Statement Of Financial Position Classified (USD $) In Millions, unless otherwise specified	Sep. 30, 2009	Dec. 31, 2008
CONSOLIDATED EDISON INC
UTILITY PLANT AT ORIGINAL COST
Electric	$ 18,345	$ 17,483
Gas	3,896	3,696
Steam	1,906	1,849
General	1,848	1,795
TOTAL	25,995	24,823
Less: Accumulated depreciation	5,322	5,079
Net	20,673	19,744
Construction work in progress	1,254	1,109
NET UTILITY PLANT	21,927	20,853
NON-UTILITY PLANT
Non-utility property, less accumulated depreciation	19	20
Construction work in progress	3	1
NET PLANT	21,949	20,874
CURRENT ASSETS
Cash and temporary cash investments	75	74
Accounts receivable-customers, less allowance for uncollectible accounts	1,043	1,098
Other receivables, less allowance for uncollectible accounts	216	194
Accrued unbilled revenue	494	131
Fuel oil, at average cost	30	37
Gas in storage, at average cost	208	325
Materials and supplies, at average cost	160	154
Prepayments	440	697
Fair value of derivative assets	169	162
Recoverable energy costs	51	172
Deferred derivative losses	152	288
Other current assets	189	37
TOTAL CURRENT ASSETS	3,227	3,369
INVESTMENTS	371	356
DEFERRED CHARGES, REGULATORY ASSETS ANDNONCURRENT ASSETS
Goodwill	416	411
Intangible assets, less accumulated amortization of $2 in 2009 and 2008	4	5
Regulatory assets	7,944	8,055
Other deferred charges and noncurrent assets	301	428
TOTAL DEFERRED CHARGES, REGULATORY ASSETS AND NONCURRENT ASSETS	8,665	8,899
TOTAL ASSETS	34,212	33,498
CAPITALIZATION
Common shareholder's equity (See Statement of Common Shareholder's Equity)	9,943	9,698
Preferred stock	213	213
Long-term debt	9,363	9,232
TOTAL CAPITALIZATION	19,519	19,143
NONCURRENT LIABILITIES
Obligations under capital leases	13	17
Provision for injuries and damages	175	169
Pensions and retiree benefits	4,192	4,511
Superfund and other environmental costs	225	250
Uncertain income taxes	0	118
Asset retirement obligations	123	115
Fair value of derivative liabilities	122	120
Other noncurrent liabilities	99	79
TOTAL NONCURRENT LIABILITIES	4,949	5,379
CURRENT LIABILITIES
Long-term debt due within one year	888	482
Notes payable	509	363
Accounts payable	928	1,161
Customer deposits	271	265
Accrued taxes	48	57
Uncertain income taxes	99	0
Accrued interest	192	139
Accrued wages	81	88
Fair value of derivative liabilities	125	192
Deferred derivative gains	14	23
Deferred income taxes-recoverable energy costs	21	70
Other current liabilities	336	365
TOTAL CURRENT LIABILITIES	3,512	3,205
DEFERRED CREDITS AND REGULATORYLIABILITIES
Deferred income taxes and investment tax credits	5,353	4,999
Regulatory liabilities	839	737
Other deferred credits	40	35
TOTAL DEFERRED CREDITS ANDREGULATORY LIABILITIES	6,232	5,771
TOTAL CAPITALIZATION ANDLIABILITIES	34,212	33,498
CONSOLIDATED EDISON CO OF NEW YORK INC
UTILITY PLANT AT ORIGINAL COST
Electric	17,285	16,460
Gas	3,457	3,273
Steam	1,906	1,849
General	1,696	1,646
TOTAL	24,344	23,228
Less: Accumulated depreciation	4,863	4,636
Net	19,481	18,592
Construction work in progress	1,191	1,051
NET UTILITY PLANT	20,672	19,643
NON-UTILITY PLANT
Non-utility property, less accumulated depreciation	9	11
NET PLANT	20,681	19,654
CURRENT ASSETS
Cash and temporary cash investments	54	37
Accounts receivable-customers, less allowance for uncollectible accounts	898	937
Other receivables, less allowance for uncollectible accounts	103	127
Accrued unbilled revenue	347	0
Accounts receivable from affiliated companies	78	272
Fuel oil, at average cost	30	37
Gas in storage, at average cost	166	261
Materials and supplies, at average cost	148	145
Prepayments	361	538
Fair value of derivative assets	75	71
Recoverable energy costs	0	146
Deferred derivative losses	111	247
Other current assets	161	22
TOTAL CURRENT ASSETS	2,532	2,840
INVESTMENTS	113	93
DEFERRED CHARGES, REGULATORY ASSETS ANDNONCURRENT ASSETS
Regulatory assets	7,392	7,486
Other deferred charges and noncurrent assets	207	342
TOTAL DEFERRED CHARGES, REGULATORY ASSETS AND NONCURRENT ASSETS	7,599	7,828
TOTAL ASSETS	30,925	30,415
CAPITALIZATION
Common shareholder's equity (See Statement of Common Shareholder's Equity)	9,118	8,991
Preferred stock	213	213
Long-term debt	8,619	8,494
TOTAL CAPITALIZATION	17,950	17,698
NONCURRENT LIABILITIES
Obligations under capital leases	13	17
Provision for injuries and damages	168	163
Pensions and retiree benefits	3,771	4,059
Superfund and other environmental costs	172	196
Uncertain income taxes	0	108
Asset retirement obligations	123	115
Fair value of derivative liabilities	24	29
Other noncurrent liabilities	65	61
TOTAL NONCURRENT LIABILITIES	4,336	4,748
CURRENT LIABILITIES
Long-term debt due within one year	825	475
Notes payable	427	253
Accounts payable	718	952
Accounts payable to affiliated companies	15	26
Customer deposits	256	250
Accrued taxes	24	41
Accrued taxes to affiliated companies	39	25
Uncertain income taxes	89	0
Accrued interest	162	131
Accrued wages	78	80
Fair value of derivative liabilities	28	87
Deferred derivative gains	14	23
Deferred income taxes-recoverable energy costs	0	59
Other current liabilities	293	325
TOTAL CURRENT LIABILITIES	2,968	2,727
DEFERRED CREDITS AND REGULATORYLIABILITIES
Deferred income taxes and investment tax credits	4,939	4,611
Regulatory liabilities	695	600
Other deferred credits	37	31
TOTAL DEFERRED CREDITS ANDREGULATORY LIABILITIES	5,671	5,242
TOTAL CAPITALIZATION ANDLIABILITIES	$ 30,925	$ 30,415

Statement Of Financial Position Classified (Parenthetical) (USD $) In Millions, unless otherwise specified	Sep. 30, 2009	Dec. 31, 2008
CONSOLIDATED EDISON INC
Non-utility property, accumulated depreciation	$ 44	$ 40
Accounts receivable-customers, allowance for uncollectible accounts	67	60
Other receivables, allowance for uncollectible accounts	5	4
Intangible assets, accumulated amortization	2	2
CONSOLIDATED EDISON CO OF NEW YORK INC
Non-utility property, accumulated depreciation	20	19
Accounts receivable-customers, allowance for uncollectible accounts	60	53
Other receivables, allowance for uncollectible accounts	$ 4	$ 3

Statement Of Income Alternative (USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2009	Sep. 30, 2008	Sep. 30, 2009	Sep. 30, 2008
CONSOLIDATED EDISON INC
OPERATING REVENUES
Electric	$ 2,604	$ 2,922	$ 6,362	$ 6,752
Gas	208	273	1,430	1,545
Steam	77	111	521	529
Non-utility	600	552	1,445	1,758
TOTAL OPERATING REVENUES	3,489	3,858	9,758	10,584
OPERATING EXPENSES
Purchased power	1,338	2,016	3,543	4,670
Fuel	83	179	403	503
Gas purchased for resale	89	132	723	871
Other operations and maintenance	676	590	1,879	1,699
Depreciation and amortization	200	183	589	531
Taxes, other than income taxes	418	356	1,145	1,033
Income taxes	201	92	378	429
TOTAL OPERATING EXPENSES	3,005	3,548	8,660	9,736
Gain on sale of generation projects	0	1	0	261
OPERATING INCOME	484	311	1,098	1,109
OTHER INCOME (DEDUCTIONS)
Investment and other income	3	10	25	79
Allowance for equity funds used during construction	4	2	9	6
Other deductions	(3)	(3)	(11)	(13)
Income taxes	6	4	9	(17)
TOTAL OTHER INCOME(DEDUCTIONS)	10	13	32	55
INTEREST EXPENSE
Interest on long-term debt	148	135	441	379
Other interest	10	6	20	22
Allowance for borrowed funds used during construction	(3)	(2)	(6)	(8)
NET INTEREST EXPENSE	155	139	455	393
INCOME FROM CONTINUINGOPERATIONS	339	185	675	771
INCOME FROM DISCONTINUED OPERATIONS
Gain on sale of generation projects, net of tax expense of $174 in 2008	0	0	0	270
Income from discontinued operations, net of tax expense of $0 and $3 in 2008	0	0	0	4
TOTAL INCOME FROMDISCONTINUED OPERATIONS	0	0	0	274
NET INCOME	339	185	675	1,045
Preferred stock dividend requirements	(3)	(3)	(9)	(9)
NET INCOME FOR COMMONSTOCK	336	182	666	1,036
EARNINGS PER COMMON SHARE-BASIC
Continuing operations	$ 1.22	$ 0.66	$ 2.43	$ 2.79
Discontinued operations	$ 0.00	$ 0.00	$ 0.00	$ 1.01
Net income for common stock	$ 1.22	$ 0.66	$ 2.43	$ 3.80
EARNINGS PER COMMON SHARE-DILUTED
Continuing operations	$ 1.22	$ 0.66	$ 2.42	$ 2.79
Discontinued operations	$ 0.00	$ 0.00	$ 0.00	$ 1.00
Net income for common stock	$ 1.22	$ 0.66	$ 2.42	$ 3.79
DIVIDENDS DECLARED PER SHAREOF COMMON STOCK	$ 0.590	$ 0.585	$ 1.770	$ 1.755
AVERAGE NUMBER OF SHARESOUTSTANDING-BASIC (IN MILLIONS)	275.1	273.2	274.5	272.7
AVERAGE NUMBER OF SHARESOUTSTANDING-DILUTED (IN MILLIONS)	276.0	273.8	275.4	273.3
CONSOLIDATED EDISON CO OF NEW YORK INC
OPERATING REVENUES
Electric	2,395	2,670	5,865	6,162
Gas	183	242	1,259	1,366
Steam	77	111	521	529
TOTAL OPERATING REVENUES	2,655	3,023	7,645	8,057
OPERATING EXPENSES
Purchased power	753	1,195	2,009	2,620
Fuel	83	178	404	501
Gas purchased for resale	76	110	618	752
Other operations and maintenance	573	508	1,606	1,458
Depreciation and amortization	188	172	554	497
Taxes, other than income taxes	403	341	1,101	986
Income taxes	162	145	338	298
TOTAL OPERATING EXPENSES	2,238	2,649	6,630	7,112
OPERATING INCOME	417	374	1,015	945
OTHER INCOME (DEDUCTIONS)
Investment and other income	8	4	23	18
Allowance for equity funds used during construction	3	2	8	5
Other deductions	(3)	(3)	(10)	(10)
Income taxes	3	0	(1)	(2)
TOTAL OTHER INCOME(DEDUCTIONS)	11	3	20	11
INTEREST EXPENSE
Interest on long-term debt	134	120	399	347
Other interest	11	6	19	16
Allowance for borrowed funds used during construction	(2)	(2)	(6)	(6)
NET INTEREST EXPENSE	143	124	412	357
INCOME FROM DISCONTINUED OPERATIONS
NET INCOME	285	253	623	599
Preferred stock dividend requirements	(3)	(3)	(8)	(9)
NET INCOME FOR COMMONSTOCK	$ 282	$ 250	$ 615	$ 590

Statement Of Income Alternative (Parenthetical) (CONSOLIDATED EDISON INC, USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2009	Sep. 30, 2008	Sep. 30, 2009	Sep. 30, 2008
CONSOLIDATED EDISON INC
Gain on sale of generation projects, tax expense	$ 0	$ 0	$ 0	$ 174
Income from discontinued operations, tax expense	$ 0	$ 0	$ 0	$ 3

Statement Of Other Comprehensive Income (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2009	Sep. 30, 2008	Sep. 30, 2009	Sep. 30, 2008
CONSOLIDATED EDISON INC
Net income	$ 339	$ 185	$ 675	$ 1,045
OTHER COMPREHENSIVE INCOME, NET OFTAXES
Pension plan liability adjustments, net of taxes	2	1	5	3
Unrealized losses on derivatives qualified as cash flow hedges, net of taxes of $(1) in 2008	0	0	0	(1)
Less: Reclassification adjustment for losses included in net income, net of taxes of $1 and $1 in 2009 and $1 and $0 in 2008 respectively	1	1	1	0
Less: Reclassification adjustment for unrealized losses included in regulatory assets, net of taxes of $(5) in 2008	0	0	0	(8)
TOTAL OTHER COMPREHENSIVEINCOME, NET OF TAXES	1	0	4	10
COMPREHENSIVE INCOME	340	185	679	1,055
Preferred stock dividend requirements	(3)	(3)	(9)	(9)
COMPREHENSIVE INCOME FORCOMMON STOCK	337	182	670	1,046
CONSOLIDATED EDISON CO OF NEW YORK INC
Net income	285	253	623	599
OTHER COMPREHENSIVE INCOME, NET OFTAXES
Pension plan liability adjustments, net of taxes	0	0	1	0
TOTAL OTHER COMPREHENSIVEINCOME, NET OF TAXES	1	0	1	0
COMPREHENSIVE INCOME	285	253	624	599
Preferred stock dividend requirements	$ (3)	$ (3)	$ (8)	$ (9)

Statement Of Other Comprehensive Income (Parenthetical) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2009	Sep. 30, 2008	Sep. 30, 2009	Sep. 30, 2008
CONSOLIDATED EDISON INC
Pension plan liability adjustments, taxes	$ 1	$ 1	$ 3	$ 2
Unrealized losses on derivatives qualified as cash flow hedges, taxes	0	0	0	(1)
Less: Reclassification adjustment for losses included in net income, taxes	1	1	1	0
Less: Reclassification adjustment for unrealized losses included in regulatory assets, taxes	0	0	0	(5)
CONSOLIDATED EDISON CO OF NEW YORK INC
Pension plan liability adjustments, taxes	$ 0	$ 0	$ 1	$ 0

Statement Of Shareholders Equity And Other Comprehensive Income (USD $) In Millions, except Share data	CONSOLIDATED EDISON INC USD ($)	CONSOLIDATED EDISON CO OF NEW YORK INC USD ($)	Common Stock Shares CONSOLIDATED EDISON INC	Common Stock Shares CONSOLIDATED EDISON CO OF NEW YORK INC	Common Stock Amount CONSOLIDATED EDISON INC USD ($)	Common Stock Amount CONSOLIDATED EDISON CO OF NEW YORK INC USD ($)	Additional Paid- In Capital CONSOLIDATED EDISON INC USD ($)	Additional Paid- In Capital CONSOLIDATED EDISON CO OF NEW YORK INC USD ($)	Retained Earnings CONSOLIDATED EDISON INC USD ($)	Retained Earnings CONSOLIDATED EDISON CO OF NEW YORK INC USD ($)	Treasury Stock Shares CONSOLIDATED EDISON INC	Repurchased Con Edison Stock CONSOLIDATED EDISON INC USD ($)	Repurchased Con Edison Stock CONSOLIDATED EDISON CO OF NEW YORK INC USD ($)	Capital Stock Expense CONSOLIDATED EDISON INC USD ($)	Capital Stock Expense CONSOLIDATED EDISON CO OF NEW YORK INC USD ($)	Accumulated Other Comprehensive Income/(Loss) CONSOLIDATED EDISON INC USD ($)	Accumulated Other Comprehensive Income/(Loss) CONSOLIDATED EDISON CO OF NEW YORK INC USD ($)
BEGINNING BALANCE at Dec. 31, 2007	$ 9,076	$ 8,086			$ 29	$ 589	$ 4,038	$ 2,912	$ 6,113	$ 5,616		$ (1,001)	$ (962)	$ (60)	$ (60)	$ (43)	$ (9)
Beginning Balance at Dec. 31, 2007			272,024,874	235,488,094							23,210,700
Net income		222								222
Net income for common stock	303								303
Common stock dividend to parent	(160)	(139)							(160)	(139)
Issuance of common shares-dividend reinvestment and employee stock plans			476,809
Issuance of common shares-dividend reinvestment and employee stock plans	21						21
Other comprehensive income	7															7
Adjustment for adoption of fair value standard	17								17
Capital contribution by parent		23						23
Cumulative preferred dividends		(3)								(3)
ENDING BALANCE at Mar. 31, 2008	9,264	8,189			29	589	4,059	2,935	6,273	5,696		(1,001)	(962)	(60)	(60)	(36)	(9)
ENDING BALANCE at Mar. 31, 2008			272,501,683	235,488,094							23,210,700
BEGINNING BALANCE at Dec. 31, 2007	9,076	8,086			29	589						(1,001)	(962)	(60)	(60)		(9)
Beginning Balance at Dec. 31, 2007				235,488,094							23,210,700
Net income	1,045	599
Net income for common stock	1,036	590
Other comprehensive income	10	0
ENDING BALANCE at Sep. 30, 2008	9,723	8,991			29	589						(1,001)	(962)	(60)	(60)	(33)	(9)
ENDING BALANCE at Sep. 30, 2008				235,488,094							23,210,700
BEGINNING BALANCE at Mar. 31, 2008	9,264	8,189			29	589	4,059	2,935	6,273	5,696		(1,001)	(962)	(60)	(60)	(36)	(9)
Beginning Balance at Mar. 31, 2008			272,501,683	235,488,094							23,210,700
Net income		124								124
Net income for common stock	552								552
Common stock dividend to parent	(162)	(145)							(162)	(145)
Issuance of common shares-dividend reinvestment and employee stock plans			493,092
Issuance of common shares-dividend reinvestment and employee stock plans	23						23
Other comprehensive income	3															3
Capital contribution by parent		26						26
Cumulative preferred dividends		(3)								(3)
ENDING BALANCE at Jun. 30, 2008	9,680	8,191			29	589	4,082	2,961	6,663	5,672		(1,001)	(962)	(60)	(60)	(33)	(9)
ENDING BALANCE at Jun. 30, 2008			272,994,775	235,488,094							23,210,700
Net income	185	253								253
Net income for common stock	182	250							182
Common stock dividend to parent	(160)	(152)							(160)	(152)
Issuance of common shares-dividend reinvestment and employee stock plans			532,679
Issuance of common shares-dividend reinvestment and employee stock plans	21						21
Other comprehensive income	0	0
Capital contribution by parent		702						702
Cumulative preferred dividends		(3)								(3)
ENDING BALANCE at Sep. 30, 2008	9,723	8,991			29	589	4,103	3,663	6,685	5,770		(1,001)	(962)	(60)	(60)	(33)	(9)
ENDING BALANCE at Sep. 30, 2008			273,527,454	235,488,094							23,210,700
BEGINNING BALANCE at Dec. 31, 2008	9,698	8,991			29	589	4,112	3,664	6,685	5,780		(1,001)	(962)	(60)	(60)	(67)	(20)
Beginning Balance at Dec. 31, 2008			273,721,686	235,488,094							23,210,700
Net income		200								200
Net income for common stock	180								180
Common stock dividend to parent	(162)	(163)							(162)	(163)
Issuance of common shares-dividend reinvestment and employee stock plans			532,533
Issuance of common shares-dividend reinvestment and employee stock plans	20						20
Other comprehensive income	1															1
Cumulative preferred dividends		(3)								(3)
ENDING BALANCE at Mar. 31, 2009	9,737	9,025			29	589	4,132	3,664	6,703	5,814		(1,001)	(962)	(60)	(60)	(66)	(20)
ENDING BALANCE at Mar. 31, 2009			274,254,219	235,488,094							23,210,700
BEGINNING BALANCE at Dec. 31, 2008	9,698	8,991			29	589		3,664				(1,001)	(962)	(60)	(60)		(20)
Beginning Balance at Dec. 31, 2008				235,488,094							23,210,700
Net income	675	623
Net income for common stock	666	615
Other comprehensive income	4	1
ENDING BALANCE at Sep. 30, 2009	9,943	9,118			29	589		3,664				(1,001)	(962)	(60)	(60)
ENDING BALANCE at Sep. 30, 2009				235,488,094							23,210,700
BEGINNING BALANCE at Mar. 31, 2009	9,737	9,025			29	589	4,132	3,664	6,703	5,814		(1,001)	(962)	(60)	(60)	(66)	(20)
Beginning Balance at Mar. 31, 2009			274,254,219	235,488,094							23,210,700
Net income		139								139
Net income for common stock	150								150
Common stock dividend to parent	(162)	(163)							(162)	(163)
Issuance of common shares-dividend reinvestment and employee stock plans			584,916
Issuance of common shares-dividend reinvestment and employee stock plans	21						21
Other comprehensive income	2															2
Cumulative preferred dividends		(3)								(3)
ENDING BALANCE at Jun. 30, 2009	9,748	8,998			29	589	4,153	3,664	6,691	5,787		(1,001)	(962)	(60)	(60)	(64)	(20)
ENDING BALANCE at Jun. 30, 2009			274,839,135	235,488,094							23,210,700
Net income	339	285								285
Net income for common stock	336	282							336
Common stock dividend to parent	(162)	(163)							(162)	(163)
Issuance of common shares-dividend reinvestment and employee stock plans			520,041
Issuance of common shares-dividend reinvestment and employee stock plans	20						20
Other comprehensive income	1	1														1	1
Cumulative preferred dividends		(3)								(3)
ENDING BALANCE at Sep. 30, 2009	$ 9,943	$ 9,118			$ 29	$ 589	$ 4,173	$ 3,664	$ 6,865	$ 5,906		$ (1,001)	$ (962)	$ (60)	$ (60)	$ (63)	$ (19)
ENDING BALANCE at Sep. 30, 2009			275,359,176	235,488,094							23,210,700

Statement Of Cash Flows Indirect (USD $) In Millions, unless otherwise specified	9 Months Ended
	Sep. 30, 2009	Sep. 30, 2008
CONSOLIDATED EDISON INC
OPERATING ACTIVITIES
Net income	$ 675	$ 1,045
PRINCIPAL NON-CASH CHARGES/(CREDITS) TOINCOME
Depreciation and amortization	589	531
Deferred income taxes	255	337
Rate case amortization and accruals	(38)	(135)
Net transmission and distribution reconciliation	0	(48)
Common equity component of allowance for funds used during construction	(9)	(6)
Pre-tax gain on sale of generation projects	0	(704)
Net derivative losses/(gains)	(2)	43
Other non-cash items (net)	(48)	21
CHANGES IN ASSETS AND LIABILITIES
Accounts receivable-customers, less allowance for uncollectibles	55	(40)
Materials and supplies, including fuel oil and gas in storage	118	(173)
Other receivables and other current assets	(171)	(104)
Prepayments	257	(690)
Recoverable energy costs	102	230
Accounts payable	(168)	(235)
Pensions and retiree benefits	(35)	(60)
Accrued taxes	(9)	87
Accrued interest	53	19
Deferred charges, noncurrent assets and other regulatory assets	(9)	(265)
Deferred credits and other regulatory liabilities	(118)	187
Other assets	(4)	145
Other liabilities	(33)	(135)
NET CASH FLOWS FROMOPERATING ACTIVITIES	1,460	50
INVESTING ACTIVITIES
Utility construction expenditures	(1,524)	(1,602)
Cost of removal less salvage	(126)	(139)
Non-utility construction expenditures	(5)	2
Common equity component of allowance for funds used during construction	9	6
Proceeds from sale of generation projects	0	1,477
Purchase of ownership interest in Hawkeye lease	0	(12)
Purchase of ownership interest in Newington SCS	0	(20)
NET CASH FLOWS USEDIN INVESTING ACTIVITIES	(1,646)	(288)
FINANCING ACTIVITIES
Net proceeds from/(payments of) short-term debt	146	(238)
Retirement of long-term debt	(279)	(485)
Issuance of long-term debt	750	1,250
Issuance of common stock	25	37
Debt issuance costs	(5)	(10)
Common stock dividends	(450)	(458)
NET CASH FLOWS FROMFINANCING ACTIVITIES	187	96
CASH AND TEMPORARY CASH INVESTMENTS:
NET CHANGE FOR THE PERIOD	1	(142)
BALANCE AT BEGINNING OFPERIOD	74	210
BALANCE AT END OFPERIOD	75	68
Cash paid during the period for:
Interest	377	378
Income taxes	8	217
CONSOLIDATED EDISON CO OF NEW YORK INC
OPERATING ACTIVITIES
Net income	623	599
PRINCIPAL NON-CASH CHARGES/(CREDITS) TOINCOME
Depreciation and amortization	554	497
Deferred income taxes	222	385
Rate case amortization and accruals	(38)	(135)
Net transmission and distribution reconciliation	0	(48)
Common equity component of allowance for funds used during construction	(8)	(5)
Other non-cash items (net)	(46)	36
CHANGES IN ASSETS AND LIABILITIES
Accounts receivable-customers, less allowance for uncollectibles	39	(11)
Materials and supplies, including fuel oil and gas in storage	99	(138)
Other receivables and other current assets	(49)	(228)
Prepayments	177	(694)
Recoverable energy costs	127	201
Accounts payable	(245)	(55)
Pensions and retiree benefits	(22)	(53)
Accrued taxes	(3)	161
Accrued interest	31	13
Deferred charges, noncurrent assets and other regulatory assets	2	(191)
Deferred credits and other regulatory liabilities	(90)	181
Other liabilities	(47)	(28)
NET CASH FLOWS FROMOPERATING ACTIVITIES	1,326	487
INVESTING ACTIVITIES
Utility construction expenditures	(1,454)	(1,532)
Cost of removal less salvage	(123)	(139)
Common equity component of allowance for funds used during construction	8	5
Loan to affiliate	113	55
NET CASH FLOWS USEDIN INVESTING ACTIVITIES	(1,456)	(1,611)
FINANCING ACTIVITIES
Net proceeds from/(payments of) short-term debt	174	(174)
Retirement of long-term debt	(275)	(280)
Issuance of long-term debt	750	1,200
Capital contribution by parent	0	751
Debt issuance costs	(5)	(10)
Common stock dividends	(489)	(436)
Preferred stock dividends	(8)	(9)
NET CASH FLOWS FROMFINANCING ACTIVITIES	147	1,042
CASH AND TEMPORARY CASH INVESTMENTS:
NET CHANGE FOR THE PERIOD	17	(82)
BALANCE AT BEGINNING OFPERIOD	37	121
BALANCE AT END OFPERIOD	54	39
Cash paid during the period for:
Interest	356	333
Income taxes	$ 17	$ (82)

Note A-Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2009

Notes to Financial Statements [Abstract]

Note A-Summary of Significant Accounting Policies

Note A—Summary of Significant Accounting Policies

Revenues

The Utilities and Con Edison Solutions recognize revenues for electric, gas and steam service on a monthly billing cycle basis. The Utilities defer over a 12-month period net interruptible gas revenues, other than those authorized by the New York State Public Service Commission (PSC) to be retained by the Utilities, for refund to firm gas sales and transportation customers. O&R and Con Edison Solutions accrue revenues at the end of each month for estimated energy service not yet billed to customers. Prior to March 31, 2009, Con Edison of New York did not accrue revenues for estimated energy service not yet billed to customers except for certain unbilled gas revenues accrued in 1989. Effective March 31, 2009, the PSC authorized Con Edison of New York to accrue unbilled electric, gas and steam revenues. The adoption of this accounting for unbilled revenues had no effect on net income. See Note A to the financial statements in Part I, Item 1 of the First Quarter Form 10-Q. Unbilled revenues included in Con Edison’s balance sheet at September 30, 2009 and December 31, 2008 were $494 million (including $347 million for Con Edison of New York) and $131 million, respectively.

Earnings Per Common Share

Reference is made to “Earnings Per Common Share” in Note A to the financial statements included in Item 8 of the Form 10-K. For the three and nine months ended September 30, 2009 and 2008, Con Edison’s basic and diluted EPS are calculated as follows:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(Millions of Dollars, except per share amounts/Shares in Millions)	2009		2008		2009		2008
Income for common stock from continuing operations	$	336	$	182	$	666	$	762
Income for common stock from discontinued operations, net of tax		—		—		—		274
Net income for common stock	$	336	$	182	$	666	$	1,036
Weighted average common shares outstanding—Basic		275.1		273.2		274.5		272.7
Add: Incremental shares attributable to effect of potentially dilutive securities		0.9		0.6		0.9		0.6
Adjusted weighted average common shares outstanding—Diluted		276.0		273.8		275.4		273.3
EARNINGS PER COMMON SHARE—BASIC
Continuing operations	$	1.22	$	0.66	$	2.43	$	2.79
Discontinued operations		—		—		—		1.01
Net income for common stock	$	1.22	$	0.66	$	2.43	$	3.80
EARNINGS PER COMMON SHARE—DILUTED
Continuing operations	$	1.22	$	0.66	$	2.42	$	2.79
Discontinued operations		—		—		—		1.00
Net income for common stock	$	1.22	$	0.66	$	2.42	$	3.79

Note B-Regulatory Matters

9 Months Ended

Sep. 30, 2009

Notes to Financial Statements [Abstract]

Note B-Regulatory Matters

Note B—Regulatory Matters

Reference is made to “Accounting Policies” in Note A and “Rate Agreements” in Note B to the financial statements included in Item 8 of the Form 10-K and Note B to the financial statements in Part I, Item 1 of the First and Second Quarter Forms 10-Q.

Rate Agreements

Con Edison of New York—Electric

For information about Con Edison of New York’s May 2009 electric rate filing, see “Rate Agreements—Con Edison of New York—Electric” in Note B to the financial statements in Part I, Item 1 of the Second Quarter Form 10-Q. In August 2009, the PSC staff submitted testimony supporting an April 2010 electric rate increase of $477 million and, for a three-year rate plan, increases for the rate years beginning April 2011 and 2012 in amounts to be determined to reflect capital expenditures (capped at a level to be set by the PSC), pension and other postretirement benefit costs, and property taxes. In October 2009, the company and PSC staff advised the PSC’s administrative law judges for this rate proceeding that there is a high probability of producing a joint proposal that the company and the PSC staff would sign and other parties to the proceeding would sign, support or not oppose. Consistent with PSC rules, negotiations for a joint proposal are confidential. There is no assurance that there will be a joint proposal, and any joint proposal would be subject to the approval of the PSC.

The PSC’s April 2009 order covering Con Edison of New York’s electric rates, among other things, provided for the continuation of the collection of a portion (increased, to reflect higher capital costs, from $237 million collected in the rate year ended March 2009 to $254 million for the rate year ending March 2010) of the April 2008 rate increase subject to potential refund to customers following further PSC review and completion of an investigation by the PSC staff of the $1.6 billion of capital expenditures during the April 2005 through March 2008 period covered by the 2005 electric rate agreement for transmission and distribution utility plant that were above the amounts of such expenditures reflected in rates. The portion collected would also be subject to refund in the event the PSC determined that some disallowance of costs the company has recovered is warranted to address potential impacts of alleged unlawful conduct by arrested employees and contractors (see “Investigation of Contractor Payments” in Note H). The company is unable to estimate the amount, if any, of any refund that might be required and, accordingly, has not established a regulatory liability for a refund.

O&R—Electric

In August 2009, Rockland Electric Company (RECO) filed a request with the New Jersey Board of Public Utilities (NJBPU) for a net increase in the rates it charges for electric service, effective May 15, 2010, of $9.8 million. The filing reflects a return on common equity of 11.0 percent and a common equity ratio of 53.6 percent. The filing proposes the continuation of the current provisions with respect to recovery from customers of the cost of purchased power and proposes a reconciliation of actual expenses to amounts reflected in electric rates for pension and other postretirement benefit costs.

Con Edison of New York—Gas and Steam

In June 2009, the PSC approved a Joint Proposal by Con Edison of New York, the PSC Staff and other parties under which, starting in July 2009, a portion of the company’s gas and steam revenues ($32 million and $6 million annually, respectively) would be subject to potential refund to customers in the event the PSC determined that some disallowance of costs the company has recovered is warranted to address potential impacts of alleged unlawful conduct by arrested employees and contractors (see “Investigation of Contractor Payments” in Note H). The company is unable to estimate the amount, if any, of any refund that might be required.

O&R—Gas

In October 2009, the PSC adopted the June 2009 Joint Proposal among O&R, PSC staff and other parties. As approved, the Joint Proposal establishes a gas rate plan that covers the three-year period November 1, 2009 through October 31, 2012 and provides for increases in base rates of $9 million in each of the first two years and $4.6 million in the third year, with an additional $4.3 million to be collected though a surcharge in the third rate year. For additional information about the Joint Proposal, see “Rate Agreements—O&R—Gas” in Note B to the financial statements in Part I, Item 1 of the Second Quarter Form 10-Q.

Regulatory Assets and Liabilities

Regulatory assets and liabilities at September 30, 2009 and December 31, 2008 were comprised of the following items:


	Con Edison				Con Edison of New York
(Millions of Dollars)	2009		2008		2009		2008
Regulatory assets
Unrecognized pension and other postretirement costs	$	5,317	$	5,602	$	5,071	$	5,335
Future federal income tax		1,258		1,186		1,193		1,127
Environmental remediation costs		391		378		333		315
Surcharge for New York State Assessment		193		—		177		—
Revenue taxes		116		101		113		99
Pension and other postretirement benefits deferrals		106		92		52		38
Deferred derivative losses—long-term		84		94		50		54
Net electric deferrals		82		27		82		27
Property tax reconciliation		76		46		76		46
O&R transition bond charges		56		59		—		—
World Trade Center restoration costs		41		140		41		140
Workers’ compensation		38		38		38		38
Gas rate plan deferral		27		30		27		30
Other retirement program costs		12		14		12		14
Asbestos-related costs		10		10		9		9
Unbilled gas revenue		4		44		4		44
Recoverable energy costs		—		42		—		42
Other		133		152		114		128
Regulatory assets		7,944		8,055		7,392		7,486
Deferred derivative losses—current		152		288		111		247
Recoverable energy costs—current		51		172		—		146
Total Regulatory Assets	$	8,147	$	8,515	$	7,503	$	7,879
Regulatory liabilities
Allowance for cost of removal less salvage	$	376	$	378	$	308	$	313
Refundable energy costs		141		104		84		47
Net unbilled revenue deferrals		70		—		70		—
Electric rate case deferral		38		—		38		—
Rate case amortizations		28		68		28		68
Gain on sale of First Avenue properties		17		30		17		30
Other		169		157		150		142
Regulatory liabilities		839		737		695		600
Deferred derivative gains—current		14		23		14		23
Total Regulatory Liabilities	$	853	$	760	$	709	$	623

Other Regulatory Matters

In August 2009, the PSC released a report on its management audit of the company. The PSC is required to audit New York utilities every five years. The PSC consultant that performed the audit identified areas for improvement, including with respect to the company’s construction program, planning and business processes and regulatory relationships. In October 2009, the company filed with the PSC the company’s plan to implement the recommendations contained in the report with the PSC.

Note C-Long-Term Debt	9 Months Ended
Note C-Long-Term Debt	Sep. 30, 2009
Notes to Financial Statements [Abstract]
Note C-Long-Term Debt	Note C—Long-Term Debt Reference is made to Note C to the financial statements in Item 8 of the Form 10-K and Note C to the financial statements in Part I, Item 1 of the First and Second Quarter Forms 10-Q.

Note D-Short-Term Borrowing	9 Months Ended
Note D-Short-Term Borrowing	Sep. 30, 2009
Notes to Financial Statements [Abstract]
Note D-Short-Term Borrowing	Note D—Short-Term Borrowing Reference is made to Note D to the financial statements in Item 8 of the Form 10-K and Note D to the financial statements in Part I, Item 1 of the First and Second Quarter Forms 10-Q. At September 30, 2009, Con Edison had $509 million of commercial paper outstanding, $427 million of which was outstanding under Con Edison of New York’s program. The weighted average interest rate was 0.3 percent for each of Con Edison and Con Edison of New York. At December 31, 2008, Con Edison had $363 million of commercial paper outstanding of which $253 million was outstanding under Con Edison of New York’s program. The weighted average interest rate was 2.4 percent and 3.2 percent for Con Edison and Con Edison of New York, respectively. At September 30, 2009 and December 31, 2008, no loans were outstanding under the Companies’ credit agreements and $231 million (including $111 million for Con Edison of New York) and $316 million (including $107 million for Con Edison of New York) of letters of credit were outstanding, respectively.

Note E-Pension Benefits

9 Months Ended

Sep. 30, 2009

Notes to Financial Statements [Abstract]

Note E-Pension Benefits

Note E—Pension Benefits

Reference is made to Note E to the financial statements in Item 8 of the Form 10-K and Note E to the financial statements in Part I, Item 1 of the First and Second Quarter Forms 10-Q.

Net Periodic Benefit Cost

The components of the Companies’ net periodic benefit costs for the three and nine months ended September 30, 2009 and 2008 were as follows:


	For the Three Months Ended September 30,
	Con Edison						Con Edison of New York
(Millions of Dollars)	2009			2008			2009			2008
Service cost—including administrative expenses	$	40		$	35		$	37		$	33
Interest cost on projected benefit obligation		131			128			123			123
Expected return on plan assets		(173	)		(172	)		(165	)		(169	)
Amortization of net actuarial loss		75			48			68			44
Amortization of prior service costs		2			2			2			1
NET PERIODIC BENEFIT COST	$	75		$	41		$	65		$	32
Amortization of regulatory asset*		1			1			1			1
TOTAL PERIODIC BENEFIT COST	$	76		$	42		$	66		$	33
Cost capitalized		(28	)		(15	)		(25	)		(13	)
Cost deferred		(4	)		(8	)		(3	)		(7	)
Cost charged to operating expenses	$	44		$	19		$	38		$	13

*	Relates to increases in Con Edison of New York’s pension obligations of $45 million from a 1999 special retirement program.


	For the Nine Months Ended September 30,
	Con Edison						Con Edison of New York
(Millions of Dollars)	2009			2008			2009			2008
Service cost—including administrative expenses	$	120		$	104		$	111		$	97
Interest cost on projected benefit obligation		393			386			369			364
Expected return on plan assets		(519	)		(518	)		(495	)		(499	)
Amortization of net actuarial loss		225			144			204			129
Amortization of prior service costs		6			6			6			5
NET PERIODIC BENEFIT COST	$	225		$	122		$	195		$	96
Amortization of regulatory asset*		3			3			3			3
TOTAL PERIODIC BENEFIT COST	$	228		$	125		$	198		$	99
Cost capitalized		(82	)		(43	)		(75	)		(36	)
Cost deferred		(40	)		(33	)		(34	)		(35	)
Cost charged to operating expenses	$	106		$	49		$	89		$	28

*	Relates to increases in Con Edison of New York’s pension obligations of $33 million from a 1993 special retirement program and $45 million from a 1999 special retirement program.

Expected Contributions

The Companies are not required under funding regulations and laws to make any contributions to the pension plan during 2009, however, the Companies’ policy is to fund their accounting cost to the extent tax deductible. During the first nine months of 2009, Con Edison and Con Edison of New York contributed $282 million and $244 million, respectively, to the pension plan. Con Edison of New York expects to make discretionary contributions of $6 million to the non-qualified supplemental pension plan during 2009. The Companies are continuing to monitor changes to funding and tax laws that may impact future pension plan funding requirements.

Note F-Other Postretirement Benefits

9 Months Ended

Sep. 30, 2009

Notes to Financial Statements [Abstract]

Note F-Other Postretirement Benefits

Note F—Other Postretirement Benefits

Reference is made to Note F to the financial statements in Item 8 of the Form 10-K and Note F to the financial statements in Part I, Item 1 of the First and Second Quarter Forms 10-Q.

Net Periodic Benefit Cost

The components of the Companies’ net periodic postretirement benefit costs for the three and nine months ended September 30, 2009 and 2008 were as follows:


	For the Three Months Ended September 30,
	Con Edison						Con Edison of New York
(Millions of Dollars)	2009			2008			2009			2008
Service cost	$	5		$	5		$	4		$	3
Interest cost on accumulated other postretirement benefit obligation		24			24			21			21
Expected return on plan assets		(21	)		(22	)		(20	)		(18	)
Amortization of net actuarial loss		18			17			16			15
Amortization of prior service cost		(3	)		(3	)		(3	)		(4	)
Amortization of transition obligation		1			1			1			1
NET PERIODIC POSTRETIREMENT BENEFIT COST	$	24		$	22		$	19		$	18
Cost capitalized		(9	)		(8	)		(7	)		(7	)
Cost deferred		1			—			—			(1	)
Cost charged to operating expenses	$	16		$	14		$	12		$	10


	For the Nine Months Ended September 30,
	Con Edison						Con Edison of New York
(Millions of Dollars)	2009			2008			2009			2008
Service cost	$	15		$	15		$	12		$	11
Interest cost on accumulated other postretirement benefit obligation		72			71			63			63
Expected return on plan assets		(63	)		(65	)		(60	)		(57	)
Amortization of net actuarial loss		54			51			48			44
Amortization of prior service cost		(9	)		(9	)		(9	)		(11	)
Amortization of transition obligation		3			3			3			3
NET PERIODIC POSTRETIREMENT BENEFIT COST	$	72		$	66		$	57		$	53
Cost capitalized		(27	)		(23	)		(22	)		(19	)
Cost deferred		—			(11	)		(2	)		(10	)
Cost charged to operating expenses	$	45		$	32		$	33		$	24

Note G-Environmental Matters

9 Months Ended

Sep. 30, 2009

Notes to Financial Statements [Abstract]

Note G-Environmental Matters

Note G—Environmental Matters

Superfund Sites

Hazardous substances, such as asbestos, polychlorinated biphenyls (PCBs) and coal tar, have been used or generated in the course of operations of the Utilities and their predecessors and are present at sites and in facilities and equipment they currently or previously owned, including sites at which gas was manufactured or stored.

The Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 and similar state statutes (Superfund) impose joint and several liability, regardless of fault, upon generators of hazardous substances for investigation and remediation costs (which include costs of demolition, removal, disposal, storage, replacement, containment, and monitoring) and environmental damages. Liability under these laws can be material and may be imposed for contamination from past acts, even though such past acts may have been lawful at the time they occurred. The sites at which the Utilities have been asserted to have liability under these laws, including their manufactured gas plant sites and any neighboring areas to which contamination may have migrated, are referred to herein as “Superfund Sites.”

For Superfund Sites where there are other potentially responsible parties and the Utilities are not managing the site investigation and remediation, the accrued liability represents an estimate of the amount the Utilities will need to pay to discharge their related obligations. For Superfund Sites (including the manufactured gas plant sites) for which one of the Utilities is managing the investigation and remediation, the accrued liability represents an estimate of the company’s share of undiscounted cost to investigate the sites and, for sites that have been investigated in whole or in part, the cost to remediate the sites. Remediation costs are estimated in light of the information available, applicable remediation standards, and experience with similar sites.

The accrued liabilities and regulatory assets related to Superfund Sites at September 30, 2009 and December 31, 2008 were as follows:


	Con Edison				Con Edison of New York
(Millions of Dollars)	2009		2008		2009		2008
Accrued Liabilities:
Manufactured gas plant sites	$	177	$	207	$	126	$	155
Other Superfund Sites		48		43		46		41
Total	$	225	$	250	$	172	$	196
Regulatory assets	$	391	$	378	$	333	$	315

Most of the accrued Superfund Site liability relates to sites that have been investigated, in whole or in part. As investigations progress on these and other sites, the Utilities expect that additional liability will be accrued, the amount of which is not presently determinable but may be material. Under their current rate agreements, the Utilities are permitted to recover or defer as regulatory assets (for subsequent recovery through rates) certain site investigation and remediation costs.

Environmental remediation costs incurred related to Superfund Sites during the three and nine months ended September 30, 2009 and 2008 were as follows:


	For the Three Months Ended September 30,
	Con Edison				Con Edison of New York
(Millions of Dollars)	2009		2008		2009		2008
Remediation costs incurred	$	20	$	24	$	20	$	24
Insurance recoveries received*	$	3		—	$	3		—

*	Reduced amount deferred for recovery from customers.


	For the Nine Months Ended September 30,
	Con Edison				Con Edison of New York
(Millions of Dollars)	2009		2008		2009		2008
Remediation costs incurred	$	60	$	77	$	59	$	76
Insurance recoveries received*	$	3		—	$	3		—

*	Reduced amount deferred for recovery from customers.

In 2006, Con Edison of New York estimated that for its manufactured gas plant sites, its aggregate undiscounted potential liability for the investigation and remediation of coal tar and/or other manufactured gas plant-related environmental contaminants could range up to $1.1 billion. In 2007, O&R estimated that for its manufactured gas plant sites, each of which has been investigated, the aggregate undiscounted potential liability for the remediation of such contaminants could range up to $115 million. These estimates were based on the assumption that there is contamination at the sites that have not yet been investigated and additional assumptions about these and the other sites regarding the extent of contamination and the type and extent of remediation that may be required. Actual experience may be materially different.

Asbestos Proceedings

Suits have been brought in New York State and federal courts against the Utilities and many other defendants, wherein a large number of plaintiffs sought large amounts of compensatory and punitive damages for deaths and injuries allegedly caused by exposure to asbestos at various premises of the Utilities. The suits that have been resolved, which are many, have been resolved without any payment by the Utilities, or for amounts that were not, in the aggregate, material to them. The amounts specified in all the remaining thousands of suits total billions of dollars; however, the Utilities believe that these amounts are greatly exaggerated, based on the disposition of previous claims. In 2008, Con Edison of New York estimated that its aggregate undiscounted potential liability for these suits and additional suits that may be brought over the next 15 years is $9 million. The estimate was based upon a combination of modeling, historical data analysis and risk factor assessment. Actual experience may be materially different. In addition, certain current and former employees have claimed or are claiming workers’ compensation benefits based on alleged disability from exposure to asbestos. Under its current rate agreements, Con Edison of New York is permitted to defer as regulatory assets (for subsequent recovery through rates) costs incurred for its asbestos lawsuits and workers’ compensation claims. The accrued liability for asbestos suits and workers’ compensation proceedings (including those related to asbestos exposure) and the amounts deferred as regulatory assets for the Companies at September 30, 2009 and December 31, 2008 were as follows:


	Con Edison				Con Edison of New York
(Millions of Dollars)	2009		2008		2009		2008
Accrued liability—asbestos suits	$	10	$	10	$	9	$	9
Regulatory assets—asbestos suits	$	10	$	10	$	9	$	9
Accrued liability—workers’ compensation	$	114	$	114	$	108	$	109
Regulatory assets—workers’ compensation	$	38	$	38	$	38	$	38

Note H-Other Material Contingencies

9 Months Ended

Sep. 30, 2009

Notes to Financial Statements [Abstract]

Note H-Other Material Contingencies

Note H—Other Material Contingencies

Manhattan Steam Main Rupture

In July 2007, a Con Edison of New York steam main located in midtown Manhattan ruptured. It has been reported that one person died and others were injured as a result of the incident. Several buildings in the area were damaged. Debris from the incident included dirt and mud containing asbestos. The response to the incident required the closing of several buildings and streets for various periods. Approximately 100 suits are pending against the company seeking generally unspecified compensatory and, in some cases, punitive damages, for personal injury, property damage and business interruption. The company has not accrued a liability for the suits. The company has notified its insurers of the incident and believes that the policies in force at the time of the incident will cover most of the company’s costs, which the company is unable to estimate, but which could be substantial, to satisfy its liability to others in connection with the incident.

Investigation of Contractor Payments

In January 2009, Con Edison of New York commenced an internal investigation relating to the arrests of certain employees and retired employees (most of whom have since been indicted or pleaded guilty) for accepting kickbacks from contractors that performed construction work for the company. The company has retained a law firm, which has retained an accounting firm, to assist in the company’s investigation. The company is providing information to governmental authorities, which consider the company to be a victim of unlawful conduct, in connection with their investigation of the arrested employees and contractors. The company has terminated its employment of the arrested employees and its contracts with the contractors. In February 2009, the PSC commenced a proceeding that, among other things, will examine the prudence of certain of the company’s expenditures relating to the arrests and consider whether additional expenditures should also be examined (see Note B). The company, based upon its evaluation of its internal controls for 2008 and previous years, believes that the controls were effective to provide reasonable assurance that its financial statements have been fairly presented, in all material respects, in conformity with generally accepted accounting principles. Because the company’s investigation is ongoing, the company is unable to predict the impact of any of the employees’ unlawful conduct on the company’s internal controls, business, results of operations or financial position.

Permit Non-Compliance and Pollution Discharges

In March 2009, the New York State Department of Environmental Conservation (DEC) issued a proposed Administrative Order on Consent to Con Edison of New York with respect to non-compliance with certain laws, regulations and permit conditions and discharges of pollutants at the company’s steam generating facilities. The proposed order effectively institutes a civil enforcement proceeding against the company. In the proposed order, the DEC is seeking, among other things, the company’s agreement to pay a penalty in an amount the DEC has not yet specified, retain an independent consultant to conduct a comprehensive audit of the company’s generating facilities to determine compliance with federal and New York State environmental laws and regulations and recommend best practices, remove all equipment containing polychlorinated biphenyls from the company’s steam and electric facilities, remediate polychlorinated biphenyl contamination, install certain wastewater treatment facilities, and comply with additional sampling, monitoring, and training requirements. The company will seek to resolve this proceeding through a negotiated settlement with the DEC. It is unable to predict the impact of the proceeding on the company’s operations or the amount of the penalty and the additional costs, which could be substantial, to comply with the requirements resulting from this proceeding.

Lease In/Lease Out Transactions

In each of 1997 and 1999, Con Edison Development entered into a transaction in which it leased property and then immediately subleased it back to the lessor (termed “Lease In/Lease Out,” or LILO transactions). The transactions respectively involve electric generating and gas distribution facilities in the Netherlands, with a total investment of $259 million. The transactions were financed with $93 million of equity and $166 million of non-recourse, long-term debt secured by the underlying assets. In accordance with the accounting rules for leases, Con Edison is accounting for the two LILO transactions as leveraged leases. Accordingly, the company’s investment in these leases, net of non-recourse debt, is carried as a single amount in Con Edison’s consolidated balance sheet and income is recognized pursuant to a method that incorporates a level rate of return for those years when net investment in the lease is positive, based upon the after-tax cash flows projected at the inception of the leveraged leases. The company’s net investment in these leveraged leases was $(20) million at September 30, 2009 and $(8) million at December 31, 2008 and is comprised of a $235 million gross investment less $255 million of deferred tax liabilities at September 30, 2009 and $235 million gross investment less $243 million of deferred tax liabilities at December 31, 2008.

On audit of Con Edison’s tax return for 1997, the Internal Revenue Service (IRS) disallowed the tax losses in connection with the 1997 LILO transaction. In December 2005, Con Edison paid a $0.3 million income tax deficiency asserted by the IRS for the tax year 1997 with respect to the 1997 LILO transaction. In April 2006, the company paid interest of $0.2 million associated with the deficiency and commenced an action in the United States Court of Federal Claims, entitled Consolidated Edison Company of New York, Inc. v. United States, to obtain a refund of this tax payment and interest. A trial was completed in November 2007. In October 2009, the court issued a decision in favor of the company concluding that the 1997 LILO transaction was, in substance, a true lease that possessed economic substance, the loans relating to the lease constituted bona fide indebtedness, and the deductions for the 1997 LILO transactions claimed by the company in its 1997 federal income tax return are allowable. The IRS is entitled to appeal the decision but has not indicated whether or not it will.

In connection with its audit of Con Edison’s federal income tax returns for 1998 through 2007, the IRS disallowed $416 million of net tax deductions taken with respect to both of the LILO transactions for the tax years. Con Edison has appealed these audit level disallowances, except for 2002, 2003 and 2004 (which it plans to appeal), with the Appeals Office of the IRS. In connection with its audit of Con Edison’s federal income tax return for 2008, the IRS indicated that it intends to disallow $42 million of net tax deductions taken with respect to both of the LILO transactions. If and when this audit level disallowance becomes appealable, Con Edison intends to file an appeal of the disallowance with the Appeals Office of the IRS.

Con Edison believes that its LILO transactions have been correctly reported, and has not recorded any reserve with respect to the disallowance of tax losses, or related interest, in connection with its LILO transactions. Con Edison’s estimated tax savings, reflected in its financial statements, from the two LILO transactions through September 30, 2009, in the aggregate, was $205 million. If Con Edison were required to repay all or a portion of these amounts, it would also be required to pay interest of up to $55 million net of tax at September 30, 2009.

Pursuant to the accounting rules for leveraged lease transactions, the expected timing of income tax cash flows generated by Con Edison’s LILO transactions are required to be reviewed at least annually. If the expected timing of the cash flows is revised, the rate of return and the allocation of income would be recalculated from the inception of the LILO transactions, and the company would be required to recalculate the accounting effect of the LILO transactions, which would result in a charge to earnings that could have a material adverse effect on the company’s results of operations.

Guarantees

Con Edison and its subsidiaries enter into various agreements providing financial or performance assurance primarily to third parties on behalf of their subsidiaries. Maximum amounts guaranteed by Con Edison totaled $1.1 billion and $1.6 billion at September 30, 2009 and December 31, 2008, respectively.

A summary, by type and term, of Con Edison’s total guarantees at September 30, 2009 is as follows:


Guarantee Type	0 – 3 years		4 – 10 years		> 10 years		Total
	(Millions of Dollars)
Commodity transactions	$	681	$	43	$	189	$	913
Affordable housing program		9		—		—		9
Intra-company guarantees		30		—		1		31
Other guarantees		140		27		—		167
TOTAL	$	860	$	70	$	190	$	1,120

For a description of guarantee types, see Note H to the financial statements in Item 8 of the Form 10-K.

Note I-Income Tax	9 Months Ended
Note I-Income Tax	Sep. 30, 2009
Notes to Financial Statements [Abstract]
Note I-Income Tax	Note I—Income Tax Reference is made to Note L to the financial statements in Item 8 of the Form 10-K. In June 2009, Con Edison entered into partial agreements with the IRS to resolve its outstanding issues with the Companies’ federal income tax returns for 1998 through 2004, other than the tax treatment of Con Edison Development’s LILO transactions (see “Lease in/Lease Out Transactions” in Note H). The partial agreements incorporate the July 2008 closing agreement between Con Edison and the IRS covering the Companies’ use of the “simplified service cost method” (SSCM) to deduct construction-related costs in 2002, 2003 and 2004. The partial agreements resulted in tax deficiencies of $78 million for tax years 1998, 2000 and 2002, and tax refunds of $39 million for 1999, 2001 and 2003. The partial agreement for 2004 resulted in an increased net operating loss deduction of $19 million, which is being carried forward to the Companies’ 2005 federal income tax return. In August 2009, the IRS billed the Companies $109 million ($78 million for the tax liabilities, as provided in the partial agreements, and $31 million for related interest) for 1998, 2000 and 2002. In September 2009, the Companies paid the bills by applying $109 million of a $160 million deposit the Companies made with the IRS in June 2007. At September 30, 2009, the Companies’ estimated refunds receivable from the IRS for 1999, 2001 and 2003 ($39 million for Con Edison and Con Edison of New York) and the amount of the Companies’ remaining funds on deposit with the IRS ($51 million for Con Edison and $47 million for Con Edison of New York) were classified as current assets on their respective consolidated balance sheets. At September 30, 2009, the Companies’ estimated liabilities for uncertain tax positions ($99 million for Con Edison and $89 million for Con Edison of New York) were classified as current liabilities on their respective consolidated balance sheets. The Companies reasonably expect to resolve these uncertain tax positions with the IRS in the next 12 months.

Note J-Financial Information by Business Segment

9 Months Ended

Sep. 30, 2009

Notes to Financial Statements [Abstract]

Note J-Financial Information by Business Segment

Note J—Financial Information by Business Segment

Reference is made to Note N to the financial statements in Item 8 of the Form 10-K.

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)	2009			2008		2009			2008			2009		2008		2009			2008
Con Edison of New York
Electric	$	2,395		$	2,670	$	3		$	3		$	149	$	133	$	433		$	369
Gas		183			242		1			2			24		23		(11	)		8
Steam		77			111		18			18			15		16		(5	)		(3	)
Consolidation adjustments		—			—		(22	)		(23	)		—		—		—			—
Total Con Edison of New York	$	2,655		$	3,023	$	—		$	—		$	188	$	172	$	417		$	374
O&R
Electric	$	209		$	252	$	—		$	—		$	7	$	7	$	26		$	26
Gas		26			31		—			—			3		3		(2	)		(2	)
Total O&R	$	235		$	283	$	—		$	—		$	10	$	10	$	24		$	24
Competitive energy businesses	$	610		$	551	$	2		$	12		$	2	$	1	$	43		$	(87	)
Other*		(11	)		1		(2	)		(12	)		—		—		—			—
Total Con Edison	$	3,489		$	3,858	$	—		$	—		$	200	$	183	$	484		$	311

*	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)	2009			2008		2009			2008			2009		2008		2009			2008
Con Edison of New York
Electric	$	5,865		$	6,162	$	9		$	9		$	437	$	383	$	787		$	735
Gas		1,259			1,366		4			4			73		67		158			153
Steam		521			529		54			56			44		47		70			57
Consolidation adjustments		—			—		(67	)		(69	)		—		—		—			—
Total Con Edison of New York	$	7,645		$	8,057	$	—		$	—		$	554	$	497	$	1,015		$	945
O&R
Electric	$	499		$	590	$	—		$	—		$	22	$	21	$	40		$	42
Gas		171			179		—			—			9		9		13			12
Total O&R	$	670		$	769	$	—		$	—		$	31	$	30	$	53		$	54
Competitive energy businesses*	$	1,477		$	1,749	$	(1	)	$	16		$	4	$	4	$	31		$	110
Other**		(34	)		9		1			(16	)		—		—		(1	)		—
Total Con Edison	$	9,758		$	10,584	$	—		$	—		$	589	$	531	$	1,098		$	1,109

*	Includes the gain on the sale of Con Edison Development’s generation projects within continuing operations.

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

Note K-Derivative Instruments and Hedging Activities

9 Months Ended

Sep. 30, 2009

Notes to Financial Statements [Abstract]

Note K-Derivative Instruments and Hedging Activities

Note K—Derivative Instruments and Hedging Activities

Under the accounting rules for derivatives and hedging, derivatives are recognized on the balance sheet at fair value, unless an exception is available under the accounting rules. Certain qualifying derivative contracts have been designated as normal purchases or normal sales contracts. These contracts are not reported at fair value under the accounting rules.

The accounting rules for derivatives and hedging were expanded in 2009 to require the Companies to provide users of financial statements with enhanced disclosures about (a) how and why an entity uses derivative instruments, (b) how derivative instruments and related hedged items are accounted for under the accounting rules, and (c) how derivative instruments and related hedged items affect an entity’s financial position, financial performance, and cash flows. The accounting rules require qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of and gains and losses on derivative instruments and disclosures about credit-risk-related contingent features in derivative agreements.

Energy Price Hedging

Con Edison’s subsidiaries hedge market price fluctuations associated with physical purchases and sales of electricity, natural gas, and steam by using derivative instruments including futures, forwards, basis swaps, options, transmission congestion contracts and financial transmission rights contracts. The fair values of these derivative instruments at September 30, 2009 and December 31, 2008 were as follows:


	Con Edison						Con Edison of New York
(Millions of Dollars)	2009			2008			2009			2008
Fair value of net derivative assets/(liabilities)—gross	$	(256	)	$	(428	)	$	(89	)	$	(259	)
Impact of netting of cash collateral		229			322			113			224
Fair value of net derivative assets/(liabilities)—net	$	(27	)	$	(106	)	$	24		$	(35	)

Credit Exposure

The Companies are exposed to credit risk related to transactions entered into primarily for the various energy supply and hedging activities by the Utilities and the competitive energy businesses. The Companies use credit policies to manage this risk, including an established credit approval process, monitoring of counterparty limits, netting provisions within agreements, collateral or prepayment arrangements, credit insurance and credit default swaps.

At September 30, 2009, Con Edison and Con Edison of New York had $242 million and $43 million of credit exposure in connection with energy supply and hedging activities, net of collateral, respectively. Con Edison’s net credit exposure consisted of $156 million with investment-grade counterparties and $86 million with commodity exchange brokers or independent system operators. Con Edison of New York’s net credit exposure consisted of $3 million with investment-grade counterparties and $40 million with commodity exchange brokers.

Economic Hedges

The Companies enter into derivative instruments that do not qualify or are not designated as hedges under the accounting rules for derivatives and hedging. However, management believes these instruments represent economic hedges that mitigate exposure to fluctuations in commodity prices.

The fair values of the Companies’ commodity derivatives at September 30, 2009 were:


Fair Value of Commodity Derivatives^(a)
(Millions of Dollars)	Balance Sheet Location	Con Edison			Con Edison of New York
Asset Derivatives
Current	Fair value of derivative assets	$	313		$	51
Long term	Other deferred charges and non-current assets		137			41
Total asset derivatives		$	450		$	92
Impact of netting			(242	)		(16	)
Net asset derivatives		$	208		$	76
Liability Derivatives
Current	Fair value of derivative liabilities	$	497		$	112
Long term	Fair value of derivative liabilities		209			69
Total liability derivatives		$	706		$	181
Impact of netting			(471	)		(129	)
Net liability derivatives		$	235		$	52

(a)	Qualifying derivative contracts, which have been designated as normal purchases or normal sales contracts, are not reported at fair value under the accounting rules for derivatives and hedging and, therefore, are excluded from the table.

The Utilities generally recover all of their prudently incurred fuel, purchased power and gas cost, including hedging gains and losses, in accordance with rate provisions approved by the applicable state utility commissions. See “Recoverable Energy Costs” in Note A to the financial statements in Item 8 of the Form 10-K. In accordance with the accounting rules for regulated operations, the Utilities record a regulatory asset or liability to defer recognition of unrealized gains and losses on their electric and gas derivatives. As gains and losses are realized in future periods, they will be recognized as purchased power, gas and fuel costs in the Companies’ consolidated income statements. Con Edison’s competitive energy businesses record realized and unrealized gains and losses on their derivative contracts in earnings in the reporting period in which they occur.

The following table presents the changes in the fair values of commodity derivatives that have been deferred or recognized in earnings for the three and nine months ended September 30, 2009:


Realized and Unrealized Gains/(Losses) on Commodity Derivatives^(a) Deferred or Recognized in Income for the Three Months Ended September 30, 2009
(Millions of Dollars)	Balance Sheet Location	Con Edison			Con Edison of New York
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations:
Current	Deferred derivative gains	$	4		$	4
Long term	Regulatory liabilities		2			—
Total deferred gains		$	6		$	4
Current	Deferred derivative losses	$	111		$	97
Current	Recoverable energy costs	$	(158	)	$	(134	)
Long term	Regulatory assets	$	29		$	21

Total deferred losses		$	(18	)	$	(16	)
Net deferred losses		$	(12	)	$	(12	)
	Income Statement Location
Pre-tax gain/(loss) recognized in income
	Purchased power expense	$	(176	)	$	—
	Gas purchased for resale		(9	)		—
	Non-utility revenue		27	^(b)		—
Total pre-tax gain/(loss) recognized in income		$	(158	)	$	—

(a)	Qualifying derivative contracts, which have been designated as normal purchases or normal sales contracts, are not reported at fair value under the accounting rules for derivatives and hedging and, therefore, are excluded from the table.

(b)	For the three months ended September 30, 2009, Con Edison recorded in non-utility operating revenues an unrealized pre-tax gain of $28 million.


Realized and Unrealized Gains/(Losses) on Commodity Derivatives^(a) Deferred or Recognized in Income for the Nine Months Ended September 30, 2009
(Millions of Dollars)	Balance Sheet Location	Con Edison			Con Edison of New York
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations:
Current	Deferred derivative gains	$	(9	)	$	(9	)
Long term	Regulatory liabilities		3			—
Total deferred gains		$	(6	)	$	(9	)
Current	Deferred derivative losses	$	136		$	136
Current	Recoverable energy costs	$	(462	)	$	(394	)
Long term	Regulatory assets	$	8		$	4

Total deferred losses		$	(318	)	$	(254	)
Net deferred losses		$	(324	)	$	(263	)
	Income Statement Location
Pre-tax gain/(loss) recognized in income
	Purchased power expense	$	(432	)	$	—
	Gas purchased for resale		(7	)		—
	Non-utility revenue		(5	)^(b)		—
Total pre-tax gain/(loss) recognized in income		$	(444	)	$	—

(a)	Qualifying derivative contracts, which have been designated as normal purchases or normal sales contracts, are not reported at fair value under the accounting rules for derivatives and hedging and, therefore, are excluded from the table.

(b)	For the nine months ended September 30, 2009, Con Edison recorded in non-utility operating revenues an unrealized pre-tax gain of $2 million.

As of September 30, 2009, Con Edison had 1,400 contracts, including 694 Con Edison of New York contracts, which were considered to be derivatives under the accounting rules for derivatives and hedging (excluding qualifying derivative contracts, which have been designated as normal purchases or normal sales contracts). The following table presents the number of contracts by commodity type:


	Electric Derivatives				Gas Derivatives
	Number of Energy Contracts^(a)	MWhs^(b)	Number of Capacity Contracts^(a)	MWs^(b)	Number of Contracts^(a)	Dths^(b)	Total Number Of Contracts^(a)
Con Edison	515	14,556,453	90	6,407	795	217,074,500	1,400
Con Edison of New York	67	2,319,150	—	—	627	213,050,000	694

(a)	Qualifying derivative contracts, which have been designated as normal purchases or normal sales contracts, are not reported at fair value under the accounting rules for derivatives and hedging and, therefore, are excluded from the table.

(b)	Volumes are reported net of long and short positions.

The Companies also enter into electric congestion and gas basis swap contracts to hedge the congestion and transportation charges which are associated with electric and gas contracts and hedged volumes.

The collateral requirements associated with, and settlement of, derivative transactions are included in net cash flows from operating activities in the Companies’ consolidated statement of cash flows. Most derivative instrument contracts contain provisions that may require the Companies to provide collateral on derivative instruments in net liability positions. The amount of collateral to be provided will depend on the fair value of the derivative instruments and the Companies’ credit ratings.

The aggregate fair value of all derivative instruments with credit-risk-related contingent features that are in a net liability position and collateral posted at September 30, 2009, and the additional collateral that would have been required to be posted had the lowest applicable credit rating been reduced one level and to below investment grade were:


(Millions of Dollars)	Con Edison^(a)			Con Edison of New York^(a)
Aggregate fair value—net liabilities	$	241		$	51
Collateral posted	$	258		$	65	^(b)
Additional collateral^(c) (downgrade one level from current ratings^(d))	$	2		$	1
Additional collateral^(c) (downgrade to below investment grade from current ratings^(d))	$	196	^(e)	$	23	^(e)

(a)

Non-derivative transactions for the purchase and sale of electricity and gas and qualifying derivative instruments, which have been designated as normal purchases or normal sales, are excluded from the table. These transactions primarily include purchases of electricity from independent system operators. In the event the Utilities and Con Edison’s competitive energy businesses were no longer extended unsecured credit for such purchases, the Companies would be required to post collateral, which at September 30, 2009, would have amounted to an estimated $243 million for Con Edison, including $68 million for Con Edison of New York. For certain other such non-derivative transactions, the Companies could be required to post collateral under certain circumstances, including in the event counterparties had reasonable grounds for insecurity.

(b)	Across the Utilities’ energy derivative positions, credit limits for the same counterparties are generally integrated. At September 30, 2009, all collateral for these positions was posted by Con Edison of New York, including an estimated $36 million attributable to O&R.

(c)

The Companies measure the collateral requirements by taking into consideration the fair value amounts of derivative instruments that contain credit-risk-related contingent features that are in a net liabilities position plus amounts owed to counterparties for settled transactions and amounts required by counterparties for minimum financial security. The fair value amounts represent unrealized losses, net of any unrealized gains where the Companies have a legally enforceable right of setoff.

(d)

The current ratings are Moody’s, S&P and Fitch long-term credit rating of, as applicable, Con Edison (Baa1/BBB+/BBB+), Con Edison of New York (A3/A-/A-) or O&R (Baa1/A-/A). Credit ratings assigned by rating agencies are expressions of opinions that are subject to revision or withdrawal at any time by the assigning rating agency.

(e)

Derivative instruments that are net assets have been excluded from the table. At September 30, 2009, if Con Edison and Con Edison of New York had been downgraded to below investment grade, they would have been required to post additional collateral for such derivative instruments of $68 million and $1 million, respectively.

Interest Rate Swaps

In May 2008, Con Edison Development’s interest rate swaps that were designated as cash flow hedges were sold. The losses were classified to income/(loss) from discontinued operations for the year ended December 31, 2008 and were immaterial to Con Edison’s results of operations.

O&R has an interest rate swap related to its Series 1994A Debt. See Note C to the financial statements in Part I, Item 1 of the Second Quarter Form 10-Q. O&R pays a fixed-rate of 6.09 percent and receives a LIBOR-based variable rate. The fair value of this interest rate swap at September 30, 2009 was an unrealized loss of $12 million, which has been included in Con Edison’s consolidated balance sheet as a noncurrent liability/fair value of derivative liabilities and a regulatory asset. There was no change in the fair value of the swap for the three months ended September 30, 2009. The increase in the fair value of the swap for the nine months ended September 30, 2009 was $3 million. In the event O&R’s credit rating was downgraded to BBB-/Baa3 or lower, the swap counterparty could elect to terminate the agreement and O&R would be required to settle immediately.

Note L-Fair Value Measurements

9 Months Ended

Sep. 30, 2009

Notes to Financial Statements [Abstract]

Note L-Fair Value Measurements

Note L—Fair Value Measurements

Reference is made to Note P to the financial statements in Item 8 of the Form 10-K and Note K to the financial statements in Part I, Item 1 of the First and Second Quarter Forms 10-Q.

The accounting rules for fair value measurements and disclosures defines fair value, establishes a framework for measuring fair value and expands the disclosures about fair value measurements.

Assets and liabilities measured at fair value on a recurring basis as of September 30, 2009 are summarized below under the three-level hierarchy established by the accounting rules for fair value measurements and disclosures. The accounting rules define the levels within the hierarchy as follows:

•

Level 1—Consists of assets or liabilities whose value is based on unadjusted quoted prices in active markets at the measurement date.

•

Level 2—Consists of assets or liabilities valued using industry standard models and based on prices, other than quoted prices within Level 1, that are either directly or indirectly observable as of the measurement date.

•

Level 3—Consists of assets or liabilities whose fair value is estimated based on internally developed models or methodologies using inputs that are generally less readily observable and supported by little, if any, market activity at the measurement date.

Assets and liabilities measured at fair value on a recurring basis as of September 30, 2009 are summarized below:


	Level 1				Level 2				Level 3				Netting Adjustments⁽⁴⁾						Total
(Millions of Dollars)	Con Edison		Con Edison of New York		Con Edison		Con Edison of New York		Con Edison		Con Edison of New York		Con Edison			Con Edison of New York			Con Edison		Con Edison of New York
Derivative assets:
Energy⁽¹⁾	$	3	$	2	$	144	$	36	$	282	$	35	$	(181	)	$	41		$	248	$	114
Other assets⁽³⁾		29		29		—		—		88		79		—			—			117		108
Total	$	32	$	31	$	144	$	36	$	370	$	114	$	(181	)	$	41		$	365	$	222
Derivative liabilities:
Energy⁽¹⁾	$	9	$	9	$	337	$	138	$	339	$	15	$	(410	)	$	(72	)	$	275	$	90
Financial & other⁽²⁾		—		—		—		—		12		—		—			—			12		—
Total	$	9	$	9	$	337	$	138	$	351	$	15	$	(410	)	$	(72	)	$	287	$	90

(1)

A significant portion of the energy derivative contracts categorized in Level 3 is valued using either an industry acceptable model or an internally developed model with observable inputs. The models also include some less readily observable inputs resulting in the classification of the entire contract as Level 3. See Note K.

(2)	Includes an interest rate swap. See Note K.

(3)	Other assets are comprised of assets such as life insurance contracts within the Deferred Income Plan and Supplemental Retirement Income Plans, held in rabbi trusts.

(4)	Amounts represent the impact of legally-enforceable master netting agreements that allow the Companies to net gain and loss positions and cash collateral held or placed with the same counterparties.

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2008 are summarized below:


	Level 1				Level 2				Level 3				Netting Adjustments⁽⁴⁾						Total
(Millions of Dollars)	Con Edison		Con Edison of New York		Con Edison		Con Edison of New York		Con Edison		Con Edison of New York		Con Edison			Con Edison of New York			Con Edison		Con Edison of New York
Derivative assets:
Energy⁽¹⁾	$	1	$	—	$	150	$	38	$	206	$	16	$	(117	)	$	65		$	240	$	119
Other assets⁽³⁾		23		23		—		—		73		65		—			—			96		88
Total	$	24	$	23	$	150	$	38	$	279	$	81	$	(117	)	$	65		$	336	$	207
Derivative liabilities:
Energy⁽¹⁾	$	34	$	34	$	495	$	264	$	256	$	15	$	(439	)	$	(159	)	$	346	$	154
Financial & other⁽²⁾		—		—		—		—		15		—		—			—			15		—
Total	$	34	$	34	$	495	$	264	$	271	$	15	$	(439	)	$	(159	)	$	361	$	154

(1)

(2)	Includes an interest rate swap. See Note O to the financial statements in Item 8 of the Form 10-K.

(3)	Other assets are comprised of assets such as life insurance contracts within Deferred Income Plan and Supplemental Retirement Income Plans, held in rabbi trusts.

(4)	Amounts represent the impact of legally-enforceable master netting agreements that allow the Companies to net gain and loss positions and cash collateral held or placed with the same counterparties.

The table listed below provides a reconciliation of the beginning and ending net balances for assets and liabilities measured at fair value for the three and nine months ended September 30, 2009 and classified as Level 3 in the fair value hierarchy:


	For the Three Months Ended September 30, 2009
	Beginning Balance as of July 1, 2009			Total Gains/(Losses)— Realized and Unrealized					Purchases, Issuances, Sales and Settlements		Transfer In/Out of Level 3			Ending Balance as of September 30, 2009
(Millions of Dollars)	Beginning Balance as of July 1, 2009			Included in Earnings			Included in Regulatory Assets and Liabilities		Purchases, Issuances, Sales and Settlements		Transfer In/Out of Level 3			Ending Balance as of September 30, 2009
Con Edison
Derivatives:
Energy	$	(85	)	$	(108	)	$	56	$	81	$	(1	)	$	(57	)
Financial & other		(12	)		—			—		—		—			(12	)
Other		82			3			3		—		—			88
Total	$	(15	)	$	(105	)	$	59	$	81	$	(1	)	$	19
Con Edison of New York
Derivatives:
Energy	$	2		$	(11	)	$	28	$	2	$	(1	)	$	20
Other		74			3			2		—		—			79
Total	$	76		$	(8	)	$	30	$	2	$	(1	)	$	99


	For the Nine Months Ended September 30, 2009
	Beginning Balance as of January 1, 2009			Total Gains/(Losses)— Realized and Unrealized					Purchases, Issuances, Sales and Settlements		Transfer In/Out of Level 3			Ending Balance as of September 30, 2009
(Millions of Dollars)	Beginning Balance as of January 1, 2009			Included in Earnings			Included in Regulatory Assets and Liabilities		Purchases, Issuances, Sales and Settlements		Transfer In/Out of Level 3			Ending Balance as of September 30, 2009
Con Edison
Derivatives:
Energy	$	(50	)	$	(213	)	$	5	$	202	$	(1	)	$	(57	)
Financial & other		(15	)		—			3		—		—			(12	)
Other		73			6			9		—		—			88
Total	$	8		$	(207	)	$	17	$	202	$	(1	)	$	19
Con Edison of New York
Derivatives:
Energy	$	1		$	(17	)	$	13	$	24	$	(1	)	$	20
Other		65			6			8		—		—			79
Total	$	66		$	(11	)	$	21	$	24	$	(1	)	$	99

The table listed below provides a reconciliation of the beginning and ending net balances for assets and liabilities measured at fair value for the three and nine months ended September 30, 2008 and classified as Level 3 in the fair value hierarchy:


	For the Three Months Ended September 30, 2008
	Beginning Balance as of July 1, 2008			Total Gains/(Losses)— Realized and Unrealized						Purchases, Issuances, Sales and Settlements			Transfer In/Out of Level 3		Ending Balance as of September 30, 2008
(Millions of Dollars)	Beginning Balance as of July 1, 2008			Included in Earnings			Included in Regulatory Assets and Liabilities			Purchases, Issuances, Sales and Settlements			Transfer In/Out of Level 3		Ending Balance as of September 30, 2008
Con Edison
Derivatives:
Energy	$	125		$	93		$	(189	)	$	(26	)	$	—	$	3
Financial & other		(11	)		—			1			(1	)		—		(11	)
Other		106			(1	)		(7	)		—			—		98
Total	$	220		$	92		$	(195	)	$	(27	)	$	—	$	90
Con Edison of New York
Derivatives:
Energy	$	53		$	5		$	(41	)	$	(7	)	$	—	$	10
Other		94			—			(6	)		—			—		88
Total	$	147		$	5		$	(47	)	$	(7	)	$	—	$	98


	For the Nine Months Ended September 30, 2008
	Beginning Balance as of January 1, 2008			Total Gains/(Losses)— Realized and Unrealized						Purchases, Issuances, Sales and Settlements			Transfer In/Out of Level 3		Ending Balance as of September 30, 2008
(Millions of Dollars)	Beginning Balance as of January 1, 2008			Included in Earnings			Included in Regulatory Assets and Liabilities			Purchases, Issuances, Sales and Settlements			Transfer In/Out of Level 3		Ending Balance as of September 30, 2008
Con Edison
Derivatives:
Energy	$	23		$	19		$	(3	)	$	(36	)	$	—	$	3
Financial & other		(11	)		—			—			—			—		(11	)
Other		107			—			(9	)		—			—		98
Total	$	119		$	19		$	(12	)	$	(36	)	$	—	$	90
Con Edison of New York
Derivatives:
Energy	$	11		$	(10	)	$	(1	)	$	10		$	—	$	10
Other		95			—			(7	)		—			—		88
Total	$	106		$	(10	)	$	(8	)	$	10		$	—	$	98

For the Utilities, realized gains and losses on Level 3 energy derivative assets and liabilities are reported as part of purchased power and gas costs. The Utilities generally recover these costs in accordance with rate provisions approved by the applicable state public utilities commissions. See Note A to the financial statements in Item 8 of the Form 10-K. Unrealized gains and losses for energy derivatives are generally deferred on the consolidated balance sheet in accordance with the accounting rules for regulated operations.

For the competitive energy businesses, realized and unrealized gains and losses on Level 3 energy derivative assets and liabilities are reported in non-utility revenues ($68 million loss and $76 million gain) and purchased power costs (immaterial and $1 million gain) on the consolidated income statement for the three months ended September 30, 2009 and 2008, respectively. Realized and unrealized gains and losses on level 3 energy derivative assets and liabilities are reported in non-utility revenues ($121 million loss and $7 million gain) and purchased power costs ($2 million loss and $4 million gain) on the consolidated income statement for the nine months ended September 30, 2009 and 2008, respectively. The change in unrealized gains or losses relating to assets still held at September 30, 2009 and 2008, included in non-utility revenues for the three months ended September 30, 2009 and 2008, is a $15 million loss and $69 million gain, respectively. The change in unrealized gains or losses relating to assets still held at September 30, 2009 and 2008, included in non-utility revenues for the nine months ended September 30, 2009 and 2008 is $15 million loss and $14 million loss, respectively.

For the Utilities, realized and unrealized gains and losses on Level 3 other assets of $3 million gain and $1 million loss are reported in investment and other income on the consolidated income statement for the three months ended September 30, 2009 and 2008, respectively. Realized and unrealized gains and losses on Level 3 other assets of $6 million gain are reported in investment and other income on the consolidated income statement for the nine months ended September 30, 2009 and were immaterial to Con Edison or Con Edison of New York’s results of operations for the nine months ended September 30, 2008.

- Definition

This element represents the disclosure related to the fair value measurement of assets and liabilities which includes [financial] instruments measured at fair value that are classified in stockholders' equity. Such assets and liabilities may be measured on a recurring or nonrecurring basis. The disclosures which may be required or desired include: (1) for assets and liabilities measured on a recurring basis, disclosure may include: (a) the fair value measurements at the reporting date; (b) the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3); (c) for fair value measurements using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (i) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (ii) purchases, sales, issuances, and settlements (net); (iii) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs); (d) the amount of the total gains or losses for the period in subparagraph (c) (i) above included in earnings (or changes in net assets) that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date and a description of where those unrealized gains or losses are reported in the statement of income (or activities); (e) the valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques, if any, during the period and (2) for assets and liabilities that are measured at fair value on a nonrecurring basis (for example, impaired assets) disclosure may include, in addition to (a) above: (a) the reasons for the fair value measurements recorded; (b) the same as (b) above; (c) for fair value measurements using significant unobservable inputs (Level 3), a description of the inputs and the information used to develop the inputs; and (d) the valuation technique(s) used to measure fair value and a discussion of changes, if any, in the valuation technique(s) used to measure similar assets and/or liabilities in prior periods.

+ References+ Details

Note M-New Financial Accounting Standards	9 Months Ended
Note M-New Financial Accounting Standards	Sep. 30, 2009
Notes to Financial Statements [Abstract]
Note M-New Financial Accounting Standards	Note M—New Financial Accounting Standards Reference is made to Note T to the financial statements in Item 8 of the Form 10-K and Note L to the financial statements in Part I, Item 1 of the First and Second Quarter Forms 10-Q. In August 2009, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2009-05, “Fair Value Measurements and Disclosures (Topic 820)—Measuring Liabilities at Fair Value.” The Update addresses valuation techniques for circumstances in which a quoted price in an active market for the identical liability is not available. The Update requires companies to measure fair value using valuation techniques provided within the Update or those consistent with Topic 820. The Update is effective for the first interim or annual reporting period beginning after the Update’s issuance. The Companies currently record certain derivative liabilities at fair value using valuation techniques consistent with Topic 820. The adoption of this Update is not expected to have a material impact on the Companies’ financial position, results of operations or liquidity.

Note N-Con Edison Development	9 Months Ended
Note N-Con Edison Development	Sep. 30, 2009
Notes to Financial Statements [Abstract]
Note N-Con Edison Development	Note N—Con Edison Development Reference is made to Note V to the financial statements in Item 8 of the Form 10-K and Note M to the financial statements in Part I, Item 1 of the Second Quarter Form 10-Q.

Document Information	9 Months Ended
Document Information	Sep. 30, 2009
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2009

Entity Information	9 Months Ended
Entity Information	Sep. 30, 2009	Oct. 29, 2009
Trading Symbol	ED
Entity Registrant Name	CONSOLIDATED EDISON INC
Entity Central Index Key	0001047862
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		275,491,885
CONSOLIDATED EDISON CO OF NEW YORK INC
Entity Registrant Name	CONSOLIDATED EDISON CO OF NEW YORK INC
Entity Central Index Key	0000023632
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer