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Derivative Instruments and Hedging Activities (Tables)
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Offsetting of Assets
The fair values of the Companies’ derivatives, including the offsetting of assets and liabilities, on the consolidated balance sheet at December 31, 2022 and 2021 were:
(Millions of Dollars)20222021
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$378$(332)$46(b)$285$(158)$127(b)(d)
Noncurrent193 (108)8590 (13)77 
Total fair value of derivative assets held and used$571$(440)$131$375$(171)$204
Current - assets held for sale (e)93(8)85(c)— — — 
Noncurrent - assets held for sale (e)831194(c)———
Total fair value of derivative assets$747$(437)$310$375$(171)$204
Fair value of derivative liabilities
Current$(198)$166$(32)(b)$(289)$137$(152)
Noncurrent (49)36(13)(94)10(84)(d)
Total fair value of derivative liabilities held and used$(247)$202$(45)$(383)$147$(236)
Current - liabilities held for sale (e)(31)6 (25)— — — 
Noncurrent - liabilities held for sale (e)(3)(8)(11)———
Total fair value of derivative liabilities$(281)$200$(81)$(383)$147$(236)
Net fair value derivative assets/(liabilities)$466$(237)$229$(8)$(24)$(32)
CECONY
Fair value of derivative assets
Current$350$(312)$38(b)$135$(64)$71(b)
Noncurrent176(96)8071(15)56
Total fair value of derivative assets$526$(408)$118$206$(79)$127
Fair value of derivative liabilities
Current$(189)$160$(29)$(131)$43$(88)
Noncurrent(43)34(9)(50)10(40)
Total fair value of derivative liabilities$(232)$194$(38)$(181)$53$(128)
Net fair value derivative assets/(liabilities)$294($214)$80$25$(26)$(1)
 
(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 December 31, 2022, margin deposits for Con Edison and CECONY of $13 million were classified as derivative assets, and ($(10) million and $(6) million, respectively) were classified as derivative liabilities on the consolidated balance sheet, but not included in the table. At December 31, 2021, margin deposits for Con Edison and CECONY ($1 million and an immaterial amount, respectively) were classified as derivative assets on the consolidated balance sheet, 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.
(c)Includes amounts for interest rate swaps of $31 million in current assets and $75 million in noncurrent assets. At December 31, 2022, the Clean Energy Businesses had interest rate swaps with notional amounts of $982 million. The expiration dates of the swaps range from 2025-2041.
(d)Includes amounts for interest rate swaps of $4 million in noncurrent assets, $(20) million in current liabilities and $(38) million in noncurrent liabilities. At December 31, 2021, the Clean Energy Businesses had interest rate swaps with notional amounts of $1,031 million. The expiration dates of the swaps ranged from 2025-2041.
(e)Amounts represent derivative assets and liabilities included in current assets and current liabilities held for sale, respectively, on Con Edison's consolidated balance sheet as of December 31, 2022. See "Assets and Liabilities Held for Sale" in Note A and Note X.
Offsetting of Liabilities
The fair values of the Companies’ derivatives, including the offsetting of assets and liabilities, on the consolidated balance sheet at December 31, 2022 and 2021 were:
(Millions of Dollars)20222021
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$378$(332)$46(b)$285$(158)$127(b)(d)
Noncurrent193 (108)8590 (13)77 
Total fair value of derivative assets held and used$571$(440)$131$375$(171)$204
Current - assets held for sale (e)93(8)85(c)— — — 
Noncurrent - assets held for sale (e)831194(c)———
Total fair value of derivative assets$747$(437)$310$375$(171)$204
Fair value of derivative liabilities
Current$(198)$166$(32)(b)$(289)$137$(152)
Noncurrent (49)36(13)(94)10(84)(d)
Total fair value of derivative liabilities held and used$(247)$202$(45)$(383)$147$(236)
Current - liabilities held for sale (e)(31)6 (25)— — — 
Noncurrent - liabilities held for sale (e)(3)(8)(11)———
Total fair value of derivative liabilities$(281)$200$(81)$(383)$147$(236)
Net fair value derivative assets/(liabilities)$466$(237)$229$(8)$(24)$(32)
CECONY
Fair value of derivative assets
Current$350$(312)$38(b)$135$(64)$71(b)
Noncurrent176(96)8071(15)56
Total fair value of derivative assets$526$(408)$118$206$(79)$127
Fair value of derivative liabilities
Current$(189)$160$(29)$(131)$43$(88)
Noncurrent(43)34(9)(50)10(40)
Total fair value of derivative liabilities$(232)$194$(38)$(181)$53$(128)
Net fair value derivative assets/(liabilities)$294($214)$80$25$(26)$(1)
 
(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 December 31, 2022, margin deposits for Con Edison and CECONY of $13 million were classified as derivative assets, and ($(10) million and $(6) million, respectively) were classified as derivative liabilities on the consolidated balance sheet, but not included in the table. At December 31, 2021, margin deposits for Con Edison and CECONY ($1 million and an immaterial amount, respectively) were classified as derivative assets on the consolidated balance sheet, 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.
(c)Includes amounts for interest rate swaps of $31 million in current assets and $75 million in noncurrent assets. At December 31, 2022, the Clean Energy Businesses had interest rate swaps with notional amounts of $982 million. The expiration dates of the swaps range from 2025-2041.
(d)Includes amounts for interest rate swaps of $4 million in noncurrent assets, $(20) million in current liabilities and $(38) million in noncurrent liabilities. At December 31, 2021, the Clean Energy Businesses had interest rate swaps with notional amounts of $1,031 million. The expiration dates of the swaps ranged from 2025-2041.
(e)Amounts represent derivative assets and liabilities included in current assets and current liabilities held for sale, respectively, on Con Edison's consolidated balance sheet as of December 31, 2022. See "Assets and Liabilities Held for Sale" in Note A and Note X.
Realized and Unrealized Gains or Losses on Commodity Derivatives
The following table presents the realized and unrealized gains or losses on derivatives that have been deferred or recognized in earnings for the years ended December 31, 2022 and 2021:
              Con Edison              CECONY
(Millions of Dollars)Balance Sheet Location2022202120222021
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations:
CurrentDeferred derivative gains$168$134$155$124
NoncurrentDeferred derivative gains83577551
Total deferred gains/(losses)$251$191$230$175
CurrentDeferred derivative losses$(43)$49$(44)$43
CurrentRecoverable energy costs4083372— 
NoncurrentDeferred derivative losses19701966
Total deferred gains/(losses)$384$122$347$109
Net deferred gains/(losses)$635$313$577$284
Income Statement Location
Pre-tax gain/(loss) recognized in income
Gas purchased for resale$5$18$— $— 
Non-utility revenue— 3— — 
Other operations and maintenance expense4545
Other interest expense159(a)52— — 
Total pre-tax gain/(loss) recognized in income
$168$78$4$5
 

(a)    Comprised of amounts related to interest rate swaps of the Clean Energy Businesses. The Clean Energy Businesses were held for sale
as of December 31, 2022. See "Assets and Liabilities Held for Sale" in Note A and Note X.
Hedged Volume of Derivative Transactions The following table presents the hedged volume of Con Edison’s and CECONY’s commodity derivative transactions at December 31, 2022:
Electric Energy 
(MWh) (a)(b)		Capacity (MW) (a)Natural Gas (Dt) (a)(b)Refined Fuels (gallons)
Con Edison 33,546,67046,116290,398,144168,000
CECONY31,567,40030,675272,790,000168,000
 
(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.
(c)Included are electric energy, capacity, and natural gas ((240) MWh, 8,616 MW, and 3,518,144 Dt, respectively) volumes of the Clean Energy Businesses.
Aggregate Fair Value of Companies' Derivative Instruments with Credit-Risk-Related Contingent Features
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 December 31, 2022:
(Millions of Dollars)Con Edison (a)CECONY (a)
Aggregate fair value – net liabilities$157$86
Collateral posted7070
Additional collateral (b) (downgrade one level from current ratings)6515
Additional collateral (b)(c) (downgrade to below investment grade from current ratings)13867
 
(a)Non-derivative transactions for the purchase and sale of electricity and gas and qualifying derivative instruments, which 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 and the Clean Energy Businesses were no longer extended unsecured credit for such purchases, the Companies would be required to post additional collateral of $9 million at December 31, 2022. 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 December 31, 2022, if Con Edison had been downgraded to below investment grade, it would have been required to post additional collateral for such derivative instruments of $115 million.