|
x
|
Quarterly Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934
|
¨
|
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
Commission
File Number
|
|
Exact name of registrant as specified in its charter
and principal executive office address and telephone number
|
|
State of
Incorporation
|
|
I.R.S. Employer
ID. Number
|
1-14514
|
|
Consolidated Edison, Inc.
|
|
New York
|
|
13-3965100
|
|
|
4 Irving Place, New York, New York 10003
|
|
|
|
|
|
|
(212) 460-4600
|
|
|
|
|
1-1217
|
|
Consolidated Edison Company of New York, Inc.
|
New York
|
|
13-5009340
|
|
|
|
4 Irving Place, New York, New York 10003
|
|
|
|
|
|
|
(212) 460-4600
|
|
|
|
|
Title of each class
|
|
Trading Symbol
|
|
Name of each exchange on which registered
|
Consolidated Edison, Inc.,
|
|
ED
|
|
New York Stock Exchange
|
Common Shares ($.10 par value)
|
|
|
|
|
Consolidated Edison, Inc. (Con Edison)
|
Yes
x
|
No
¨
|
Consolidated Edison Company of New York, Inc. (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
¨
|
Emerging growth company
¨
|
|
CECONY
|
||
Large accelerated filer
¨
|
Accelerated filer
¨
|
Non-accelerated filer
x
|
Smaller reporting company
¨
|
Emerging growth 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.
|
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
|
|
|
AFUDC
|
|
Allowance for funds used during construction
|
ASU
|
|
Accounting Standards Update
|
GAAP
|
|
Generally Accepted Accounting Principles in the United States of America
|
HLBV
|
|
Hypothetical liquidation at book value
|
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
|
|
|
AMI
|
|
Advanced metering infrastructure
|
COSO
|
|
Committee of Sponsoring Organizations of the Treadway Commission
|
DER
|
|
Distributed energy resources
|
Fitch
|
|
Fitch Ratings
|
First Quarter Form 10-Q
|
|
The Companies' combined Quarterly Report on Form 10-Q for the quarterly period ended March 31 of the current year
|
Form 10-K
|
|
The Companies’ combined Annual Report on Form 10-K for the year ended December 31, 2018
|
LTIP
|
|
Long Term Incentive Plan
|
Moody’s
|
|
Moody’s Investors Service
|
REV
|
|
Reforming the Energy Vision
|
S&P
|
|
S&P Global Ratings
|
TCJA
|
|
The federal Tax Cuts and Jobs Act of 2017, as enacted on December 22, 2017
|
VaR
|
|
Value-at-Risk
|
|
|
PAGE
|
|
||
ITEM 1
|
Financial Statements (Unaudited)
|
|
|
Con Edison
|
|
|
||
|
||
|
||
|
||
|
||
|
CECONY
|
|
|
||
|
||
|
||
|
||
|
||
|
||
ITEM 2
|
||
ITEM 3
|
||
ITEM 4
|
||
ITEM 1
|
||
ITEM 1A
|
||
ITEM 6
|
||
|
•
|
the Companies are extensively regulated and are subject to penalties;
|
•
|
the Utilities’ rate plans may not provide a reasonable return;
|
•
|
the Companies may be adversely affected by changes to the Utilities’ rate plans;
|
•
|
the intentional misconduct of employees or contractors could adversely affect the Companies;
|
•
|
the failure of, or damage to, the Companies’ facilities could adversely affect the Companies;
|
•
|
a cyber attack could adversely affect the Companies;
|
•
|
the Companies are exposed to risks from the environmental consequences of their operations;
|
•
|
a disruption in the wholesale energy markets or failure by an energy supplier or customer could adversely affect the Companies;
|
•
|
the Companies have substantial unfunded pension and other postretirement benefit liabilities;
|
•
|
Con Edison’s ability to pay dividends or interest depends on dividends from its subsidiaries;
|
•
|
the Companies require access to capital markets to satisfy funding requirements;
|
•
|
changes to tax laws could adversely affect the Companies;
|
•
|
the Companies’ strategies may not be effective to address changes in the external business environment; and
|
•
|
the Companies also face other risks that are beyond their control.
|
|
For the Three Months Ended March 31,
|
||
(Millions of Dollars/Except Share Data)
|
2019
|
2018
|
|
OPERATING REVENUES
|
|
|
|
Electric
|
$1,941
|
$1,877
|
|
Gas
|
1,034
|
939
|
|
Steam
|
321
|
314
|
|
Non-utility
|
218
|
234
|
|
TOTAL OPERATING REVENUES
|
3,514
|
3,364
|
|
OPERATING EXPENSES
|
|
|
|
Purchased power
|
368
|
353
|
|
Fuel
|
106
|
124
|
|
Gas purchased for resale
|
442
|
378
|
|
Other operations and maintenance
|
794
|
836
|
|
Depreciation and amortization
|
413
|
348
|
|
Taxes, other than income taxes
|
605
|
570
|
|
TOTAL OPERATING EXPENSES
|
2,728
|
2,609
|
|
OPERATING INCOME
|
786
|
755
|
|
OTHER INCOME (DEDUCTIONS)
|
|
|
|
Investment income
|
24
|
20
|
|
Other income
|
11
|
6
|
|
Allowance for equity funds used during construction
|
3
|
4
|
|
Other deductions
|
(24)
|
(45)
|
|
TOTAL OTHER INCOME (DEDUCTIONS)
|
14
|
(15)
|
|
INCOME BEFORE INTEREST AND INCOME TAX EXPENSE
|
800
|
740
|
|
INTEREST EXPENSE
|
|
|
|
Interest on long-term debt
|
221
|
190
|
|
Other interest
|
29
|
7
|
|
Allowance for borrowed funds used during construction
|
(3)
|
(2)
|
|
NET INTEREST EXPENSE
|
247
|
195
|
|
INCOME BEFORE INCOME TAX EXPENSE
|
553
|
545
|
|
INCOME TAX EXPENSE
|
108
|
117
|
|
NET INCOME
|
$445
|
$428
|
|
Income attributable to non-controlling interest
|
21
|
—
|
|
Net income for common stock
|
$424
|
$428
|
|
Net income per common share—basic
|
$1.31
|
$1.38
|
|
Net income per common share—diluted
|
$1.31
|
$1.37
|
|
AVERAGE NUMBER OF SHARES OUTSTANDING—BASIC (IN MILLIONS)
|
322.5
|
310.4
|
|
AVERAGE NUMBER OF SHARES OUTSTANDING—DILUTED (IN MILLIONS)
|
323.4
|
311.6
|
|
Three Months Ended March 31,
|
|||
(Millions of Dollars)
|
2019
|
|
2018
|
|
NET INCOME
|
$445
|
$428
|
||
INCOME ATTRIBUTABLE TO NON-CONTROLLING INTEREST
|
(21
|
)
|
—
|
|
OTHER COMPREHENSIVE INCOME, NET OF TAXES
|
|
|
||
Pension and other postretirement benefit plan liability adjustments, net of taxes
|
4
|
4
|
||
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAXES
|
4
|
4
|
||
COMPREHENSIVE INCOME
|
$428
|
$432
|
|
For the Three Months Ended March 31,
|
|
|||
(Millions of Dollars)
|
2019
|
|
2018
|
|
|
OPERATING ACTIVITIES
|
|
|
|||
Net income
|
$445
|
$428
|
|||
PRINCIPAL NON-CASH CHARGES/(CREDITS) TO INCOME
|
|
|
|||
Depreciation and amortization
|
413
|
348
|
|||
Deferred income taxes
|
108
|
101
|
|||
Rate case amortization and accruals
|
(29)
|
(28)
|
|||
Common equity component of allowance for funds used during construction
|
(3)
|
(4)
|
|||
Net derivative gains
|
10
|
(1)
|
|||
Unbilled revenue and net unbilled revenue deferrals
|
11
|
48
|
|||
Gain on sale of assets
|
(5)
|
—
|
|
||
Other non-cash items, net
|
(4
|
)
|
(23
|
)
|
|
CHANGES IN ASSETS AND LIABILITIES
|
|
|
|||
Accounts receivable – customers
|
(43)
|
(147)
|
|||
Materials and supplies, including fuel oil and gas in storage
|
31
|
33
|
|||
Other receivables and other current assets
|
(36)
|
26
|
|||
Taxes receivable
|
—
|
|
18
|
||
Prepayments
|
(448)
|
(422)
|
|||
Accounts payable
|
(108)
|
30
|
|||
Pensions and retiree benefits obligations, net
|
93
|
84
|
|||
Pensions and retiree benefits contributions
|
(4)
|
(184)
|
|||
Accrued taxes
|
(19)
|
(61)
|
|||
Accrued interest
|
97
|
68
|
|||
Superfund and environmental remediation costs, net
|
(1)
|
(2)
|
|||
Distributions from equity investments
|
14
|
35
|
|||
System benefit charge
|
6
|
63
|
|||
Deferred charges, noncurrent assets and other regulatory assets
|
(34)
|
(246)
|
|||
Deferred credits and other regulatory liabilities
|
94
|
179
|
|||
Other current and noncurrent liabilities
|
(124)
|
(200)
|
|||
NET CASH FLOWS FROM OPERATING ACTIVITIES
|
464
|
143
|
|||
INVESTING ACTIVITIES
|
|
|
|||
Utility construction expenditures
|
(783)
|
(790)
|
|||
Cost of removal less salvage
|
(72)
|
(63)
|
|||
Non-utility construction expenditures
|
(48)
|
(35)
|
|||
Investments in electric and gas transmission projects
|
(38)
|
(32)
|
|||
Proceeds from sale of assets
|
48
|
—
|
|
||
Other investing activities
|
5
|
11
|
|||
NET CASH FLOWS USED IN INVESTING ACTIVITIES
|
(888)
|
(909)
|
|||
FINANCING ACTIVITIES
|
|
|
|||
Net issuance/(payment) of short-term debt
|
(1,131)
|
812
|
|||
Issuance of long-term debt
|
825
|
—
|
|
||
Retirement of long-term debt
|
(11)
|
(10)
|
|||
Debt issuance costs
|
(1)
|
(1)
|
|||
Common stock dividends
|
(226)
|
(209)
|
|||
Issuance of common shares - public offering
|
425
|
—
|
|
||
Issuance of common shares for stock plans
|
13
|
13
|
|||
Distribution to noncontrolling interest
|
(2
|
)
|
—
|
|
|
NET CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES
|
(108)
|
605
|
|||
CASH, TEMPORARY CASH INVESTMENTS, AND RESTRICTED CASH:
|
|
|
|||
NET CHANGE FOR THE PERIOD
|
(532)
|
(161)
|
|||
BALANCE AT BEGINNING OF PERIOD
|
1,006
|
844
|
|||
BALANCE AT END OF PERIOD
|
$474
|
$683
|
|||
SUPPLEMENTAL DISCLOSURE OF CASH INFORMATION
|
|
|
|||
Cash paid/(received) during the period for:
|
|
|
|||
Interest
|
$130
|
$124
|
|||
Income taxes
|
$3
|
$(13)
|
|||
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION
|
|
|
|||
Construction expenditures in accounts payable
|
$300
|
$352
|
|||
Issuance of common shares for dividend reinvestment
|
$12
|
$12
|
|||
Software licenses acquired but unpaid as of end of period
|
$100
|
|
$—
|
|
(Millions of Dollars)
|
March 31,
2019 |
December 31,
2018 |
|
ASSETS
|
|
|
|
CURRENT ASSETS
|
|
|
|
Cash and temporary cash investments
|
$406
|
$895
|
|
Accounts receivable – customers, less allowance for uncollectible accounts of $63 and $62 in 2019 and 2018, respectively
|
1,309
|
1,267
|
|
Other receivables, less allowance for uncollectible accounts of $7 and $5 in 2019 and 2018, respectively
|
267
|
285
|
|
Taxes receivable
|
49
|
49
|
|
Accrued unbilled revenue
|
500
|
514
|
|
Fuel oil, gas in storage, materials and supplies, at average cost
|
327
|
358
|
|
Prepayments
|
635
|
187
|
|
Regulatory assets
|
43
|
76
|
|
Restricted cash
|
68
|
111
|
|
Other current assets
|
177
|
122
|
|
TOTAL CURRENT ASSETS
|
3,781
|
3,864
|
|
INVESTMENTS
|
1,832
|
1,766
|
|
UTILITY PLANT, AT ORIGINAL COST
|
|
|
|
Electric
|
30,704
|
30,378
|
|
Gas
|
9,329
|
9,100
|
|
Steam
|
2,574
|
2,562
|
|
General
|
3,384
|
3,331
|
|
TOTAL
|
45,991
|
45,371
|
|
Less: Accumulated depreciation
|
9,953
|
9,769
|
|
Net
|
36,038
|
35,602
|
|
Construction work in progress
|
2,014
|
1,978
|
|
NET UTILITY PLANT
|
38,052
|
37,580
|
|
NON-UTILITY PLANT
|
|
|
|
Non-utility property, less accumulated depreciation of $296 and $275 in 2019 and 2018, respectively
|
3,976
|
4,000
|
|
Construction work in progress
|
124
|
169
|
|
NET PLANT
|
42,152
|
41,749
|
|
OTHER NONCURRENT ASSETS
|
|
|
|
Goodwill
|
440
|
440
|
|
Intangible assets, less accumulated amortization of $53 and $29 in 2019 and 2018, respectively
|
1,630
|
1,654
|
|
Regulatory assets
|
4,245
|
4,294
|
|
Operating lease right-of-use asset
|
852
|
—
|
|
Other deferred charges and noncurrent assets
|
134
|
153
|
|
TOTAL OTHER NONCURRENT ASSETS
|
7,301
|
6,541
|
|
TOTAL ASSETS
|
$55,066
|
$53,920
|
(Millions of Dollars)
|
March 31,
2019 |
|
December 31,
2018 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
||
CURRENT LIABILITIES
|
|
|
||
Long-term debt due within one year
|
$2,029
|
$650
|
||
Term loan
|
—
|
|
825
|
|
Notes payable
|
1,435
|
1,741
|
||
Accounts payable
|
1,010
|
1,187
|
||
Customer deposits
|
351
|
351
|
||
Accrued taxes
|
43
|
61
|
||
Accrued interest
|
226
|
129
|
||
Accrued wages
|
109
|
109
|
||
Fair value of derivative liabilities
|
46
|
50
|
||
Regulatory liabilities
|
152
|
114
|
||
System benefit charge
|
633
|
627
|
||
Operating lease liabilities
|
50
|
—
|
|
|
Other current liabilities
|
264
|
363
|
||
TOTAL CURRENT LIABILITIES
|
6,348
|
6,207
|
||
NONCURRENT LIABILITIES
|
|
|
||
Provision for injuries and damages
|
143
|
146
|
||
Pensions and retiree benefits
|
1,231
|
1,228
|
||
Superfund and other environmental costs
|
776
|
779
|
||
Asset retirement obligations
|
419
|
450
|
||
Fair value of derivative liabilities
|
51
|
16
|
||
Deferred income taxes and unamortized investment tax credits
|
5,951
|
5,820
|
||
Operating lease liabilities
|
825
|
—
|
|
|
Regulatory liabilities
|
4,613
|
4,641
|
||
Other deferred credits and noncurrent liabilities
|
275
|
299
|
||
TOTAL NONCURRENT LIABILITIES
|
14,284
|
13,379
|
||
LONG-TERM DEBT
|
16,933
|
17,495
|
||
EQUITY
|
|
|
||
Common shareholders’ equity
|
17,369
|
16,726
|
||
Noncontrolling interest
|
132
|
113
|
||
TOTAL EQUITY (See Statement of Equity)
|
17,501
|
16,839
|
||
TOTAL LIABILITIES AND EQUITY
|
$55,066
|
$53,920
|
(In Millions)
|
Common Stock
|
Additional
Paid-In Capital |
Retained
Earnings |
Treasury Stock
|
Capital
Stock Expense |
Accumulated
Other Comprehensive Income/(Loss) |
Non-
controlling
Interest |
Total
|
|||
Shares
|
Amount
|
Shares
|
Amount
|
||||||||
BALANCE AS OF DECEMBER 31, 2017
|
310
|
$34
|
$6,298
|
$10,235
|
23
|
$(1,038)
|
$(85)
|
$(26)
|
$7
|
$15,425
|
|
Net income
|
|
|
|
428
|
|
|
|
|
|
428
|
|
Common stock dividends ($0.72 per share)
|
|
|
|
(221)
|
|
|
|
|
|
(221)
|
|
Issuance of common shares for stock plans
|
1
|
|
25
|
|
|
|
|
|
|
25
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
4
|
|
4
|
|
Noncontrolling interest
|
|
|
|
|
|
|
|
|
|
—
|
|
BALANCE AS OF MARCH 31, 2018
|
311
|
$34
|
$6,323
|
$10,442
|
23
|
$(1,038)
|
$(85)
|
$(22)
|
$7
|
$15,661
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE AS OF DECEMBER 31, 2018
|
321
|
$34
|
$7,117
|
$10,728
|
23
|
$(1,038)
|
$(99)
|
$(16)
|
$113
|
$16,839
|
|
Net income
|
|
|
|
424
|
|
|
|
|
21
|
445
|
|
Common stock dividends ($0.74 per share)
|
|
|
|
(237)
|
|
|
|
|
|
(237)
|
|
Issuance of common shares – public offering
|
6
|
|
433
|
|
|
|
(8)
|
|
|
425
|
|
Issuance of common shares for stock plans
|
|
|
27
|
|
|
|
|
|
|
27
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
4
|
|
4
|
|
Distributions to noncontrolling interest
|
|
|
|
|
|
|
|
|
(2)
|
(2)
|
|
BALANCE AS OF MARCH 31, 2019
|
327
|
$34
|
$7,577
|
$10,915
|
23
|
$(1,038)
|
$(107)
|
$(12)
|
$132
|
$17,501
|
|
For the Three Months Ended March 31,
|
|
(Millions of Dollars)
|
2019
|
2018
|
OPERATING REVENUES
|
|
|
Electric
|
$1,797
|
$1,729
|
Gas
|
921
|
841
|
Steam
|
321
|
314
|
TOTAL OPERATING REVENUES
|
3,039
|
2,884
|
OPERATING EXPENSES
|
|
|
Purchased power
|
322
|
303
|
Fuel
|
106
|
124
|
Gas purchased for resale
|
317
|
273
|
Other operations and maintenance
|
659
|
630
|
Depreciation and amortization
|
334
|
310
|
Taxes, other than income taxes
|
575
|
539
|
TOTAL OPERATING EXPENSES
|
2,313
|
2,179
|
OPERATING INCOME
|
726
|
705
|
OTHER INCOME (DEDUCTIONS)
|
|
|
Investment and other income
|
9
|
5
|
Allowance for equity funds used during construction
|
3
|
3
|
Other deductions
|
(19)
|
(39)
|
TOTAL OTHER INCOME (DEDUCTIONS)
|
(7)
|
(31)
|
INCOME BEFORE INTEREST AND INCOME TAX EXPENSE
|
719
|
674
|
INTEREST EXPENSE
|
|
|
Interest on long-term debt
|
169
|
163
|
Other interest
|
17
|
5
|
Allowance for borrowed funds used during construction
|
(3)
|
(2)
|
NET INTEREST EXPENSE
|
183
|
166
|
INCOME BEFORE INCOME TAX EXPENSE
|
536
|
508
|
INCOME TAX EXPENSE
|
124
|
119
|
NET INCOME
|
$412
|
$389
|
|
For the Three Months Ended March 31,
|
|||
(Millions of Dollars)
|
2019
|
|
2018
|
|
NET INCOME
|
$412
|
$389
|
||
OTHER COMPREHENSIVE INCOME, NET OF TAXES
|
—
|
|
—
|
|
COMPREHENSIVE INCOME
|
$412
|
$389
|
|
For the Three Months Ended March 31,
|
||||
(Millions of Dollars)
|
2019
|
|
2018
|
|
|
OPERATING ACTIVITIES
|
|
|
|||
Net income
|
$412
|
$389
|
|||
PRINCIPAL NON-CASH CHARGES/(CREDITS) TO INCOME
|
|
|
|||
Depreciation and amortization
|
334
|
310
|
|||
Deferred income taxes
|
122
|
108
|
|||
Rate case amortization and accruals
|
(29)
|
(33)
|
|||
Common equity component of allowance for funds used during construction
|
(3)
|
(3)
|
|||
Unbilled revenue and net unbilled revenue deferrals
|
19
|
13
|
|||
Gain on sale of assets
|
(5)
|
—
|
|
||
Other non-cash items, net
|
(11)
|
(10)
|
|||
CHANGES IN ASSETS AND LIABILITIES
|
|
|
|||
Accounts receivable – customers
|
(36)
|
(126)
|
|||
Materials and supplies, including fuel oil and gas in storage
|
24
|
24
|
|||
Other receivables and other current assets
|
(24)
|
(8)
|
|||
Accounts receivable from affiliated companies
|
(6)
|
(19)
|
|||
Prepayments
|
(438)
|
(417)
|
|||
Accounts payable
|
(75)
|
37
|
|||
Accounts payable to affiliated companies
|
—
|
|
7
|
||
Pensions and retiree benefits obligations, net
|
87
|
80
|
|||
Pensions and retiree benefits contributions
|
(3)
|
(183)
|
|||
Superfund and environmental remediation costs, net
|
(2)
|
(3)
|
|||
Accrued taxes
|
(18)
|
(68)
|
|||
Accrued taxes to affiliated companies
|
—
|
|
3
|
||
Accrued interest
|
72
|
68
|
|||
System benefit charge
|
7
|
59
|
|||
Deferred charges, noncurrent assets and other regulatory assets
|
(47)
|
(202)
|
|||
Deferred credits and other regulatory liabilities
|
92
|
161
|
|||
Other current and noncurrent liabilities
|
(77)
|
(131)
|
|||
NET CASH FLOWS FROM OPERATING ACTIVITIES
|
395
|
56
|
|||
INVESTING ACTIVITIES
|
|
|
|||
Utility construction expenditures
|
(728)
|
(747)
|
|||
Cost of removal less salvage
|
(70)
|
(61)
|
|||
Proceeds from sale of assets
|
48
|
—
|
|
||
NET CASH FLOWS USED IN INVESTING ACTIVITIES
|
(750)
|
(808)
|
|||
FINANCING ACTIVITIES
|
|
|
|||
Net issuance/(payment) of short-term debt
|
(107)
|
763
|
|||
Debt issuance costs
|
(1)
|
(1)
|
|||
Capital contribution by parent
|
225
|
45
|
|||
Dividend to parent
|
(228)
|
(211)
|
|||
NET CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES
|
(111)
|
596
|
|||
CASH, TEMPORARY CASH INVESTMENTS, AND RESTRICTED CASH:
|
|
|
|||
NET CHANGE FOR THE PERIOD
|
(466)
|
(156)
|
|||
BALANCE AT BEGINNING OF PERIOD
|
818
|
730
|
|||
BALANCE AT END OF PERIOD
|
$352
|
$574
|
|||
SUPPLEMENTAL DISCLOSURE OF CASH INFORMATION
|
|
|
|||
Cash paid/(received) during the period for:
|
|
|
|||
Interest
|
$101
|
$93
|
|||
Income taxes
|
$8
|
$18
|
|||
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION
|
|
|
|||
Construction expenditures in accounts payable
|
$267
|
$272
|
|||
Software licenses acquired but unpaid as of end of period
|
$95
|
|
$—
|
|
(Millions of Dollars)
|
March 31,
2019 |
December 31,
2018 |
|
ASSETS
|
|
|
|
CURRENT ASSETS
|
|
|
|
Cash and temporary cash investments
|
$352
|
$818
|
|
Accounts receivable – customers, less allowance for uncollectible accounts of $58 and $57 in 2019 and 2018, respectively
|
1,198
|
1,163
|
|
Other receivables, less allowance for uncollectible accounts of $6 and $3 in 2019 and 2018, respectively
|
182
|
211
|
|
Taxes receivable
|
5
|
5
|
|
Accrued unbilled revenue
|
370
|
392
|
|
Accounts receivable from affiliated companies
|
220
|
214
|
|
Fuel oil, gas in storage, materials and supplies, at average cost
|
280
|
304
|
|
Prepayments
|
555
|
117
|
|
Regulatory assets
|
29
|
64
|
|
Other current assets
|
129
|
69
|
|
TOTAL CURRENT ASSETS
|
3,320
|
3,357
|
|
INVESTMENTS
|
407
|
385
|
|
UTILITY PLANT, AT ORIGINAL COST
|
|
|
|
Electric
|
28,903
|
28,595
|
|
Gas
|
8,493
|
8,295
|
|
Steam
|
2,574
|
2,562
|
|
General
|
3,100
|
3,056
|
|
TOTAL
|
43,070
|
42,508
|
|
Less: Accumulated depreciation
|
9,150
|
8,988
|
|
Net
|
33,920
|
33,520
|
|
Construction work in progress
|
1,894
|
1,850
|
|
NET UTILITY PLANT
|
35,814
|
35,370
|
|
NON-UTILITY PROPERTY
|
|
|
|
Non-utility property, less accumulated depreciation of $25 in 2019 and 2018
|
3
|
4
|
|
NET PLANT
|
35,817
|
35,374
|
|
OTHER NONCURRENT ASSETS
|
|
|
|
Regulatory assets
|
3,895
|
3,923
|
|
Operating lease right-of-use asset
|
627
|
—
|
|
Other deferred charges and noncurrent assets
|
56
|
69
|
|
TOTAL OTHER NONCURRENT ASSETS
|
4,578
|
3,992
|
|
TOTAL ASSETS
|
$44,122
|
$43,108
|
(Millions of Dollars)
|
March 31,
2019 |
December 31,
2018 |
|
LIABILITIES AND SHAREHOLDER’S EQUITY
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
Long-term debt due within one year
|
$475
|
$475
|
|
Notes payable
|
1,085
|
1,192
|
|
Accounts payable
|
870
|
977
|
|
Accounts payable to affiliated companies
|
17
|
17
|
|
Customer deposits
|
339
|
339
|
|
Accrued taxes
|
38
|
55
|
|
Accrued interest
|
184
|
112
|
|
Accrued wages
|
99
|
99
|
|
Fair value of derivative liabilities
|
24
|
25
|
|
Regulatory liabilities
|
105
|
73
|
|
System benefit charge
|
576
|
569
|
|
Operating lease liabilities
|
41
|
—
|
|
Other current liabilities
|
201
|
267
|
|
TOTAL CURRENT LIABILITIES
|
4,054
|
4,200
|
|
NONCURRENT LIABILITIES
|
|
|
|
Provision for injuries and damages
|
137
|
141
|
|
Pensions and retiree benefits
|
969
|
952
|
|
Superfund and other environmental costs
|
691
|
693
|
|
Asset retirement obligations
|
295
|
292
|
|
Fair value of derivative liabilities
|
32
|
6
|
|
Deferred income taxes and unamortized investment tax credits
|
5,893
|
5,739
|
|
Operating lease liabilities
|
598
|
—
|
|
Regulatory liabilities
|
4,220
|
4,258
|
|
Other deferred credits and noncurrent liabilities
|
236
|
241
|
|
TOTAL NONCURRENT LIABILITIES
|
13,071
|
12,322
|
|
LONG-TERM DEBT
|
13,678
|
13,676
|
|
SHAREHOLDER’S EQUITY (See Statement of Shareholder’s Equity)
|
13,319
|
12,910
|
|
TOTAL LIABILITIES AND SHAREHOLDER’S EQUITY
|
$44,122
|
$43,108
|
|
Common Stock
|
Additional
Paid-In Capital |
Retained
Earnings |
Repurchased
Con Edison Stock |
Capital
Stock Expense |
Accumulated
Other Comprehensive Income/(Loss) |
Total
|
||
(In Millions)
|
Shares
|
Amount
|
|||||||
BALANCE AS OF DECEMBER 31, 2017
|
235
|
$589
|
$4,649
|
$8,231
|
$(962)
|
$(62)
|
$(6)
|
$12,439
|
|
Net income
|
|
|
|
389
|
|
|
|
$389
|
|
Common stock dividend to parent
|
|
|
|
(211)
|
|
|
|
(211
|
)
|
Capital contribution by parent
|
|
|
45
|
|
|
|
|
45
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
—
|
|
BALANCE AS OF MARCH 31, 2018
|
235
|
$589
|
$4,694
|
$8,409
|
$(962)
|
$(62)
|
$(6)
|
$12,662
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE AS OF DECEMBER 31, 2018
|
235
|
$589
|
$4,769
|
$8,581
|
$(962)
|
$(62)
|
$(5)
|
$12,910
|
|
Net income
|
|
|
|
412
|
|
|
|
412
|
|
Common stock dividend to parent
|
|
|
|
(228)
|
|
|
|
(228
|
)
|
Capital contribution by parent
|
|
|
225
|
|
|
|
|
225
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
—
|
|
BALANCE AS OF MARCH 31, 2019
|
235
|
$589
|
$4,994
|
$8,765
|
$(962)
|
$(62)
|
$(5)
|
$13,319
|
|
For the Three Months Ended March 31, 2019
|
For the Three Months Ended March 31, 2018
|
|||||||||||
(Millions of Dollars)
|
Revenues from contracts with customers
|
|
Other revenues (a)
|
Total operating revenues
|
Revenues from contracts with customers
|
|
Other revenues (a)
|
Total operating revenues
|
|||||
CECONY
|
|
|
|
|
|
|
|
|
|||||
Electric
|
$1,714
|
|
$83
|
$1,797
|
$1,771
|
|
$(42)
|
$1,729
|
|||||
Gas
|
910
|
|
11
|
921
|
835
|
|
6
|
841
|
|||||
Steam
|
317
|
|
4
|
321
|
315
|
|
(1)
|
314
|
|||||
Total CECONY
|
$2,941
|
|
$98
|
$3,039
|
$2,921
|
|
$(37)
|
$2,884
|
|||||
O&R
|
|
|
|
|
|
|
|
|
|||||
Electric
|
143
|
|
2
|
145
|
152
|
|
(3)
|
149
|
|||||
Gas
|
114
|
|
(1)
|
113
|
110
|
|
(13)
|
97
|
|||||
Total O&R
|
$257
|
|
$1
|
$258
|
$262
|
|
$(16)
|
$246
|
|||||
Clean Energy Businesses
|
|
|
|
|
|
|
|
|
|||||
Renewables
|
106
|
(b)
|
—
|
|
106
|
132
|
(b)
|
—
|
|
132
|
|||
Energy services
|
23
|
|
—
|
|
23
|
17
|
|
—
|
|
17
|
|||
Other
|
—
|
|
|
88
|
88
|
—
|
|
|
84
|
84
|
|||
Total Clean Energy Businesses
|
$129
|
|
$88
|
$217
|
$149
|
|
$84
|
$233
|
|||||
Con Edison Transmission
|
1
|
|
—
|
|
1
|
1
|
|
—
|
|
1
|
|||
Other (c)
|
—
|
|
|
(1)
|
(1)
|
—
|
|
|
—
|
|
—
|
|
|
Total Con Edison
|
$3,328
|
|
$186
|
$3,514
|
$3,333
|
|
$31
|
$3,364
|
(c)
|
P
arent company and consolidation adjustments.
|
|
2019
|
2018
|
|||||
(Millions of Dollars)
|
Unbilled contract revenue (a)
|
Unearned revenue (b)
|
|
|
Unbilled contract revenue (a)
|
Unearned revenue (b)
|
|
Beginning balance as of January 1,
|
$29
|
$20
|
|
$58
|
$87
|
|
|
Additions (c)
|
24
|
—
|
|
|
36
|
32
|
|
Subtractions (c)
|
15
|
1
|
(d)
|
15
|
70
|
(d)
|
|
Ending balance as of March 31,
|
$38
|
$19
|
|
$79
|
$49
|
|
(a)
|
Unbilled contract revenue represents accumulated incurred costs and earned profits on contracts (revenue arrangements), which have been recorded as revenue, but have not yet been billed to customers, and which represent contract assets as defined in Topic 606. Substantially all accrued unbilled contract revenue is expected to be collected within one year. Unbilled contract revenue arises from the cost-to-cost method of revenue recognition. Unbilled contract revenue from fixed-price type contracts is converted to billed receivables when amounts are invoiced to customers according to contractual billing terms, which generally occur when deliveries or other performance milestones are completed.
|
(b)
|
Unearned revenue represents a liability for billings to customers in excess of earned revenue, which are contract liabilities as defined in Topic 606.
|
(c)
|
Additions for unbilled contract revenue and subtractions for unearned revenue represent additional revenue earned. Additions for unearned revenue and subtractions for unbilled contract revenue represent billings. Activity also includes appropriate balance sheet classification for the period.
|
(d)
|
Of the subtractions from unearned revenue,
$1 million
and
$48 million
were included in the balance as of January 1, 2019 and 2018, respectively.
|
|
For the Three Months Ended March 31,
|
|
(Millions of Dollars, except per share amounts/Shares in Millions)
|
2019
|
2018
|
Net income for common stock
|
$424
|
$428
|
Weighted average common shares outstanding – basic
|
322.5
|
310.4
|
Add: Incremental shares attributable to effect of potentially dilutive securities
|
0.9
|
1.2
|
Adjusted weighted average common shares outstanding – diluted
|
323.4
|
311.6
|
Net Income per common share – basic
|
$1.31
|
$1.38
|
Net Income per common share – diluted
|
$1.31
|
$1.37
|
(a)
|
Tax reclassified from accumulated OCI is reported in the income tax expense line item of the consolidated income statement.
|
(b)
|
For the portion of unrecognized pension and other postretirement benefit costs relating to the Utilities, costs are recorded into, and amortized out of, regulatory assets instead of OCI. The net actuarial losses and prior service costs recognized during the period are included in the computation of total periodic pension and other postretirement benefit cost. See Notes E and F.
|
|
At March 31,
|
|||||
|
Con Edison
|
CECONY
|
||||
(Millions of Dollars)
|
2019
|
2018
|
2019
|
|
2018
|
|
Cash and temporary cash investments
|
$406
|
$651
|
$352
|
$574
|
||
Restricted cash (a)
|
68
|
32
|
—
|
|
—
|
|
Total cash, temporary cash investments and restricted cash
|
$474
|
$683
|
$352
|
$574
|
(a)
|
Restricted cash included cash of Con Edison Development renewable electric production project subsidiaries (
$67 million
and
$31 million
at
March 31, 2019
and
2018
, respectively) that, under the related project debt agreements, is restricted until the various maturity dates of the project debt to being used for normal operating expenses and capital expenditures, debt service, and required reserves. During the pendency of the PG&E bankruptcy, unless the lenders for the related project debt otherwise agree, cash may not be distributed from the related projects to Con Edison Development. See “Long-Lived and Intangible Assets,” above, and Note C. In addition, restricted cash includes O&R's New Jersey utility subsidiary, Rockland Electric Company transition bond charge collections, net of principal, interest, trustee and service fees (
$1 million
at
March 31, 2019
and
2018
) that are restricted until the bonds mature in 2019
.
|
|
Con Edison
|
|
CECONY
|
||||
(Millions of Dollars)
|
2019
|
2018
|
|
2019
|
|
2018
|
|
Regulatory assets
|
|
|
|
|
|
||
Unrecognized pension and other postretirement costs
|
$2,166
|
$2,238
|
|
$2,052
|
$2,111
|
||
Environmental remediation costs
|
798
|
810
|
|
706
|
716
|
||
Revenue taxes
|
299
|
291
|
|
286
|
278
|
||
MTA power reliability deferral
|
239
|
229
|
|
239
|
229
|
||
Property tax reconciliation
|
114
|
101
|
|
101
|
86
|
||
Deferred storm costs
|
77
|
76
|
|
—
|
|
—
|
|
Municipal infrastructure support costs
|
75
|
67
|
|
75
|
67
|
||
Pension and other postretirement benefits deferrals
|
63
|
73
|
|
45
|
56
|
||
System peak reduction and energy efficiency programs
|
60
|
72
|
|
59
|
70
|
||
Deferred derivative losses
|
43
|
17
|
|
37
|
11
|
||
Brooklyn Queens demand management program
|
37
|
39
|
|
37
|
39
|
||
Meadowlands heater odorization project
|
36
|
36
|
|
36
|
36
|
||
Unamortized loss on reacquired debt
|
34
|
36
|
|
32
|
34
|
||
Preferred stock redemption
|
23
|
23
|
|
23
|
23
|
||
Recoverable REV demonstration project costs
|
20
|
20
|
|
18
|
18
|
||
Gate station upgrade project
|
18
|
17
|
|
18
|
17
|
||
Indian Point Energy Center program costs
|
7
|
13
|
|
7
|
13
|
||
Workers’ compensation
|
6
|
5
|
|
6
|
5
|
||
O&R transition bond charges
|
1
|
2
|
|
—
|
|
—
|
|
Other
|
129
|
129
|
|
118
|
114
|
||
Regulatory assets – noncurrent
|
4,245
|
4,294
|
|
3,895
|
3,923
|
||
Deferred derivative losses
|
39
|
36
|
|
29
|
29
|
||
Recoverable energy costs
|
4
|
40
|
|
—
|
|
35
|
|
Regulatory assets – current
|
43
|
76
|
|
29
|
64
|
||
Total Regulatory Assets
|
$4,288
|
$4,370
|
|
$3,924
|
$3,987
|
||
Regulatory liabilities
|
|
|
|
|
|
||
Future income tax
|
$2,496
|
$2,515
|
|
$2,347
|
$2,363
|
||
Allowance for cost of removal less salvage
|
934
|
928
|
|
795
|
790
|
||
TCJA net benefits*
|
438
|
434
|
|
417
|
411
|
||
Energy efficiency portfolio standard unencumbered funds
|
124
|
127
|
|
119
|
122
|
||
Net unbilled revenue deferrals
|
115
|
117
|
|
115
|
117
|
||
Pension and other postretirement benefit deferrals
|
62
|
62
|
|
38
|
40
|
||
Net proceeds from sale of property
|
46
|
6
|
|
46
|
6
|
||
Property tax refunds
|
45
|
45
|
|
45
|
45
|
||
System benefit charge carrying charge
|
31
|
27
|
|
28
|
24
|
||
Settlement of prudence proceeding
|
29
|
37
|
|
29
|
37
|
||
Property tax reconciliation
|
26
|
36
|
|
26
|
36
|
||
BQDM and REV Demo reconciliations
|
20
|
18
|
|
20
|
18
|
||
Earnings sharing - electric, gas and steam
|
19
|
36
|
|
10
|
27
|
||
Carrying charges on repair allowance and bonus depreciation
|
15
|
21
|
|
14
|
21
|
||
Settlement of gas proceedings
|
15
|
15
|
|
15
|
15
|
||
New York State income tax rate change
|
12
|
17
|
|
12
|
17
|
||
Unrecognized other postretirement costs
|
11
|
7
|
|
6
|
7
|
||
Base rate change deferrals
|
7
|
10
|
|
7
|
10
|
||
Other
|
168
|
183
|
|
131
|
152
|
||
Regulatory liabilities – noncurrent
|
4,613
|
4,641
|
|
4,220
|
4,258
|
||
Revenue decoupling mechanism
|
34
|
53
|
|
22
|
36
|
||
Refundable energy costs
|
83
|
31
|
|
51
|
8
|
||
Deferred derivative gains
|
35
|
30
|
|
32
|
29
|
||
Regulatory liabilities – current
|
152
|
114
|
|
105
|
73
|
||
Total Regulatory Liabilities
|
$4,765
|
$4,755
|
|
$4,325
|
$4,331
|
(a)
|
Amounts shown are net of unamortized debt expense and unamortized debt discount of
$181 million
and
$137 million
for Con Edison and CECONY, respectively, as of
March 31, 2019
and
$185 million
and
$139 million
for Con Edison and CECONY, respectively, as of
December 31, 2018
.
|
|
For the Three Months Ended March 31,
|
|||
|
Con Edison
|
CECONY
|
||
(Millions of Dollars)
|
2019
|
2018
|
2019
|
2018
|
Service cost – including administrative expenses
|
$62
|
$72
|
$58
|
$68
|
Interest cost on projected benefit obligation
|
150
|
140
|
141
|
131
|
Expected return on plan assets
|
(247)
|
(258)
|
(234)
|
(245)
|
Recognition of net actuarial loss
|
130
|
172
|
123
|
163
|
Recognition of prior service cost/(credit)
|
(4)
|
(4)
|
(5)
|
(5)
|
TOTAL PERIODIC BENEFIT COST
|
$91
|
$122
|
$83
|
$112
|
Cost capitalized
|
(26)
|
(31)
|
(24)
|
(29)
|
Reconciliation to rate level
|
(5)
|
(23)
|
(4)
|
(25)
|
Total expense recognized
|
$60
|
$68
|
$55
|
$58
|
|
For the Three Months Ended March 31,
|
||||
|
Con Edison
|
CECONY
|
|||
(Millions of Dollars)
|
2019
|
2018
|
2019
|
|
2018
|
Service cost
|
$4
|
$5
|
$3
|
$3
|
|
Interest cost on accumulated other postretirement benefit obligation
|
11
|
11
|
9
|
9
|
|
Expected return on plan assets
|
(16)
|
(18)
|
(14)
|
(16)
|
|
Recognition of net actuarial loss/(gain)
|
(2)
|
2
|
(2)
|
1
|
|
Recognition of prior service cost/(credit)
|
(1)
|
(2)
|
—
|
|
(1)
|
TOTAL PERIODIC OTHER POSTRETIREMENT BENEFIT COST/(CREDIT)
|
$(4)
|
$(2)
|
$(4)
|
$(4)
|
|
Cost capitalized
|
(2)
|
(2)
|
(2)
|
(2)
|
|
Reconciliation to rate level
|
3
|
2
|
2
|
3
|
|
Total expense/(credit) recognized
|
$(3)
|
$(2)
|
$(4)
|
$(3)
|
|
Con Edison
|
CECONY
|
||
(Millions of Dollars)
|
2019
|
2018
|
2019
|
2018
|
Accrued Liabilities:
|
|
|
|
|
Manufactured gas plant sites
|
$687
|
$689
|
$602
|
$603
|
Other Superfund Sites
|
89
|
90
|
89
|
90
|
Total
|
$776
|
$779
|
$691
|
$693
|
Regulatory assets
|
$798
|
$810
|
$706
|
$716
|
|
For the Three Months Ended March 31,
|
|||
|
Con Edison
|
CECONY
|
||
(Millions of Dollars)
|
2019
|
2018
|
2019
|
2018
|
Remediation costs incurred
|
$3
|
$3
|
$2
|
$3
|
|
Con Edison
|
CECONY
|
||
(Millions of Dollars)
|
2019
|
2018
|
2019
|
2018
|
Accrued liability – asbestos suits
|
$8
|
$8
|
$7
|
$7
|
Regulatory assets – asbestos suits
|
$8
|
$8
|
$7
|
$7
|
Accrued liability – workers’ compensation
|
$80
|
$79
|
$76
|
$75
|
Regulatory assets – workers’ compensation
|
$6
|
$5
|
$6
|
$5
|
Guarantee Type
|
0 – 3 years
|
4 – 10 years
|
|
> 10 years
|
|
Total
|
|
|
(Millions of Dollars)
|
||||||
Con Edison Transmission
|
$539
|
$337
|
|
$—
|
|
$876
|
|
Energy transactions
|
490
|
19
|
200
|
709
|
|||
Renewable electric production projects
|
142
|
—
|
|
402
|
544
|
||
Other
|
70
|
—
|
|
—
|
|
70
|
|
Total
|
$1,241
|
$356
|
$602
|
$2,199
|
(Millions of Dollars)
|
Con Edison
|
CECONY
|
||||
Operating lease cost
|
|
$21
|
|
|
$16
|
|
Operating lease cash flows
|
|
$8
|
|
|
$4
|
|
|
Con Edison
|
CECONY
|
Weighted Average Remaining Lease Term:
|
|
|
Operating leases
|
19.3 years
|
14.7 years
|
Finance leases
|
10.0 years
|
2.5 years
|
Weighted Average Discount Rate:
|
|
|
Operating leases
|
4.3%
|
3.6%
|
Finance leases
|
4.2%
|
5.3%
|
(Millions of Dollars)
|
Con Edison
|
CECONY
|
||||||||
Year Ending March 31,
|
Operating Leases
|
Finance Leases
|
Operating Leases
|
Finance Leases
|
||||||
2020
|
$79
|
$1
|
$58
|
$1
|
||||||
2021
|
74
|
—
|
|
58
|
—
|
|
||||
2022
|
71
|
—
|
|
55
|
—
|
|
||||
2023
|
69
|
—
|
|
53
|
—
|
|
||||
2024
|
68
|
—
|
|
53
|
—
|
|
||||
All years thereafter
|
973
|
1
|
553
|
—
|
|
|||||
Total future minimum lease payments
|
$1,334
|
$2
|
$830
|
$1
|
||||||
Less: imputed interest
|
(459)
|
—
|
|
(191)
|
—
|
|
||||
Total
|
$875
|
$2
|
$639
|
$1
|
||||||
Reported as of March 31, 2019
|
|
|
|
|
||||||
Operating lease liabilities (current)
|
$50
|
|
$—
|
|
$41
|
|
$—
|
|
||
Operating lease liabilities (noncurrent)
|
825
|
—
|
|
598
|
—
|
|
||||
Other current liabilities
|
—
|
|
1
|
—
|
|
1
|
||||
Other noncurrent liabilities
|
—
|
|
1
|
—
|
|
—
|
|
|||
Total
|
$875
|
$2
|
$639
|
$1
|
|
Con Edison
|
CECONY
|
||||||
(% of Pre-tax income)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
STATUTORY TAX RATE
|
|
|
|
|
||||
Federal
|
21
|
%
|
21
|
%
|
21
|
%
|
21
|
%
|
Changes in computed taxes resulting from:
|
|
|
|
|
||||
State income tax
|
5
|
|
4
|
|
6
|
|
5
|
|
Cost of removal
|
1
|
|
1
|
|
1
|
|
1
|
|
Other plant-related items
|
(1
|
)
|
—
|
|
—
|
|
(1
|
)
|
Renewable energy credits
|
(1
|
)
|
(1
|
)
|
—
|
|
—
|
|
Amortization of excess deferred federal income taxes
|
(4
|
)
|
(3
|
)
|
(4
|
)
|
(3
|
)
|
Other
|
(1
|
)
|
(1
|
)
|
(1
|
)
|
—
|
|
Effective tax rate
|
20
|
%
|
21
|
%
|
23
|
%
|
23
|
%
|
|
For the Three Months Ended March 31,
|
|||||||||||||||||
|
Operating
revenues
|
Inter-segment
revenues
|
Depreciation and
amortization
|
Operating
income/(loss)
|
||||||||||||||
(Millions of Dollars)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
||
CECONY
|
|
|
|
|
|
|
|
|
||||||||||
Electric
|
$1,797
|
$1,729
|
|
$4
|
|
$4
|
$257
|
$240
|
$257
|
$254
|
||||||||
Gas
|
921
|
841
|
2
|
|
1
|
55
|
49
|
344
|
321
|
|||||||||
Steam
|
321
|
314
|
18
|
|
19
|
22
|
21
|
125
|
130
|
|||||||||
Consolidation adjustments
|
—
|
|
—
|
|
(24
|
)
|
(24)
|
—
|
|
—
|
|
—
|
|
—
|
|
|||
Total CECONY
|
$3,039
|
$2,884
|
|
$—
|
|
|
$—
|
|
$334
|
$310
|
$726
|
$705
|
||||||
O&R
|
|
|
|
|
|
|
|
|
||||||||||
Electric
|
$145
|
$149
|
|
$—
|
|
|
$—
|
|
$15
|
$14
|
$16
|
$8
|
||||||
Gas
|
113
|
97
|
—
|
|
—
|
|
6
|
5
|
38
|
36
|
||||||||
Total O&R
|
$258
|
$246
|
|
$—
|
|
|
$—
|
|
$21
|
$19
|
$54
|
$44
|
||||||
Clean Energy Businesses
|
$217
|
$233
|
|
$—
|
|
|
$—
|
|
$58
|
$19
|
$11
|
$9
|
||||||
Con Edison Transmission
|
1
|
1
|
—
|
|
—
|
|
—
|
|
—
|
|
(2)
|
(1)
|
||||||
Other (a)
|
(1)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(3)
|
(2)
|
|||||
Total Con Edison
|
$3,514
|
$3,364
|
|
$—
|
|
|
$—
|
|
$413
|
$348
|
$786
|
$755
|
(Millions of Dollars)
|
2019
|
|
2018
|
|
|||||
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
|
$72
|
$(37)
|
$35
|
(b)
|
$43
|
$(14)
|
$29
|
(b)
|
|
Noncurrent
|
6
|
(5)
|
1
|
(c)
|
14
|
(7)
|
7
|
(d)
|
|
Total fair value of derivative assets
|
$78
|
$(42)
|
$36
|
|
$57
|
$(21)
|
$36
|
|
|
Fair value of derivative liabilities
|
|
|
|
|
|
|
|
|
|
Current
|
$(78)
|
$32
|
$(46)
|
|
$(61)
|
$11
|
$(50)
|
|
|
Noncurrent
|
(44)
|
7
|
(37)
|
(c)
|
(19)
|
9
|
(10)
|
(d)
|
|
Total fair value of derivative liabilities
|
$(122)
|
$39
|
$(83)
|
|
$(80)
|
$20
|
$(60)
|
|
|
Net fair value derivative assets/(liabilities)
|
$(44)
|
$(3)
|
$(47)
|
|
$(23)
|
$(1)
|
$(24)
|
|
|
CECONY
|
|
|
|
|
|
|
|
|
|
Fair value of derivative assets
|
|
|
|
|
|
|
|
|
|
Current
|
$62
|
$(31)
|
$31
|
(b)
|
$25
|
$(6)
|
$19
|
(b)
|
|
Noncurrent
|
4
|
(4)
|
—
|
|
|
11
|
(5)
|
6
|
|
Total fair value of derivative assets
|
$66
|
$(35)
|
$31
|
|
$36
|
$(11)
|
$25
|
|
|
Fair value of derivative liabilities
|
|
|
|
|
|
|
|
|
|
Current
|
$(53)
|
$29
|
$(24)
|
|
$(31)
|
$6
|
$(25)
|
|
|
Noncurrent
|
(37)
|
5
|
(32)
|
|
(12)
|
6
|
(6)
|
|
|
Total fair value of derivative liabilities
|
$(90)
|
$34
|
$(56)
|
|
$(43)
|
$12
|
$(31)
|
|
|
Net fair value derivative assets/(liabilities)
|
$(24)
|
$(1)
|
$(25)
|
|
$(7)
|
$1
|
$(6)
|
|
(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
March 31, 2019
and
December 31, 2018
, margin deposits for Con Edison (
$4 million
and
$7 million
, respectively) and CECONY (
$4 million
and
$6 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)
|
Does not include interest rate swaps of
$1 million
in noncurrent assets and
$(14) million
in noncurrent liabilities (see below).
|
(d)
|
Does not include interest rate swaps of
$2 million
in noncurrent assets and
$(6) million
in noncurrent liabilities (see below).
|
|
|
For the Three Months Ended March 31,
|
|||||||||||||
|
|
Con Edison
|
|
CECONY
|
|||||||||||
(Millions of Dollars)
|
Balance Sheet Location
|
2019
|
|
|
2018
|
|
|
2019
|
|
2018
|
|
||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations:
|
|
|
|
||||||||||||
Current
|
Deferred derivative gains
|
$5
|
|
$(22)
|
|
$3
|
$(22)
|
||||||||
Noncurrent
|
Deferred derivative gains
|
(6)
|
|
(2)
|
|
(5)
|
(1)
|
||||||||
Total deferred gains/(losses)
|
|
$(1)
|
|
$(24)
|
|
$(2)
|
$(23)
|
||||||||
Current
|
Deferred derivative losses
|
$(3)
|
|
$(48)
|
|
|
$—
|
|
$(44)
|
||||||
Current
|
Recoverable energy costs
|
(18)
|
|
25
|
|
(14)
|
25
|
||||||||
Noncurrent
|
Deferred derivative losses
|
(26)
|
|
(51)
|
|
(26)
|
(49)
|
||||||||
Total deferred gains/(losses)
|
|
$(47)
|
|
$(74)
|
|
$(40)
|
$(68)
|
||||||||
Net deferred gains/(losses)
|
|
$(48)
|
|
$(98)
|
|
$(42)
|
$(91)
|
||||||||
|
Income Statement Location
|
|
|
|
|
|
|
||||||||
Pre-tax gains/(losses) recognized in income
|
|
|
|
|
|
|
|||||||||
|
Purchased power expense
|
|
$—
|
|
|
|
$—
|
|
|
|
$—
|
|
|
$—
|
|
|
Gas purchased for resale
|
(3)
|
|
—
|
|
|
—
|
|
—
|
|
|||||
|
Non-utility revenue
|
9
|
(a)
|
4
|
(b)
|
—
|
|
—
|
|
||||||
Total pre-tax gains/(losses) recognized in income
|
$6
|
|
$4
|
|
|
$—
|
|
|
$—
|
|
(a)
|
For the
three
months ended
March 31, 2019
, Con Edison recorded unrealized pre-tax losses in non-utility operating revenue (
$1 million
).
|
(b)
|
For the
three
months ended
March 31, 2018
, Con Edison recorded an immaterial unrealized pre-tax gain in non-utility operating revenue.
|
|
Electric Energy
(MWh) (a)(b)
|
Capacity (MW) (a)
|
Natural Gas
(Dt) (a)(b)
|
Refined Fuels
(gallons)
|
||||
Con Edison
|
26,349,795
|
|
21,573
|
|
140,301,096
|
|
8,736,000
|
|
CECONY
|
24,284,875
|
|
10,200
|
|
130,060,000
|
|
8,736,000
|
|
(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.
|
(Millions of Dollars)
|
Con Edison (a)
|
|
CECONY (a)
|
|
||
Aggregate fair value – net liabilities
|
$55
|
|
$42
|
|
||
Collateral posted
|
26
|
|
19
|
|
||
Additional collateral (b) (downgrade one level from current ratings)
|
—
|
|
|
—
|
|
|
Additional collateral (b) (downgrade to below investment grade from current ratings)
|
44
|
(c)
|
28
|
(c)
|
(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
$1 million
at
March 31, 2019
. 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 liability 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
March 31, 2019
, if Con Edison had been downgraded to below investment grade, it would have been required to post additional collateral for such derivative instruments of
$14 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
|
•
|
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.
|
|
2019
|
2018
|
||||||||||||||
(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)
|
$5
|
$39
|
$2
|
$(6)
|
$40
|
$6
|
$36
|
$7
|
$(6)
|
$43
|
||||||
Interest rate swap (a)(b)(c)(f)
|
—
|
|
1
|
—
|
|
—
|
|
1
|
—
|
|
2
|
—
|
|
—
|
|
2
|
Other (a)(b)(d)
|
307
|
117
|
—
|
|
—
|
|
424
|
287
|
114
|
—
|
|
—
|
|
401
|
||
Total assets
|
$312
|
$157
|
$2
|
$(6)
|
$465
|
$293
|
$152
|
$7
|
$(6)
|
$446
|
||||||
Derivative liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||
Commodity (a)(b)(c)
|
$5
|
$63
|
$21
|
$(6)
|
$83
|
$8
|
$43
|
$20
|
$(11)
|
$60
|
||||||
Interest rate swap (a)(b)(c)(f)
|
—
|
|
14
|
—
|
|
—
|
|
14
|
—
|
|
6
|
—
|
|
—
|
|
6
|
Total liabilities
|
$5
|
$77
|
$21
|
$(6)
|
$97
|
$8
|
$49
|
$20
|
$(11)
|
$66
|
||||||
CECONY
|
|
|
|
|
|
|
|
|
|
|
||||||
Derivative assets:
|
|
|
|
|
|
|
|
|
|
|
||||||
Commodity (a)(b)(c)
|
$3
|
$33
|
$1
|
$(2)
|
$35
|
$3
|
$28
|
$1
|
$(1)
|
$31
|
||||||
Other (a)(b)(d)
|
287
|
111
|
—
|
|
—
|
|
398
|
267
|
109
|
—
|
|
—
|
|
376
|
||
Total assets
|
$290
|
$144
|
$1
|
$(2)
|
$433
|
$270
|
$137
|
$1
|
$(1)
|
$407
|
||||||
Derivative liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||
Commodity (a)(b)(c)
|
$2
|
$53
|
$6
|
$(4)
|
$57
|
$5
|
$30
|
$3
|
$(6)
|
$32
|
(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. Con Edison and CECONY had no transfers between levels 1, 2, and 3 during the three months ended March 31, 2019. Con Edison and CECONY had
$2 million
of commodity derivative liabilities transferred from level 3 to level 2 during the year ended
December 31, 2018
because of availability of observable market data due to the decrease in the terms of certain contracts from beyond three years as of
December 31, 2017
to less than three years as of
December 31, 2018
.
|
(b)
|
Level 2 assets and liabilities include investments held in the deferred compensation plan and/or non-qualified retirement plans, 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
March 31, 2019
and
December 31, 2018
, 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)
|
See Note L.
|
|
Fair Value of Level 3 at March 31, 2019
|
Valuation
Techniques
|
Unobservable Inputs
|
Range
|
|
(Millions of Dollars)
|
|||
Con Edison – Commodity
|
||||
Electricity
|
$(16)
|
Discounted Cash Flow
|
Forward energy prices (a)
|
$20.11-$32.31 per MWh
|
|
|
Discounted Cash Flow
|
Forward capacity prices (a)
|
$0.75-$4.85 per kW-month
|
Natural Gas
|
(4)
|
Discounted Cash Flow
|
Forward natural gas prices (a)
|
$1.27-$2.81 per Dt
|
Transmission Congestion Contracts/Financial Transmission Rights
|
1
|
Discounted Cash Flow
|
Inter-zonal forward price curves adjusted for historical zonal losses (b)
|
$0.04-$2.9 per MWh
|
Total Con Edison—Commodity
|
$(19)
|
|
|
|
CECONY – Commodity
|
||||
Electricity
|
$(6)
|
Discounted Cash Flow
|
Forward capacity prices (a)
|
$0.75-$4.85 per kW-month
|
Transmission Congestion Contracts
|
1
|
Discounted Cash Flow
|
Inter-zonal forward price curves adjusted for historical zonal losses (b)
|
$0.27-$2.90 per MWh
|
Total CECONY—Commodity
|
$(5)
|
|
|
|
(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.
|
|
For the Three Months Ended March 31,
|
|||||
|
Con Edison
|
CECONY
|
||||
(Millions of Dollars)
|
2019
|
|
2018
|
2019
|
|
2018
|
Beginning balance as of January 1,
|
$(13)
|
$1
|
$(2)
|
$4
|
||
Included in earnings
|
(4)
|
2
|
—
|
|
2
|
|
Included in regulatory assets and liabilities
|
(5)
|
2
|
(3)
|
(1)
|
||
Settlements
|
3
|
(1)
|
—
|
|
(2)
|
|
Transfer out of level 3
|
—
|
|
(1)
|
—
|
|
(1)
|
Ending balance as of March 31,
|
$(19)
|
$3
|
$(5)
|
$2
|
|
Tax Equity Projects
|
|
||||||||||||
|
Great Valley Solar
(c)(d) |
Copper Mountain - Mesquite Solar
(c)(e) |
Texas Solar 4
(c)(f) |
|||||||||||
(Millions of Dollars)
|
2019
|
2018
|
2019
|
2018
|
2019
|
2018
|
||||||||
Restricted cash
|
|
$—
|
|
|
$—
|
|
|
$—
|
|
|
$—
|
|
$6
|
$4
|
Non-utility property, less accumulated depreciation (g)(h)
|
311
|
313
|
492
|
492
|
95
|
98
|
||||||||
Other assets
|
36
|
18
|
109
|
97
|
10
|
9
|
||||||||
Total assets (a)
|
$347
|
$331
|
$601
|
$589
|
$111
|
$111
|
||||||||
Long-term debt due within one year
|
|
$—
|
|
|
$—
|
|
|
$—
|
|
|
$—
|
|
$2
|
$2
|
Other liabilities
|
33
|
17
|
45
|
33
|
28
|
26
|
||||||||
Long-term debt
|
—
|
|
—
|
|
—
|
|
—
|
|
56
|
56
|
||||
Total liabilities (b)
|
$33
|
$17
|
$45
|
$33
|
$86
|
$84
|
(a)
|
The assets of the Tax Equity Projects and 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 the Tax Equity Projects and Texas Solar 4 represent liabilities of a consolidated VIE for which creditors do not have recourse to the general credit of the primary beneficiary.
|
(c)
|
Con Edison did not provide any financial or other support during the year that was not previously contractually required.
|
(d)
|
Great Valley Solar consists of the Great Valley Solar 1, Great Valley Solar 2, Great Valley Solar 3 and Great Valley Solar 4 projects,
|
(e)
|
Copper Mountain - Mesquite Solar consists of the Copper Mountain Solar 4, Mesquite Solar 2 and Mesquite Solar 3 projects for which the noncontrolling interest of the tax equity investor was
$83 million
and
$71 million
at
March 31, 2019
and
December 31, 2018
, respectively.
|
(f)
|
Noncontrolling interest of the third party was
$7 million
at
March 31, 2019
and
December 31, 2018
.
|
(g)
|
Non-utility property is reduced by accumulated depreciation of
$3 million
for Great Valley Solar,
$4 million
for Copper Mountain - Mesquite Solar and
$16 million
for Texas Solar 4 at March 31, 2019.
|
(h)
|
Non-utility property is reduced by accumulated depreciation of
$1 million
for Great Valley Solar,
$1 million
for Copper Mountain - Mesquite Solar and
$15 million
for Texas Solar 4 at December 31, 2018.
|
|
For the Three Months Ended
March 31, 2019 |
At March 31, 2019
|
|||||||
(Millions of Dollars, except percentages)
|
Operating
Revenues
|
Net Income for
Common Stock
|
Assets
|
||||||
CECONY
|
$3,039
|
86
|
%
|
$412
|
97
|
%
|
$44,122
|
80
|
%
|
O&R
|
258
|
8
|
|
32
|
8
|
|
2,882
|
5
|
|
Total Utilities
|
3,297
|
94
|
|
444
|
105
|
|
47,004
|
85
|
|
Clean Energy Businesses (a)
|
217
|
6
|
|
(35)
|
(8
|
)
|
6,351
|
12
|
|
Con Edison Transmission
|
1
|
—
|
|
13
|
3
|
|
1,444
|
3
|
|
Other (b)
|
(1)
|
—
|
|
2
|
—
|
|
267
|
—
|
|
Total Con Edison
|
$3,514
|
100
|
%
|
$424
|
100
|
%
|
$55,066
|
100
|
%
|
(a)
|
Net income for common stock from the Clean Energy Businesses for the three months ended March 31, 2019 includes $(8) million of net after-tax mark-to-market losse
s and reflects $16 million (after-tax) of income at
tributable to the non-controlling interest of a tax equity investor in renewable electric production projects accounted for under the HLBV method of accounting. See Note N to the First Quarter Financial Statements.
|
(b)
|
Other includes parent company and consolidation adjustments.
|
|
For the Three Months Ended March 31,
|
||||
|
2019
|
2018
|
2019
|
2018
|
|
(Millions of Dollars, except per share amounts)
|
Net Income for Common Stock
|
Earnings per Share
|
|||
CECONY
|
$412
|
$389
|
$1.28
|
$1.26
|
|
O&R
|
32
|
23
|
0.10
|
0.07
|
|
Clean Energy Businesses (a)
|
(35)
|
6
|
(0.12)
|
0.02
|
|
Con Edison Transmission
|
13
|
11
|
0.04
|
0.03
|
|
Other (b)
|
2
|
(1)
|
0.01
|
—
|
|
Con Edison (c)
|
$424
|
$428
|
$1.31
|
$1.38
|
(a)
|
Net income for common stock from the Clean Energy Businesses for the three months ended March 31, 2019 includes $(8) million or $(0.03) of net after-tax mark-to-market losses and reflects $16 million or $0.05 a share (after-tax) of income attributable to the non-
|
(b)
|
Other includes parent company and consolidation adjustments.
|
(c)
|
Earnings per share on a diluted basis were
$1.31
a share and
$1.37
a share for the three months ended
March 31, 2019
and
2018
, respectively.
|
|
For the Three Months Ended March 31,
|
||
(Millions of Dollars)
|
2019
|
|
2018
|
CECONY
|
|
|
|
Operations
|
$398
|
$393
|
|
Pensions and other postretirement benefits
|
33
|
18
|
|
Health care and other benefits
|
38
|
39
|
|
Regulatory fees and assessments (a)
|
114
|
109
|
|
Other
|
76
|
71
|
|
Total CECONY
|
659
|
630
|
|
O&R
|
71
|
81
|
|
Clean Energy Businesses (b)
|
61
|
124
|
|
Con Edison Transmission
|
3
|
2
|
|
Other (c)
|
—
|
|
(1)
|
Total other operations and maintenance expenses
|
$794
|
$836
|
(a)
|
Includes Demand Side Management, System Benefit Charges and Public Service Law 18A assessments which are collected in revenues.
|
(b)
|
The decrease in operations and maintenance for the three months ended March 31, 2019 compared with the 2018 period is due primarily to lower engineering, procurement and construction costs.
|
(c)
|
Includes parent company and consolidation adjustments.
|
|
CECONY
|
O&R
|
Clean Energy Businesses
|
Con Edison
Transmission |
Other (a)
|
Con Edison (b)
|
||||||||||||||||||
(Millions of Dollars)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
2018
|
|
|
Operating revenues
|
$3,039
|
$2,884
|
$258
|
$246
|
$217
|
$233
|
$1
|
$1
|
$(1)
|
|
$—
|
|
$3,514
|
$3,364
|
||||||||||
Purchased power
|
322
|
303
|
46
|
50
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
368
|
353
|
||||||
Fuel
|
106
|
124
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
106
|
124
|
||||
Gas purchased for resale
|
317
|
273
|
44
|
29
|
81
|
76
|
—
|
|
—
|
|
—
|
|
—
|
|
442
|
378
|
||||||||
Other operations and maintenance
|
659
|
630
|
71
|
81
|
61
|
124
|
3
|
2
|
—
|
|
(1)
|
794
|
836
|
|||||||||||
Depreciation and amortization
|
334
|
310
|
21
|
19
|
58
|
19
|
—
|
|
—
|
|
—
|
|
—
|
|
413
|
348
|
||||||||
Taxes, other than income taxes
|
575
|
539
|
22
|
23
|
6
|
5
|
—
|
|
—
|
|
2
|
3
|
605
|
570
|
||||||||||
Operating income
|
726
|
705
|
54
|
44
|
11
|
9
|
(2)
|
(1)
|
(3)
|
(2)
|
786
|
755
|
||||||||||||
Other income less deductions
|
(7)
|
(31)
|
(3)
|
(5)
|
1
|
2
|
25
|
20
|
(2)
|
(1)
|
14
|
(15)
|
||||||||||||
Net interest expense
|
183
|
166
|
10
|
9
|
46
|
13
|
5
|
4
|
3
|
3
|
247
|
195
|
||||||||||||
Income before income tax expense
|
536
|
508
|
41
|
30
|
(34)
|
(2)
|
18
|
15
|
(8)
|
(6)
|
553
|
545
|
||||||||||||
Income tax expense
|
124
|
119
|
9
|
7
|
(20)
|
(8)
|
5
|
4
|
(10)
|
(5)
|
108
|
117
|
||||||||||||
Net income
|
$412
|
$389
|
$32
|
$23
|
$(14)
|
$6
|
$13
|
$11
|
$2
|
$(1)
|
$445
|
$428
|
||||||||||||
Income attributable to non-controlling interest
|
—
|
|
—
|
|
—
|
|
—
|
|
21
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
21
|
—
|
|
||
Net income for common stock
|
$412
|
$389
|
$32
|
$23
|
$(35)
|
$6
|
$13
|
$11
|
$2
|
$(1)
|
$424
|
$428
|
(a)
|
Includes parent company and consolidation adjustments.
|
(b)
|
Represents the consolidated results of operations of Con Edison and its businesses.
|
|
For the Three Months Ended
March 31, 2019 |
|
For the Three Months Ended
March 31, 2018 |
|
|
||||||||||
(Millions of Dollars)
|
Electric
|
|
Gas
|
|
Steam
|
|
2019 Total
|
Electric
|
|
Gas
|
|
Steam
|
|
2018 Total
|
2019-2018
Variation |
Operating revenues
|
$1,797
|
$921
|
$321
|
$3,039
|
$1,729
|
$841
|
$314
|
$2,884
|
$155
|
||||||
Purchased power
|
310
|
—
|
|
12
|
322
|
289
|
—
|
|
14
|
303
|
19
|
||||
Fuel
|
33
|
—
|
|
73
|
106
|
58
|
—
|
|
66
|
124
|
(18)
|
||||
Gas purchased for resale
|
—
|
|
317
|
—
|
|
317
|
—
|
|
273
|
—
|
|
273
|
44
|
||
Other operations and maintenance
|
507
|
106
|
46
|
659
|
479
|
108
|
43
|
630
|
29
|
||||||
Depreciation and amortization
|
257
|
55
|
22
|
334
|
240
|
49
|
21
|
310
|
24
|
||||||
Taxes, other than income taxes
|
433
|
99
|
43
|
575
|
409
|
90
|
40
|
539
|
36
|
||||||
Operating income
|
$257
|
$344
|
$125
|
$726
|
$254
|
$321
|
$130
|
$705
|
$21
|
|
For the Three Months Ended
|
|
|
(Millions of Dollars)
|
March 31, 2019
|
March 31, 2018
|
Variation
|
Operating revenues
|
$1,797
|
$1,729
|
$68
|
Purchased power
|
310
|
289
|
21
|
Fuel
|
33
|
58
|
(25)
|
Other operations and maintenance
|
507
|
479
|
28
|
Depreciation and amortization
|
257
|
240
|
17
|
Taxes, other than income taxes
|
433
|
409
|
24
|
Electric operating income
|
$257
|
$254
|
$3
|
|
Millions of kWh Delivered
|
|
Revenues in Millions (a)
|
|||||||||||
|
For the Three Months Ended
|
|
|
For the Three Months Ended
|
|
|||||||||
Description
|
March 31, 2019
|
|
March 31, 2018
|
|
Variation
|
|
Percent
Variation
|
|
|
March 31, 2019
|
March 31, 2018
|
Variation
|
Percent
Variation
|
|
Residential/Religious (b)
|
2,415
|
|
2,410
|
|
5
|
|
0.2
|
%
|
|
$596
|
$623
|
$(27)
|
(4.3
|
)%
|
Commercial/Industrial
|
2,460
|
|
2,415
|
|
45
|
|
1.9
|
|
|
421
|
453
|
(32)
|
(7.1
|
)
|
Retail choice customers
|
5,979
|
|
6,276
|
|
(297)
|
|
(4.7
|
)
|
|
507
|
557
|
(50)
|
(9.0
|
)
|
NYPA, Municipal Agency and other sales
|
2,410
|
|
2,585
|
|
(175)
|
|
(6.8
|
)
|
|
135
|
131
|
4
|
3.1
|
|
Other operating revenues (c)
|
—
|
|
—
|
|
—
|
|
—
|
|
|
138
|
(35)
|
173
|
Large
|
|
Total
|
13,264
|
|
13,686
|
|
(422)
|
|
(3.1
|
)%
|
(d)
|
$1,797
|
$1,729
|
$68
|
3.9
|
%
|
(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.
|
(d)
|
After adjusting for variations, primarily weather and billing days, electric delivery volumes in CECONY’s service area decreased
2.8
percent in the three months ended
March 31, 2019
compared with the
2018
period.
|
|
For the Three Months Ended
|
|
|
(Millions of Dollars)
|
March 31, 2019
|
March 31, 2018
|
Variation
|
Operating revenues
|
$921
|
$841
|
$80
|
Gas purchased for resale
|
317
|
273
|
44
|
Other operations and maintenance
|
106
|
108
|
(2)
|
Depreciation and amortization
|
55
|
49
|
6
|
Taxes, other than income taxes
|
99
|
90
|
9
|
Gas operating income
|
$344
|
$321
|
$23
|
|
Thousands of Dt Delivered
|
|
Revenues in Millions (a)
|
||||||||||||
|
For the Three Months Ended
|
|
|
For the Three Months Ended
|
|
||||||||||
Description
|
March 31, 2019
|
|
March 31, 2018
|
|
Variation
|
|
Percent
Variation
|
|
|
March 31, 2019
|
March 31, 2018
|
Variation
|
|
Percent
Variation
|
|
Residential
|
27,306
|
|
27,227
|
|
79
|
|
0.3
|
%
|
|
$438
|
$390
|
$48
|
12.3
|
%
|
|
General
|
14,425
|
|
14,513
|
|
(88
|
)
|
(0.6
|
)
|
|
178
|
154
|
24
|
15.6
|
|
|
Firm transportation
|
35,308
|
|
34,791
|
|
517
|
|
1.5
|
|
|
253
|
260
|
(7)
|
(2.7
|
)
|
|
Total firm sales and transportation
|
77,039
|
|
76,531
|
|
508
|
|
0.7
|
|
(b)
|
869
|
804
|
65
|
8.1
|
|
|
Interruptible sales (c)
|
3,730
|
|
1,492
|
|
2,238
|
|
Large
|
|
|
20
|
12
|
8
|
66.7
|
|
|
NYPA
|
7,452
|
|
4,813
|
|
2,639
|
|
54.8
|
|
|
1
|
1
|
—
|
|
—
|
|
Generation plants
|
11,699
|
|
12,404
|
|
(705
|
)
|
(5.7
|
)
|
|
5
|
6
|
(1)
|
(16.7
|
)
|
|
Other
|
6,313
|
|
6,016
|
|
297
|
|
4.9
|
|
|
10
|
9
|
1
|
11.1
|
|
|
Other operating revenues (d)
|
—
|
|
—
|
|
—
|
|
—
|
|
|
16
|
9
|
7
|
77.8
|
|
|
Total
|
106,233
|
|
101,256
|
|
4,977
|
|
4.9
|
%
|
|
$921
|
$841
|
$80
|
9.5
|
%
|
(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, primarily billing days, firm gas sales and transportation volumes in the company’s service area increased
2.2
percent in the three months ended
March 31, 2019
compared with the
2018
period, reflecting primarily increased volumes attributable to the growth in the number of gas customers.
|
(c)
|
Includes 1,213 thousands and 2,526 thousands of Dt for the
2019
and
2018
periods, 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.
|
|
For the Three Months Ended
|
|
|
(Millions of Dollars)
|
March 31, 2019
|
March 31, 2018
|
Variation
|
Operating revenues
|
$321
|
$314
|
$7
|
Purchased power
|
12
|
14
|
(2)
|
Fuel
|
73
|
66
|
7
|
Other operations and maintenance
|
46
|
43
|
3
|
Depreciation and amortization
|
22
|
21
|
1
|
Taxes, other than income taxes
|
43
|
40
|
3
|
Steam operating income
|
$125
|
$130
|
$(5)
|
|
Millions of Pounds Delivered
|
|
Revenues in Millions
|
|||||||||||
|
For the Three Months Ended
|
|
|
For the Three Months Ended
|
|
|||||||||
Description
|
March 31, 2019
|
|
March 31, 2018
|
|
Variation
|
|
Percent
Variation
|
|
|
March 31, 2019
|
March 31, 2018
|
Variation
|
Percent
Variation
|
|
General
|
327
|
|
338
|
|
(11
|
)
|
(3.3
|
)%
|
|
$15
|
$16
|
$(1)
|
(6.3
|
)%
|
Apartment house
|
2,576
|
|
2,712
|
|
(136
|
)
|
(5.0
|
)
|
|
82
|
84
|
(2)
|
(2.4
|
)
|
Annual power
|
5,654
|
|
5,947
|
|
(293
|
)
|
(4.9
|
)
|
|
208
|
216
|
(8)
|
(3.7
|
)
|
Other operating revenues (a)
|
—
|
|
—
|
|
—
|
|
—
|
|
|
16
|
(2)
|
18
|
Large
|
|
Total
|
8,557
|
|
8,997
|
|
(440
|
)
|
(4.9
|
)%
|
(b)
|
$321
|
$314
|
$7
|
2.2
|
%
|
(a)
|
Other steam operating revenues generally reflect changes in regulatory assets and liabilities in accordance with the company’s rate plan.
|
(b)
|
After adjusting for variations, primarily weather and billing days, steam sales and deliveries decreased
3.5
percent in the three months ended
March 31, 2019
compared with the
2018
period.
|
|
For the Three Months Ended
March 31, 2019 |
|
For the Three Months Ended
March 31, 2018 |
|
|
||||||
(Millions of Dollars)
|
Electric
|
|
Gas
|
|
2019 Total
|
Electric
|
|
Gas
|
|
2018 Total
|
2019-2018
Variation |
Operating revenues
|
$145
|
$113
|
$258
|
$149
|
$97
|
$246
|
$12
|
||||
Purchased power
|
46
|
—
|
|
46
|
50
|
—
|
|
50
|
(4)
|
||
Gas purchased for resale
|
—
|
|
44
|
44
|
—
|
|
29
|
29
|
15
|
||
Other operations and maintenance
|
55
|
16
|
71
|
63
|
18
|
81
|
(10)
|
||||
Depreciation and amortization
|
15
|
6
|
21
|
14
|
5
|
19
|
2
|
||||
Taxes, other than income taxes
|
13
|
9
|
22
|
14
|
9
|
23
|
(1)
|
||||
Operating income
|
$16
|
$38
|
$54
|
$8
|
$36
|
$44
|
$10
|
|
For the Three Months Ended
|
|
|
(Millions of Dollars)
|
March 31, 2019
|
March 31, 2018
|
Variation
|
Operating revenues
|
$145
|
$149
|
$(4)
|
Purchased power
|
46
|
50
|
(4)
|
Other operations and maintenance
|
55
|
63
|
(8)
|
Depreciation and amortization
|
15
|
14
|
1
|
Taxes, other than income taxes
|
13
|
14
|
(1)
|
Electric operating income
|
$16
|
$8
|
$8
|
|
Millions of kWh Delivered
|
|
Revenues in Millions (a)
|
|||||||||||
|
For the Three Months Ended
|
|
|
For the Three Months Ended
|
|
|||||||||
Description
|
March 31, 2019
|
|
March 31, 2018
|
|
Variation
|
|
Percent
Variation
|
|
|
March 31, 2019
|
March 31, 2018
|
Variation
|
Percent
Variation
|
|
Residential/Religious (b)
|
397
|
|
377
|
|
20
|
|
5.3
|
%
|
|
$73
|
$74
|
$(1)
|
(1.4
|
)%
|
Commercial/Industrial
|
196
|
|
198
|
|
(2
|
)
|
(1.0
|
)
|
|
27
|
30
|
(3)
|
(10.0
|
)
|
Retail choice customers
|
685
|
|
697
|
|
(12
|
)
|
(1.7
|
)
|
|
40
|
44
|
(4)
|
(9.1
|
)
|
Public authorities
|
26
|
|
29
|
|
(3
|
)
|
(10.3
|
)
|
|
2
|
3
|
(1)
|
(33.3
|
)
|
Other operating revenues (c)
|
—
|
|
—
|
|
—
|
|
—
|
|
|
3
|
(2)
|
5
|
Large
|
|
Total
|
1,304
|
|
1,301
|
|
3
|
|
0.2
|
%
|
(d)
|
$145
|
$149
|
$(4)
|
(2.7
|
)%
|
(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.
|
(d)
|
After adjusting for weather and other variations, electric delivery volumes in O&R’s service area
decreased
2.3
percent in the three months ended
March 31, 2019
compared with the
2018
period.
|
|
For the Three Months Ended
|
|
||
(Millions of Dollars)
|
March 31, 2019
|
March 31, 2018
|
Variation
|
|
Operating revenues
|
$113
|
$97
|
$16
|
|
Gas purchased for resale
|
44
|
29
|
15
|
|
Other operations and maintenance
|
16
|
18
|
(2)
|
|
Depreciation and amortization
|
6
|
5
|
1
|
|
Taxes, other than income taxes
|
9
|
9
|
—
|
|
Gas operating income
|
$38
|
$36
|
$2
|
|
Thousands of Dt Delivered
|
|
Revenues in Millions (a)
|
||||||||||||||
|
For the Three Months Ended
|
|
|
For the Three Months Ended
|
|
||||||||||||
Description
|
March 31, 2019
|
|
March 31, 2018
|
|
Variation
|
|
Percent
Variation
|
|
|
March 31, 2019
|
|
March 31, 2018
|
|
Variation
|
|
Percent
Variation
|
|
Residential
|
4,966
|
|
4,464
|
|
502
|
|
11.2
|
%
|
|
$69
|
$58
|
$11
|
19.0
|
%
|
|||
General
|
1,111
|
|
962
|
|
149
|
|
15.5
|
|
|
13
|
11
|
2
|
18.2
|
|
|||
Firm transportation
|
4,219
|
|
4,449
|
|
(230
|
)
|
(5.2
|
)
|
|
27
|
35
|
(8)
|
(22.9
|
)
|
|||
Total firm sales and transportation
|
10,296
|
|
9,875
|
|
421
|
|
4.3
|
|
(b)
|
109
|
104
|
5
|
4.8
|
|
|||
Interruptible sales
|
1,051
|
|
1,143
|
|
(92
|
)
|
(8.0
|
)
|
|
2
|
2
|
—
|
|
—
|
|
||
Generation plants
|
—
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Other
|
437
|
|
426
|
|
11
|
|
2.6
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Other gas revenues
|
—
|
|
—
|
|
—
|
|
—
|
|
|
2
|
(9)
|
11
|
Large
|
|
|||
Total
|
11,784
|
|
11,444
|
|
340
|
|
3.0
|
%
|
|
$113
|
$97
|
$16
|
16.5
|
%
|
(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
0.7
percent in the three months ended
March 31, 2019
compared with the
2018
period.
|
|
For the Three Months Ended
|
|
||||
(Millions of Dollars)
|
March 31, 2019
|
|
March 31, 2018
|
|
Variation
|
|
Operating revenues
|
$217
|
$233
|
$(16)
|
|||
Purchased power
|
—
|
|
—
|
|
—
|
|
Gas purchased for resale
|
81
|
76
|
5
|
|||
Other operations and maintenance
|
61
|
124
|
(63)
|
|||
Depreciation and amortization
|
58
|
19
|
39
|
|||
Taxes, other than income taxes
|
6
|
5
|
1
|
|||
Operating income
|
$11
|
$9
|
$2
|
|
For the Three Months Ended March 31,
|
|||||||||||||
|
CECONY
|
O&R
|
Clean Energy Businesses
|
Con Edison
Transmission |
Other (a)
|
Con Edison (b)
|
||||||||
(Millions of Dollars)
|
2019
|
2018
|
2019
|
2018
|
2019
|
2018
|
2019
|
|
2018
|
2019
|
2018
|
2019
|
2018
|
|
Operating activities
|
$395
|
$56
|
$62
|
$49
|
$22
|
$21
|
$36
|
$28
|
$(51)
|
$(11)
|
$464
|
$143
|
||
Investing activities
|
(750)
|
(808)
|
(58)
|
(46)
|
(48)
|
(29)
|
(35)
|
(27)
|
3
|
1
|
(888)
|
(909)
|
||
Financing activities
|
(111)
|
596
|
(39)
|
6
|
(14)
|
(11)
|
(3)
|
(2)
|
59
|
16
|
(108)
|
605
|
||
Net change for the period
|
(466)
|
(156)
|
(35)
|
9
|
(40)
|
(19)
|
(2)
|
(1)
|
11
|
6
|
(532)
|
(161)
|
||
Balance at beginning of period
|
818
|
730
|
52
|
47
|
126
|
56
|
2
|
2
|
8
|
9
|
1,006
|
844
|
||
Balance at end of period (c)
|
$352
|
$574
|
$17
|
$56
|
$86
|
$37
|
|
$—
|
|
$1
|
$19
|
$15
|
$474
|
$683
|
|
2019
|
2018
|
||
(Millions of Dollars, except Weighted Average Yield)
|
Outstanding at March 31,
|
Daily
average
|
Outstanding at March 31,
|
Daily
average
|
Con Edison
|
$1,435
|
$1,400
|
$1,389
|
$613
|
CECONY
|
$1,085
|
$920
|
$913
|
$213
|
Weighted average yield
|
2.7
|
2.8
|
2.3
|
1.9
|
|
Common Equity Ratio
(Percent of total capitalization)
|
|
|
March 31, 2019
|
December 31, 2018
|
Con Edison
|
50.8
|
49.0
|
CECONY
|
49.3
|
48.6
|
Project Name
|
Generating
Capacity (a) (MW AC) |
Power Purchase Agreement (PPA) Term
(In Years) (b) |
Actual/Expected
In-Service Date (c) |
Location
(State) |
PPA Counterparty (d)
|
Utility Scale
|
|
|
|
|
|
Solar
|
|
|
|
|
|
Wholly owned projects
|
|
|
|
|
|
PJM assets
|
53
|
(e)
|
2011/2013
|
New Jersey/Pennsylvania
|
Various
|
New England assets
|
24
|
Various
|
2011/2017
|
Massachusetts/Rhode Island
|
Various
|
California Solar (f) (j)
|
110
|
25
|
2012/2013
|
California
|
PG&E
|
Mesquite Solar 1 (f) (j)
|
165
|
20
|
2013
|
Arizona
|
PG&E
|
Copper Mountain Solar 2 (f) (j)
|
150
|
25
|
2013/2015
|
Nevada
|
PG&E
|
Copper Mountain Solar 3 (f) (j)
|
255
|
20
|
2014/2015
|
Nevada
|
SCPPA
|
California Solar 2 (f)
|
80
|
20
|
2014/2016
|
California
|
SCE/PG&E
|
Texas Solar 5 (f)
|
95
|
25
|
2015
|
Texas
|
City of San Antonio
|
Texas Solar 7 (f)
|
106
|
25
|
2016
|
Texas
|
City of San Antonio
|
California Solar 3 (f)
|
110
|
20
|
2016/2017
|
California
|
SCE/PG&E
|
Upton Solar (f)
|
158
|
25
|
2017
|
Texas
|
City of Austin
|
Panoche Valley
|
140
|
20
|
2017/2018
|
California
|
SCE
|
Copper Mountain Solar 1 (f)
|
58
|
12
|
2018
|
Nevada
|
PG&E
|
Copper Mountain Solar 4 (h)
|
94
|
20
|
2018
|
Nevada
|
SCE
|
Mesquite Solar 2 (h)
|
100
|
18
|
2018
|
Arizona
|
SCE
|
Mesquite Solar 3 (h)
|
150
|
23
|
2018
|
Arizona
|
WAPA (Navy)
|
Great Valley Solar (h)
|
200
|
17
|
2018
|
California
|
MCE/SMUD/PG&E/SCE
|
Wistaria Solar
|
100
|
20
|
2018
|
California
|
SCE
|
Other
|
26
|
Various
|
Various
|
Various
|
Various
|
Jointly owned projects (f) (g)
|
|
|
|
|
|
Texas Solar 4
|
32
|
25
|
2014
|
Texas
|
City of San Antonio
|
Total Solar
|
2,206
|
|
|
|
|
Wind
|
|
|
|
|
|
Wholly owned projects
|
|
|
|
|
|
Broken Bow II (f)
|
75
|
25
|
2014
|
Nebraska
|
NPPD
|
Wind Holdings (f)
|
180
|
Various
|
Various
|
Various
|
NWE/Basin Electric
|
Adams Rose Wind
|
23
|
7
|
2016
|
Minnesota
|
Dairyland
|
Coram Wind (f)
|
102
|
16
|
2016
|
California
|
PG&E
|
Other
|
22
|
Various
|
Various
|
Various
|
Various
|
Total Wind
|
402
|
|
|
|
|
Total MW (AC) in Operation
|
2,608
|
|
|
|
|
Total MW (AC) Utility Scale
|
2,608
|
|
|
|
|
Behind the Meter
|
|
|
|
|
|
Total MW (AC) in Operation
|
46
|
|
|
|
|
Total MW (AC) in Construction
|
2
|
|
|
|
|
Total MW Behind the Meter
|
48
|
|
|
|
|
(a)
|
Represents Con Edison Development’s ownership interest in the project.
|
(b)
|
Represents Power Purchase Agreement (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)
|
PPA Counterparties include: Pacific Gas and Electric Company (PG&E), Southern California Public Power Authority (SCPPA), Southern California Edison Company (SCE), Western Area Power Administration (WAPA), Marin Clean Energy (MCE), Sacramento Municipal Utility District (SMUD), Nebraska Public Power District (NPPD) and NorthWestern Energy (NWE)
|
(e)
|
Solar renewable energy credit hedges are in place, in lieu of PPAs, through 2022.
|
(f)
|
Project has been pledged as security for project debt financing.
|
(g)
|
Texas Solar 4 is 80 percent owned. See Note N to the First Quarter Financial Statements.
|
(h)
|
Projects are financed with tax equity. See Note N to the First Quarter Financial Statements.
|
(i)
|
Solar renewable energy hedges in place through 2019.
|
(j)
|
Acquired remaining 50% interest in projects/portfolios in 2018.
|
|
Millions of kWh
|
|||||||
|
For the Three Months Ended
|
|||||||
Description
|
March 31, 2019
|
|
March 31, 2018
|
|
Variation
|
|
Percent Variation
|
|
Renewable electric production projects
|
|
|
|
|
||||
Solar
|
1,043
|
|
531
|
|
512
|
|
96.4
|
%
|
Wind
|
307
|
|
234
|
|
73
|
|
31.2
|
%
|
Total
|
1,350
|
|
765
|
|
585
|
|
76.5
|
%
|
95% Confidence Level, One-Day Holding Period
|
March 31, 2019
|
|
December 31, 2018
|
|
||
|
(Millions of Dollars)
|
|||||
Average for the period
|
|
$1
|
|
|
$—
|
|
High
|
1
|
|
1
|
|
||
Low
|
—
|
|
—
|
|
Exhibit 31.1.1
|
|
Exhibit 31.1.2
|
|
Exhibit 32.1.1
|
|
Exhibit 32.1.2
|
|
Exhibit 10
|
Extension Agreement and First Amendment to Credit Agreement, effective April 1, 2019, among Con Edison of New York, 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 April 1, 2019 (File No. 1-4514) as Exhibit 10)
|
Exhibit 101.INS
|
XBRL Instance Document.
|
Exhibit 101.SCH
|
XBRL Taxonomy Extension Schema.
|
Exhibit 101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase.
|
Exhibit 101.DEF
|
XBRL Taxonomy Extension Definition Linkbase.
|
Exhibit 101.LAB
|
XBRL Taxonomy Extension Label Linkbase.
|
Exhibit 101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase.
|
Exhibit 31.2.1
|
|
Exhibit 31.2.2
|
|
Exhibit 32.2.1
|
|
Exhibit 32.2.2
|
|
Exhibit 101.INS
|
XBRL Instance Document.
|
Exhibit 101.SCH
|
XBRL Taxonomy Extension Schema.
|
Exhibit 101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase.
|
Exhibit 101.DEF
|
XBRL Taxonomy Extension Definition Linkbase.
|
Exhibit 101.LAB
|
XBRL Taxonomy Extension Label Linkbase.
|
Exhibit 101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase.
|
|
Consolidated Edison, Inc.
|
|
|
Consolidated Edison Company of New York, Inc.
|
|
|
|
|
Date: May 2, 2019
|
By
|
/s/ Robert Hoglund
|
|
|
Robert Hoglund
Senior Vice President, Chief
Financial Officer and Duly
Authorized Officer
|
/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
|
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
|
/s/ John McAvoy
|
John McAvoy
|
/s/ Robert Hoglund
|
Robert Hoglund
|