Pension Benefits

9 Months Ended

Sep. 30, 2011

Pension Benefits

Note D — Pension Benefits

Net Periodic Benefit Cost

The components of the Companies' net periodic benefit costs for the three and nine months ended September 30, 2011 and 2010 were as follows:

	For the Three Months Ended September 30,
	Con Edison						CECONY
(Millions of Dollars)	2011			2010			2011			2010
Service cost – including administrative expenses	$	48		$	42		$	45		$	39
Interest cost on projected benefit obligation		140			139			131			130
Expected return on plan assets		(184	)		(175	)		(174	)		(167	)
Amortization of net actuarial loss		133			106			126			100
Amortization of prior service costs		2			2			—			2
NET PERIODIC BENEFIT COST	$	139		$	114		$	128		$	104
Amortization of regulatory asset		—			—			—			—
TOTAL PERIODIC BENEFIT COST	$	139		$	114		$	128		$	104
Cost capitalized		(45	)		(40	)		(42	)		(36	)
Cost deferred		(11	)		(29	)		(11	)		(29	)
Cost charged to operating expenses	$	83		$	45		$	75		$	39
	For the Nine Months Ended September 30,
	Con Edison						CECONY
(Millions of Dollars)	2011			2010			2011			2010
Service cost – including administrative expenses	$	142		$	126		$	133		$	117
Interest cost on projected benefit obligation		420			417			393			390
Expected return on plan assets		(550	)		(527	)		(524	)		(501	)
Amortization of net actuarial loss		397			318			376			300
Amortization of prior service costs		6			6			4			6
NET PERIODIC BENEFIT COST	$	415		$	340		$	382		$	312
Amortization of regulatory asset*		1			1			1			1
TOTAL PERIODIC BENEFIT COST	$	416		$	341		$	383		$	313
Cost capitalized		(141	)		(118	)		(131	)		(109	)
Cost deferred		(68	)		(85	)		(70	)		(82	)
Cost charged to operating expenses	$	207		$	138		$	182		$	122

* Relates to increases in CECONY's pension obligations of $45 million from a 1999 special retirement program.

Expected Contributions

The Companies are not required under funding regulations and laws to make any contributions to the pension plan during 2011. The Companies' policy is to fund their accounting cost to the extent tax deductible. In 2011, Con Edison contributed $533 million to the pension plan (of which $491 million was contributed by CECONY). During the first nine months of 2010, Con Edison contributed $434 million to the pension plan (of which $397 million was contributed by CECONY). During the first nine months of 2011, the Companies funded $11 million for the non-qualified supplemental pension plans.

CECONY [Member]

Pension Benefits

Note D — Pension Benefits

Net Periodic Benefit Cost

The components of the Companies' net periodic benefit costs for the three and nine months ended September 30, 2011 and 2010 were as follows:

	For the Three Months Ended September 30,
	Con Edison						CECONY
(Millions of Dollars)	2011			2010			2011			2010
Service cost – including administrative expenses	$	48		$	42		$	45		$	39
Interest cost on projected benefit obligation		140			139			131			130
Expected return on plan assets		(184	)		(175	)		(174	)		(167	)
Amortization of net actuarial loss		133			106			126			100
Amortization of prior service costs		2			2			—			2
NET PERIODIC BENEFIT COST	$	139		$	114		$	128		$	104
Amortization of regulatory asset		—			—			—			—
TOTAL PERIODIC BENEFIT COST	$	139		$	114		$	128		$	104
Cost capitalized		(45	)		(40	)		(42	)		(36	)
Cost deferred		(11	)		(29	)		(11	)		(29	)
Cost charged to operating expenses	$	83		$	45		$	75		$	39

	For the Nine Months Ended September 30,
	Con Edison						CECONY
(Millions of Dollars)	2011			2010			2011			2010
Service cost – including administrative expenses	$	142		$	126		$	133		$	117
Interest cost on projected benefit obligation		420			417			393			390
Expected return on plan assets		(550	)		(527	)		(524	)		(501	)
Amortization of net actuarial loss		397			318			376			300
Amortization of prior service costs		6			6			4			6
NET PERIODIC BENEFIT COST	$	415		$	340		$	382		$	312
Amortization of regulatory asset*		1			1			1			1
TOTAL PERIODIC BENEFIT COST	$	416		$	341		$	383		$	313
Cost capitalized		(141	)		(118	)		(131	)		(109	)
Cost deferred		(68	)		(85	)		(70	)		(82	)
Cost charged to operating expenses	$	207		$	138		$	182		$	122

* Relates to increases in CECONY's pension obligations of $45 million from a 1999 special retirement program.

Expected Contributions

The Companies are not required under funding regulations and laws to make any contributions to the pension plan during 2011. The Companies' policy is to fund their accounting cost to the extent tax deductible. In 2011, Con Edison contributed $533 million to the pension plan (of which $491 million was contributed by CECONY). During the first nine months of 2010, Con Edison contributed $434 million to the pension plan (of which $397 million was contributed by CECONY). During the first nine months of 2011, the Companies funded $11 million for the non-qualified supplemental pension plans.