Short-Term Borrowing

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Short-Term Borrowing

Short-Term BorrowingAt September 30, 2021, Con Edison had $1,036 million of commercial paper outstanding of which $942 million was outstanding under CECONY’s program. The weighted average interest rate at September 30, 2021 was 0.1 percent for both Con Edison and CECONY. At December 31, 2020, Con Edison had $1,705 million of commercial paper outstanding of which $1,660 million was outstanding under CECONY’s program. The weighted average interest rate at December 31, 2020 was 0.3 percent for both Con Edison and CECONY.

At September 30, 2021 and December 31, 2020, no loans were outstanding under the Companies' December 2016 credit agreement (Credit Agreement). An immaterial amount of letters of credit were outstanding under the Credit Agreement as of September 30, 2021 and December 31, 2020.

In August 2021, a subsidiary of the Clean Energy Businesses prepaid in full $249 million of borrowings outstanding under, and terminated, a $613 million variable-rate construction loan facility that was secured by and used to fund construction costs for CED Nevada Virginia. At December 31, 2020, the banks’ commitments under the construction loan facility were $613 million, and $165 million of borrowings were outstanding under the construction loan facility.

In April 2021, Con Edison entered into a credit agreement (April 2021 Credit Agreement) under which banks were committed until May 18, 2021, subject to certain conditions, to provide to Con Edison a $500 million variable-rate 364-day term loan. In May 2021, Con Edison borrowed $500 million under the April 2021 Credit Agreement to repay in full all of Con Edison’s outstanding 2.00 percent debentures, Series 2016 A, that matured on May 15, 2021. In July 2021, Con Edison prepaid in full the $500 million borrowing under the April 2021 Credit Agreement with a portion of the cash proceeds received from the substantial completion of the sale of Stagecoach. See Note R.