Regulatory Assets and Liabilities

Regulatory assets and liabilities at March 31, 2013 and December 31, 2012 were comprised of the following items:


	Con Edison				CECONY
*(Millions of Dollars)*	2013		2012		2013		2012
Regulatory assets
Unrecognized pension and other postretirement costs		$5,443		$5,677		$5,191		$5,407
Future income tax		1,952		1,922		1,851		1,831
Environmental remediation costs		721		730		607		615
Deferred storm costs		443		432		330		309
Revenue taxes		179		176		172		170
Pension and other postretirement benefits deferrals		161		183		131		154
Surcharge for New York State assessment		117		73		111		68
Net electric deferrals		97		102		97		102
Unamortized loss on reacquired debt		71		74		68		70
O&R transition bond charges		37		39		—		—
Deferred derivative losses – long-term		32		40		14		20
Preferred stock redemption		29		29		29		29
Workers’ compensation		20		19		20		19
Property tax reconciliation		16		16		—		—
Recoverable energy costs – long-term		—		23		—		23
Other		166		170		153		155
Regulatory assets – long-term		9,484		9,705		8,774		8,972
Deferred derivative losses – current		31		69		28		60
Recoverable energy costs – current		1		5		—		—
Regulatory assets – current		32		74		28		60
Total Regulatory Assets		$9,516		$9,779		$8,802		$9,032
Regulatory liabilities
Allowance for cost of removal less salvage		$ 508		$ 503		$ 424		$ 420
Property tax reconciliation		237		187		237		187
Long-term interest rate reconciliation		77		62		77		62
Net unbilled revenue deferrals		64		136		64		136
World Trade Center settlement proceeds		62		62		62		62
Carrying charges on T&D net plant – electric and steam		25		31		10		13
Expenditure prudence proceeding		15		14		15		14
Gas line losses		14		14		14		14
Energy efficiency programs		6		5		6		6
Other		226		188		201		163
Regulatory liabilities – long-term		1,234		1,202		1,110		1,077
Refundable energy costs – current		100		82		70		48
Revenue decoupling mechanism		23		72		20		68
Deferred derivative gains – current		9		—		8		—
Electric surcharge offset		—		29		—		29
Regulatory liabilities – current		132		183		98		145
Total Regulatory Liabilities		$1,366		$1,385		$1,208		$1,222