00010478620000023632false 0001047862 2024-05-17 2024-05-17 0001047862 ed:ConsolidatedEdisonCompanyofNewYorkInc.Member 2024-05-17 2024-05-17
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM
8-K
 
 
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 17, 2024
 
 
Consolidated Edison, Inc.
(Exact name of registrant as specified in its charter)
 
 
 
New York
  
1-14514
  
13-3965100
(State or Other Jurisdiction
of Incorporation)
  
(Commission
File Number)
  
(IRS Employer
Identification No.)
 
4 Irving Place, New York, New York
  
10003
(Address of principal executive offices)
  
(Zip Code)
Registrant’s telephone number, including area code: (212)
460-4600
 
 
Consolidated Edison Company of New York, Inc.
(Exact name of registrant as specified in its charter)
 
 
 
New York
  
1-1217
  
13-5009340
(State or Other Jurisdiction
of Incorporation)
  
(Commission
File Number)
  
(IRS Employer
Identification No.)
 
4 Irving Place, New York, New York
  
10003
(Address of principal executive offices)
  
(Zip Code)
Registrant’s telephone number, including area code: (212)
460-4600
 
 
Check the appropriate box below if the Form
8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐
Soliciting material pursuant to Rule
14a-12
under the Exchange Act (17 CFR
240.14a-12)
 
☐
Pre-commencement
communications pursuant to Rule
14d-2(b)
under the Exchange Act (17 CFR
240.14d-2(b))
 
☐
Pre-commencement
communications pursuant to Rule
13e-4(c)
under the Exchange Act (17 CFR
240.13e-4(c))
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.,
Common Shares ($.10 par value)
   ED   New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule
12b-2
of the Securities Exchange Act of 1934
(§240.12b-2
of this chapter).
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. ☐
 
 
 
ITEM 8.01.
Other Events
Today, May 17, 2024, the New York State Public Service Commission issued an order denying an April 2023 petition by Consolidated Edison Company of New York, Inc. (CECONY) that requested permission to capitalize costs to implement its new customer billing and information system to the extent those costs exceed the $421 million cap established in CECONY’s 2020 – 2022 electric and gas rate plans. At March 31, 2024, CECONY’s final costs for the new system were approximately $509 million ($88 million above the $421 million cap in the rate plans). During the second quarter of 2024, CECONY plans to expense incremental costs of approximately $50 million for the new system that were previously capitalized, in addition to a $38 million reserve established at December 31, 2023. CECONY believes that the incremental costs were justified by its need to prepare for the successful deployment of the system and is reviewing the order and considering its options.
The information in this report includes 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 including, but not limited to, those identified in reports each of Consolidated Edison, Inc. and CECONY has filed with the Securities and Exchange Commission.
 
Item 9.01
Financial Statements and Exhibits.
(d) Exhibits.
 
Exhibit 104    Cover Page Interactive Data File – The cover page iXBRL tags are embedded within the inline XBRL document
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
CONSOLIDATED EDISON, INC.
CONSOLIDATED EDISON COMPANY OF NEW YORK, INC.
      By:  
/s/ Joseph Miller
    Joseph Miller
    Vice President, Controller and Chief Accounting Officer
Date: May 17, 2024