||
Average Revenue Per Dt Sold
|
|
|
|
|
|
||||
Residential
|
$14.01
|
$13.31
|
$13.01
|
$10.11
|
$10.71
|
||||
General
|
$11.99
|
$11.53
|
$11.30
|
$8.24
|
$8.17
|
Generating Capacity (MW AC)
|
2012
|
2013
|
2014
|
2015
|
2016
|
Renewable electric production projects
|
127
|
292
|
446
|
748
|
1,098
|
Project Name
|
Production
Technology |
Generating
Capacity (a) (MW AC) |
PPA Term
(In Years) (b) |
Actual/Expected
In-Service Date (c) |
Location
(State) |
Wholly owned projects
|
|
|
|
|
|
Pilesgrove
|
Solar
|
18
|
n/a (d)
|
2011
|
New Jersey
|
Flemington Solar
|
Solar
|
8
|
n/a (d)
|
2011
|
New Jersey
|
Frenchtown I, II and III
|
Solar
|
14
|
n/a (d)
|
2011-13
|
New Jersey
|
PA Solar
|
Solar
|
10
|
n/a (d)
|
2012
|
Pennsylvania
|
California Solar 2 (e)
|
Solar
|
80
|
20
|
2014-16
|
California
|
Oak Tree Wind
|
Wind
|
20
|
20
|
2014
|
South Dakota
|
Texas Solar 3
|
Solar
|
6
|
25
|
2015
|
Texas
|
Texas Solar 5 (e)
|
Solar
|
95
|
25
|
2015
|
Texas
|
Campbell County
Wind
|
Wind
|
95
|
30
|
2015
|
South Dakota
|
Texas Solar 7 (e)
|
Solar
|
106
|
25
|
2016
|
Texas
|
California Solar 3 (Partial) (e)
|
Solar
|
75
|
20
|
2016
|
California
|
Adams Wind (e)
|
Wind
|
23
|
7
|
2016
|
Minnesota
|
Valley View (e)
|
Wind
|
10
|
14
|
2016
|
Minnesota
|
Coram (e)
|
Wind
|
102
|
16
|
2016
|
California
|
Projects of less than 5 MW
|
Solar / Wind
|
25
|
Various
|
Various
|
Various
|
Jointly owned projects (e) (f)
|
|
|
|
|
|
California Solar
|
Solar
|
55
|
25
|
2012-13
|
California
|
Mesquite Solar 1
|
Solar
|
83
|
20
|
2013
|
Arizona
|
Copper Mountain Solar 2
|
Solar
|
75
|
25
|
2013-15
|
Nevada
|
Copper Mountain Solar 3
|
Solar
|
128
|
20
|
2014-15
|
Nevada
|
Broken Bow II
|
Wind
|
38
|
25
|
2014
|
Nebraska
|
Texas Solar 4
|
Solar
|
32
|
25
|
2014
|
Texas
|
Total MW (AC) in Operation
|
|
1,098
|
|
|
|
California Solar 3 (Partial) (e)
|
Solar
|
35
|
20
|
2017
|
California
|
Upton County
|
Solar
|
158
|
25
|
2017
|
Texas
|
Panoche Valley
|
Solar
|
240
|
20
|
2019
|
California
|
Total MW (AC) in Construction
|
|
433
|
|
|
|
Total MW (AC), All Projects
|
|
1,531
|
|
|
|
(a)
|
Represents Con Edison Development’s ownership interest in the project.
|
(b)
|
Represents PPA contractual term or remaining term from Con Edison Development’s date of acquisition.
|
(c)
|
Represents Actual/Expected In-Service Date or Con Edison Development's date of acquisition.
|
(d)
|
New Jersey, Pennsylvania and Massachusetts assets have 3-4 year Solar Renewable Energy Credit hedges in place.
|
(e)
|
Project has been pledged to secure financing for the project.
|
(f)
|
All of the jointly-owned projects are 50 percent owned, except for Texas Solar 4 (which is 80 percent owned). See Note Q to the financial statements in Item 8.
|
|
2012
|
2013
|
2014
|
2015
|
2016
|
|||||
Retail electric volumes sold
(millions of kWh)
|
13,840
|
|
12,167
|
|
11,871
|
|
13,594
|
|
9,843
|
|
|
Actual
|
Estimate
|
|||||||
(Millions of Dollars)
|
2014
|
2015
|
2016
|
2017
|
2018
|
2019
|
|||
CECONY (a)(b)
|
|
|
|
|
|
|
|||
Electric
|
$1,500
|
$1,658
|
$1,819
|
$1,957
|
$1,919
|
$1,798
|
|||
Gas
|
549
|
671
|
811
|
935
|
953
|
983
|
|||
Steam
|
83
|
106
|
126
|
70
|
71
|
68
|
|||
Sub-total
|
2,132
|
2,435
|
2,756
|
2,962
|
2,943
|
2,849
|
|||
O&R
|
|
|
|
|
|
|
|||
Electric
|
105
|
114
|
114
|
136
|
151
|
148
|
|||
Gas
|
37
|
46
|
52
|
56
|
58
|
52
|
|||
Sub-total
|
142
|
160
|
166
|
192
|
209
|
200
|
|||
Con Edison Transmission
|
|
|
|
|
|
|
|||
CET Electric
|
—
|
|
—
|
|
51
|
—
|
|
19
|
19
|
CET Gas
|
—
|
|
—
|
|
1,027
|
90
|
313
|
93
|
|
Sub-total
|
—
|
|
—
|
|
1,078
|
90
|
332
|
112
|
|
Clean Energy Businesses
|
447
|
823
|
1,235
|
450
|
400
|
400
|
|||
Total capital expenditures
|
2,721
|
3,418
|
5,235
|
3,694
|
3,884
|
3,561
|
|||
Retirement of long-term securities
|
|
|
|
|
|
|
|||
Con Edison – parent company
|
2
|
2
|
2
|
2
|
402
|
3
|
|||
CECONY
|
475
|
350
|
650
|
—
|
|
1,200
|
475
|
||
O&R
|
3
|
143
|
79
|
4
|
55
|
62
|
|||
Clean Energy Businesses
|
5
|
4
|
4
|
33
|
31
|
34
|
|||
Total retirement of long-term securities
|
485
|
499
|
735
|
39
|
1,688
|
574
|
|||
Total capital requirements
|
$3,206
|
$3,917
|
$5,970
|
$3,733
|
$5,572
|
$4,135
|
(a)
|
CECONY’s capital expenditures for environmental protection facilities and related studies were $218 million, $224 million and $259 million in
2014
,
2015
and
2016
, respectively, and are estimated to be $372 million in
2017
.
|
(b)
|
Amounts shown do not include amounts for the energy efficiency, demand reduction and combined heat and power programs.
|
(a)
|
Includes interest on variable rate debt calculated at rates in effect at
December 31, 2016
.
|
(b)
|
Included in these amounts is the cost of minimum quantities of energy that the company is obligated to purchase at both fixed and variable prices.
|
(c)
|
Included in these amounts is the cost of minimum quantities of natural gas supply, transportation and storage that the Utilities are obligated to purchase at both fixed and variable prices.
|
(d)
|
Amounts shown for other purchase obligations, which reflect capital and operations and maintenance costs incurred by the Utilities in running their day-to-day operations, were derived from the Utilities’ purchasing system as the difference between the amounts authorized and the amounts paid (or vouchered to be paid) for each obligation. For many of these obligations, the Utilities are committed to purchase less than the amount authorized. Payments for the “Other Purchase Obligations” are generally assumed to be made ratably over the term of the obligations. The Utilities believe that unreasonable effort and expense would be involved to enable them to report their “Other Purchase Obligations” in a different manner.
|
(e)
|
Amounts represent commitments to purchase minimum quantities of electric energy and capacity, renewable energy certificates, natural gas, natural gas pipeline capacity, energy efficiency services and construction services entered into by the Clean Energy Businesses.
|
(f)
|
Con Edison reasonably expects to resolve approximately
$35 million
of its liability for uncertain tax positions within the next twelve months, of which an estimated $12 million may be settled in cash payments. Con Edison is unable to reasonably estimate the timing of the
|
(a)
|
Reflects $95 million after-tax charge to earnings relating to Con Edison Development’s LILO transactions that were terminated in 2013.
|
(Metric tons,
in millions
(a))
|
2012
|
2013
|
2014
|
2015
|
2016
|
|||||
CO2 equivalent emissions
|
3.3
|
|
3.4
|
|
3.2
|
|
3.2
|
|
3.1
|
|
(a)
|
Estimated emissions for 2016 are based on preliminary data and are subject to third-party verification.
|
Site
|
Location
|
Start
|
Court or
Agency
|
% of Total
Liability
|
Curcio Scrap Metal
|
Saddle Brook, NJ
|
1987
|
EPA
|
100%
|
Metal Bank of America
|
Philadelphia, PA
|
1987
|
EPA
|
1.0%
|
Cortese Landfill
|
Narrowsburg, NY
|
1987
|
EPA
|
6.0%
|
Global Landfill
|
Old Bridge, NJ
|
1988
|
EPA
|
0.3%
|
Borne Chemical
|
Elizabeth, NJ
|
1997
|
NJDEP
|
0.7%
|
Site
|
Location
|
Start
|
Court or
Agency
|
% of Total
Liability
|
Borne Chemical
|
Elizabeth, NJ
|
1997
|
NJDEP
|
2.3%
|
Metal Bank of America
|
Philadelphia, PA
|
1993
|
EPA
|
4.6%
|
Ellis Road
|
Jacksonville, FL
|
2011
|
EPA
|
0.2%
|
|
2015
|
2016
|
||||
|
High
|
Low
|
Dividends
Paid
|
High
|
Low
|
Dividends
Paid |
1st Quarter
|
$72.25
|
$58.65
|
$0.65
|
$77.02
|
$63.47
|
$0.67
|
2nd Quarter
|
$63.03
|
$56.86
|
$0.65
|
$80.44
|
$70.31
|
$0.67
|
3rd Quarter
|
$67.37
|
$57.71
|
$0.65
|
$81.88
|
$72.93
|
$0.67
|
4th Quarter
|
$67.94
|
$60.30
|
$0.65
|
$76.03
|
$68.76
|
$0.67
|
|
Years Ended December 31,
|
|||||
Company / Index
|
2011
|
2012
|
2013
|
2014
|
2015
|
2016
|
Consolidated Edison, Inc.
|
100.00
|
93.28
|
96.81
|
120.82
|
122.52
|
145.73
|
S&P 500 Index
|
100.00
|
116.00
|
153.57
|
174.60
|
177.01
|
198.18
|
S&P Utilities
|
100.00
|
101.29
|
114.67
|
147.91
|
140.74
|
163.66
|
|
For the Year Ended December 31, 2016
|
At December 31, 2016
|
||||||||
(Millions of Dollars,
except percentages)
|
Operating
Revenues
|
Net
Income
|
Assets
|
|||||||
CECONY
|
$10,165
|
84
|
%
|
$1,056
|
85
|
%
|
$40,856
|
85
|
%
|
|
O&R
|
821
|
7
|
%
|
59
|
5
|
%
|
2,758
|
6
|
%
|
|
Total Utilities
|
10,986
|
91
|
%
|
1,115
|
90
|
%
|
43,614
|
91
|
%
|
|
Clean Energy Businesses (a)
|
1,091
|
9
|
%
|
118
|
9
|
%
|
2,551
|
5
|
%
|
|
Con Edison Transmission
|
—
|
|
—
|
%
|
20
|
2
|
%
|
1,150
|
2
|
%
|
Other (b)
|
(2)
|
—
|
%
|
(8)
|
(1
|
)%
|
940
|
2
|
%
|
|
Total Con Edison
|
$12,075
|
100
|
%
|
$1,245
|
100
|
%
|
$48,255
|
100
|
%
|
(a)
|
Net income from the Clean Energy Businesses for the year ended
December 31, 2016
includes
$56 million
of net gain related to the sale of the retail electric supply business (see Note U to the financial statements in Item 8) and $12 million of net loss related to a goodwill impairment charge on two energy services companies (see Note K to the financial statements in Item 8). Also includes for the year ended
December 31, 2016
,
$3 million
of net after-tax mark-to-market gain.
|
(b)
|
Other includes parent company and consolidation adjustments.
|
(Millions of Dollars,
except per share amounts) |
Net Income
|
Earnings per Share
|
||||||||||||
|
2016
|
2015
|
2014
|
2016
|
2015
|
2014
|
||||||||
CECONY
|
$1,056
|
$1,084
|
$1,058
|
|
$3.52
|
|
|
$3.70
|
|
|
$3.61
|
|
||
O&R (a)
|
59
|
52
|
60
|
0.20
|
|
0.18
|
|
0.20
|
|
|||||
Clean Energy Businesses (b)
|
118
|
59
|
(17)
|
0.39
|
|
0.20
|
|
(0.05
|
)
|
|||||
Con Edison Transmission
|
20
|
—
|
|
—
|
|
0.07
|
|
—
|
|
—
|
|
|||
Other (c)
|
(8)
|
(2)
|
(9)
|
(0.03
|
)
|
(0.01
|
)
|
(0.03
|
)
|
|||||
Con Edison (d)
|
$1,245
|
$1,193
|
$1,092
|
|
$4.15
|
|
|
$4.07
|
|
|
$3.73
|
|
(a)
|
Includes $3 million or $0.01 a share of net loss in 2015 related to the impairment of certain assets held for sale (see Note U to the financial statements in Item 8).
|
(b)
|
Includes
$56 million
or
$0.19
a share of net gain related to the sale of the retail electric supply business and $(12) million or $(0.04) a share of net loss related to the goodwill impairment charge on two energy services companies in 2016 (see Notes U and K to the financial statements in Item 8). Also includes $3 million or $0.02 a share and $(73) million or $(0.25) a share of net after-tax mark-to-market gains/(losses) in 2016 and
2014
, respectively. Also includes in 2014, an after-tax gain on sale of solar electric production projects of $26 million (see Note U to the financial statements in Item 8) and an after-tax charge of $1 million relating to the LILO transactions that were terminated in 2013.
|
(c)
|
Other includes parent company and consolidation adjustments.
|
(d)
|
Earnings per share on a diluted basis were
$4.12
a share,
$4.05
a share and
$3.71
a share in
2016
,
2015
and
2014
, respectively.
|
|
2016 vs. 2015 Variation
|
2015 vs. 2014 Variation
|
|||||
(Millions of Dollars,
except per share amounts) |
Earnings per
Share
|
Net
Income
|
Earnings per
Share
|
Net
Income |
|||
CECONY (a)
|
|
|
|
|
|||
Changes in rate plans and regulatory charges
|
$0.34
|
$96
|
$0.51
|
$147
|
|||
Weather impact on steam revenues
|
(0.07)
|
(21)
|
(0.04)
|
(13)
|
|||
Other operations and maintenance expenses
|
0.15
|
45
|
(0.02)
|
(5)
|
|||
Depreciation, property taxes and other tax matters
|
(0.43)
|
(126)
|
(0.22)
|
(64)
|
|||
Other (b)
|
(0.17)
|
(22)
|
(0.14)
|
(39)
|
|||
Total CECONY
|
(0.18)
|
(28)
|
0.09
|
26
|
|||
O&R (a)
|
|
|
|
|
|||
Changes in rate plans and regulatory charges
|
—
|
|
1
|
0.04
|
13
|
||
Other operations and maintenance expenses
|
0.06
|
19
|
(0.03)
|
(9)
|
|||
Depreciation and property taxes
|
(0.03)
|
(10)
|
(0.01)
|
(5)
|
|||
Other (c)
|
(0.01)
|
(3)
|
(0.02)
|
(7)
|
|||
Total O&R
|
0.02
|
7
|
(0.02)
|
(8)
|
|||
Clean Energy Businesses
|
|
|
|
|
|||
Operating revenues less energy costs
|
0.14
|
43
|
0.39
|
115
|
|||
Gain on sale of retail electric supply business and solar electric production projects
|
0.19
|
56
|
(0.09)
|
(26)
|
|||
Other operations and maintenance expenses
|
(0.06)
|
(18)
|
(0.06)
|
(16)
|
|||
Net interest expense
|
(0.05)
|
(14)
|
(0.04)
|
(11)
|
|||
Other
|
(0.03)
|
(8)
|
0.05
|
14
|
|||
Total Clean Energy Businesses (d)
|
0.19
|
59
|
0.25
|
76
|
|||
Con Edison Transmission
|
0.07
|
20
|
—
|
|
—
|
|
|
Other, including parent company expenses (e)
|
(0.02)
|
(6)
|
0.02
|
7
|
|||
Total variations
|
$0.08
|
$52
|
$0.34
|
$101
|
(a)
|
Under the revenue decoupling mechanisms in the Utilities’ New York electric and gas rate plans and the weather-normalization clause applicable to their gas businesses, revenues are generally not affected by changes in delivery volumes from levels assumed when rates were approved. In general, the Utilities recover on a current basis the fuel, gas purchased for resale and purchased power costs they incur in supplying energy to their full-service customers (see “Recoverable Energy Costs” in Note A and “Rate Plans” in Note B to the financial statements in Item 8). Accordingly, such costs do not generally affect the Companies’ results of operations.
|
(b)
|
Includes the impact of the dilutive effect of Con Edison's stock issuances. For the year ended December 31, 2014, the variations include a sales and use tax refund received and the gain on sale of non-utility properties of $9 million or $0.03 a share and $8 million or $0.03 a share, respectively,
|
(c)
|
Includes the impairment of certain assets held for sale in 2015 shown in note (a) in the Results of Operations table above.
|
(d)
|
Includes the net mark-to-market effects, the gain on sale of solar electric production projects, goodwill impairment and the impact of the LILO transactions shown in note (b) in the Results of Operations table above.
|
(e)
|
Reflects certain income tax benefits for Con Edison (parent company) of $7 million or $0.02 a share for the year ended December 31, 2015.
|
(a)
|
Includes Demand Side Management, System Benefit Charges and Public Service Law 18A assessments which are collected in revenues.
|
(b)
|
Includes parent company and consolidation adjustments.
|
|
CECONY
|
O&R
|
Clean Energy
Businesses
|
Con Edison
Transmission |
Other (a)
|
Con Edison (b)
|
|||||||||||||||||||
(Millions of Dollars)
|
Increases
(Decreases)
Amount
|
Increases
(Decreases)
Percent
|
Increases
(Decreases)
Amount
|
Increases
(Decreases)
Percent
|
Increases
(Decreases)
Amount
|
Increases
(Decreases)
Percent
|
Increases
(Decreases) Amount |
Increases
(Decreases) Percent |
Increases
(Decreases)
Amount
|
Increases
(Decreases)
Percent
|
Increases
(Decreases)
Amount
|
Increases
(Decreases)
Percent
|
|||||||||||||
Operating revenues
|
$(163)
|
(1.6
|
)%
|
$(24)
|
(2.8
|
)%
|
$(292)
|
(21.1
|
)%
|
|
$—
|
|
—
|
%
|
|
$—
|
|
—
|
|
$(479)
|
(3.8
|
)%
|
|||
Purchased power
|
(151)
|
(8.8
|
)
|
(13)
|
(6.2
|
)
|
(370)
|
(35.4
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
(534)
|
(18.0
|
)
|
|||||
Fuel
|
(76)
|
(30.6
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(76)
|
(30.6
|
)
|
|||
Gas purchased for resale
|
(18)
|
(5.3
|
)
|
(4)
|
(7.8
|
)
|
6
|
5.7
|
|
—
|
|
—
|
|
(2)
|
Large
|
|
(18)
|
(3.6
|
)
|
||||||
Other operations and maintenance
|
(75)
|
(2.6
|
)
|
(32)
|
(9.6
|
)
|
30
|
22.4
|
|
3
|
—
|
|
(1)
|
(25.0
|
)%
|
(75)
|
(2.2
|
)
|
|||||||
Depreciation and amortization
|
66
|
6.3
|
|
(1)
|
(1.5
|
)
|
20
|
90.9
|
|
—
|
|
—
|
|
1
|
—
|
|
86
|
7.6
|
|
||||||
Taxes, other than income taxes
|
76
|
4.1
|
|
17
|
27.4
|
|
1
|
5.3
|
|
—
|
|
—
|
|
—
|
|
—
|
|
94
|
4.9
|
|
|||||
Gain on sale of retail electric supply business
|
—
|
|
—
|
|
—
|
|
—
|
|
104
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
104
|
—
|
|
|||
Operating income
|
15
|
0.7
|
|
9
|
7.4
|
|
125
|
Large
|
|
(3)
|
—
|
|
2
|
Large
|
|
148
|
6.1
|
|
|||||||
Other income less deductions
|
5
|
Large
|
|
5
|
Large
|
|
(12)
|
(35.3
|
)
|
43
|
—
|
|
(1)
|
Large
|
|
40
|
Large
|
|
|||||||
Net interest expense
|
19
|
3.3
|
|
1
|
2.9
|
|
23
|
Large
|
|
6
|
—
|
|
(6)
|
(26.1
|
)
|
43
|
6.6
|
|
|||||||
Income before income tax expense
|
1
|
0.1
|
|
13
|
15.9
|
|
90
|
Large
|
|
34
|
—
|
|
7
|
30.4
|
|
145
|
8.1
|
|
|||||||
Income tax expense
|
29
|
5.1
|
|
6
|
20.0
|
|
31
|
Large
|
|
14
|
—
|
|
13
|
61.9
|
|
93
|
15.4
|
|
|||||||
Net income
|
$(28)
|
(2.6
|
)%
|
$7
|
13.5
|
%
|
$59
|
Large
|
|
$20
|
—
|
%
|
$(6)
|
Large
|
|
$52
|
4.4
|
%
|
|
For the Year Ended December 31, 2016
|
|
For the Year Ended December 31, 2015
|
|
|
||||||||||
(Millions of Dollars)
|
Electric
|
Gas
|
Steam
|
2016 Total
|
Electric
|
Gas
|
Steam
|
2015 Total
|
2016-2015
Variation
|
||||||
Operating revenues
|
$8,106
|
$1,508
|
$551
|
$10,165
|
$8,172
|
$1,527
|
$629
|
$10,328
|
$(163)
|
||||||
Purchased power
|
1,533
|
—
|
|
35
|
1,568
|
1,684
|
—
|
|
35
|
1,719
|
(151)
|
||||
Fuel
|
104
|
—
|
|
68
|
172
|
118
|
—
|
|
130
|
248
|
(76)
|
||||
Gas purchased for resale
|
—
|
|
319
|
—
|
|
319
|
—
|
|
337
|
—
|
|
337
|
(18)
|
||
Other operations and maintenance
|
2,210
|
408
|
188
|
2,806
|
2,259
|
440
|
182
|
2,881
|
(75)
|
||||||
Depreciation and amortization
|
865
|
159
|
82
|
1,106
|
820
|
142
|
78
|
1,040
|
66
|
||||||
Taxes, other than income taxes
|
1,547
|
265
|
120
|
1,932
|
1,493
|
252
|
111
|
1,856
|
76
|
||||||
Operating income
|
$1,847
|
$357
|
$58
|
$2,262
|
$1,798
|
$356
|
$93
|
$2,247
|
$15
|
|
For the Years Ended December 31,
|
|
|
(Millions of Dollars)
|
2016
|
2015
|
Variation
|
Operating revenues
|
$8,106
|
$8,172
|
$(66)
|
Purchased power
|
1,533
|
1,684
|
(151)
|
Fuel
|
104
|
118
|
(14)
|
Other operations and maintenance
|
2,210
|
2,259
|
(49)
|
Depreciation and amortization
|
865
|
820
|
45
|
Taxes, other than income taxes
|
1,547
|
1,493
|
54
|
Electric operating income
|
$1,847
|
$1,798
|
$49
|
|
Millions of kWh Delivered
|
|
Revenues in Millions (a)
|
|||||||||||
|
For the Years Ended
|
|
|
For the Years Ended
|
|
|||||||||
Description
|
December 31, 2016
|
December 31, 2015
|
Variation
|
Percent
Variation
|
|
December 31, 2016
|
December 31, 2015
|
Variation
|
Percent
Variation
|
|||||
Residential/Religious (b)
|
10,400
|
|
10,543
|
|
(143
|
)
|
(1.4
|
)%
|
|
$2,591
|
$2,771
|
$(180)
|
(6.5
|
)%
|
Commercial/Industrial
|
9,429
|
|
9,602
|
|
(173
|
)
|
(1.8
|
)
|
|
1,803
|
1,974
|
(171)
|
(8.7
|
)
|
Retail choice customers
|
26,813
|
|
26,662
|
|
151
|
|
0.6
|
|
|
2,768
|
2,714
|
54
|
2.0
|
|
NYPA, Municipal Agency and other sales
|
10,103
|
|
10,208
|
|
(105
|
)
|
(1.0
|
)
|
|
620
|
612
|
8
|
1.3
|
|
Other operating revenues (c)
|
—
|
|
—
|
|
—
|
|
—
|
|
|
324
|
101
|
223
|
Large
|
|
Total
|
56,745
|
|
57,015
|
|
(270
|
)
|
(0.5
|
)%
|
(d)
|
$8,106
|
$8,172
|
$(66)
|
(0.8
|
)%
|
(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.
|
(b)
|
“Residential/Religious” generally includes single-family dwellings, individual apartments in multi-family dwellings, religious organizations and certain other not-for-profit organizations.
|
(c)
|
Other electric operating revenues generally reflect changes in regulatory assets and liabilities in accordance with the revenue decoupling mechanism and other provisions of the company’s rate plans. See Note B to the financial statements in Item 8.
|
(d)
|
After adjusting for variations, principally weather and billing days, electric delivery volumes in CECONY’s service area were the same in
2016
compared with
2015
.
|
|
For the Years Ended December 31,
|
|
|
(Millions of Dollars)
|
2016
|
2015
|
Variation
|
Operating revenues
|
$1,508
|
$1,527
|
$(19)
|
Gas purchased for resale
|
319
|
337
|
(18)
|
Other operations and maintenance
|
408
|
440
|
(32)
|
Depreciation and amortization
|
159
|
142
|
17
|
Taxes, other than income taxes
|
265
|
252
|
13
|
Gas operating income
|
$357
|
$356
|
$1
|
|
Thousands of Dt Delivered
|
|
Revenues in Millions (a)
|
||||||||||||
|
For the Years Ended
|
|
|
For the Years Ended
|
|
||||||||||
Description
|
December 31, 2016
|
December 31, 2015
|
Variation
|
Percent
Variation
|
|
December 31, 2016
|
December 31, 2015
|
Variation
|
Percent
Variation
|
||||||
Residential
|
47,794
|
|
49,024
|
|
(1,230
|
)
|
(2.5
|
)%
|
|
$667
|
$682
|
$(15)
|
(2.2
|
)%
|
|
General
|
28,098
|
|
28,173
|
|
(75
|
)
|
(0.3
|
)
|
|
266
|
274
|
(8)
|
(2.9
|
)
|
|
Firm transportation
|
68,442
|
|
72,864
|
|
(4,422
|
)
|
(6.1
|
)
|
|
426
|
458
|
(32)
|
(7.0
|
)
|
|
Total firm sales and transportation
|
144,334
|
|
150,061
|
|
(5,727
|
)
|
(3.8
|
)
|
(b)
|
1,359
|
1,414
|
(55)
|
(3.9
|
)
|
|
Interruptible sales (c)
|
8,957
|
|
6,332
|
|
2,625
|
|
41.5
|
|
|
34
|
46
|
(12)
|
(26.1
|
)
|
|
NYPA
|
43,101
|
|
44,038
|
|
(937
|
)
|
(2.1
|
)
|
|
2
|
2
|
—
|
|
—
|
|
Generation plants
|
87,835
|
|
83,634
|
|
4,201
|
|
5.0
|
|
|
25
|
26
|
(1)
|
(3.8
|
)
|
|
Other
|
21,165
|
|
21,223
|
|
(58
|
)
|
(0.3
|
)
|
|
32
|
28
|
4
|
14.3
|
|
|
Other operating revenues (d)
|
—
|
|
—
|
|
—
|
|
—
|
|
|
56
|
11
|
45
|
Large
|
|
|
Total
|
305,392
|
|
305,288
|
|
104
|
|
—
|
%
|
|
$1,508
|
$1,527
|
$(19)
|
(1.2
|
)%
|
(a)
|
Revenues from 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.
|
(b)
|
After adjusting for variations, principally weather and billing days, firm gas sales and transportation volumes in the company’s service area increased 3.9 percent in
2016
compared with
2015
, reflecting primarily increased volumes attributable to additional customers that have converted from oil-to-gas as heating fuel for their buildings.
|
(c)
|
Includes
4,708
thousands and 1,229 thousands of Dt for
2016
and
2015
, respectively, which are also reflected in firm transportation and other.
|
(d)
|
Other gas operating revenues generally reflect changes in regulatory assets and liabilities in accordance with the company’s rate plans. See Note B to the financial statements in Item 8.
|
|
For the Years Ended December 31,
|
|
||
(Millions of Dollars)
|
2016
|
2015
|
Variation
|
|
Operating revenues
|
$551
|
$629
|
$(78)
|
|
Purchased power
|
35
|
35
|
—
|
|
Fuel
|
68
|
130
|
(62)
|
|
Other operations and maintenance
|
188
|
182
|
6
|
|
Depreciation and amortization
|
82
|
78
|
4
|
|
Taxes, other than income taxes
|
120
|
111
|
9
|
|
Steam operating income
|
$58
|
$93
|
$(35)
|
|
Millions of Pounds Delivered
|
|
Revenues in Millions
|
|||||||||||
|
For the Years Ended
|
|
|
For the Years Ended
|
|
|||||||||
Description
|
December 31, 2016
|
December 31, 2015
|
Variation
|
Percent
Variation
|
|
December 31, 2016
|
December 31, 2015
|
Variation
|
Percent
Variation
|
|||||
General
|
465
|
|
538
|
|
(73
|
)
|
(13.6
|
)%
|
|
$23
|
$29
|
$(6)
|
(20.7
|
)%
|
Apartment house
|
5,792
|
|
6,272
|
|
(480
|
)
|
(7.7
|
)
|
|
148
|
176
|
(28)
|
(15.9
|
)
|
Annual power
|
13,722
|
|
15,109
|
|
(1,387
|
)
|
(9.2
|
)
|
|
378
|
453
|
(75)
|
(16.6
|
)
|
Other operating revenues (a)
|
—
|
|
—
|
|
—
|
|
—
|
|
|
2
|
(29)
|
31
|
Large
|
|
Total
|
19,979
|
|
21,919
|
|
(1,940
|
)
|
(8.9
|
)%
|
(b)
|
$551
|
$629
|
$(78)
|
(12.4
|
)%
|
(a)
|
Other steam operating revenues generally reflect changes in regulatory assets and liabilities in accordance with the company’s rate plans. See Note B to the financial statements in Item 8.
|
(b)
|
After adjusting for variations, principally weather and billing days, steam sales and deliveries decreased 1.2 percent in
2016
compared with
2015
.
|
|
For the Years Ended December 31,
|
|
|||
(Millions of Dollars)
|
2016
|
|
2015
|
|
Variation
|
Property taxes
|
$1,557
|
|
$1,463
|
|
$94
|
State and local taxes related to revenue receipts
|
315
|
|
323
|
|
(8)
|
Payroll taxes
|
65
|
|
67
|
|
(2)
|
Other taxes
|
(5)
|
|
3
|
|
(8)
|
Total
|
$1,932
|
(a)
|
$1,856
|
(a)
|
$76
|
(a)
|
Including sales tax on customers’ bills, total taxes other than income taxes in
2016
and
2015
were $2,358 million and $2,302 million, respectively.
|
|
For the Year Ended December 31, 2016
|
|
For the Year Ended December 31, 2015
|
|
|
||||||
(Millions of Dollars)
|
Electric
|
Gas
|
2016 Total
|
Electric
|
Gas
|
2015 Total
|
2016-2015
Variation
|
||||
Operating revenues
|
$637
|
$184
|
$821
|
$663
|
$182
|
$845
|
$(24)
|
||||
Purchased power
|
197
|
—
|
|
197
|
210
|
—
|
|
210
|
(13)
|
||
Gas purchased for resale
|
—
|
|
47
|
47
|
—
|
|
51
|
51
|
(4)
|
||
Other operations and maintenance
|
244
|
57
|
301
|
256
|
77
|
333
|
(32)
|
||||
Depreciation and amortization
|
49
|
18
|
67
|
50
|
18
|
68
|
(1)
|
||||
Taxes, other than income taxes
|
52
|
27
|
79
|
44
|
18
|
62
|
17
|
||||
Operating income
|
$95
|
$35
|
$130
|
$103
|
$18
|
$121
|
$9
|
|
For the Years Ended December 31,
|
|
|
(Millions of Dollars)
|
2016
|
2015
|
Variation
|
Operating revenues
|
$637
|
$663
|
$(26)
|
Purchased power
|
197
|
210
|
(13)
|
Other operations and maintenance
|
244
|
256
|
(12)
|
Depreciation and amortization
|
49
|
50
|
(1)
|
Taxes, other than income taxes
|
52
|
44
|
8
|
Electric operating income
|
$95
|
$103
|
$(8)
|
|
Millions of kWh Delivered
|
|
Revenues in Millions (a)
|
||||||||||||
|
For the Years Ended
|
|
|
For the Years Ended
|
|
||||||||||
Description
|
December 31, 2016
|
December 31, 2015
|
Variation
|
Percent
Variation
|
|
December 31, 2016
|
December 31, 2015
|
Variation
|
Percent
Variation
|
||||||
Residential/Religious (b)
|
1,654
|
|
1,597
|
|
57
|
|
3.6
|
%
|
|
$304
|
$307
|
$(3)
|
(1.0
|
)%
|
|
Commercial/Industrial
|
801
|
|
802
|
|
(1
|
)
|
(0.1
|
)
|
|
114
|
124
|
(10)
|
(8.1
|
)
|
|
Retail choice customers
|
3,180
|
|
3,237
|
|
(57
|
)
|
(1.8
|
)
|
|
213
|
213
|
—
|
|
—
|
|
Public authorities
|
100
|
|
100
|
|
—
|
|
—
|
|
|
8
|
10
|
(2)
|
(20.0
|
)
|
|
Other operating revenues (c)
|
—
|
|
—
|
|
—
|
|
—
|
|
|
(2)
|
9
|
(11)
|
Large
|
|
|
Total
|
5,735
|
|
5,736
|
|
(1
|
)
|
—
|
%
|
(d)
|
$637
|
$663
|
$(26)
|
(3.9
|
)%
|
(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. O&R’s electric sales in New Jersey are not subject to a decoupling mechanism, and as a result, changes in such volumes do impact revenues.
|
(b)
|
“Residential/Religious” generally includes single-family dwellings, individual apartments in multi-family dwellings, religious organizations and certain other not-for-profit organizations.
|
(c)
|
Other electric operating revenues generally reflect changes in regulatory assets and liabilities in accordance with the company’s electric rate plan. See Note B to the financial statements in Item 8.
|
(d)
|
After adjusting for weather and other variations, electric delivery volumes in O&R’s service area decreased 0.9 percent in
2016
compared with
2015
.
|
|
For the Years Ended December 31,
|
|
||
(Millions of Dollars)
|
2016
|
2015
|
Variation
|
|
Operating revenues
|
$184
|
$182
|
$2
|
|
Gas purchased for resale
|
47
|
51
|
(4)
|
|
Other operations and maintenance
|
57
|
77
|
(20)
|
|
Depreciation and amortization
|
18
|
18
|
—
|
|
Taxes, other than income taxes
|
27
|
18
|
9
|
|
Gas operating income
|
$35
|
$18
|
$17
|
(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.
|
(b)
|
After adjusting for weather and other variations, total firm sales and transportation volumes increased 2.3 percent in
2016
compared with
2015
.
|
|
For the Years Ended December 31,
|
|
||||
(Millions of Dollars)
|
2016
|
|
2015
|
|
Variation
|
|
Property taxes
|
$63
|
|
$46
|
|
$17
|
|
State and local taxes related to revenue receipts
|
10
|
|
10
|
|
—
|
|
Payroll taxes
|
6
|
|
6
|
|
—
|
|
Total
|
$79
|
(a)
|
$62
|
(a)
|
$17
|
(a)
|
Including sales tax on customers’ bills, total taxes other than income taxes in
2016
and
2015
were $105 million and $88 million, respectively.
|
|
For the Years Ended December 31,
|
|
||
(Millions of Dollars)
|
2016
|
2015
|
Variation
|
|
Operating revenues
|
$1,091
|
$1,383
|
$(292)
|
|
Purchased power
|
674
|
1,044
|
(370)
|
|
Gas purchased for resale
|
112
|
106
|
6
|
|
Other operations and maintenance
|
164
|
134
|
30
|
|
Depreciation and amortization
|
42
|
22
|
20
|
|
Taxes, other than income taxes
|
20
|
19
|
1
|
|
Gain on sale of retail electric supply business
|
104
|
—
|
|
104
|
Operating income
|
$183
|
$58
|
$125
|
|
CECONY
|
O&R
|
Clean Energy
Businesses (a)
|
Other (b)
|
Con Edison (c)
|
||||||||||||||
(Millions of Dollars)
|
Increases
(Decreases)
Amount
|
Increases
(Decreases)
Percent
|
Increases
(Decreases)
Amount
|
Increases
(Decreases)
Percent
|
Increases
(Decreases)
Amount
|
Increases
(Decreases)
Percent
|
Increases
(Decreases)
Amount
|
Increases
(Decreases)
Percent
|
Increases
(Decreases)
Amount
|
Increases
(Decreases)
Percent
|
|||||||||
Operating revenues
|
$(458)
|
(4.2
|
)%
|
$(47)
|
(5.3
|
)%
|
$139
|
11.2
|
%
|
$1
|
33.3
|
%
|
$(365)
|
(2.8
|
)%
|
||||
Purchased power
|
(372)
|
(17.8
|
)
|
(28)
|
(11.8
|
)
|
(44)
|
(4.0
|
)
|
—
|
|
—
|
|
(444)
|
(13.0
|
)
|
|||
Fuel
|
(37)
|
(13.0
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(37)
|
(13.0
|
)
|
|
Gas purchased for resale
|
(272)
|
(44.7
|
)
|
(37)
|
(42.0
|
)
|
(9)
|
(7.8
|
)
|
2
|
Large
|
|
(316)
|
(39.0
|
)
|
||||
Other operations and maintenance
|
8
|
0.3
|
|
15
|
4.7
|
|
26
|
24.1
|
|
1
|
20.0
|
|
50
|
1.5
|
|
||||
Depreciation and amortization
|
49
|
4.9
|
|
7
|
11.5
|
|
3
|
15.8
|
|
—
|
|
—
|
|
59
|
5.5
|
|
|||
Taxes, other than income taxes
|
58
|
3.2
|
|
2
|
3.3
|
|
—
|
|
—
|
|
—
|
|
—
|
|
60
|
3.2
|
|
||
Gain on sale of solar electric production projects
|
—
|
|
—
|
|
—
|
|
—
|
|
(45)
|
—
|
|
—
|
|
—
|
|
(45)
|
—
|
|
|
Operating income (loss)
|
108
|
5.0
|
|
(6)
|
(4.7
|
)
|
118
|
Large
|
|
(2)
|
(66.7
|
)
|
218
|
9.9
|
|
||||
Other income less deductions
|
(16)
|
Large
|
|
(7)
|
Large
|
|
6
|
21.4
|
|
(1)
|
—
|
|
(18)
|
(42.9
|
)
|
||||
Net interest expense
|
47
|
8.8
|
|
—
|
|
—
|
|
19
|
Large
|
|
(4)
|
(14.8
|
)
|
62
|
10.5
|
|
|||
Income before income tax expense
|
45
|
2.8
|
|
(13)
|
(13.7
|
)
|
105
|
Large
|
|
1
|
4.2
|
|
138
|
8.3
|
|
||||
Income tax expense
|
19
|
3.4
|
|
(5)
|
(14.3
|
)
|
29
|
Large
|
|
(6)
|
(40.0
|
)
|
37
|
6.5
|
|
||||
Net income
|
$26
|
2.5
|
%
|
$(8)
|
(13.3
|
)%
|
$76
|
Large
|
|
$7
|
77.8
|
%
|
$101
|
9.2
|
%
|
(a)
|
See “Overview - Clean Energy Businesses” in Item 1.
|
(b)
|
Includes parent company and consolidation adjustments.
|
(c)
|
Represents the consolidated results of operations of Con Edison and its businesses.
|
|
For the Year Ended December 31, 2015
|
|
For the Year Ended December 31, 2014
|
|
|
||||||||||
(Millions of Dollars)
|
Electric
|
Gas
|
Steam
|
2015 Total
|
Electric
|
Gas
|
Steam
|
2014 Total
|
2015-2014
Variation
|
||||||
Operating revenues
|
$8,172
|
$1,527
|
$629
|
$10,328
|
$8,437
|
$1,721
|
$628
|
$10,786
|
$(458)
|
||||||
Purchased power
|
1,684
|
—
|
|
35
|
1,719
|
2,036
|
—
|
|
55
|
2,091
|
(372)
|
||||
Fuel
|
118
|
—
|
|
130
|
248
|
180
|
—
|
|
105
|
285
|
(37)
|
||||
Gas purchased for resale
|
—
|
|
337
|
—
|
|
337
|
—
|
|
609
|
—
|
|
609
|
(272)
|
||
Other operations and maintenance
|
2,259
|
440
|
182
|
2,881
|
2,270
|
418
|
185
|
2,873
|
8
|
||||||
Depreciation and amortization
|
820
|
142
|
78
|
1,040
|
781
|
132
|
78
|
991
|
49
|
||||||
Taxes, other than income taxes
|
1,493
|
252
|
111
|
1,856
|
1,458
|
248
|
92
|
1,798
|
58
|
||||||
Operating income
|
$1,798
|
$356
|
$93
|
$2,247
|
$1,712
|
$314
|
$113
|
$2,139
|
$108
|
|
For the Years Ended December 31,
|
|
|
(Millions of Dollars)
|
2015
|
2014
|
Variation
|
Operating revenues
|
$8,172
|
$8,437
|
$(265)
|
Purchased power
|
1,684
|
2,036
|
(352)
|
Fuel
|
118
|
180
|
(62)
|
Other operations and maintenance
|
2,259
|
2,270
|
(11)
|
Depreciation and amortization
|
820
|
781
|
39
|
Taxes, other than income taxes
|
1,493
|
1,458
|
35
|
Electric operating income
|
$1,798
|
$1,712
|
$86
|
|
Millions of kWh Delivered
|
|
Revenues in Millions (a)
|
|||||||||||
|
For the Years Ended
|
|
|
For the Years Ended
|
|
|||||||||
Description
|
December 31, 2015
|
December 31, 2014
|
Variation
|
Percent
Variation
|
|
December 31, 2015
|
December 31, 2014
|
Variation
|
Percent
Variation
|
|||||
Residential/Religious (b)
|
10,543
|
|
9,868
|
|
675
|
|
6.8
|
%
|
|
$2,771
|
$2,847
|
$(76)
|
(2.7
|
)%
|
Commercial/Industrial
|
9,602
|
|
9,834
|
|
(232
|
)
|
(2.4
|
)
|
|
1,974
|
2,176
|
(202)
|
(9.3
|
)
|
Retail choice customers
|
26,662
|
|
26,221
|
|
441
|
|
1.7
|
|
|
2,714
|
2,646
|
68
|
2.6
|
|
NYPA, Municipal Agency and other sales
|
10,208
|
|
10,380
|
|
(172
|
)
|
(1.7
|
)
|
|
612
|
625
|
(13)
|
(2.1
|
)
|
Other operating revenues (c)
|
—
|
|
—
|
|
—
|
|
—
|
|
|
101
|
143
|
(42)
|
(29.4
|
)
|
Total
|
57,015
|
|
56,303
|
|
712
|
|
1.3
|
%
|
(d)
|
$8,172
|
$8,437
|
$(265)
|
(3.1
|
)%
|
(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.
|
(b)
|
“Residential/Religious” generally includes single-family dwellings, individual apartments in multi-family dwellings, religious organizations and certain other not-for-profit organizations.
|
(c)
|
Other electric operating revenues generally reflect changes in regulatory assets and liabilities in accordance with the revenue decoupling mechanism and other provisions of the company’s rate plans. See Note B to the financial statements in Item 8.
|
(d)
|
After adjusting for variations, principally weather and billing days, electric delivery volumes in CECONY’s service area decreased 0.9 percent in
2015
compared with
2014
.
|
|
For the Years Ended December 31,
|
|
|
(Millions of Dollars)
|
2015
|
2014
|
Variation
|
Operating revenues
|
$1,527
|
$1,721
|
$(194)
|
Gas purchased for resale
|
337
|
609
|
(272)
|
Other operations and maintenance
|
440
|
418
|
22
|
Depreciation and amortization
|
142
|
132
|
10
|
Taxes, other than income taxes
|
252
|
248
|
4
|
Gas operating income
|
$356
|
$314
|
$42
|
|
Thousands of Dt Delivered
|
|
Revenues in Millions (a)
|
||||||||||||
|
For the Years Ended
|
|
|
For the Years Ended
|
|
||||||||||
Description
|
December 31, 2015
|
December 31, 2014
|
Variation
|
Percent
Variation
|
|
December 31, 2015
|
December 31, 2014
|
Variation
|
Percent
Variation
|
||||||
Residential
|
49,024
|
|
46,661
|
|
2,363
|
|
5.1
|
%
|
|
$682
|
$782
|
$(100)
|
(12.8
|
)%
|
|
General
|
28,173
|
|
28,969
|
|
(796
|
)
|
(2.7
|
)
|
|
274
|
359
|
(85)
|
(23.7
|
)
|
|
Firm transportation
|
72,864
|
|
68,731
|
|
4,133
|
|
6.0
|
|
|
458
|
453
|
5
|
1.1
|
|
|
Total firm sales and transportation
|
150,061
|
|
144,361
|
|
5,700
|
|
3.9
|
|
(b)
|
1,414
|
1,594
|
(180)
|
(11.3
|
)
|
|
Interruptible sales (c)
|
6,332
|
|
10,498
|
|
(4,166
|
)
|
(39.7
|
)
|
|
46
|
91
|
(45)
|
(49.5
|
)
|
|
NYPA
|
44,038
|
|
47,548
|
|
(3,510
|
)
|
(7.4
|
)
|
|
2
|
2
|
—
|
|
—
|
|
Generation plants
|
83,634
|
|
82,146
|
|
1,488
|
|
1.8
|
|
|
26
|
30
|
(4)
|
(13.3
|
)
|
|
Other
|
21,223
|
|
22,866
|
|
(1,643
|
)
|
(7.2
|
)
|
|
28
|
40
|
(12)
|
(30.0
|
)
|
|
Other operating revenues (d)
|
—
|
|
—
|
|
—
|
|
—
|
|
|
11
|
(36)
|
47
|
Large
|
|
|
Total
|
305,288
|
|
307,419
|
|
(2,131
|
)
|
(0.7
|
)%
|
|
$1,527
|
$1,721
|
$(194)
|
(11.3
|
)%
|
(a)
|
Revenues from 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.
|
(b)
|
After adjusting for variations, principally weather and billing days, firm gas sales and transportation volumes in the company’s service area increased 6.7 percent in
2015
compared with
2014
, reflecting primarily increased volumes attributable to additional customers that have converted from oil-to-gas as heating fuel for their buildings.
|
(c)
|
Includes 1,229 and 6,057 thousands of Dt for
2015
and
2014
, respectively, which are also reflected in firm transportation and other.
|
(d)
|
Other gas operating revenues generally reflect changes in regulatory assets and liabilities in accordance with the company’s rate plans. See Note B to the financial statements in Item 8.
|
|
For the Years Ended December 31,
|
|
||
(Millions of Dollars)
|
2015
|
2014
|
Variation
|
|
Operating revenues
|
$629
|
$628
|
$1
|
|
Purchased power
|
35
|
55
|
(20)
|
|
Fuel
|
130
|
105
|
25
|
|
Other operations and maintenance
|
182
|
185
|
(3)
|
|
Depreciation and amortization
|
78
|
78
|
—
|
|
Taxes, other than income taxes
|
111
|
92
|
19
|
|
Steam operating income
|
$93
|
$113
|
$(20)
|
|
Millions of Pounds Delivered
|
|
Revenues in Millions
|
|||||||||||
|
For the Years Ended
|
|
|
For the Years Ended
|
|
|||||||||
Description
|
December 31, 2015
|
December 31, 2014
|
Variation
|
Percent
Variation
|
|
December 31, 2015
|
December 31, 2014
|
Variation
|
Percent
Variation
|
|||||
General
|
538
|
|
594
|
|
(56
|
)
|
(9.4
|
)%
|
|
$29
|
$30
|
$(1)
|
(3.3
|
)%
|
Apartment house
|
6,272
|
|
6,574
|
|
(302
|
)
|
(4.6
|
)
|
|
176
|
180
|
(4)
|
(2.2
|
)
|
Annual power
|
15,109
|
|
15,848
|
|
(739
|
)
|
(4.7
|
)
|
|
453
|
469
|
(16)
|
(3.4
|
)
|
Other operating revenues (a)
|
—
|
|
—
|
|
—
|
|
—
|
|
|
(29)
|
(51)
|
22
|
43.1
|
|
Total
|
21,919
|
|
23,016
|
|
(1,097
|
)
|
(4.8
|
)%
|
(b)
|
$629
|
$628
|
$1
|
0.2
|
%
|
(a)
|
Other steam operating revenues generally reflect changes in regulatory assets and liabilities in accordance with the company’s rate plans. See Note B to the financial statements in Item 8.
|
(b)
|
After adjusting for variations, principally weather and billing days, steam sales and deliveries decreased 2.1 percent in
2015
compared with
2014
.
|
(a)
|
Includes a sales and use tax refund of $15 million.
|
(b)
|
Including sales tax on customers’ bills, total taxes other than income taxes in
2015
and
2014
were $2,302 million and $2,267 million, respectively.
|
|
For the Year Ended December 31, 2015
|
|
For the Year Ended December 31, 2014
|
|
|
||||||
(Millions of Dollars)
|
Electric
|
Gas
|
2015 Total
|
Electric
|
Gas
|
2014 Total
|
2015-2014
Variation
|
||||
Operating revenues
|
$663
|
$182
|
$845
|
$680
|
$212
|
$892
|
$(47)
|
||||
Purchased power
|
210
|
—
|
|
210
|
238
|
—
|
|
238
|
(28)
|
||
Gas purchased for resale
|
—
|
|
51
|
51
|
—
|
|
88
|
88
|
(37)
|
||
Other operations and maintenance
|
256
|
77
|
333
|
251
|
67
|
318
|
15
|
||||
Depreciation and amortization
|
50
|
18
|
68
|
46
|
15
|
61
|
7
|
||||
Taxes, other than income taxes
|
44
|
18
|
62
|
43
|
17
|
60
|
2
|
||||
Operating income
|
$103
|
$18
|
$121
|
$102
|
$25
|
$127
|
$(6)
|
|
For the Years Ended December 31,
|
|
|
(Millions of Dollars)
|
2015
|
2014
|
Variation
|
Operating revenues
|
$663
|
$680
|
$(17)
|
Purchased power
|
210
|
238
|
(28)
|
Other operations and maintenance
|
256
|
251
|
5
|
Depreciation and amortization
|
50
|
46
|
4
|
Taxes, other than income taxes
|
44
|
43
|
1
|
Electric operating income
|
$103
|
$102
|
$1
|
|
Millions of kWh Delivered
|
|
Revenues in Millions (a)
|
||||||||||||
|
For the Years Ended
|
|
|
For the Years Ended
|
|
||||||||||
Description
|
December 31, 2015
|
December 31, 2014
|
Variation
|
Percent
Variation
|
|
December 31, 2015
|
December 31, 2014
|
Variation
|
Percent
Variation
|
||||||
Residential/Religious (b)
|
1,597
|
|
1,515
|
|
82
|
|
5.4
|
%
|
|
$307
|
$307
|
—
|
|
—
|
|
Commercial/Industrial
|
802
|
|
812
|
|
(10
|
)
|
(1.2
|
)
|
|
124
|
136
|
$(12)
|
(8.8
|
)%
|
|
Retail choice customers
|
3,237
|
|
3,240
|
|
(3
|
)
|
(0.1
|
)
|
|
213
|
207
|
6
|
2.9
|
|
|
Public authorities
|
100
|
|
102
|
|
(2
|
)
|
(2.0
|
)
|
|
10
|
12
|
(2)
|
(16.7
|
)
|
|
Other operating revenues (c)
|
—
|
|
—
|
|
—
|
|
—
|
|
|
9
|
18
|
(9)
|
(50.0
|
)
|
|
Total
|
5,736
|
|
5,669
|
|
67
|
|
1.2
|
%
|
(d)
|
$663
|
$680
|
$(17)
|
(2.5
|
)%
|
(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. O&R’s electric sales in New Jersey are not subject to a decoupling mechanism, and as a result, changes in such volumes do impact revenues.
|
(b)
|
“Residential/Religious” generally includes single-family dwellings, individual apartments in multi-family dwellings, religious organizations and certain other not-for-profit organizations.
|
(c)
|
Other electric operating revenues generally reflect changes in regulatory assets and liabilities in accordance with the company’s electric rate plan. See Note B to the financial statements in Item 8.
|
(d)
|
After adjusting for weather and other variations, electric delivery volumes in O&R’s service area decreased.0.9 percent in
2015
compared with
2014
.
|
|
For the Years Ended December 31,
|
|
|
(Millions of Dollars)
|
2015
|
2014
|
Variation
|
Operating revenues
|
$182
|
$212
|
$(30)
|
Gas purchased for resale
|
51
|
88
|
(37)
|
Other operations and maintenance
|
77
|
67
|
10
|
Depreciation and amortization
|
18
|
15
|
3
|
Taxes, other than income taxes
|
18
|
17
|
1
|
Gas operating income
|
$18
|
$25
|
$(7)
|
|
Thousands of Dt Delivered
|
|
Revenues in Millions (a)
|
||||||||||||||
|
For the Years Ended
|
|
|
For the Years Ended
|
|
||||||||||||
Description
|
December 31, 2015
|
December 31, 2014
|
Variation
|
Percent
Variation |
|
December 31, 2015
|
December 31, 2014
|
Variation
|
Percent
Variation
|
||||||||
Residential
|
7,664
|
|
7,786
|
|
(122
|
)
|
(1.6
|
)%
|
|
$77
|
$101
|
$(24)
|
(23.8
|
)%
|
|||
General
|
1,684
|
|
1,743
|
|
(59
|
)
|
(3.4
|
)
|
|
14
|
20
|
(6)
|
(30.0
|
)
|
|||
Firm transportation
|
11,752
|
|
12,592
|
|
(840
|
)
|
(6.7
|
)
|
|
68
|
75
|
(7)
|
(9.3
|
)
|
|||
Total firm sales and transportation
|
21,100
|
|
22,121
|
|
(1,021
|
)
|
(4.6
|
)
|
(b)
|
159
|
196
|
(37)
|
(18.9
|
)
|
|||
Interruptible sales
|
4,205
|
|
4,216
|
|
(11
|
)
|
(0.3
|
)
|
|
3
|
2
|
1
|
50.0
|
|
|||
Generation plants
|
25
|
|
70
|
|
(45
|
)
|
(64.3
|
)
|
|
—
|
|
1
|
(1)
|
Large
|
|
||
Other
|
906
|
|
945
|
|
(39
|
)
|
(4.1
|
)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Other gas revenues
|
—
|
|
—
|
|
—
|
|
—
|
|
|
20
|
13
|
7
|
53.8
|
|
|||
Total
|
26,236
|
|
27,352
|
|
(1,116
|
)
|
(4.1
|
)%
|
|
$182
|
$212
|
$(30)
|
(14.2
|
)%
|
(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.
|
(b)
|
After adjusting for weather and other variations, total firm sales and transportation volumes increased 1.7 percent in
2015
compared with
2014
.
|
|
For the Years Ended December 31,
|
|
|||
(Millions of Dollars)
|
2015
|
|
2014
|
|
Variation
|
Property taxes
|
$46
|
|
$44
|
|
$2
|
State and local taxes related to revenue receipts
|
10
|
|
9
|
|
1
|
Payroll taxes
|
6
|
|
7
|
|
(1)
|
Total
|
$62
|
(a)
|
$60
|
(a)
|
$2
|
(a)
|
Including sales tax on customers’ bills, total taxes other than income taxes in
2015
and
2014
were $88 million and $86 million, respectively.
|
|
For the Years Ended December 31,
|
|
|||
(Millions of Dollars)
|
2015
|
2014
|
Variation
|
||
Operating revenues
|
$1,383
|
$1,244
|
$139
|
||
Purchased power
|
1,044
|
1,088
|
(44)
|
||
Gas purchased for resale
|
106
|
115
|
(9)
|
||
Other operations and maintenance
|
134
|
108
|
26
|
||
Depreciation and amortization
|
22
|
19
|
3
|
||
Taxes, other than income taxes
|
19
|
19
|
—
|
|
|
(Gain) on sale of solar electric production projects
|
—
|
|
(45)
|
45
|
|
Operating income (loss)
|
$58
|
$(60)
|
$118
|
(Millions of Dollars)
|
2016
|
2015
|
Variance
2016 vs. 2015 |
2014
|
Variance
2015 vs. 2014 |
|
Operating activities
|
$3,459
|
$3,277
|
$182
|
$2,831
|
$446
|
|
Investing activities
|
(4,976)
|
(3,657)
|
(1,319)
|
(2,759)
|
(898)
|
|
Financing activities
|
1,345
|
629
|
716
|
(47)
|
676
|
|
Net change for the period
|
(172)
|
249
|
(421)
|
25
|
224
|
|
Balance at beginning of period
|
944
|
699
|
245
|
674
|
25
|
|
Balance at end of period
|
772
|
948
|
(176)
|
699
|
249
|
|
Less: Change in cash balances held for sale
|
(4)
|
4
|
(8)
|
—
|
|
4
|
Balance at end of period excluding held for sale
|
$776
|
$944
|
$(168)
|
$699
|
$245
|
(Millions of Dollars)
|
2016
|
2015
|
Variance
2016 vs. 2015 |
2014
|
Variance
2015 vs. 2014 |
Operating activities
|
$3,038
|
$2,819
|
$219
|
$2,430
|
$389
|
Investing activities
|
(2,739)
|
(2,638)
|
(101)
|
(2,304)
|
(334)
|
Financing activities
|
(440)
|
17
|
(457)
|
(114)
|
131
|
Net change for the period
|
(141)
|
198
|
(339)
|
12
|
186
|
Balance at beginning of period
|
843
|
645
|
198
|
633
|
12
|
Balance at end of period
|
$702
|
$843
|
$(141)
|
$645
|
$198
|
•
|
Borrowed $400 million pursuant to a credit agreement with a syndicate of banks, the net proceeds from the borrowing of which were used for general corporate purposes. The borrowing matures in 2018 and bears interest at a rate of LIBOR plus 1.00 percent;
|
•
|
Issued approximately 10 million common shares resulting in net proceeds, after issuance expenses, of $702 million and $500 million of 2.00 percent debentures, due 2021, the net proceeds from the sale of which were used in connection with the acquisition by a CET Gas subsidiary of a 50 percent equity interest in a gas pipeline and storage joint venture (see "Con Edison Transmission" in Item 1) and for general corporate purposes.
|
•
|
Issued $250 million of 2.90 percent 10-year debentures, $500 million of 4.30 percent 40-year debentures and
|
•
|
Redeemed at maturity $400 million of 5.50 percent 10-year debentures; and
|
•
|
Redeemed at maturity $250 million of 5.30 percent 10-year debentures.
|
•
|
Issued $650 million of
4.50
percent 30-year debentures, the net proceeds from the sale of which were used to repay short-term borrowings and for other general corporate purposes; and
|
•
|
Redeemed at maturity $350 million of 5.375 percent 10-year debentures.
|
•
|
Issued $750 million of 4.625 percent 40-year debentures, $250 million of 3.30 percent 10-year debentures and $850 million of 4.45 percent 30-year debentures, the net proceeds from the sale of which were used to repay short-term borrowings and for other general corporate purposes;
|
•
|
Redeemed at maturity $200 million of 4.70 percent 10-year debentures; and
|
•
|
Redeemed at maturity $275 million of 5.55 percent 5-year debentures.
|
•
|
Issued $75 million of 3.88 percent 30-year debentures, the net proceeds from the sale of which were used to repay short-term borrowings; and
|
•
|
Redeemed at maturity $75 million of 5.45 percent 10-year debentures.
|
•
|
Issued $100 million of 4.69 percent 30-year debentures and $120 million of 4.95 percent 30-year debentures, the net proceeds from the sale of which were used to repay short-term borrowings and for other general corporate purposes;
|
•
|
Redeemed at maturity $40 million of 5.30 percent 10-year debentures;
|
•
|
Redeemed at maturity $55 million of 2.50 percent 5-year debentures; and
|
•
|
Redeemed at maturity $44 million of variable rate tax-exempt 20-year debt.
|
•
|
Borrowed $2 million pursuant to a loan agreement with a New Jersey utility. The borrowing matures in 2026, bears interest of 11.18 percent and may be repaid in cash or project Solar Renewable Energy Certificates;
|
•
|
Issued $95 million of 4.07 percent senior notes, due 2036, secured by the company's California Holdings 3 renewable electric production project; and
|
•
|
Issued $218 million of 4.21 percent senior notes, due 2041, secured by the company's Texas Solar 7 renewable electric production project.
|
•
|
Issued $118 million of 3.94 percent senior notes, due in 2036, secured by the company's California Holdings 2 renewable electric production project; and
|
•
|
Issued $159 million of 4.53 percent senior notes due in 2040, secured by the company's Texas Solar 5 renewable electric production project.
|
|
2016
|
2015
|
2014
|
|||||||||
(Millions of Dollars, except
Weighted Average Yield)
|
Outstanding at
December 31
|
Daily
average
|
Outstanding at
December 31 |
Daily
average
|
Outstanding at
December 31 |
Daily
average
|
||||||
Con Edison
|
$1,054
|
$744
|
$1,529
|
$823
|
$801
|
$899
|
||||||
CECONY
|
$600
|
$362
|
$1,033
|
$379
|
$451
|
$765
|
||||||
Weighted average yield
|
1.0
|
%
|
0.6
|
%
|
0.7
|
%
|
0.4
|
%
|
0.4
|
%
|
0.2
|
%
|
|
Con Edison
|
CECONY
|
(Millions of Dollars)
|
2016 vs. 2015
Variance
|
2016 vs. 2015
Variance |
Assets
|
|
|
Non-utility property, less accumulated depreciation
|
$650
|
$(1)
|
Investments
|
1,037
|
29
|
Regulatory asset – Unrecognized pension and other postretirement costs
|
(1,002)
|
(967)
|
Liabilities
|
|
|
Deferred income taxes and investment tax credits
|
$668
|
$695
|
System benefit charge
|
244
|
221
|
Pension and retiree benefits
|
(1,064)
|
(1,021)
|
Actuarial Assumption
|
Change in
Assumption
|
Pension
|
Other
Postretirement
Benefits
|
Total
|
|||
|
|
(Millions of Dollars)
|
|||||
Increase in accounting cost:
|
|
|
|
|
|||
Discount rate
|
|
|
|
|
|||
Con Edison
|
(0.25
|
)%
|
$50
|
$3
|
$53
|
||
CECONY
|
(0.25
|
)%
|
$48
|
$2
|
$50
|
||
Expected return on plan assets
|
|
|
|
|
|||
Con Edison
|
(0.25
|
)%
|
$31
|
$2
|
$33
|
||
CECONY
|
(0.25
|
)%
|
$29
|
$2
|
$31
|
||
Health care trend rate
|
|
|
|
|
|||
Con Edison
|
1.00
|
%
|
|
$—
|
|
$1
|
$1
|
CECONY
|
1.00
|
%
|
|
$—
|
|
$(3)
|
$(3)
|
Increase in projected benefit obligation:
|
|
|
|
|
|||
Discount rate
|
|
|
|
|
|||
Con Edison
|
(0.25
|
)%
|
$512
|
$34
|
$546
|
||
CECONY
|
(0.25
|
)%
|
$482
|
$27
|
$509
|
||
Health care trend rate
|
|
|
|
|
|||
Con Edison
|
1.00
|
%
|
|
$—
|
|
$(4)
|
$(4)
|
CECONY
|
1.00
|
%
|
|
$—
|
|
$(24)
|
$(24)
|
95% Confidence Level, One-Day Holding Period
|
2016
|
2015
|
|
|
(Millions of Dollars)
|
||
Average for the period
|
$2
|
$1
|
|
High
|
4
|
2
|
|
Low
|
1
|
—
|
|
Financial Statements
|
Page
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Con Edison
|
|
CECONY
|
|
|
2016
|
|||
Con Edison
|
First
Quarter
|
Second
Quarter
|
Third
Quarter
|
Fourth
Quarter
|
|
(Millions of Dollars, except per share amounts)
|
|||
Operating revenues
|
$3,156
|
$2,794
|
$3,417
|
$2,707
|
Operating income
|
642
|
515
|
940
|
478
|
Net income
|
310
|
232
|
497
|
207
|
Basic earnings per share
|
$1.05
|
$0.78
|
$1.63
|
$0.68
|
Diluted earnings per share
|
$1.05
|
$0.77
|
$1.62
|
$0.67
|
|
2015
|
|||
Con Edison
|
First
Quarter |
Second
Quarter |
Third
Quarter |
Fourth
Quarter |
|
(Millions of Dollars, except per share amounts)
|
|||
Operating revenues
|
$3,616
|
$2,788
|
$3,443
|
$2,707
|
Operating income
|
726
|
472
|
830
|
399
|
Net income
|
370
|
219
|
428
|
176
|
Basic earnings per share
|
$1.26
|
$0.75
|
$1.46
|
$0.60
|
Diluted earnings per share
|
$1.26
|
$0.74
|
$1.45
|
$0.60
|
|
2016
|
|||
CECONY
|
First
Quarter
|
Second
Quarter
|
Third
Quarter
|
Fourth
Quarter
|
|
(Millions of Dollars)
|
|||
Operating revenues
|
$2,632
|
$2,281
|
$2,828
|
$2,424
|
Operating income
|
640
|
392
|
766
|
463
|
Net income
|
310
|
161
|
388
|
197
|
|
2015
|
|||
CECONY
|
First
Quarter |
Second
Quarter |
Third
Quarter |
Fourth
Quarter |
|
(Millions of Dollars)
|
|||
Operating revenues
|
$3,010
|
$2,283
|
$2,829
|
$2,206
|
Operating income
|
684
|
460
|
745
|
358
|
Net income
|
348
|
211
|
375
|
149
|
|
/s/ John McAvoy
|
|
John McAvoy
|
|
Chairman, President and Chief Executive Officer
|
|
|
|
/s/ Robert Hoglund
|
|
Robert Hoglund
|
|
Senior Vice President and Chief Financial Officer
|
|
For the Years Ended December 31,
|
|||||
(Millions of Dollars/Except Share Data)
|
2016
|
|
2015
|
|
2014
|
|
OPERATING REVENUES
|
|
|
|
|
|
|
Electric
|
$8,741
|
|
$8,832
|
|
$9,114
|
|
Gas
|
1,692
|
|
1,709
|
|
1,933
|
|
Steam
|
551
|
|
629
|
|
628
|
|
Non-utility
|
1,091
|
|
1,384
|
|
1,244
|
|
TOTAL OPERATING REVENUES
|
12,075
|
|
12,554
|
|
12,919
|
|
OPERATING EXPENSES
|
|
|
|
|
|
|
Purchased power
|
2,439
|
|
2,973
|
|
3,417
|
|
Fuel
|
172
|
|
248
|
|
285
|
|
Gas purchased for resale
|
477
|
|
495
|
|
811
|
|
Other operations and maintenance
|
3,269
|
|
3,344
|
|
3,294
|
|
Depreciation and amortization
|
1,216
|
|
1,130
|
|
1,071
|
|
Taxes, other than income taxes
|
2,031
|
|
1,937
|
|
1,877
|
|
TOTAL OPERATING EXPENSES
|
9,604
|
|
10,127
|
|
10,755
|
|
Gain on sale of retail electric supply business and solar electric production projects
|
104
|
|
—
|
|
|
45
|
OPERATING INCOME
|
2,575
|
|
2,427
|
|
2,209
|
|
OTHER INCOME (DEDUCTIONS)
|
|
|
|
|
|
|
Investment and other income
|
91
|
|
35
|
|
54
|
|
Allowance for equity funds used during construction
|
10
|
|
5
|
|
2
|
|
Other deductions
|
(37)
|
|
(16)
|
|
(14)
|
|
TOTAL OTHER INCOME
|
64
|
|
24
|
|
42
|
|
INCOME BEFORE INTEREST AND INCOME TAX EXPENSE
|
2,639
|
|
2,451
|
|
2,251
|
|
INTEREST EXPENSE
|
|
|
|
|
|
|
Interest on long-term debt
|
678
|
|
632
|
|
587
|
|
Other interest
|
24
|
|
24
|
|
5
|
|
Allowance for borrowed funds used during construction
|
(6)
|
|
(3)
|
|
(1)
|
|
NET INTEREST EXPENSE
|
696
|
|
653
|
|
591
|
|
INCOME BEFORE INCOME TAX EXPENSE
|
1,943
|
|
1,798
|
|
1,660
|
|
INCOME TAX EXPENSE
|
698
|
|
605
|
|
568
|
|
NET INCOME
|
$1,245
|
|
$1,193
|
|
$1,092
|
|
Net income per common share — basic
|
$4.15
|
|
$4.07
|
|
$3.73
|
|
Net income per common share — diluted
|
$4.12
|
|
$4.05
|
|
$3.71
|
|
DIVIDENDS DECLARED PER COMMON SHARE
|
$2.68
|
|
$2.60
|
|
$2.52
|
|
AVERAGE NUMBER OF SHARES OUTSTANDING — BASIC (IN MILLIONS)
|
300.4
|
|
293.0
|
|
292.9
|
|
AVERAGE NUMBER OF SHARES OUTSTANDING — DILUTED (IN MILLIONS)
|
301.9
|
|
294.4
|
|
294.0
|
|
For the Years Ended December 31,
|
||||
(Millions of Dollars)
|
2016
|
|
2015
|
|
2014
|
NET INCOME
|
$1,245
|
|
$1,193
|
|
$1,092
|
OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAXES
|
|
|
|
|
|
Pension and other postretirement benefit plan liability adjustments, net of taxes
|
7
|
|
11
|
|
(20)
|
TOTAL OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAXES
|
7
|
|
11
|
|
(20)
|
COMPREHENSIVE INCOME
|
$1,252
|
|
$1,204
|
|
$1,072
|
|
For the Years Ended December 31,
|
|||||||
(Millions of Dollars)
|
2016
|
2015
|
2014
|
|||||
OPERATING ACTIVITIES
|
|
|
|
|||||
Net Income
|
$1,245
|
$1,193
|
$1,092
|
|||||
PRINCIPAL NON-CASH CHARGES/(CREDITS) TO INCOME
|
|
|
|
|||||
Depreciation and amortization
|
1,216
|
1,130
|
1,071
|
|||||
Deferred income taxes
|
783
|
653
|
518
|
|||||
Rate case amortization and accruals
|
(210)
|
(52)
|
121
|
|||||
Common equity component of allowance for funds used during construction
|
(10)
|
(5)
|
(2)
|
|||||
Net derivative (gains)/losses
|
(6)
|
3
|
128
|
|||||
Pre-tax gain on sale of retail electric supply business and solar electric production projects
|
(104)
|
—
|
|
(45)
|
||||
Other non-cash items, net
|
142
|
77
|
(35)
|
|||||
CHANGES IN ASSETS AND LIABILITIES
|
|
|
|
|||||
Accounts receivable - customers
|
(69)
|
96
|
44
|
|||||
Materials and supplies, including fuel oil and gas in storage
|
13
|
22
|
(10)
|
|||||
Other receivables and other current assets
|
54
|
(27)
|
316
|
|||||
Income taxes receivable
|
87
|
58
|
(224)
|
|||||
Prepayments
|
20
|
(14)
|
(27)
|
|||||
Accounts payable
|
29
|
(79)
|
(9)
|
|||||
Pensions and retiree benefits obligations, net
|
609
|
756
|
822
|
|||||
Pensions and retiree benefits contributions
|
(515)
|
(756)
|
(584)
|
|||||
Accrued taxes
|
2
|
(10)
|
(404)
|
|||||
Accrued interest
|
14
|
4
|
(113)
|
|||||
Superfund and environmental remediation costs, net
|
69
|
22
|
28
|
|||||
Distributions from equity investments
|
68
|
31
|
—
|
|
||||
System benefit charge
|
244
|
38
|
(37)
|
|||||
Deferred charges, noncurrent assets and other regulatory assets
|
(97)
|
(111)
|
(361)
|
|||||
Deferred credits and other regulatory liabilities
|
(68)
|
182
|
498
|
|||||
Other current and noncurrent liabilities
|
(57)
|
66
|
44
|
|||||
NET CASH FLOWS FROM OPERATING ACTIVITIES
|
3,459
|
3,277
|
2,831
|
|||||
INVESTING ACTIVITIES
|
|
|
|
|||||
Utility construction expenditures
|
(2,835)
|
(2,562)
|
(2,239)
|
|||||
Cost of removal less salvage
|
(206)
|
(219)
|
(216)
|
|||||
Non-utility construction expenditures
|
(845)
|
(492)
|
(180)
|
|||||
Investments in electric and gas transmission projects
|
(1,076)
|
—
|
|
—
|
|
|||
Investments in/acquisitions of renewable electric production projects
|
(402)
|
(299)
|
(293)
|
|||||
Proceeds from grants related to solar electric production projects
|
—
|
|
—
|
|
36
|
|||
Proceeds from sale of assets
|
252
|
—
|
|
108
|
||||
Restricted cash
|
(17)
|
(13)
|
15
|
|||||
Proceeds from the transfer of assets to NY Transco
|
122
|
—
|
|
—
|
|
|||
Other investing activities
|
31
|
(72)
|
10
|
|||||
NET CASH FLOWS USED IN INVESTING ACTIVITIES
|
(4,976)
|
(3,657)
|
(2,759)
|
|||||
FINANCING ACTIVITIES
|
|
|
|
|||||
Net (payment)/issuance of short-term debt
|
(475)
|
729
|
(651)
|
|||||
Issuance of long-term debt
|
2,590
|
1,147
|
1,850
|
|||||
Retirement of long-term debt
|
(735)
|
(500)
|
(480)
|
|||||
Debt issuance costs
|
(24)
|
(15)
|
(17)
|
|||||
Common stock dividends
|
(763)
|
(733)
|
(739)
|
|||||
Issuance of common shares - public offering
|
702
|
—
|
|
—
|
|
|||
Issuance of common shares for stock plans, net of repurchases
|
51
|
1
|
(10)
|
|||||
Distribution to noncontrolling interest
|
(1)
|
—
|
|
—
|
|
|||
NET CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES
|
1,345
|
629
|
(47)
|
|||||
CASH AND TEMPORARY CASH INVESTMENTS:
|
|
|
|
|||||
NET CHANGE FOR THE PERIOD
|
(172)
|
249
|
25
|
|||||
BALANCE AT BEGINNING OF PERIOD
|
944
|
699
|
674
|
|||||
BALANCE AT END OF PERIOD
|
772
|
948
|
699
|
|||||
LESS: CHANGE IN CASH BALANCES HELD FOR SALE
|
(4)
|
4
|
—
|
|
||||
BALANCE AT END OF PERIOD EXCLUDING HELD FOR SALE
|
$776
|
$944
|
$699
|
|||||
SUPPLEMENTAL DISCLOSURE OF CASH INFORMATION
|
|
|
|
|||||
Cash paid/(received) during the period for:
|
|
|
|
|||||
Interest
|
$664
|
$597
|
$561
|
|||||
Income taxes
|
$(180)
|
$(36)
|
$633
|
|||||
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION
|
|
|
|
|||||
Construction expenditures in accounts payable
|
$388
|
$279
|
$179
|
|||||
Issuance of common shares for dividend reinvestment
|
$46
|
$28
|
$11
|
|||||
Debt assumed with business acquisitions
|
$195
|
|
$—
|
|
|
$—
|
|
(Millions of Dollars)
|
December 31, 2016
|
|
December 31, 2015
|
|
ASSETS
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
Cash and temporary cash investments
|
$776
|
|
$944
|
|
Accounts receivable — customers, less allowance for uncollectible accounts of $69 and $85 in 2016 and 2015, respectively
|
1,106
|
|
1,052
|
|
Other receivables, less allowance for uncollectible accounts of $14 and $11 in 2016 and 2015, respectively
|
195
|
|
304
|
|
Income taxes receivable
|
79
|
|
166
|
|
Accrued unbilled revenue
|
447
|
|
360
|
|
Fuel oil, gas in storage, materials and supplies, at average cost
|
339
|
|
350
|
|
Prepayments
|
159
|
|
177
|
|
Regulatory assets
|
100
|
|
132
|
|
Assets held for sale
|
—
|
|
|
157
|
Other current assets
|
205
|
|
194
|
|
TOTAL CURRENT ASSETS
|
3,406
|
|
3,836
|
|
INVESTMENTS
|
1,921
|
|
884
|
|
UTILITY PLANT, AT ORIGINAL COST
|
|
|
|
|
Electric
|
27,747
|
|
26,358
|
|
Gas
|
7,524
|
|
6,858
|
|
Steam
|
2,421
|
|
2,336
|
|
General
|
2,719
|
|
2,622
|
|
TOTAL
|
40,411
|
|
38,174
|
|
Less: Accumulated depreciation
|
8,541
|
|
8,044
|
|
Net
|
31,870
|
|
30,130
|
|
Construction work in progress
|
1,175
|
|
1,003
|
|
NET UTILITY PLANT
|
33,045
|
|
31,133
|
|
NON-UTILITY PLANT
|
|
|
|
|
Non-utility property, less accumulated depreciation of $140 and $95 in 2016 and 2015, respectively
|
1,482
|
|
832
|
|
Construction work in progress
|
689
|
|
244
|
|
NET PLANT
|
35,216
|
|
32,209
|
|
OTHER NONCURRENT ASSETS
|
|
|
|
|
Goodwill
|
428
|
|
429
|
|
Intangible assets, less accumulated amortization of $6 and $4 in 2016 and 2015, respectively
|
124
|
|
2
|
|
Regulatory assets
|
7,024
|
|
8,096
|
|
Other deferred charges and noncurrent assets
|
136
|
|
186
|
|
TOTAL OTHER NONCURRENT ASSETS
|
7,712
|
|
8,713
|
|
TOTAL ASSETS
|
$48,255
|
|
$45,642
|
(Millions of Dollars)
|
December 31, 2016
|
|
December 31, 2015
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
Long-term debt due within one year
|
$39
|
|
$739
|
|
Notes payable
|
1,054
|
|
1,529
|
|
Accounts payable
|
1,147
|
|
1,008
|
|
Customer deposits
|
352
|
|
354
|
|
Accrued taxes
|
64
|
|
62
|
|
Accrued interest
|
150
|
|
136
|
|
Accrued wages
|
101
|
|
97
|
|
Fair value of derivative liabilities
|
77
|
|
66
|
|
Regulatory liabilities
|
128
|
|
115
|
|
Liabilities held for sale
|
—
|
|
|
89
|
System benefit charge
|
434
|
|
190
|
|
Other current liabilities
|
297
|
|
335
|
|
TOTAL CURRENT LIABILITIES
|
3,843
|
|
4,720
|
|
NONCURRENT LIABILITIES
|
|
|
|
|
Provision for injuries and damages
|
160
|
|
185
|
|
Pensions and retiree benefits
|
1,847
|
|
2,911
|
|
Superfund and other environmental costs
|
753
|
|
765
|
|
Asset retirement obligations
|
246
|
|
242
|
|
Fair value of derivative liabilities
|
40
|
|
39
|
|
Deferred income taxes and unamortized investment tax credits
|
10,205
|
|
9,537
|
|
Regulatory liabilities
|
1,905
|
|
1,977
|
|
Other deferred credits and noncurrent liabilities
|
215
|
|
199
|
|
TOTAL NONCURRENT LIABILITIES
|
15,371
|
|
15,855
|
|
LONG-TERM DEBT
|
14,735
|
|
12,006
|
|
EQUITY
|
|
|
|
|
Common shareholders’ equity
|
14,298
|
|
13,052
|
|
Noncontrolling interest
|
8
|
|
9
|
|
TOTAL EQUITY (See Statement of Equity)
|
14,306
|
|
13,061
|
|
TOTAL LIABILITIES AND EQUITY
|
$48,255
|
|
$45,642
|
(In Millions)
|
Common Stock
|
Additional
Paid-In
Capital
|
Retained
Earnings
|
Treasury Stock
|
Capital
Stock
Expense
|
Accumulated
Other
Comprehensive
Income/(Loss)
|
Noncontrolling
Interest
|
|
|||||||
Shares
|
Amount
|
Shares
|
Amount
|
Total
|
|||||||||||
BALANCE AS OF DECEMBER 31, 2013
|
293
|
$32
|
$4,995
|
$8,338
|
23
|
|
$(1,034)
|
$(61)
|
$(25)
|
|
$—
|
|
$12,245
|
||
Net income
|
|
|
|
1,092
|
|
|
|
|
|
1,092
|
|||||
Common stock dividends
|
|
|
|
(739)
|
|
|
|
|
|
(739)
|
|||||
Issuance of common shares for stock plans, net of repurchases
|
—
|
|
|
(4)
|
|
—
|
|
2
|
|
|
|
(2)
|
|||
Other comprehensive loss
|
|
|
|
|
|
|
|
(20)
|
|
(20)
|
|||||
Noncontrolling interest
|
|
|
|
|
|
|
|
|
9
|
9
|
|||||
BALANCE AS OF DECEMBER 31, 2014
|
293
|
$32
|
$4,991
|
$8,691
|
23
|
|
$(1,032)
|
$(61)
|
$(45)
|
$9
|
$12,585
|
||||
Net income
|
|
|
|
1,193
|
|
|
|
|
|
1,193
|
|||||
Common stock dividends
|
|
|
|
(761)
|
|
|
|
|
|
(761)
|
|||||
Issuance of common shares for stock plans, net of repurchases
|
—
|
|
|
39
|
|
—
|
|
(6)
|
|
|
|
33
|
|||
Other comprehensive income
|
|
|
|
|
|
|
|
11
|
|
11
|
|||||
Noncontrolling interest
|
|
|
|
|
|
|
|
|
—
|
|
—
|
|
|||
BALANCE AS OF DECEMBER 31, 2015
|
293
|
$32
|
$5,030
|
$9,123
|
23
|
|
$(1,038)
|
$(61)
|
$(34)
|
$9
|
$13,061
|
||||
Net income
|
|
|
|
1,245
|
|
|
|
|
|
1,245
|
|||||
Common stock dividends
|
|
|
|
(809)
|
|
|
|
|
|
(809)
|
|||||
Issuance of common shares - public offering
|
10
|
1
|
723
|
|
|
|
(22)
|
|
|
702
|
|||||
Issuance of common shares for stock plans
|
2
|
|
101
|
|
|
|
|
|
|
101
|
|||||
Other comprehensive income
|
|
|
|
|
|
|
|
7
|
|
7
|
|||||
Noncontrolling interest
|
|
|
|
|
|
|
|
|
(1)
|
(1)
|
|||||
BALANCE AS OF DECEMBER 31, 2016
|
305
|
$33
|
$5,854
|
$9,559
|
23
|
|
$(1,038)
|
$(83)
|
$(27)
|
$8
|
$14,306
|
|
Shares outstanding
December 31,
|
|
At December 31,
|
||||||
(In Millions)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||
TOTAL EQUITY BEFORE ACCUMULATED OTHER COMPREHENSIVE LOSS
|
305
|
|
|
293
|
|
|
$14,325
|
|
$13,086
|
Pension plan liability adjustments, net of taxes
|
|
|
|
|
(24)
|
|
(31)
|
||
Unrealized gains/(losses) on derivatives qualified as cash flow hedges, less reclassification adjustment for gains/(losses) included in net income and reclassification adjustment for unrealized losses included in regulatory assets, net of taxes
|
|
|
|
|
(3)
|
|
(3)
|
||
TOTAL ACCUMULATED OTHER COMPREHENSIVE LOSS, NET OF TAXES
|
|
|
|
|
(27)
|
|
(34)
|
||
Equity
|
|
|
|
|
14,298
|
|
13,052
|
||
Noncontrolling interest
|
|
|
|
|
8
|
|
9
|
||
TOTAL EQUITY (See Statement of Equity)
|
|
|
|
|
$14,306
|
|
$13,061
|
LONG-TERM DEBT
(Millions of Dollars)
|
|
|
|
At December 31,
|
||||||
Maturity
|
Interest Rate
|
|
Series
|
|
2016
|
|
2015
|
|||
DEBENTURES:
|
|
|
|
|
|
|
|
|||
2016
|
5.45%
|
|
2006A
|
|
|
$—
|
|
|
$75
|
|
2016
|
5.50
|
|
2006C
|
|
—
|
|
|
400
|
||
2016
|
5.30
|
|
2006D
|
|
—
|
|
|
250
|
||
2018
|
5.85
|
|
2008A
|
|
600
|
|
600
|
|||
2018
|
6.15
|
|
2008A
|
|
50
|
|
50
|
|||
2018
|
7.125
|
|
2008C
|
|
600
|
|
600
|
|||
2019
|
4.96
|
|
2009A
|
|
60
|
|
60
|
|||
2019
|
6.65
|
|
2009B
|
|
475
|
|
475
|
|||
2020
|
4.45
|
|
2010A
|
|
350
|
|
350
|
|||
2021
|
2.00
|
|
2016A
|
|
500
|
|
—
|
|
||
2024
|
3.30
|
|
2014B
|
|
250
|
|
250
|
|||
2026
|
2.90
|
|
2016B
|
|
250
|
|
—
|
|
||
2027
|
6.50
|
|
1997F
|
|
80
|
|
80
|
|||
2033
|
5.875
|
|
2003A
|
|
175
|
|
175
|
|||
2033
|
5.10
|
|
2003C
|
|
200
|
|
200
|
|||
2034
|
5.70
|
|
2004B
|
|
200
|
|
200
|
|||
2035
|
5.30
|
|
2005A
|
|
350
|
|
350
|
|||
2035
|
5.25
|
|
2005B
|
|
125
|
|
125
|
|||
2036
|
5.85
|
|
2006A
|
|
400
|
|
400
|
|||
2036
|
6.20
|
|
2006B
|
|
400
|
|
400
|
|||
2036
|
5.70
|
|
2006E
|
|
250
|
|
250
|
|||
2037
|
6.30
|
|
2007A
|
|
525
|
|
525
|
|||
2038
|
6.75
|
|
2008B
|
|
600
|
|
600
|
|||
2039
|
6.00
|
|
2009B
|
|
60
|
|
60
|
|||
2039
|
5.50
|
|
2009C
|
|
600
|
|
600
|
|||
2040
|
5.70
|
|
2010B
|
|
350
|
|
350
|
|||
2040
|
5.50
|
|
2010B
|
|
115
|
|
115
|
|||
2042
|
4.20
|
|
2012A
|
|
400
|
|
400
|
|||
2043
|
3.95
|
|
2013A
|
|
700
|
|
700
|
|||
2044
|
4.45
|
|
2014A
|
|
850
|
|
850
|
|||
2045
|
4.50
|
|
2015A
|
|
650
|
|
650
|
|||
2045
|
4.95
|
|
2015A
|
|
120
|
|
120
|
|||
2045
|
4.69
|
|
2015B
|
|
100
|
|
100
|
|||
2046
|
3.85
|
|
2016A
|
|
550
|
|
—
|
|
||
2046
|
3.88
|
|
2016A
|
|
75
|
|
—
|
|
||
2054
|
4.625
|
|
2014C
|
|
750
|
|
750
|
|||
2056
|
4.30
|
|
2016C
|
|
500
|
|
—
|
|
||
TOTAL DEBENTURES
|
|
|
|
|
12,260
|
|
11,110
|
LONG-TERM DEBT
(Millions of Dollars)
|
|
|
|
At December 31,
|
||||
Maturity
|
Interest Rate
|
|
Series
|
|
2016
|
|
2015
|
|
TAX-EXEMPT DEBT - Notes issued to New York State Energy Research and Development Authority for Facilities Revenue Bonds (a):
|
|
|
|
|
|
|
||
2032
|
0.98%
|
|
2004B Series 1
|
|
$127
|
|
$127
|
|
2034
|
0.98
|
|
1999A
|
|
293
|
|
293
|
|
2035
|
0.998
|
|
2004B Series 2
|
|
20
|
|
20
|
|
2036
|
1.134
|
|
2001B
|
|
98
|
|
98
|
|
2036
|
0.745
|
|
2010A
|
|
225
|
|
225
|
|
2039
|
0.963
|
|
2004A
|
|
98
|
|
98
|
|
2039
|
0.74
|
|
2004C
|
|
99
|
|
99
|
|
2039
|
0.723
|
|
2005A
|
|
126
|
|
126
|
|
TOTAL TAX-EXEMPT DEBT
|
|
|
|
1,086
|
|
1,086
|
||
PROJECT DEBT:
|
|
|
|
|
|
|
||
2024-2032
|
Variable - 4.52%
|
|
Coram
|
|
180
|
|
—
|
|
2031-2038
|
5.25 - 4.95
|
|
Texas Solar 4
|
|
64
|
|
64
|
|
2036
|
3.94
|
|
California Solar 2
|
|
114
|
|
115
|
|
2036
|
4.07
|
|
California Solar 3
|
|
95
|
|
—
|
|
2040
|
4.53
|
|
Texas Solar 5
|
|
158
|
|
159
|
|
2041
|
4.21
|
|
Texas Solar 7
|
|
218
|
|
—
|
|
Other project debt
|
|
|
|
|
16
|
|
1
|
|
TOTAL PROJECT DEBT
|
|
|
|
845
|
|
339
|
||
Long-term debt - Variable rate term loan
|
|
|
|
400
|
|
—
|
|
|
Other long-term debt
|
|
|
|
317
|
|
323
|
||
Unamortized debt expense
|
|
|
|
(107)
|
|
(91)
|
||
Unamortized debt discount
|
|
|
|
(27)
|
|
(22)
|
||
TOTAL
|
|
|
|
|
14,774
|
|
12,745
|
|
Less: Long-term debt due within one year
|
|
|
|
39
|
|
739
|
||
TOTAL LONG-TERM DEBT
|
|
|
|
14,735
|
|
12,006
|
||
TOTAL CAPITALIZATION
|
|
|
|
$29,033
|
|
$25,058
|
|
/s/ John McAvoy
|
|
John McAvoy
|
|
Chairman and Chief Executive Officer
|
|
|
|
/s/ Robert Hoglund
|
|
Robert Hoglund
|
|
Senior Vice President and Chief Financial Officer
|
|
For the Years Ended December 31,
|
|||||
(Millions of Dollars)
|
2016
|
|
2015
|
|
2014
|
|
OPERATING REVENUES
|
|
|
|
|
|
|
Electric
|
$8,106
|
|
$8,172
|
|
$8,437
|
|
Gas
|
1,508
|
|
1,527
|
|
1,721
|
|
Steam
|
551
|
|
629
|
|
628
|
|
TOTAL OPERATING REVENUES
|
10,165
|
|
10,328
|
|
10,786
|
|
OPERATING EXPENSES
|
|
|
|
|
|
|
Purchased power
|
1,568
|
|
1,719
|
|
2,091
|
|
Fuel
|
172
|
|
248
|
|
285
|
|
Gas purchased for resale
|
319
|
|
337
|
|
609
|
|
Other operations and maintenance
|
2,806
|
|
2,881
|
|
2,873
|
|
Depreciation and amortization
|
1,106
|
|
1,040
|
|
991
|
|
Taxes, other than income taxes
|
1,932
|
|
1,856
|
|
1,798
|
|
TOTAL OPERATING EXPENSES
|
7,903
|
|
8,081
|
|
8,647
|
|
OPERATING INCOME
|
2,262
|
|
2,247
|
|
2,139
|
|
OTHER INCOME (DEDUCTIONS)
|
|
|
|
|
|
|
Investment and other income
|
8
|
|
5
|
|
22
|
|
Allowance for equity funds used during construction
|
8
|
|
4
|
|
1
|
|
Other deductions
|
(16)
|
|
(14)
|
|
(12)
|
|
TOTAL OTHER INCOME (DEDUCTIONS)
|
—
|
|
|
(5)
|
|
11
|
INCOME BEFORE INTEREST AND INCOME TAX EXPENSE
|
2,262
|
|
2,242
|
|
2,150
|
|
INTEREST EXPENSE
|
|
|
|
|
|
|
Interest on long-term debt
|
588
|
|
567
|
|
523
|
|
Other interest
|
19
|
|
19
|
|
15
|
|
Allowance for borrowed funds used during construction
|
(4)
|
|
(2)
|
|
(1)
|
|
NET INTEREST EXPENSE
|
603
|
|
584
|
|
537
|
|
INCOME BEFORE INCOME TAX EXPENSE
|
1,659
|
|
1,658
|
|
1,613
|
|
INCOME TAX EXPENSE
|
603
|
|
574
|
|
555
|
|
NET INCOME
|
$1,056
|
|
$1,084
|
|
$1,058
|
|
For the Years Ended December 31,
|
||||
(Millions of Dollars)
|
2016
|
|
2015
|
|
2014
|
NET INCOME
|
$1,056
|
|
$1,084
|
|
$1,058
|
OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAXES
|
|
|
|
|
|
Pension and other postretirement benefit plan liability adjustments, net of taxes
|
2
|
|
2
|
|
(5)
|
TOTAL OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAXES
|
2
|
|
2
|
|
(5)
|
COMPREHENSIVE INCOME
|
$1,058
|
|
$1,086
|
|
$1,053
|
|
For the Years Ended December 31,
|
||||
(Millions of Dollars)
|
2016
|
2015
|
2014
|
||
OPERATING ACTIVITIES
|
|
|
|
||
Net income
|
$1,056
|
$1,084
|
$1,058
|
||
PRINCIPAL NON-CASH CHARGES/(CREDITS) TO INCOME
|
|
|
|
||
Depreciation and amortization
|
1,106
|
1,040
|
991
|
||
Deferred income taxes
|
545
|
449
|
331
|
||
Rate case amortization and accruals
|
(227)
|
(74)
|
102
|
||
Common equity component of allowance for funds used during construction
|
(8)
|
(4)
|
(1)
|
||
Other non-cash items, net
|
(31)
|
(27)
|
(33)
|
||
CHANGES IN ASSETS AND LIABILITIES
|
|
|
|
||
Accounts receivable - customers
|
(23)
|
87
|
59
|
||
Materials and supplies, including fuel oil and gas in storage
|
18
|
24
|
(12)
|
||
Other receivables and other current assets
|
(11)
|
38
|
48
|
||
Accounts receivables from affiliated companies
|
81
|
(58)
|
(13)
|
||
Prepayments
|
13
|
13
|
(24)
|
||
Accounts payable
|
20
|
(51)
|
(57)
|
||
Accounts payable to affiliated companies
|
(2)
|
(11)
|
(22)
|
||
Pensions and retiree benefits obligations, net
|
579
|
714
|
742
|
||
Pensions and retiree benefits contributions
|
(476)
|
(703)
|
(544)
|
||
Superfund and environmental remediation costs, net
|
79
|
19
|
32
|
||
Accrued taxes
|
1
|
3
|
—
|
|
|
Accrued taxes to affiliated companies
|
117
|
(8)
|
(403)
|
||
Accrued interest
|
(7)
|
1
|
(22)
|
||
System benefit charge
|
221
|
38
|
(38)
|
||
Deferred charges, noncurrent assets and other regulatory assets
|
(172)
|
(150)
|
(334)
|
||
Deferred credits and other regulatory liabilities
|
179
|
379
|
475
|
||
Other current and noncurrent liabilities
|
(20)
|
16
|
95
|
||
NET CASH FLOWS FROM OPERATING ACTIVITIES
|
3,038
|
2,819
|
2,430
|
||
INVESTING ACTIVITIES
|
|
|
|
||
Utility construction expenditures
|
(2,672)
|
(2,410)
|
(2,094)
|
||
Cost of removal less salvage
|
(203)
|
(212)
|
(210)
|
||
Proceeds from the transfer of assets to NY Transco
|
122
|
—
|
|
—
|
|
Restricted cash
|
14
|
(16)
|
—
|
|
|
NET CASH FLOWS USED IN INVESTING ACTIVITIES
|
(2,739)
|
(2,638)
|
(2,304)
|
||
FINANCING ACTIVITIES
|
|
|
|
||
Net (payment)/issuance of short-term debt
|
(433)
|
583
|
(760)
|
||
Issuance of long-term debt
|
1,300
|
650
|
1,850
|
||
Retirement of long-term debt
|
(650)
|
(350)
|
(475)
|
||
Debt issuance costs
|
(13)
|
(7)
|
(17)
|
||
Capital contribution by parent
|
100
|
13
|
—
|
|
|
Dividend to parent
|
(744)
|
(872)
|
(712)
|
||
NET CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES
|
(440)
|
17
|
(114)
|
||
CASH AND TEMPORARY CASH INVESTMENTS:
|
|
|
|
||
NET CHANGE FOR THE PERIOD
|
(141)
|
198
|
12
|
||
BALANCE AT BEGINNING OF PERIOD
|
843
|
645
|
633
|
||
BALANCE AT END OF PERIOD
|
$702
|
$843
|
$645
|
||
SUPPLEMENTAL DISCLOSURE OF CASH INFORMATION
|
|
|
|
||
Cash paid/(received) during the period for:
|
|
|
|
||
Interest
|
$581
|
$554
|
$504
|
||
Income taxes
|
$(162)
|
$163
|
$748
|
||
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION
|
|
|
|
||
Construction expenditures in accounts payable
|
$295
|
$210
|
$151
|
(Millions of Dollars)
|
December 31, 2016
|
|
December 31, 2015
|
ASSETS
|
|
|
|
CURRENT ASSETS
|
|
|
|
Cash and temporary cash investments
|
$702
|
|
$843
|
Accounts receivable – customers, less allowance for uncollectible accounts of $65 and $80 in 2016 and 2015, respectively
|
1,032
|
|
987
|
Other receivables, less allowance for uncollectible accounts of $13 and $11 in 2016 and 2015, respectively
|
81
|
|
70
|
Accrued unbilled revenue
|
399
|
|
327
|
Accounts receivable from affiliated companies
|
109
|
|
190
|
Fuel oil, gas in storage, materials and supplies, at average cost
|
270
|
|
288
|
Prepayments
|
100
|
|
113
|
Regulatory assets
|
90
|
|
121
|
Other current assets
|
97
|
|
133
|
TOTAL CURRENT ASSETS
|
2,880
|
|
3,072
|
INVESTMENTS
|
315
|
|
286
|
UTILITY PLANT AT ORIGINAL COST
|
|
|
|
Electric
|
26,122
|
|
24,828
|
Gas
|
6,814
|
|
6,191
|
Steam
|
2,421
|
|
2,336
|
General
|
2,490
|
|
2,411
|
TOTAL
|
37,847
|
|
35,766
|
Less: Accumulated depreciation
|
7,836
|
|
7,378
|
Net
|
30,011
|
|
28,388
|
Construction work in progress
|
1,104
|
|
922
|
NET UTILITY PLANT
|
31,115
|
|
29,310
|
NON-UTILITY PROPERTY
|
|
|
|
Non-utility property, less accumulated depreciation of $25 in 2016 and 2015
|
4
|
|
5
|
NET PLANT
|
31,119
|
|
29,315
|
OTHER NONCURRENT ASSETS
|
|
|
|
Regulatory assets
|
6,473
|
|
7,482
|
Other deferred charges and noncurrent assets
|
69
|
|
75
|
TOTAL OTHER NONCURRENT ASSETS
|
6,542
|
|
7,557
|
TOTAL ASSETS
|
$40,856
|
|
$40,230
|
(Millions of Dollars)
|
December 31, 2016
|
|
December 31, 2015
|
||
LIABILITIES AND SHAREHOLDER’S EQUITY
|
|
|
|
||
CURRENT LIABILITIES
|
|
|
|
||
Long-term debt due within one year
|
|
$—
|
|
|
$650
|
Notes payable
|
600
|
|
1,033
|
||
Accounts payable
|
876
|
|
771
|
||
Accounts payable to affiliated companies
|
10
|
|
12
|
||
Customer deposits
|
336
|
|
339
|
||
Accrued taxes
|
50
|
|
49
|
||
Accrued taxes to affiliated companies
|
119
|
|
2
|
||
Accrued interest
|
111
|
|
118
|
||
Accrued wages
|
91
|
|
88
|
||
Fair value of derivative liabilities
|
66
|
|
50
|
||
Regulatory liabilities
|
90
|
|
84
|
||
System benefit charge
|
398
|
|
177
|
||
Other current liabilities
|
242
|
|
266
|
||
TOTAL CURRENT LIABILITIES
|
2,989
|
|
3,639
|
||
NONCURRENT LIABILITIES
|
|
|
|
||
Provision for injuries and damages
|
154
|
|
178
|
||
Pensions and retiree benefits
|
1,544
|
|
2,565
|
||
Superfund and other environmental costs
|
655
|
|
665
|
||
Asset retirement obligations
|
227
|
|
234
|
||
Fair value of derivative liabilities
|
33
|
|
36
|
||
Deferred income taxes and unamortized investment tax credits
|
9,450
|
|
8,755
|
||
Regulatory liabilities
|
1,712
|
|
1,789
|
||
Other deferred credits and noncurrent liabilities
|
190
|
|
167
|
||
TOTAL NONCURRENT LIABILITIES
|
13,965
|
|
14,389
|
||
LONG-TERM DEBT
|
12,073
|
|
10,787
|
||
COMMON SHAREHOLDER’S EQUITY (See Statement of Shareholder’s Equity)
|
11,829
|
|
11,415
|
||
TOTAL LIABILITIES AND SHAREHOLDER’S EQUITY
|
$40,856
|
|
$40,230
|
(In Millions)
|
Common Stock
|
Additional
Paid-In
Capital
|
Retained
Earnings
|
Repurchased
Con Edison
Stock
|
Capital
Stock
Expense
|
Accumulated
Other
Comprehensive
Income/(Loss)
|
Total
|
||
Shares
|
Amount
|
||||||||
BALANCE AS OF DECEMBER 31, 2013
|
235
|
|
$589
|
$4,234
|
$7,053
|
$(962)
|
$(61)
|
$(6)
|
$10,847
|
Net income
|
|
|
|
1,058
|
|
|
|
1,058
|
|
Common stock dividend to parent
|
|
|
|
(712)
|
|
|
|
(712)
|
|
Other comprehensive loss
|
|
|
|
|
|
|
(5)
|
(5)
|
|
BALANCE AS OF DECEMBER 31, 2014
|
235
|
|
$589
|
$4,234
|
$7,399
|
$(962)
|
$(61)
|
$(11)
|
$11,188
|
Net income
|
|
|
|
1,084
|
|
|
|
1,084
|
|
Common stock dividend to parent
|
|
|
|
(872)
|
|
|
|
(872)
|
|
Capital contribution by parent
|
|
|
13
|
|
|
|
|
13
|
|
Other comprehensive income
|
|
|
|
|
|
|
2
|
2
|
|
BALANCE AS OF DECEMBER 31, 2015
|
235
|
|
$589
|
$4,247
|
$7,611
|
$(962)
|
$(61)
|
$(9)
|
$11,415
|
Net income
|
|
|
|
1,056
|
|
|
|
1,056
|
|
Common stock dividend to parent
|
|
|
|
(744)
|
|
|
|
(744)
|
|
Capital contribution by parent
|
|
|
100
|
|
|
|
|
100
|
|
Other comprehensive income
|
|
|
|
|
|
|
2
|
2
|
|
BALANCE AS OF DECEMBER 31, 2016
|
235
|
|
$589
|
$4,347
|
$7,923
|
$(962)
|
$(61)
|
$(7)
|
$11,829
|
|
Shares outstanding
|
|
|
||||||
|
December 31,
|
|
December 31,
|
|
At December 31,
|
||||
(In Millions)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||
TOTAL SHAREHOLDER’S EQUITY BEFORE ACCUMULATED OTHER COMPREHENSIVE LOSS
|
235
|
|
|
235
|
|
|
$11,836
|
|
$11,424
|
Pension plan liability adjustments, net of taxes
|
|
|
|
|
(4)
|
|
(6)
|
||
Unrealized gains on derivatives qualified as cash flow hedges, less reclassification adjustment for gains included in net income, net of taxes
|
|
|
|
|
(3)
|
|
(3)
|
||
TOTAL ACCUMULATED OTHER COMPREHENSIVE LOSS, NET OF TAXES
|
|
|
|
|
(7)
|
|
(9)
|
||
TOTAL SHAREHOLDER’S EQUITY (See Statement of Shareholder’s Equity)
|
|
|
|
|
$11,829
|
|
$11,415
|
|
Con Edison
|
|
CECONY
|
||||
(Millions of Dollars)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Electric
|
|
|
|
|
|
|
|
Generation
|
$479
|
|
$459
|
|
$479
|
|
$459
|
Transmission
|
3,184
|
|
3,045
|
|
2,963
|
|
2,833
|
Distribution
|
18,150
|
|
17,244
|
|
17,234
|
|
16,394
|
Gas (a)
|
6,285
|
|
5,698
|
|
5,749
|
|
5,196
|
Steam
|
1,882
|
|
1,849
|
|
1,882
|
|
1,849
|
General
|
1,816
|
|
1,758
|
|
1,639
|
|
1,592
|
Held for future use
|
74
|
|
77
|
|
65
|
|
65
|
Construction work in progress
|
1,175
|
|
1,003
|
|
1,104
|
|
922
|
Net Utility Plant
|
$33,045
|
|
$31,133
|
|
$31,115
|
|
$29,310
|
|
For the Years Ended December 31,
|
||||
(Millions of Dollars)
|
2016
|
|
2015
|
|
2014
|
Con Edison
|
$336
|
|
$354
|
|
$365
|
CECONY
|
316
|
|
331
|
|
343
|
|
Con Edison
|
|
CECONY
|
||||||||||
(Millions of Dollars)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||
CET Gas investment in Stagecoach Gas Services, LLC (a)
|
$992
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$—
|
|
Con Edison Development equity method investments (b)
|
488
|
|
574
|
|
—
|
|
|
—
|
|
||||
Supplemental retirement income plan assets (c)
|
273
|
|
243
|
|
246
|
|
221
|
||||||
Deferred income plan assets
|
60
|
|
55
|
|
60
|
|
55
|
||||||
CET Electric investment in New York Transco, LLC
|
51
|
|
3
|
|
—
|
|
|
—
|
|
||||
CET Gas investment in Mountain Valley Pipeline, LLC
|
48
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Other
|
9
|
|
9
|
|
9
|
|
10
|
||||||
Total investments
|
$1,921
|
|
$884
|
|
$315
|
|
$286
|
(a)
|
See Note U.
|
(b)
|
See Note Q.
|
(c)
|
See Note E.
|
|
For the Years Ended December 31,
|
||||
(Millions of Dollars)
|
2016
|
|
2015
|
|
2014
|
Con Edison
|
$24
|
|
$23
|
|
$22
|
CECONY
|
22
|
|
22
|
|
20
|
|
For the Years Ended December 31,
|
||||
(Millions of Dollars, except per share amounts/Shares in Millions)
|
2016
|
|
2015
|
|
2014
|
Net income
|
$1,245
|
|
$1,193
|
|
$1,092
|
Weighted average common shares outstanding – basic
|
300.4
|
|
293.0
|
|
292.9
|
Add: Incremental shares attributable to effect of potentially dilutive securities
|
1.5
|
|
1.4
|
|
1.1
|
Adjusted weighted average common shares outstanding – diluted
|
301.9
|
|
294.4
|
|
294.0
|
Net Income per common share – basic
|
$4.15
|
|
$4.07
|
|
$3.73
|
Net Income per common share – diluted
|
$4.12
|
|
$4.05
|
|
$3.71
|
(Millions of Dollars)
|
Con Edison
|
|
CECONY
|
Accumulated OCI, net of taxes, at December 31, 2014 (a)
|
$(45)
|
|
$(11)
|
OCI before reclassifications, net of tax of $(3) for Con Edison
|
5
|
|
1
|
Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax of $(4) and $(1) for Con Edison and CECONY, respectively(a)(b)
|
6
|
|
1
|
Total OCI, net of taxes, at December 31, 2015
|
11
|
|
2
|
Accumulated OCI, net of taxes, at December 31, 2015 (a)
|
$(34)
|
|
$(9)
|
OCI before reclassifications, net of tax of $(1) for Con Edison and CECONY
|
2
|
|
1
|
Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax of $(3) and $(1) for Con Edison and CECONY, respectively(a)(b)
|
5
|
|
1
|
Total OCI, net of taxes, at December 31, 2016
|
7
|
|
2
|
Accumulated OCI, net of taxes, at December 31, 2016 (a)
|
$(27)
|
|
$(7)
|
CECONY – Electric
|
|
|
|
|
Effective period
|
|
January 2014 – December 2016
|
|
January 2017 - December 2019 (b)
|
Base rate changes
|
|
Yr. 1 – $(76.2) million (a)
Yr. 2 – $124.0 million (a) Yr. 3 – None |
|
Yr. 1 - $195 million (b)
Yr. 2 - $155 million (b) Yr. 3 - $155 million (b) |
Amortizations to income of net regulatory (assets) and liabilities
|
|
Yr. 1 and 2 – $(37) million (c)
Yr. 3 - $123 million (c) |
|
Yr. 1 - $84 million
Yr. 2 - $83 million Yr. 3 - $69 million |
Other revenue sources
|
|
Retention of $90 million of annual transmission congestion revenues.
|
|
Retention of $75 million of annual transmission congestion revenues.
Potential earnings adjustment mechanism incentives for energy efficiency and other potential incentives of up to: Yr. 1 - $28 million Yr. 2 - $47 million Yr. 3 - $64 million |
Revenue decoupling mechanisms
|
|
In 2014, 2015 and 2016, the company deferred for customer benefit $146 million, $98 million and $101 million of revenues, respectively.
|
|
Continuation of reconciliation of actual to authorized electric delivery revenues.
|
Recoverable energy costs (d)
|
|
Current rate recovery of purchased power and fuel costs.
|
|
Continuation of current rate recovery of purchased power and fuel costs.
|
Negative revenue adjustments
|
|
Potential penalties (up to $400 million annually) if certain performance targets are not met. In 2014, the company recorded a $5 million negative revenue adjustment. In 2015 and 2016, the company did not record any negative revenue adjustments.
|
|
Potential penalties if certain performance targets relating to service, reliability, safety and other matters are not met:
Yr. 1 - $376 million Yr. 2 - $383 million Yr. 3 - $395 million. |
Cost reconciliations
|
|
In 2014, 2015 and 2016, the company deferred $57 million, $26 million and $68 million of net regulatory liabilities, respectively (e).
|
|
Continuation of reconciliation of expenses for pension and other postretirement benefits, variable-rate tax-exempt debt, major storms, property taxes(e), municipal infrastructure support costs(f), the impact of new laws and environmental site investigation and remediation to amounts reflected in rates.(g)
|
Net utility plant reconciliations
|
|
Target levels reflected in rates were:
Transmission and distribution: Yr. 1 – $16,869 million Yr. 2 – $17,401 million Yr. 3 – $17,929 million Storm hardening: Yr. 1 – $89 million; Yr. 2 – $177 million; Yr. 3 – $268 million Other: Yr. 1 – $2,034 million; Yr. 2 – $2,102 million; Yr. 3 – $2,069 million The company deferred $6 million and $17 million as a regulatory liability in 2014 and 2015, respectively. In 2016, $9 million was deferred as a regulatory asset. |
|
Target levels reflected in rates:
Electric average net plant target excluding advanced metering infrastructure (AMI): Yr. 1 - $21,689 million Yr. 2 - $22,338 million Yr. 3 - $23,002 million AMI: Yr. 1 - $126 million Yr. 2 - $257 million Yr. 3 - $415 million |
Average rate base
|
|
Yr. 1 – $17,323 million
Yr. 2 – $18,113 million Yr. 3 – $18,282 million |
|
Yr. 1 - $18,902 million
Yr. 2 - $19,530 million Yr. 3 - $20,277 million |
Weighted average cost of capital (after-tax)
|
|
Yr. 1 – 7.05 percent
Yr. 2 – 7.08 percent Yr. 3 – 6.91 percent |
|
Yr. 1 - 6.82 percent
Yr. 2 - 6.80 percent Yr. 3 - 6.73 percent |
Authorized return on common equity
|
|
Yrs. 1 and 2 – 9.2 percent
Yr. 3 – 9.0 percent |
|
9.0 percent
|
Earnings sharing
|
|
Most earnings above an annual earnings threshold of 9.8 percent for Yrs. 1 and 2 and 9.6 percent for Yr. 3 are to be applied to reduce regulatory assets for environmental remediation and other costs. In 2014 the company had no earnings above the threshold. Actual earnings were $44.4 million and $6.5 million above the threshold for 2015 and 2016, respectively.
|
|
Most earnings above an annual earnings threshold of 9.5 percent are to be applied to reduce regulatory assets for environmental remediation and other costs accumulated in the rate year.
|
Cost of long-term debt
|
|
Yr. 1 – 5.17 percent
Yr. 2 – 5.23 percent Yr. 3 – 5.09 percent |
|
Yr. 1 - 4.93 percent
Yr. 2 - 4.88 percent Yr. 3 - 4.74 percent |
Common equity ratio
|
|
48 percent
|
|
48 percent
|
(a)
|
The impact of these base rate changes was deferred which resulted in a
$30 million
regulatory liability at December 31, 2015; this amount has been amortized to
$0
at December 31, 2016.
|
(b)
|
In January 2017, the NYSPSC approved the September 2016 Joint Proposal for CECONY's electric rate plan for January 2017 through December 2019. The electric base rate increases are in addition to a
$48 million
increase resulting from the December 2016 expiration of a
|
(c)
|
Amounts reflect annual amortization of
$107 million
of the regulatory asset for deferred Superstorm Sandy and other major storm costs. The costs recoverable from customers were reduced by
$4 million
. The costs are no longer subject to NYSPSC staff review and the recovery of the costs is no longer subject to refund. In 2016, an additional
$123 million
of net regulatory liabilities were amortized to income.
|
(d)
|
For transmission service provided pursuant to the open access transmission tariff of PJM Interconnection LLC (PJM), unless and until changed by the NYSPSC, the company will recover all charges incurred associated with the transmission service. Starting in January 2014, PJM submitted to the FERC a series of requests that substantially increase the charges for the transmission service. CECONY has challenged each of these requests. To date, FERC has rejected all but one of CECONY’s protests. In April 2016, CECONY notified PJM that it will not be exercising its option to continue the service beyond April 2017. CECONY is continuing to challenge FERC’s approval of the increased charges that are being incurred through the end of the current contract term. In June 2015 and May 2016, CECONY filed appeals of certain FERC decisions with the U.S. Court of Appeals.
|
(e)
|
Deferrals for property taxes are limited to
90 percent
of the difference from amounts reflected in rates, subject to an annual maximum for the remaining difference of not more than a maximum number of basis points (5.0, 7.5 or 10.0 basis points, depending on the year).
|
(f)
|
In general, if actual expenses for municipal infrastructure support (other than company labor) are below the amounts reflected in rates the company will defer the difference for credit to customers, and if the actual expenses are above the amount reflected in rates the company will defer for recovery from customers
80 percent
of the difference subject to a maximum deferral of
30 percent
of the amount reflected in rates.
|
(g)
|
In addition, amounts reflected in rates relating to the regulatory asset for future income tax and the excess deferred federal income tax liability are subject to reconciliation. The NYSPSC staff is to audit the regulatory asset and the tax liability. Differences resulting from the NYSPSC staff review will be deferred for NYSPSC determination of any amounts to be refunded or collected from customers.
|
CECONY – Gas
|
|
|
|
|
Effective period
|
|
January 2014 – December 2016
|
|
January 2017 - December 2019 (b)
|
Base rate changes
|
|
Yr. 1 – $(54.6) million (a)
Yr. 2 – $38.6 million (a) Yr. 3 – $56.8 million (a) |
|
Yr. 1 - $(5) million (b)
Yr. 2 - $92 million (b) Yr. 3 - $90 million (b) |
Amortizations to income of net
regulatory (assets) and liabilities
|
|
$4 million over three years
|
|
Yr. 1 - $39 million
Yr. 2 - $37 million Yr. 3 - $36 million |
Other revenue sources
|
|
Retention of revenues from non-firm customers of up to $65 million and 15 percent of any such revenues above $65 million. The company retained $70 million, $66 million and $65 million of such revenues in 2014, 2015 and 2016, respectively.
|
|
Retention of annual revenues from non-firm customers of up to $65 million and 15 percent of any such revenues above $65 million.
Potential incentives if performance targets related to gas leak backlog, leak prone pipe and service terminations are met: Yr. 1 - $7 million Yr. 2 - $8 million Yr. 3 - $8 million. |
Revenue decoupling mechanisms
|
|
In 2014, 2015 and 2016, the company deferred $28 million, $54 million and $71 million of regulatory liabilities, respectively.
|
|
Continuation of reconciliation of actual to authorized gas delivery revenues.
|
Recoverable energy costs
|
|
Current rate recovery of purchased gas costs.
|
|
Continuation of current rate recovery of purchased gas costs.
|
Negative revenue adjustments
|
|
Potential penalties (up to $33 million in 2014, $44 million in 2015, and $56 million in 2016) if certain gas performance targets are not met. In 2014, 2015 and 2016, the company did not record any negative revenue adjustments.
|
|
Potential penalties if performance targets relating to service, safety and other matters are not met:
Yr. 1 - $68 million Yr. 2 - $75 million Yr. 3 - $83 million. |
Cost reconciliations
|
|
In 2014, 2015 and 2016, the company deferred $38 million, $11 million, and $32 million of net regulatory liabilities, respectively. (c)
|
|
Continuation of reconciliation of expenses for pension and other postretirement benefits, variable-rate tax-exempt debt, major storms, property taxes, municipal infrastructure support costs, the impact of new laws and environmental site investigation and remediation to amounts reflected in rates.(d)
|
Net utility plant reconciliations
|
|
Target levels reflected in rates were:
Gas delivery Yr. 1 – $3,899 million; Yr. 2 – $4,258 million; Yr. 3 – $4,698 million Storm hardening: Yr. 1 – $3 million; Yr. 2 – $8 million; Yr. 3 – $30 million In 2015 $1 million was deferred as a regulatory liability. In 2014 and 2016 the company deferred an immaterial amount. |
|
Target levels reflected in rates:
Gas average net plant target excluding AMI: Yr. 1 - $5,844 million Yr. 2 - $6,512 million Yr. 3 - $7,177 million AMI: Yr. 1 - $27 million Yr. 2 - $57 million Yr. 3 - $100 million |
Average rate base
|
|
Yr. 1 – $3,521 million
Yr. 2 – $3,863 million Yr. 3 – $4,236 million |
|
Yr. 1 - $4,841 million
Yr. 2 - $5,395 million Yr. 3 - $6,005 million |
Weighted average cost of capital
(after-tax) |
|
Yr. 1 – 7.10 percent
Yr. 2 – 7.13 percent Yr. 3 – 7.21 percent |
|
Yr. 1 - 6.82 percent
Yr. 2 - 6.80 percent Yr. 3 - 6.73 percent |
Authorized return on common equity
|
|
9.3 percent
|
|
9.0 percent
|
Earnings sharing
|
|
Most earnings above an annual earnings threshold of 9.9 percent are to be applied to reduce regulatory assets for environmental remediation and other costs. In 2014, 2015 and 2016, the company had no earnings above the threshold.
|
|
Most earnings above an annual earnings threshold of 9.5 percent are to be applied to reduce regulatory assets for environmental remediation and other costs accumulated in the rate year.
|
Cost of long-term debt
|
|
Yr. 1 – 5.17 percent
Yr. 2 – 5.23 percent Yr. 3 – 5.39 percent |
|
Yr. 1 - 4.93 percent
Yr. 2 - 4.88 percent Yr. 3 - 4.74 percent |
Common equity ratio
|
|
48 percent
|
|
48 percent
|
(a)
|
The impact of these base rate changes was deferred which resulted in a
$32 million
regulatory liability at December 31, 2016.
|
(b)
|
In January 2017, the NYSPSC approved the September 2016 Joint Proposal for CECONY's gas rate plan for January 2017 through December 2019. The gas base rate decrease is offset by a
$41 million
increase resulting from the December 2016 expiration of a temporary credit under the prior rate plan.
|
(c)
|
Deferrals for property taxes are limited to
90 percent
of the difference from amounts reflected in rates, subject to an annual maximum for the remaining difference of not more than a 10 basis point impact on return on common equity
|
(d)
|
See footnotes (e), (f) and (g) to the table under "CECONY - Electric" above.
|
CECONY – Steam
|
|
|
|
|
Effective period
|
|
January 2014 – December 2016 (a)
|
|
|
Base rate changes
|
|
Yr. 1 – $(22.4) million (b)
Yr. 2 – $19.8 million (b) Yr. 3 – $20.3 million (b) Yr. 4 – None |
|
|
Amortizations to income of net
regulatory (assets) and liabilities
|
|
$37 million over three years
|
|
|
Recoverable energy costs
|
|
Current rate recovery of purchased power and fuel costs.
|
|
|
Negative revenue adjustments
|
|
Potential penalties (up to $1 million annually) if certain steam performance targets are not met. In 2014, 2015 and 2016, the company did not record any negative revenue adjustments.
|
|
|
Cost reconciliations (c)
|
|
In 2014, 2015 and 2016, the company deferred $42 million of net regulatory liabilities, $17 million of net regulatory assets and $8 million of net regulatory liabilities, respectively.
|
|
|
Net utility plant reconciliations
|
|
Target levels reflected in rates were:
Production: Yr. 1 – $1,752 million; Yr. 2 – $1,732 million; Yr. 3 – $1,720 million Distribution: Yr. 1 – $6 million; Yr. 2 – $11 million; Yr. 3 – $25 million The company reduced its regulatory liability by $0.1 million in 2014 and immaterial amounts in 2015 and 2016. |
|
|
Average rate base
|
|
Yr. 1 – $1,511 million
Yr. 2 – $1,547 million Yr. 3 – $1,604 million |
|
|
Weighted average cost of capital (after-tax)
|
|
Yr. 1 – 7.10 percent
Yr. 2 – 7.13 percent Yr. 3 – 7.21 percent |
|
|
Authorized return on common equity
|
|
9.3 percent
|
|
|
Earnings sharing
|
|
Weather normalized earnings above an annual earnings threshold of 9.9 percent are to be applied to reduce regulatory assets for environmental remediation and other costs. In 2014, the company had no earnings above the threshold. Actual earnings were $11.5 million and $7.8 million above the threshold in 2015 and 2016, respectively.
|
|
|
Cost of long-term debt
|
|
Yr. 1 – 5.17 percent
Yr. 2 – 5.23 percent Yr. 3 – 5.39 percent |
|
|
Common equity ratio
|
|
48 percent
|
|
|
(a)
|
Rates determined pursuant to this rate plan continue in effect until a new rate plan is approved by the NYSPSC.
|
(b)
|
The impact of these base rate changes was deferred which resulted in an
$8 million
regulatory liability at December 31, 2016.
|
(c)
|
Deferrals for property taxes are limited to
90 percent
of the difference from amounts reflected in rates, subject to an annual maximum for the remaining difference of not more than a 10 basis point impact on return on common equity.
|
O&R New York – Electric
|
|
|
|
|
Effective period
|
|
July 2012 – June 2015
|
|
November 2015 - October 2017
|
Base rate changes
|
|
Yr. 1 – $19.4 million
Yr. 2 – $8.8 million Yr. 3 – $15.2 million |
|
Yr. 1
–
$9.3 million
Yr. 2 – $8.8 million |
Amortizations to income of net
regulatory (assets) and liabilities
|
|
$(32.2) million over three years
|
|
Yr. 1
–
$(8.5) million (a)
Yr. 2 – $(9.4) million (a) |
Revenue decoupling mechanisms
|
|
In 2012, 2013 and 2014, the company deferred for the customer’s benefit $2.6 million, $3.2 million and $(3.4) million, respectively.
|
|
In 2015 and 2016, the company deferred for the customer’s benefit an immaterial amount and $6.3 million as regulatory liabilities, respectively.
|
Recoverable energy costs
|
|
Current rate recovery of purchased power and fuel costs.
|
|
Continuation of current rate recovery of purchased power costs.
|
Negative revenue adjustments
|
|
Potential penalties (up to $3 million annually) if certain customer service and system reliability performance targets are not met. In 2012, 2013 and 2014, the company did not record any negative revenue adjustments.
|
|
Potential penalties (up to $4 million annually) if certain performance targets are not met. In 2015 the company recorded $1.25 million in negative revenue adjustments. In 2016, the company did not record any negative revenue adjustments.
|
Cost reconciliations
|
|
In 2012, 2013 and 2014, the company deferred $7.8 million, $4.1 million and $(0.2) million as a net increase/(decrease) to regulatory assets, respectively.
|
|
In 2015 and 2016, the company deferred $0.3 million and $7.4 million as net decreases to regulatory assets, respectively.
|
Net utility plant reconciliations
|
|
Target levels reflected in rates were:
Yr. 1 – $678 million; Yr. 2- $704 million; Yr. 3 – $753 million The company increased its regulatory liability by $4.2 million in 2012. The company reduced its regulatory liability by $1.1 million and $2.3 million in 2013 and 2014, respectively. |
|
Target levels reflected in rates are:
Yr. 1 – $928 million (b) Yr. 2 – $970 million (b) The company increased/(reduced) its regulatory asset by $2.2 million and $(1.9) million in 2015 and 2016, respectively. |
Average rate base
|
|
Yr. 1 – $671 million
Yr. 2 – $708 million Yr. 3 – $759 million |
|
Yr. 1
–
$763 million
Yr. 2 – $805 million |
Weighted average cost of capital (after-tax)
|
|
Yr. 1 – 7.61 percent
Yr. 2 – 7.65 percent Yr. 3 – 7.48 percent |
|
Yr. 1
–
7.10 percent
Yr. 2 – 7.06 percent |
Authorized return on common equity
|
|
Yr. 1 – 9.4 percent
Yr. 2 – 9.5 percent Yr. 3 – 9.6 percent |
|
9.0 percent
|
Earnings sharing
|
|
The company recorded a regulatory liability of $1 million for earnings above the sharing threshold under the rate plan as of December 31, 2014.
|
|
Most earnings above an annual earnings threshold of 9.6 percent are to be applied to reduce regulatory assets.
In 2015, earnings did not exceed the earnings threshold. Actual earnings were $6.1 million above the threshold for 2016.
|
Cost of long-term debt
|
|
Yr. 1 – 6.07 percent
Yr. 2 – 6.07 percent Yr. 3 – 5.64 percent |
|
Yr. 1
–
5.42 percent
Yr. 2 – 5.35 percent |
Common equity ratio
|
|
48 percent
|
|
48 percent
|
(a)
|
$59.3 million
of the regulatory asset for deferred storm costs is to be recovered from customers over a
five
year period, including
$11.85 million
in each of years 1 and 2,
$1 million
of the regulatory asset for such costs will not be recovered from customers, and all outstanding issues related to Superstorm Sandy and other past major storms prior to November 2014 are resolved. Approximately
$4 million
of regulatory assets for property tax and interest rate reconciliations will not be recovered from customers. Amounts that will not be recovered from customers were charged-off in June 2015.
|
(b)
|
Excludes electric AMI as to which the company will be required to defer as a regulatory liability the revenue requirement impact of the amount, if any, by which actual average net utility plant balances are less than amounts reflected in rates:
$1 million
in year 1 and
$9 million
in year 2.
|
O&R New York – Gas
|
|
|
|
|
Effective period
|
|
November 2009 – December 2014
|
|
November 2015
–
October 2018
|
Base rate changes
|
|
Yr. 1 – $9 million
Yr. 2 – $9 million Yr. 3 – $4.6 million Yr. 3 – $4.3 million collected through a surcharge Yr. 4 – None Yr. 5 – None |
|
Yr. 1
–
$16.4 million
Yr. 2 – $16.4 million Yr. 3 – $5.8 million Yr. 3 – $10.6 million collected through a surcharge |
Amortization to income of net regulatory (assets) and liabilities
|
|
$(2) million over three years
|
|
Yr. 1
–
$(1.7) million (a)
Yr. 2 – $(2.1) million (a) Yr. 3 – $(2.5) million (a) |
Revenue decoupling mechanisms
|
|
In 2012, 2013 and 2014, the company deferred $4.7 million, $0.7 million and $(0.1) million of regulatory liabilities, respectively.
|
|
In 2015 and 2016, the company deferred $0.8 million regulatory assets and $6.2 million of regulatory liabilities, respectively.
|
Recoverable energy costs
|
|
Current rate recovery of purchased gas costs.
|
|
Current rate recovery of purchased gas costs.
|
Negative revenue adjustments
|
|
Potential penalties (up to $1.4 million annually) if certain operations and customer service requirements are not met. In 2012, 2013 and 2014, the company did not record any negative revenue adjustments.
|
|
Potential penalties (up to $3.7 million in Yr. 1, $4.7 million in Yr. 2 and $5.8 million in Yr. 3) if certain performance targets are not met.
In 2015 and 2016, the company did not record any negative revenue adjustments.
|
Cost reconciliations
|
|
In 2012, 2013 and 2014, the company deferred $0.7 million, $8.3 million and $8.3 million as net regulatory assets, respectively.
|
|
In 2015 and 2016, the company deferred $4.5 million and $6.6 million as net regulatory liabilities and assets, respectively.
|
Net utility plant reconciliations
|
|
The company deferred $0.7 million in 2012 as a regulatory asset and no deferrals were recorded for 2013 or 2014.
|
|
Target levels reflected in rates are:
Yr. 1 – $492 million (b) Yr. 2 – $518 million (b) Yr. 3 – $546 million (b) No deferral was recorded for 2015 and an immaterial amount was recorded as a regulatory liability in 2016. |
Average rate base
|
|
Yr. 1 – $280 million
Yr. 2 – $296 million Yr. 3 – $309 million |
|
Yr. 1
–
$366 million
Yr. 2 – $391 million Yr. 3 – $417 million |
Weighted average cost of capital (after-tax)
|
|
8.49 percent
|
|
Yr. 1
–
7.10 percent
Yr. 2 – 7.06 percent Yr. 3 – 7.06 percent |
Authorized return on common equity
|
|
10.4 percent
|
|
9.0 percent
|
Earnings sharing
|
|
Earnings above an annual earnings threshold of 11.4 percent are to be applied to reduce regulatory assets. In 2012, 2013 and 2014, earnings did not exceed the earnings threshold.
|
|
Most earnings above an annual earnings threshold of 9.6 percent are to be applied to reduce regulatory assets.
In 2015, earnings did not exceed the earnings threshold. Actual earnings were $4 million above the threshold for 2016.
|
Cost of long-term debt
|
|
6.81 percent
|
|
Yr. 1
–
5.42 percent
Yr. 2 – 5.35 percent Yr. 3 – 5.35 percent |
Common equity ratio
|
|
48 percent
|
|
48 percent
|
(a)
|
Reflects that the company will not recover from customers a total of approximately
$14 million
of regulatory assets for property tax and interest rate reconciliations. Amounts that will not be recovered from customers were charged-off in June 2015.
|
(b)
|
Excludes gas AMI as to which the company will be required to defer as a regulatory liability the revenue requirement impact of the amount, if any, by which actual average net utility plant balances are less than amounts reflected in rates:
$0.5 million
in year 1,
$4.2 million
in year 2 and
$7.2 million
in year 3.
|
RECO
|
|
|
|
|
Effective period
|
|
May 2010 – July 2014
|
|
August 2014 – July 2015 (a)
|
Base rate changes
|
|
Yr. 1 – $9.8 million
|
|
Yr. 1 – $13.0 million
|
Amortization to income of net
regulatory (assets) and liabilities
|
|
$(3.9) million over four years and $(4.9) million of deferred storm costs over five years
|
|
$0.4 million over three years and $(25.6) million of deferred storm costs over four years
|
Recoverable energy costs
|
|
Current rate recovery of purchased power costs.
|
|
Current rate recovery of purchased power costs.
|
Cost reconciliations
|
|
None
|
|
None
|
Average rate base
|
|
$148.6 million
|
|
$172.2 million
|
Weighted average cost of capital
(after-tax)
|
|
8.21 percent
|
|
7.83 percent
|
Authorized return on common equity
|
|
10.3 percent
|
|
9.75 percent
|
Cost of long-term debt
|
|
6.16 percent
|
|
5.89 percent
|
Common equity ratio
|
|
50 percent
|
|
50 percent
|
(a)
|
In January 2016, the NJBPU approved RECO’s plan for a
3
-year,
$15.7 million
electric system storm hardening capital program, the costs of which RECO, beginning in 2017, is collecting through a customer surcharge until a new rate plan is approved that reflects the costs.
|
|
Con Edison
|
CECONY
|
|||||
(Millions of Dollars)
|
2016
|
|
2015
|
2016
|
|
2015
|
|
Regulatory assets
|
|
|
|
|
|||
Unrecognized pension and other postretirement costs
|
$2,874
|
$3,876
|
$2,730
|
$3,697
|
|||
Future income tax
|
2,439
|
2,350
|
2,325
|
2,232
|
|||
Environmental remediation costs
|
823
|
904
|
711
|
800
|
|||
Revenue taxes
|
295
|
253
|
280
|
240
|
|||
Deferred storm costs
|
56
|
185
|
3
|
110
|
|||
Deferred derivative losses
|
48
|
50
|
42
|
46
|
|||
Unamortized loss on reacquired debt
|
43
|
50
|
41
|
48
|
|||
Recoverable energy costs
|
42
|
16
|
38
|
15
|
|||
Pension and other postretirement benefits deferrals
|
38
|
45
|
7
|
16
|
|||
O&R property tax reconciliation
|
37
|
46
|
—
|
|
—
|
|
|
Surcharge for New York State assessment
|
28
|
44
|
26
|
40
|
|||
Preferred stock redemption
|
25
|
26
|
25
|
26
|
|||
Net electric deferrals
|
24
|
44
|
24
|
44
|
|||
O&R transition bond charges
|
15
|
21
|
—
|
|
—
|
|
|
Workers’ compensation
|
13
|
11
|
13
|
11
|
|||
Other
|
224
|
175
|
208
|
157
|
|||
Regulatory assets – noncurrent
|
7,024
|
8,096
|
6,473
|
7,482
|
|||
Deferred derivative losses
|
91
|
113
|
86
|
103
|
|||
Recoverable energy costs
|
9
|
19
|
4
|
18
|
|||
Regulatory assets – current
|
100
|
132
|
90
|
121
|
|||
Total Regulatory Assets
|
$7,124
|
$8,228
|
$6,563
|
$7,603
|
|||
Regulatory liabilities
|
|
|
|
|
|||
Allowance for cost of removal less salvage
|
$755
|
$676
|
$641
|
$570
|
|||
Pension and other postretirement benefit deferrals
|
193
|
76
|
162
|
46
|
|||
Property tax reconciliation
|
178
|
303
|
178
|
303
|
|||
Net unbilled revenue deferrals
|
145
|
109
|
145
|
109
|
|||
Prudence proceeding
|
95
|
99
|
95
|
99
|
|||
Carrying charges on repair allowance and bonus depreciation
|
68
|
49
|
67
|
48
|
|||
New York State income tax rate change
|
61
|
75
|
60
|
72
|
|||
Unrecognized other postretirement costs
|
60
|
28
|
60
|
28
|
|||
Variable-rate tax-exempt debt - cost rate reconciliation
|
55
|
70
|
48
|
60
|
|||
Base rate change deferrals
|
40
|
128
|
40
|
128
|
|||
Earnings sharing - electric, gas and steam
|
39
|
80
|
28
|
80
|
|||
Net utility plant reconciliations
|
16
|
32
|
15
|
31
|
|||
Property tax refunds
|
1
|
44
|
1
|
44
|
|||
World Trade Center settlement proceeds
|
—
|
|
21
|
—
|
|
21
|
|
Other
|
199
|
187
|
172
|
150
|
|||
Regulatory liabilities – noncurrent
|
1,905
|
1,977
|
1,712
|
1,789
|
|||
Revenue decoupling mechanism
|
71
|
45
|
61
|
45
|
|||
Refundable energy costs
|
29
|
64
|
5
|
33
|
|||
Deferred derivative gains
|
28
|
6
|
24
|
6
|
|||
Regulatory liabilities—current
|
128
|
115
|
90
|
84
|
|||
Total Regulatory Liabilities
|
$2,033
|
$2,092
|
$1,802
|
$1,873
|
(Millions of Dollars)
|
2016
|
|
2015
|
||||
Long-Term Debt (including current portion)
|
Carrying
Amount
|
|
Fair
Value
|
|
Carrying
Amount
|
|
Fair
Value
|
Con Edison
|
$14,774
|
|
$16,093
|
|
$12,745
|
|
$13,856
|
CECONY
|
$12,073
|
|
$13,268
|
|
$11,437
|
|
$12,427
|
|
Con Edison
|
CECONY
|
||||||
(Millions of Dollars)
|
2016
|
|
2015
|
2014
|
2016
|
|
2015
|
2014
|
Service cost – including administrative expenses
|
$275
|
$297
|
$227
|
$258
|
$279
|
$211
|
||
Interest cost on projected benefit obligation
|
596
|
575
|
572
|
559
|
538
|
536
|
||
Expected return on plan assets
|
(947)
|
(886)
|
(832)
|
(898)
|
(840)
|
(789)
|
||
Recognition of net actuarial loss
|
596
|
775
|
618
|
565
|
734
|
586
|
||
Recognition of prior service costs
|
4
|
4
|
4
|
2
|
2
|
2
|
||
NET PERIODIC BENEFIT COST
|
$524
|
$765
|
$589
|
$486
|
$713
|
$546
|
||
Amortization of regulatory asset (a)
|
—
|
|
1
|
2
|
—
|
|
1
|
2
|
TOTAL PERIODIC BENEFIT COST
|
$524
|
$766
|
$591
|
$486
|
$714
|
$548
|
||
Cost capitalized
|
(214)
|
(301)
|
(225)
|
(203)
|
(285)
|
(212)
|
||
Reconciliation to rate level
|
54
|
(74)
|
118
|
58
|
(74)
|
108
|
||
Cost charged to operating expenses
|
$364
|
$391
|
$484
|
$341
|
$355
|
$444
|
|
Con Edison
|
CECONY
|
|||||||
(Millions of Dollars)
|
2016
|
2015
|
|
2014
|
2016
|
2015
|
|
2014
|
|
CHANGE IN PROJECTED BENEFIT OBLIGATION
|
|
|
|
|
|
|
|||
Projected benefit obligation at beginning of year
|
$14,377
|
$15,081
|
$12,197
|
$13,482
|
$14,137
|
$11,429
|
|||
Service cost – excluding administrative expenses
|
271
|
293
|
221
|
254
|
274
|
206
|
|||
Interest cost on projected benefit obligation
|
596
|
575
|
572
|
559
|
538
|
536
|
|||
Net actuarial (gain)/loss
|
(302)
|
(996)
|
2,641
|
(282)
|
(931)
|
2,484
|
|||
Plan amendments
|
(256)
|
—
|
|
6
|
(259)
|
—
|
|
—
|
|
Benefits paid
|
(591)
|
(576)
|
(556)
|
(551)
|
(536)
|
(518)
|
|||
PROJECTED BENEFIT OBLIGATION AT END OF YEAR
|
$14,095
|
$14,377
|
$15,081
|
$13,203
|
$13,482
|
$14,137
|
|||
CHANGE IN PLAN ASSETS
|
|
|
|
|
|
|
|||
Fair value of plan assets at beginning of year
|
$11,759
|
$11,495
|
$10,755
|
$11,141
|
$10,897
|
$10,197
|
|||
Actual return on plan assets
|
829
|
126
|
752
|
787
|
118
|
715
|
|||
Employer contributions
|
508
|
750
|
578
|
469
|
697
|
535
|
|||
Benefits paid
|
(591)
|
(576)
|
(556)
|
(551)
|
(536)
|
(518)
|
|||
Administrative expenses
|
(33)
|
(36)
|
(34)
|
(31)
|
(35)
|
(32)
|
|||
FAIR VALUE OF PLAN ASSETS AT END OF YEAR
|
$12,472
|
$11,759
|
$11,495
|
$11,815
|
$11,141
|
$10,897
|
|||
FUNDED STATUS
|
$(1,623)
|
$(2,618)
|
$(3,586)
|
$(1,388)
|
$(2,341)
|
$(3,240)
|
|||
Unrecognized net loss
|
$3,157
|
$3,909
|
$4,888
|
$2,995
|
$3,704
|
$4,616
|
|||
Unrecognized prior service costs
|
(244)
|
16
|
20
|
(258)
|
3
|
4
|
|||
Accumulated benefit obligation
|
12,655
|
12,909
|
13,454
|
11,806
|
12,055
|
12,553
|
|
2016
|
|
2015
|
|
2014
|
|
Weighted-average assumptions used to determine benefit obligations at December 31:
|
|
|
|
|||
Discount rate
|
4.25
|
%
|
4.25
|
%
|
3.90
|
%
|
Rate of compensation increase
|
|
|
|
|||
CECONY
|
4.25
|
%
|
4.25
|
%
|
4.25
|
%
|
O&R
|
4.00
|
%
|
4.00
|
%
|
4.00
|
%
|
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31:
|
|
|
|
|||
Discount rate
|
4.25
|
%
|
3.90
|
%
|
4.80
|
%
|
Expected return on plan assets
|
7.80
|
%
|
7.80
|
%
|
8.00
|
%
|
Rate of compensation increase
|
|
|
|
|||
CECONY
|
4.25
|
%
|
4.25
|
%
|
4.35
|
%
|
O&R
|
4.00
|
%
|
4.00
|
%
|
4.25
|
%
|
(Millions of Dollars)
|
2017
|
2018
|
2019
|
2020
|
2021
|
2022-2026
|
Con Edison
|
$702
|
$719
|
$730
|
$745
|
$758
|
$3,990
|
CECONY
|
653
|
670
|
679
|
693
|
705
|
3,716
|
|
Target
Allocation Range
|
|
Plan Assets at December 31,
|
|||||||
Asset Category
|
2017
|
|
2016
|
|
|
2015
|
|
|
2014
|
|
Equity Securities
|
52% - 64%
|
|
58
|
%
|
|
57
|
%
|
|
58
|
%
|
Debt Securities
|
28% - 38%
|
|
33
|
%
|
|
33
|
%
|
|
32
|
%
|
Real Estate
|
7% - 11%
|
|
9
|
%
|
|
10
|
%
|
|
10
|
%
|
Total
|
100%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
(Millions of Dollars)
|
Level 1
|
|
|
Level 2
|
|
|
Total
|
|
Investments within the fair value hierarchy
|
|
|
|
|
|
|||
U.S. Equity (a)
|
$3,466
|
|
|
$—
|
|
|
$3,466
|
|
International Equity (b)
|
3,187
|
|
371
|
|
3,558
|
|||
U.S. Government Issued Debt (c)
|
—
|
|
|
1,337
|
|
1,337
|
||
Corporate Bonds Debt (d)
|
—
|
|
|
2,140
|
|
2,140
|
||
Structured Assets Debt (e)
|
—
|
|
|
1
|
|
1
|
||
Other Fixed Income Debt (f)
|
—
|
|
|
200
|
|
200
|
||
Cash and Cash Equivalents (g)
|
147
|
|
389
|
|
536
|
|||
Futures (h)
|
296
|
|
68
|
|
364
|
|||
Total investments within the fair value hierarchy
|
$7,096
|
|
$4,506
|
|
$11,602
|
|||
Investments measured at NAV per share (n)
|
|
|
|
|
|
|
|
|
Private Equity (i)
|
|
|
|
|
247
|
|||
Real Estate (j)
|
|
|
|
|
1,139
|
|||
Hedge Funds (k)
|
|
|
|
|
229
|
|||
Total investments valued using NAV per share
|
|
|
|
|
$1,615
|
|||
Funds for retiree health benefits (l)
|
(165)
|
|
(105)
|
|
(270)
|
|||
Funds for retiree health benefits measured at NAV per share (l)(n)
|
|
|
|
|
(37)
|
|||
Total funds for retiree health benefits
|
|
|
|
|
$(307)
|
|||
Investments (excluding funds for retiree health benefits)
|
$6,931
|
|
$4,401
|
|
$12,910
|
|||
Pending activities (m)
|
|
|
|
|
(438)
|
|||
Total fair value of plan net assets
|
|
|
|
|
$12,472
|
(a)
|
U.S. Equity includes both actively- and passively-managed assets with investments in domestic equity index funds and actively-managed small-capitalization equities.
|
(b)
|
International Equity includes international equity index funds and actively-managed international equities.
|
(c)
|
U.S. Government Issued Debt includes agency and treasury securities.
|
(d)
|
Corporate Bonds Debt consists of debt issued by various corporations.
|
(e)
|
Structured Assets Debt includes commercial-mortgage-backed securities and collateralized mortgage obligations.
|
(f)
|
Other Fixed Income Debt includes municipal bonds, sovereign debt and regional governments.
|
(g)
|
Cash and Cash Equivalents include short term investments, money markets, foreign currency and cash collateral.
|
(h)
|
Futures consist of exchange-traded financial contracts encompassing U.S. Equity, International Equity and U.S. Government indices.
|
(i)
|
Private Equity consists of global equity funds that are not exchange-traded.
|
(j)
|
Real Estate investments include real estate funds based on appraised values that are broadly diversified by geography and property type.
|
(k)
|
Hedge Funds are within a commingled structure which invests in various hedge fund managers who can invest in all financial instruments.
|
(l)
|
The Companies set aside funds for retiree health benefits through a separate account within the pension trust, as permitted under Section 401(h) of the Internal Revenue Code of 1986, as amended. In accordance with the Code, the plan’s investments in the 401(h) account may not be used for, or diverted to, any purpose other than providing health benefits for retirees. The net assets held in the 401(h) account are calculated based on a pro-rata percentage allocation of the net assets in the pension plan. The related obligations for health benefits are not included in the pension plan’s obligations and are included in the Companies’ other postretirement benefit obligation. See Note F.
|
(m)
|
Pending activities include security purchases and sales that have not settled, interest and dividends that have not been received and reflects adjustments for available estimates at year end.
|
(n)
|
In accordance with ASU 2015-07, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
|
(Millions of Dollars)
|
Level 1
|
|
|
Level 2
|
|
|
Total
|
|
Investments within the fair value hierarchy
|
|
|
|
|
|
|||
U.S. Equity (a)
|
$3,106
|
|
|
$—
|
|
|
$3,106
|
|
International Equity (b)
|
2,874
|
|
346
|
|
3,220
|
|||
U.S. Government Issued Debt (c)
|
—
|
|
|
2,222
|
|
2,222
|
||
Corporate Bonds Debt (d)
|
—
|
|
|
1,356
|
|
1,356
|
||
Structured Assets Debt (e)
|
—
|
|
|
1
|
|
1
|
||
Other Fixed Income Debt (f)
|
—
|
|
|
170
|
|
170
|
||
Cash and Cash Equivalents (g)
|
115
|
|
414
|
|
529
|
|||
Futures (h)
|
161
|
|
132
|
|
293
|
|||
Total investments within the fair value hierarchy
|
$6,256
|
|
$4,641
|
|
$10,897
|
|||
Investments measured at NAV per share (n)
|
|
|
|
|
|
|||
Private Equity (i)
|
|
|
|
|
170
|
|||
Real Estate (j)
|
|
|
|
|
1,248
|
|||
Hedge Funds (k)
|
|
|
|
|
|
233
|
||
Total investments valued using NAV per share
|
|
|
|
|
$1,651
|
|||
Funds for retiree health benefits (l)
|
(162)
|
|
(120)
|
|
(282)
|
|||
Funds for retiree health benefits measured at NAV per share (l)(n)
|
|
|
|
|
(43)
|
|||
Total funds for retiree health benefits
|
|
|
|
|
$(325)
|
|||
Investments (excluding funds for retiree health benefits)
|
$6,094
|
|
$4,521
|
|
$12,223
|
|||
Pending activities (m)
|
|
|
|
|
(464)
|
|||
Total fair value of plan net assets
|
|
|
|
|
$11,759
|
|
For the Years Ended December 31,
|
||||
(Millions of Dollars)
|
2016
|
|
2015
|
|
2014
|
Con Edison
|
$36
|
|
$34
|
|
$32
|
CECONY
|
32
|
|
29
|
|
27
|
|
Con Edison
|
CECONY
|
||||
(Millions of Dollars)
|
2016
|
2015
|
2014
|
2016
|
2015
|
2014
|
Service cost
|
$18
|
$20
|
$19
|
$13
|
$15
|
$15
|
Interest cost on accumulated other postretirement benefit obligation
|
48
|
51
|
60
|
40
|
43
|
52
|
Expected return on plan assets
|
(77)
|
(78)
|
(77)
|
(67)
|
(68)
|
(68)
|
Recognition of net actuarial loss
|
5
|
31
|
57
|
3
|
28
|
51
|
Recognition of prior service cost
|
(20)
|
(20)
|
(19)
|
(14)
|
(14)
|
(15)
|
TOTAL PERIODIC POSTRETIREMENT BENEFIT COST
|
$(26)
|
$4
|
$40
|
$(25)
|
$4
|
$35
|
Cost capitalized
|
11
|
(2)
|
(15)
|
10
|
(2)
|
(14)
|
Reconciliation to rate level
|
22
|
14
|
10
|
22
|
6
|
2
|
Cost charged to operating expenses
|
$7
|
$16
|
$35
|
$7
|
$8
|
$23
|
|
Con Edison
|
CECONY
|
|||||||||
(Millions of Dollars)
|
2016
|
|
2015
|
|
2014
|
2016
|
|
2015
|
|
2014
|
|
CHANGE IN BENEFIT OBLIGATION
|
|
|
|
|
|
|
|||||
Benefit obligation at beginning of year
|
$1,287
|
$1,411
|
$1,395
|
$1,093
|
$1,203
|
$1,198
|
|||||
Service cost
|
18
|
20
|
19
|
13
|
15
|
15
|
|||||
Interest cost on accumulated postretirement benefit obligation
|
48
|
51
|
60
|
40
|
43
|
52
|
|||||
Amendments
|
—
|
|
—
|
|
(12)
|
—
|
|
—
|
|
—
|
|
Net actuarial loss/(gain)
|
(57)
|
(103)
|
47
|
(52)
|
(85)
|
28
|
|||||
Benefits paid and administrative expenses
|
(134)
|
(127)
|
(134)
|
(122)
|
(117)
|
(125)
|
|||||
Participant contributions
|
36
|
35
|
36
|
35
|
34
|
35
|
|||||
BENEFIT OBLIGATION AT END OF YEAR
|
$1,198
|
$1,287
|
$1,411
|
$1,007
|
$1,093
|
$1,203
|
|||||
CHANGE IN PLAN ASSETS
|
|
|
|
|
|
|
|||||
Fair value of plan assets at beginning of year
|
$994
|
$1,084
|
$1,113
|
$870
|
$950
|
$977
|
|||||
Actual return on plan assets
|
60
|
(6)
|
59
|
52
|
(4)
|
54
|
|||||
Employer contributions
|
7
|
6
|
7
|
7
|
6
|
7
|
|||||
EGWP payments
|
35
|
28
|
12
|
33
|
26
|
11
|
|||||
Participant contributions
|
36
|
35
|
36
|
35
|
34
|
35
|
|||||
Benefits paid
|
(157)
|
(153)
|
(143)
|
(146)
|
(142)
|
(134)
|
|||||
FAIR VALUE OF PLAN ASSETS AT END OF YEAR
|
$975
|
$994
|
$1,084
|
$851
|
$870
|
$950
|
|||||
FUNDED STATUS
|
$(223)
|
$(293)
|
$(327)
|
$(156)
|
$(223)
|
$(253)
|
|||||
Unrecognized net loss/(gain)
|
$(24)
|
$28
|
$78
|
$(42)
|
$4
|
$45
|
|||||
Unrecognized prior service costs
|
(31)
|
(51)
|
(71)
|
(18)
|
(32)
|
(46)
|
|
2016
|
|
2015
|
|
2014
|
|
Weighted-average assumptions used to determine benefit obligations at December 31:
|
|
|
|
|||
Discount Rate
|
|
|
|
|||
CECONY
|
4.00
|
%
|
4.05
|
%
|
3.75
|
%
|
O&R
|
4.20
|
%
|
4.20
|
%
|
3.85
|
%
|
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31:
|
|
|
|
|||
Discount Rate
|
|
|
|
|||
CECONY
|
4.05
|
%
|
3.75
|
%
|
4.50
|
%
|
O&R
|
4.20
|
%
|
3.85
|
%
|
4.75
|
%
|
Expected Return on Plan Assets
|
7.00
|
%
|
7.75
|
%
|
7.75
|
%
|
|
Con Edison
|
CECONY
|
|||
|
1-Percentage-Point
|
||||
(Millions of Dollars)
|
Increase
|
Decrease
|
|
Increase
|
Decrease
|
Effect on accumulated other postretirement benefit obligation
|
$(4)
|
$26
|
$(24)
|
$41
|
|
Effect on service cost and interest cost components for 2016
|
1
|
—
|
|
(1)
|
1
|
(Millions of Dollars)
|
2017
|
2018
|
2019
|
2020
|
2021
|
2022-2026
|
Con Edison
|
$86
|
$85
|
$83
|
$80
|
$78
|
$375
|
CECONY
|
77
|
75
|
73
|
70
|
68
|
322
|
|
Target Allocation Range
|
|
Plan Assets at December 31,
|
|||||||
Asset Category
|
2017
|
|
2016
|
|
|
2015
|
|
|
2014
|
|
Equity Securities
|
57%-73%
|
|
60
|
%
|
|
59
|
%
|
|
59
|
%
|
Debt Securities
|
26%-44%
|
|
40
|
%
|
|
41
|
%
|
|
41
|
%
|
Total
|
100%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
(Millions of Dollars)
|
Level 1
|
|
|
Level 2
|
|
Total
|
|
Equity (a)
|
|
$—
|
|
|
$391
|
|
$391
|
Other Fixed Income Debt (b)
|
—
|
|
|
250
|
|
250
|
|
Cash and Cash Equivalents (c)
|
—
|
|
|
13
|
|
13
|
|
Total investments
|
|
$—
|
|
|
$654
|
|
$654
|
Funds for retiree health benefits (d)
|
165
|
|
105
|
|
270
|
||
Investments (including funds for retiree health benefits)
|
$165
|
|
$759
|
|
$924
|
||
Funds for retiree health benefits measured at net asset value (d)(e)
|
|
|
|
|
37
|
||
Pending activities (f)
|
|
|
|
|
14
|
||
Total fair value of plan net assets
|
|
|
|
|
$975
|
(a)
|
Equity includes a passively managed commingled index fund benchmarked to the MSCI All Country World Index.
|
(b)
|
Other Fixed Income Debt includes a passively managed commingled index fund benchmarked to the Barclays Capital Aggregate Index.
|
(c)
|
Cash and Cash Equivalents include short term investments and money markets.
|
(d)
|
The Companies set aside funds for retiree health benefits through a separate account within the pension trust, as permitted under Section 401(h) of the Internal Revenue Code of 1986, as amended. In accordance with the Code, the plan’s investments in the 401(h) account may not be used for, or diverted to, any purpose other than providing health benefits for retirees. The net assets held in the 401(h) account are calculated based on a pro-rata percentage allocation of the net assets in the pension plan. The related obligations for health benefits are not included in the pension plan’s obligations and are included in the Companies’ other postretirement benefit obligation. See Note E.
|
(e)
|
In accordance with ASU 2015-07, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. See Note E.
|
(f)
|
Pending activities include security purchases and sales that have not settled, interest and dividends that have not been received, and reflects adjustments for available estimates at year end.
|
(Millions of Dollars)
|
Level 1
|
|
|
Level 2
|
|
Total
|
|
Equity (a)
|
|
$—
|
|
|
$393
|
|
$393
|
Other Fixed Income Debt (b)
|
—
|
|
|
260
|
|
260
|
|
Cash and Cash Equivalents (c)
|
—
|
|
|
7
|
|
7
|
|
Total investments
|
|
$—
|
|
|
$660
|
|
$660
|
Funds for retiree health benefits (d)
|
162
|
|
120
|
|
282
|
||
Investments (including funds for retiree health benefits)
|
$162
|
|
$780
|
|
$942
|
||
Funds for retiree health benefits measured at net asset value (d)(e)
|
|
|
|
|
43
|
||
Pending activities (f)
|
|
|
|
|
9
|
||
Total fair value of plan net assets
|
|
|
|
|
$994
|
|
Con Edison
|
|
CECONY
|
||||
(Millions of Dollars)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Accrued Liabilities:
|
|
|
|
|
|
|
|
Manufactured gas plant sites
|
$664
|
|
$679
|
|
$567
|
|
$579
|
Other Superfund Sites
|
89
|
|
86
|
|
88
|
|
86
|
Total
|
$753
|
|
$765
|
|
$655
|
|
$665
|
Regulatory assets
|
$823
|
|
$904
|
|
$711
|
|
$800
|
|
Con Edison
|
|
CECONY
|
||||||
(Millions of Dollars)
|
2016
|
|
2015
|
|
|
2016
|
|
2015
|
|
Remediation costs incurred
|
$34
|
|
$37
|
|
$21
|
|
$34
|
||
Insurance recoveries received (a)
|
1
|
|
—
|
|
|
1
|
|
—
|
|
|
Con Edison
|
|
CECONY
|
||||
(Millions of Dollars)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Accrued liability – asbestos suits
|
$8
|
|
$8
|
|
$7
|
|
$7
|
Regulatory assets – asbestos suits
|
$8
|
|
$8
|
|
$7
|
|
$7
|
Accrued liability – workers’ compensation
|
$88
|
|
$86
|
|
$83
|
|
$81
|
Regulatory assets – workers’ compensation
|
$13
|
|
$11
|
|
$13
|
|
$11
|
(Millions of Dollars)
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
All Years
Thereafter
|
Con Edison
|
$178
|
|
$125
|
|
$120
|
|
$76
|
|
$54
|
|
$710
|
CECONY
|
178
|
|
125
|
|
119
|
|
75
|
|
54
|
|
710
|
|
For the Years Ended December 31,
|
|||||||
(Millions of Dollars)
|
2016
|
|
|
2015
|
|
|
2014
|
|
Linden Cogeneration
|
$304
|
|
$323
|
|
$381
|
|||
Indian Point
|
203
|
|
226
|
|
247
|
|||
Astoria Energy (a)
|
50
|
|
178
|
|
230
|
|||
Astoria Generating Company
|
16
|
|
—
|
|
|
—
|
|
|
Brooklyn Navy Yard
|
119
|
|
113
|
|
133
|
|||
Indeck Corinth (b)
|
—
|
|
|
25
|
|
80
|
||
Selkirk (c)
|
—
|
|
|
—
|
|
|
144
|
|
Independence (c)
|
—
|
|
|
—
|
|
|
97
|
|
Total
|
$692
|
|
$865
|
|
$1,312
|
|
Con Edison
|
|
CECONY
|
||||
(Millions of Dollars)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
UTILITY PLANT
|
|
|
|
|
|
|
|
Common
|
$3
|
|
$3
|
|
$2
|
|
$2
|
(Millions of Dollars)
|
Con Edison
|
|
CECONY
|
2017
|
$1
|
|
$1
|
2018
|
1
|
|
1
|
2019
|
—
|
|
—
|
2020
|
—
|
|
—
|
2021
|
—
|
|
—
|
All years thereafter
|
—
|
|
—
|
Total
|
2
|
|
2
|
Less: amount representing interest
|
—
|
|
—
|
Present value of net minimum lease payment
|
$2
|
|
$2
|
|
Con Edison
|
|
CECONY
|
||||||||
(Millions of Dollars)
|
2016
|
|
2015
|
|
2014
|
|
2016
|
|
2015
|
|
2014
|
State
|
|
|
|
|
|
|
|
|
|
|
|
Current
|
$(42)
|
|
$38
|
|
$59
|
|
$(1)
|
|
$48
|
|
$66
|
Deferred
|
188
|
|
93
|
|
61
|
|
114
|
|
82
|
|
65
|
Federal
|
|
|
|
|
|
|
|
|
|
|
|
Current
|
(43)
|
|
(86)
|
|
(9)
|
|
59
|
|
77
|
|
158
|
Deferred
|
604
|
|
569
|
|
463
|
|
435
|
|
372
|
|
271
|
Amortization of investment tax credits
|
(9)
|
|
(9)
|
|
(6)
|
|
(4)
|
|
(5)
|
|
(5)
|
Total income tax expense
|
$698
|
|
$605
|
|
$568
|
|
$603
|
|
$574
|
|
$555
|
|
Con Edison
|
CECONY
|
||||
(Millions of Dollars)
|
2016
|
2015
|
2016
|
|
2015
|
|
Deferred tax liabilities:
|
|
|
|
|
||
Property basis differences
|
$9,446
|
$8,614
|
$8,620
|
$7,922
|
||
Regulatory assets:
|
|
|
|
|
||
Unrecognized pension and other postretirement costs
|
1,162
|
1,562
|
1,104
|
1,490
|
||
Future income tax
|
986
|
947
|
940
|
899
|
||
Environmental remediation costs
|
333
|
365
|
287
|
322
|
||
Deferred storm costs
|
23
|
75
|
1
|
45
|
||
Other regulatory assets
|
371
|
367
|
321
|
308
|
||
Equity investments
|
363
|
295
|
—
|
|
—
|
|
Total deferred tax liabilities
|
$12,684
|
$12,225
|
$11,273
|
$10,986
|
||
Deferred tax assets:
|
|
|
|
|
||
Accrued pension and other postretirement costs
|
$581
|
$982
|
$467
|
$857
|
||
Regulatory liabilities
|
822
|
836
|
728
|
752
|
||
Superfund and other environmental costs
|
304
|
308
|
265
|
268
|
||
Asset retirement obligations
|
99
|
97
|
92
|
94
|
||
Loss carryforwards
|
59
|
29
|
—
|
|
—
|
|
Tax credits carryforward
|
498
|
258
|
—
|
|
1
|
|
Valuation allowance
|
(16)
|
(15)
|
—
|
|
—
|
|
Other
|
303
|
362
|
312
|
292
|
||
Total deferred tax assets
|
2,650
|
2,857
|
1,864
|
2,264
|
||
Net deferred tax liabilities
|
$10,034
|
$9,368
|
$9,409
|
$8,722
|
||
Unamortized investment tax credits
|
171
|
169
|
41
|
33
|
||
Net deferred tax liabilities and unamortized investment tax credits
|
$10,205
|
$9,537
|
$9,450
|
$8,755
|
|
Con Edison
|
|
CECONY
|
||||||||||||||
(% of Pre-tax income)
|
2016
|
|
|
2015
|
|
|
2014
|
|
|
2016
|
|
|
2015
|
|
|
2014
|
|
STATUTORY TAX RATE
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Federal
|
35
|
%
|
|
35
|
%
|
|
35
|
%
|
|
35
|
%
|
|
35
|
%
|
|
35
|
%
|
Changes in computed taxes resulting from:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
State income tax
|
4
|
|
|
5
|
|
|
5
|
|
|
4
|
|
|
5
|
|
|
5
|
|
Cost of removal
|
(1
|
)
|
|
(5
|
)
|
|
(5
|
)
|
|
(1
|
)
|
|
(5
|
)
|
|
(5
|
)
|
Renewable energy credits
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Research and development credits
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
Other
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
Effective tax rate
|
36
|
%
|
|
34
|
%
|
|
34
|
%
|
|
36
|
%
|
|
35
|
%
|
|
34
|
%
|
|
Con Edison
|
|
CECONY
|
||||||||
(Millions of Dollars)
|
2016
|
|
2015
|
|
2014
|
|
2016
|
|
2015
|
|
2014
|
Performance-based restricted stock
|
$42
|
|
$27
|
|
$22
|
|
$36
|
|
$23
|
|
$19
|
Time-based restricted stock
|
2
|
|
1
|
|
2
|
|
2
|
|
1
|
|
2
|
Non-employee director deferred stock compensation
|
2
|
|
2
|
|
2
|
|
2
|
|
2
|
|
2
|
Stock purchase plan
|
4
|
|
4
|
|
3
|
|
4
|
|
3
|
|
3
|
Total
|
$50
|
|
$34
|
|
$29
|
|
$44
|
|
$29
|
|
$26
|
Income tax benefit
|
$20
|
|
$14
|
|
$12
|
|
$18
|
|
$12
|
|
$10
|
|
Con Edison
|
|
CECONY
|
||||||
|
Shares
|
|
|
Weighted
Average
Exercise
Price
|
|
Shares
|
|
|
Weighted
Average
Exercise
Price
|
Outstanding at December 31, 2015
|
79,125
|
|
$43.50
|
|
65,775
|
|
$43.50
|
||
Exercised
|
79,125
|
|
43.50
|
|
65,775
|
|
43.50
|
||
Forfeited
|
—
|
|
|
—
|
|
—
|
|
|
—
|
Outstanding at December 31, 2016
|
—
|
|
|
$—
|
|
—
|
|
|
$—
|
|
Con Edison
|
|
CECONY
|
||||||||
(Millions of Dollars)
|
2016
|
|
|
2015
|
|
2016
|
|
|
2015
|
||
Aggregate intrinsic value (a)
|
|
|
|
|
|
|
|
||||
Options outstanding
|
|
$—
|
|
|
$2
|
|
|
$—
|
|
|
$1
|
Options exercised
|
2
|
|
3
|
|
2
|
|
3
|
||||
Cash received by Con Edison for payment of exercise price
|
3
|
|
6
|
|
3
|
|
5
|
(a)
|
The risk-free rate is based on the U.S. Treasury zero-coupon yield curve.
|
(b)
|
The expected term of the Performance RSUs equals the vesting period. The Companies do not expect significant forfeitures to occur.
|
(c)
|
Based on historical experience.
|
|
Con Edison
|
CECONY
|
||||
|
|
Weighted Average Grant Date Fair Value (a)
|
|
Weighted Average Grant Date Fair Value (a)
|
||
|
Units
|
TSR
Portion (b)
|
Non-TSR
Portion (c)
|
Units
|
TSR
Portion (b)
|
Non-TSR
Portion (c)
|
Non-vested at December 31, 2015
|
1,078,339
|
$45.26
|
$58.08
|
853,257
|
$45.37
|
$58.12
|
Granted
|
386,400
|
83.16
|
72.10
|
295,300
|
82.73
|
72.34
|
Vested
|
(351,230)
|
55.16
|
57.96
|
(285,162)
|
55.21
|
58.07
|
Forfeited
|
(26,372)
|
48.48
|
61.03
|
(15,053)
|
53.61
|
63.05
|
Non-vested at December 31, 2016
|
1,087,137
|
$55.45
|
$63.03
|
848,342
|
$54.92
|
$63.00
|
(a)
|
The TSR and non-TSR Portions each account for
50 percent
of the awards’ value.
|
(b)
|
Fair value is determined using the Monte Carlo simulation described above. Weighted average grant date fair value does not reflect any accrual or payment of dividends prior to vesting.
|
(c)
|
Fair value is determined using the market price of one share of Con Edison common stock on the grant date. The market price has not been discounted to reflect that dividends do not accrue and are not payable on Performance RSUs until vesting.
|
|
Con Edison
|
|
CECONY
|
||||
|
Units
|
|
Weighted Average Grant Date
Fair Value
|
|
Units
|
|
Weighted Average Grant Date
Fair Value
|
Non-vested at December 31, 2015
|
64,980
|
|
$58.56
|
|
61,630
|
|
$58.55
|
Granted
|
23,000
|
|
76.62
|
|
21,800
|
|
76.62
|
Vested
|
(20,900)
|
|
61.03
|
|
(19,800)
|
|
61.03
|
Forfeited
|
(1,100)
|
|
60.13
|
|
(1,050)
|
|
60.43
|
Non-vested at December 31, 2016
|
65,980
|
|
$64.04
|
|
62,580
|
|
$64.03
|
As of and for the Year Ended December 31, 2016
(Millions of Dollars)
|
Operating
revenues
|
Inter-
segment revenues
|
Depreciation
and
amortization
|
Operating
income
|
Other Income (deductions)
|
Interest
charges
|
Income
taxes on
operating
income (a)
|
Total
assets
|
Capital
expenditures
|
|||||||||||
CECONY
|
|
|
|
|
|
|
|
|
|
|||||||||||
Electric
|
$8,106
|
$17
|
$865
|
$1,847
|
$2
|
$459
|
$495
|
$30,708
|
$1,819
|
|||||||||||
Gas
|
1,508
|
6
|
159
|
357
|
(1)
|
105
|
92
|
7,553
|
811
|
|||||||||||
Steam
|
551
|
88
|
82
|
58
|
(1)
|
39
|
30
|
2,595
|
126
|
|||||||||||
Consolidation adjustments
|
—
|
|
(111)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||
Total CECONY
|
$10,165
|
|
$—
|
|
$1,106
|
$2,262
|
|
$—
|
|
$603
|
$617
|
$40,856
|
$2,756
|
|||||||
O&R
|
|
|
|
|
|
|
|
|
|
|||||||||||
Electric
|
$637
|
|
$—
|
|
$49
|
$95
|
$1
|
$24
|
$30
|
$1,949
|
$114
|
|||||||||
Gas
|
184
|
—
|
|
18
|
35
|
—
|
|
12
|
10
|
809
|
52
|
|||||||||
Other
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
||
Total O&R
|
$821
|
|
$—
|
|
$67
|
$130
|
$1
|
$36
|
$40
|
$2,758
|
$166
|
|||||||||
Clean Energy Businesses
|
$1,091
|
$7
|
$42
|
$183
|
$21
|
$34
|
$53
|
$2,551
|
$1,235
|
|||||||||||
Con Edison Transmission
|
—
|
|
—
|
|
—
|
|
(3)
|
43
|
6
|
—
|
|
1,150
|
1,078
|
|||||||
Other (b)
|
(2)
|
(7)
|
1
|
3
|
(1)
|
17
|
4
|
940
|
—
|
|
||||||||||
Total Con Edison
|
$12,075
|
|
$—
|
|
$1,216
|
$2,575
|
$64
|
$696
|
$714
|
$48,255
|
$5,235
|
As of and for the Year Ended December 31, 2015
(Millions of Dollars)
|
Operating
revenues
|
Inter-
segment
revenues
|
Depreciation
and
amortization
|
Operating
income
|
Other Income (deductions)
|
Interest
charges
|
Income
taxes on
operating
income (a)
|
Total
assets (c)
|
Capital
expenditures
|
||||||||||
CECONY
|
|
|
|
|
|
|
|
|
|
||||||||||
Electric
|
$8,172
|
$18
|
$820
|
$1,798
|
$(2)
|
$447
|
$447
|
$30,603
|
$1,658
|
||||||||||
Gas
|
1,527
|
6
|
142
|
356
|
(2)
|
96
|
100
|
6,974
|
671
|
||||||||||
Steam
|
629
|
86
|
78
|
93
|
(1)
|
41
|
41
|
2,653
|
106
|
||||||||||
Consolidation adjustments
|
—
|
|
(110)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
||
Total CECONY
|
$10,328
|
|
$—
|
|
$1,040
|
$2,247
|
$(5)
|
$584
|
$588
|
$40,230
|
$2,435
|
||||||||
O&R
|
|
|
|
|
|
|
|
|
|
||||||||||
Electric
|
$663
|
|
$—
|
|
$50
|
$103
|
$(2)
|
$23
|
$31
|
$2,140
|
$114
|
||||||||
Gas
|
182
|
—
|
|
18
|
18
|
(2)
|
12
|
2
|
579
|
46
|
|||||||||
Other
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
Total O&R
|
$845
|
|
$—
|
|
$68
|
$121
|
$(4)
|
$35
|
$33
|
$2,719
|
$160
|
||||||||
Clean Energy Businesses
|
$1,383
|
$(2)
|
$22
|
$58
|
$35
|
$11
|
$22
|
$1,680
|
$823
|
||||||||||
Con Edison Transmission
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
3
|
—
|
|
||
Other (b)
|
(2)
|
2
|
—
|
|
1
|
(2)
|
23
|
1
|
1,010
|
—
|
|
||||||||
Total Con Edison
|
$12,554
|
|
$—
|
|
$1,130
|
$2,427
|
$24
|
$653
|
$644
|
$45,642
|
$3,418
|
As of and for the Year Ended December 31, 2014
(Millions of Dollars)
|
Operating
revenues
|
Inter-
segment
revenues
|
Depreciation
and
amortization
|
Operating
income
|
Other Income (deductions)
|
Interest
charges
|
Income
taxes on
operating
income (a)
|
Total
assets (c)
|
Capital
expenditures
|
||||||||||
CECONY
|
|
|
|
|
|
|
|
|
|
||||||||||
Electric
|
$8,437
|
$16
|
$781
|
$1,712
|
$8
|
$412
|
$425
|
$30,295
|
$1,500
|
||||||||||
Gas
|
1,721
|
6
|
132
|
314
|
2
|
89
|
88
|
6,478
|
549
|
||||||||||
Steam
|
628
|
84
|
78
|
113
|
1
|
36
|
49
|
2,670
|
83
|
||||||||||
Consolidation adjustments
|
—
|
|
(106)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
||
Total CECONY
|
$10,786
|
|
$—
|
|
$991
|
$2,139
|
$11
|
$537
|
$562
|
$39,443
|
$2,132
|
||||||||
O&R
|
|
|
|
|
|
|
|
|
|
||||||||||
Electric
|
$680
|
|
$—
|
|
$46
|
$103
|
$3
|
$24
|
$29
|
$2,023
|
$105
|
||||||||
Gas
|
212
|
—
|
|
15
|
25
|
—
|
|
10
|
6
|
786
|
37
|
||||||||
Other
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1
|
—
|
|
1
|
—
|
|
|||
Total O&R
|
$892
|
|
$—
|
|
$61
|
$128
|
$3
|
$35
|
$35
|
$2,810
|
$142
|
||||||||
Clean Energy Businesses
|
$1,244
|
$(10)
|
$19
|
$(60)
|
$28
|
$(8)
|
$(8)
|
$1,013
|
$447
|
||||||||||
Con Edison Transmission
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1
|
—
|
|
||
Other (b)
|
(3)
|
10
|
—
|
|
2
|
—
|
|
27
|
—
|
|
804
|
—
|
|
||||||
Total Con Edison
|
$12,919
|
|
$—
|
|
$1,071
|
$2,209
|
$42
|
$591
|
$589
|
$44,071
|
$2,721
|
(a)
|
For Con Edison, the income tax expense on non-operating income was
$16 million
,
$40 million
and
$21 million
in
2016
,
2015
and
2014
, respectively. For CECONY, the income tax expense on non-operating income was
$14 million
,
$14 million
and
$7 million
in
2016
,
2015
and
2014
, respectively.
|
(b)
|
Parent company and consolidation adjustments. Other does not represent a business segment.
|
(c)
|
Reflects
$237 million
in 2014, related to the adoption of ASU No. 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” and ASU No. 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes.” See Notes C and L.
|
(Millions of Dollars)
|
2016
|
|
2015
|
|
||||||||
Balance Sheet Location
|
Gross
Amounts of
Recognized
Assets/
(Liabilities)
|
Gross
Amounts
Offset
|
Net Amounts of Assets/(Liabilities) (a)
|
|
Gross
Amounts of
Recognized
Assets/
(Liabilities)
|
Gross
Amounts
Offset
|
Net Amounts of Assets/(Liabilities) (a)
|
|
||||
Con Edison
|
|
|
|
|
|
|
|
|
||||
Fair value of derivative assets
|
|
|
|
|
|
|
|
|
||||
Current
|
$81
|
$(64)
|
$17
|
(b)
|
$59
|
$(41)
|
$18
|
(b)
|
||||
Current - assets held for sale (c)
|
—
|
|
—
|
|
—
|
|
|
51
|
(50)
|
1
|
|
|
Noncurrent
|
49
|
(43)
|
6
|
|
57
|
(54)
|
3
|
|
||||
Noncurrent - assets held for sale (c)
|
—
|
|
—
|
|
—
|
|
|
15
|
(15)
|
—
|
|
|
Total fair value of derivative assets
|
$130
|
$(107)
|
$23
|
|
$182
|
$(160)
|
$22
|
|
||||
Fair value of derivative liabilities
|
|
|
|
|
|
|
|
|
||||
Current
|
$(138)
|
$61
|
$(77)
|
|
$(144)
|
$78
|
$(66)
|
|
||||
Current - liabilities held for sale (c)
|
—
|
|
—
|
|
—
|
|
|
(115)
|
50
|
(65)
|
|
|
Noncurrent
|
(91)
|
52
|
(39)
|
(d)
|
(102)
|
63
|
(39)
|
|
||||
Noncurrent - liabilities held for sale (c)
|
—
|
|
—
|
|
—
|
|
|
(28)
|
15
|
(13)
|
|
|
Total fair value of derivative liabilities
|
$(229)
|
$113
|
$(116)
|
|
$(389)
|
$206
|
$(183)
|
|
||||
Net fair value derivative assets/(liabilities)
|
$(99)
|
$6
|
$(93)
|
(b)(d)
|
$(207)
|
$46
|
$(161)
|
(b)
|
||||
CECONY
|
|
|
|
|
|
|
|
|
||||
Fair value of derivative assets
|
|
|
|
|
|
|
|
|
||||
Current
|
$52
|
$(45)
|
$7
|
(b)
|
$40
|
$(32)
|
$8
|
(b)
|
||||
Noncurrent
|
41
|
(35)
|
6
|
|
48
|
(47)
|
1
|
|
||||
Total fair value of derivative assets
|
$93
|
$(80)
|
$13
|
|
$88
|
$(79)
|
$9
|
|
||||
Fair value of derivative liabilities
|
|
|
|
|
|
|
|
|
||||
Current
|
$(111)
|
$45
|
$(66)
|
|
$(121)
|
$71
|
$(50)
|
|
||||
Noncurrent
|
(77)
|
44
|
(33)
|
|
(92)
|
56
|
(36)
|
|
||||
Total fair value of derivative liabilities
|
$(188)
|
$89
|
$(99)
|
|
$(213)
|
$127
|
$(86)
|
|
||||
Net fair value derivative assets/(liabilities)
|
$(95)
|
$9
|
$(86)
|
(b)
|
$(125)
|
$48
|
$(77)
|
(b)
|
(a)
|
Derivative instruments and collateral were offset on the consolidated balance sheet as applicable under the accounting rules. The Companies enter into master agreements for their commodity derivatives. These agreements typically provide offset in the event of contract termination. In such case, generally the non-defaulting party’s payable will be offset by the defaulting party’s payable. The non-defaulting party will customarily notify the defaulting party within a specific time period and come to an agreement on the early termination amount.
|
(b)
|
At
December 31, 2016
and
2015
, margin deposits for Con Edison (
$7 million
and
$26 million
, respectively) and CECONY (
$7 million
and
$26 million
, respectively) were classified as derivative assets on the consolidated balance sheet, but not included in the table. Margin is collateral, typically cash, that the holder of a derivative instrument is required to deposit in order to transact on an exchange and to cover its potential losses with its broker or the exchange.
|
(c)
|
Amounts represent derivative assets and liabilities included in assets and liabilities held for sale on the consolidated balance sheet.
|
(d)
|
Does not include
($1) million
for interest rate swap (see below).
|
|
|
Con Edison
|
|
CECONY
|
|
||||||||
(Millions of Dollars)
|
Balance Sheet Location
|
2016
|
|
2015
|
|
2016
|
|
|
2015
|
|
|
||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations:
|
|
|
|
|
|
||||||||
Current
|
Deferred derivative gains
|
$23
|
|
$1
|
|
$18
|
|
$2
|
|
||||
Noncurrent
|
Deferred derivative gains
|
1
|
|
1
|
|
2
|
|
|
—
|
|
|
||
Total deferred gains/(losses)
|
$24
|
|
$2
|
|
$20
|
|
$2
|
|
|||||
Current
|
Deferred derivative losses
|
$22
|
|
$(16)
|
|
$18
|
|
$(11)
|
|
||||
Current
|
Recoverable energy costs
|
(212)
|
|
(136)
|
|
(194)
|
|
(127)
|
|
||||
Noncurrent
|
Deferred derivative losses
|
2
|
|
(25)
|
|
4
|
|
(23)
|
|
||||
Total deferred gains/(losses)
|
$(188)
|
|
$(177)
|
|
$(172)
|
|
$(161)
|
|
|||||
Net deferred gains/(losses)
|
$(164)
|
|
$(175)
|
|
$(152)
|
|
$(159)
|
|
|||||
|
Income Statement Location
|
|
|
|
|
|
|
|
|
||||
Pre-tax gain/(loss) recognized in income
|
|
|
|
|
|
|
|
|
|||||
|
Purchased power expense
|
$(101)
|
(a)
|
$(109)
|
(b)
|
|
$—
|
|
|
|
$—
|
|
|
|
Gas purchased for resale
|
(112)
|
|
(106)
|
|
—
|
|
|
—
|
|
|
||
|
Non-utility revenue
|
9
|
(a)
|
30
|
(b)
|
—
|
|
|
—
|
|
|
||
|
Other operations and maintenance expense
|
1
|
(c)
|
(1)
|
(d)
|
1
|
(c)
|
(1)
|
(d)
|
||||
Total pre-tax gain/(loss) recognized in income
|
$(203)
|
|
$(186)
|
|
$1
|
|
$(1)
|
|
(a)
|
For the year ended
December 31, 2016
, Con Edison recorded unrealized pre-tax gains and losses in non-utility operating revenue (
$5 million
loss) and purchased power expense (
$11 million
gain).
|
(b)
|
For the year ended
December 31, 2015
, Con Edison recorded unrealized pre-tax gains and losses in non-utility operating revenue (
$1 million
gain) and purchased power expense (
$1 million
loss).
|
(c)
|
For the year ended
December 31, 2016
, Con Edison and CECONY recorded an unrealized gain in other operations and maintenance expense (
$1 million
).
|
(d)
|
For the year ended
December 31, 2015
, Con Edison and CECONY recorded an unrealized loss in other operations and maintenance expense (
$1 million
).
|
|
Electric Energy (MWh) (a)(b)
|
Capacity (MW) (a)
|
Natural Gas (Dt) (a)(b)
|
Refined Fuels (gallons)
|
Con Edison
|
21,235,830
|
13,616
|
77,248,786
|
3,696,000
|
CECONY
|
19,258,400
|
7,500
|
71,060,000
|
3,696,000
|
(a)
|
Volumes are reported net of long and short positions, except natural gas collars where the volumes of long positions are reported.
|
(b)
|
Excludes electric congestion and gas basis swap contracts which are associated with electric and gas contracts and hedged volumes.
|
(a)
|
Non-derivative transactions for the purchase and sale of electricity and gas and qualifying derivative instruments, which have been designated as normal purchases or normal sales, are excluded from the table. These transactions primarily include purchases of electricity from independent system operators. In the event the Utilities and the Clean Energy Businesses were no longer extended unsecured credit for such purchases, the Companies would be required to post additional collateral of
$43 million
at
December 31, 2016
. For certain other such non-derivative transactions, the Companies could be required to post collateral under certain circumstances, including in the event counterparties had reasonable grounds for insecurity.
|
(b)
|
The Companies measure the collateral requirements by taking into consideration the fair value amounts of derivative instruments that contain credit-risk-related contingent features that are in a net liabilities position plus amounts owed to counterparties for settled transactions and amounts required by counterparties for minimum financial security. The fair value amounts represent unrealized losses, net of any unrealized gains where the Companies have a legally enforceable right to offset.
|
(c)
|
Derivative instruments that are net assets have been excluded from the table. At
December 31, 2016
, if Con Edison had been downgraded to below investment grade, it would have been required to post additional collateral for such derivative instruments of
$15 million
.
|
•
|
Level 1 – Consists of assets or liabilities whose value is based on unadjusted quoted prices in active markets at the measurement date. An active market is one in which transactions for assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. This category includes contracts traded on active exchange markets valued using unadjusted prices quoted directly from the exchange.
|
•
|
Level 2 – Consists of assets or liabilities valued using industry standard models and based on prices, other than quoted prices within Level 1, that are either directly or indirectly observable as of the measurement date. The industry standard models consider observable assumptions including time value, volatility factors and current market and contractual prices for the underlying commodities, in addition to other economic measures. This category includes contracts traded on active exchanges or in over-the-counter markets priced with industry standard models.
|
•
|
Level 3 – Consists of assets or liabilities whose fair value is estimated based on internally developed models or methodologies using inputs that are generally less readily observable and supported by little, if any, market activity at the measurement date. Unobservable inputs are developed based on the best available information and subject to cost benefit constraints. This category includes contracts priced using models that are internally developed and contracts placed in illiquid markets. It also includes contracts that expire after the period of time for which quoted prices are available and internal models are used to determine a significant portion of the value.
|
|
2016
|
2015
|
||||||||||||||||||||
(Millions of Dollars)
|
Level 1
|
Level 2
|
Level 3
|
Netting
Adjustment (e)
|
Total
|
Level 1
|
Level 2
|
Level 3
|
Netting
Adjustment (e)
|
Total
|
||||||||||||
Con Edison
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Derivative assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commodity (a)(b)(c)
|
$14
|
$33
|
$7
|
$(24)
|
$30
|
$2
|
$25
|
$13
|
$7
|
$47
|
||||||||||||
Commodity held for sale (f)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
63
|
1
|
(63)
|
1
|
||||||
Other (a)(b)(d)
|
222
|
111
|
—
|
|
—
|
|
333
|
185
|
112
|
—
|
|
—
|
|
297
|
||||||||
Total assets
|
$236
|
$144
|
$7
|
$(24)
|
$363
|
$187
|
$200
|
$14
|
$(56)
|
$345
|
||||||||||||
Derivative liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commodity (a)(b)(c)
|
$4
|
$144
|
$6
|
$(38)
|
$116
|
$16
|
$153
|
$1
|
$(65)
|
$105
|
||||||||||||
Interest Rate Swap (a)(b)(c)(g)
|
—
|
|
1
|
—
|
|
—
|
|
1
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
||||
Commodity held for sale (f)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1
|
133
|
7
|
(63)
|
78
|
|||||||
Total liabilities
|
$4
|
$145
|
$6
|
$(38)
|
$117
|
$17
|
$286
|
$8
|
$(128)
|
$183
|
||||||||||||
CECONY
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Derivative assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commodity (a)(b)(c)
|
$10
|
$19
|
$1
|
$(10)
|
$20
|
$1
|
$9
|
$8
|
$17
|
$35
|
||||||||||||
Other (a)(b)(d)
|
200
|
106
|
—
|
|
—
|
|
306
|
171
|
105
|
—
|
|
—
|
|
276
|
||||||||
Total assets
|
$210
|
$125
|
$1
|
$(10)
|
$326
|
$172
|
$114
|
$8
|
$17
|
$311
|
||||||||||||
Derivative liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commodity (a)(b)(c)
|
$1
|
$124
|
|
$—
|
|
$(26)
|
$99
|
$14
|
$129
|
|
$—
|
|
$(57)
|
$86
|
(a)
|
The Companies’ policy is to review the fair value hierarchy and recognize transfers into and transfers out of the levels at the end of each reporting period. There were
no
transfers between levels
1
,
2
and
3
for the years ended
December 31, 2016
and
2015
.
|
(b)
|
Level 2 assets and liabilities include investments held in the deferred compensation plan and/or non-qualified retirement plans, interest rate swap, exchange-traded contracts where there is insufficient market liquidity to warrant inclusion in Level 1, certain over-the-counter derivative instruments for electricity, refined products and natural gas. Derivative instruments classified as Level 2 are valued using industry standard models that incorporate corroborated observable inputs; such as pricing services or prices from similar instruments that trade in liquid markets, time value and volatility factors.
|
(c)
|
The accounting rules for fair value measurements and disclosures require consideration of the impact of nonperformance risk (including credit risk) from a market participant perspective in the measurement of the fair value of assets and liabilities. At
December 31, 2016
and
2015
, the Companies determined that nonperformance risk would have no material impact on their financial position or results of operations.
|
(d)
|
Other assets are comprised of assets such as life insurance contracts within the deferred compensation plan and non-qualified retirement plans.
|
(e)
|
Amounts represent the impact of legally-enforceable master netting agreements that allow the Companies to net gain and loss positions and cash collateral held or placed with the same counterparties.
|
(f)
|
Amounts represent derivative assets and liabilities included in Assets and Liabilities held for sale on the consolidated balance sheet (see Note U).
|
(g)
|
See Note O.
|
|
Fair Value of Level 3 at December 31, 2016
|
|
|
|
|
(Millions of Dollars)
|
Valuation Techniques
|
Unobservable Inputs
|
Range
|
Con Edison
—
Commodity
|
||||
Electricity
|
$(1)
|
Discounted Cash Flow
|
Forward energy prices (a)
|
$37.75-$55.00 per MWh
|
|
|
Discounted Cash Flow
|
Forward capacity prices (a)
|
$2.42-$10.25 per kW-month
|
Transmission Congestion Contracts/Financial Transmission Rights
|
2
|
Discounted Cash Flow
|
Discount to adjust auction prices for inter-zonal forward price curves (b)
|
50.0%
|
|
|
|
Discount/(premium) to adjust auction prices for historical monthly realized settlements (b)
|
(75.2)%-58.9%
|
|
|
|
Inter-zonal forward price curves adjusted for historical zonal losses (b)
|
$1.11-$2.90 per MWh
|
Total Con Edison — Commodity
|
$1
|
|
|
|
CECONY — Commodity
|
||||
Transmission Congestion Contracts
|
$1
|
Discounted Cash Flow
|
Discount to adjust auction prices for inter-zonal forward price curves (b)
|
50.0%
|
|
|
|
Discount/(premium) to adjust auction prices for historical monthly realized settlements (b)
|
(75.2)%-58.9%
|
(a)
|
Generally, increases/(decreases) in this input in isolation would result in a higher/(lower) fair value measurement.
|
(b)
|
Generally, increases/(decreases) in this input in isolation would result in a lower/(higher) fair value measurement.
|
|
Con Edison
|
CECONY
|
||||||
(Millions of Dollars)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Beginning balance as of January 1,
|
$6
|
$20
|
$8
|
$13
|
||||
Included in earnings
|
(7)
|
(20)
|
(1)
|
(6)
|
||||
Included in regulatory assets and liabilities
|
(6)
|
1
|
(6)
|
—
|
|
|||
Purchases
|
4
|
11
|
2
|
5
|
||||
Sales (a)
|
4
|
—
|
|
—
|
|
—
|
|
|
Settlements
|
—
|
|
(6)
|
(2)
|
(4)
|
|||
Ending balance as of December 31,
|
$1
|
$6
|
$1
|
$8
|
(Millions of Dollars)
|
2016
|
2015
|
Restricted cash
|
$8
|
$9
|
Receivable from parent company
|
35
|
32
|
Non-utility property, less accumulated depreciation of $9 and $5, respectively
|
104
|
107
|
Other assets
|
8
|
11
|
Total assets (a)
|
$155
|
$159
|
Long-term debt due within one year
|
$3
|
$2
|
Other liabilities
|
38
|
37
|
Long-term debt
|
60
|
62
|
Total liabilities (b)
|
$101
|
$101
|
(a)
|
The assets of Texas Solar 4 represent assets of a consolidated VIE that can be used only to settle obligations of the consolidated VIE.
|
(b)
|
The liabilities of Texas Solar 4 represent liabilities of a consolidated VIE for which creditors do not have recourse to the general credit of the primary beneficiary.
|
Project Name (a)
|
Generating Capacity (b) (MW AC)
|
Power Purchase Agreement Term in Years
|
Year of Initial Investment
|
Location
|
Maximum
Exposure to Loss ( Millions of Dollars ) (c) |
Copper Mountain Solar 3
|
128
|
20
|
2014
|
Nevada
|
$179
|
Mesquite Solar 1
|
83
|
20
|
2013
|
Arizona
|
108
|
Copper Mountain Solar 2
|
75
|
25
|
2013
|
Nevada
|
84
|
California Solar
|
55
|
25
|
2012
|
California
|
69
|
Broken Bow II
|
38
|
25
|
2014
|
Nebraska
|
48
|
Texas Solar 4
|
32
|
25
|
2014
|
Texas
|
47
|
(a)
|
With the exception of Texas Solar 4, Con Edison’s ownership interest is
50 percent
and these projects are accounted for using the equity method of accounting. With the exception of Texas Solar 4, Con Edison is not the primary beneficiary since the power to direct the activities that most significantly impact the economics of the entities are shared equally between Con Edison Development and third parties. Con Edison’s ownership interest in Texas Solar 4 is
80 percent
and is consolidated in the financial statements. Con Edison is the primary beneficiary since the power to direct the activities that most significantly impact the economics of Texas Solar 4 is held by Con Edison Development.
|
(b)
|
Represents Con Edison Development’s ownership interest in the project.
|
(c)
|
For investments accounted for under the equity method, maximum exposure is equal to the carrying value of the investment on the consolidated balance sheet. For consolidated investments, such as Texas Solar 4, maximum exposure is equal to the net assets of the project on the consolidated balance sheet less any applicable noncontrolling interest (
$7 million
for Texas Solar 4). Con Edison did not provide any financial or other support during the year that was not previously contractually required.
|
|
CECONY
|
||
(Millions of Dollars)
|
2016
|
2015
|
2014
|
Cost of services provided
|
$108
|
$99
|
$90
|
Cost of services received
|
64
|
60
|
57
|
|
For the Years Ended December 31,
|
||||
(Millions of Dollars, except per share amounts)
|
2016
|
|
2015
|
|
2014
|
Equity in earnings of subsidiaries
|
$1,254
|
|
$1,195
|
|
$1,101
|
Other income (deductions), net of taxes
|
32
|
|
27
|
|
19
|
Interest expense
|
(41)
|
|
(29)
|
|
(28)
|
Net Income
|
$1,245
|
|
$1,193
|
|
$1,092
|
Comprehensive Income
|
$1,252
|
|
$1,204
|
|
$1,072
|
Net Income Per Share – Basic
|
$4.15
|
|
$4.07
|
|
$3.73
|
Net Income Per Share – Diluted
|
$4.12
|
|
$4.05
|
|
$3.71
|
Dividends Declared Per Share
|
$2.68
|
|
$2.60
|
|
$2.52
|
Average Number Of Shares Outstanding—Basic (In Millions)
|
300.4
|
|
293.0
|
|
292.9
|
Average Number Of Shares Outstanding—Diluted (In Millions)
|
301.9
|
|
294.4
|
|
294.0
|
(a)
|
These financial statements, in which Con Edison’s subsidiaries have been included using the equity method, should be read together with its consolidated financial statements and the notes thereto appearing above.
|
|
|
For the Years Ended December 31,
|
|||||||
(Millions of Dollars)
|
|
2016
|
|
2015
|
|
2014
|
|||
Net Income
|
|
$1,245
|
|
$1,193
|
|
$1,092
|
|||
Equity in earnings of subsidiaries
|
|
(1,254)
|
|
(1,195)
|
|
(1,101)
|
|||
Dividends received from:
|
|
|
|
|
|
|
|||
CECONY
|
|
744
|
|
872
|
|
712
|
|||
O&R
|
|
43
|
|
81
|
|
40
|
|||
Clean Energy Businesses
|
|
10
|
|
8
|
|
8
|
|||
Change in Assets:
|
|
|
|
|
|
|
|||
Special deposits
|
|
—
|
|
|
—
|
|
|
314
|
|
Income taxes receivable
|
|
87
|
|
58
|
|
(224)
|
|||
Other – net
|
|
(152)
|
|
(382)
|
|
(199)
|
|||
Net Cash Flows from Operating Activities
|
|
723
|
|
635
|
|
642
|
|||
Investing Activities
|
|
|
|
|
|
|
|||
Contributions to subsidiaries
|
|
(691)
|
|
(15)
|
|
(1)
|
|||
Long term debt receivable from affiliated companies
|
|
(900)
|
|
—
|
|
|
—
|
|
|
Net Cash Flows Used in Investing Activities
|
|
(1,591)
|
|
(15)
|
|
(1)
|
|||
Financing Activities
|
|
|
|
|
|
|
|||
Net proceeds of short-term debt
|
|
(53)
|
|
162
|
|
101
|
|||
Issuance of long-term debt
|
|
900
|
|
—
|
|
|
—
|
|
|
Retirement of long-term debt
|
|
(2)
|
|
(2)
|
|
(2)
|
|||
Debt issuance costs
|
|
(5)
|
|
—
|
|
|
—
|
|
|
Issuance of common shares for stock plans, net of repurchases
|
|
51
|
|
1
|
|
(10)
|
|||
Issuance of common shares - public offering
|
|
702
|
|
—
|
|
|
—
|
|
|
Common stock dividends
|
|
(763)
|
|
(733)
|
|
(739)
|
|||
Net Cash Flows Used in Financing Activities
|
|
830
|
|
(572)
|
|
(650)
|
|||
Net Change for the Period
|
|
(38)
|
|
48
|
|
(9)
|
|||
Balance at Beginning of Period
|
|
51
|
|
3
|
|
12
|
|||
Balance at End of Period
|
|
$13
|
|
$51
|
|
$3
|
(a)
|
These financial statements, in which Con Edison’s subsidiaries have been included using the equity method, should be read together with its consolidated financial statements and the notes thereto appearing above.
|
|
|
December 31,
|
||||
(Millions of Dollars)
|
|
2016
|
|
2015
|
||
Assets
|
|
|
|
|
||
Current Assets
|
|
|
|
|
||
Cash and temporary cash investments
|
|
$13
|
|
$51
|
||
Special deposits
|
|
1
|
|
1
|
||
Accounts receivable – other
|
|
—
|
|
|
4
|
|
Income taxes receivable
|
|
79
|
|
166
|
||
Accounts receivable from affiliated companies
|
|
702
|
|
517
|
||
Prepayments
|
|
24
|
|
34
|
||
Other current assets
|
|
18
|
|
17
|
||
Total Current Assets
|
|
837
|
|
790
|
||
Investments in subsidiaries
|
|
13,991
|
|
12,737
|
||
Goodwill
|
|
406
|
|
406
|
||
Deferred income tax
|
|
42
|
|
11
|
||
Long term debt receivable from affiliated companies
|
|
900
|
|
—
|
|
|
Other noncurrent assets (b)
|
|
16
|
|
7
|
||
Total Assets
|
|
$16,192
|
|
$13,951
|
||
Liabilities and Shareholders’ Equity
|
|
|
|
|
||
Current Liabilities
|
|
|
|
|
||
Long-term debt due within one year
|
|
$2
|
|
$2
|
||
Notes payable
|
|
384
|
|
437
|
||
Accounts Payable
|
|
1
|
|
—
|
|
|
Accounts payable to affiliated companies
|
|
288
|
|
146
|
||
Accrued taxes
|
|
7
|
|
—
|
|
|
Other current liabilities
|
|
14
|
|
10
|
||
Total Current Liabilities
|
|
696
|
|
595
|
||
Total Liabilities
|
|
696
|
|
595
|
||
Long-term debt (b)
|
|
1,198
|
|
304
|
||
Shareholders’ Equity
|
|
|
|
|
||
Common stock, including additional paid-in capital
|
|
5,887
|
|
5,062
|
||
Retained earnings
|
|
8,411
|
|
7,990
|
||
Total Shareholders’ Equity
|
|
14,298
|
|
13,052
|
||
Total Liabilities and Shareholders’ Equity
|
|
$16,192
|
|
$13,951
|
(a)
|
These financial statements, in which Con Edison’s subsidiaries have been included using the equity method, should be read together with its consolidated financial statements and the notes thereto appearing above.
|
|
|
|
|
|
COLUMN C
Additions
|
|
|
|
|
||||||
Company
(Millions of Dollars)
|
COLUMN A
Description
|
|
|
|
COLUMN B
Balance at
Beginning
of Period
|
|
(1)
Charged To
Costs And
Expenses
|
|
(2)
Charged
To Other
Accounts
|
|
COLUMN D
Deductions(b)
|
|
COLUMN E
Balance
At End of
Period
|
||
Con Edison
|
Allowance for uncollectible
accounts (a):
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
2016
|
|
$96
|
|
$63
|
|
|
$—
|
|
|
$76
|
|
$83
|
|
|
|
2015
|
|
$106
|
|
$77
|
|
—
|
|
|
$87
|
|
$96
|
|
|
|
|
2014
|
|
$103
|
|
$98
|
|
—
|
|
|
$95
|
|
$106
|
|
CECONY
|
Allowance for uncollectible
accounts (a):
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
2016
|
|
$91
|
|
$57
|
|
|
$—
|
|
|
$70
|
|
$78
|
|
|
|
2015
|
|
$98
|
|
$69
|
|
—
|
|
|
$76
|
|
$91
|
|
|
|
|
2014
|
|
$95
|
|
$91
|
|
—
|
|
|
$88
|
|
$98
|
(a)
|
This is a valuation account deducted in the balance sheet from the assets (Accounts receivable - customers and Other receivables) to which they apply.
|
(b)
|
Accounts written off less cash collections, miscellaneous adjustments and amounts reinstated as receivables previously written off.
|
Plan category
|
Number of securities to
be issued upon
exercise of
outstanding options,
warrants and rights
|
|
|
Weighted-average
exercise price of
outstanding options,
warrants and rights
|
|
Number of securities
remaining available for
future issuance under
equity compensation
plans (excluding
securities reflected in
column (1))
|
|||
|
(1)
|
|
|
(2)
|
|
(3)
|
|||
Equity compensation plans approved by security holders
|
|
|
|
|
|
|
|||
2003 LTIP (a)
|
334,465
|
|
|
—
|
|
|
—
|
|
|
2013 LTIP (b)
|
1,313,462
|
|
|
—
|
|
|
3,686,073
|
||
Stock Purchase Plan (c)
|
—
|
|
|
|
—
|
|
|
8,066,054
|
|
Total equity compensation plans approved by security holders
|
1,647,927
|
|
|
—
|
|
|
11,752,127
|
||
Total equity compensation plans not approved by security holders
|
3,500
|
(d)
|
|
—
|
|
|
—
|
|
|
Total
|
1,651,427
|
|
|
—
|
|
|
11,752,127
|
(a)
|
The number of shares of Con Edison common stock that may be issued pursuant to outstanding awards under the Long Term Incentive Plan approved by the company’s shareholders in 2003 (the “2003 LTIP”) include: (A) 211,977 shares for stock unit awards made prior to 2013 that have vested and for which the receipt of shares was deferred and (B) 122,488 shares covered by outstanding directors’ deferred stock unit awards (which vested upon grant). Amounts do not include shares that may be issued pursuant to any dividend reinvestment in the future on the deferred stock units. There is no dividend reinvestment on the other outstanding awards. Outstanding awards had no exercise price. No new awards may be made under the 2003 LTIP.
|
(b)
|
The number of shares of Con Edison common stock that may be issued pursuant to outstanding awards under the Long Term Incentive Plan approved by the company’s shareholders in 2013 (the “2013 LTIP”) include: (A) outstanding awards made in 2014 and subsequent years (1,122,111 shares for performance restricted stock units and 65,980 shares for time-based restricted stock units); (B) 125,371 shares covered by outstanding directors’ deferred stock unit awards (which vested upon grant). Amounts do not include shares that may be issued pursuant to any dividend reinvestment in the future on the deferred stock units. There is no dividend reinvestment on the other outstanding awards. The outstanding awards had no exercise price. No new awards may be made under the 2013 LTIP after May 20, 2023.
|
(c)
|
Shares of Con Edison common stock may be issued under the Stock Purchase Plan until May 19, 2024 (which is 10 years after the date of the annual meeting at which Con Edison’s shareholders approved the plan).
|
(d)
|
This amount represents shares to be issued to an officer who had elected to defer receipt of these shares until separation from service or later. These shares are issuable pursuant to awards of restricted stock units made in 2000, which vested in 2004.
|
|
2016
|
|
2015
|
|
Audit fees
|
$3,576,897
|
|
$3,423,777
|
|
Audit-related fees (a)
|
516,786
|
|
8,215
|
|
Tax fees (b)
|
25,000
|
|
75,088
|
|
All other fees (c)
|
—
|
|
|
102,867
|
Total fees
|
$4,118,683
|
|
$3,609,947
|
(a)
|
Relates to assurance and related service fees that are reasonably related to the performance of the annual audit or quarterly reviews of the company's financial statements that are not specifically deemed “Audit Services.” The major items included in audit-related fees in 2016 and 2015 are fees related to other accounting and professional services.
|
(b)
|
Relates to fees for tax compliance reporting relating to the Foreign Account Tax Compliance Act.
|
(c)
|
Relates to fees in 2015 for cybersecurity risk review.
|
3.1.1
|
|
Restated Certificate of Incorporation of Consolidated Edison, Inc. (Con Edison). (Designated in the Registration Statement on Form S-4 of Con Edison (No. 333-39165) as Exhibit 3.1)
|
|
|
|
3.1.2
|
|
By-laws of Con Edison, effective as of February 16, 2017. (Designated in Con Edison’s Current Report on Form 8-K, dated February 16, 2017 (File No. 1-14514) as Exhibit 3.1)
|
|
|
|
4.1.1.1
|
|
Indenture, dated as of April 1, 2002, between Con Edison and JP Morgan Chase Bank (formerly known as The Chase Manhattan Bank), as Trustee. (Designated in the Registration Statement on Form S-3 of Con Edison (No. 333-102005) as Exhibit 4.1)
|
|
|
|
4.1.1.2
|
|
Form of CEI’s 2.00% Debentures, Series 2016 A. (Designated in CEI’s Current Report on Form 8-K, dated May 10, 2016 (File No. 1-14514) as Exhibit 4)
|
|
|
|
4.1.2
|
|
Note Assumption and Exchange Agreement, dated as of June 20, 2008, between Con Edison and the institutional investors listed in Schedule I thereto. (Designated in Con Edison’s Current Report on Form 8-K, dated June 20, 2008 (File No. 1-14514) as Exhibit 4)
|
|
|
|
4.1.3
|
|
$400 million Credit Agreement dated as of June 10, 2016 among CEI, as Borrower, the Lenders party thereto and Mizuho Bank, Ltd., as Administrative Agent and as Lead Arranger and Bookrunner. (Designated in Con Edison’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2016 (File No. 1-14514) as Exhibit 4.1.2)
|
|
|
|
10.1.1
|
|
Credit Agreement, dated as of December 7, 2016, among CECONY, Con Edison, O&R, the lenders party thereto and Bank of America, N.A., as Administrative Agent. (Designated in Con Edison’s Current Report on Form 8-K dated December 7, 2016 (File No. 1-14514) as Exhibit 10)
|
|
|
|
10.1.2.1
|
|
Severance Program for Officers of Consolidated Edison, Inc. and its Subsidiaries, as amended, effective as of January 1, 2008. (Designated in Con Edison’s Annual Report on Form 10-K for the year ended December 31, 2008 (File No. 1-14514) as Exhibit 10.1.3)
|
|
|
|
10.1.2.2
|
|
Amendment #1, dated December 19, 2012, to the Severance Program for Officers of Consolidated Edison, Inc. and its Subsidiaries. (Designated in Con Edison’s Annual Report on Form 10-K for the year ended December 31, 2012 (File No. 1-14514) as Exhibit 10.1.4.2)
|
|
|
|
10.1.3.1
|
|
The Consolidated Edison, Inc. Stock Purchase Plan, as amended and restated as of May 19, 2014. (Designated in Con Edison’s Current Report on Form 8-K dated May 19, 2014 (File No. 1-14514) as Exhibit 10)
|
|
|
|
10.1.3.2
|
|
Amendment One to The Consolidated Edison, Inc. Stock Purchase Plan.
|
|
|
|
10.1.4
|
|
The Consolidated Edison Retirement Plan. (Designated in Con Edison’s Annual Report on Form 10-K for the year ended December 31, 2014 (File No. 1-14514) as Exhibit 10.1.4)
|
|
|
|
10.1.5.1
|
|
The Consolidated Edison Thrift Plan. (Designated in Con Edison’s Annual Report on Form 10-K for the year ended December 31, 2014 (File No. 1-14514) as Exhibit 10.1.5)
|
|
|
|
10.1.5.2
|
|
Amendment, dated June 13, 2016, to the Consolidated Edison Thrift Savings Plan. (Designated in Con Edison’s Quarterly Report on Form 10-Q for the year quarterly period ended June 30, 2016 (File No. 1-14514) as Exhibit 10.1)
|
|
|
|
10.1.6.1
|
|
Consolidated Edison, Inc. Long Term Incentive Plan (2003), as amended and restated effective as of December 26, 2012. (Designated in Con Edison’s Annual Report on Form 10-K for the year ended December 31, 2012 (File No. 1-14514) as Exhibit 10.1.8.10)
|
|
|
|
10.1.6.2
|
|
Form of Restricted Stock Unit Award under the Con Edison Long Term Incentive Plan. (Designated in Con Edison’s Annual Report on Form 10-K for the year ended December 31, 2008 (File No. 1-14514) as Exhibit 10.1.7.2)
|
|
|
|
10.1.6.3
|
|
Form of Restricted Stock Unit Award for Officers under the Con Edison Long Term Incentive Plan. (Designated in Con Edison’s Quarterly Report on Form 10-Q for the year quarterly period ended March 31, 2011 (File No. 1-14514) as Exhibit 10.1)
|
10.1.6.4
|
|
Form of Stock Option Agreement under the Con Edison Long Term Incentive Plan. (Designated in Con Edison’s Current Report on Form 8-K, dated January 24, 2005, (File No. 1-14514) as Exhibit 10.3)
|
|
|
|
10.1.6.5
|
|
Amendment Number 1, effective July 1, 2010, to the Consolidated Edison, Inc. Long Term Incentive Plan, as amended and restated effective as of January 1, 2008. (Designated in Con Edison’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2010 as Exhibit 10.1)
|
|
|
|
10.1.6.6
|
|
Amendment Number 2, effective January 1, 2011, to the Consolidated Edison, Inc. Long Term Incentive Plan, as amended and restated effective as of January 1, 2008. (Designated in Con Edison’s Annual Report on Form 10-K for the year ended December 31, 2010 (File No. 1-14514) as Exhibit 10.1.7.5)
|
|
|
|
10.1.7.1
|
|
Consolidated Edison, Inc. Long Term Incentive Plan. (Designated in Con Edison’s Current Report on Form 8-K, dated May 20, 2013 (File No. 1-14514) as Exhibit 10)
|
|
|
|
10.1.7.2
|
|
Form of Performance Unit Award for Officers under the Consolidated Edison, Inc. Long Term Incentive Plan. (Designated in Con Edison’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 (File No. 1-14514) as Exhibit 10.1.2)
|
|
|
|
10.1.7.3
|
|
Form of Performance Unit Award for Certain Specified Officers under the Consolidated Edison, Inc. Long Term Incentive Plan. (Designated in Con Edison’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2014 (File No. 1-14514) as Exhibit 10.1)
|
|
|
|
10.1.7.4
|
|
Amendment No. 1 to the Consolidated Edison, Inc. Long Term Incentive Plan.
|
|
|
|
10.1.7.5
|
|
Amendment No. 2 to the Consolidated Edison, Inc. Long Term Incentive Plan.
|
|
|
|
10.1.8
|
|
Description of Directors’ Compensation, effective as of December 31, 2016
|
|
|
|
10.1.9
|
|
Letter, dated February 23, 2004, to Robert Hoglund. (Designated in Con Edison’s Current Report on Form 8-K, dated July 21, 2005, (File No. 1-14514) as Exhibit 10.5)
|
|
|
|
10.1.10
|
|
Employment offer letter, dated November 21, 2013 to John McAvoy. (Designated in Con Edison’s Current Report on Form 8-K, dated November 21, 2013 (File No. 1-14514) as Exhibit 10)
|
|
|
|
10.1.11
|
|
Contribution Agreement, dated as of April 20, 2016, by and between Crestwood Pipeline and Storage Northeast LLC and Con Edison Gas Pipeline and Storage Northeast, LLC. (Designated in CEI’s Current Report on Form 8-K, dated April 20, 2016 (File No. 1-14514) as Exhibit 10)
|
|
|
|
12.1
|
|
Statement of computation of Con Edison’s ratio of earnings to fixed charges for the years 2012 – 2016
|
|
|
|
21.1
|
|
Subsidiaries of Con Edison. (Designated in Con Edison’s Annual Report on Form 10-K for the year ended December 31, 2003 (File No. 1-14514) as Exhibit 21.1)
|
|
|
|
23.1
|
|
Consent of PricewaterhouseCoopers LLP
|
|
|
|
31.1.1
|
|
Rule 13a-14(a)/15d-14(a) Certifications – Chief Executive Officer
|
|
|
|
31.1.2
|
|
Rule 13a-14(a)/15d-14(a) Certifications – Chief Financial Officer
|
|
|
|
32.1.1
|
|
Section 1350 Certifications – Chief Executive Officer
|
|
|
|
32.1.2
|
|
Section 1350 Certifications – Chief Financial Officer
|
|
|
|
101.INS
|
|
XBRL Instance Document
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase
|
3.2.1.1
|
|
Restated Certificate of Incorporation of CECONY filed with the Department of State of the State of New York on December 31, 1984. (Designated in the Annual Report on Form 10-K of CECONY for the year ended December 31, 1989 (File No. 1-1217) as Exhibit 3(a))
|
|
|
|
3.2.1.2
|
|
The following certificates of amendment of Restated Certificate of Incorporation of CECONY filed with the Department of State of the State of New York, which are designated as follows:
|
|
Securities Exchange Act
File No. 1-1217
|
|
|
|||||
Date Filed With Department of State
|
Form
|
|
Date
|
|
Exhibit
|
|
|
|
5/16/1988
|
10-K
|
|
12/31/1989
|
|
3
|
|
|
(b)
|
6/2/1989
|
10-K
|
|
12/31/1989
|
|
3
|
|
|
(c)
|
4/28/1992
|
8-K
|
|
4/24/1992
|
|
4
|
|
|
(d)
|
8/21/1992
|
8-K
|
|
8/20/1992
|
|
4
|
|
|
(e)
|
2/18/1998
|
10-K
|
|
12/31/1997
|
|
3.1.2.3
|
|
|
|
3.2.2
|
|
By-laws of CECONY, effective May 18, 2015. (Designated in CECONY’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2015 (File No. 1-1217) as Exhibit 3.2)
|
|
|
|
4.2.1
|
|
Participation Agreement, dated as of July 1, 1999, between New York State Energy Research and Development Authority (NYSERDA) and CECONY. (Designated in CECONY’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 1999 (File No. 1-1217) as Exhibit 4.1)
|
|
|
|
4.2.2
|
|
Participation Agreement, dated as of November 1, 2010, between NYSERDA and CECONY. (Designated in CECONY’s Annual Report on Form 10-K for the year ended December 31, 2010 (File No. 1-1217) as Exhibit 4.2.2)
|
|
|
|
4.2.3
|
|
Participation Agreement, dated as of November 1, 2001, between NYSERDA and CECONY. (Designated in CECONY’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2001 (File No. 1-1217) as Exhibit 10.2.1)
|
|
|
|
4.2.4
|
|
Participation Agreement, dated as of January 1, 2004, between NYSERDA and CECONY. (Designated in CECONY’s Annual Report on Form 10-K for the year ended December 31, 2003 (File No. 1-1217) as Exhibit 4.2.6)
|
|
|
|
4.2.5
|
|
Participation Agreement, dated as of January 1, 2004, between NYSERDA and CECONY. (Designated in CECONY’s Annual Report on Form 10-K for the year ended December 31, 2003 (File No. 1-1217) as Exhibit 4.2.7)
|
|
|
|
4.2.6
|
|
Participation Agreement, dated as of November 1, 2004, between NYSERDA and CECONY. (Designated in CECONY’s Current Report on Form 8-K, dated November 9, 2004 (File No. 1-1217) as Exhibit 4.1)
|
|
|
|
4.2.7
|
|
Participation Agreement, dated as of May 1, 2005, between NYSERDA and CECONY. (Designated in CECONY’s Current Report on Form 8-K, dated May 25, 2005 (File No. 1-1217) as Exhibit 4.1)
|
|
|
|
4.2.8.1
|
|
Indenture of Trust, dated as of July 1, 1999 between NYSERDA and HSBC Bank USA, as trustee. (Designated in CECONY’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 1999 (File No. 1-1217) as Exhibit 4.2)
|
|
|
|
4.2.8.2
|
|
Supplemental Indenture of Trust, dated as of July 1, 2001, to Indenture of Trust, dated July 1, 1999 between NYSERDA and HSBC Bank USA, as trustee. (Designated in CECONY’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2001 (File No. 1-1217) as Exhibit 10.2.2)
|
|
|
|
4.2.9.1
|
|
Trust Indenture, dated as of November 1, 2010 between NYSERDA and The Bank of New York Mellon, as trustee. (Designated in CECONY’s Annual Report on Form 10-K for the year ended December 31, 2010 (File No. 1-1217) as Exhibit 4.2.9)
|
|
|
|
4.2.9.2
|
|
First Supplemental Indenture dated November 2, 2012 to the Trust Indenture dated as of November 1, 2010. (Designated in CECONY’s Annual Report on Form 10-K for the year ended December 31, 2012 (File No. 1-1217) as Exhibit 4.2.9.2)
|
|
|
|
4.2.10
|
|
Indenture of Trust, dated as of November 1, 2001, between NYSERDA and The Bank of New York, as trustee. (Designated in CECONY’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2001 (File No. 1-1217) as Exhibit 10.2.2)
|
|
|
|
4.2.11
|
|
Indenture of Trust, dated as of January 1, 2004, between NYSERDA and The Bank of New York. (Designated in CECONY’s Annual Report on Form 10-K for the year ended December 31, 2003 (File No. 1-1217) as Exhibit 4.2.12)
|
4.2.12
|
|
Indenture of Trust, dated as of January 1, 2004, between NYSERDA and The Bank of New York. (Designated in CECONY’s Annual Report on Form 10-K for the year ended December 31, 2003 (File No. 1-1217) as Exhibit 4.2.13)
|
|
|
|
4.2.13
|
|
Indenture of Trust, dated as of November 1, 2004, between NYSERDA and The Bank of New York. (Designated in CECONY’s Current Report on Form 8-K, dated November 9, 2004 (File No. 1-1217) as Exhibit 4.2)
|
|
|
|
4.2.14.1
|
|
Indenture of Trust, dated as of May 1, 2005, between NYSERDA and The Bank of New York. (Designated in CECONY’s Current Report on Form 8-K, dated May 25, 2005 (File No. 1-1217) as Exhibit 4.2)
|
|
|
|
4.2.14.2
|
|
Supplemental Indenture of Trust, dated as of June 30, 2010, to Indenture of Trust, dated May 1, 2005 between NYSERDA and The Bank of New York Mellon (formerly known as The Bank of New York), as trustee. (Designated in CECONY’s Annual Report on Form 10-K for the year ended December 31, 2010 (File No. 1-1217) as Exhibit 4.2.14.2)
|
|
|
|
4.2.15.1
|
|
Indenture, dated as of December 1, 1990, between CECONY and The Chase Manhattan Bank (National Association), as Trustee (the “Debenture Indenture”). (Designated in CECONY’s Annual Report on Form 10-K for the year ended December 31, 1990 (File No. 1-1217) as Exhibit 4(h))
|
|
|
|
4.2.15.2
|
|
First Supplemental Indenture (to the Debenture Indenture), dated as of March 6, 1996, between CECONY and The Chase Manhattan Bank (National Association), as Trustee. (Designated in CECONY’s Annual Report on Form 10-K for the year ended December 31, 1995 (File No. 1-1217) as Exhibit 4.13)
|
|
|
|
4.2.15.3
|
|
Second Supplemental Indenture (to the Debenture Indenture), dated as of June 23, 2005, between CECONY and JPMorgan Chase Bank, N.A. (successor to The Chase Manhattan Bank (National Association)), as Trustee. (Designated in CECONY’s Current Report on Form 8-K, dated November 16, 2005 (File No. 1-1217) as Exhibit 4.1)
|
4.2.16
|
|
The following forms of CECONY’s Debentures:
|
|
|
Securities Exchange Act
File No. 1-1217
|
||||
Debenture
|
|
Series
|
Form
|
Date
|
Exhibit
|
|
5.875
|
%
|
Series 2003 A
|
8-K
|
4/7/2003
|
4
|
|
5.10
|
%
|
Series 2003 C
|
8-K
|
6/12/2003
|
4.2
|
|
5.70
|
%
|
Series 2004 B
|
8-K
|
2/11/2004
|
4.2
|
|
5.30
|
%
|
Series 2005 A
|
8-K
|
3/7/2005
|
4
|
|
5.25
|
%
|
Series 2005 B
|
8-K
|
6/20/2005
|
4
|
|
5.85
|
%
|
Series 2006 A
|
8-K
|
3/9/2006
|
4
|
|
6.20
|
%
|
Series 2006 B
|
8-K
|
6/15/2006
|
4
|
|
5.70
|
%
|
Series 2006 E
|
8-K
|
12/1/2006
|
4.2
|
|
6.30
|
%
|
Series 2007 A
|
8-K
|
8/28/2007
|
4
|
|
5.85
|
%
|
Series 2008 A
|
8-K
|
4/4/2008
|
4.1
|
|
6.75
|
%
|
Series 2008 B
|
8-K
|
4/4/2008
|
4.2
|
|
7.125
|
%
|
Series 2008 C
|
8-K
|
12/4/2008
|
4
|
|
6.65
|
%
|
Series 2009 B
|
8-K
|
3/25/2009
|
4.2
|
|
5.50
|
%
|
Series 2009 C
|
8-K
|
12/4/2009
|
4
|
|
4.45
|
%
|
Series 2010 A
|
8-K
|
6/7/2010
|
4.1
|
|
5.70
|
%
|
Series 2010 B
|
8-K
|
6/7/2010
|
4.2
|
|
4.20
|
%
|
Series 2012 A
|
8-K
|
3/13/2012
|
4
|
|
3.95
|
%
|
Series 2013 A
|
8-K
|
2/25/2013
|
4
|
|
4.45
|
%
|
Series 2014 A
|
8-K
|
3/3/2014
|
4
|
|
3.30
|
%
|
Series 2014 B
|
8-K
|
11/19/2014
|
4.1
|
|
4.625
|
%
|
Series 2014 C
|
8-K
|
11/19/2014
|
4.2
|
|
4.50
|
%
|
Series 2015 A
|
8-K
|
11/12/2015
|
4
|
|
3.85
|
%
|
Series 2016A
|
8-K
|
6/14/2016
|
4
|
|
2.90
|
%
|
Series 2016B
|
8-K
|
11/10/2016
|
4.1
|
|
4.30
|
%
|
Series 2016C
|
8-K
|
11/10/2016
|
4.2
|
|
10.2.1
|
|
Amended and Restated Agreement and Settlement, dated September 19, 1997, between CECONY and the Staff of the New York State Public Service Commission (without Appendices). (Designated in CECONY’s Current Report on Form 8-K, dated September 23, 1997 (File No. 1-1217) as Exhibit 10)
|
|
|
|
10.2.2
|
|
Settlement Agreement, dated October 2, 2000, by and among CECONY, the Staff of the New York State Public Service Commission and certain other parties. (Designated in CECONY’s Current Report on Form 8-K, dated September 22, 2000 (File No. 1-1217) as Exhibit 10)
|
|
|
|
10.2.3.1
|
|
Planning and Supply Agreement, dated March 10, 1989, between CECONY and the Power Authority of the State of New York. (Designated in CECONY’s Annual Report on Form 10-K for the year ended December 31, 1992 (File No. 1-1217) as Exhibit 10(gg))
|
|
|
|
10.2.3.2
|
|
Delivery Service Agreement, dated March 10, 1989, between CECONY and the Power Authority of the State of New York. (Designated in CECONY’s Annual Report on Form 10-K for the year ended December 31, 1992 (File No. 1-1217) as Exhibit 10(hh))
|
|
|
|
10.2.4
|
|
Agreement and Plan of Exchange, entered into on October 28, 1997, between Con Edison and CECONY. (Designated in the Registration Statement on Form S-4 of Con Edison (No. 333-39165) as Exhibit 2)
|
|
|
|
10.2.5
|
|
The Consolidated Edison Company of New York, Inc. Executive Incentive Plan, as amended and restated as of January 1, 2008. (Designated in CECONY’s Annual Report on Form 10-K for the year ended December 31, 2008 (File No. 1-1217) as Exhibit 10.2.5)
|
|
|
|
10.2.6.1
|
|
Consolidated Edison Company of New York, Inc. Supplemental Retirement Income Plan, as amended and restated as of January 1, 2009. (Designated in CECONY’s Annual Report on Form 10-K for the year ended December 31, 2009 (File No. 1-1217) as Exhibit 10.2.6)
|
|
|
|
10.2.6.2
|
|
Amendment, dated December 24, 2015, to the Consolidated Edison Company of New York, Inc. Supplemental Retirement Income Plan (Designated in CECONY’s Annual Report on Form 10-K for the year ended December 31, 2015 (File No. 1-1217) as Exhibit 10.2.6.2)
|
|
|
|
10.2.6.3
|
|
Amendment One to the Consolidated Edison Company of New York, Inc. Supplemental Retirement Income Plan.
|
|
|
|
10.2.7.1
|
|
Deferred Compensation Plan for the Benefit of Trustees of CECONY, as amended effective January 1, 2008. (Designated in CECONY’s Annual Report on Form 10-K for the year ended December 31, 2008 (File No. 1-1217) as Exhibit 10.2.7)
|
|
|
|
10.2.7.2
|
|
Amendment #1, dated December 26, 2012, to the Deferred Compensation Plan for the Benefit of Trustees of CECONY. (Designated in CECONY’s Annual Report on Form 10-K for the year ended December 31, 2012 (File No. 1-1217) as Exhibit 10.2.7.2)
|
|
|
|
10.2.8
|
|
Supplemental Medical Plan for the Benefit of CECONY’s officers. (Designated in CECONY’s Annual Report on Form 10-K for the year ended December 31, 1991 (File No. 1-1217) as Exhibit 10(aa))
|
|
|
|
10.2.9
|
|
The Severance Pay Plan for Management Employees of Consolidated Edison Company of New York, Inc. and Orange and Rockland Utilities, Inc. and Other Affiliated Entities That Have Adopted the Plan, effective January 1, 2017.
|
|
|
|
10.2.10.1
|
|
The Consolidated Edison Company of New York, Inc. Deferred Income Plan, as amended and restated as of January 1, 2008. (Designated in CECONY’s Annual Report on Form 10-K for the year ended December 31, 2008 (File No. 1-1217) as Exhibit 10.2.10)
|
|
|
|
10.2.10.2
|
|
Amendment, executed December 19, 2013, to The Consolidated Edison Company of New York, Inc. Deferred Income Plan. (Designated in CECONY’s Annual Report on Form 10-K for the year ended December 31, 2013 (File No. 1-1217) as Exhibit 10.2.10.2)
|
|
|
|
10.2.10.3
|
|
Amendment One to the Consolidated Edison Company of New York, Inc. Deferred Income Plan
|
|
|
|
10.2.11.1
|
|
The Consolidated Edison Company of New York, Inc. 2005 Executive Incentive Plan, effective as of January 1, 2005, as amended effective as of January 1, 2008. (Designated in CECONY’s Annual Report on Form 10-K for the year ended December 31, 2008 (File No. 1-1217) as Exhibit 10.2.11)
|
|
|
|
10.2.11.2
|
|
Amendment, dated October 21, 2009, to The Consolidated Edison Company of New York, Inc. 2005 Executive Incentive Plan. (Designated in CECONY’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2009 (File No. 1-1217) as Exhibit 10.2.1)
|
|
|
|
10.2.11.3
|
|
Amendment Number 2, dated December 17, 2010, to The Consolidated Edison Company of New York, Inc. 2005 Executive Incentive Plan. (Designated in CECONY’s Annual Report on Form 10-K for the year ended December 31, 2010 (File No. 1-1217) as Exhibit 10.2.11.3)
|
|
|
|
10.2.11.4
|
|
Amendment Number 3, dated December 21, 2011, to The Consolidated Edison Company of New York, Inc. 2005 Executive Incentive Plan. (Designated in CECONY’s Annual Report on Form 10-K for the year ended December 31, 2011 (File No. 1-1217) as Exhibit 10.2.11.4)
|
|
|
|
10.2.11.5
|
|
Amendment Number 4 to the 2005 Executive Incentive Plan. (Designated in CECONY’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2012 (File No. 1-1217) as Exhibit 10.2)
|
|
|
|
10.2.11.6
|
|
Amendment Number 5 to the 2005 Executive Incentive Plan. (Designated in CECONY’s Annual Report on Form 10-K for the year ended December 31, 2013 (File No. 1-1217) as Exhibit 10.2.11.6)
|
|
|
|
10.2.11.7
|
|
Amendment Number 6 to the 2005 Executive Incentive Plan (Designated in CECONY’s Annual Report on Form 10-K for the year ended December 31, 2015 (File No. 1-1217) as Exhibit 10.2.11.7)
|
|
|
|
10.2.12.1
|
|
Trust Agreement, dated as of March 31, 1999, between CECONY and Mellon Bank, N.A., as Trustee.(Designated in CECONY’s Annual Report on Form 10-K, for the year ended December 31, 2005 (File No. 1-1217) as Exhibit 10.2.13.1)
|
|
|
|
10.2.12.2
|
|
Amendment Number 1 to the CECONY Rabbi Trust, executed October 24, 2003, between CECONY and Mellon Bank, N.A., as Trustee. (Designated in CECONY’s Annual Report on Form 10-K, for the year ended December 31, 2005 (File No. 1-1217) as Exhibit 10.2.13.2)
|
|
|
|
10.2.13
|
|
Employment Agreement, dated February 18, 1999, between CECONY and Frances Resheske. (Designated in CECONY’s Annual Report on Form 10-K, for the year ended December 31, 2006 (File No. 1-1217) as Exhibit 10.2.14)
|
|
|
|
12.2
|
|
Statement of computation of CECONY’s ratio of earnings to fixed charges for the years 2012 – 2016
|
|
|
|
23.2
|
|
Consent of PricewaterhouseCoopers LLP
|
|
|
|
31.2.1
|
|
Rule 13a-14(a)/15d-14(a) Certifications – Chief Executive Officer
|
|
|
|
31.2.2
|
|
Rule 13a-14(a)/15d-14(a) Certifications – Chief Financial Officer
|
|
|
|
32.2.1
|
|
Section 1350 Certifications – Chief Executive Officer
|
|
|
|
32.2.2
|
|
Section 1350 Certifications – Chief Financial Officer
|
|
|
|
101.INS
|
|
XBRL Instance Document
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase
|
By
|
/s/ Robert Hoglund
|
|
|
Robert Hoglund
Senior Vice President and
Chief Financial Officer
|
|
Signature
|
|
Registrant
|
|
Title
|
|
|
|
|
|
/s/ John McAvoy
|
|
Con Edison
|
|
Chairman of the Board, President, Chief Executive Officer and Director (Principal Executive Officer)
|
John McAvoy
|
|
CECONY
|
|
Chairman of the Board, Chief Executive Officer and Trustee (Principal Executive Officer)
|
|
|
|
|
|
/s/ Robert Hoglund
|
|
Con Edison
|
|
Senior Vice President and Chief Financial Officer
(Principal Financial Officer)
|
Robert Hoglund
|
|
CECONY
|
|
Senior Vice President and Chief Financial Officer (Principal Financial Officer)
|
|
|
|
|
|
/s/ Robert Muccilo
|
|
Con Edison
|
|
Vice President, Controller and Chief Accounting Officer (Principal Accounting Officer)
|
Robert Muccilo
|
|
CECONY
|
|
Vice President, Controller and Chief Accounting Officer (Principal Accounting Officer)
|
|
|
|
|
|
/s/ Vincent A. Calarco
|
|
Con Edison
CECONY
|
|
Director
Trustee
|
Vincent A. Calarco
|
|
|
||
|
|
|
|
|
/s/ George Campbell Jr.
|
|
Con Edison
CECONY
|
|
Director
Trustee
|
George Campbell Jr.
|
|
|
||
|
|
|
|
|
/s/ Michael J. Del Giudice
|
|
Con Edison
CECONY
|
|
Director
Trustee
|
Michael J. Del Giudice
|
|
|
||
|
|
|
|
|
/s/ Ellen V. Futter
|
|
Con Edison
CECONY
|
|
Director
Trustee
|
Ellen V. Futter
|
|
|
||
|
|
|
|
|
/s/ John F. Killian
|
|
Con Edison
CECONY
|
|
Director
Trustee
|
John F. Killian
|
|
|
||
|
|
|
|
|
/s/ Armando J. Olivera
|
|
Con Edison
CECONY
|
|
Director
Trustee
|
Armando J. Olivera
|
|
|
||
|
|
|
|
|
/s/ Michael W. Ranger
|
|
Con Edison
CECONY
|
|
Director
Trustee
|
Michael W. Ranger
|
|
|
||
|
|
|
|
|
/s/ Linda S. Sanford
|
|
Con Edison
CECONY
|
|
Director
Trustee
|
Linda S. Sanford
|
|
|
||
|
|
|
|
|
/s/ L. Frederick Sutherland
|
|
Con Edison
CECONY
|
|
Director
Trustee
|
L. Frederick Sutherland
|
|
|
1.
|
Subsection (a) of Section 7.2
Award of Stock Units
is amended by adding a new subsection (i) as follows:
|
1.
|
Subsection (a) of Section 7.2
Award of Stock Units
is amended by adding a new subsection (ii) as follows:
|
|
Amount
|
Annual Retainer
(1)
|
$100,000
|
Lead Director Retainer
|
$35,000
|
Chair of Audit Committee Retainer
|
$25,000
|
Member of Audit Committee Retainer (excluding the Audit Committee Chair)
|
$10,000
|
Chair of Corporate Governance and Nominating Committee Retainer
|
$10,000
|
Chair of Management Development and Compensation Committee Retainer
|
$15,000
|
Retainer for Chairs of: Environment, Health and Safety Committee; Finance Committee; and Operations Oversight Committee
|
$5,000
|
Acting Committee Chair Fee (where the regular Chair is absent)
|
$200
|
Audit Committee member fee (for each meeting of the Audit Committee attended)
|
$2,000
|
Committee member fee (for each Committee meeting attended)
|
$1,500
|
Annual equity award (deferred stock units)
(2)
|
$135,000
|
(1)
|
Effective April 1, 2016, the annual retainer was increased from $90,000 to $100,000.
|
(2)
|
Effective April 1, 2016, the annual equity award was increased from $120,000 to $135,000.
|
|
For the Years Ended December 31,
|
|||||||||||||
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|||||
Earnings
|
|
|
|
|
|
|
|
|
|
|||||
Net Income
|
$1,245
|
|
$1,193
|
|
$1,092
|
|
$1,062
|
|
$1,141
|
|||||
Preferred Stock Dividend
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
(Income) or Loss from Equity Investees
|
(28)
|
|
(34)
|
|
(27)
|
|
(6)
|
|
(4)
|
|||||
Minority Interest Loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Income Tax
|
698
|
|
605
|
|
568
|
|
476
|
|
600
|
|||||
Pre-Tax Income
|
$1,915
|
|
$1,764
|
|
$1,633
|
|
$1,532
|
|
$1,740
|
|||||
Add: Fixed Charges*
|
730
|
|
701
|
|
636
|
|
764
|
|
638
|
|||||
Add: Distributed Income of Equity Investees
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Subtract: Interest Capitalized
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Subtract: Pre-Tax Preferred Stock Dividend Requirement
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
Earnings
|
$2,645
|
|
$2,465
|
|
$2,269
|
|
$2,296
|
|
$2,373
|
|||||
* Fixed Charges
|
|
|
|
|
|
|
|
|
|
|||||
Interest on Long-term Debt
|
$664
|
|
$618
|
|
$573
|
|
$562
|
|
$568
|
|||||
Amortization of Debt Discount, Premium and Expense
|
14
|
|
14
|
|
14
|
|
16
|
|
18
|
|||||
Interest Capitalized
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Other Interest
|
24
|
|
24
|
|
5
|
|
143
|
|
20
|
|||||
Interest Component of Rentals
|
28
|
|
45
|
|
44
|
|
43
|
|
27
|
|||||
Pre-Tax Preferred Stock Dividend Requirement
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
Fixed Charges
|
$730
|
|
$701
|
|
$636
|
|
$764
|
|
$638
|
|||||
Ratio of Earnings to Fixed Charges
|
3.6
|
|
3.5
|
|
3.6
|
|
3.0
|
|
3.7
|
/s/ PricewaterhouseCoopers LLP
|
|
New York, New York
|
|
February 16, 2017
|
|
|
/s/ John McAvoy
|
|
John McAvoy
|
|
Chairman, President and Chief Executive Officer
|
|
/s/ Robert Hoglund
|
|
Robert Hoglund
|
|
Senior Vice President and Chief Financial Officer
|
|
/s/ John McAvoy
|
|
John McAvoy
|
|
/s/ Robert Hoglund
|
|
Robert Hoglund
|
1.
|
Purpose; Effective Date
|
2.
|
Type of Plan
|
3.
|
Participation
|
4.
|
Eligibility
|
5.
|
Exclusions
|
6.
|
Plan Benefits.
|
B.
|
Payment.
|
Years of Service
|
Week’s Salary
Week’s Salary
|
1 but less than 10 2
|
The sum of 4 and one times the number of Years of Service up to a maximum sum of 13 Equivalent Week’s Salary.
|
7.
|
Effect of Plan Benefits on Other Benefits
|
8.
|
Tax Withholding
|
9.
|
Payment Upon Death; No Payment Upon Leave of Absence
|
10.
|
Financing of Benefits
|
11.
|
Administration
|
12.
|
Claims Procedure
|
13.
|
Procedure to Appeal Claim Denial
|
(i)
|
A claimant may use this Procedure if:
|
(i)
|
review pertinent Severance Pay Plan documents which may be obtained by writing to the Plan Administrator and
|
(ii)
|
send to the Plan Administrator a written statement of the issues and any other documents in support of the claim for benefits or other matters under review.
|
14.
|
Legal Service
|
15.
|
Benefits Not Assigned or Alienated
|
16.
|
Plan Year
|
17.
|
Plan Identification Numbers
|
*
|
Employer Identification Number 13-5009340
|
*
|
Plan Number 557
|
18.
|
Plan Continuance
|
19.
|
Plan Documents
|
20.
|
Rights of a Plan Participant
|
(i)
|
Examine, without charge, all Severance Pay Plan documents and copies of all documents filed by the Severance Pay Plan with the U.S. Department of Labor, such as annual reports filed with the U.S. Department of Labor and available at the Public Disclosure Room of the Employee Benefits Security Administration.
|
(ii)
|
Obtain copies of all Severance Pay Plan documents and other Plan information upon written request to the Severance Pay Plan Administrator. There may be a reasonable charge for such copies.
|
21.
|
Statement of Employer’s Rights
|
22.
|
Effect on Invalidity of Any Part of the Severance Pay Plan
|
23.
|
Choice of Law and Forum
|
1.
|
Section 1.16
Company
is amended by adding the following to the end thereof:
|
2.
|
An “APPENDIX A (Affiliated Companies that have adopted the Plan)” is hereby added to the Plan and section (a) thereunder is added as follows:
|
(a)
|
Consolidated Edison Transmission, Inc. shall become a Participating Company in the Plan effective as of January 1, 2017, and its eligible employees shall be subject to the same terms and conditions as other eligible employees of the Plan.
|
|
For the Years Ended December 31,
|
|||||||||||||
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|||||
Earnings
|
|
|
|
|
|
|
|
|
|
|||||
Net Income
|
$1,056
|
|
$1,084
|
|
$1,058
|
|
$1,020
|
|
$1,014
|
|||||
Preferred Stock Dividend
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
(Income) or Loss from Equity Investees
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Minority Interest Loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Income Tax
|
603
|
|
574
|
|
555
|
|
520
|
|
529
|
|||||
Pre-Tax Income
|
$1,659
|
|
$1,658
|
|
$1,613
|
|
$1,540
|
|
$1,546
|
|||||
Add: Fixed Charges*
|
634
|
|
629
|
|
580
|
|
564
|
|
573
|
|||||
Add: Distributed Income of Equity Investees
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Subtract: Interest Capitalized
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Subtract: Pre-Tax Preferred Stock Dividend Requirement
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Earnings
|
$2,293
|
|
$2,287
|
|
$2,193
|
|
$2,104
|
|
$2,119
|
|||||
* Fixed Charges
|
|
|
|
|
|
|
|
|
|
|||||
Interest on Long-term Debt
|
$575
|
|
$553
|
|
$510
|
|
$496
|
|
$508
|
|||||
Amortization of Debt Discount, Premium and Expense
|
13
|
|
14
|
|
13
|
|
15
|
|
17
|
|||||
Interest Capitalized
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Other Interest
|
19
|
|
19
|
|
15
|
|
11
|
|
22
|
|||||
Interest Component of Rentals
|
27
|
|
43
|
|
42
|
|
42
|
|
26
|
|||||
Pre-Tax Preferred Stock Dividend Requirement
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Fixed Charges
|
$634
|
|
$629
|
|
$580
|
|
$564
|
|
$573
|
|||||
Ratio of Earnings to Fixed Charges
|
3.6
|
|
3.6
|
|
3.8
|
|
3.7
|
|
3.7
|
/s/ PricewaterhouseCoopers LLP
|
|
New York, New York
|
|
February 16, 2017
|
|
|
/s/ John McAvoy
|
|
John McAvoy
|
|
Chairman and Chief Executive Officer
|
|
/s/ Robert Hoglund
|
|
Robert Hoglund
|
|
Senior Vice President and Chief Financial Officer
|
|
/s/ John McAvoy
|
|
John McAvoy
|
|
/s/ Robert Hoglund
|
|
Robert Hoglund
|