Financial Information by Business Segment

9 Months Ended

Sep. 30, 2012

Financial Information by Business Segment

Note I — Financial Information by Business Segment

The financial data for the business segments are as follows:

	For the Three Months Ended September 30,
	Operating revenues					Inter-segment revenues						Depreciation and amortization				Operating income
(Millions of Dollars)	2012		2011			2012			2011			2012		2011		2012			2011
CECONY
Electric		$2,611		$2,644			$    4			$    3			$179		$166		$812			$758
Gas		189		197			1			1			31		28		(21	)		(23	)
Steam		68		76			20			20			15		15		(37	)		(33	)
Consolidation adjustments		—		—			(25	)		(24	)		—		—		—			—
Total CECONY		$2,868		$2,917			$  —			$  —			$225		$209		$754			$702
O&R
Electric		$   199		$   217			$  —			$  —			$  10		$    9		$  50			$  44
Gas		27		24			—			—			3		3		(6	)		(6	)
Total O&R		$   226		$   241			$  —			$  —			$  13		$  12		$  44			$  38
Competitive energy businesses		$   344		$   472			$    2			$    3			$    2		$    1		$  53			$  16
Other*		—		(1	)		(2	)		(3	)		—		—		—			—
Total Con Edison		$3,438		$3,629			$  —			$  —			$240		$222		$851			$756

* Parent company expenses, primarily interest, and consolidation adjustments. Other does not represent a business segment.

	For the Nine Months Ended September 30,
	Operating revenues						Inter-segment revenues						Depreciation and amortization				Operating income
(Millions of Dollars)	2012			2011			2012			2011			2012		2011		2012			2011
CECONY
Electric		$6,307			$6,378			$  11			$    9			$527		$489		$1,383			$1,326
Gas		1,017			1,156			4			4			89		82		255			212
Steam		414			508			58			59			48		47		40			81
Consolidation adjustments		—			—			(73	)		(72	)		—		—		—			—
Total CECONY		$7,738			$8,042			$  —			$  —			$664		$618		$1,678			$1,619
O&R
Electric		$   457			$   507			$  —			$  —			$  28		$  26		$     74			$     69
Gas		144			153			—			—			11		10		26			22
Total O&R		$   601			$   660			$  —			$  —			$  39		$  36		$   100			$     91
Competitive energy businesses		$   954			$1,286			$    6			$    9			$    6		$    5		$   111			$     75
Other*		(6	)		(16	)		(6	)		(9	)		—		—		(3	)		(4	)
Total Con Edison		$9,287			$9,972			$  —			$  —			$709		$659		$1,886			$1,781

* Parent company expenses, primarily interest, and consolidation adjustments. Other does not represent a business segment.

In July 2012, Con Edison Development purchased a company that is developing 70 MW (AC) of solar energy projects in Alpaugh, California (Alpaugh). Electricity generated by the projects is to be purchased by Pacific Gas and Electric Company pursuant to long-term power purchase agreements (PPA). Alpaugh was purchased for $288 million, including contingent consideration of $2 million, of which $284 million has been allocated to construction work in progress and $4 million to deposits relating to the PPA and interconnection agreements. The total cost to acquire and construct these projects is estimated to be $350 million.

In October 2012, Con Edison Development purchased two companies that are developing 40 MW (AC) of solar energy projects in Tulare and Kings County, California. Electricity generated by the projects is to be purchased by Pacific Gas and Electric Company pursuant to long-term PPAs. The projects were purchased for approximately $51 million, of which $39 million has been allocated to construction work in progress and $12 million to deposits relating to the PPA and interconnection agreements. The total cost to acquire and construct these projects is estimated to be $200 million.

CECONY [Member]

Financial Information by Business Segment

Note I — Financial Information by Business Segment

The financial data for the business segments are as follows:

	For the Three Months Ended September 30,
	Operating revenues					Inter-segment revenues						Depreciation and amortization				Operating income
(Millions of Dollars)	2012		2011			2012			2011			2012		2011		2012			2011
CECONY
Electric		$2,611		$2,644			$    4			$    3			$179		$166		$812			$758
Gas		189		197			1			1			31		28		(21	)		(23	)
Steam		68		76			20			20			15		15		(37	)		(33	)
Consolidation adjustments		—		—			(25	)		(24	)		—		—		—			—
Total CECONY		$2,868		$2,917			$  —			$  —			$225		$209		$754			$702
O&R
Electric		$   199		$   217			$  —			$  —			$  10		$    9		$  50			$  44
Gas		27		24			—			—			3		3		(6	)		(6	)
Total O&R		$   226		$   241			$  —			$  —			$  13		$  12		$  44			$  38
Competitive energy businesses		$   344		$   472			$    2			$    3			$    2		$    1		$  53			$  16
Other*		—		(1	)		(2	)		(3	)		—		—		—			—
Total Con Edison		$3,438		$3,629			$  —			$  —			$240		$222		$851			$756

* Parent company expenses, primarily interest, and consolidation adjustments. Other does not represent a business segment.

	For the Nine Months Ended September 30,
	Operating revenues						Inter-segment revenues						Depreciation and amortization				Operating income
(Millions of Dollars)	2012			2011			2012			2011			2012		2011		2012			2011
CECONY
Electric		$6,307			$6,378			$  11			$    9			$527		$489		$1,383			$1,326
Gas		1,017			1,156			4			4			89		82		255			212
Steam		414			508			58			59			48		47		40			81
Consolidation adjustments		—			—			(73	)		(72	)		—		—		—			—
Total CECONY		$7,738			$8,042			$  —			$  —			$664		$618		$1,678			$1,619
O&R
Electric		$   457			$   507			$  —			$  —			$  28		$  26		$     74			$     69
Gas		144			153			—			—			11		10		26			22
Total O&R		$   601			$   660			$  —			$  —			$  39		$  36		$   100			$     91
Competitive energy businesses		$   954			$1,286			$    6			$    9			$    6		$    5		$   111			$     75
Other*		(6	)		(16	)		(6	)		(9	)		—		—		(3	)		(4	)
Total Con Edison		$9,287			$9,972			$  —			$  —			$709		$659		$1,886			$1,781

* Parent company expenses, primarily interest, and consolidation adjustments. Other does not represent a business segment.

In July 2012, Con Edison Development purchased a company that is developing 70 MW (AC) of solar energy projects in Alpaugh, California (Alpaugh). Electricity generated by the projects is to be purchased by Pacific Gas and Electric Company pursuant to long-term power purchase agreements (PPA). Alpaugh was purchased for $288 million, including contingent consideration of $2 million, of which $284 million has been allocated to construction work in progress and $4 million to deposits relating to the PPA and interconnection agreements. The total cost to acquire and construct these projects is estimated to be $350 million.

In October 2012, Con Edison Development purchased two companies that are developing 40 MW (AC) of solar energy projects in Tulare and Kings County, California. Electricity generated by the projects is to be purchased by Pacific Gas and Electric Company pursuant to long-term PPAs. The projects were purchased for approximately $51 million, of which $39 million has been allocated to construction work in progress and $12 million to deposits relating to the PPA and interconnection agreements. The total cost to acquire and construct these projects is estimated to be $200 million.