Regulatory Matters (Tables)

3 Months Ended

Mar. 31, 2022

Regulatory assets and liabilities at March 31, 2022 and December 31, 2021 were comprised of the following items:


	Con Edison		CECONY
(Millions of Dollars)	2022	2021	2022	2021
Regulatory assets
Environmental remediation costs	$933	$938	$854	$860
Pension and other postretirement benefits deferrals	447	496	392	435
Revenue taxes	409	395	391	378
System peak reduction and energy efficiency programs	330	285	329	284
COVID-19 pandemic deferrals	304	282	297	277
Deferred storm costs	292	276	178	158
Property tax reconciliation	178	202	178	202
MTA power reliability deferral	128	140	128	140
Unrecognized pension and other postretirement costs	112	128	89	110
Deferred derivative losses - long term	85	51	80	45
Municipal infrastructure support costs	41	44	41	44
Brooklyn Queens demand management program	34	36	34	36
Meadowlands heater odorization project	29	29	29	29
Non-wire alternative projects	23	23	23	23
Preferred stock redemption	20	20	20	20
Unamortized loss on reacquired debt	14	16	13	14
Recoverable REV demonstration project costs	14	16	13	15
Gate station upgrade project	14	14	14	14
Other	273	248	248	232
Regulatory assets – noncurrent	3,680	3,639	3,351	3,316
Deferred derivative losses - short term	177	141	165	133
Recoverable energy costs	112	65	104	55
Regulatory assets – current	289	206	269	188
Total Regulatory Assets	$3,969	$3,845	$3,620	$3,504
Regulatory liabilities
Future income tax	$1,931	$1,984	$1,790	$1,840
Allowance for cost of removal less salvage	1,215	1,199	1,046	1,033
Unrecognized pension and other postretirement costs	231	32	199	—
Net unbilled revenue deferrals	131	209	131	209
Pension and other postretirement benefit deferrals	108	102	63	55
Deferred derivative gains - long term	106	61	96	55
Net proceeds from sale of property	95	103	94	103
TCJA net benefits*	92	125	91	123
System benefit charge carrying charge	72	70	64	63
Property tax refunds	35	35	35	35
Sales and use tax refunds	30	17	29	16
BQDM and REV Demo reconciliations	25	25	22	22
Earnings sharing - electric, gas and steam	13	13	10	10
Settlement of gas proceedings	10	12	10	12
Workers' compensation	10	8	10	8
Energy efficiency portfolio standard unencumbered funds	6	15	7	19
Settlement of prudence proceeding	6	6	6	6
Other	387	365	331	312
Regulatory liabilities – noncurrent	4,503	4,381	4,034	3,921
Deferred derivative gains - short term	480	142	443	132
Refundable energy costs	50	32	19	2
Revenue decoupling mechanism	13	11	—	—
Regulatory liabilities – current	543	185	462	134
Total Regulatory Liabilities	$5,046	$4,566	$4,496	$4,055

* See "Other Regulatory Matters," above.

Schedule of Regulatory Liabilities

Regulatory assets and liabilities at March 31, 2022 and December 31, 2021 were comprised of the following items:


	Con Edison		CECONY
(Millions of Dollars)	2022	2021	2022	2021
Regulatory assets
Environmental remediation costs	$933	$938	$854	$860
Pension and other postretirement benefits deferrals	447	496	392	435
Revenue taxes	409	395	391	378
System peak reduction and energy efficiency programs	330	285	329	284
COVID-19 pandemic deferrals	304	282	297	277
Deferred storm costs	292	276	178	158
Property tax reconciliation	178	202	178	202
MTA power reliability deferral	128	140	128	140
Unrecognized pension and other postretirement costs	112	128	89	110
Deferred derivative losses - long term	85	51	80	45
Municipal infrastructure support costs	41	44	41	44
Brooklyn Queens demand management program	34	36	34	36
Meadowlands heater odorization project	29	29	29	29
Non-wire alternative projects	23	23	23	23
Preferred stock redemption	20	20	20	20
Unamortized loss on reacquired debt	14	16	13	14
Recoverable REV demonstration project costs	14	16	13	15
Gate station upgrade project	14	14	14	14
Other	273	248	248	232
Regulatory assets – noncurrent	3,680	3,639	3,351	3,316
Deferred derivative losses - short term	177	141	165	133
Recoverable energy costs	112	65	104	55
Regulatory assets – current	289	206	269	188
Total Regulatory Assets	$3,969	$3,845	$3,620	$3,504
Regulatory liabilities
Future income tax	$1,931	$1,984	$1,790	$1,840
Allowance for cost of removal less salvage	1,215	1,199	1,046	1,033
Unrecognized pension and other postretirement costs	231	32	199	—
Net unbilled revenue deferrals	131	209	131	209
Pension and other postretirement benefit deferrals	108	102	63	55
Deferred derivative gains - long term	106	61	96	55
Net proceeds from sale of property	95	103	94	103
TCJA net benefits*	92	125	91	123
System benefit charge carrying charge	72	70	64	63
Property tax refunds	35	35	35	35
Sales and use tax refunds	30	17	29	16
BQDM and REV Demo reconciliations	25	25	22	22
Earnings sharing - electric, gas and steam	13	13	10	10
Settlement of gas proceedings	10	12	10	12
Workers' compensation	10	8	10	8
Energy efficiency portfolio standard unencumbered funds	6	15	7	19
Settlement of prudence proceeding	6	6	6	6
Other	387	365	331	312
Regulatory liabilities – noncurrent	4,503	4,381	4,034	3,921
Deferred derivative gains - short term	480	142	443	132
Refundable energy costs	50	32	19	2
Revenue decoupling mechanism	13	11	—	—
Regulatory liabilities – current	543	185	462	134
Total Regulatory Liabilities	$5,046	$4,566	$4,496	$4,055

* See "Other Regulatory Matters," above.

Schedule of Regulatory Assets Not Earning Return

Regulatory Assets Not Earning a Return*


	Con Edison		CECONY
(Millions of Dollars)	2022	2021	2022	2021
Unrecognized pension and other postretirement costs	$112	$128	$89	$110
Environmental remediation costs	922	928	843	850
Revenue taxes	388	375	372	359
COVID-19 Deferral for Uncollectible Accounts Receivable	265	236	258	231
Deferred derivative losses - current	177	141	165	134
Deferred derivative losses - long term	85	51	80	45
Other	37	24	36	24
Total	$1,986	$1,883	$1,843	$1,753

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