Regulatory Assets and Liabilities

Regulatory assets and liabilities at December 31, 2012 and 2011 were comprised of the following items:


	Con Edison				CECONY
(Millions of Dollars)	2012		2011		2012		2011
Regulatory assets
Unrecognized pension and other postretirement costs	$	5,677	$	5,852	$	5,407	$	5,554
Future income tax		1,922		1,798		1,831		1,724
Environmental remediation costs		730		681		615		564
Deferred storm costs		432		128		309		80
Pension and other postretirement benefits deferrals		183		198		154		157
Revenue taxes		176		163		170		158
Net electric deferrals		102		121		102		121
Unamortized loss on reacquired debt		74		84		70		80
Surcharge for New York State assessment		73		90		68		82
Deferred derivative losses – long-term		40		60		20		44
O&R transition bond charges		39		44		-		-
Preferred stock redemption		29		-		29		-
Recoverable energy costs – long-term		23		14		23		14
Workers’ compensation		19		23		19		23
Property tax reconciliation		16		13		-		-
Other		170		162		155		149
Regulatory assets – long-term		9,705		9,431		8,972		8,750
Deferred derivative losses – current		69		164		60		140
Recoverable energy costs – current		5		-		-		-
Regulatory assets – current		74		164		60		140
Total Regulatory Assets	$	9,779	$	9,595	$	9,032	$	8,890
Regulatory liabilities
Allowance for cost of removal less salvage	$	503	$	448	$	420	$	372
Property tax reconciliation		187		35		187		35
Net unbilled revenue deferrals		136		104		136		104
World Trade Center settlement proceeds		62		62		62		62
Long-term interest rate reconciliation		62		30		62		30
Carrying charges on T&D net plant – electric and steam		31		38		13		14
Gas line losses		14		21		14		21
Expenditure prudence proceeding		14		11		14		11
Energy efficiency programs		5		22		6		20
Other		188		206		163		192
Regulatory liabilities – long-term		1,202		977		1,077		861
Refundable energy costs – current		82		51		48		12
Revenue decoupling mechanism		72		66		68		66
Electric surcharge offset		29		-		29		-
Deferred derivative gains – current		-		1		-		1
Regulatory liabilities – current		183		118		145		79
Total Regulatory Liabilities	$	1,385	$	1,095	$	1,222	$	940

Schedule of Regulatory Liability Revenue Requirement Impact

The amounts reflected in rates are:


	Rate Year Ending March 31,
(Millions of Dollars)	2011		2012		2013
T&D	$	13,818	$	14,742	$	15,414
Other		1,487		1,565		1,650
ERP		-		25		115

Schedule of Regulatory Liability Revenue Requirement Impact

The amounts reflected in rates are:


	Rate Year Ending September 30,
(Millions of Dollars)	2011		2012		2013
Steam production	$	415	$	426	$	433
Steam distribution		521		534		543