Capitalization

3 Months Ended

Mar. 31, 2012

Capitalization

Note C — Capitalization

In March 2012, CECONY issued $400 million of 4.20 percent 30-year debentures, $239 million of the net proceeds from the sale of which were used to redeem on May 1, 2012 all outstanding shares of its $5 Cumulative Preferred Stock and Cumulative Preferred Stock ($100 par value).

The carrying amounts and fair values of long-term debt are:

(millions of dollars)	March 31, 2012				December 31, 2011
Long-Term Debt (including current portion)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Con Edison	$	11,071	$	12,892	$	10,673	$	12,744
CECONY	$	10,143	$	11,757	$	9,745	$	11,593

Fair values of long-term debt have been estimated primarily using available market information. For Con Edison, $12,256 million and $636 million of the fair value of long-term debt at March 31, 2012 are classified as Level 2 and Level 3, respectively. For CECONY, $11,121 million and $636 million of the fair value of long-term debt at March 31, 2012 are classified as Level 2 and Level 3, respectively (see Note K).

CECONY [Member]

Capitalization

Note C — Capitalization

In March 2012, CECONY issued $400 million of 4.20 percent 30-year debentures, $239 million of the net proceeds from the sale of which were used to redeem on May 1, 2012 all outstanding shares of its $5 Cumulative Preferred Stock and Cumulative Preferred Stock ($100 par value).

The carrying amounts and fair values of long-term debt are:

(millions of dollars)	March 31, 2012				December 31, 2011
Long-Term Debt (including current portion)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Con Edison	$	11,071	$	12,892	$	10,673	$	12,744
CECONY	$	10,143	$	11,757	$	9,745	$	11,593

Fair values of long-term debt have been estimated primarily using available market information. For Con Edison, $12,256 million and $636 million of the fair value of long-term debt at March 31, 2012 are classified as Level 2 and Level 3, respectively. For CECONY, $11,121 million and $636 million of the fair value of long-term debt at March 31, 2012 are classified as Level 2 and Level 3, respectively (see Note K).