Cover and table of contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒			Quarterly Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934

FOR THE QUARTERLY PERIOD ENDED June 30, 2025

OR

☐			Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to

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

Securities Registered Pursuant to Section 12(b) of the Act:

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)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

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

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Con Edison			Yes			☒			No ☐
CECONY			Yes			☒			No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Con Edison
Large accelerated filer			☒						Accelerated filer ☐						Non-accelerated filer			☐
Smaller reporting company						☐			Emerging growth company			☐
CECONY
Large accelerated filer			☐						Accelerated filer ☐						Non-accelerated filer			☒
Smaller reporting company						☐			Emerging growth company			☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Con Edison			Yes			☐			No			☒
CECONY			Yes			☐			No			☒

As of July 31, 2025, Con Edison had outstanding 360,651,665 Common Shares ($.10 par value). All of the outstanding common equity of CECONY is held by Con Edison.

Filing Format

This Quarterly Report on Form 10-Q is a combined report being filed separately by two different registrants: Consolidated Edison, Inc. (Con Edison) and Consolidated Edison Company of New York, Inc. (CECONY). CECONY is a wholly-owned subsidiary of Con Edison and, as such, the information in this report about CECONY also applies to Con Edison. As used in this report, the term the “Companies” refers to Con Edison and CECONY. However, CECONY makes no representation as to the information contained in this report relating to Con Edison or the subsidiaries of Con Edison other than itself.

Glossary of Terms

The following is a glossary of abbreviations or acronyms that are used in the Companies’ SEC reports:

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
SEC						U.S. Securities and Exchange Commission
Accounting
AFUDC						Allowance for Funds Used During Construction
ASC						Accounting Standards Codification Topic
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						Dekatherm
kWh						Kilowatt-hour
MMlb						Million pounds
MW						Megawatt or thousand kilowatts
MWh						Megawatt hour
Other
COVID-19						Coronavirus Disease 2019 and any mutations or variants thereof
Second Quarter Financial Statements						Consolidated financial statements included in the Companies' Quarterly Report on Form 10-Q for the quarterly period ended June 30 of the current year
IRA						The federal Inflation Reduction Act, as enacted on August 16, 2022
OBBBA						The federal One Big Beautiful Bill Act, as enacted on July 4, 2025
TCJA						The federal Tax Cuts and Jobs Act of 2017, as enacted on December 22, 2017

TABLE OF CONTENTS

						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			10
			Consolidated Statement of Shareholders' Equity			12
			CECONY
			Consolidated Income Statement			13
			Consolidated Statement of Comprehensive Income			14
			Consolidated Statement of Cash Flows			15
			Consolidated Balance Sheet			16
			Consolidated Statement of Shareholder’s Equity			18
			Notes to the Financial Statements (Unaudited)			19
			Note A - Summary of Significant Accounting Policies			19
			Note B - Regulatory Matters			21
			Note C - Capitalization			25
			Note D - Short-Term Borrowing			25
			Note E - Pension Benefits			26
			Note F - Other Postretirement Benefits			27
			Note G - Environmental Matters			27
			Note H - Material Contingencies			30
			Note I - Leases			31
			Note J - Income Tax			31
			Note K - Revenue Recognition			33
			Note L - Current Expected Credit Losses			34
			Note M - Financial Information by Business Segment			36
			Note N - Derivative Instruments and Hedging Activities			40
			Note O - Fair Value Measurements			42
			Note P - Related Party Transactions			45
			Note Q - Dispositions			46
ITEM 2			Management’s Discussion and Analysis of Financial Condition and Results of Operations			47
ITEM 3			Quantitative and Qualitative Disclosures About Market Risk			80
ITEM 4			Controls and Procedures			80
PART II—Other Information						82
ITEM 1			Legal Proceedings			82
ITEM 1A			Risk Factors			82
ITEM 6			Exhibits			82
			Signatures			83

FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements that are intended to qualify for the safe-harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are statements of future expectations and not facts. Words such as “forecasts,” “expects,” “estimates,” “anticipates,” “intends,” “believes,” “plans,” “will,” “target,” “guidance,” “potential,” "goal," “consider” and similar expressions identify forward-looking statements. The forward-looking statements reflect information available and assumptions at the time the statements are made, and accordingly speak only as of that time. Actual results or developments might differ materially from those included in the forward-looking statements because of various factors such as those identified in reports the Companies have filed with the Securities and Exchange Commission, including, but not limited to:

• the Companies are extensively regulated and may be subject to substantial 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 failure of, or damage to, the Companies’ facilities could adversely affect the Companies;

• a cyber attack could adversely affect the Companies;

• the failure of processes and systems, the failure to retain and attract employees and contractors, and their negative performance could adversely affect the Companies;

• the Companies are exposed to risks from the environmental consequences of their operations, including increased costs related to climate change;

• Con Edison’s ability to pay dividends or interest depends on dividends from its subsidiaries;

• changes to tax laws could adversely affect the Companies;

• the Companies require access to capital markets to satisfy funding requirements;

• a disruption in the wholesale energy markets, increased commodity costs or failure by an energy supplier or customer could adversely affect the Companies;

• the Companies face risks related to health epidemics and other outbreaks;

• the Companies’ strategies may not be effective to address changes in the external business environment;

• the Companies face risks related to supply chain disruptions, inflation and the imposition of tariffs (or subsequent changes to tariffs once announced or implemented); and

• the Companies also face other risks that are beyond their control.

This list of factors is not all-inclusive because it is not possible to predict all factors that could cause actual results or developments to differ from the forward-looking statements. The Companies assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Consolidated Edison, Inc.

CONSOLIDATED INCOME STATEMENT (UNAUDITED)

			For the Three Months Ended June 30,						For the Six Months Ended June 30,
(Millions of Dollars/Except Share Data)			2025			2024			2025			2024
OPERATING REVENUES
Electric			$2,777			$2,550			$5,678			$5,180
Gas			711			582			2,253			1,939
Steam			106			88			460			374
Non-utility			1			—			2			2
TOTAL OPERATING REVENUES			3,595			3,220			8,393			7,495
OPERATING EXPENSES
Purchased power			649			556			1,370			1,199
Fuel			27			15			154			103
Gas purchased for resale			171			68			533			335
Other operations and maintenance			923			967			1,875			1,856
Depreciation and amortization			576			512			1,140			1,051
Taxes, other than income taxes			894			782			1,841			1,590
TOTAL OPERATING EXPENSES			3,240			2,900			6,913			6,134
Loss on sale of the Clean Energy Businesses			—			—			—			(30)
OPERATING INCOME			355			320			1,480			1,331
OTHER INCOME (DEDUCTIONS)
Investment income			17			11			33			30
Other income			214			155			415			319
Allowance for equity funds used during construction			18			10			36			20
Other deductions			(8)			(16)			(22)			(27)
TOTAL OTHER INCOME			241			160			462			342
INCOME BEFORE INTEREST AND INCOME TAX EXPENSE (BENEFIT)			596			480			1,942			1,673
INTEREST EXPENSE (INCOME)
Interest on long-term debt			292			267			584			522
Other interest expense			26			36			64			83
Allowance for borrowed funds used during construction			(18)			(15)			(36)			(28)
NET INTEREST EXPENSE			300			288			612			577
INCOME BEFORE INCOME TAX EXPENSE (BENEFIT)			296			192			1,330			1,096
INCOME TAX EXPENSE (BENEFIT)			50			(10)			292			174
NET INCOME FOR COMMON STOCK			$246			$202			$1,038			$922
Net income per common share - basic			$0.68			$0.58			$2.93			$2.67
Net income per common share - diluted			$0.68			$0.58			$2.92			$2.66
AVERAGE NUMBER OF SHARES OUTSTANDING—BASIC (IN MILLIONS)			360.4			345.9			354.5			345.7
AVERAGE NUMBER OF SHARES OUTSTANDING—DILUTED (IN MILLIONS)			361.7			347.1			355.8			346.9

The accompanying notes are an integral part of these financial statements.

Consolidated Edison, Inc.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

			Three Months Ended June 30,						Six Months Ended June 30,
(Millions of Dollars)			2025			2024			2025			2024
NET INCOME			$246			$202			$1,038			$922
OTHER COMPREHENSIVE LOSS, NET OF TAXES
Pension and other postretirement benefit plan liability adjustments, net of taxes			—			—			(12)			(4)
TOTAL OTHER COMPREHENSIVE LOSS, NET OF TAXES			—			—			(12)			(4)
COMPREHENSIVE INCOME			$246			$202			$1,026			$918

The accompanying notes are an integral part of these financial statements.

Consolidated Edison, Inc.

CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)

			For the Six Months Ended June 30,
(Millions of Dollars)			2025			2024
OPERATING ACTIVITIES
Net income			$1,038			$922
PRINCIPAL NON-CASH CHARGES (CREDITS) TO INCOME
Depreciation and amortization			1,140			1,051
Deferred income taxes			301			161
Rate case amortization and accruals			130			115
Pre-tax loss on sale of the Clean Energy Businesses			—			30
Other non-cash items, net			(99)			(36)
CHANGES IN ASSETS AND LIABILITIES
Accounts receivable – customers, net			52			(61)
Revenue decoupling mechanism receivable			37			(46)
Other receivables, net and other current assets			129			197
Taxes receivable			144			—
Unbilled revenue and net unbilled revenue deferrals			22			14
Prepayments			71			32
Accounts payable			35			(166)
Pensions and retiree benefits obligations, net			(284)			(70)
Pensions and retiree benefits contributions			(9)			(9)
Accrued taxes			(13)			(14)
Accrued interest			12			19
Superfund and other environmental costs, net			(14)			(15)
Distributions from equity investments			33			2
Deferred charges, noncurrent assets, leases, net and other regulatory assets			(178)			(264)
Deferred credits, noncurrent liabilities and other regulatory liabilities			206			191
Other current liabilities			63			(141)
NET CASH FLOWS FROM OPERATING ACTIVITIES			2,816			1,912
INVESTING ACTIVITIES
Utility capital expenditures			(2,420)			(2,396)
Cost of removal less salvage			(251)			(214)
Non-utility capital expenditures			(1)			—
Proceeds from sale of Broken Bow II, net of cash and cash equivalents sold			45			—
Other investing activities			(28)			(12)
NET CASH FLOWS USED IN INVESTING ACTIVITIES			(2,655)			(2,622)
FINANCING ACTIVITIES
Net issuance (payment) of short-term debt			(950)			164
Issuance of long-term debt			—			1,400
Borrowing under term loan			200			—
Debt issuance costs			(1)			(23)
Common stock dividends			(576)			(549)
Issuance of common shares - public offering			1,308			—
Issuance of common shares for stock plans			32			30
NET CASH FLOWS FROM FINANCING ACTIVITIES			13			1,022
CASH, TEMPORARY CASH INVESTMENTS, AND RESTRICTED CASH:
NET CHANGE FOR THE PERIOD			174			312
BALANCE AT BEGINNING OF PERIOD			1,333			1,195
BALANCE AT END OF PERIOD			$1,507			$1,507
LESS: CHANGE IN CASH AND RESTRICTED CASH BALANCES HELD FOR SALE			—			7
BALANCE AT END OF PERIOD EXCLUDING HELD FOR SALE			$1,507			$1,500
SUPPLEMENTAL DISCLOSURE OF CASH INFORMATION
Cash paid (received) during the period for:
Interest, net of capitalized interest			$560			$520
Income taxes			$(181)			$4
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION
Capital expenditures in accounts payable			$342			$482
Issuance of common shares for dividend reinvestment			$25			$25
Equipment acquired but unpaid as of end of period			$6			$11

The accompanying notes are an integral part of these financial statements.

Consolidated Edison, Inc.

CONSOLIDATED BALANCE SHEET (UNAUDITED)

(Millions of Dollars)			June 30, 2025			December 31, 2024
ASSETS
CURRENT ASSETS
Cash and temporary cash investments			$1,506			$1,324
Accounts receivable – customers, net allowance for uncollectible accounts of $615 and $620 in 2025 and 2024, respectively			2,393			2,440
Other receivables, net allowance for uncollectible accounts of $42 and $41 in 2025 and 2024, respectively			171			292
Accrued unbilled revenue			641			848
Taxes receivable			1			145
Fuel oil, gas in storage, materials and supplies, at average cost			490			485
Prepayments			374			445
Regulatory assets			112			141
Restricted cash			1			—
Revenue decoupling mechanism receivable			165			202
Fair value of derivative assets			32			15
Assets held for sale			—			133
Other current assets			164			194
TOTAL CURRENT ASSETS			6,050			6,664
INVESTMENTS			1,186			1,126
UTILITY PLANT, AT ORIGINAL COST
Electric			42,722			41,206
Gas			15,481			15,127
Steam			3,203			3,187
General			5,043			4,851
TOTAL			66,449			64,371
Less: Accumulated depreciation			15,912			15,384
Net			50,537			48,987
Construction work in progress			3,075			3,165
NET UTILITY PLANT			53,612			52,152
NON-UTILITY PLANT
Non-utility property, net accumulated depreciation of $25 in 2025 and 2024			12			12
Construction work in progress			1			1
NET PLANT			53,625			52,165
OTHER NONCURRENT ASSETS
Goodwill			408			408
Regulatory assets			5,519			5,523
Pension and retiree benefits			3,834			3,791
Operating lease right-of-use asset			477			493
Fair value of derivative assets			47			27
Other deferred charges and noncurrent assets			355			365
TOTAL OTHER NONCURRENT ASSETS			10,640			10,607
TOTAL ASSETS			$71,501			$70,562

The accompanying notes are an integral part of these financial statements.

Consolidated Edison, Inc.

CONSOLIDATED BALANCE SHEET (UNAUDITED)

(Millions of Dollars)			June 30, 2025			December 31, 2024
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Term loan			$700			$500
Notes payable			1,220			2,170
Accounts payable			1,552			1,676
Customer deposits			448			412
Accrued taxes			58			70
Accrued interest			211			199
Accrued wages			142			127
Fair value of derivative liabilities			82			52
Regulatory liabilities			71			102
System benefit charge			467			447
Operating lease liabilities			120			118
Liabilities held for sale			—			79
Other current liabilities			443			481
TOTAL CURRENT LIABILITIES			5,514			6,433
NONCURRENT LIABILITIES
Provision for injuries and damages			191			181
Pensions and retiree benefits			561			551
Superfund and other environmental costs			1,027			1,037
Asset retirement obligations			462			453
Fair value of derivative liabilities			97			96
Deferred income taxes and unamortized investment tax credits			9,245			8,874
Operating lease liabilities			394			386
Regulatory liabilities			5,034			5,444
Other deferred credits and noncurrent liabilities			563			494
TOTAL NONCURRENT LIABILITIES			17,574			17,516
LONG-TERM DEBT			24,657			24,651
COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Note B, Note G, and Note H)
SHAREHOLDERS' EQUITY (See Consolidated Statement of Shareholders' Equity)			23,756			21,962
TOTAL LIABILITIES AND EQUITY			$71,501			$70,562

The accompanying notes are an integral part of these financial statements.

Consolidated Edison, Inc.

CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (UNAUDITED)

(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)			Total
Shares			Amount			Shares			Amount
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
Net income												202															202
Common stock dividends ($0.83 per share)												(287)															(287)
Issuance of common shares for stock plans									30																		30
BALANCE AS OF JUNE 30, 2024			346			$38			$9,918			$13,725			34			$(2,017)			$(122)			$18			$21,560
BALANCE AS OF DECEMBER 31, 2024			347			$38			$9,986			$14,048			34			$(2,017)			$(122)			$29			$21,962
Net income												791															791
Common stock dividends ($0.85 per share)												(295)															(295)
Issuance of common shares - public offering			13						1,326												(18)						1,308
Issuance of common shares for stock plans						1			28																		29
Other comprehensive loss																								(12)			(12)
BALANCE AS OF MARCH 31, 2025			360			$39			$11,340			$14,544			34			$(2,017)			$(140)			$17			$23,783
Net income												246															246
Common stock dividends ($0.85 per share)												(306)															(306)
Issuance of common shares for stock plans			1						30																		30
Stock awards									3																		3
BALANCE AS OF JUNE 30, 2025			361			$39			$11,373			$14,484			34			$(2,017)			$(140)			$17			$23,756

The accompanying notes are an integral part of these financial statements.

Consolidated Edison Company of New York, Inc.

CONSOLIDATED INCOME STATEMENT (UNAUDITED)

			For the Three Months Ended June 30,						For the Six Months Ended June 30,
(Millions of Dollars)			2025			2024			2025			2024
OPERATING REVENUES
Electric			$2,581			$2,370			$5,267			$4,812
Gas			653			538			2,055			1,781
Steam			106			88			460			374
TOTAL OPERATING REVENUES			3,340			2,996			7,782			6,967
OPERATING EXPENSES
Purchased power			579			498			1,215			1,076
Fuel			27			15			154			103
Gas purchased for resale			148			57			453			292
Other operations and maintenance			826			871			1,680			1,659
Depreciation and amortization			544			482			1,077			993
Taxes, other than income taxes			869			759			1,789			1,540
TOTAL OPERATING EXPENSES			2,993			2,682			6,368			5,663
OPERATING INCOME			347			314			1,414			1,304
OTHER INCOME (DEDUCTIONS)
Investment and other income			202			147			393			303
Allowance for equity funds used during construction			17			9			33			18
Other deductions			(10)			(14)			(19)			(23)
TOTAL OTHER INCOME			209			142			407			298
INCOME BEFORE INTEREST AND INCOME TAX EXPENSE			556			456			1,821			1,602
INTEREST EXPENSE (INCOME)
Interest on long-term debt			277			253			554			495
Other interest expense			25			29			58			71
Allowance for borrowed funds used during construction			(16)			(13)			(33)			(26)
NET INTEREST EXPENSE			286			269			579			540
INCOME BEFORE INCOME TAX EXPENSE			270			187			1,242			1,062
INCOME TAX EXPENSE			48			1			275			182
NET INCOME			$222			$186			$967			$880

The accompanying notes are an integral part of these financial statements.

Consolidated Edison Company of New York, Inc.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

			For the Three Months Ended June 30,						For the Six Months Ended June 30,
(Millions of Dollars)			2025			2024			2025			2024
NET INCOME			$222			$186			$967			$880
OTHER COMPREHENSIVE LOSS, NET OF TAXES
Pension and other postretirement benefit plan liability adjustments, net of taxes			—			—			(8)			—
TOTAL OTHER COMPREHENSIVE LOSS, NET OF TAXES			—			—			(8)			—
COMPREHENSIVE INCOME			$222			$186			$959			$880

The accompanying notes are an integral part of these financial statements.

Consolidated Edison Company of New York, Inc.

CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)

			For the Six Months Ended June 30,
(Millions of Dollars)			2025			2024
OPERATING ACTIVITIES
Net income			$967			$880
PRINCIPAL NON-CASH CHARGES (CREDITS) TO INCOME
Depreciation and amortization			1,077			993
Deferred income taxes			214			104
Rate case amortization and accruals			131			104
Other non-cash items, net			(65)			(6)
CHANGES IN ASSETS AND LIABILITIES
Accounts receivable – customers, net			55			(59)
Revenue decoupling mechanism receivable			20			(58)
Other receivables, net and other current assets			67			139
Unbilled revenue and net unbilled revenue deferrals			12			24
Accounts receivable from (to) affiliated companies			293			59
Prepayments			75			13
Accounts payable			52			(158)
Accounts payable from (to) affiliated companies			10			2
Pensions and retiree benefits obligations, net			(274)			(78)
Pensions and retiree benefits contributions			(9)			(9)
Superfund and other environmental costs, net			(14)			(16)
Accrued taxes			(13)			(7)
Accrued interest			12			19
Deferred charges, noncurrent assets, leases, net and other regulatory assets			(183)			(201)
Deferred credits, noncurrent liabilities and other regulatory liabilities			206			184
Other current liabilities			67			(138)
NET CASH FLOWS FROM OPERATING ACTIVITIES			2,700			1,791
INVESTING ACTIVITIES
Utility capital expenditures			(2,233)			(2,242)
Cost of removal less salvage			(246)			(211)
NET CASH FLOWS USED IN INVESTING ACTIVITIES			(2,479)			(2,453)
FINANCING ACTIVITIES
Net issuance (payment) of short-term debt			(894)			64
Borrowing under term loan			200			—
Issuance of long-term debt			—			1,400
Debt issuance costs			(1)			(23)
Capital contribution by Con Edison			1,250			80
Dividend to Con Edison			(568)			(536)
NET CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES			(13)			985
CASH AND TEMPORARY CASH INVESTMENTS
NET CHANGE FOR THE PERIOD			208			323
BALANCE AT BEGINNING OF PERIOD			1,254			1,138
BALANCE AT END OF PERIOD			$1,462			$1,461
SUPPLEMENTAL DISCLOSURE OF CASH INFORMATION
Cash paid (received) during the period for:
Interest, net of capitalized interest			$525			$484
Income taxes			$(199)			$28
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION
Capital expenditures in accounts payable			$310			$459
Equipment acquired but unpaid as of end of period			$6			$11

The accompanying notes are an integral part of these financial statements.

Consolidated Edison Company of New York, Inc.

CONSOLIDATED BALANCE SHEET (UNAUDITED)

(Millions of Dollars)			June 30, 2025			December 31, 2024
ASSETS
CURRENT ASSETS
Cash and temporary cash investments			$1,462			$1,254
Accounts receivable – customers, net allowance for uncollectible accounts of $605 in 2025 and 2024			2,287			2,342
Other receivables, net allowance for uncollectible accounts of $35 and $38 in 2025 and 2024, respectively			149			216
Accrued unbilled revenue			600			803
Accounts receivable from affiliated companies			91			384
Fuel oil, gas in storage, materials and supplies, at average cost			437			429
Prepayments			320			395
Regulatory assets			102			106
Revenue decoupling mechanism receivable			157			177
Fair value of derivative assets			29			11
Other current assets			155			181
TOTAL CURRENT ASSETS			5,789			6,298
INVESTMENTS			718			684
UTILITY PLANT, AT ORIGINAL COST
Electric			40,189			38,747
Gas			14,252			13,934
Steam			3,203			3,187
General			4,703			4,520
TOTAL			62,347			60,388
Less: Accumulated depreciation			14,816			14,319
Net			47,531			46,069
Construction work in progress			2,783			2,912
NET UTILITY PLANT			50,314			48,981
NON-UTILITY PROPERTY
Non-utility property, net accumulated depreciation of $25 in 2025 and 2024			2			2
NET PLANT			50,316			48,983
OTHER NONCURRENT ASSETS
Regulatory assets			5,156			5,158
Operating lease right-of-use asset			476			492
Pension and retiree benefits			3,745			3,692
Fair value of derivative assets			44			25
Other deferred charges and noncurrent assets			321			318
TOTAL OTHER NONCURRENT ASSETS			9,742			9,685
TOTAL ASSETS			$66,565			$65,650

The accompanying notes are an integral part of these financial statements.

Consolidated Edison Company of New York, Inc.

CONSOLIDATED BALANCE SHEET (UNAUDITED)

(Millions of Dollars)			June 30, 2025			December 31, 2024
LIABILITIES AND SHAREHOLDER’S EQUITY
CURRENT LIABILITIES
Term Loan			$700			$500
Notes payable			800			1,694
Accounts payable			1,436			1,534
Accounts payable to affiliated companies			32			22
Customer deposits			434			397
Accrued taxes			52			65
Accrued taxes to affiliated companies			1			1
Accrued interest			197			185
Accrued wages			129			116
Fair value of derivative liabilities			74			44
Regulatory liabilities			37			40
System benefit charge			423			406
Operating lease liabilities			119			118
Other current liabilities			407			437
TOTAL CURRENT LIABILITIES			4,841			5,559
NONCURRENT LIABILITIES
Provision for injuries and damages			187			176
Pensions and retiree benefits			516			506
Superfund and other environmental costs			933			942
Asset retirement obligations			461			452
Fair value of derivative liabilities			85			84
Deferred income taxes and unamortized investment tax credits			9,100			8,819
Operating lease liabilities			394			386
Regulatory liabilities			4,552			4,940
Other deferred credits and noncurrent liabilities			466			406
TOTAL NONCURRENT LIABILITIES			16,694			16,711
LONG-TERM DEBT			23,415			23,409
COMMITMENTS AND CONTINGENCIES (Note B, Note G and Note H)
SHAREHOLDER’S EQUITY (See Consolidated Statement of Shareholder’s Equity)			21,615			19,971
TOTAL LIABILITIES AND SHAREHOLDER’S EQUITY			$66,565			$65,650

The accompanying notes are an integral part of these financial statements.

Consolidated Edison Company of New York, Inc.

CONSOLIDATED STATEMENT OF SHAREHOLDER’S EQUITY (UNAUDITED)

			Common Stock						Additional Paid-In Capital			Retained Earnings			Repurchased Con Edison Stock			Capital Stock Expense			Accumulated Other Comprehensive Income (Loss)			Total
(In Millions/Except Share Data)			Shares			Amount
BALANCE AS OF DECEMBER 31, 2023			235			$589			$9,139			$10,440			$(962)			$(62)			$2			$19,146
Net income												694												694
Common stock dividend to Con Edison												(268)												(268)
Capital contribution by Con Edison									25															25
BALANCE AS OF MARCH 31, 2024			235			$589			$9,164			$10,866			$(962)			$(62)			$2			$19,597
Net income												186												186
Common stock dividend to Con Edison												(268)												(268)
Capital contribution by Con Edison									55															55
BALANCE AS OF JUNE 30, 2024			235			$589			$9,219			$10,784			$(962)			$(62)			$2			$19,570
BALANCE AS OF DECEMBER 31, 2024			235			$589			$9,281			$11,115			$(962)			$(62)			$10			$19,971
Net income												745												745
Common stock dividend to Con Edison												(284)												(284)
Capital contribution by Con Edison									1,241									(16)						1,225
Other comprehensive loss																					(8)			(8)
BALANCE AS OF MARCH 31, 2025			235			$589			$10,522			$11,576			$(962)			$(78)			$2			$21,649
Net income												222												222
Common stock dividend to Con Edison												(284)												(284)
Capital contribution by Con Edison									25															25
Stock awards									3															3
BALANCE AS OF JUNE 30, 2025			235			$589			$10,550			$11,514			$(962)			$(78)			$2			$21,615

The accompanying notes are an integral part of these financial statements.

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED)

General

These combined notes accompany and form an integral part of the separate interim consolidated financial statements of each of the two separate registrants: Consolidated Edison, Inc. and its subsidiaries (Con Edison) and Consolidated Edison Company of New York, Inc. and its subsidiaries (CECONY). CECONY is a subsidiary of Con Edison and as such its financial condition and results of operations and cash flows, that are presented separately in the CECONY consolidated financial statements, are also consolidated, along with those of Orange and Rockland Utilities, Inc. (O&R) and Con Edison Transmission, Inc. (together with its subsidiaries, Con Edison Transmission) in Con Edison’s consolidated financial statements. The term “Utilities” is used in these notes to refer to CECONY and O&R.

As used in these notes, the term “Companies” refers to Con Edison and CECONY and, except as otherwise noted, the information in these combined notes relates to each of the Companies. However, CECONY makes no representation as to information contained in these combined notes relating to Con Edison or the subsidiaries of Con Edison other than itself.

The separate interim consolidated financial statements of each of the Companies are unaudited but, in the opinion of their respective managements, reflect all adjustments (which include only normally recurring adjustments) necessary for a fair statement of the results for the interim periods presented. The Companies’ separate interim consolidated financial statements should be read together with their separate audited financial statements (including the combined notes thereto) included in Item 8 of their combined Annual Report on Form 10-K for the year ended December 31, 2024, and their separate unaudited financial statements (including the combined notes thereto) included in Part 1, Item 1 of their combined Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025.

Con Edison has two regulated utility subsidiaries: CECONY and O&R. CECONY provides electric service and gas service in New York City and Westchester County. The company also provides steam service in parts of Manhattan. O&R, along with its regulated utility subsidiary, provides electric service in southeastern New York and northern New Jersey and gas service in southeastern New York. Con Edison Transmission, through its subsidiaries, invests in electric transmission projects and manages, through joint ventures, both electric and gas assets while seeking to develop electric transmission projects. See “Investments” in Note A.

Note A – Summary of Significant Accounting Policies and Other Matters

Accounting Policies

The accounting policies of Con Edison and its subsidiaries conform to generally accepted accounting principles in the United States of America (GAAP). For the Utilities, these accounting principles include the accounting rules for regulated operations and the accounting requirements of the Federal Energy Regulatory Commission (FERC) and the state regulators having jurisdiction.

Investments

Con Edison's investments consist primarily of the investments of Con Edison Transmission that are accounted for under the equity method and the fair value of the Utilities' supplemental retirement income plan and deferred income plan assets.

Con Edison Transmission is considering strategic alternatives with respect to its investment in Mountain Valley Pipeline, LLC (MVP) and both Con Edison Transmission and CECONY are considering strategic alternatives with respect to their investments in Honeoye Storage Corporation.

Investment in MVP

In June 2024, the Mountain Valley Pipeline, a 303-mile gas transmission pipeline in West Virginia and Virginia, entered service. The project operator is continuing restoration of the right of way and estimates a total project cost of approximately $8,100 million (excluding allowance for funds used during construction (AFUDC)). As of June 30, 2025, Con Edison Transmission's interest in MVP, the company that developed the project, is approximately 6.6 percent based on Con Edison Transmission's previous capping of its cash contributions. At June 30, 2025, the carrying value of Con Edison Transmission's investment in MVP was $164 million, and its cash contributions to the joint venture amounted to $530 million. Con Edison records its pro rata share of earnings from its equity investment in MVP, adjusted for accretion of the basis difference and income taxes, on its consolidated income statement. Con Edison's pro rata share of earnings from its equity investment in MVP, adjusted for accretion of the basis difference, was $7 million ($5 million after-tax) and $15 million ($11 million after-tax) for the three and six months ended June 30, 2025, respectively.

Reclassification

Certain prior period amounts have been reclassified to conform with the current period presentation.

Earnings Per Share

Con Edison presents basic and diluted earnings per share (EPS) on the face of its consolidated income statement. Basic EPS is calculated by dividing earnings available to common shareholders (“Net income for common stock” on Con Edison’s consolidated income statement) by the weighted average number of Con Edison common shares outstanding during the period. In the calculation of diluted EPS, weighted average shares outstanding are increased for additional shares that would be outstanding if potentially dilutive securities were converted to common stock.

Potentially dilutive securities for Con Edison consist of restricted stock units and deferred stock units for which the average market price of the common shares for the period was greater than the estimated vesting price.

For the three and six months ended June 30, 2025 and 2024, basic and diluted EPS for Con Edison are calculated as follows:

			For the Three Months Ended June 30,						For the Six Months Ended June 30,
(Millions of Dollars, except per share amounts/Shares in Millions)			2025			2024			2025			2024
Net income for common stock			$246			$202			$1,038			$922
Weighted average common shares outstanding – basic			360.4			345.9			354.5			345.7
Add: Incremental shares attributable to effect of potentially dilutive securities			1.3			1.2			1.3			1.2
Adjusted weighted average common shares outstanding – diluted			361.7			347.1			355.8			346.9
Net Income per common share – basic			$0.68			$0.58			$2.93			$2.67
Net Income per common share – diluted			$0.68			$0.58			$2.92			$2.66

The computation of diluted EPS for the three and six months ended June 30, 2024 excluded an immaterial amount of performance share awards because of their anti-dilutive effect.

Reconciliation of Cash, Temporary Cash Investments and Restricted Cash

Cash, temporary cash investments and restricted cash are presented on a combined basis in the Companies’ consolidated statements of cash flows. At June 30, 2025 and 2024, cash, temporary cash investments and restricted cash for Con Edison were as follows; CECONY did not have material restricted cash balances as of June 30, 2025 and 2024:

			At June 30,
			Con Edison
(Millions of Dollars)			2025			2024 (a)
Cash and temporary cash investments			$1,506			$1,500
Restricted cash			1			7
Total cash, temporary cash investments and restricted cash			$1,507			$1,507

(a)On March 1, 2023, Con Edison completed the sale of all of the stock of the Clean Energy Businesses. See Note Q. Con Edison retained one deferred project, Broken Bow II, a 75 MW nameplate capacity wind power project located in Nebraska. Con Edison's restricted cash for the 2024 period primarily included restricted cash of Broken Bow II, which was classified as held for sale as of June 30, 2024. The sale and transfer of Broken Bow II, including the related debt, was completed in January 2025. See Note Q.

Variable Interest Entities

The accounting rules for consolidation address the consolidation of a variable interest entity (VIE) by a business enterprise that is the primary beneficiary. A VIE is an entity that does not have a sufficient equity investment at risk to permit it to finance its activities without additional subordinated financial support, or whose equity investors lack the characteristics of a controlling financial interest. The primary beneficiary is the business enterprise that has the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and either absorbs a significant amount of the VIE’s losses or has the right to receive benefits that could be significant to the VIE.

The Companies enter into arrangements including leases, partnerships and electricity purchase agreements, with various entities. As a result of these arrangements, the Companies retain or may retain a variable interest in these entities.

CECONY has an ongoing long-term electricity purchase agreement with Brooklyn Navy Yard Cogeneration Partners, LP, a potential VIE. In 2024, a request was made of this counterparty for information necessary to determine whether the entity was a VIE and whether CECONY is the primary beneficiary; however, the information was not made available. The payments for this contract constitute CECONY’s maximum exposure to loss with respect to the potential VIE.

Note B – Regulatory Matters

Rate Plans

CECONY – Electric

In April 2025, CECONY updated its January 2025 request to the New York State Public Service Commission (NYSPSC) for an electric rate increase, effective January 1, 2026. The company decreased its requested January 2026 rate increase by $3 million to $1,608 million, increased its illustrative January 2027 rate increase by $5 million to $937 million and decreased its illustrative January 2028 rate increase by $9 million to $871 million. The filing reflects a rate on common equity of 10 percent and a common equity ratio of 48 percent. In May 2025, the New York State Department of Public Service (NYSDPS) submitted testimony in the pending electric rate case proceeding, supporting an electric rate increase of $319 million, reflecting, among other things, a 9.30 percent return on common equity and a common equity ratio of 48 percent.

CECONY – Gas

In April 2025, CECONY updated its January 2025 request to the NYSPSC for a gas rate increase, effective January 1, 2026. The company decreased its requested January 2026 rate increase by $91 million to $349 million, increased its illustrative January 2027 rate increase by $3 million to $269 million and increased its illustrative January 2028 rate increase by $9 million to $174 million. The filing reflects a rate on common equity of 10 percent and a common equity ratio of 48 percent. In May 2025, the NYSDPS submitted testimony in the pending gas rate case proceeding, supporting a gas rate decrease of $45 million, reflecting, among other things, a 9.30 percent return on common equity and a common equity ratio of 48 percent.

CECONY – Steam

In May 2025, CECONY filed a petition with the NYSPSC for authorization and cost recovery for the early deployment of four steam decarbonization projects at an estimated cost of $332 million and for authorization to implement a low carbon fuels pilot program that will procure locally-sourced renewable natural gas for use in generating steam. CECONY requested that the NYSPSC approve its petition by September 2025.

O&R New York – Electric and Gas

In March 2025, the NYSPSC approved the November 2024 Joint Proposal for new electric and gas rates. The Joint Proposal provides for an electric rate change of $(13.1) million, $24.8 million, and $44.1 million, effective January 1, 2025, 2026 and 2027, respectively. The rate changes will be implemented on a shaped basis, with no change for 2025, and annual increases of $17.7 million, effective January 1, 2026 and 2027. The Joint Proposal provides for gas rate increases of $3.6 million, $18 million and $16.5 million, effective January 1, 2025, 2026 and 2027, respectively. The rate increases will be implemented on a levelized basis, with annual increases of $10.4 million effective January 1, 2025, 2026 and 2027.

Rockland Electric Company (RECO)

In June 2025, RECO filed a request with the New Jersey Board of Public Utilities for an electric rate increase of $18.7 million, effective January 2026. The filing reflected a return on common equity of 10.30 percent and a common equity ratio of 50.15 percent. In August 2025, RECO filed an update to the request it filed in June 2025. The company increased its requested January 2026 rate increase to $23.3 million and changed the common equity ratio to 50.12 percent. The updated filing continues to reflect a return on common equity of 10.30 percent.

Other Regulatory Matters

In January 2023, CECONY initiated a review of welds on certain gas and steam mains following the company’s discovery of a leak from a gas main weld in Queens, New York. During the course of its review thus far, CECONY discovered a limited number of other non-conforming gas and steam main welds. New York regulations require utilities to perform and record weld films for certain gas and steam main welds. Upon reviewing these films, CECONY determined that in some instances third-party contractors engaged in misconduct by substituting duplicate weld films for different welds, while another third-party contractor had created poor quality weld films. CECONY voluntarily disclosed its initial review and findings to the NYSDPS which, in turn, initiated its own investigation. CECONY also reported the contractors’ misconduct to law enforcement. Given the nature of the non-conforming welds identified, CECONY does not anticipate significant impact to the operation of its gas and steam mains. CECONY continues to investigate this matter, is remediating and monitoring the known non-conforming welds and

is cooperating with the NYSDPS on its investigation of this matter. CECONY is unable to estimate the amount or range of its possible loss, if any, related to this matter. At June 30, 2025, CECONY had not accrued a liability related to this matter.

In May 2024, the NYSPSC issued an order denying an April 2023 petition by CECONY that requested permission to capitalize costs to implement its new customer billing and information system to the extent those costs exceeded the $421 million cap established in CECONY’s 2020 – 2022 electric and gas rate plans. CECONY’s final costs for the new system were $510 million ($89 million above the $421 million cap in the rate plans). CECONY believes that the incremental costs were both prudent and necessary for the successful deployment of the system for the benefit of its customers. In May 2024, CECONY expensed incremental costs of $51 million for the new system that were previously capitalized, in addition to a $38 million reserve established at December 31, 2023. In June 2024, CECONY filed a petition for rehearing with the NYSPSC. CECONY is unable to predict the NYSPSC's response to its rehearing petition.

In January 2018, the NYSPSC issued an order initiating a focused operations audit of the Utilities’ financial accounting for income taxes. The audit is investigating the Utilities’ inadvertent understatement of a portion, the amount of which may be material, of their calculation of total federal income tax expense for ratemaking purposes related to the calculation of plant retirement-related cost of removal. As a result of such understatement, the Utilities accumulated significant income tax regulatory assets ($1,054 million and $12 million for CECONY and O&R, respectively, as of June 30, 2025 and $1,078 million and $14 million for CECONY and O&R, respectively, as of December 31, 2024) which are not earning a return. While the Utilities have properly calculated and paid their federal income taxes and there is no uncertain tax position related to this matter, this understatement of historical income tax expense materially reduced the amount of revenue collected from the Utilities' customers in the past relative to what it should have been. The Utilities’ rate plans have reflected the correct amount of federal income taxes recoverable from customers, including a proportionate recovery of the regulatory asset, beginning with O&R’s rate plans effective November 2015, CECONY’s electric and gas rate plans effective January 2017, and CECONY’s steam plan effective November 2023. As part of the audit, the Utilities plan to pursue a private letter ruling from the Internal Revenue Service (IRS) confirming that the Utilities’ inadvertent understatement of prior years’ income tax expense constitutes a normalization violation that can be cured through an increase in future years’ revenue requirements until such time as the regulatory asset is fully recovered in rates, and not through a write-down of all or a portion of the Utilities’ regulatory asset. Under Accounting Standards Codification Topic (ASC) 740, the Utilities recorded an unfunded deferred federal income tax liability (with a gross-up amount) and a corresponding regulatory asset. The income tax regulatory assets are netted against the related regulatory liability for future income tax and are shown in the line “Future income tax” in the following table of Regulatory Assets and Liabilities and on the Companies’ consolidated balance sheets in the line “Regulatory liabilities.” Management’s assessment is that the income tax regulatory assets as of June 30, 2025 are probable of collection through future rates. The IRS provides safe harbor relief for inadvertent normalization violations through the jurisdictional rate setting process of including in rates adequate revenue to fully recover the deferred tax balance. However, the Utilities would record a liability or impair a portion of the regulatory assets associated with this understatement if the NYSPSC were to issue an order that required the Utilities to write off all or a portion of their existing regulatory asset. The Utilities are unable to estimate the amount or range of their possible loss, if any, related to this matter. At June 30, 2025, the Utilities had not accrued a liability related to this matter.

Regulatory Assets and Liabilities

Regulatory assets and liabilities at June 30, 2025 and December 31, 2024 were comprised of the following items:

			Con Edison									CECONY
(Millions of Dollars)			2025			2024						2025			2024
Regulatory assets
Energy efficiency and other clean energy programs (a)			$1,702			$1,675						$1,606			$1,601
Customer account deferrals (b)			1,135			1,073						1,125			1,058
Environmental investigation and remediation costs			1,031			1,038						944			952
Revenue taxes			592			540						566			517
Legacy meters (c)			398			413						384			398
Property tax reconciliation (e)			108			131						108			131
Deferred storm costs (d)			106			147						24			53
Deferred derivative losses - long term			105			106						93			94
MTA power reliability deferral (f)			15			31						15			31
Unrecognized pension and other postretirement costs (h)			15			—						9			—
Pension and other postretirement benefits deferrals			—			2						—			2
Other			312			367						282			321
Regulatory assets – noncurrent			5,519			5,523						5,156			5,158
Deferred derivative losses - short term			107			102						97			92
Recoverable energy costs			5			39						5			14
Regulatory assets – current			112			141						102			106
Total Regulatory Assets			$5,631			$5,664						$5,258			$5,264
Regulatory liabilities
Allowance for cost of removal less salvage (g)			$1,572			$1,527						$1,360			$1,322
Future income tax*			1,178			1,224						1,069			1,112
Unrecognized pension and other postretirement costs (h)			806			1,054						752			984
Pension and other postretirement benefit deferrals			362			368						308			304
Net unbilled revenue deferrals			281			436						281			436
Late payment charge deferral			240			231						236			224
System benefit charge carrying charge			98			115						91			110
Deferred derivative gains - long term			25			8						23			6
Settlement of prudence proceeding (i)			9			10						9			10
Other			463			471						423			432
Regulatory liabilities – noncurrent			5,034			5,444						4,552			4,940
Refundable energy costs			30			59						14			18
Deferred derivative gains - short term			27			25						23			22
Revenue decoupling mechanism			14			18						—			—
Regulatory liabilities – current			71			102						37			40
Total Regulatory Liabilities			$5,105			$5,546						$4,589			$4,980

• See "Other Regulatory Matters" above.

(a) Energy Efficiency and Other Clean Energy Programs represent programs designed to increase energy efficiency achievements and other clean energy transformation efforts.

(b) Customer account deferrals include (1) the amount to be collected from customers related to the Emergency Summer Cooling Credits program for CECONY, (2) deferrals under CECONY and O&R's electric and gas rate plans for the reconciliation of write-offs of customer accounts receivable balances to amounts reflected in rates as well as for increases to the allowance for uncollectible accounts receivable and (3) deferral related to the arrears relief programs. Amounts deferred under the arrears relief programs were $296.0 million and $1.4 million for CECONY and O&R at June 30, 2025, respectively, and $323.7 million and $1.4 million at December 31, 2024, respectively, and receive a return at the pre-tax weighted average cost of capital.

(c) Pursuant to their rate plans, CECONY and O&R are recovering the costs of legacy meters over a 15-year period beginning January 1, 2024 and a 12-year period beginning January 1, 2022, respectively.

(d) Deferred storm costs represent response and restoration costs, other than capital expenditures, in connection with Tropical Storm Isaias and other major storms that were deferred by the Utilities.

(e) Property tax reconciliation represents the amount deferred between actual property taxes incurred and the level included in rates subject to the provisions of the respective rate plans.

(f) MTA power reliability deferral represents CECONY’s costs in excess of those reflected in its prior electric rate plan to take certain actions relating to the electrical equipment that serves the Metropolitan Transportation Authority (MTA) subway system. The company is recovering this regulatory asset pursuant to its current electric rate plan.

(g) Allowance for cost of removal less salvage represents cash previously collected from customers to fund future anticipated removal expenditures.

(h) Unrecognized pension and other postretirement costs represent the deferrals associated with the accounting rules for retirement benefits.

(i) Settlement of prudence proceeding represents the remaining amount to be credited to customers pursuant to a Joint Proposal, approved by the NYSPSC in April 2016, with respect to the prudence of certain CECONY expenditures and related matters.

In general, the Utilities receive or are being credited with a return at the Other Customer-Provided Capital rate for regulatory assets that have not been included in rate base, and receive or are being credited with a return at the pre-tax weighted average cost of capital once the asset is included in rate base. Similarly, the Utilities pay to or credit customers with a return at the Other Customer-Provided Capital rate for regulatory liabilities that have not been included in rate base, and pay to or credit customers with a return at the pre-tax weighted average cost of capital once the liability is included in rate base. The Other Customer-Provided Capital rate was 4.75 percent and 5.95 percent for the 2025 and 2024 rate years, respectively.

In general, the Utilities are receiving or being credited with a return on their regulatory assets for which a cash outflow has been made ($3,178 million and $3,262 million for Con Edison, and $2,963 million and $3,024 million for CECONY at June 30, 2025 and December 31, 2024, respectively). Regulatory liabilities are treated in a consistent manner. Regulatory assets of RECO for which a cash outflow has been made ($26 million at June 30, 2025 and $28 million at December 31, 2024) are not receiving or being credited with a return. RECO recovers regulatory assets over a period of up to four years or until they are addressed in its next base rate case in accordance with the rate provisions approved by the NJBPU. Regulatory liabilities are treated in a consistent manner.

Regulatory assets that represent future financial obligations and were deferred in accordance with the Utilities’ rate plans or orders issued by state regulators do not earn a return until such time as a cash outlay has been made. Regulatory liabilities are treated in a consistent manner. At June 30, 2025 and December 31, 2024, regulatory assets for Con Edison and CECONY that did not earn a return consisted of the following items:

Regulatory Assets Not Earning a Return*

			Con Edison						CECONY
(Millions of Dollars)			2025			2024			2025			2024
Environmental investigation and remediation costs			$1,019			$1,037			$933			$942
Revenue taxes			595			567			569			543
UB deferral for uncollectible accounts receivable			546			551			541			541
Deferred derivative losses - short-term			107			102			97			92
Deferred derivative losses - long-term			105			106			93			94
Unrecognized pension and other postretirement costs			15			—			9			—
Other			66			39			53			28
Total			$2,453			$2,402			$2,295			$2,240

*This table presents regulatory assets not earning a return for which no cash outlay has been made.

The recovery periods for regulatory assets for which a cash outflow has not been made and that do not earn a return have not yet been determined, except as noted below, and are expected to be determined pursuant to the Utilities’ future rate plans to be filed or orders issued by the state regulators in connection therewith.

The Utilities recover unrecognized pension and other postretirement costs over 10 years, and the portion of investment gains or losses is recognized in expense over 15 years, pursuant to NYSPSC policy.

The deferral for revenue taxes represents the New York State metropolitan transportation business tax surcharge on the cumulative temporary differences between the book and tax basis of assets and liabilities of the Utilities, as well as the difference between taxes collected and paid by the Utilities to fund mass transportation. The Utilities recover the majority of the revenue taxes over the remaining book lives of the electric and gas plant assets, as well as the steam plant assets for CECONY.

The Utilities recover deferred derivative losses – current within one year, and noncurrent generally within three years.

Note C – Capitalization

In March 2025, Con Edison issued 7,000,000 shares of its common stock for approximately $677 million upon physical settlement of a forward sale agreement entered into by the company in December 2024. Also in March 2025, Con Edison issued 6,300,000 shares of its common stock resulting in net proceeds of approximately $631 million.

The carrying amounts and fair values of long-term debt at June 30, 2025 and December 31, 2024 were:

(Millions of Dollars)			2025												2024
Long-Term Debt (including current portion) (a)			Carrying Amount						Fair Value						Carrying Amount						Fair Value
Con Edison (b)			$24,657						$22,316						$24,651						$21,997
CECONY			$23,415						$21,216						$23,409						$20,915

(a)Amounts shown are net of unamortized debt expense and unamortized debt discount of $243 million and $235 million for Con Edison and CECONY, respectively, as of June 30, 2025 and $249 million and $241 million for Con Edison and CECONY, respectively, as of December 31, 2024.

(b)Amounts shown exclude $59 million of debt for Broken Bow II, a deferred project that was classified as held for sale as of December 31, 2024 and was sold and transferred in January 2025. The sale and transfer of Broken Bow II, including the related debt, was completed in January 2025. See Note Q.

The fair values of the Companies' long-term debt have been estimated primarily using available market information and at June 30, 2025 are classified as Level 2 liabilities. See Note O.

Note D – Short-Term Borrowing

In March 2025, CECONY entered into a 364-Day Revolving Credit Agreement (the CECONY Credit Agreement) that replaced a March 2024 CECONY 364-Day Credit Agreement under which banks are committed to provide loans up to $500 million on a revolving credit basis. The CECONY Credit Agreement expires in March 2026 and supports CECONY’s commercial paper program. Loans issued under the CECONY Credit Agreement may also be used for other general corporate purposes. Any borrowings under the CECONY Credit Agreement would generally be at variable interest rates.

The banks’ commitments to make loans to CECONY under the CECONY Credit Agreement are subject to certain conditions, including that there be no event of default or event which with notice or the lapse of time would become an event of default with respect to CECONY. The commitments are not subject to maintenance of credit rating levels or the absence of a material adverse change. Upon a change of control of CECONY or Con Edison, or upon an event of default by CECONY, the banks may terminate their commitments and declare the aggregate unpaid principal amount of the loans outstanding (together with accrued interest thereon and other amounts due and owing thereunder) under the CECONY Credit Agreement immediately due and payable. Events of default include, among other things, CECONY's failure to pay any principal of any loan issued pursuant to the CECONY Credit Agreement; CECONY's failure to pay any interest or fees pursuant to the CECONY Credit Agreement within five days; CECONY's failure to meet certain covenants, including covenants that CECONY's ratio of consolidated debt to consolidated total capital not at any time exceed 0.65 to 1 and that CECONY will not create, assume or suffer a lien or other encumbrance on its assets exceeding 10 percent of CECONY's consolidated net tangible assets; CECONY or its material subsidiaries failing to make one or more payments in respect of material financial obligations (in excess of $150 million in aggregate of debt or derivative obligations other than non-recourse debt); the occurrence of an event or condition which results in the acceleration of the maturity of any material debt (in excess of $150 million in aggregate of debt other than non-recourse debt) or enables the holders of such debt to accelerate the maturity thereof; and other customary events of default.

In November 2024 and January 2025, CECONY borrowed $500 million and $200 million, respectively, at a variable rate under a 364-Day Senior Unsecured Delayed Draw Term Loan Credit Agreement entered into by the company in November 2024 (the CECONY Term Loan Credit Agreement). The term loans mature in November 2025. CECONY has the option to prepay the term loans issued under the CECONY Term Loan Credit Agreement prior to maturity. CECONY intends to use borrowings under the CECONY Term Loan Credit Agreement for general corporate purposes. Upon a change of control of CECONY or Con Edison, or upon an event of default by CECONY, the banks may declare the loans outstanding under the CECONY Term Loan Credit Agreement immediately due and payable. Events of default include, among other things, CECONY exceeding at any time a ratio of consolidated debt to consolidated total capital of 0.65 to 1; CECONY or its subsidiaries having liens on its or their assets in an aggregate amount exceeding 10 percent of CECONY’s consolidated net tangible assets; CECONY or its material subsidiaries

failing to make one or more payments in respect of material financial obligations (in excess of $150 million in aggregate of debt or derivative obligations other than non-recourse debt); the occurrence of an event or condition which results in the acceleration of the maturity of any material debt (in excess of $150 million in aggregate of debt other than non-recourse debt) or enables the holders of such debt to accelerate the maturity thereof; and other customary events of default.

At June 30, 2025, Con Edison had $1,220 million of commercial paper outstanding, of which $800 million of commercial paper was outstanding under CECONY’s program. The weighted average interest rate at June 30, 2025 was 4.6 percent for Con Edison. At December 31, 2024, Con Edison had $2,170 million of commercial paper outstanding, of which $1,694 million was outstanding under CECONY’s program. The weighted average interest rate at December 31, 2024 was 4.7 percent for both Con Edison and CECONY.

At June 30, 2025 and December 31, 2024, no loans or letters of credit were outstanding under the Companies’ $2,500 million revolving credit agreement, and no loans were outstanding under the CECONY Credit Agreement. The Companies were in compliance with their significant debt covenants at June 30, 2025.

Note E – Pension Benefits

Total Periodic Benefit Credit

The components of the Companies’ total periodic benefit credit for the three and six months ended June 30, 2025 and 2024 were as follows:

			For the Three Months Ended June 30,
			Con Edison						CECONY
(Millions of Dollars)			2025			2024			2025			2024
Service cost – including administrative expenses			$42			$46			$40			$43
Interest cost on projected benefit obligation			170			162			159			152
Expected return on plan assets			(279)			(282)			(267)			(268)
Recognition of net actuarial gain			(67)			1			(63)			1
Recognition of prior service credit			(5)			(4)			(5)			(5)
TOTAL PERIODIC BENEFIT CREDIT			$(139)			$(77)			$(136)			$(77)
Cost capitalized			(24)			(23)			(22)			(22)
Reconciliation to rate level			(13)			8			(14)			5
Total credit recognized			$(176)			$(92)			$(172)			$(94)

			For the Six Months Ended June 30,
			Con Edison						CECONY
(Millions of Dollars)			2025			2024			2025			2024
Service cost – including administrative expenses			$84			$89			$79			$84
Interest cost on projected benefit obligation			338			321			318			302
Expected return on plan assets			(558)			(564)			(533)			(538)
Recognition of net actuarial gain			(133)			(3)			(126)			(4)
Recognition of prior service credit			(9)			(9)			(10)			(10)
TOTAL PERIODIC BENEFIT CREDIT			$(278)			$(166)			$(272)			$(166)
Cost capitalized			(45)			(46)			(42)			(43)
Reconciliation to rate level			(29)			27			(30)			21
Total credit recognized			$(352)			$(185)			$(344)			$(188)

Components of net periodic benefit credit other than service cost are presented outside of operating income on the Companies’ consolidated income statements, and only the service cost component is eligible for capitalization. Accordingly, the service cost components are included in the line "Other operations and maintenance" and the non-service cost components are included in the lines "Other income" or "Other deductions" in the Companies' consolidated income statements.

Expected Contributions

Based on estimates as of June 30, 2025, the Companies expect to make contributions to the pension plans during 2025 of $65 million (of which $61 million is to be made by CECONY). The Companies’ policy is to fund the total periodic benefit cost of the qualified plan to the extent tax deductible and to also contribute to the non-qualified supplemental pension plans. No funding is anticipated for the qualified plan during 2025, and during the first six months of 2025, the Companies contributed $10 million to the non-qualified supplemental pension plans, $9 million of which was contributed by CECONY.

Note F – Other Postretirement Benefits

Total Periodic Benefit Credit

The components of the Companies’ total periodic other postretirement benefit credit for the three and six months ended June 30, 2025 and 2024 were as follows:

			For the Three Months Ended June 30,
			Con Edison						CECONY
(Millions of Dollars)			2025			2024			2025			2024
Service cost - including administrative expenses			$3			$3			$2			$3
Interest cost on projected other postretirement benefit obligation			12			12			10			10
Expected return on plan assets			(17)			(17)			(13)			(14)
Recognition of net actuarial gain			(7)			(5)			(4)			(4)
TOTAL PERIODIC OTHER POSTRETIREMENT CREDIT			$(9)			$(7)			$(5)			$(5)
Cost capitalized			(2)			(2)			(1)			(1)
Reconciliation to rate level			4			4			2			3
Total credit recognized			$(7)			$(5)			$(4)			$(3)

			For the Six Months Ended June 30,
			Con Edison						CECONY
(Millions of Dollars)			2025			2024			2025			2024
Service cost - including administrative expenses			$6			$6			$5			$5
Interest cost on projected other postretirement benefit obligation			24			24			21			20
Expected return on plan assets			(34)			(34)			(27)			(27)
Recognition of net actuarial gain			(13)			(10)			(9)			(7)
Recognition of prior service credit			(1)			(1)			—			—
TOTAL PERIODIC OTHER POSTRETIREMENT CREDIT			$(18)			$(15)			$(10)			$(9)
Cost capitalized			(3)			(3)			(2)			(2)
Reconciliation to rate level			6			8			4			6
Total credit recognized			$(15)			$(10)			$(8)			$(5)

The components of total periodic other postretirement credit are presented in the Companies' consolidated income statements consistent with the description of the components of net periodic benefit credit in Note E.

Expected Contributions

Based on estimates as of June 30, 2025, the Companies expect to make a contribution of $7 million (all of which is expected to be made by CECONY) to the other postretirement benefit plans in 2025. The Companies’ policy is to fund the total periodic benefit cost of the plans to the extent tax deductible.

Note G – Environmental Matters

Superfund Sites

Hazardous substances, such as asbestos, polychlorinated biphenyls (PCBs) and coal tar, have been used or generated in the course of operations of the Utilities and their predecessors and are present at sites and in facilities and equipment they currently or previously owned, including sites at which gas was manufactured or stored.

The Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 and similar state statutes (Superfund) impose joint and several liability, regardless of fault, upon generators of hazardous substances for investigation and remediation costs (which include costs of demolition, removal, disposal, storage, replacement, containment and monitoring) and natural resource damages. Liability under these laws can be material and may be imposed for contamination from past acts, even though such past acts may have been lawful at the time they occurred. The sites at which the Utilities have been asserted to have liability under these laws, including their manufactured gas plant sites and any neighboring areas to which contamination may have migrated, are referred to herein as “Superfund Sites.”

For Superfund Sites where there are other potentially responsible parties and the Utilities are not managing the site investigation and remediation, the accrued liability represents an estimate of the amount the Utilities will need to pay to investigate and, where determinable, discharge their related obligations. For Superfund Sites (including the manufactured gas plant sites) for which one of the Utilities is managing the investigation and remediation, the accrued liability represents an estimate of the company's share of the undiscounted cost to investigate the sites and, for sites that have been investigated in whole or in part, the cost to remediate the sites, if remediation is necessary and if a reasonable estimate of such cost can be made. Remediation costs are estimated in light of the information available, applicable remediation standards and experience with similar sites.

The accrued liabilities and regulatory assets related to Superfund Sites at June 30, 2025 and December 31, 2024 were as follows:

			Con Edison						CECONY
(Millions of Dollars)			2025			2024			2025			2024
Accrued Liabilities:
Manufactured gas plant sites			$937			$941			$843			$846
Other Superfund Sites			90			96			90			96
Total			$1,027			$1,037			$933			$942
Regulatory assets			$1,031			$1,038			$944			$952

Most of the accrued Superfund Site liability relates to sites that have been investigated, in whole or in part. However, for some of the sites, the extent and associated cost of the required remediation has not yet been determined. As investigations progress and information pertaining to the required remediation becomes available, the Utilities expect that additional liability may be accrued, the amount of which is not presently determinable but may be material. The Utilities defer prudently incurred investigation and remediation costs as regulatory assets (for subsequent recovery through rates).

Environmental investigation and remediation costs incurred related to Superfund Sites for the three and six months ended June 30, 2025 and 2024 were as follows:

			For the Three Months Ended June 30,
			Con Edison						CECONY
(Millions of Dollars)			2025			2024			2025			2024
Investigation and remediation costs incurred			$5			$9			$4			$9

			For the Six Months Ended June 30,
			Con Edison						CECONY
(Millions of Dollars)			2025			2024			2025			2024
Investigation and remediation costs incurred			$14			$15			$13			$15

Insurance and other third-party recoveries received by Con Edison or CECONY were immaterial for the three and six months ended June 30, 2025 and 2024.

Con Edison and CECONY estimated that for their manufactured gas plant sites (including CECONY’s Astoria site), the aggregate undiscounted potential liability for the investigation and remediation of coal tar and/or other environmental contaminants could range up to $3,391 million and $3,237 million, respectively. These estimates were based on the assumption that there is contamination at all sites, including those that have not yet been fully

investigated and additional assumptions about the extent of the contamination and the type and extent of the remediation that may be required. Actual experience may be materially different.

Asbestos Proceedings

Suits have been brought in New York State and federal courts against the Utilities and many other defendants, wherein a large number of plaintiffs sought large amounts of compensatory and punitive damages for deaths and injuries allegedly caused by exposure to asbestos at various premises of the Utilities. The suits that have been resolved, that are many, have been resolved without any payment by the Utilities, or for amounts that were not, in the aggregate, material to them. The amounts specified in all the remaining thousands of suits total billions of dollars; however, the Utilities believe that these amounts are greatly exaggerated, based on the disposition of previous claims. At June 30, 2025 and December 31, 2024, Con Edison and CECONY have accrued their estimated aggregate undiscounted potential liabilities for these suits and additional suits that may be brought through 2035 as shown in the following table. These estimates were based upon a combination of modeling, historical data analysis and risk factor assessment. Courts have applied, and may continue to apply, different standards for determining liability in asbestos suits than the standard that applied historically. As a result, the Companies currently believe that there is a reasonable possibility of an exposure to loss in excess of the liability accrued for the suits. The Companies are unable to estimate the amount or range of such loss. In addition, certain current and former employees have claimed or are claiming workers’ compensation benefits based on alleged disability from exposure to asbestos. CECONY is permitted to defer as regulatory assets (for subsequent recovery through rates) costs incurred for its asbestos lawsuits and workers’ compensation claims.

The accrued liability for asbestos suits and workers’ compensation proceedings (including those related to asbestos exposure) and the amounts deferred as regulatory assets or liabilities for the Companies at June 30, 2025 and December 31, 2024 were as follows:

			Con Edison						CECONY
(Millions of Dollars)			2025			2024			2025			2024
Accrued liability – asbestos suits			$8			$8			$7			$7
Regulatory assets – asbestos suits			8			8			7			7
Accrued liability – workers’ compensation			52			53			50			51
Regulatory liabilities – workers’ compensation			20			20			20			20

Note H – Material Contingencies

Manhattan Explosion and Fire

On March 12, 2014, two multi-use five-story tall buildings located on Park Avenue between 116th and 117th Streets in Manhattan were destroyed by an explosion and fire. CECONY had delivered gas to the buildings through service lines from a distribution main located below ground on Park Avenue. Eight people died and more than 50 people were injured. Additional buildings were also damaged. The National Transportation Safety Board (NTSB) investigated. The parties to the investigation included CECONY, the City of New York, the Pipeline and Hazardous Materials Safety Administration and the NYSPSC. In June 2015, the NTSB issued a final report concerning the incident, its probable cause and safety recommendations. The NTSB determined that the probable cause of the incident was (1) the failure of a defective fusion joint at a service tee (which joined a plastic service line to a plastic distribution main) installed by CECONY that allowed gas to leak from the distribution main and migrate into a building where it ignited and (2) a breach in a city sewer line that allowed groundwater and soil to flow into the sewer, resulting in a loss of support for the distribution main, that caused it to sag and overstressed the defective fusion joint. The NTSB also made safety recommendations, including recommendations to CECONY that addressed its procedures for the preparation and examination of plastic fusions, training of its staff on conditions for notifications to the city’s Fire Department and extension of its gas main isolation valve installation program. In February 2017, the NYSPSC approved a settlement agreement with CECONY related to the NYSPSC's investigations of the incident and the practices of qualifying persons to perform plastic fusions. Pursuant to the agreement, CECONY provided $27 million of future benefits to customers (for which it accrued a regulatory liability) and did not recover from customers $126 million of costs for gas emergency response activities that it had previously incurred and expensed. Lawsuits are pending against CECONY seeking generally unspecified damages and, in some cases, punitive damages, for wrongful death, personal injury, property damage and business interruption. CECONY notified its insurers of the incident and believes that the policies in force at the time of the incident will cover CECONY’s costs, in excess of a required retention (the amount of which is not material), to satisfy any liability it may have for damages in connection with the incident. During 2020, CECONY accrued its estimated liability for the suits of $40 million and an insurance receivable in the same amount, and such estimated liability and receivable did not change as of June 30, 2025.

Other Contingencies

For additional contingencies, see "Other Regulatory Matters" in Note B, Note G and “Uncertain Tax Positions” in Note J.

Guarantees

Con Edison and its subsidiaries have entered into various agreements providing financial or performance assurance primarily to third parties on behalf of their subsidiaries. Maximum amounts guaranteed by Con Edison and its subsidiaries under these agreements totaled $21 million and $58 million at June 30, 2025 and December 31, 2024, respectively.

A summary, by type and term, of Con Edison's total guarantees under these agreements at June 30, 2025 is as follows:

Guarantee Type			0 – 3 years			Total
			(Millions of Dollars)
Con Edison Transmission			$21			$21
Total			$21			$21

Con Edison Transmission — Con Edison has guaranteed payment by Con Edison Transmission of the contributions Con Edison Transmission agreed to make to New York Transco LLC (New York Transco). Con Edison Transmission owns a 45.7 percent interest in New York Transco’s New York Energy Solution project, the majority of which has been completed. The guarantee amount shown in the table above includes the maximum possible required amount of Con Edison Transmission's contributions for the remainder of this project as calculated based on the assumptions that the project is completed at 175 percent of its estimated remaining costs and New York Transco does not use any debt financing for the project.

Note I – Leases

Operating lease cost and cash paid for amounts included in the measurement of lease liabilities for the three and six months ended June 30, 2025 and 2024 were as follows:

			For the Three Months Ended June 30,
			Con Edison						CECONY
(Millions of Dollars)			2025			2024			2025			2024
Operating lease cost			$17			$17			$17			$16
Operating lease cash flows			$4			$4			$4			$4

			For the Six Months Ended June 30,
			Con Edison						CECONY
(Millions of Dollars)			2025			2024			2025			2024
Operating lease cost			$34			$34			$34			$33
Operating lease cash flows			$9			$9			$8			$7

As of June 30, 2025, CECONY has four lease agreements for clean energy facilities that have not yet commenced operation, for which the total present value is $429 million. These clean energy facility leases have lease terms of 15 years and are expected to commence operation in 2025, 2026 and 2028.

Right-of-use assets obtained in exchange for operating lease obligations for Con Edison and CECONY were immaterial and $8 million for the three and six months ended June 30, 2025, respectively. Additionally, there were no material lease terminations for the three and six months ended June 30, 2025. For the three and six months ended June 30, 2024, there were no material right-of-use assets obtained in exchange for operating lease obligations for Con Edison and CECONY, nor any material lease terminations.

Note J – Income Tax

Con Edison’s income tax expense or (benefit) was $50 million and $(10) million for the three months ended June 30, 2025 and 2024, respectively.

CECONY’s income tax expense was $48 million and $1 million for the three months ended June 30, 2025 and 2024, respectively.

Reconciliation of the difference between income tax expense and the amount computed by applying the prevailing statutory income tax rate to income before income taxes for the three months ended June 30, 2025 and 2024 is as follows:

			For the Three Months Ended June 30,
			Con Edison												CECONY
			2025						2024						2025						2024
(Millions of Dollars) (% of Pre-tax income)			$			%			$			%			$			%			$			%
STATUTORY TAX RATE
Federal			$62			21.0		%	$40			21.0		%	$57			21.0		%	$39			21.0		%
Changes in computed taxes resulting from:
State income taxes, net of federal income taxes (a)			13			4.6			5			2.4			14			5.1			9			5.0
MTA Surcredit amortization, net of federal taxes			(7)			(2.5)			(2)			(1.0)			(7)			(2.6)			(2)			(1.2)
Tax Credits			(5)			(1.8)			(6)			(3.4)			(3)			(1.2)			(3)			(1.7)
Changes in unrecognized tax benefits			1			0.3			1			0.3			1			0.3			1			0.3
Amortization of excess deferred federal income taxes (b)			(11)			(3.7)			(51)			(26.7)			(9)			(3.3)			(50)			(26.5)
Allowance for uncollectible accounts, net of COVID-19 assistance			(9)			(2.9)			1			0.5			(9)			(3.3)			1			0.6
Cost of removal			9			3.0			8			4.4			8			3.0			8			4.0
Other plant-related items			—			—			(5)			(2.4)			—			—			—			—
Other			(3)			(1.1)			(1)			(0.2)			(4)			(1.2)			(2)			(1.0)
Effective tax rate			$50			16.9		%	$(10)			(5.1)		%	$48			17.8		%	$1			0.5		%

(a) State income taxes in New York account for the majority of the tax effect in this category.

(b) For CECONY, the amortization of excess deferred federal income taxes is lower in the three months ended June 30, 2025, due to the completion of regulatory amortization of non-plant and certain plant-related excess deferred federal income taxes as of December 31, 2024, representing an accelerated refund of the related regulatory liability under its current New York electric and gas rate plans.

Con Edison’s income tax expense was $292 million and $174 million for the six months ended June 30, 2025 and 2024, respectively.

CECONY’s income tax expense was $275 million and $182 million for the six months ended June 30, 2025 and 2024, respectively.

Reconciliation of the difference between income tax expense and the amount computed by applying the prevailing statutory income tax rate to income before income taxes for the six months ended June 30, 2025 and 2024 is as follows:

			For the Six Months Ended June 30,
			Con Edison												CECONY
			2025						2024						2025						2024
(Millions of Dollars) (% of Pre-tax income)			$			%			$			%			$			%			$			%
STATUTORY TAX RATE
Federal			$279			21.0		%	$230			21.0		%	$261			21.0		%	$223			21.0		%
Changes in computed taxes resulting from:
State income taxes, net of federal income taxes (a)			69			5.2			52			4.7			65			5.2			55			5.2
MTA Surcredit amortization, net of federal taxes			(21)			(1.6)			(2)			(0.2)			(20)			(1.6)			(2)			(0.2)
Tax Credits			(9)			(0.6)			(13)			(1.1)			(7)			(0.5)			(6)			(0.6)
Changes in unrecognized tax benefits			2			0.1			1			0.1			2			0.1			1			0.1
Amortization of excess deferred federal income taxes (b)			(22)			(1.7)			(101)			(9.2)			(18)			(1.5)			(99)			(9.3)
Allowance for uncollectible accounts, net of COVID-19 assistance			(21)			(1.6)			(4)			(0.4)			(22)			(1.7)			(4)			(0.4)
Cost of removal			19			1.5			20			1.8			18			1.5			18			1.7
Other plant-related items			—			—			(5)			(0.4)			—			—			—			—
Other			(4)			(0.3)			(4)			(0.4)			(4)			(0.3)			(4)			(0.4)
Effective tax rate			$292			22.0		%	$174			15.9		%	$275			22.2		%	$182			17.1		%

(a) State income taxes in New York account for the majority of the tax effect in this category.

(b) For CECONY, the amortization of excess deferred federal income taxes is lower in the six months ended June 30, 2025, due to the completion of regulatory amortization of non-plant and certain plant-related excess deferred federal income taxes as of December 31, 2024, representing an accelerated refund of the related regulatory liability under its current New York electric and gas rate plans.

One Big Beautiful Bill Act

On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was signed into law, containing a broad range of tax reform provisions, including extending and modifying certain key provisions of the federal Tax Cuts and Jobs Act of 2017, as enacted on December 22, 2017 and expanding certain incentives under the federal Inflation Reduction Act, as enacted on August 16, 2022 (IRA) while accelerating the phase-out of solar and wind credits. The Companies are assessing the potential impacts of the OBBBA and any such assessments may be impacted by future guidance to be issued by the Department of Treasury. However, based on management’s preliminary assessment, the provisions in the OBBBA are not expected to have a material impact on the Companies’ financial position, results of operations or liquidity.

Corporate Alternative Minimum Tax

On August 16, 2022, the Inflation Reduction Act (IRA) was signed into law and implemented a new corporate alternative minimum tax (CAMT) that imposes a 15 percent tax on modified GAAP net income. Pursuant to the IRA, corporations are entitled to a tax credit (minimum tax credit) to the extent the CAMT liability exceeds the regular tax liability. This amount can be carried forward indefinitely and used in future years when regular tax liability exceeds the CAMT liability.

Beginning in 2024, based on the existing statute, the Companies are subject to and report the CAMT in their Consolidated Income Statements, Consolidated Statements of Cash Flows and the Consolidated Balance Sheets. As of June 30, 2025 and 2024, Con Edison accrued a CAMT liability of $73 million ($88 million for CECONY) and $23 million ($19 million for CECONY), respectively, before the application of general business credits, with an offsetting deferred tax asset representing the minimum tax credit carryforward. The deferred tax asset related to the minimum tax credit carryforward will be realized to the extent the Companies’ consolidated deferred tax liabilities exceed the minimum tax credit carryforward. The Companies’ deferred tax liabilities are expected to exceed the minimum tax credit carryforward for the foreseeable future and thus no valuation allowance is required. The

Companies are continuing to assess the impacts of the IRA on their financial statements and will update estimates based on future guidance to be issued by the Department of the Treasury.

Uncertain Tax Positions

Under the accounting rules for income taxes, the Companies are not permitted to recognize the tax benefit attributable to a tax position unless such position is more likely than not to be sustained upon examination by taxing authorities, including resolution of any related appeals and litigation processes, based solely on the technical merits of the position.

At June 30, 2025, the estimated uncertain tax positions for Con Edison was $11 million ($7 million of which is for CECONY). For the six months ended June 30, 2025, Con Edison recognized $2 million of income tax expense related to current year positions, all of which was attributed to CECONY. The total amount of unrecognized tax benefits, if recognized, that would reduce Con Edison’s effective tax rate is $11 million ($10 million, net of federal taxes) with $7 million attributable to CECONY.

The Companies recognize interest on liabilities for uncertain tax positions in interest expense and would recognize penalties, if any, in operating expenses in the Companies’ consolidated income statements. For the six months ended June 30, 2025 and 2024, the Companies recognized an immaterial amount of interest expense and no penalties for uncertain tax positions in their consolidated income statements. At June 30, 2025 and December 31, 2024, the Companies recognized an immaterial amount of accrued interest on their consolidated balance sheets.

Note K – Revenue Recognition

The following table presents, for the three and six months ended June 30, 2025 and 2024, revenue from contracts with customers as defined in ASC Topic 606, "Revenue from Contracts with Customers," as well as additional revenue from sources other than contracts with customers, disaggregated by major source.

			For the Three Months Ended June 30, 2025												For the Three Months Ended June 30, 2024
(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			$2,565						$16			2,581			$2,381						($11)			$2,370
Gas			696						(43)			653			587						(49)			538
Steam			107						(1)			106			90						(2)			88
Total CECONY			$3,368						$(28)			$3,340			$3,058						$(62)			$2,996
O&R
Electric			$196						$—			$196			$189						$(9)			$180
Gas			64						(6)			58			52						(8)			44
Total O&R			$260						$(6)			$254			$241						$(17)			$224
Con Edison Transmission			1						—			1			1						—			1
Other (b)			—						—			—			—						(1)			(1)
Total Con Edison			$3,629						$(34)			$3,595			$3,300						$(80)			$3,220

(a) For the Utilities, this includes primarily revenue from alternative revenue programs, such as the revenue decoupling mechanisms under their New York electric and gas rate plans, and negative revenue adjustments.

(b) Other includes the parent company, Con Edison’s tax equity investments, consolidation adjustments and Broken Bow II, the deferred project that was classified as held for sale at December 31, 2024, with the sale and transfer completed in January 2025. See Note Q.

			For the Six Months Ended June 30, 2025												For the Six Months Ended June 30, 2024
(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			$5,333						$(66)			$5,267			$4,807						$5			$4,812
Gas			2,095						(40)			2,055			1,812						(31)			1,781
Steam			463						(3)			460			384						(10)			374
Total CECONY			$7,891						$(109)			$7,782			$7,003						$(36)			$6,967
O&R
Electric			$414						$(3)			$411			$379						$(9)			$370
Gas			210						(11)			199			167						(10)			157
Total O&R			$624						$(14)			$610			$546						$(19)			$527
Con Edison Transmission			2						—			2			2						—			2
Other (b)			—						(1)			(1)			—						(1)			(1)
Total Con Edison			$8,517						$(124)			$8,393			$7,551						$(56)			$7,495

(a) For the Utilities, this includes primarily revenue from alternative revenue programs, such as the revenue decoupling mechanisms under their New York electric and gas rate plans, and negative revenue adjustments.

(b) Other includes the parent company, Con Edison’s tax equity investments, consolidation adjustments and Broken Bow II, the deferred project that was classified as held for sale at December 31, 2024, with the sale and transfer completed in January 2025. See Note Q.

Note L – Current Expected Credit Losses

Allowance for Uncollectible Accounts

The Utilities’ “Account receivable – customers” balance consists of utility bills due (bills are generally due the month following billing) from customers who have energy delivered, generated, or services provided by the Utilities. The balance also reflects the Utilities’ purchase of receivables from energy service companies to support the retail choice programs.

The “Other receivables” balance generally reflects costs billed by the Utilities for goods and services provided to external parties, such as accommodation work for private parties and certain governmental entities, real estate rental and pole attachments.

The Companies develop expected loss estimates using past events data and consider current conditions and future reasonable and supportable forecasts. Changes to the Utilities’ reserve balances that result in write-offs of customer accounts receivable balances above existing rate allowances are not reflected in rates during the term of the current rate plans. For the Utilities’ allowance for uncollectible accounts for customer accounts receivable, which includes accrued unbilled revenue, past events considered include write-offs relative to customer accounts receivable; current conditions include macro-and micro-economic conditions related to trends in the local economy, reconnection rates and current and aged customer accounts receivable balances, including final balances, among other factors; and forecasts about the future include assumptions related to the level of write-offs and recoveries. The change to the allowance for customer uncollectible accounts for Con Edison and CECONY were $(1) million and no change, respectively, for the three months ended June 30, 2025 and $(5) million and no change respectively, for the six months ended June 30, 2025. The increases to the allowance for customer uncollectible accounts for Con Edison and CECONY were $40 million and $36 million, respectively, for the three months ended June 30, 2024 and $74 million and $66 million, respectively, for the six months ended June 30, 2024. Generally, the Utilities write off customer accounts receivable as uncollectible 90 days after the account is disconnected for non-payment, or the account is closed during the collection process.

Other receivables allowance for uncollectible accounts is calculated based on a historical average of collections relative to total other receivables, including current receivables. Current macro- and micro-economic conditions are also considered when calculating the current reserve. Probable outcomes of pending litigation, whether favorable or unfavorable to the Companies, are also included in the consideration.

Customer accounts receivable and the associated allowance for uncollectible accounts are included in the line “Accounts receivable – customers” on the Companies’ consolidated balance sheets. Other receivables and the associated allowance for uncollectible accounts are included in “Other receivables” on the Companies’ consolidated balance sheets.

The table below presents a rollforward by major portfolio segment type for the three and six months ended June 30, 2025 and 2024:

			For the Three Months Ended June 30,
			Con Edison												CECONY
			Accounts receivable - customers						Other receivables						Accounts receivable - customers						Other receivables
(Millions of Dollars)			2025			2024			2025			2024			2025			2024			2025						2024
Allowance for credit losses
Beginning Balance at April 1,			$616			$394			$28			$17			$605			$383			$25						$12
Recoveries			18			3			—			—			18			3			—						—
Write-offs			(120)			(29)			—			—			(118)			(28)			—						—
Reserve adjustments			101			66			14			8			100			61			10						9
Ending Balance June 30,			$615			$434			$42			$25			$605			$419			$35						$21

			For the Six Months Ended June 30,
			Con Edison												CECONY
			Accounts receivable - customers						Other receivables						Accounts receivable - customers						Other receivables
(Millions of Dollars)			2025			2024			2025			2024			2025			2024			2025			2024
Allowance for credit losses
Beginning Balance at January 1,			$620			$360			$41			$13			$605			$353			$38			$9
Recoveries			23			17			—			—			22			14			—			—
Write-offs			(218)			(95)			(4)			—			(213)			(90)			(4)			—
Reserve adjustments			190			152			5			12			191			142			1			12
Ending Balance June 30,			$615			$434			$42			$25			$605			$419			$35			$21

Note M – Financial Information by Business Segment

Con Edison’s principal business segments are CECONY’s regulated utility activities, O&R’s regulated utility activities and Con Edison Transmission. CECONY’s principal business segments are its regulated electric, gas and steam utility activities. The financial data for the business segments for the three and six months ended June 30, 2025 and 2024 were as follows:

			For the Three Months Ended June 30, 2025
			Operating revenues			Inter-segment revenues			Other operations and maintenance (b)			Depreciation and amortization			Other operating expense (b)			Operating income (loss)			Other Income (deductions)			Interest Expense			Allowance for borrowed funds used during construction			Income Tax Expense			Total assets			Capital expenditures
(Millions of Dollars)
CECONY
Electric			$2,581			$5			$636			$396			$1,237			$312			$159			$212			$(11)			$51			$46,885			$814
Gas			653			2			134			119			314			86			37			75			(5)			11			16,749			314
Steam			106			19			56			29			72			(51)			13			15			—			(14)			2,931			26
Consolidation adjustments			—			(26)			—			—			—			—			—			—			—			—			—			—
Total CECONY			$3,340			$—			$826			$544			$1,623			$347			$209			$302			$(16)			$48			$66,565			$1,154
O&R
Electric			196			—			73			22			85			16			8			11			(2)			3			2,719			64
Gas			58			—			20			9			32			(3)			3			6			—			(2)			1,405			32
Total O&R			$254			$—			$93			$31			$117			$13			$11			$17			$(2)			$1			$4,124			$96
Con Edison Transmission			1			—			4			—			—			(3)			17			—			—			4			490			15
Other (a)			—			—			—			1			1			(2)			4			(1)			—			(3)			322			—
Total Con Edison			$3,595			$—			$923			$576			$1,741			$355			$241			$318			$(18)			$50			$71,501			$1,265

			For the Three Months Ended June 30, 2024
			Operating revenues			Inter-segment revenues			Other operations and maintenance (b)			Depreciation and amortization			Other operating expense (b)			Operating income (loss)			Other Income (deductions)			Interest Expense			Allowance for borrowed funds used during construction			Income Tax Expense			Total assets			Capital expenditures
(Millions of Dollars)
CECONY
Electric			$2,370			$5			$671			$345			$1,082			$272			$108			$199			$(9)			$8			$43,356			$779
Gas			538			3			147			112			194			85			25			70			(4)			9			16,631			304
Steam			88			18			53			25			53			(43)			9			13			—			(16)			3,088			41
Consolidation adjustments			—			(26)			—			—			—			—			—			—			—			—			—			—
Total CECONY			$2,996			$—			$871			$482			$1,329			$314			$142			$282			$(13)			$1			$63,075			$1,124
O&R
Electric			180			—			75			20			73			12			6			10			(2)			2			2,427			52
Gas			44			—			19			9			19			(3)			2			5			—			(2)			1,383			24
Total O&R			$224			$—			$94			$29			$92			$9			$8			$15			$(2)			$—			$3,810			$76
Con Edison Transmission			1			—			3			—			—			(2)			11			—			—			(4)			441			13
Other (a)			(1)			—			(1)			1			—			(1)			(1)			6			—			(7)			594			—
Total Con Edison			$3,220			$—			$967			$512			$1,421			$320			$160			$303			$(15)			$(10)			$67,920			$1,213

(a) Other includes the parent company, Con Edison’s tax equity investments, consolidation adjustments and Broken Bow II, the deferred project that was classified as held for sale at December 31, 2024, with the sale and transfer completed in January 2025. See Note Q.

(b) Other operations and maintenance expenses constitute significant segment expenses which are regularly provided to the chief operating decision makers. Other operating expense includes other segment items (purchased power, fuel, gas purchased for resale, taxes other than income taxes).

			For the Six Months Ended June 30, 2025
			Operating revenues			Inter-segment revenues			Other operations and maintenance (b)			Depreciation and amortization			Other operating expense (b)			Operating income (loss)			Other Income (deductions)			Interest Expense			Allowance for borrowed funds used during construction			Income Tax Expense			Total assets			Capital expenditures
(Millions of Dollars)
CECONY
Electric			$5,267			$10			$1,295			$784			$2,586			$602			$313			$431			($23)			$88			$46,885			$1,505
Gas			2,055			5			273			237			819			726			69			152			(9)			169			16,749			586
Steam			460			38			112			56			206			86			25			29			(1)			18			2,931			55
Consolidation adjustments			—			(53)			—			—			—			—			—			—			—			—			—			—
Total CECONY			$7,782			$—			$1,680			$1,077			$3,611			$1,414			$407			$612			($33)			$275			$66,565			$2,146
O&R
Electric			411			—			148			43			187			33			17			22			(3)			6			2,719			122
Gas			199			—			40			19			98			42			6			12			—			8			1,405			59
Total O&R			$610			$—			$188			$62			$285			$75			$23			$34			($3)			$14			$4,124			$181
Con Edison Transmission			2			—			7			—			—			(5)			33			—			—			8			490			29
Other (a)			(1)			—			—			1			2			(4)			(1)			2			—			(5)			322			—
Total Con Edison			$8,393			$—			$1,875			$1,140			$3,898			$1,480			$462			$648			($36)			$292			$71,501			$2,356

			For the Six Months Ended June 30, 2024
			Operating revenues			Inter-segment revenues			Other operations and maintenance (b)			Depreciation and amortization			Other operating expense (b)			Operating income (loss)			Other Income (deductions)			Interest Expense			Allowance for borrowed funds used during construction			Income Tax Expense			Total assets			Capital expenditures
(Millions of Dollars)
CECONY
Electric			$4,812			$10			$1,284			$715			$2,301			$512			$226			$400			$(18)			$4			$43,356			$1,512
Gas			1,781			5			274			226			580			701			54			140			(7)			160			16,631			563
Steam			374			37			101			52			130			91			18			26			(1)			18			3,088			70
Consolidation adjustments			—			(52)			—			—			—			—			—			—			—			—			—			—
Total CECONY			$6,967			$—			$1,659			$993			$3,011			$1,304			$298			$566			$(26)			$182			$63,075			$2,145
O&R
Electric			370			—			151			40			154			25			13			19			(2)			5			2,427			101
Gas			157			—			40			18			60			39			3			11			—			8			1,383			43
Total O&R			$527			$—			$191			$58			$214			$64			$16			$30			$(2)			$13			$3,810			$144
Con Edison Transmission			2			—			6			1			—			(5)			30			—			—			—			441			13
Other (a)			(1)			—			—			(1)			32			(32)			(2)			9			—			(21)			594			—
Total Con Edison			$7,495			$—			$1,856			$1,051			$3,257			$1,331			$342			$605			$(28)			$174			$67,920			$2,302

(a) Other includes the parent company, Con Edison’s tax equity investments, consolidation adjustments and Broken Bow II, the deferred project that was classified as held for sale at December 31, 2024, with the sale and transfer completed in January 2025. See Note Q.

(b) Other operations and maintenance expenses constitute significant segment expenses which are regularly provided to the chief operating decision makers. Other operating expense includes other segment items (purchased power, fuel, gas purchased for resale, taxes other than income taxes).

Note N – Derivative Instruments and Hedging Activities

Con Edison’s subsidiaries hedge market price fluctuations associated with physical purchases and sales of electricity, natural gas, steam and, to a lesser extent, refined fuels by using derivative instruments including futures, forwards, basis swaps, options, transmission congestion contracts and financial transmission rights contracts. These are economic hedges, for which the Utilities do not elect hedge accounting. The Companies use economic hedges to manage commodity price risk in accordance with provisions set by state regulators. The volume of hedging activity at the Utilities depends upon the forecasted volume of physical commodity supply to meet customer needs, and program costs or benefits are recovered from or credited to full-service customers, respectively. Derivatives are recognized on the consolidated balance sheet at fair value (see Note O), unless an exception is available under the accounting rules for derivatives and hedging. Qualifying derivative contracts that have been designated as normal purchases or normal sales contracts are not reported at fair value under the accounting rules.

The fair values of the Companies’ derivatives, including the offsetting of assets and liabilities on the consolidated balance sheets at June 30, 2025 and December 31, 2024 were:

(Millions of Dollars)			2025												2024
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			$63			$(32)			$31						$56			$(41)			$15
Noncurrent			58			(11)			47						39			(12)			27
Total fair value of derivative assets			$121			$(43)			$78						$95			$(53)			$42
Fair value of derivative liabilities
Current			$(110)			$31			$(79)			(b)			$(92)			$44			$(48)			(b)
Noncurrent			(108)			11			(97)						(108)			12			(96)
Total fair value of derivative liabilities			$(218)			$42			$(176)						$(200)			$56			$(144)
Net fair value derivative assets (liabilities)			$(97)			$(1)			$(98)						$(105)			$3			$(102)
CECONY
Fair value of derivative assets
Current			$57			$(29)			$28						$51			$(40)			$11
Noncurrent			54			(10)			44						36			(11)			25
Total fair value of derivative assets			$111			$(39)			$72						$87			$(51)			$36
Fair value of derivative liabilities
Current			$(100)			$28			$(72)			(b)			$(84)			$42			$(42)			(b)
Noncurrent			(96)			11			(85)						(95)			11			(84)
Total fair value of derivative liabilities			$(196)			$39			$(157)						$(179)			$53			$(126)
Net fair value derivative assets (liabilities)			$(85)			$—			$(85)						$(92)			$2			$(90)

(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 June 30, 2025, collateral and margin deposits for Con Edison and CECONY of $(3) million and $(2) million, respectively, were classified as derivative liabilities on the consolidated balance sheets, but not included in the table. Collateral and margin deposits for Con Edison and CECONY of $1 million were classified as derivative assets on the consolidated balance sheets, but not included in the table. At December 31, 2024, collateral and margin deposits for Con Edison and CECONY of $(4) million and $(2) million, respectively, were classified as derivative liabilities on the consolidated balance sheets, 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.

The Utilities generally recover their prudently incurred fuel, purchased power and gas costs, including hedging gains and losses, in accordance with rate provisions approved by the applicable state utility regulators. In accordance with the accounting rules for regulated operations, the Utilities record a regulatory asset or regulatory liability to defer recognition of unrealized gains and losses on their electric and gas derivatives. As gains and losses are realized in future periods, they will be recognized as purchased power, gas and fuel costs in the Companies’ consolidated income statements.

The following table presents the realized and unrealized gains or losses on derivatives that have been deferred or recognized in earnings for the three and six months ended June 30, 2025 and 2024:

						For the Three Months Ended June 30,
						Con Edison									CECONY
(Millions of Dollars)			Financial Statement Location			2025			2024						2025			2024
Pre-tax gains (losses) deferred in accordance with accounting rules for regulated operations:
Current			Regulatory liabilities			$(85)			$(57)						$(77)			$(55)
Noncurrent			Regulatory liabilities			5			(21)						4			(23)
Total deferred gains (losses)						$(80)			$(78)						$(73)			$(78)
Current			Regulatory assets			$100			$55						$93			$54
Current			Recoverable energy costs			(77)			(74)						(71)			(68)
Noncurrent			Regulatory assets			43			18						40			17
Total deferred gains (losses)						$66			$(1)						$62			$3
Net deferred gains (losses) (a)						$(14)			$(79)						$(11)			$(75)

(a)Unrealized net deferred losses on electric and gas derivatives for the Utilities decreased as a result of higher electric and gas commodity prices during the three months ended June 30, 2025. Upon settlement, short-term deferred derivative losses generally increase the recoverable costs of electric and gas purchases.

						For the Six Months Ended June 30,
						Con Edison									CECONY
(Millions of Dollars)			Financial Statement Location			2025			2024						2025			2024
Pre-tax gains (losses) deferred in accordance with accounting rules for regulated operations:
Current			Regulatory liabilities			$2			$(14)						$2			$(15)
Noncurrent			Regulatory liabilities			17			(23)						17			(25)
Total deferred gains (losses)						$19			$(37)						$19			$(40)
Current			Regulatory assets			$(5)			$122						$(5)			$117
Current			Recoverable energy costs			54			(188)						51			(172)
Noncurrent			Regulatory assets			1			48						—			43
Total deferred gains (losses)						$50			$(18)						$46			$(12)
Net deferred gains (losses) (a)						$69			$(55)						$65			$(52)
Pre-tax gains (losses) recognized in income
			Other operations and maintenance expense			$—			$1						$—			$1
Total pre-tax gains (losses) recognized in income						$—			$1						$—			$1

(a)Unrealized net deferred gains on electric and gas derivatives for the Utilities increased as a result of higher electric and gas commodity prices during the six months ended June 30, 2025. Upon settlement, short-term deferred derivative losses generally increase the recoverable costs of electric and gas purchases.

The following table presents the hedged volume of Con Edison’s and CECONY’s commodity derivative transactions at June 30, 2025:

			Electric Energy (MWh) (a)(b)			Capacity (MW-mos) (a)			Natural Gas (Dt) (a)(b)			Refined Fuels (gallons)
Con Edison			30,092,325			22,350			319,560,000			4,284,000
CECONY			27,209,175			16,650			299,470,000			4,284,000

(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.

The Companies are exposed to credit risk related to transactions entered into primarily for the various energy supply and hedging activities by the Utilities. Credit risk relates to the loss that may result from a counterparty’s nonperformance. The Companies use credit policies to manage this risk, including an established credit approval process, monitoring of counterparty limits, netting provisions within agreements, collateral or prepayment arrangements, credit insurance and credit default swaps. The Companies measure credit risk exposure as the replacement cost for open energy commodity and derivative positions plus amounts owed from counterparties for settled transactions. The replacement cost of open positions represents unrealized gains, net of any unrealized losses where the Companies have a legally enforceable right to offset.

At June 30, 2025, Con Edison and CECONY had $67 million and $63 million, respectively, of credit exposure in connection with open energy supply net receivables and hedging activities, net of collateral. Con Edison’s net credit exposure consisted of $45 million with investment-grade counterparties and $22 million with commodity exchange brokers. CECONY’s net credit exposure consisted of $41 million with investment-grade counterparties and $22 million with commodity exchange brokers.

The collateral requirements associated with, and settlement of, derivative transactions are included in net cash flows from operating activities in the Companies’ consolidated statements of cash flows. Most derivative instrument contracts contain provisions that may require a party to provide collateral on its derivative instruments that are in a net liability position. The amount of collateral to be provided will depend on the fair value of the derivative instruments and the party’s credit ratings.

The following table presents the aggregate fair value of the Companies’ derivative instruments with credit-risk-related contingent features that are in a net liability position, the collateral posted for such positions and the additional collateral that would have been required to be posted had the lowest applicable credit rating been reduced one level and to below investment grade at June 30, 2025:

(Millions of Dollars)			Con Edison (a)						CECONY (a)
Aggregate fair value – net liabilities			$166						$150
Collateral posted			247						235
Additional collateral (b) (downgrade one level from current ratings)			10						2
Additional collateral (b)(c) (downgrade to below investment grade from current ratings)			115						91

(a)Non-derivative transactions for the purchase and sale of electricity and gas and qualifying derivative instruments, that 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 are no longer extended unsecured credit for such purchases, the Companies would be required to post additional collateral of $2 million at June 30, 2025. 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 June 30, 2025, if Con Edison had been downgraded to below investment grade, it would have been required to post additional collateral for such derivative instruments of $11 million.

Note O – Fair Value Measurements

The accounting rules for fair value measurements and disclosures define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in a principal or most advantageous market. Fair value is a market-based measurement that is determined based on inputs, that refer broadly to assumptions that market participants use in pricing assets or liabilities. These inputs can be readily observable, market corroborated, or generally unobservable firm inputs. The Companies often make certain assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, and the risks inherent in the inputs to valuation techniques. The Companies use valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs.

The accounting rules for fair value measurements and disclosures established a fair value hierarchy, that prioritizes the inputs to valuation techniques used to measure fair value in three broad levels. The rules require that assets and liabilities be classified in their entirety based on the level of input that is significant to the fair value measurement. Assessing the significance of a particular input may require judgment considering factors specific to the asset or liability and may affect the valuation of the asset or liability and their placement within the fair value hierarchy. The Companies classify fair value balances based on the fair value hierarchy defined by the accounting rules for fair value measurements and disclosures as follows:

• Level 1 – Consists of assets or liabilities whose value is based on unadjusted quoted prices in active markets at the measurement date. An active market is one in which transactions for assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. This category includes contracts traded on active exchange markets valued using unadjusted prices quoted directly from the exchange.

• Level 2 – Consists of assets or liabilities valued using industry standard models and based on prices, other than quoted prices within Level 1, that are either directly or indirectly observable as of the measurement date. The industry standard models consider observable assumptions including time value, volatility factors

and current market and contractual prices for the underlying commodities, in addition to other economic measures. This category includes contracts traded on active exchanges or in over-the-counter markets priced with industry standard models.

• Level 3 – Consists of assets or liabilities whose fair value is estimated based on internally developed models or methodologies using inputs that are generally less readily observable and supported by little, if any, market activity at the measurement date. Unobservable inputs are developed based on the best available information and subject to cost benefit constraints. This category includes contracts priced using models that are internally developed and contracts placed in illiquid markets. It also includes contracts that expire after the period of time for which quoted prices are available and internal models are used to determine a significant portion of the value.

Assets and liabilities measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024 are summarized below.

			2025															2024
(Millions of Dollars)			Level 1			Level 2			Level 3			Netting Adjustment (d)			Total			Level 1			Level 2			Level 3			Netting Adjustment (d)			Total
Con Edison
Derivative assets:
Commodity (a)(b)(c)			$24			$85			$1			$(31)			$79			$9			$81			$1			$(49)			$42
Mutual Funds (a)(b)			603			—			—			—			603			570			—			—			—			570
Cash Value of Life Insurance Policies (a)(b)			—			129			—			—			129			—			129			—			—			129
Total assets			$627			$214			$1			$(31)			$811			$579			$210			$1			$(49)			$741
Derivative liabilities:
Commodity (a)(b)(c)			$2			$185			$18			$(26)			179			$5			$175			$16			$(48)			$148
CECONY
Derivative assets:
Commodity (a)(b)(c)			$23			$77			$1			$(28)			$73			$9			$74			$1			$(48)			$36
Mutual Funds (a)(b)			588			—			—			—			588			553			—			—			—			553
Cash Value of Life Insurance Policies (a)(b)			—			123			—			—			123			—			123			—			—			123
Total assets			$611			$200			$1			$(28)			$784			$562			$197			$1			$(48)			$712
Derivative liabilities:
Commodity (a)(b)(c)			$2			$174			$9			$(26)			$159			$4			$164			$7			$(47)			$128

(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. Transfers out of Level 3 represent assets and liabilities that were previously classified as Level 3 for which the inputs became observable for classification in Level 2. The inputs are now observable because of availability of observable market data due to the decrease in the terms of certain contracts from beyond three years to less than three years.

(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, and 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 June 30, 2025 and December 31, 2024, the Companies determined that nonperformance risk would have no material impact on their financial position or results of operations.

(d)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.

The employees in the Companies’ risk management group develop and maintain the Companies’ valuation policies and procedures for, and verify pricing and fair value valuation of, commodity derivatives. Under the Companies’ policies and procedures, multiple independent sources of information are obtained for forward price curves used to value commodity derivatives. Fair value and changes in fair value of commodity derivatives are reported monthly to the Companies’ risk committees, comprised of officers and employees of the Companies that oversee energy hedging at the Utilities. The risk management group reports to the Companies’ Vice President and Treasurer.

			Fair Value of Level 3 at June 30, 2025			Valuation Techniques			Unobservable Inputs			Range			Average Market Price
			(Millions of Dollars)
Con Edison – Commodity
Electricity			$(1)			Discounted Cash Flow			Forward energy prices ($/MWh) (a)			$32.45 - $102.00 per MWh			$55.81
Electricity			(17)			Discounted Cash Flow			Forward capacity prices ($/kW-month) (a)			$0.73 - $7.14 per kW-month			$3.35
Transmission Congestion Contracts			1			Discounted Cash Flow			Inter-zonal forward price curves adjusted for historical zonal losses ($/MWh) (b)			$0.33 -$2.58 per MWh			$1.36
Total Con Edison—Commodity			$(17)
CECONY – Commodity
Electricity			$(1)			Discounted Cash Flow			Forward energy prices ($/MWh) (a)			$33.40 - $102.00 per MWh			$56.64
Electricity			(8)			Discounted Cash Flow			Forward capacity prices ($/kW-month) (a)			$0.73 - $7.14 per kW-month			$3.40
Transmission Congestion Contracts			1			Discounted Cash Flow			Inter-zonal forward price curves adjusted for historical zonal losses ($/MWh) (b)			$0.33 -$2.58 per MWh			$1.36
Total CECONY—Commodity			$(8)

(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.

The table listed below provides a reconciliation of the beginning and ending net balances for assets and liabilities measured at fair value as of June 30, 2025 and 2024 and classified as Level 3 in the fair value hierarchy:

			For the Three Months Ended June 30,
			Con Edison						CECONY
(Millions of Dollars)			2025			2024			2025			2024
Beginning balance as of April 1,			$(13)			$—			$(5)			$—
Included in earnings			(1)			(2)			—			(1)
Included in regulatory assets and liabilities			(4)			(12)			(3)			(6)
Settlements			1			3			—			1
Ending balance as of June 30,			$(17)			$(11)			$(8)			$(6)

			For the Six Months Ended June 30,
			Con Edison						CECONY
(Millions of Dollars)			2025			2024			2025			2024
Beginning balance as of January 1,			$(15)			$(8)			$(6)			$(5)
Included in earnings			(3)			(5)			—			(2)
Included in regulatory assets and liabilities			(1)			(3)			(2)			(1)
Settlements			2			5			—			2
Ending balance as of June 30,			$(17)			$(11)			$(8)			$(6)

Realized gains and losses on the Utilities' Level 3 commodity derivative assets and liabilities are reported as part of purchased power, gas and fuel costs. The Utilities generally recover these costs in accordance with rate provisions approved by the applicable state public utilities regulators. See Note A. Unrealized gains and losses for commodity derivatives are generally deferred on the Companies' consolidated balance sheets in accordance with the accounting rules for regulated operations.

Note P – Related Party Transactions

The NYSPSC generally requires that the Utilities and Con Edison’s other subsidiaries be operated as separate entities. The Utilities and the other subsidiaries are required to have separate operating employees and operating officers of the Utilities may not be operating officers of the other subsidiaries. The Utilities may provide administrative and other services to, and receive such services from, Con Edison and its other subsidiaries only pursuant to cost allocation procedures approved by the NYSPSC. Transfers of assets between the Utilities and Con Edison or its other subsidiaries may be made only as approved by the NYSPSC. The debt of the Utilities is to be raised directly by the Utilities and not derived from Con Edison. Without the prior permission of the NYSPSC, the Utilities may not make loans to, guarantee the obligations of, or pledge assets as security for the indebtedness of Con Edison or its other subsidiaries. The NYSPSC limits the dividends that the Utilities may pay Con Edison. As a result, substantially all of the net assets of CECONY and O&R ($21,615 million and $1,258 million, respectively), at June 30, 2025, are considered restricted net assets. The NYSPSC may impose additional measures to separate, or “ring fence,” the Utilities from Con Edison and its other subsidiaries.

The costs of administrative and other services provided by CECONY to, and received by it from, Con Edison and its other subsidiaries for the three and six months ended June 30, 2025 and 2024 were as follows:

			For the Three Months Ended June 30,
			CECONY
(Millions of Dollars)			2025			2024
Cost of services provided			$37			$35
Cost of services received			$22			$21

			For the Six Months Ended June 30,
			CECONY
(Millions of Dollars)			2025			2024
Cost of services provided			$77			$68
Cost of services received			$42			$41

In addition, CECONY and O&R have joint gas supply arrangements pursuant to which CECONY sold to, or acted as agent to purchase for, O&R, $19 million and $14 million of natural gas for the three months ended June 30, 2025 and 2024, respectively, and $63 million and $38 million of natural gas for the six months ended June 30, 2025 and 2024, respectively. These amounts are net of the effect of related hedging transactions.

At June 30, 2025 and December 31, 2024, CECONY's net receivable from Con Edison for income taxes were $61 and $344 million, respectively.

The Utilities perform work and incur expenses on behalf of New York Transco, a company in which Con Edison Transmission owns an interest. The Utilities bill New York Transco for such work and expenses in accordance with established policies. For the three months ended June 30, 2025 and 2024, the amounts billed (refunded) by the Utilities to New York Transco were immaterial and $(2) million, respectively. For the six months ended June 30, 2025 and 2024, the amounts billed by the Utilities to New York Transco were immaterial and $(1) million, respectively.

CECONY has a 20-year transportation contract with MVP, a company in which Con Edison Transmission owns an interest, for 200,000 Dts per day of capacity. See "Investment in MVP" in Note A. In October 2017, the Environmental Defense Fund and the Natural Resource Defense Council requested the NYSPSC to prohibit CECONY from recovering costs under its contract with MVP unless CECONY can demonstrate that the contract is in the public interest. CECONY advised the NYSPSC that it would respond to the request if the NYSPSC were to open a proceeding to consider this request. For the three and six months ended June 30, 2025, the amounts billed by MVP to CECONY were $14 million and $27 million, respectively.

The FERC has authorized CECONY to lend funds to O&R for a period of not more than 12 months, in an amount not to exceed $250 million, at prevailing market rates. At June 30, 2025 and December 31, 2024 there were no outstanding loans to O&R.

The Consolidated Edison Foundation, Inc. (the Foundation), established in December 2023, is a non-consolidated not-for-profit corporation funded by Con Edison that makes contributions to selected charitable organizations. In

March 2025, Con Edison made a contribution of $12 million that Con Edison accrued as an expense in "Other Income and Deductions" within its consolidated income statement for the year ended December 31, 2024.

Note Q – Dispositions

During the first nine months of 2022, Con Edison considered strategic alternatives with respect to the Clean Energy Businesses. On October 1, 2022, following the conclusion of such review and to allow for continued focus on the Utilities and their clean energy transition, Con Edison entered into a purchase and sale agreement pursuant to which Con Edison agreed to sell all of the stock of the Clean Energy Businesses to RWE Renewables Americas, LLC, a subsidiary of RWE for a total of $6,800 million, subject to closing adjustments. On March 1, 2023, Con Edison completed the sale of all of the stock of the Clean Energy Businesses to RWE for $3,993 million. The preliminary purchase price at closing was adjusted (i) upward for certain cash and cash equivalents, (ii) downward for certain indebtedness and debt-like items, (iii) downward for certain transaction expenses, (iv) downward to the extent that the net working capital varied from a set target, (v) upward to the extent that capital expenditures incurred prior to the closing of the transaction varied from a set budget, and (vi) downward by the value allocated to Broken Bow II, a project that was not able to be conveyed to RWE upon closing of the transaction. The process to finalize the purchase price was completed during the second quarter of 2024. The final purchase price was subject to customary adjustments for timing differences and a final valuation report, among other factors. The transaction was completed at arm’s length and RWE was not, and will not be, considered a related party to Con Edison.

The sale on March 1, 2023 included all assets, operations and projects of the Clean Energy Businesses with the exception of tax equity interests in three projects, described below, and one deferred project, Broken Bow II, a 75 MW nameplate capacity wind power project located in Nebraska.

Cumulatively through June 30, 2024, the gain on the sale of all of the stock of the Clean Energy Businesses was $835 million ($745 million, after tax), reflecting a downward adjustment of $30 million ($22 million after-tax) for the six months then ended, resulting from certain customary closing adjustments. Cumulatively through June 30, 2025, the gain on the sale of all of the stock of the Clean Energy Businesses was $803 million ($722 million after tax), resulting from certain customary closing adjustments. The portion of the gain attributable to the non-controlling interest retained in certain tax-equity projects was not material.

In January 2025, Con Edison completed the sale and transfer of Broken Bow II to RWE and the corresponding value of $54 million (net of assumed debt and other final adjustments) was paid to Con Edison. RWE Renewables Americas, LLC operated the facility on behalf of Con Edison until the sale and transfer to RWE pursuant to certain service agreements, for which the fees were not material.

Con Edison also retained any post-sale deferred income taxes (federal and state income taxes, including tax attributes), any valuation allowances associated with the deferred tax assets, all current federal taxes and New York State taxes and the estimated liability for uncertain tax positions. The unamortized deferred investment tax credits of the Clean Energy Businesses were recognized in full upon the completion of the sale of all of the stock of the Clean Energy Businesses.

Following the sale of all of the stock of the Clean Energy Businesses and pursuant to a reimbursement and indemnity agreement with RWE, Con Edison remains responsible for certain potential costs related to a battery storage project located in Imperial County, California. Con Edison's exposure under the agreement could range up to approximately $172 million. As of June 30, 2025, no material amounts were recorded as liabilities on Con Edison's consolidated balance sheet related to this agreement.