Consolidated Edison Inc 10-Q for FY2024 Q1

Consolidated Edison Inc (ED)

10-Q 2024-05-02 For: 2024-03-31

Added on April 11, 2026

About this 10-Q

Consolidated Edison Inc filed this 10-Q on May 2, 2024, covering the quarter ended March 31, 2024 (FY2024 Q1).

Headline figures

Quarter ended March 31, 2024, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $4.28B; down 2.8% from $4.4B a year earlier
Net income: $720M; down 49.8% from net income of $1.43B a year earlier
Diluted EPS: $2.08; down 48.6% from $4.05 a year earlier

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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
1-01217	Consolidated Edison Company of New York, Inc.					New York	13-5009340
	4 Irving Place,		New York,	New York	10003
	(212)	460-4600


Consolidated Edison, Inc. (Con Edison)	Yes	☒	No ☐
Consolidated Edison Company of New York, Inc. (CECONY)	Yes	☒	No ☐


Con Edison	Yes	☒	No ☐
CECONY	Yes	☒	No ☐


Con Edison Companies
Con Edison						Consolidated Edison, Inc.
CECONY						Consolidated Edison Company of New York, Inc.
Clean Energy Businesses						Con Edison Clean Energy Businesses, Inc., a former subsidiary of Con Edison
Con Edison Transmission						Con Edison Transmission, Inc., together with its subsidiaries
O&R						Orange and Rockland Utilities, Inc.
RECO						Rockland Electric Company
The Companies						Con Edison and CECONY
The Utilities						CECONY and O&R

Regulatory Agencies, Government Agencies and Other Organizations

FASB						Financial Accounting Standards Board
FERC						Federal Energy Regulatory Commission
IRS						Internal Revenue Service
NJBPU						New Jersey Board of Public Utilities

NYISO						New York Independent System Operator
NYPA						New York Power Authority
NYSDEC						New York State Department of Environmental Conservation
NYSDPS						New York State Department of Public Service

NYSPSC						New York State Public Service Commission

OTDA						Office of Temporary and Disability Assistance

SEC						U.S. Securities and Exchange Commission

Accounting

ASU						Accounting Standards Update
GAAP						Generally Accepted Accounting Principles in the United States of America
HLBV						Hypothetical Liquidation at Book Value
NOL						Net Operating Loss
OCI						Other Comprehensive Income
VIE						Variable Interest Entity


Environmental

GHG						Greenhouse gases



Superfund						Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 and similar state statutes

Units of Measure


Dt						Dekatherms

kWh						Kilowatt-hour

MMlb						Million pounds

MW						Megawatt or thousand kilowatts
MWh						Megawatt hour

Other




COVID-19						Coronavirus Disease 2019













IRA						The federal Inflation Reduction Act, as enacted on August 16, 2022
TCJA						The federal Tax Cuts and Jobs Act of 2017, as enacted on December 22, 2017


☒			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


		PAGE
PART I—Financial Information
ITEM 1	Financial Statements (Unaudited)
	Con Edison
	Consolidated Income Statement	7
	Consolidated Statement of Comprehensive Income	8
	Consolidated Statement of Cash Flows	9
	Consolidated Balance Sheet	11
	Consolidated Statement of Equity	13
	CECONY
	Consolidated Income Statement	14
	Consolidated Statement of Comprehensive Income	15
	Consolidated Statement of Cash Flows	16
	Consolidated Balance Sheet	17
	Consolidated Statement of Shareholder’s Equity	19
	Notes to the Financial Statements (Unaudited)	20
ITEM 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	45
ITEM 3	Quantitative and Qualitative Disclosures About Market Risk	65
ITEM 4	Controls and Procedures	66
PART II—Other Information		67
ITEM 1	Legal Proceedings	67
ITEM 1A	Risk Factors	67
ITEM 6	Exhibits	67
	Signatures	69


	For the Three Months Ended March 31,
(Millions of Dollars/Except Share Data)	2024	2023
OPERATING REVENUES
Electric	$2,636	$2,538
Gas	1,356	1,430
Steam	287	306
Non-utility	1	129
TOTAL OPERATING REVENUES	4,280	4,403
OPERATING EXPENSES
Purchased power	649	702
Fuel	88	189
Gas purchased for resale	267	468
Other operations and maintenance	888	896
Depreciation and amortization	539	499
Taxes, other than income taxes	808	765
TOTAL OPERATING EXPENSES	3,239	3,519


Gain (Loss) on sale of the Clean Energy Businesses	(30)	855
OPERATING INCOME	1,011	1,739
OTHER INCOME (DEDUCTIONS)
Investment income	19	8
Other income	164	204
Allowance for equity funds used during construction	10	6
Other deductions	(11)	(22)
TOTAL OTHER INCOME	182	196
INCOME BEFORE INTEREST AND INCOME TAX EXPENSE	1,193	1,935
INTEREST EXPENSE (INCOME)
Interest on long-term debt	255	251
Other interest expense	48	24
Allowance for borrowed funds used during construction	(14)	(13)
NET INTEREST EXPENSE	289	262
INCOME BEFORE INCOME TAX EXPENSE	904	1,673
INCOME TAX EXPENSE	184	243
NET INCOME	720	1,430
Loss attributable to non-controlling interest	—	(3)
NET INCOME FOR COMMON STOCK	$720	$1,433
Net income per common share—basic	$2.08	$4.06
Net income per common share—diluted	$2.08	$4.05
AVERAGE NUMBER OF SHARES OUTSTANDING—BASIC (IN MILLIONS)	345.5	352.9
AVERAGE NUMBER OF SHARES OUTSTANDING—DILUTED (IN MILLIONS)	346.8	354.2


	Three Months Ended March 31,
(Millions of Dollars)	2024	2023
NET INCOME	$720	$1,430
LOSS ATTRIBUTABLE TO NON-CONTROLLING INTEREST	—	3
OTHER COMPREHENSIVE INCOME, NET OF TAXES
Pension and other postretirement benefit plan liability adjustments, net of taxes	(4)	4

TOTAL OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAXES	(4)	4
COMPREHENSIVE INCOME	$716	$1,437


Income taxes	$3	$10
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION
Construction expenditures in accounts payable	$441	$444
Issuance of common shares for dividend reinvestment	$13	$4
Software licenses acquired but unpaid as of end of period	$—	$2
Equipment acquired but unpaid as of end of period	$11	$17


(Millions of Dollars)	March 31, 2024	December 31, 2023
ASSETS
CURRENT ASSETS
Cash and temporary cash investments	$169	$1,189
Accounts receivable – customers, net allowance for uncollectible accounts of $394 and $360 in 2024 and 2023, respectively	2,618	2,418
Other receivables, net allowance for uncollectible accounts of $17 and $13 in 2024 and 2023, respectively	299	444

Accrued unbilled revenue	771	722
Fuel oil, gas in storage, materials and supplies, at average cost	442	469
Prepayments	1,023	470
Regulatory assets	210	281
Restricted cash	—	1
Revenue decoupling mechanism receivable	280	203
Fair value of derivative assets	88	52
Assets held for sale	164	163
Other current assets	102	125
TOTAL CURRENT ASSETS	6,166	6,537
INVESTMENTS	1,041	999
UTILITY PLANT, AT ORIGINAL COST
Electric	39,771	39,071
Gas	14,500	14,318
Steam	3,110	3,085
General	4,755	4,835
TOTAL	62,136	61,309
Less: Accumulated depreciation	14,776	14,157
Net	47,360	47,152
Construction work in progress	2,481	2,442
NET UTILITY PLANT	49,841	49,594
NON-UTILITY PLANT
Non-utility property, net accumulated depreciation of $24 in 2024 and 2023	12	13
Construction work in progress	1	1
NET PLANT	49,854	49,608
OTHER NONCURRENT ASSETS
Goodwill	408	408

Regulatory assets	5,050	4,607
Pension and retiree benefits	3,267	3,275
Operating lease right-of-use asset	521	533
Fair value of derivative assets	48	48
Other deferred charges and noncurrent assets	325	316
TOTAL OTHER NONCURRENT ASSETS	9,619	9,187
TOTAL ASSETS	$66,680	$66,331


(In Millions, except for dividends per share)	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, 2022	355	$37	$9,803	$11,985	23	$(1,038)	$(122)	$22	$202	$20,889
Net income (loss)				1,433					(3)	1,430
Common stock dividends ($0.81 per share)				(288)						(288)

Issuance of common shares for stock plans			15							15
Common stock repurchases	(9)		(200)		9	(808)				(1,008)
Other comprehensive income								4		4
Distributions to noncontrolling interests									(4)	(4)
Disposal of the Clean Energy Businesses									(195)	(195)
BALANCE AS OF MARCH 31, 2023	346	$37	$9,618	$13,130	32	$(1,846)	$(122)	$26	$—	$20,843



















BALANCE AS OF DECEMBER 31, 2023	345	$37	$9,861	$13,377	34	$(2,017)	$(122)	$22	$—	$21,158
Net income				720						720
Common stock dividends ($0.83 per share)				(287)						(287)

Issuance of common shares for stock plans	1	1	27							28

Other comprehensive loss								(4)		(4)

BALANCE AS OF MARCH 31, 2024	346	$38	$9,888	$13,810	34	$(2,017)	$(122)	$18	$—	$21,615


	For the Three Months Ended March 31,
(Millions of Dollars, except per share amounts/Shares in Millions)	2024	2023
Net income for common stock	$720	$1,433
Weighted average common shares outstanding – basic	345.5	352.9
Add: Incremental shares attributable to effect of potentially dilutive securities	1.3	1.3
Adjusted weighted average common shares outstanding – diluted	346.8	354.2
Net Income per common share – basic	$2.08	$4.06
Net Income per common share – diluted	$2.08	$4.05


	At March 31,
	Con Edison
(Millions of Dollars)	2024	2023
Cash and temporary cash investments	$169	$771
Restricted cash (a)	6	2
Total cash, temporary cash investments and restricted cash	$175	$773


(Millions of Dollars)	March 31, 2024	December 31, 2023
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Long-term debt due within one year	$250	$250

Notes payable	2,299	2,288
Accounts payable	1,439	1,775
Customer deposits	411	396
Accrued taxes	63	73
Accrued interest	298	170
Accrued wages	127	125
Fair value of derivative liabilities	113	193
Regulatory liabilities	258	145
System benefit charge	406	444
Operating lease liabilities	116	116
Liabilities held for sale	77	76
Other current liabilities	387	411
TOTAL CURRENT LIABILITIES	6,244	6,462
NONCURRENT LIABILITIES
Provision for injuries and damages	183	188
Pensions and retiree benefits	633	592
Superfund and other environmental costs	1,112	1,118
Asset retirement obligations	527	522
Fair value of derivative liabilities	94	121
Deferred income taxes and unamortized investment tax credits	8,338	8,069
Operating lease liabilities	430	429
Regulatory liabilities	5,174	5,328
Other deferred credits and noncurrent liabilities	401	417
TOTAL NONCURRENT LIABILITIES	16,892	16,784
LONG-TERM DEBT	21,929	21,927
COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Note B, Note G, and Note H)



COMMON SHAREHOLDERS' EQUITY (See Statement of Common Shareholders' Equity)	21,615	21,158
TOTAL LIABILITIES AND EQUITY	$66,680	$66,331


(Millions of Dollars)	March 31, 2024	December 31, 2023
LIABILITIES AND SHAREHOLDER’S EQUITY
CURRENT LIABILITIES
Long-term debt due within one year	$250	$250
Notes payable	1,857	1,903
Accounts payable	1,305	1,629
Accounts payable to affiliated companies	20	16
Customer deposits	394	378
Accrued taxes	46	55
Accrued taxes to affiliated companies	1	1
Accrued interest	283	159
Accrued wages	115	114
Fair value of derivative liabilities	103	179
Regulatory liabilities	210	107
System benefit charge	369	406
Operating lease liabilities	116	116
Other current liabilities	349	381
TOTAL CURRENT LIABILITIES	5,418	5,694
NONCURRENT LIABILITIES

Provision for injuries and damages	178	185
Pensions and retiree benefits	581	542
Superfund and other environmental costs	1,020	1,026
Asset retirement obligations	525	520
Fair value of derivative liabilities	85	108
Deferred income taxes and unamortized investment tax credits	8,249	7,984
Operating lease liabilities	430	429
Regulatory liabilities	4,687	4,818
Other deferred credits and noncurrent liabilities	322	338
TOTAL NONCURRENT LIABILITIES	16,077	15,950
LONG-TERM DEBT	20,812	20,810
COMMITMENTS AND CONTINGENCIES (Note B and Note G)
SHAREHOLDER’S EQUITY (See Statement of Shareholder’s Equity)	19,597	19,146
TOTAL LIABILITIES AND SHAREHOLDER’S EQUITY	$61,904	$61,600


	Con Edison		CECONY
(Millions of Dollars)	2024	2023	2024	2023
Regulatory assets
Environmental remediation costs	$1,098	$1,105	$1,015	$1,022
System peak reduction and energy efficiency programs	1,046	1,057	1,024	1,038
COVID - 19 pandemic deferrals	827	789	816	782
Revenue taxes	494	476	473	455
Legacy meters (a)	436	17	420	—
Deferred storm costs	190	206	100	115
Property tax reconciliation	146	169	146	169
Deferred derivative losses - long term	133	163	121	148
Electric vehicle make ready	85	73	79	68
Pension and other postretirement benefits deferrals	73	48	70	39
MTA power reliability deferral	54	61	54	61
Gas service line deferred costs	38	43	38	43
Unrecognized pension and other postretirement costs	4	—	3	—
Other	426	400	398	374
Regulatory assets – noncurrent	5,050	4,607	4,757	4,314
Deferred derivative losses - short term	202	269	191	253
Recoverable energy costs	8	12	—	1
Regulatory assets – current	210	281	191	254
Total Regulatory Assets	$5,260	$4,888	$4,948	$4,568
Regulatory liabilities
Future income tax*	1,469	1,535	1,339	1,404
Allowance for cost of removal less salvage	1,468	1,456	1,274	1,266
Unrecognized pension and other postretirement costs	798	943	750	867
Pension and other postretirement benefit deferrals	315	284	263	233
Net unbilled revenue deferrals	288	278	288	278
Late payment charge deferral	205	167	198	161
System benefit charge carrying charge	98	92	93	88
Deferred derivative gains - long term	48	49	47	49
Net proceeds from sale of property	42	48	41	47
Settlement of prudence proceeding	11	11	11	11
Other	432	465	383	414
Regulatory liabilities – noncurrent	5,174	5,328	4,687	4,818
Deferred derivative gains - short term	117	74	110	71
Refundable energy costs	140	71	100	36
Revenue decoupling mechanism	1	—	—	—
Regulatory liabilities – current	258	145	210	107


	Con Edison		CECONY
(Millions of Dollars)	2024	2023	2024	2023
Environmental remediation costs	$1,098	$1,105	$1,015	$1,022
Revenue taxes	509	490	488	470
COVID-19 deferral for uncollectible accounts receivable	324	291	318	288
Deferred derivative losses - current	202	269	191	253
Deferred derivative losses - long term	133	163	121	148
Unrecognized pension and other postretirement costs	4	—	3	—
Other	41	29	40	28
Total	$2,311	$2,347	$2,176	$2,209


Guarantee Type	0 – 3 years	4 – 10 years	> 10 years	Total
	(Millions of Dollars)
Con Edison Transmission	$76	$—	$—	$76
Guarantees on behalf of the Clean Energy Businesses (a)	7	7	25	39
Broken Bow II	—	—	9	9

Total	$83	$7	$34	$124


	For the Three Months Ended March 31, 2024			For the Three Months Ended March 31, 2023
(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	$2,439	$2	$2,441	$2,263	$93	$2,356
Gas	1,229	14	1,243	1,257	34	1,291
Steam	294	(7)	287	303	3	306
Total CECONY	$3,962	$9	$3,971	$3,823	$130	$3,953
O&R
Electric	200	(5)	195	178	4	182
Gas	116	(3)	113	138	1	139
Total O&R	$316	$(8)	$308	$316	$5	$321
Clean Energy Businesses (c)
Renewables	—	—	—	68	—	68
Energy services	—	—	—	7	—	7
Develop/Transfer Projects	—	—	—	7	—	7
Other	—	—	—	—	47	47
Total Clean Energy Businesses	$—	$—	$—	$82	$47	$129
Con Edison Transmission	1	—	1	1	—	1
Other (b)	—	—	—	—	(1)	(1)
Total Con Edison	$4,279	$1	$4,280	$4,222	$181	$4,403


	For the Three Months Ended March 31,
	Operating revenues		Inter-segment revenues		Depreciation and amortization		Operating income/(loss)
(Millions of Dollars)	2024	2023	2024	2023	2024	2023	2024	2023
CECONY
Electric	$2,441	$2,356	$4	$5	$370	$343	$240	$194
Gas	1,243	1,291	2	2	114	105	615	559
Steam	287	306	19	18	26	25	134	56
Consolidation adjustments	—	—	(25)	(25)	—	—	—	—
Total CECONY	$3,971	$3,953	$—	$—	$510	$473	$989	$809
O&R
Electric	$195	$182	$—	$—	$20	$18	$14	$1
Gas	113	139	—	—	9	7	42	40
Total O&R	$308	$321	$—	$—	$29	$25	$56	$41
Clean Energy Businesses (a)	—	129	—	—	—	—	—	36
Con Edison Transmission	1	1	—	—	—	—	(3)	(2)
Other (b)	—	(1)	—	—	—	1	(31)	855
Total Con Edison	$4,280	$4,403	$—	$—	$539	$499	$1,011	$1,739


	Electric Energy (MWh) (a)(b)	Capacity (MW-mos) (a)	Natural Gas (Dt) (a)(b)	Refined Fuels (gallons)
Con Edison	31,374,625	42,600	296,190,000	4,032,000
CECONY	28,801,875	33,600	278,560,000	4,032,000


(Millions of Dollars)	Con Edison (a)	CECONY (a)
Aggregate fair value – net liabilities	$164	$153
Collateral posted	255	255
Additional collateral (b) (downgrade one level from current ratings)	10	—
Additional collateral (b)(c) (downgrade to below investment grade from current ratings)	74	56


(Millions of Dollars)			March 31, 2024
LIABILITIES
CURRENT LIABILITIES
Long-term debt due within one year			$2




Operating lease liabilities			2

Other current liabilities			6
TOTAL CURRENT LIABILITIES			10
NONCURRENT LIABILITIES
Asset retirement obligations			3

Operating lease liabilities			5

TOTAL NONCURRENT LIABILITIES			8
LONG-TERM DEBT			59
TOTAL LIABILITIES			$77


	For the Three Months Ended March 31, 2024						At March 31, 2024
(Millions of Dollars, except percentages)	Operating Revenues			Net Income for Common Stock				Assets
CECONY	$3,971	93	%	$694	96	%			$61,904	92	%
O&R	308	7		37	5				3,747	6
Total Utilities	$4,279	100	%	$731	101	%			$65,651	98	%
Con Edison Transmission	1	—		11	2				431	1
Other (a)	—	—		(22)	(3)				598	1
Total Con Edison	$4,280	100	%	$720	100	%			$66,680	100	%


Variation for the Three Months Ended March 31, 2024 vs. 2023
	Net Income for Common Stock (Net of Tax) (Millions of Dollars)	Earnings per Share
CECONY (a)
New steam rate plan effective November 2023	$47	$0.13
Higher gas rate base	27	0.08
Higher electric rate base	15	0.04






Accretive effect of share repurchase	—	0.04





Other	1	0.01
Total CECONY	90	0.30
O&R (a)
Electric base rate increase	7	0.02
Gas base rate increase	1	—


Other	(2)	—
Total O&R	6	0.02
Clean Energy Businesses (b)











Total Clean Energy Businesses	(22)	(0.07)
Con Edison Transmission
Higher investment income, primarily due to the recognition of allowance for funds used during construction from Mountain Valley Pipeline, LLC	8	0.02




Other	1	0.01

Total Con Edison Transmission	9	0.03
Other, including parent company expenses
Gain and other impacts related to the sale of the Clean Energy Businesses	(785)	(2.23)
Lower interest income	(8)	(0.02)






Other	(3)	(0.01)
Total Other, including parent company expenses	(796)	(2.26)
Total Reported (GAAP basis)	$(713)	$(1.98)

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. Effective November 1, 2023, revenues from CECONY’s steam sales are also subject to a weather normalization clause, as a result of which, delivery revenues reflect normal weather conditions during the heating season. 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. Accordingly, such costs do not generally affect Con Edison’s results of operations.
b. On March 1, 2023, Con Edison completed the sale of all of the stock of the Clean Energy Businesses.


	CECONY		O&R		Clean Energy Businesses (a)		Con Edison Transmission		Other (b)		Con Edison (c)
(Millions of Dollars)	2024	2023	2024	2023	2024	2023	2024	2023	2024	2023	2024	2023
Operating revenues	$3,971	$3,953	$308	$321	$—	$129	$1	$1	$—	$(1)	$4,280	$4,403
Purchased power	579	631	70	71	—	—	—	—	—	—	649	702
Fuel	88	189	—	—	—	—	—	—	—	—	88	189
Gas purchased for resale	235	365	32	63	—	41	—	—	—	(1)	267	468
Other operations and maintenance	789	750	96	97	—	48	4	3	(1)	(2)	888	896
Depreciation and amortization	510	473	29	25	—	—	—	—	—	1	539	499
Taxes, other than income taxes	781	736	25	24	—	4	—	—	2	1	808	765
Gain (loss) on sale of the Clean Energy Businesses	—	—	—	—	—	—	—	—	(30)	855	(30)	855



Operating income (loss)	989	809	56	41	—	36	(3)	(2)	(31)	855	1,011	1,739
Other income (deductions)	156	182	8	12	—	1	18	7	—	(6)	182	196
Net interest expense	270	233	14	13	—	15	—	2	5	(1)	289	262
Income (loss) before income tax expense	875	758	50	40	—	22	15	3	(36)	850	904	1,673
Income tax expense	181	154	13	9	—	3	4	1	(14)	76	184	243
Net income (loss)	$694	$604	$37	$31	$—	$19	$11	$2	$(22)	$774	$720	$1,430
Loss attributable to non-controlling interest	—	—	—	—	—	(3)	—	—	—	—	—	(3)
Net income (loss) for common stock	$694	$604	$37	$31	$—	$22	$11	$2	$(22)	$774	$720	$1,433


	For the Three Months Ended
(Millions of Dollars)	March 31, 2024	March 31, 2023	Variation
Operating revenues	$2,441	$2,356	$85
Purchased power	568	613	(45)
Fuel	58	79	(21)
Other operations and maintenance	612	568	44
Depreciation and amortization	370	343	27
Taxes, other than income taxes	593	559	34
Electric operating income	$240	$194	$46


	Millions of kWh Delivered						Revenues in Millions (a)
	For the Three Months Ended						For the Three Months Ended
Description	March 31, 2024	March 31, 2023	Variation	Percent Variation			March 31, 2024	March 31, 2023	Variation	Percent Variation
Residential/Religious (b)	2,591	2,614	(23)	(0.9)	%		$965	$712	$253	35.5	%
Commercial/Industrial	2,672	2,787	(115)	(4.1)			737	676	61	9.0
Retail choice customers	4,768	4,805	(37)	(0.8)			542	463	79	17.1
NYPA, Municipal Agency and other sales	2,301	2,330	(29)	(1.2)			177	158	19	12.0
Other operating revenues (c)	—	—	—	—			20	347	(327)	(94.2)
Total	12,332	12,536	(204)	(1.6)	%	(d)	$2,441	$2,356	$85	3.6	%


	Thousands of Dt Delivered						Revenues in Millions (a)
	For the Three Months Ended						For the Three Months Ended
Description	March 31, 2024	March 31, 2023	Variation	Percent Variation			March 31, 2024	March 31, 2023	Variation	Percent Variation
Residential	20,652	22,508	(1,856)	(8.2)	%		$501	$558	$(57)	(10.2)	%
General	12,519	12,526	(7)	(0.1)			275	255	20	7.8
Firm transportation	29,498	31,657	(2,159)	(6.8)			405	403	2	0.5
Total firm sales and transportation	62,669	66,691	(4,022)	(6.0)	%	(b)	$1,181	$1,216	$(35)	(2.9)	%
Interruptible sales (c)	1,185	1,863	(678)	(36.4)			12	20	(8)	(40.0)
NYPA	12,991	9,973	3,018	30.3			1	1	—	—
Generation plants	12,949	11,781	1,168	9.9			5	8	(3)	(37.5)
Other	6,290	6,173	117	1.9			14	12	2	16.7
Other operating revenues (d)	—	—	—	—			30	34	(4)	(11.8)
Total	96,084	96,481	(397)	(0.4)	%		$1,243	$1,291	$(48)	(3.7)	%


	Millions of Pounds Delivered						Revenues in Millions
	For the Three Months Ended						For the Three Months Ended
Description	March 31, 2024	March 31, 2023	Variation	Percent Variation			March 31, 2024	March 31, 2023	Variation	Percent Variation
General	251	261	(10)	(3.8)	%		$17	$14	$3	21.4	%
Apartment house	2,105	2,012	93	4.6			78	80	(2)	(2.5)
Annual power	4,293	4,359	(66)	(1.5)			202	199	3	1.5
Other operating revenues (a)	—	—	—	—			(10)	13	(23)	Large
Total	6,649	6,632	17	0.3	%	(b)	$287	$306	$(19)	(6.2)	%


	For the Three Months Ended March 31,
(Millions of Dollars)	2024		2023		Variation
Property taxes	$649		$603		$46
State and local taxes related to revenue receipts	120		118		2
Payroll taxes	31		28		3
Other taxes	(19)		(13)		(6)
Total	$781	(a)	$736	(a)	$45


	For the Three Months Ended March 31,
	CECONY		O&R		Clean Energy Businesses (d)		Con Edison Transmission		Other (a)(b)		Con Edison (c)
(Millions of Dollars)	2024	2023	2024	2023	2024	2023	2024	2023	2024	2023	2024	2023
Operating activities	$522	$45	$45	$44	$—	$—	$(4)	$(152)	$10	$155	$573	$92
Investing activities	(1,266)	(1,077)	(78)	(68)	—	(248)	—	(26)	—	4,037	(1,344)	2,618
Financing activities	(290)	12	45	21	—	—	(1)	189	(3)	(3,688)	(249)	(3,466)
Net change for the period	(1,034)	(1,020)	12	(3)	—	(248)	(5)	11	7	504	(1,020)	(756)
Balance at beginning of period	1,138	1,056	23	35	—	248	25	—	9	191	1,195	1,530
Balance at end of period (c)	$104	$36	$35	$32	$—	$—	$20	$11	$16	$695	$175	$774
Less: Cash balances held for sale (d)	—	—	—	—	—	—	—	—	6	3	6	3
Balance at end of period excluding held for sale	$104	$36	$35	$32	$—	$—	$20	$11	$10	$692	$169	$771


	2024				2023
(Millions of Dollars, except Weighted Average Yield)	Outstanding at March 31,		Daily average		Outstanding at March 31,		Daily average
Con Edison	$2,299		$2,266		$411		$1,858
CECONY	$1,857		$1,854		$405		$1,773
Weighted average yield	5.5	%	5.6	%	5.4	%	4.8	%


	Common Equity Ratio (Percent of total capitalization)
	March 31, 2024	December 31, 2023
Con Edison	49.6	49.1
CECONY	48.5	47.9



Exhibit 10.1.1			Extension Agreement to Credit Agreement, dated as of March 27, 2024, among Con Edison, CECONY, 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 March 25, 2024 (File No. 1-14514) as Exhibit 10.2)
Exhibit 10.1.2			Amendment to Credit Agreement, dated as of March 27, 2024, among Con Edison, CECONY, 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 March 25, 2024 (File No. 1-14514) as Exhibit 10.3)
Exhibit 10.1.3			Letter Agreement, dated February 20, 2020, between Con Edison and Mark Noyes
Exhibit 10.1.4			Con Edison Clean Energy Businesses, Inc. Retention Bonus Plan for Key Executives
Exhibit 10.1.5			Con Edison Clean Energy Businesses, Inc. Retention Bonus Plan for Key Executives Participation Agreement, dated July 11, 2022, by and among Con Edison Clean Energy Business, Inc., Con Edison and Mark Noyes
Exhibit 10.1.6			Letter Agreement, dated July 6, 2022, by and among Consolidated Edison Clean Energy Business, Inc., Con Edison and Mark Noyes
Exhibit 10.1.7			Description of Directors’ Compensation, effective as of April 1, 2024
Exhibit 31.1.1			Rule 13a-14(a)/15d-14(a) Certifications – Chief Executive Officer.
Exhibit 31.1.2			Rule 13a-14(a)/15d-14(a) Certifications – Chief Financial Officer.
Exhibit 32.1.1			Section 1350 Certifications – Chief Executive Officer.
Exhibit 32.1.2			Section 1350 Certifications – Chief Financial Officer.
Exhibit 101.INS			XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL 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 104			Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.


Exhibit 10.2.1			364-Day Revolving Credit Agreement, dated as of March 25, 2024, among CECONY, 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 March 25, 2024 (File No. 1-14514) as Exhibit 10.1)
Exhibit 31.2.1			Rule 13a-14(a)/15d-14(a) Certifications – Chief Executive Officer.
Exhibit 31.2.2			Rule 13a-14(a)/15d-14(a) Certifications – Chief Financial Officer.
Exhibit 32.2.1			Section 1350 Certifications – Chief Executive Officer.
Exhibit 32.2.2			Section 1350 Certifications – Chief Financial Officer.
Exhibit 101.INS			XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL 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 104			Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.


	Consolidated Edison, Inc.
	Consolidated Edison Company of New York, Inc.

Date: May 2, 2024	By	/s/ Robert Hoglund
		Robert Hoglund Senior Vice President, Chief Financial Officer and Duly Authorized Officer