Regulatory Assets and Liabilities

Regulatory assets and liabilities at March 31, 2014 and December 31, 2013 were comprised of the following items:


	Con Edison				CECONY
*(Millions of Dollars)*	2014		2013		2014		2013
Regulatory assets
Unrecognized pension and other postretirement costs		$2,591		$2,730		$2,478		$2,610
Future income tax		2,183		2,145		2,070		2,030
Environmental remediation costs		921		938		814		830
Deferred storm costs		411		441		307		334
Revenue taxes		216		207		204		196
Pension and other postretirement benefits deferrals		191		237		163		211
Surcharge for New York State assessment		144		78		136		74
Net electric deferrals		78		83		78		83
Unamortized loss on reacquired debt		63		65		60		62
O&R transition bond charges		31		33		—		—
Preferred stock redemption		28		28		28		28
Property tax reconciliation		25		22		—		—
Workers’ compensation		12		12		12		12
Deferred derivative losses – noncurrent		6		8		5		7
Other		182		174		167		162
Regulatory assets – noncurrent		7,082		7,201		6,522		6,639
Deferred derivative losses – current		7		25		5		22
Recoverable energy costs – current		1		4		—		4
Regulatory assets – current		8		29		5		26
Total Regulatory Assets		$7,090		$7,230		$6,527		$6,665
Regulatory liabilities
Allowance for cost of removal less salvage		$ 558		$ 540		$ 466		$ 453
Property tax reconciliation		299		322		299		322
Property tax refunds		119		130		119		130
Long-term interest rate reconciliation		99		105		99		105
Carrying charges on repair allowance and bonus depreciation		81		88		80		87
New York State income tax rate change		66		—		62		—
Net unbilled revenue deferrals		61		133		61		133
World Trade Center settlement proceeds		57		62		57		62
Other postretirement benefit deferrals		51		50		47		50
2014 rate plan base rate revenue deferral		50		—		50		—
Prudence proceeding		38		40		38		40
Unrecognized other postretirement benefits costs		32		—		23		—
Carrying charges on T&D net plant – electric and steam		27		28		21		20
Electric excess earnings		22		22		18		18
Other		240		208		207		178
Regulatory liabilities – noncurrent		1,800		1,728		1,647		1,598
Refundable energy costs – current		160		100		128		66
Deferred derivative gains – current		44		14		36		11
Revenue decoupling mechanism		23		34		19		30
Future income tax		16		—		16		—
Regulatory liabilities – current		243		148		199		107
Total Regulatory Liabilities		$2,043		$1,876		$1,846		$1,705