Regulatory Assets and Liabilities

Regulatory assets and liabilities at June 30, 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		$2,438		$2,730		$2,331		$2,610
Future income tax		2,158		2,145		2,049		2,030
Environmental remediation costs		911		938		806		830
Deferred storm costs		382		441		280		334
Revenue taxes		214		207		203		196
Pension and other postretirement benefits deferrals		135		237		109		211
Surcharge for New York State assessment		110		78		103		74
Net electric deferrals		73		83		73		83
Unamortized loss on reacquired debt		61		65		58		62
O&R transition bond charges		30		33		—		—
Preferred stock redemption		28		28		28		28
Property tax reconciliation		28		22		—		—
Workers’ compensation		12		12		12		12
Deferred derivative losses – noncurrent		8		8		8		7
Other		194		174		175		162
Regulatory assets – noncurrent		6,782		7,201		6,235		6,639
Recoverable energy costs – current		16		4		14		4
Deferred derivative losses – current		8		25		7		22
Regulatory assets – current		24		29		21		26
Total Regulatory Assets		$6,806		$7,230		$6,256		$6,665
Regulatory liabilities
Allowance for cost of removal less salvage		$ 569		$ 540		$ 475		$ 453
Property tax reconciliation		282		322		282		322
Net unbilled revenue deferrals		115		133		115		133
Property tax refunds		108		130		108		130
Long-term interest rate reconciliation		92		105		92		105
Carrying charges on repair allowance and bonus depreciation		87		98		72		87
2014 rate plan base rate revenue deferral		82		—		82		—
New York State income tax rate change		69		—		65		—
World Trade Center settlement proceeds		52		62		52		62
Other postretirement benefits deferrals		49		50		43		50
Unrecognized other postretirement benefits costs		41		—		32		—
Prudence proceeding		37		40		37		40
Carrying charges on T&D net plant – electric and steam		24		28		21		20
Electric excess earnings		21		22		20		18
Other		233		198		206		178
Regulatory liabilities – noncurrent		1,861		1,728		1,702		1,598
Refundable energy costs – current		147		100		110		66
Deferred derivative gains – current		45		14		36		11
Revenue decoupling mechanism		18		34		18		30
Future income tax		17		—		16		—
Regulatory liabilities – current		227		148		180		107
Total Regulatory Liabilities		$2,088		$1,876		$1,882		$1,705