The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 130

-Paragraph 10, 15

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 19

-Article 5

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 20

-Article 9

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 28, 29, 30

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.22)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e565-108580

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Other Comprehensive Income

-URI http://asc.fasb.org/extlink&oid=6519514

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Net Income

-URI http://asc.fasb.org/extlink&oid=6518256

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph A7

-Appendix A

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.19)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

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-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 87-21

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 16: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.18)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

+ Details

CONSOLIDATED STATEMENT OF CASH FLOWS (USD $) In Millions, unless otherwise specified	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
OPERATING ACTIVITIES
Net Income	$ 494	$ 483
PRINCIPAL NON-CASH CHARGES/(CREDITS) TO INCOME
Depreciation and amortization	469	437
Deferred income taxes	146	181
Rate case amortization and accruals	22	29
Common equity component of allowance for funds used during construction	(2)	(6)
Net derivative gains	(31)	(35)
Other non-cash items (net)	(85)	(38)
CHANGES IN ASSETS AND LIABILITIES
Accounts receivable - customers, less allowance for uncollectibles	89	72
Materials and supplies, including fuel oil and gas in storage	19	38
Other receivables and other current assets	17	69
Prepayments	(6)	194
Accounts payable	(89)	(76)
Pensions and retiree benefits obligations	483	430
Pensions and retiree benefits contributions	(450)	(502)
Accrued taxes	(34)	66
Accrued interest	19
Superfund and environmental remediation costs (net)	1
Deferred charges, noncurrent assets and other regulatory assets	116	125
Deferred credits and other regulatory liabilities	73	140
Other liabilities	(4)	(18)
NET CASH FLOWS FROM OPERATING ACTIVITIES	1,247	1,589
INVESTING ACTIVITIES
Utility construction expenditures	(1,030)	(952)
Cost of removal less salvage	(85)	(81)
Non-utility construction expenditures	(43)	(50)
Proceeds from investment tax credits and grants related to renewable energy investments	25	4
Net investment in Pilesgrove solar project and other	28
Loan to affiliate		(50)
NET CASH FLOWS USED IN INVESTING ACTIVITIES	(1,105)	(1,129)
FINANCING ACTIVITIES
Net proceeds from short-term debt	800
Preferred stock redemption	(239)
Retirement of long-term debt	(2)	(3)
Issuance of long-term debt	400
Issuance of common shares for stock plans, net of repurchases	(12)	49
Debt issuance costs	(4)
Common stock dividends	(349)	(346)
Preferred stock dividends	(3)	(6)
NET CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES	591	(306)
CASH AND TEMPORARY CASH INVESTMENTS:
NET CHANGE FOR THE PERIOD	733	154
BALANCE AT BEGINNING OF PERIOD	648	338
BALANCE AT END OF PERIOD	1,381	492
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest	281	282
Income taxes	45	(155)
CECONY
OPERATING ACTIVITIES
Net Income	439	432
PRINCIPAL NON-CASH CHARGES/(CREDITS) TO INCOME
Depreciation and amortization	439	410
Deferred income taxes	106	146
Rate case amortization and accruals	22	29
Common equity component of allowance for funds used during construction	(1)	(5)
Other non-cash items (net)	(37)	37
CHANGES IN ASSETS AND LIABILITIES
Accounts receivable - customers, less allowance for uncollectibles	63	74
Materials and supplies, including fuel oil and gas in storage	18	36
Other receivables and other current assets	(8)	207
Prepayments	5	9
Accounts payable	(57)	(56)
Pensions and retiree benefits obligations	422	393
Pensions and retiree benefits contributions	(450)	(502)
Accrued taxes	(3)	21
Accrued interest	7
Superfund and environmental remediation costs (net)	(1)
Deferred charges, noncurrent assets and other regulatory assets	59	65
Deferred credits and other regulatory liabilities	70	138
Other liabilities	12	(9)
NET CASH FLOWS FROM OPERATING ACTIVITIES	1,105	1,425
INVESTING ACTIVITIES
Utility construction expenditures	(974)	(905)
Cost of removal less salvage	(83)	(78)
NET CASH FLOWS USED IN INVESTING ACTIVITIES	(1,057)	(983)
FINANCING ACTIVITIES
Net proceeds from short-term debt	800
Preferred stock redemption	(239)
Issuance of long-term debt	400
Debt issuance costs	(4)
Dividend to parent	(341)	(340)
Preferred stock dividends	(3)	(6)
NET CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES	613	(346)
CASH AND TEMPORARY CASH INVESTMENTS:
NET CHANGE FOR THE PERIOD	661	96
BALANCE AT BEGINNING OF PERIOD	372	78
BALANCE AT END OF PERIOD	1,033	174
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest	252	253
Income taxes	$ 45	$ (128)

Consolidated Balance Sheet (USD $) In Millions, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
NON-UTILITY PLANT
Non-utility property	$ 102	$ 89
Construction work in progress	48	39
NET PLANT	25,734	25,093
OTHER NONCURRENT ASSETS
Goodwill	429	429
Intangible assets, less accumulated amortization of $4 and $3 in 2012 and 2011, respectively	3	3
Regulatory assets	9,078	9,337
Other deferred charges and noncurrent assets	252	259
TOTAL OTHER NONCURRENT ASSETS	9,762	10,028
TOTAL ASSETS	40,049	39,214
CURRENT ASSETS
Cash and temporary cash investments	1,381	648
Accounts receivable - customers	1,034	1,123
Other receivables	228	303
Accrued unbilled revenue	493	474
Fuel oil, gas in storage, materials and supplies, at average cost	337	356
Prepayments	151	145
Regulatory assets	127	164
Deferred tax assets - current	136	266
Other current assets	215	159
TOTAL CURRENT ASSETS	4,102	3,638
INVESTMENTS	451	455
UTILITY PLANT, AT ORIGINAL COST
General	2,093	1,944
TOTAL	30,799	29,775
Less: Accumulated depreciation	6,263	6,051
Net	24,536	23,724
Construction work in progress	1,048	1,241
NET UTILITY PLANT	25,584	24,965
CURRENT LIABILITIES
Long-term debt due within one year	1,231	530
Notes payable	800
Accounts payable	813	955
Customer deposits	308	303
Accrued taxes	154	188
Accrued interest	179	160
Accrued wages	91	91
Fair value of derivative liabilities	110	169
Regulatory liabilities	233	118
Other current liabilities	461	473
TOTAL CURRENT LIABILITIES	4,380	2,987
NONCURRENT LIABILITIES
Obligations under capital leases	2	2
Provision for injuries and damages	158	181
Pensions and retiree benefits	4,385	4,835
Superfund and other environmental costs	539	489
Asset retirement obligations	147	145
Fair value of derivative liabilities	51	48
Other noncurrent liabilities	119	131
TOTAL NONCURRENT LIABILITIES	5,401	5,831
DEFERRED CREDITS AND REGULATORY LIABILITIES
Deferred income taxes and investment tax credits	7,743	7,563
Regulatory liabilities	1,029	977
Other deferred credits	77	64
TOTAL DEFERRED CREDITS AND REGULATORY LIABILITIES	8,849	8,604
LONG-TERM DEBT	9,840	10,143
SHAREHOLDER'S EQUITY
Common shareholder's equity (See Statement of Common Shareholder's Equity)	11,579	11,436
Preferred stock of subsidiary		213
TOTAL SHAREHOLDER'S EQUITY	11,579	11,649
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY	40,049	39,214
CECONY
NON-UTILITY PLANT
Non-utility property	5	6
NET PLANT	24,089	23,502
OTHER NONCURRENT ASSETS
Regulatory assets	8,457	8,661
Other deferred charges and noncurrent assets	214	217
TOTAL OTHER NONCURRENT ASSETS	8,671	8,878
TOTAL ASSETS	36,109	35,218
CURRENT ASSETS
Cash and temporary cash investments	1,033	372
Accounts receivable - customers	914	977
Other receivables	104	102
Accrued unbilled revenue	389	366
Accounts receivable from affiliated companies	46	54
Fuel oil, gas in storage, materials and supplies, at average cost	290	308
Prepayments	80	85
Regulatory assets	104	140
Deferred tax assets - current	81	157
Other current assets	115	100
TOTAL CURRENT ASSETS	3,156	2,661
INVESTMENTS	193	177
UTILITY PLANT, AT ORIGINAL COST
General	1,933	1,785
TOTAL	28,820	27,854
Less: Accumulated depreciation	5,718	5,523
Net	23,102	22,331
Construction work in progress	982	1,165
NET UTILITY PLANT	24,084	23,496
CURRENT LIABILITIES
Long-term debt due within one year	1,225	525
Notes payable	800
Accounts payable	666	774
Accounts payable to affiliated companies	20	16
Customer deposits	296	290
Accrued taxes	19	32
Accrued taxes to affiliated companies	136	126
Accrued interest	140	133
Accrued wages	83	81
Fair value of derivative liabilities	62	98
Regulatory liabilities	202	79
Other current liabilities	393	396
TOTAL CURRENT LIABILITIES	4,042	2,550
NONCURRENT LIABILITIES
Obligations under capital leases	2	2
Provision for injuries and damages	151	173
Pensions and retiree benefits	3,917	4,337
Superfund and other environmental costs	423	373
Asset retirement obligations	147	145
Fair value of derivative liabilities	22	24
Other noncurrent liabilities	111	120
TOTAL NONCURRENT LIABILITIES	4,773	5,174
DEFERRED CREDITS AND REGULATORY LIABILITIES
Deferred income taxes and investment tax credits	7,081	6,921
Regulatory liabilities	906	861
Other deferred credits	74	61
TOTAL DEFERRED CREDITS AND REGULATORY LIABILITIES	8,061	7,843
LONG-TERM DEBT	8,919	9,220
SHAREHOLDER'S EQUITY
Common shareholder's equity (See Statement of Common Shareholder's Equity)	10,314	10,218
Preferred stock of subsidiary		213
TOTAL SHAREHOLDER'S EQUITY	10,314	10,431
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY	36,109	35,218
Electric Transmission [Member]
UTILITY PLANT, AT ORIGINAL COST
Utility plant, at original cost	21,757	21,114
Electric Transmission [Member] \| CECONY
UTILITY PLANT, AT ORIGINAL COST
Utility plant, at original cost	20,492	19,886
Gas Transmission [Member]
UTILITY PLANT, AT ORIGINAL COST
Utility plant, at original cost	4,930	4,734
Gas Transmission [Member] \| CECONY
UTILITY PLANT, AT ORIGINAL COST
Utility plant, at original cost	4,376	4,200
Steam Plant [Member]
UTILITY PLANT, AT ORIGINAL COST
Utility plant, at original cost	2,019	1,983
Steam Plant [Member] \| CECONY
UTILITY PLANT, AT ORIGINAL COST
Utility plant, at original cost	$ 2,019	$ 1,983

Consolidated Balance Sheet (Parenthetical) (USD $) In Millions, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Accounts receivable - customers, allowance for uncollectible accounts	$ 86	$ 87
Other receivables, allowance for uncollectible accounts	10	10
Non-utility property, accumulated depreciation	64	59
Intangible assets, accumulated amortization	4	3
CECONY
Accounts receivable - customers, allowance for uncollectible accounts	79	79
Other receivables, allowance for uncollectible accounts	9	9
Non-utility property, accumulated depreciation	$ 24	$ 24

Summary of Significant Accounting Policies

The cumulative amount of depreciation, depletion and amortization (related to property, plant and equipment, but not including land) that has been recognized in the income statement.

+ References+ Details

Statement of Shareholders' Equity (USD $) In Millions	Total	CECONY	Common Stock [Member]	Common Stock [Member] CECONY	Additional Paid-in Capital [Member]	Additional Paid-in Capital [Member] CECONY	Retained Earnings [Member]	Retained Earnings [Member] CECONY	Treasury Stock [Member]	Capital Stock Expense [Member]	Capital Stock Expense [Member] CECONY	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Other Comprehensive Income (Loss) [Member] CECONY	Repurchased Con Edison Stock [Member] CECONY
BALANCE at Dec. 31, 2010	$ 11,061	$ 9,923	$ 31	$ 589	$ 4,915	$ 4,234	$ 7,220	$ 6,132	$ (1,001)	$ (64)	$ (64)	$ (40)	$ (6)	$ (962)
BALANCE (In Shares) at Dec. 31, 2010			291,616,334	235,488,094					23,210,700
Net income for common stock	311						311
Net Income		271						271
Common stock dividend to parent	(175)	(170)					(175)	(170)
Issuance of common shares - dividend reinvestment and employee stock plans (In Shares)			656,049
Cumulative preferred dividends		(3)						(3)
Issuance of common shares - dividend reinvestment and employee stock plans	31		1		30
Other comprehensive income	3											3
BALANCE at Mar. 31, 2011	11,231	10,021	32	589	4,945	4,234	7,356	6,230		(64)	(64)	(37)	(6)	(962)
BALANCE (In Shares) at Mar. 31, 2011			292,272,383	235,488,094
BALANCE at Dec. 31, 2010	11,061	9,923		589		4,234			(1,001)	(64)	(64)		(6)	(962)
BALANCE (In Shares) at Dec. 31, 2010				235,488,094					23,210,700
Net income for common stock	477	426
Net Income	483	432
Cumulative preferred dividends	6
BALANCE at Jun. 30, 2011	11,251	10,008		589		4,234				(64)	(64)		(6)	(962)
BALANCE (In Shares) at Jun. 30, 2011				235,488,094
BALANCE at Mar. 31, 2011	11,231	10,021	32	589	4,945	4,234	7,356	6,230	(1,001)	(64)	(64)	(37)	(6)	(962)
BALANCE (In Shares) at Mar. 31, 2011			292,272,383	235,488,094					23,210,700
Net income for common stock	165	157					165
Net Income	168	160						160
Common stock dividend to parent	(175)	(170)					(175)	(170)
Issuance of common shares - dividend reinvestment and employee stock plans (In Shares)			603,513						(182,942)
Cumulative preferred dividends	3	(3)						(3)
Issuance of common shares - dividend reinvestment and employee stock plans	37				32				5
Common stock repurchases (In Shares)									178,942
Common stock repurchases	(9)								(9)
Other comprehensive income	2											2
BALANCE at Jun. 30, 2011	11,251	10,008	32	589	4,977	4,234	7,346	6,217	(1,005)	(64)	(64)	(35)	(6)	(962)
BALANCE (In Shares) at Jun. 30, 2011			292,875,896	235,488,094					23,206,700
BALANCE at Dec. 31, 2011	11,436	10,218	32	589	4,991	4,234	7,568	6,429	(1,033)	(64)	(64)	(58)	(8)	(962)
BALANCE (In Shares) at Dec. 31, 2011			292,888,521	235,488,094					23,194,075
Net income for common stock	277						277
Net Income		276						276
Common stock dividend to parent	(177)	(171)					(177)	(171)
Issuance of common shares - dividend reinvestment and employee stock plans (In Shares)			(7,225)						7,225
Cumulative preferred dividends		(3)						(3)
Issuance of common shares - dividend reinvestment and employee stock plans	(2)								(2)
Preferred stock redemption	4	4								4	4
Other comprehensive income	7											7
BALANCE at Mar. 31, 2012	11,545	10,324	32	589	4,991	4,234	7,668	6,531	(1,035)	(60)	(60)	(51)		(962)
BALANCE (In Shares) at Mar. 31, 2012			292,881,296	235,488,094					23,201,300
BALANCE at Dec. 31, 2011	11,436	10,218		589	4,991	4,234							(8)	(962)
BALANCE (In Shares) at Dec. 31, 2011				235,488,094
Net income for common stock	491	436
Net Income	494	439
Cumulative preferred dividends	3
BALANCE at Jun. 30, 2012	11,579	10,314		589	4,991	4,234					(60)			(962)
BALANCE (In Shares) at Jun. 30, 2012				235,488,094
BALANCE at Mar. 31, 2012	11,545	10,324	32	589	4,991	4,234	7,668	6,531	(1,035)	(60)		(51)	(8)	(962)
BALANCE (In Shares) at Mar. 31, 2012			292,881,296	235,488,094					23,201,300
Net income for common stock	214	163					214
Net Income	214	163						163
Common stock dividend to parent	(178)	(171)					(178)	(171)
Issuance of common shares - dividend reinvestment and employee stock plans	(1)		1,700						(1,700)	(1)
Other comprehensive income	(1)	(2)										(1)	(2)
BALANCE at Jun. 30, 2012	$ 11,579	$ 10,314	$ 32	$ 589	$ 4,991	$ 4,234	$ 7,704	$ 6,523	$ (1,035)	$ (61)	$ (60)	$ (52)	$ (10)	$ (962)
BALANCE (In Shares) at Jun. 30, 2012			292,882,996	235,488,094					23,199,600

General	6 Months Ended
General	Jun. 30, 2012
General	General These combined notes accompany and form an integral part of the separate consolidated financial statements of each of the two separate registrants: Consolidated Edison, Inc. and its subsidiaries (Con Edison) and Consolidated Edison Company of New York, Inc. and its subsidiaries (CECONY). CECONY is a subsidiary of Con Edison and as such its financial condition and results of operations and cash flows, which are presented separately in the CECONY consolidated financial statements, are also consolidated, along with those of Con Edison’s other utility subsidiary, Orange and Rockland Utilities, Inc. (O&R), and Con Edison’s competitive energy businesses (discussed below) in Con Edison’s consolidated financial statements. The term “Utilities” is used in these notes to refer to CECONY and O&R. As used in these notes, the term “Companies” refers to Con Edison and CECONY and, except as otherwise noted, the information in these combined notes relates to each of the Companies. However, CECONY makes no representation as to information relating to Con Edison or the subsidiaries of Con Edison other than itself. The separate interim consolidated financial statements of each of the Companies are unaudited but, in the opinion of their respective managements, reflect all adjustments (which include only normally recurring adjustments) necessary for a fair presentation of the results for the interim periods presented. The Companies’ separate interim consolidated financial statements should be read together with their separate audited financial statements (including the combined notes thereto) included in Item 8 of their combined Annual Report on Form 10-K for the year ended December 31, 2011 and their separate unaudited financial statements (including the combined notes thereto) included in Part I, Item 1 of their combined Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2012. Certain prior period amounts have been reclassified to conform to the current period presentation. Con Edison has two regulated utility subsidiaries: CECONY and O&R. CECONY provides electric service and gas service in New York City and Westchester County. The company also provides steam service in parts of Manhattan. O&R, along with its regulated utility subsidiaries, provides electric service in southeastern New York and adjacent areas of northern New Jersey and eastern Pennsylvania and gas service in southeastern New York and adjacent areas of eastern Pennsylvania. Con Edison has the following competitive energy businesses: Consolidated Edison Solutions, Inc. (Con Edison Solutions), a retail energy services company that sells electricity and also offers energy-related services; Consolidated Edison Energy, Inc. (Con Edison Energy), a wholesale energy supply and services company; and Consolidated Edison Development, Inc. (Con Edison Development), a company that develops and participates in infrastructure projects.
CECONY
General	General These combined notes accompany and form an integral part of the separate consolidated financial statements of each of the two separate registrants: Consolidated Edison, Inc. and its subsidiaries (Con Edison) and Consolidated Edison Company of New York, Inc. and its subsidiaries (CECONY). CECONY is a subsidiary of Con Edison and as such its financial condition and results of operations and cash flows, which are presented separately in the CECONY consolidated financial statements, are also consolidated, along with those of Con Edison’s other utility subsidiary, Orange and Rockland Utilities, Inc. (O&R), and Con Edison’s competitive energy businesses (discussed below) in Con Edison’s consolidated financial statements. The term “Utilities” is used in these notes to refer to CECONY and O&R. As used in these notes, the term “Companies” refers to Con Edison and CECONY and, except as otherwise noted, the information in these combined notes relates to each of the Companies. However, CECONY makes no representation as to information relating to Con Edison or the subsidiaries of Con Edison other than itself. The separate interim consolidated financial statements of each of the Companies are unaudited but, in the opinion of their respective managements, reflect all adjustments (which include only normally recurring adjustments) necessary for a fair presentation of the results for the interim periods presented. The Companies’ separate interim consolidated financial statements should be read together with their separate audited financial statements (including the combined notes thereto) included in Item 8 of their combined Annual Report on Form 10-K for the year ended December 31, 2011 and their separate unaudited financial statements (including the combined notes thereto) included in Part I, Item 1 of their combined Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2012. Certain prior period amounts have been reclassified to conform to the current period presentation. Con Edison has two regulated utility subsidiaries: CECONY and O&R. CECONY provides electric service and gas service in New York City and Westchester County. The company also provides steam service in parts of Manhattan. O&R, along with its regulated utility subsidiaries, provides electric service in southeastern New York and adjacent areas of northern New Jersey and eastern Pennsylvania and gas service in southeastern New York and adjacent areas of eastern Pennsylvania. Con Edison has the following competitive energy businesses: Consolidated Edison Solutions, Inc. (Con Edison Solutions), a retail energy services company that sells electricity and also offers energy-related services; Consolidated Edison Energy, Inc. (Con Edison Energy), a wholesale energy supply and services company; and Consolidated Edison Development, Inc. (Con Edison Development), a company that develops and participates in infrastructure projects.

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2012

Note A — Summary of Significant Accounting Policies

Earnings Per Common Share

For the three and six months ended June 30, 2012 and 2011, basic and diluted EPS for Con Edison are calculated as follows:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
*(Millions of Dollars, except per share amounts/Shares in Millions)*	2012		2011		2012		2011
Net income for common stock		$ 214		$ 165		$ 491		$ 477
Weighted average common shares outstanding – Basic		292.9		292.7		292.9		292.3
Add: Incremental shares attributable to effect of potentially dilutive securities		1.5		1.6		1.5		1.6
Adjusted weighted average common shares outstanding – Diluted		294.4		294.3		294.4		293.9
Net income for common stock per common share – basic		$ 0.73		$ 0.57		$ 1.68		$ 1.63
Net income for common stock per common share – diluted		$ 0.73		$ 0.56		$ 1.67		$ 1.62

CECONY

Summary of Significant Accounting Policies

Note A — Summary of Significant Accounting Policies

Earnings Per Common Share

For the three and six months ended June 30, 2012 and 2011, basic and diluted EPS for Con Edison are calculated as follows:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
*(Millions of Dollars, except per share amounts/Shares in Millions)*	2012		2011		2012		2011
Net income for common stock		$ 214		$ 165		$ 491		$ 477
Weighted average common shares outstanding – Basic		292.9		292.7		292.9		292.3
Add: Incremental shares attributable to effect of potentially dilutive securities		1.5		1.6		1.5		1.6
Adjusted weighted average common shares outstanding – Diluted		294.4		294.3		294.4		293.9
Net income for common stock per common share – basic		$ 0.73		$ 0.57		$ 1.68		$ 1.63
Net income for common stock per common share – diluted		$ 0.73		$ 0.56		$ 1.67		$ 1.62

The entire disclosure for all significant accounting policies of the reporting entity.

+ References+ Details

Regulatory Matters

6 Months Ended

Jun. 30, 2012

Regulatory Matters

Note B — Regulatory Matters

Rate Agreements

CECONY — Electric

In March 2012, the NYSPSC issued an order requiring that the $134 million surcharge that was to have been collected from customers during the rate year ending March 2013 instead be offset using certain CECONY regulatory liabilities that would have otherwise been refundable to or applied for the benefit of customers after the rate year.

O&R — Electric

On February 24, 2012, O&R, the staff of the NYSPSC and the Utility Intervention Unit of New York State’s Division of Consumer Protection entered into a Joint Proposal with respect to the Company’s rates for electric delivery service rendered in New York. The Joint Proposal, which the NYSPSC approved in June 2012, covers the three-year period from July 2012 through June 2015. The Joint Proposal provides for electric base rate increases of $19.4 million, $8.8 million and $15.2 million, effective July 2012, 2013 and 2014, respectively, which is being implemented, at the NYSPSC’s option, with increases of $15.2 million effective July 2012 and 2013 and an increase of $13.1 million, together with a surcharge of $2.1 million, effective July 2014. The Joint Proposal reflects the following major items:

•

a weighted average cost of capital of 7.61 percent, 7.65 percent and 7.48 percent for the rate years ending June 30, 2013, 2014 and 2015, respectively, reflecting:

•

a return on common equity of 9.4 percent, 9.5 percent and 9.6 percent for the rate years ending June 30, 2013, 2014 and 2015, respectively;

•

cost of long-term debt of 6.07 percent for each of the rate years ending June 30, 2013 and 2014 and 5.64 percent for the rate year ending June 30, 2015;

•

common equity ratio of 48 percent for each of the rate years ending June 30, 2013, 2014 and 2015; and

•

average rate base of $671 million, $708 million and $759 million for the rate years ending June 30, 2013, 2014 and 2015, respectively;

•

sharing with electric customers of any actual earnings, excluding the effects of any penalties and certain other items, above specified percentage returns on common equity (based on the actual average common equity ratio, subject to a 50 percent maximum):

•

the company will allocate to customers the revenue requirement equivalent of 50 percent, 75 percent and 90 percent of any such earnings for each rate year in excess of 80 basis points, 180 basis points and 280 basis points, respectively, above the return on common equity for that rate year indicated above; and

•

the earnings sharing allocation between the company and customers will be done on a cumulative basis at the end of rate year three;

•

continuation of a revenue decoupling mechanism;

•

continuation of a provision which defers as a regulatory liability for the benefit of customers or, subject to certain limitations, a regulatory asset for recovery from customers, as the case may be, the revenue requirement impact of the amount by which actual average net utility plant for each rate year is different than the average net utility plant reflected in rates ($678 million, $704 million and $753 million for the rate years ending June 30, 2013, 2014 and 2015, respectively);

•

continuation of the rate provisions pursuant to which the company recovers its purchased power costs from customers;

•

continuation of rate provisions under which pension and other post-retirement benefit expenses, environmental remediation expenses, tax-exempt debt costs, property taxes and certain other expenses are reconciled to amounts for those expenses reflected in rates; and

•

continuation of provisions for potential operations penalties of up to $3 million annually if certain customer service and system reliability performance targets are not met.

Other Regulatory Matters

In February 2009, the NYSPSC commenced a proceeding to examine the prudence of certain CECONY expenditures (see “Investigations of Vendor Payments” in Note H). Pursuant to NYSPSC orders, a portion of the company’s revenues (currently, $249 million, $32 million and $6 million on an annual basis for electric, gas and steam service, respectively) is being collected subject to potential refund to customers. At June 30, 2012, the company had collected an estimated $959 million from customers subject to potential refund in connection with this proceeding. In October 2010, a NYSPSC consultant reported its $21 million provisional assessment, which the company has disputed, of potential overcharges for construction work. The potential overcharges related to transactions that involved certain employees who were arrested and a contractor that performed work for the company. The NYSPSC’s consultant is expected to continue to review the company’s expenditures. At June 30, 2012, the company had a $15 million regulatory liability relating to this matter. The company is unable to estimate the amount, if any, by which any refund required by the NYSPSC may exceed this regulatory liability.

In February 2011, the NYSPSC initiated a proceeding to examine the existing mechanisms pursuant to which utilities recover site investigation and remediation costs and possible alternatives. See Note G.

Regulatory Assets and Liabilities

Regulatory assets and liabilities at June 30, 2012 and December 31, 2011 were comprised of the following items:


	Con Edison				CECONY
*(Millions of Dollars)*	2012		2011		2012		2011
Regulatory assets
Unrecognized pension and other postretirement costs		$5,407		$5,852		$5,159		$5,554
Future income tax		1,874		1,798		1,796		1,724
Environmental remediation costs		730		681		615		564
Pension and other postretirement benefits deferrals		214		198		183		157
Revenue taxes		169		163		163		158
Deferred storm costs		121		128		78		80
Net electric deferrals		111		121		111		121
Surcharge for New York State assessment		87		90		80		82
Deferred derivative losses – long-term		70		60		45		44
O&R transition bond charges		42		44		—		—
Preferred stock redemption		30		—		30		—
Workers’ compensation		21		23		20		23
Property tax reconciliation		13		13		—		—
Recoverable energy costs – long-term		—		14		—		14
Other		189		152		177		140
Regulatory assets – long-term		9,078		9,337		8,457		8,661
Deferred derivative losses – current		126		164		104		140
Recoverable energy costs – current		1		—		—		—
Regulatory assets – current		127		164		104		140
Total Regulatory Assets		$9,205		$9,501		$8,561		$8,801
Regulatory liabilities
Allowance for cost of removal less salvage		$ 468		$ 448		$ 389		$ 372
Net unbilled revenue deferrals		140		104		140		104
Property tax reconciliation		97		35		97		35
World Trade Center settlement proceeds		72		62		72		62
Long-term interest rate reconciliation		46		30		46		30
Carrying charges on transmission and distribution net plant		41		38		19		14
Gas line losses		17		21		17		21
Expenditure prudence proceeding		15		11		15		11
Energy efficiency programs		8		22		5		20
Other		125		206		106		192
Regulatory liabilities – long-term		1,029		977		906		861
Electric surcharge offset		104		—		104		—
Refundable energy costs – current		69		51		38		12
Revenue decoupling mechanism		59		66		59		66
Deferred derivative gains – current		1		1		1		1
Regulatory liabilities – current		233		118		202		79
Total Regulatory Liabilities		$1,262		$1,095		$1,108		$ 940

CECONY

Regulatory Matters

Note B — Regulatory Matters

Rate Agreements

CECONY — Electric

O&R — Electric

•

a weighted average cost of capital of 7.61 percent, 7.65 percent and 7.48 percent for the rate years ending June 30, 2013, 2014 and 2015, respectively, reflecting:

•

a return on common equity of 9.4 percent, 9.5 percent and 9.6 percent for the rate years ending June 30, 2013, 2014 and 2015, respectively;

•

cost of long-term debt of 6.07 percent for each of the rate years ending June 30, 2013 and 2014 and 5.64 percent for the rate year ending June 30, 2015;

•

common equity ratio of 48 percent for each of the rate years ending June 30, 2013, 2014 and 2015; and

•

average rate base of $671 million, $708 million and $759 million for the rate years ending June 30, 2013, 2014 and 2015, respectively;

•

the earnings sharing allocation between the company and customers will be done on a cumulative basis at the end of rate year three;

•

continuation of a revenue decoupling mechanism;

•

continuation of the rate provisions pursuant to which the company recovers its purchased power costs from customers;

•

continuation of provisions for potential operations penalties of up to $3 million annually if certain customer service and system reliability performance targets are not met.

Other Regulatory Matters

Regulatory Assets and Liabilities

Regulatory assets and liabilities at June 30, 2012 and December 31, 2011 were comprised of the following items:


	Con Edison				CECONY
*(Millions of Dollars)*	2012		2011		2012		2011
Regulatory assets
Unrecognized pension and other postretirement costs		$5,407		$5,852		$5,159		$5,554
Future income tax		1,874		1,798		1,796		1,724
Environmental remediation costs		730		681		615		564
Pension and other postretirement benefits deferrals		214		198		183		157
Revenue taxes		169		163		163		158
Deferred storm costs		121		128		78		80
Net electric deferrals		111		121		111		121
Surcharge for New York State assessment		87		90		80		82
Deferred derivative losses – long-term		70		60		45		44
O&R transition bond charges		42		44		—		—
Preferred stock redemption		30		—		30		—
Workers’ compensation		21		23		20		23
Property tax reconciliation		13		13		—		—
Recoverable energy costs – long-term		—		14		—		14
Other		189		152		177		140
Regulatory assets – long-term		9,078		9,337		8,457		8,661
Deferred derivative losses – current		126		164		104		140
Recoverable energy costs – current		1		—		—		—
Regulatory assets – current		127		164		104		140
Total Regulatory Assets		$9,205		$9,501		$8,561		$8,801
Regulatory liabilities
Allowance for cost of removal less salvage		$ 468		$ 448		$ 389		$ 372
Net unbilled revenue deferrals		140		104		140		104
Property tax reconciliation		97		35		97		35
World Trade Center settlement proceeds		72		62		72		62
Long-term interest rate reconciliation		46		30		46		30
Carrying charges on transmission and distribution net plant		41		38		19		14
Gas line losses		17		21		17		21
Expenditure prudence proceeding		15		11		15		11
Energy efficiency programs		8		22		5		20
Other		125		206		106		192
Regulatory liabilities – long-term		1,029		977		906		861
Electric surcharge offset		104		—		104		—
Refundable energy costs – current		69		51		38		12
Revenue decoupling mechanism		59		66		59		66
Deferred derivative gains – current		1		1		1		1
Regulatory liabilities – current		233		118		202		79
Total Regulatory Liabilities		$1,262		$1,095		$1,108		$ 940

Capitalization

6 Months Ended

Jun. 30, 2012

Capitalization

Note C — Capitalization

In March 2012, CECONY issued $400 million of 4.20 percent 30-year debentures, $239 million of the net proceeds from the sale of which were used to redeem on May 1, 2012 all outstanding shares of its $5 Cumulative Preferred Stock and Cumulative Preferred Stock ($100 par value).

The carrying amounts and fair values of long-term debt are:


*(Millions of Dollars)*	June 30, 2012				December 31, 2011
Long-Term Debt (including current portion)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Con Edison		$11,071		$13,310		$10,673		$12,744
CECONY		$10,144		$12,135		$ 9,745		$11,593

Fair values of long-term debt have been estimated primarily using available market information. For Con Edison, $12,674 million and $636 million of the fair value of long-term debt at June 30, 2012 are classified as Level 2 and Level 3, respectively. For CECONY, $11,499 million and $636 million of the fair value of long-term debt at June 30, 2012 are classified as Level 2 and Level 3, respectively (see Note K). The $636 million of long-term debt classified as Level 3 is CECONY’s tax-exempt, auction-rate securities for which the market is highly illiquid and there is a lack of observable inputs.

CECONY

Capitalization

Note C — Capitalization

The carrying amounts and fair values of long-term debt are:


*(Millions of Dollars)*	June 30, 2012				December 31, 2011
Long-Term Debt (including current portion)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Con Edison		$11,071		$13,310		$10,673		$12,744
CECONY		$10,144		$12,135		$ 9,745		$11,593

Short-Term Borrowing	6 Months Ended
Short-Term Borrowing	Jun. 30, 2012
Short-Term Borrowing	Note D — Short-Term Borrowing At June 30, 2012, Con Edison had $800 million of commercial paper outstanding, all of which was outstanding under CECONY’s program. The weighted average interest rate was 0.4 percent for each of Con Edison and CECONY. The Companies have not borrowed under their October 2011 credit agreement. Con Edison had $252 million of letters of credit outstanding under the credit agreement (including $237 million for CECONY).
CECONY
Short-Term Borrowing	Note D — Short-Term Borrowing At June 30, 2012, Con Edison had $800 million of commercial paper outstanding, all of which was outstanding under CECONY’s program. The weighted average interest rate was 0.4 percent for each of Con Edison and CECONY. The Companies have not borrowed under their October 2011 credit agreement. Con Edison had $252 million of letters of credit outstanding under the credit agreement (including $237 million for CECONY).

The entire disclosure for short-term debt.

+ References+ Details

Pension Benefits

6 Months Ended

Jun. 30, 2012

Pension Benefits

Note E — Pension Benefits

Net Periodic Benefit Cost

The components of the Companies’ net periodic benefit costs for the three and six months ended June 30, 2012 and 2011 were as follows:


	For the Three Months Ended June 30,
	Con Edison						CECONY
*(Millions of Dollars)*	2012			2011			2012			2011
Service cost – including administrative expenses		$ 59			$ 47			$ 55			$ 44
Interest cost on projected benefit obligation		137			140			128			131
Expected return on plan assets		(177	)		(183	)		(168	)		(175	)
Amortization of net actuarial loss		177			132			168			125
Amortization of prior service costs		2			2			2			2
NET PERIODIC BENEFIT COST		$ 198			$ 138			$ 185			$ 127
Amortization of regulatory asset		1			1			1			1
TOTAL PERIODIC BENEFIT COST		$ 199			$ 139			$ 186			$ 128
Cost capitalized		(68	)		(48	)		(63	)		(45	)
Reconciliation to rate level		3			(6	)		2			(7	)
Cost charged to operating expenses		$ 134			$ 85			$ 125			$ 76


	For the Six Months Ended June 30,
	Con Edison						CECONY
*(Millions of Dollars)*	2012			2011			2012			2011
Service cost – including administrative expenses		$ 118			$ 94			$ 110			$ 88
Interest cost on projected benefit obligation		274			280			257			262
Expected return on plan assets		(352	)		(366	)		(335	)		(350	)
Amortization of net actuarial loss		354			264			335			250
Amortization of prior service costs		4			4			3			4
NET PERIODIC BENEFIT COST		$ 398			$ 276			$ 370			$ 254
Amortization of regulatory asset		1			1			1			1
TOTAL PERIODIC BENEFIT COST		$ 399			$ 277			$ 371			$ 255
Cost capitalized		(135	)		(96	)		(126	)		(89	)
Reconciliation to rate level		(32	)		(57	)		(36	)		(59	)
Cost charged to operating expenses		$ 232			$ 124			$ 209			$ 107

Expected Contributions

The Companies expect to make contributions to the pension plan during 2012 of $775 million (of which $721 million is to be contributed by CECONY). During the first six months of 2012, CECONY contributed $438 million to the pension plan and also funded $12 million for the non-qualified supplemental plan. The Companies’ policy is to fund their accounting cost to the extent tax deductible.

CECONY

Pension Benefits

Note E — Pension Benefits

Net Periodic Benefit Cost

The components of the Companies’ net periodic benefit costs for the three and six months ended June 30, 2012 and 2011 were as follows:


	For the Three Months Ended June 30,
	Con Edison						CECONY
*(Millions of Dollars)*	2012			2011			2012			2011
Service cost – including administrative expenses		$ 59			$ 47			$ 55			$ 44
Interest cost on projected benefit obligation		137			140			128			131
Expected return on plan assets		(177	)		(183	)		(168	)		(175	)
Amortization of net actuarial loss		177			132			168			125
Amortization of prior service costs		2			2			2			2
NET PERIODIC BENEFIT COST		$ 198			$ 138			$ 185			$ 127
Amortization of regulatory asset		1			1			1			1
TOTAL PERIODIC BENEFIT COST		$ 199			$ 139			$ 186			$ 128
Cost capitalized		(68	)		(48	)		(63	)		(45	)
Reconciliation to rate level		3			(6	)		2			(7	)
Cost charged to operating expenses		$ 134			$ 85			$ 125			$ 76


	For the Six Months Ended June 30,
	Con Edison						CECONY
*(Millions of Dollars)*	2012			2011			2012			2011
Service cost – including administrative expenses		$ 118			$ 94			$ 110			$ 88
Interest cost on projected benefit obligation		274			280			257			262
Expected return on plan assets		(352	)		(366	)		(335	)		(350	)
Amortization of net actuarial loss		354			264			335			250
Amortization of prior service costs		4			4			3			4
NET PERIODIC BENEFIT COST		$ 398			$ 276			$ 370			$ 254
Amortization of regulatory asset		1			1			1			1
TOTAL PERIODIC BENEFIT COST		$ 399			$ 277			$ 371			$ 255
Cost capitalized		(135	)		(96	)		(126	)		(89	)
Reconciliation to rate level		(32	)		(57	)		(36	)		(59	)
Cost charged to operating expenses		$ 232			$ 124			$ 209			$ 107

Expected Contributions

The entire disclosure for pension and other postretirement benefits.

Other Postretirement Benefits

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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-Name Statement of Financial Accounting Standard (FAS)

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+ Details

Other Postretirement Benefits

6 Months Ended

Jun. 30, 2012

Note F — Other Postretirement Benefits

Net Periodic Benefit Cost

The components of the Companies’ net periodic postretirement benefit costs for the three and six months ended June 30, 2012 and 2011 were as follows:


	For the Three Months Ended June 30,
	Con Edison						CECONY
*(Millions of Dollars)*	2012			2011			2012			2011
Service cost		$ 6			$ 6			$ 5			$ 5
Interest cost on accumulated other postretirement benefit obligation		18			21			15			18
Expected return on plan assets		(21	)		(22	)		(18	)		(19	)
Amortization of net actuarial loss		24			22			21			20
Amortization of prior service cost		(5	)		(2	)		(4	)		(3	)
Amortization of transition obligation		1			1			1			1
NET PERIODIC POSTRETIREMENT BENEFIT COST		$ 23			$ 26			$ 20			$ 22
Cost capitalized		(8	)		(9	)		(7	)		(8	)
Reconciliation to rate level		5			4			4			4
Cost charged to operating expenses		$ 20			$ 21			$ 17			$ 18


	For the Six Months Ended June 30,
	Con Edison						CECONY
*(Millions of Dollars)*	2012			2011			2012			2011
Service cost		$ 13			$ 12			$ 10			$ 10
Interest cost on accumulated other postretirement benefit obligation		36			42			32			36
Expected return on plan assets		(42	)		(44	)		(38	)		(38	)
Amortization of net actuarial loss		49			44			44			40
Amortization of prior service cost		(11	)		(4	)		(9	)		(6	)
Amortization of transition obligation		1			2			1			2
NET PERIODIC POSTRETIREMENT BENEFIT COST		$ 46			$ 52			$ 40			$ 44
Cost capitalized		(16	)		(18	)		(14	)		(15	)
Reconciliation to rate level		14			9			8			7
Cost charged to operating expenses		$ 44			$ 43			$ 34			$ 36

Expected Contributions

Con Edison expects to make a contribution of $83 million, including $71 million for CECONY, to the other postretirement benefit plans in 2012.

The entire disclosure for postemployment benefits, which may include supplemental unemployment benefits, obligations recognized for all types of benefits provided to former or inactive employees, their beneficiaries, and covered dependents after employment but before retirement. Disclosure may also include discussion that an obligation for postemployment benefits is not accrued in accordance with regulation only because the amount cannot be reasonably estimated.

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Environmental Matters

6 Months Ended

Jun. 30, 2012

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 natural resource 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 investigate and, where determinable, 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, if remediation is necessary and if a reasonable estimate of such cost can be made. 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 June 30, 2012 and December 31, 2011 were as follows:


	Con Edison				CECONY
*(Millions of Dollars)*	2012		2011		2012		2011
Accrued Liabilities:
Manufactured gas plant sites		$469		$422		$354		$307
Other Superfund Sites		70		67		69		66
Total		$539		$489		$423		$373
Regulatory assets		$730		$681		$615		$564

Most of the accrued Superfund Site liability relates to sites that have been investigated, in whole or in part. However, for some of the sites, the extent and associated cost of the required remediation has not yet been determined. As investigations progress and information pertaining to the required remediation becomes available, the Utilities expect that additional liability may 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. In February 2011, the NYSPSC initiated a proceeding to examine the existing mechanisms pursuant to which utilities recover such costs and possible alternatives.

Environmental remediation costs incurred and insurance recoveries received related to Superfund Sites for the three and six months ended June 30, 2012 and 2011, were as follows:


	For the Three Months Ended June 30,
	Con Edison				CECONY
*(Millions of Dollars)*	2012		2011		2012		2011
Remediation costs incurred		$8		$10		$7		$8
Insurance recoveries received		—		—		—		—


	For the Six Months Ended June 30,
	Con Edison				CECONY
*(Millions of Dollars)*	2012		2011		2012		2011
Remediation costs incurred		$15		$16		$14		$14
Insurance recoveries received		—		—		—		—

In 2010, CECONY 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 $1.9 billion. In 2010, 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 $200 million. These estimates were based on the assumption that there is contamination at all sites, including those that have not yet been fully investigated and additional assumptions about the extent of the contamination and the type and extent of the 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 2010, CECONY estimated that its aggregate undiscounted potential liability for these suits and additional suits that may be brought over the next 15 years is $10 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, CECONY 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 June 30, 2012 and December 31, 2011 were as follows:


	Con Edison				CECONY
*(Millions of Dollars)*	2012		2011		2012		2011
Accrued liability – asbestos suits	$	10	$	10	$	10	$	10
Regulatory assets – asbestos suits	$	10	$	10	$	10	$	10
Accrued liability – workers’ compensation	$	95	$	98	$	91	$	93
Regulatory assets – workers’ compensation	$	21	$	23	$	20	$	23

CECONY

Environmental Matters

Note G — Environmental Matters

Superfund Sites

The accrued liabilities and regulatory assets related to Superfund Sites at June 30, 2012 and December 31, 2011 were as follows:


	Con Edison				CECONY
*(Millions of Dollars)*	2012		2011		2012		2011
Accrued Liabilities:
Manufactured gas plant sites		$469		$422		$354		$307
Other Superfund Sites		70		67		69		66
Total		$539		$489		$423		$373
Regulatory assets		$730		$681		$615		$564

Environmental remediation costs incurred and insurance recoveries received related to Superfund Sites for the three and six months ended June 30, 2012 and 2011, were as follows:


	For the Three Months Ended June 30,
	Con Edison				CECONY
*(Millions of Dollars)*	2012		2011		2012		2011
Remediation costs incurred		$8		$10		$7		$8
Insurance recoveries received		—		—		—		—


	For the Six Months Ended June 30,
	Con Edison				CECONY
*(Millions of Dollars)*	2012		2011		2012		2011
Remediation costs incurred		$15		$16		$14		$14
Insurance recoveries received		—		—		—		—

Asbestos Proceedings


	Con Edison				CECONY
*(Millions of Dollars)*	2012		2011		2012		2011
Accrued liability – asbestos suits	$	10	$	10	$	10	$	10
Regulatory assets – asbestos suits	$	10	$	10	$	10	$	10
Accrued liability – workers’ compensation	$	95	$	98	$	91	$	93
Regulatory assets – workers’ compensation	$	21	$	23	$	20	$	23

Other Material Contingencies

The entire disclosure for environmental loss contingencies, such as presence of hazardous waste, relevant information from reports issued by regulators, and estimated costs to achieve compliance with regulatory requirements. This element may be used for all of an entity's disclosures about environmental loss contingencies.

+ References+ Details

Other Material Contingencies

6 Months Ended

Jun. 30, 2012

Note H — Other Material Contingencies

Manhattan Steam Main Rupture

In July 2007, a CECONY 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 93 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.

Investigations of Vendor Payments

In January 2009, CECONY commenced an internal investigation relating to the arrests of certain employees and retired employees (all of whom have since been convicted) 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 has provided 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 NYSPSC 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 “Other Regulatory Matters” in Note B).

CECONY is also investigating the September 2010 arrest of a retired employee (who has since been convicted of participating in a bribery scheme in which the employee received payments from two companies that supplied materials to the company) and the January 2011 arrest of an employee (for accepting kickbacks from an engineering firm that performed work for the company). CECONY has provided information to governmental authorities in connection with their ongoing investigations of these matters.

The company, based upon its evaluation of its internal controls for 2011 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 investigations are 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.

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 investment in these leveraged leases was $(69) million at June 30, 2012 and $(55) million at December 31, 2011 and is comprised of a $228 million gross investment less $297 million of deferred tax liabilities at June 30, 2012 and $234 million gross investment less $289 million of deferred tax liabilities at December 31, 2011.

On audit of Con Edison’s tax return for 1997, the 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 appealed the decision in December 2011.

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 is pursuing administrative appeals of these audit level disallowances. In connection with its audit of Con Edison’s federal income tax returns for 2010, 2009 and 2008, the IRS has disallowed $40 million, $41 million and $42 million, respectively, of net tax deductions taken with respect to both of the LILO transactions. When these audit level disallowances become appealable, Con Edison intends to file an appeal of the disallowances.

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 June 30, 2012, in the aggregate, was $244 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 $118 million net of tax at June 30, 2012.

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 $795 million and $760 million at June 30, 2012 and December 31, 2011, respectively.

A summary, by type and term, of Con Edison’s total guarantees at June 30, 2012 is as follows:


Guarantee Type	0 – 3 years		4 – 10 years		> 10 years		Total
	*(Millions of Dollars)*
Energy transactions		$658		$12		$66		$736
Intra-company guarantees		15		—		1		16
Other guarantees		38		5		—		43
TOTAL		$711		$17		$67		$795

Energy Transactions — Con Edison guarantees payments on behalf of its competitive energy businesses in order to facilitate physical and financial transactions in gas, pipeline capacity, transportation, oil, electricity and energy services. To the extent that liabilities exist under the contracts subject to these guarantees, such liabilities are included in Con Edison’s consolidated balance sheet.

Intra-company Guarantees — Con Edison guarantees electricity sales made by Con Edison Energy and Con Edison Solutions to O&R and CECONY.

Other Guarantees — Con Edison and Con Edison Development also guarantee the following:

•

$7 million relates to guarantees issued by Con Edison to CECONY covering a former Con Edison subsidiary’s lease payment to use CECONY’s conduit system in accordance with a tariff approved by the NYSPSC and a guarantee issued by Con Edison to a landlord to guarantee the former subsidiary’s obligations under a building lease. The former subsidiary is obligated to reimburse Con Edison for any payments made under these guarantees. This obligation is fully secured by letters of credit;

•

$25 million for guarantees provided by Con Edison to Travelers Insurance Company for indemnity agreements for surety bonds in connection with energy service projects performed by Con Edison Solutions;

•

$11 million for guarantees provided by Con Edison Development to Travelers Insurance Company for indemnity agreements for surety bonds in connection with the construction and operation of solar facilities performed by its subsidiaries; and

•

Con Edison, on behalf of Con Edison Solutions, as a retail electric provider, issued a guarantee to the Public Utility Commission of Texas with no specified limitation on the amount guaranteed, covering the payment of all obligations of a retail electric provider. Con Edison’s estimate of the maximum potential obligation is $5 million as of June 30, 2012.

CECONY

Other Material Contingencies

Note H — Other Material Contingencies

Manhattan Steam Main Rupture

Investigations of Vendor Payments

Lease In/Lease Out Transactions

Guarantees

A summary, by type and term, of Con Edison’s total guarantees at June 30, 2012 is as follows:


Guarantee Type	0 – 3 years		4 – 10 years		> 10 years		Total
	*(Millions of Dollars)*
Energy transactions		$658		$12		$66		$736
Intra-company guarantees		15		—		1		16
Other guarantees		38		5		—		43
TOTAL		$711		$17		$67		$795

Intra-company Guarantees — Con Edison guarantees electricity sales made by Con Edison Energy and Con Edison Solutions to O&R and CECONY.

Other Guarantees — Con Edison and Con Edison Development also guarantee the following:

•

The entire disclosure for commitments and contingencies.

Financial Information by Business Segment

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+ Details

Financial Information by Business Segment

6 Months Ended

Jun. 30, 2012

Note I — Financial Information by Business Segment

The financial data for the business segments are as follows:


	For the Three Months Ended June 30,
	Operating revenues						Inter-segment revenues						Depreciation and amortization				Operating income
*(Millions of Dollars)*	2012			2011			2012			2011			2012		2011		2012			2011
CECONY
Electric		$1,961			$2,013			$ 4			$ 3			$175		$162		$348			$350
Gas		265			296			2			1			30		27		54			31
Steam		83			107			19			20			16		16		(22	)		(11	)
Consolidation adjustments		—			—			(25	)		(24	)		—		—		—			—
Total CECONY		$2,309			$2,416			$ —			$ —			$221		$205		$380			$370
O&R
Electric		$ 129			$ 141			$ —			$ —			$ 9		$ 8		$ 16			$ 14
Gas		35			37			—			—			4		4		1			1
Total O&R		$ 164			$ 178			$ —			$ —			$ 13		$ 12		$ 17			$ 15
Competitive energy businesses		$ 300			$ 406			$ 2			$ 2			$ 2		$ 2		$ 78			$ 14
Other*		(2	)		(7	)		(2	)		(2	)		—		—		—			(1	)
Total Con Edison		$2,771			$2,993			$ —			$ —			$236		$219		$475			$398

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


	For the Six Months Ended June 30,
	Operating revenues						Inter-segment revenues						Depreciation and amortization				Operating income
*(Millions of Dollars)*	2012			2011			2012			2011			2012		2011		2012			2011
CECONY
Electric		$3,696			$3,734			$ 7			$ 6			$348		$324		$ 573			$ 566
Gas		828			959			3			2			59		54		275			237
Steam		346			432			38			40			32		32		77			114
Consolidation adjustments		—			—			(48	)		(48	)		—		—		—			—
Total CECONY		$4,870			$5,125			$ —			$ —			$439		$410		$ 925			$ 917
O&R
Electric		$ 257			$ 289			$ —			$ —			$ 19		$ 17		$ 24			$ 25
Gas		117			130			—			—			7		7		31			28
Total O&R		$ 374			$ 419			$ —			$ —			$ 26		$ 24		$ 55			$ 53
Competitive energy businesses		$ 610			$ 814			$ 4			$ 5			$ 4		$ 3		$ 59			$ 58
Other*		(5	)		(16	)		(4	)		(5	)		—		—		(3	)		(4	)
Total Con Edison		$5,849			$6,342			$ —			$ —			$469		$437		$1,036			$1,024

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

CECONY

Financial Information by Business Segment

Note I — Financial Information by Business Segment

The financial data for the business segments are as follows:


	For the Three Months Ended June 30,
	Operating revenues						Inter-segment revenues						Depreciation and amortization				Operating income
*(Millions of Dollars)*	2012			2011			2012			2011			2012		2011		2012			2011
CECONY
Electric		$1,961			$2,013			$ 4			$ 3			$175		$162		$348			$350
Gas		265			296			2			1			30		27		54			31
Steam		83			107			19			20			16		16		(22	)		(11	)
Consolidation adjustments		—			—			(25	)		(24	)		—		—		—			—
Total CECONY		$2,309			$2,416			$ —			$ —			$221		$205		$380			$370
O&R
Electric		$ 129			$ 141			$ —			$ —			$ 9		$ 8		$ 16			$ 14
Gas		35			37			—			—			4		4		1			1
Total O&R		$ 164			$ 178			$ —			$ —			$ 13		$ 12		$ 17			$ 15
Competitive energy businesses		$ 300			$ 406			$ 2			$ 2			$ 2		$ 2		$ 78			$ 14
Other*		(2	)		(7	)		(2	)		(2	)		—		—		—			(1	)
Total Con Edison		$2,771			$2,993			$ —			$ —			$236		$219		$475			$398

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


	For the Six Months Ended June 30,
	Operating revenues						Inter-segment revenues						Depreciation and amortization				Operating income
*(Millions of Dollars)*	2012			2011			2012			2011			2012		2011		2012			2011
CECONY
Electric		$3,696			$3,734			$ 7			$ 6			$348		$324		$ 573			$ 566
Gas		828			959			3			2			59		54		275			237
Steam		346			432			38			40			32		32		77			114
Consolidation adjustments		—			—			(48	)		(48	)		—		—		—			—
Total CECONY		$4,870			$5,125			$ —			$ —			$439		$410		$ 925			$ 917
O&R
Electric		$ 257			$ 289			$ —			$ —			$ 19		$ 17		$ 24			$ 25
Gas		117			130			—			—			7		7		31			28
Total O&R		$ 374			$ 419			$ —			$ —			$ 26		$ 24		$ 55			$ 53
Competitive energy businesses		$ 610			$ 814			$ 4			$ 5			$ 4		$ 3		$ 59			$ 58
Other*		(5	)		(16	)		(4	)		(5	)		—		—		(3	)		(4	)
Total Con Edison		$5,849			$6,342			$ —			$ —			$469		$437		$1,036			$1,024

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

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

Derivative Instruments and Hedging Activities

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+ Details

Derivative Instruments and Hedging Activities

6 Months Ended

Jun. 30, 2012

Note J — 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.

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 the Companies’ commodity derivatives at June 30, 2012 and December 31, 2011 were as follows:


	Con Edison						CECONY
*(Millions of Dollars)*	2012			2011			2012			2011
Fair value of net derivative assets/(liabilities) – gross		$(195	)		$(249	)		$(111	)		$(144	)
Impact of netting of cash collateral		102			110			51			46
Fair value of net derivative assets/(liabilities) – net		$ (93	)		$(139	)		$ (60	)		$ (98	)

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 June 30, 2012, Con Edison and CECONY had $112 million and $12 million of credit exposure in connection with energy supply and hedging activities, net of collateral, respectively. Con Edison’s net credit exposure consisted of $37 million with investment-grade counterparties, $34 million with commodity exchange brokers, $39 million with independent system operators and $2 million with non-rated counterparties. CECONY’s net credit exposure consisted of $1 million with investment-grade counterparties and $11 million with commodity exchange brokers.

Economic Hedges

The Companies enter into certain 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 June 30, 2012 were:


*(Millions of Dollars)*	Fair Value of Commodity Derivatives (a) Balance Sheet Location	Con Edison			CECONY
Derivative Assets
Current	Other current assets		$ 118			$ 22
Long-term	Other deferred charges and non-current assets		22			9
Total derivative assets			$ 140			$ 31
Impact of netting			(79	)		(6	)
Net derivative assets			$ 61			$ 25
Derivative Liabilities
Current	Fair value of derivative liabilities		$ 253			$ 96
Long-term	Fair value of derivative liabilities		82			46
Total derivative liabilities			$ 335			$142
Impact of netting			(181	)		(57	)
Net derivative liabilities			$ 154			$ 85

(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 fair values of the Companies’ commodity derivatives at December 31, 2011 were:


*(Millions of Dollars)*	Fair Value of Commodity Derivatives (a) Balance Sheet Location	Con Edison			CECONY
Derivative Assets
Current	Other current assets		$139			$ 16
Long-term	Other deferred charges and non-current assets		26			14
Total derivative assets			$165			$ 30
Impact of netting			(95	)		(6	)
Net derivative assets			$ 70			$ 24
Derivative Liabilities
Current	Fair value of derivative liabilities		$331			$127
Long-term	Fair value of derivative liabilities		83			48
Total derivative liabilities			$414			$175
Impact of netting			(205	)		(53	)
Net derivative liabilities			$209			$122

(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. 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 tables present the changes in the fair values of commodity derivatives that have been deferred or recognized in earnings for the three and six months ended June 30, 2012:


Realized and Unrealized Gains/(Losses) on Commodity Derivatives (a) Deferred or Recognized in Income for the Three Months Ended June 30, 2012
*(Millions of Dollars)*	Balance Sheet Location	Con Edison			CECONY
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations:
Current	Deferred derivative gains		$ (1)			$ (1)
Total deferred gains			$ (1)			$ (1)
Current	Deferred derivative losses		$ 66			$ 55
Current	Recoverable energy costs		(63	)		(56	)
Long-term	Deferred derivative losses		8			16
Total deferred losses			$ 11			$ 15
Net deferred gains/(losses)			$ 10			$ 14
	Income Statement Location
Pre-tax gain/(loss) recognized in income
	Purchased power expense		$ 27	(b)		$ —
	Gas purchased for resale		(1	)		—
	Non-utility revenue		(8	)(b)		—
Total pre-tax gain/(loss) recognized in income			$ 18			$ —

(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 June 30, 2012, Con Edison recorded in non-utility revenues and purchased power expense an unrealized pre-tax (loss)/gain of $(9) million and $72 million, respectively.


Realized and Unrealized Gains/(Losses) on Commodity Derivatives (a) Deferred or Recognized in Income for the Six Months Ended June 30, 2012
*(Millions of Dollars)*	Balance Sheet Location	Con Edison			CECONY
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations:
Current	Deferred derivative gains		$ —			$ —
Total deferred gains			$ —			$ —
Current	Deferred derivative losses		$ 38			$ 36
Current	Recoverable energy costs		(127	)		(112	)
Long-term	Deferred derivative losses		(11	)		(1	)
Total deferred losses			$(100	)		$ (77	)
Net deferred gains/(losses)			$(100	)		$ (77	)
	Income Statement Location
Pre-tax gain/(loss) recognized in income
	Purchased power expense		$ (59	)(b)		$ —
	Gas purchased for resale		(2	)		—
	Non-utility revenue		(11	)(b)		—
Total pre-tax gain/(loss) recognized in income			$ (72	)		$ —

(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 six months ended June 30, 2012, Con Edison recorded in non-utility revenues and purchased power expense an unrealized pre-tax (loss)/gain of $(13) million and $45 million, respectively.

The following tables present the changes in the fair values of commodity derivatives that have been deferred or recognized in earnings for the three and six months ended June 30, 2011:


Realized and Unrealized Gains/(Losses) on Commodity Derivatives (a) Deferred or Recognized in Income for the Three Months Ended June 30, 2011
*(Millions of Dollars)*	Balance Sheet Location	Con Edison			CECONY
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations:
Current	Deferred derivative gains		$ (4)			$ (4)
Long-term	Regulatory liabilities		(1	)		—
Total deferred gains			$ (5)			$ (4)
Current	Deferred derivative losses		$ 25			$ 18
Current	Recoverable energy costs		(53	)		(39	)
Long-term	Regulatory assets		12			9
Total deferred losses			$ (16)			$ (12)
Net deferred gains/(losses)			$ (21)			$ (16)
	Income Statement Location
Pre-tax gain/(loss) recognized in income
	Purchased power expense		$ 73	(b)		$ —
	Gas purchased for resale		17			—
	Non-utility revenue		7	(b)		—
Total pre-tax gain/(loss) recognized in income			$ 97			$ —

(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 June 30, 2011, Con Edison recorded in non-utility revenues and purchased power expense an unrealized pre-tax (loss)/gain of $(12) million and $10 million, respectively.


Realized and Unrealized Gains/(Losses) on Commodity Derivatives (a) Deferred or Recognized in Income for the Six Months Ended June 30, 2011
*(Millions of Dollars)*	Balance Sheet Location	Con Edison			CECONY
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations:
Current	Deferred derivative gains		$ 2			$ 1
Long-term	Regulatory liabilities		2			2
Total deferred gains			$ 4			$ 3
Current	Deferred derivative losses		$ 69			$ 53
Current	Recoverable energy costs		(102	)		(81	)
Long-term	Regulatory assets		28			20
Total deferred losses			$ (5	)		$ (8	)
Net deferred losses			$ (1	)		$ (5	)
	Income Statement Location
Pre-tax gain/(loss) recognized in income
	Purchased power expense		$ 52	(b)		$ —
	Gas purchased for resale		11			—
	Non-utility revenue		17	(b)		—
Total pre-tax gain/(loss) recognized in income			$ 80			$ —

(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 six months ended June 30, 2011, Con Edison recorded in non-utility revenues and purchased power expense an unrealized pre-tax loss/(gain) of $(25) million and $60 million, respectively.

As of June 30, 2012, Con Edison had 1,483 contracts, including 706 CECONY 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		681		16,351,706		77		12,273		725		96,403,140		1,483
CECONY		137		3,879,800		—		—		569		89,220,000		706

(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 the clearing 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 June 30, 2012, 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)			CECONY (a)
Aggregate fair value – net liabilities		$124			$84
Collateral posted		$ 62			$56
Additional collateral (b) (downgrade one level from current ratings (c))		$ 9			$ 3
Additional collateral (b) (downgrade to below investment grade from current ratings (c))		$101	(d)		$46	(d)

(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 June 30, 2012, would have amounted to an estimated $28 million for Con Edison, including $0 million for CECONY. 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)

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.

(c)

The current ratings are Moody’s, S&P and Fitch long-term credit rating of, as applicable, Con Edison (Baa1/BBB+/BBB+), CECONY (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.

(d)	Derivative instruments that are net assets have been excluded from the table. At June 30, 2012, if Con Edison had been downgraded to below investment grade, it would have been required to post additional collateral for such derivative instruments of $24 million.

Interest Rate Swaps

O&R has an interest rate swap pursuant to which it pays a fixed-rate of 6.09 percent and receives a LIBOR-based variable rate. The fair value of this interest rate swap at June 30, 2012 was an unrealized loss of $7 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. The increase in the fair value of the swap for the three and six months ended June 30, 2012 was $1 million. In the event O&R’s credit rating was downgraded to BBB- or lower by S&P or Baa3 or lower by Moody’s, the swap counterparty could elect to terminate the agreement and, if it did so, the parties would then be required to settle the transaction.

CECONY

Derivative Instruments and Hedging Activities

Note J — Derivative Instruments and Hedging Activities

Energy Price Hedging


	Con Edison						CECONY
*(Millions of Dollars)*	2012			2011			2012			2011
Fair value of net derivative assets/(liabilities) – gross		$(195	)		$(249	)		$(111	)		$(144	)
Impact of netting of cash collateral		102			110			51			46
Fair value of net derivative assets/(liabilities) – net		$ (93	)		$(139	)		$ (60	)		$ (98	)

Credit Exposure

Economic Hedges

The fair values of the Companies’ commodity derivatives at June 30, 2012 were:


*(Millions of Dollars)*	Fair Value of Commodity Derivatives (a) Balance Sheet Location	Con Edison			CECONY
Derivative Assets
Current	Other current assets		$ 118			$ 22
Long-term	Other deferred charges and non-current assets		22			9
Total derivative assets			$ 140			$ 31
Impact of netting			(79	)		(6	)
Net derivative assets			$ 61			$ 25
Derivative Liabilities
Current	Fair value of derivative liabilities		$ 253			$ 96
Long-term	Fair value of derivative liabilities		82			46
Total derivative liabilities			$ 335			$142
Impact of netting			(181	)		(57	)
Net derivative liabilities			$ 154			$ 85

(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 fair values of the Companies’ commodity derivatives at December 31, 2011 were:


*(Millions of Dollars)*	Fair Value of Commodity Derivatives (a) Balance Sheet Location	Con Edison			CECONY
Derivative Assets
Current	Other current assets		$139			$ 16
Long-term	Other deferred charges and non-current assets		26			14
Total derivative assets			$165			$ 30
Impact of netting			(95	)		(6	)
Net derivative assets			$ 70			$ 24
Derivative Liabilities
Current	Fair value of derivative liabilities		$331			$127
Long-term	Fair value of derivative liabilities		83			48
Total derivative liabilities			$414			$175
Impact of netting			(205	)		(53	)
Net derivative liabilities			$209			$122

(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 following tables present the changes in the fair values of commodity derivatives that have been deferred or recognized in earnings for the three and six months ended June 30, 2012:


Realized and Unrealized Gains/(Losses) on Commodity Derivatives (a) Deferred or Recognized in Income for the Three Months Ended June 30, 2012
*(Millions of Dollars)*	Balance Sheet Location	Con Edison			CECONY
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations:
Current	Deferred derivative gains		$ (1)			$ (1)
Total deferred gains			$ (1)			$ (1)
Current	Deferred derivative losses		$ 66			$ 55
Current	Recoverable energy costs		(63	)		(56	)
Long-term	Deferred derivative losses		8			16
Total deferred losses			$ 11			$ 15
Net deferred gains/(losses)			$ 10			$ 14
	Income Statement Location
Pre-tax gain/(loss) recognized in income
	Purchased power expense		$ 27	(b)		$ —
	Gas purchased for resale		(1	)		—
	Non-utility revenue		(8	)(b)		—
Total pre-tax gain/(loss) recognized in income			$ 18			$ —

(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 June 30, 2012, Con Edison recorded in non-utility revenues and purchased power expense an unrealized pre-tax (loss)/gain of $(9) million and $72 million, respectively.


Realized and Unrealized Gains/(Losses) on Commodity Derivatives (a) Deferred or Recognized in Income for the Six Months Ended June 30, 2012
*(Millions of Dollars)*	Balance Sheet Location	Con Edison			CECONY
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations:
Current	Deferred derivative gains		$ —			$ —
Total deferred gains			$ —			$ —
Current	Deferred derivative losses		$ 38			$ 36
Current	Recoverable energy costs		(127	)		(112	)
Long-term	Deferred derivative losses		(11	)		(1	)
Total deferred losses			$(100	)		$ (77	)
Net deferred gains/(losses)			$(100	)		$ (77	)
	Income Statement Location
Pre-tax gain/(loss) recognized in income
	Purchased power expense		$ (59	)(b)		$ —
	Gas purchased for resale		(2	)		—
	Non-utility revenue		(11	)(b)		—
Total pre-tax gain/(loss) recognized in income			$ (72	)		$ —

(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 six months ended June 30, 2012, Con Edison recorded in non-utility revenues and purchased power expense an unrealized pre-tax (loss)/gain of $(13) million and $45 million, respectively.

The following tables present the changes in the fair values of commodity derivatives that have been deferred or recognized in earnings for the three and six months ended June 30, 2011:


Realized and Unrealized Gains/(Losses) on Commodity Derivatives (a) Deferred or Recognized in Income for the Three Months Ended June 30, 2011
*(Millions of Dollars)*	Balance Sheet Location	Con Edison			CECONY
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations:
Current	Deferred derivative gains		$ (4)			$ (4)
Long-term	Regulatory liabilities		(1	)		—
Total deferred gains			$ (5)			$ (4)
Current	Deferred derivative losses		$ 25			$ 18
Current	Recoverable energy costs		(53	)		(39	)
Long-term	Regulatory assets		12			9
Total deferred losses			$ (16)			$ (12)
Net deferred gains/(losses)			$ (21)			$ (16)
	Income Statement Location
Pre-tax gain/(loss) recognized in income
	Purchased power expense		$ 73	(b)		$ —
	Gas purchased for resale		17			—
	Non-utility revenue		7	(b)		—
Total pre-tax gain/(loss) recognized in income			$ 97			$ —

(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 June 30, 2011, Con Edison recorded in non-utility revenues and purchased power expense an unrealized pre-tax (loss)/gain of $(12) million and $10 million, respectively.


Realized and Unrealized Gains/(Losses) on Commodity Derivatives (a) Deferred or Recognized in Income for the Six Months Ended June 30, 2011
*(Millions of Dollars)*	Balance Sheet Location	Con Edison			CECONY
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations:
Current	Deferred derivative gains		$ 2			$ 1
Long-term	Regulatory liabilities		2			2
Total deferred gains			$ 4			$ 3
Current	Deferred derivative losses		$ 69			$ 53
Current	Recoverable energy costs		(102	)		(81	)
Long-term	Regulatory assets		28			20
Total deferred losses			$ (5	)		$ (8	)
Net deferred losses			$ (1	)		$ (5	)
	Income Statement Location
Pre-tax gain/(loss) recognized in income
	Purchased power expense		$ 52	(b)		$ —
	Gas purchased for resale		11			—
	Non-utility revenue		17	(b)		—
Total pre-tax gain/(loss) recognized in income			$ 80			$ —

(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 six months ended June 30, 2011, Con Edison recorded in non-utility revenues and purchased power expense an unrealized pre-tax loss/(gain) of $(25) million and $60 million, respectively.


	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		681		16,351,706		77		12,273		725		96,403,140		1,483
CECONY		137		3,879,800		—		—		569		89,220,000		706

(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.


*(Millions of Dollars)*	Con Edison (a)			CECONY (a)
Aggregate fair value – net liabilities		$124			$84
Collateral posted		$ 62			$56
Additional collateral (b) (downgrade one level from current ratings (c))		$ 9			$ 3
Additional collateral (b) (downgrade to below investment grade from current ratings (c))		$101	(d)		$46	(d)

(a)

(b)

(c)

(d)	Derivative instruments that are net assets have been excluded from the table. At June 30, 2012, if Con Edison had been downgraded to below investment grade, it would have been required to post additional collateral for such derivative instruments of $24 million.

Interest Rate Swaps

The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items.

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4J

-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5708773-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

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+ Details

Fair Value Measurements

6 Months Ended

Jun. 30, 2012

Fair Value Measurements

Note K – Fair Value Measurements

The accounting rules for fair value measurements and disclosures define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in a principal or most advantageous market. Fair value is a market-based measurement that is determined based on inputs, which refer broadly to assumptions that market participants use in pricing assets or liabilities. These inputs can be readily observable, market corroborated, or generally unobservable firm inputs. The Companies often make certain assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, and the risks inherent in the inputs to valuation techniques. The Companies use valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs.

The accounting rules for fair value measurements and disclosures established a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value in three broad levels. The rules require that assets and liabilities be classified in their entirety based on the level of input that is significant to the fair value measurement. Assessing the significance of a particular input may require judgment considering factors specific to the asset or liability, and may affect the valuation of the asset or liability and their placement within the fair value hierarchy. The Companies classify fair value balances based on the fair value hierarchy defined by the accounting rules for fair value measurements and disclosures as follows:

•

Level 1 – Consists of assets or liabilities whose value is based on unadjusted quoted prices in active markets at the measurement date. An active market is one in which transactions for assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. This category includes contracts traded on active exchange markets valued using unadjusted prices quoted directly from the exchange.

•

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. The industry standard models consider observable assumptions including time value, volatility factors, and current market and contractual prices for the underlying commodities, in addition to other economic measures. This category includes contracts traded on active exchanges or in over-the-counter markets priced with industry standard models.

•

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. Unobservable inputs are developed based on the best available information and subject to cost benefit constraints. This category includes contracts priced using models that are internally developed and contracts placed in illiquid markets. It also includes contracts that expire after the period of time for which quoted prices are available and internal models are used to determine a significant portion of the value.

Effective January 1, 2012, the Companies adopted Accounting Standards Update (ASU) No. 2011-04, “Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs”. The amendments expand existing disclosure requirements for fair value measurements and make other amendments. For fair value measurements in Level 3, this update requires the Companies to provide a description of the valuation process in place, a quantitative disclosure of unobservable inputs and assumptions used in the measurement as well as a narrative description of the sensitivity of the fair value to changes in unobservable inputs and interrelationships between those inputs. The update also requires the Companies to disclose any transfers between Levels 1 and 2 of fair value hierarchy measurements and the reasons for the transfers.

Assets and liabilities measured at fair value on a recurring basis as of June 30, 2012 are summarized below.


	Level 1				Level 2						Level 3						Netting Adjustments (4)						Total
*(Millions of Dollars)*	Con Edison		CECONY		Con Edison			CECONY			Con Edison			CECONY			Con Edison			CECONY			Con Edison			CECONY
Derivative assets:
Commodity (1)		$ 2		$ 1		$ 63			$ 11			$ 65			$ 10			$ (68	)		$ 3			$ 62			$ 25
Other assets		96		89		(3	)		(1	)		105			95			—			—			198			183
Transfer in (5) (6)		—		—		105			95			—			—			—			—			105			95
Transfer out (5) (6)		—		—		—			—			(105	)		(95	)		—			—			(105	)		(95	)
Other assets (3)		$96		$89		$102			$ 94			$ —			$ —			$ —			$ —			$ 198			$183
Total		$98		$90		$165			$105			$ 65			$ 10			$ (68	)		$ 3			$ 260			$208
Derivative liabilities:
Commodity		$ 6		$ 1		$193			$114			$126			$ 18			$(170	)		$(48	)		$ 155			$ 85
Transfer in (5) (6)		—		—		3			1			3			3			—			—			6			4
Transfer out (5) (6)		—		—		(3	)		(3	)		(3	)		(1	)		—			—			(6	)		(4	)
Commodity Total (1)		$ 6		$ 1		$193			$112			$126			$ 20			$(170	)		$(48	)		$ 155			$ 85
Interest rate contract		—		—		(1	)		—			8			—			—			—			7			—
Transfer in (5) (6)		—		—		8			—			—			—			—			—			8			—
Transfer out (5) (6)		—		—		—			—			(8	)		—			—			—			(8	)		—
Interest rate contract (2)		$ —		$ —		$ 7			$ —			$ —			$ —			$ —			$ —			$ 7			$ —
Total		$ 6		$ 1		$200			$112			$126			$ 20			$(170	)		$(48	)		$ 162			$ 85

(1)	A portion of the commodity derivatives categorized in Level 3 is valued using 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 J.

(2)	See Note J.

(3)	Other assets are comprised of assets such as life insurance contracts within the deferred compensation plan and non-qualified retirement plans.

(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.

(5)	The Companies’ policy is to recognize transfers into and transfers out of the levels at the end of the reporting period.

(6)	Transferred from Level 3 to Level 2 because of reassessment of the levels in the fair value hierarchy within which certain inputs fall. Other assets and interest rate contract were transferred as of March 31, 2012.

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2011 are summarized below.


	Level 1				Level 2						Level 3						Netting Adjustments (4)						Total
*(Millions of Dollars)*	Con Edison		CECONY		Con Edison			CECONY			Con Edison			CECONY			Con Edison			CECONY			Con Edison			CECONY
Derivative assets:
Commodity (1)		$ 3		$ —		$ 64			$ 8			$ 87			$ 11			$ (84	)		$ 5			$ 70			$ 24
Other assets (3)		76		76		—			—			99			90			—			—			175			166
Total		$79		$76		$ 64			$ 8			$186			$101			$ (84	)		$ 5			$245			$190
Derivative liabilities:
Commodity		$12		$ 4		$222			$122			$169			$ 37			$(194	)		$(41	)		$209			$122
Transfer in (5) (6) (7)		—		—		26			25			6			6			—			—			32			31
Transfer out (5) (6) (7)		—		—		(6	)		(6	)		(26	)		(25	)		—			—			(32	)		(31	)
Commodity (1)		$12		$ 4		$242			$141			$149			$ 18			$(194	)		$(41	)		$209			$122
Interest rate contract (2)		—		—		—			—			8			—			—			—			8			—
Total		$12		$ 4		$242			$141			$157			$ 18			$(194	)		$(41	)		$217			$122

(1)	A portion of the commodity derivatives categorized in Level 3 is valued using 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 J.

(2)	See Note J.

(3)	Other assets are comprised of assets such as life insurance contracts within the deferred compensation plan and non-qualified retirement plans.

(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.

(5)	The Companies’ policy is to recognize transfers into and transfers out of the levels at the end of the reporting period.

(6)	Transferred from Level 2 to Level 3 because of reassessment of the levels in the fair value hierarchy within which certain inputs fall.

(7)	Transferred from Level 3 to Level 2 because of availability of observable market data due to decrease in the terms of certain contracts from beyond one year as of December 31, 2010 to less than one year as of December 31, 2011.

The employees in the risk management groups of the Utilities and the competitive energy businesses develop and maintain the Companies’ valuation policies and procedures for, and verify pricing and fair value valuation of, commodity derivatives. Under the Companies’ policies and procedures, multiple independent sources of information are obtained for forward price curves used to value commodity derivatives. Fair value and changes in fair value of commodity derivatives are reported on a monthly basis to the Companies’ risk committees, comprised of officers and employees of the Companies that oversee energy hedging at the Utilities and the competitive energy businesses. The managers of the risk management groups report to the Companies’ Vice President and Treasurer.


*(Millions of Dollars)*	Fair Value of Level 3 at June 30, 2012			Valuation Techniques	Unobservable Inputs
Con Edison
Commodity	$	(61	)	Market approach (1)	Discount for inactive markets and/or illiquid locations (2)
CECONY
Commodity	$	(10	)	Market approach (1)	Discount for inactive markets and/or illiquid locations (2)

(1)

The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. The commodity derivatives are valued using quoted prices or internally developed models with observable inputs, adjusted for certain contracts that are traded in inactive markets and/or at illiquid locations. The unobservable inputs used in the Companies’ models do not have a significant impact on the valuation.

(2)	Significant increases or decreases in any of these inputs in isolation would have a limited impact on fair value measurement. Generally, a change in the fair value measurement is linearly based on changes in these inputs.

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 six months ended June 30, 2012 and classified as Level 3 in the fair value hierarchy:


	For the Three Months Ended June 30, 2012
				Total Gains/(Losses)— Realized and Unrealized
*(Millions of Dollars)*	Beginning Balance as of April 1, 2012			Included in Earnings			Included in Regulatory Assets and Liabilities		Purchases		Issuances		Sales		Settlements		Transfer In/Out of Level 3		Ending Balance as of June 30, 2012
Con Edison
Derivatives:
Commodity	$	(93	)	$	(24	)	$	4	$	5	$	—	$	—	$	43	$	4	$	(61	)
CECONY
Derivatives:
Commodity	$	(13	)	$	(11	)	$	4	$	2	$	—	$	—	$	6	$	2	$	(10	)


	For the Six Months Ended June 30, 2012
			Total Gains/(Losses)— Realized and Unrealized
*(Millions of Dollars)*	Beginning Balance as of January 1, 2012		Included in Earnings		Included in Regulatory Assets and Liabilities		Purchases		Issuances		Sales		Settlements		Transfer In/Out of Level 3			Ending Balance as of June 30, 2012
Con Edison
Derivatives:
Commodity		$(62)		$(82)		$(13)		$11		$—		$—		$81		$ 4			$(61)
Interest rate contract		(8)		(1)		—		—		—		—		1		8	(2)		—
Other assets (1)		99		3		3		—		—		—		—		(105	)(2)		—
Total		$ 29		$(80)		$(10)		$11		$—		$—		$82		$ (93)			$(61)
CECONY
Derivatives:
Commodity		$ (7)		$(16)		$ (3)		$ 8		$—		$—		$ 6		$ 2	(2)		$(10)
Other assets (1)		90		3		2		—		—		—		—		(95	)(2)		—
Total		$ 83		$(13)		$ (1)		$ 8		$—		$—		$ 6		$ (93)			$(10)

(1)	Amounts included in earnings are reported in investment and other income on the consolidated income statement.

(2)	Other assets and interest rate contract were transferred as of March 31, 2012.

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 six months ended June 30, 2011 and classified as Level 3 in the fair value hierarchy:


	For the Three Months Ended June 30, 2011
				Total Gains/(Losses)— Realized and Unrealized
*(Millions of Dollars)*	Beginning Balance as of April 1, 2011			Included in Earnings			Included in Regulatory Assets and Liabilities		Purchases		Issuances		Sales		Settlements			Transfer In/Out of Level 3		Ending Balance as of June 30, 2011
Con Edison
Derivatives:
Commodity		$(31	)		$(31	)		$14		$5		$—		$—		$18			$—		$(25	)
Interest rate contract		(10	)		(1	)		—		—		—		—		1			—		(10	)
Other assets (1)		105			1			—		—		—		—		—			—		106
Total		$ 64			$(31	)		$14		$5		$—		$—		$19			$—		$ 71
CECONY
Derivatives:
Commodity		$ 2			$ (1	)		$ 2		$1		$—		$—		$ (4	)		$—		$ —
Other assets (1)		95			1			—		—		—		—		—			—		96
Total		$ 97			$ —			$ 2		$1		$—		$—		$ (4	)		$—		$ 96

(1)	Amounts included in earnings are reported in investment and other income on the consolidated income statement.


	For the Six Months Ended June 30, 2011
				Total Gains/(Losses)— Realized and Unrealized
*(Millions of Dollars)*	Beginning Balance as of January 1, 2011			Included in Earnings			Included in Regulatory Assets and Liabilities		Purchases		Issuances		Sales		Settlements			Transfer In/Out of Level 3		Ending Balance as of June 30, 2011
Con Edison
Derivatives:
Commodity		$ (88	)		$(22	)		$45		$14		$—		$—		$21			$5		$(25	)
Interest rate contract		(10	)		(2	)		—		—		—		—		2			—		(10	)
Other assets (1)		101			3			2		—		—		—		—			—		106
Total		$3			$(21	)		$47		$14		$—		$—		$23			$5		$ 71
CECONY
Derivatives:
Commodity		$ (26	)		$ (3	)		$20		$11		$—		$—		$ (7	)		$5		$ —
Other assets (1)		92			3			1		—		—		—		—			—		96
Total		$ 66			$ —			$21		$11		$—		$—		$ (7	)		$5		$ 96

(1)	Amounts included in earnings are reported in investment and other income on the consolidated income statement.

For the Utilities, realized gains and losses on Level 3 commodity derivative assets and liabilities are reported as part of purchased power, gas and fuel costs. The Utilities generally recover these costs in accordance with rate provisions approved by the applicable state public utilities commissions. Unrealized gains and losses for commodity 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 commodity derivative assets and liabilities are reported in non-utility revenues ($6 million loss and $13 million loss) and purchased power costs ($1 million loss and $9 million loss) on the consolidated income statement for the three months ended June 30, 2012 and 2011, respectively. Realized and unrealized gains and losses on Level 3 commodity derivative assets and liabilities are reported in non-utility revenues ($9 million loss and $25 million loss), and purchased power costs ($44 million loss and $18 million gain) on the consolidated income statement for the six months ended June 30, 2012 and 2011, respectively. The change in fair value relating to Level 3 commodity derivative assets held at June 30, 2012 and 2011 is included in non-utility revenues ($6 million loss and $13 million loss), and purchased power costs ($31 million gain and $6 million gain) on the consolidated income statement for the three months ended June 30, 2012 and 2011, respectively. For the six months ended June 30, 2012 and 2011, the change in fair value relating to Level 3 commodity derivative assets and liabilities is included in non-utility revenues ($9 million loss and $25 million loss), and purchased power costs ($24 million gain and $36 million gain) on the consolidated income statement, respectively.

The accounting rules for fair value measurements and disclosures require consideration of the impact of nonperformance risk (including credit risk) from a market participant perspective in the measurement of the fair value of assets and liabilities. At June 30, 2012, the Companies determined that nonperformance risk would have no material impact on their financial position or results of operations. To assess nonperformance risk, the Companies considered information such as collateral requirements, master netting arrangements, letters of credit and parent company guarantees, and applied a market-based method by using the counterparty (for an asset) or the Companies’ (for a liability) credit default swaps rates.

CECONY

Fair Value Measurements

Note K – Fair Value Measurements

•

Assets and liabilities measured at fair value on a recurring basis as of June 30, 2012 are summarized below.


	Level 1				Level 2						Level 3						Netting Adjustments (4)						Total
*(Millions of Dollars)*	Con Edison		CECONY		Con Edison			CECONY			Con Edison			CECONY			Con Edison			CECONY			Con Edison			CECONY
Derivative assets:
Commodity (1)		$ 2		$ 1		$ 63			$ 11			$ 65			$ 10			$ (68	)		$ 3			$ 62			$ 25
Other assets		96		89		(3	)		(1	)		105			95			—			—			198			183
Transfer in (5) (6)		—		—		105			95			—			—			—			—			105			95
Transfer out (5) (6)		—		—		—			—			(105	)		(95	)		—			—			(105	)		(95	)
Other assets (3)		$96		$89		$102			$ 94			$ —			$ —			$ —			$ —			$ 198			$183
Total		$98		$90		$165			$105			$ 65			$ 10			$ (68	)		$ 3			$ 260			$208
Derivative liabilities:
Commodity		$ 6		$ 1		$193			$114			$126			$ 18			$(170	)		$(48	)		$ 155			$ 85
Transfer in (5) (6)		—		—		3			1			3			3			—			—			6			4
Transfer out (5) (6)		—		—		(3	)		(3	)		(3	)		(1	)		—			—			(6	)		(4	)
Commodity Total (1)		$ 6		$ 1		$193			$112			$126			$ 20			$(170	)		$(48	)		$ 155			$ 85
Interest rate contract		—		—		(1	)		—			8			—			—			—			7			—
Transfer in (5) (6)		—		—		8			—			—			—			—			—			8			—
Transfer out (5) (6)		—		—		—			—			(8	)		—			—			—			(8	)		—
Interest rate contract (2)		$ —		$ —		$ 7			$ —			$ —			$ —			$ —			$ —			$ 7			$ —
Total		$ 6		$ 1		$200			$112			$126			$ 20			$(170	)		$(48	)		$ 162			$ 85

(1)	A portion of the commodity derivatives categorized in Level 3 is valued using 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 J.

(2)	See Note J.

(3)	Other assets are comprised of assets such as life insurance contracts within the deferred compensation plan and non-qualified retirement plans.

(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.

(5)	The Companies’ policy is to recognize transfers into and transfers out of the levels at the end of the reporting period.

(6)	Transferred from Level 3 to Level 2 because of reassessment of the levels in the fair value hierarchy within which certain inputs fall. Other assets and interest rate contract were transferred as of March 31, 2012.

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2011 are summarized below.


	Level 1				Level 2						Level 3						Netting Adjustments (4)						Total
*(Millions of Dollars)*	Con Edison		CECONY		Con Edison			CECONY			Con Edison			CECONY			Con Edison			CECONY			Con Edison			CECONY
Derivative assets:
Commodity (1)		$ 3		$ —		$ 64			$ 8			$ 87			$ 11			$ (84	)		$ 5			$ 70			$ 24
Other assets (3)		76		76		—			—			99			90			—			—			175			166
Total		$79		$76		$ 64			$ 8			$186			$101			$ (84	)		$ 5			$245			$190
Derivative liabilities:
Commodity		$12		$ 4		$222			$122			$169			$ 37			$(194	)		$(41	)		$209			$122
Transfer in (5) (6) (7)		—		—		26			25			6			6			—			—			32			31
Transfer out (5) (6) (7)		—		—		(6	)		(6	)		(26	)		(25	)		—			—			(32	)		(31	)
Commodity (1)		$12		$ 4		$242			$141			$149			$ 18			$(194	)		$(41	)		$209			$122
Interest rate contract (2)		—		—		—			—			8			—			—			—			8			—
Total		$12		$ 4		$242			$141			$157			$ 18			$(194	)		$(41	)		$217			$122

(1)	A portion of the commodity derivatives categorized in Level 3 is valued using 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 J.

(2)	See Note J.

(3)	Other assets are comprised of assets such as life insurance contracts within the deferred compensation plan and non-qualified retirement plans.

(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.

(5)	The Companies’ policy is to recognize transfers into and transfers out of the levels at the end of the reporting period.

(6)	Transferred from Level 2 to Level 3 because of reassessment of the levels in the fair value hierarchy within which certain inputs fall.

(7)	Transferred from Level 3 to Level 2 because of availability of observable market data due to decrease in the terms of certain contracts from beyond one year as of December 31, 2010 to less than one year as of December 31, 2011.


*(Millions of Dollars)*	Fair Value of Level 3 at June 30, 2012			Valuation Techniques	Unobservable Inputs
Con Edison
Commodity	$	(61	)	Market approach (1)	Discount for inactive markets and/or illiquid locations (2)
CECONY
Commodity	$	(10	)	Market approach (1)	Discount for inactive markets and/or illiquid locations (2)

(1)

(2)	Significant increases or decreases in any of these inputs in isolation would have a limited impact on fair value measurement. Generally, a change in the fair value measurement is linearly based on changes in these inputs.


	For the Three Months Ended June 30, 2012
				Total Gains/(Losses)— Realized and Unrealized
*(Millions of Dollars)*	Beginning Balance as of April 1, 2012			Included in Earnings			Included in Regulatory Assets and Liabilities		Purchases		Issuances		Sales		Settlements		Transfer In/Out of Level 3		Ending Balance as of June 30, 2012
Con Edison
Derivatives:
Commodity	$	(93	)	$	(24	)	$	4	$	5	$	—	$	—	$	43	$	4	$	(61	)
CECONY
Derivatives:
Commodity	$	(13	)	$	(11	)	$	4	$	2	$	—	$	—	$	6	$	2	$	(10	)


	For the Six Months Ended June 30, 2012
			Total Gains/(Losses)— Realized and Unrealized
*(Millions of Dollars)*	Beginning Balance as of January 1, 2012		Included in Earnings		Included in Regulatory Assets and Liabilities		Purchases		Issuances		Sales		Settlements		Transfer In/Out of Level 3			Ending Balance as of June 30, 2012
Con Edison
Derivatives:
Commodity		$(62)		$(82)		$(13)		$11		$—		$—		$81		$ 4			$(61)
Interest rate contract		(8)		(1)		—		—		—		—		1		8	(2)		—
Other assets (1)		99		3		3		—		—		—		—		(105	)(2)		—
Total		$ 29		$(80)		$(10)		$11		$—		$—		$82		$ (93)			$(61)
CECONY
Derivatives:
Commodity		$ (7)		$(16)		$ (3)		$ 8		$—		$—		$ 6		$ 2	(2)		$(10)
Other assets (1)		90		3		2		—		—		—		—		(95	)(2)		—
Total		$ 83		$(13)		$ (1)		$ 8		$—		$—		$ 6		$ (93)			$(10)

(1)	Amounts included in earnings are reported in investment and other income on the consolidated income statement.

(2)	Other assets and interest rate contract were transferred as of March 31, 2012.

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 six months ended June 30, 2011 and classified as Level 3 in the fair value hierarchy:


	For the Three Months Ended June 30, 2011
				Total Gains/(Losses)— Realized and Unrealized
*(Millions of Dollars)*	Beginning Balance as of April 1, 2011			Included in Earnings			Included in Regulatory Assets and Liabilities		Purchases		Issuances		Sales		Settlements			Transfer In/Out of Level 3		Ending Balance as of June 30, 2011
Con Edison
Derivatives:
Commodity		$(31	)		$(31	)		$14		$5		$—		$—		$18			$—		$(25	)
Interest rate contract		(10	)		(1	)		—		—		—		—		1			—		(10	)
Other assets (1)		105			1			—		—		—		—		—			—		106
Total		$ 64			$(31	)		$14		$5		$—		$—		$19			$—		$ 71
CECONY
Derivatives:
Commodity		$ 2			$ (1	)		$ 2		$1		$—		$—		$ (4	)		$—		$ —
Other assets (1)		95			1			—		—		—		—		—			—		96
Total		$ 97			$ —			$ 2		$1		$—		$—		$ (4	)		$—		$ 96

(1)	Amounts included in earnings are reported in investment and other income on the consolidated income statement.


	For the Six Months Ended June 30, 2011
				Total Gains/(Losses)— Realized and Unrealized
*(Millions of Dollars)*	Beginning Balance as of January 1, 2011			Included in Earnings			Included in Regulatory Assets and Liabilities		Purchases		Issuances		Sales		Settlements			Transfer In/Out of Level 3		Ending Balance as of June 30, 2011
Con Edison
Derivatives:
Commodity		$ (88	)		$(22	)		$45		$14		$—		$—		$21			$5		$(25	)
Interest rate contract		(10	)		(2	)		—		—		—		—		2			—		(10	)
Other assets (1)		101			3			2		—		—		—		—			—		106
Total		$3			$(21	)		$47		$14		$—		$—		$23			$5		$ 71
CECONY
Derivatives:
Commodity		$ (26	)		$ (3	)		$20		$11		$—		$—		$ (7	)		$5		$ —
Other assets (1)		92			3			1		—		—		—		—			—		96
Total		$ 66			$ —			$21		$11		$—		$—		$ (7	)		$5		$ 96

(1)	Amounts included in earnings are reported in investment and other income on the consolidated income statement.

The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis.

Earnings Per Common Share

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+ Details

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2012

Earnings Per Common Share

For the three and six months ended June 30, 2012 and 2011, basic and diluted EPS for Con Edison are calculated as follows:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
*(Millions of Dollars, except per share amounts/Shares in Millions)*	2012		2011		2012		2011
Net income for common stock		$ 214		$ 165		$ 491		$ 477
Weighted average common shares outstanding – Basic		292.9		292.7		292.9		292.3
Add: Incremental shares attributable to effect of potentially dilutive securities		1.5		1.6		1.5		1.6
Adjusted weighted average common shares outstanding – Diluted		294.4		294.3		294.4		293.9
Net income for common stock per common share – basic		$ 0.73		$ 0.57		$ 1.68		$ 1.63
Net income for common stock per common share – diluted		$ 0.73		$ 0.56		$ 1.67		$ 1.62

Earnings Per Common Share

Disclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements.

+ References+ Details

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2012

For the three and six months ended June 30, 2012 and 2011, basic and diluted EPS for Con Edison are calculated as follows:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
*(Millions of Dollars, except per share amounts/Shares in Millions)*	2012		2011		2012		2011
Net income for common stock		$ 214		$ 165		$ 491		$ 477
Weighted average common shares outstanding – Basic		292.9		292.7		292.9		292.3
Add: Incremental shares attributable to effect of potentially dilutive securities		1.5		1.6		1.5		1.6
Adjusted weighted average common shares outstanding – Diluted		294.4		294.3		294.4		293.9
Net income for common stock per common share – basic		$ 0.73		$ 0.57		$ 1.68		$ 1.63
Net income for common stock per common share – diluted		$ 0.73		$ 0.56		$ 1.67		$ 1.62

Regulatory Assets and Liabilities

Tabular disclosure of the effect of income (loss) on an entity's diluted earnings per share.

+ References+ Details

Regulatory Matters (Tables)

6 Months Ended

Jun. 30, 2012

Regulatory assets and liabilities at June 30, 2012 and December 31, 2011 were comprised of the following items:


	Con Edison				CECONY
*(Millions of Dollars)*	2012		2011		2012		2011
Regulatory assets
Unrecognized pension and other postretirement costs		$5,407		$5,852		$5,159		$5,554
Future income tax		1,874		1,798		1,796		1,724
Environmental remediation costs		730		681		615		564
Pension and other postretirement benefits deferrals		214		198		183		157
Revenue taxes		169		163		163		158
Deferred storm costs		121		128		78		80
Net electric deferrals		111		121		111		121
Surcharge for New York State assessment		87		90		80		82
Deferred derivative losses – long-term		70		60		45		44
O&R transition bond charges		42		44		—		—
Preferred stock redemption		30		—		30		—
Workers’ compensation		21		23		20		23
Property tax reconciliation		13		13		—		—
Recoverable energy costs – long-term		—		14		—		14
Other		189		152		177		140
Regulatory assets – long-term		9,078		9,337		8,457		8,661
Deferred derivative losses – current		126		164		104		140
Recoverable energy costs – current		1		—		—		—
Regulatory assets – current		127		164		104		140
Total Regulatory Assets		$9,205		$9,501		$8,561		$8,801
Regulatory liabilities
Allowance for cost of removal less salvage		$ 468		$ 448		$ 389		$ 372
Net unbilled revenue deferrals		140		104		140		104
Property tax reconciliation		97		35		97		35
World Trade Center settlement proceeds		72		62		72		62
Long-term interest rate reconciliation		46		30		46		30
Carrying charges on transmission and distribution net plant		41		38		19		14
Gas line losses		17		21		17		21
Expenditure prudence proceeding		15		11		15		11
Energy efficiency programs		8		22		5		20
Other		125		206		106		192
Regulatory liabilities – long-term		1,029		977		906		861
Electric surcharge offset		104		—		104		—
Refundable energy costs – current		69		51		38		12
Revenue decoupling mechanism		59		66		59		66
Deferred derivative gains – current		1		1		1		1
Regulatory liabilities – current		233		118		202		79
Total Regulatory Liabilities		$1,262		$1,095		$1,108		$ 940

Capitalization (Tables)

6 Months Ended

Jun. 30, 2012

Carrying Amounts and Fair Values of Long-term Debt

The carrying amounts and fair values of long-term debt are:


*(Millions of Dollars)*	June 30, 2012				December 31, 2011
Long-Term Debt (including current portion)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Con Edison		$11,071		$13,310		$10,673		$12,744
CECONY		$10,144		$12,135		$ 9,745		$11,593

Pension Benefits (Tables)

6 Months Ended

Jun. 30, 2012

Companies' Net Periodic Benefit Costs

The components of the Companies’ net periodic benefit costs for the three and six months ended June 30, 2012 and 2011 were as follows:


	For the Three Months Ended June 30,
	Con Edison						CECONY
*(Millions of Dollars)*	2012			2011			2012			2011
Service cost – including administrative expenses		$ 59			$ 47			$ 55			$ 44
Interest cost on projected benefit obligation		137			140			128			131
Expected return on plan assets		(177	)		(183	)		(168	)		(175	)
Amortization of net actuarial loss		177			132			168			125
Amortization of prior service costs		2			2			2			2
NET PERIODIC BENEFIT COST		$ 198			$ 138			$ 185			$ 127
Amortization of regulatory asset		1			1			1			1
TOTAL PERIODIC BENEFIT COST		$ 199			$ 139			$ 186			$ 128
Cost capitalized		(68	)		(48	)		(63	)		(45	)
Reconciliation to rate level		3			(6	)		2			(7	)
Cost charged to operating expenses		$ 134			$ 85			$ 125			$ 76


	For the Six Months Ended June 30,
	Con Edison						CECONY
*(Millions of Dollars)*	2012			2011			2012			2011
Service cost – including administrative expenses		$ 118			$ 94			$ 110			$ 88
Interest cost on projected benefit obligation		274			280			257			262
Expected return on plan assets		(352	)		(366	)		(335	)		(350	)
Amortization of net actuarial loss		354			264			335			250
Amortization of prior service costs		4			4			3			4
NET PERIODIC BENEFIT COST		$ 398			$ 276			$ 370			$ 254
Amortization of regulatory asset		1			1			1			1
TOTAL PERIODIC BENEFIT COST		$ 399			$ 277			$ 371			$ 255
Cost capitalized		(135	)		(96	)		(126	)		(89	)
Reconciliation to rate level		(32	)		(57	)		(36	)		(59	)
Cost charged to operating expenses		$ 232			$ 124			$ 209			$ 107

Other Postretirement Benefits (Tables)

6 Months Ended

Jun. 30, 2012

Net Periodic Postretirement Benefit Costs

The components of the Companies’ net periodic postretirement benefit costs for the three and six months ended June 30, 2012 and 2011 were as follows:


	For the Three Months Ended June 30,
	Con Edison						CECONY
*(Millions of Dollars)*	2012			2011			2012			2011
Service cost		$ 6			$ 6			$ 5			$ 5
Interest cost on accumulated other postretirement benefit obligation		18			21			15			18
Expected return on plan assets		(21	)		(22	)		(18	)		(19	)
Amortization of net actuarial loss		24			22			21			20
Amortization of prior service cost		(5	)		(2	)		(4	)		(3	)
Amortization of transition obligation		1			1			1			1
NET PERIODIC POSTRETIREMENT BENEFIT COST		$ 23			$ 26			$ 20			$ 22
Cost capitalized		(8	)		(9	)		(7	)		(8	)
Reconciliation to rate level		5			4			4			4
Cost charged to operating expenses		$ 20			$ 21			$ 17			$ 18


	For the Six Months Ended June 30,
	Con Edison						CECONY
*(Millions of Dollars)*	2012			2011			2012			2011
Service cost		$ 13			$ 12			$ 10			$ 10
Interest cost on accumulated other postretirement benefit obligation		36			42			32			36
Expected return on plan assets		(42	)		(44	)		(38	)		(38	)
Amortization of net actuarial loss		49			44			44			40
Amortization of prior service cost		(11	)		(4	)		(9	)		(6	)
Amortization of transition obligation		1			2			1			2
NET PERIODIC POSTRETIREMENT BENEFIT COST		$ 46			$ 52			$ 40			$ 44
Cost capitalized		(16	)		(18	)		(14	)		(15	)
Reconciliation to rate level		14			9			8			7
Cost charged to operating expenses		$ 44			$ 43			$ 34			$ 36

Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans.

Accrued Liabilities And Regulatory Assets

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Environmental Matters (Tables)

6 Months Ended

Jun. 30, 2012

The accrued liabilities and regulatory assets related to Superfund Sites at June 30, 2012 and December 31, 2011 were as follows:


	Con Edison				CECONY
*(Millions of Dollars)*	2012		2011		2012		2011
Accrued Liabilities:
Manufactured gas plant sites		$469		$422		$354		$307
Other Superfund Sites		70		67		69		66
Total		$539		$489		$423		$373
Regulatory assets		$730		$681		$615		$564

Environmental Remediation Costs

Environmental remediation costs incurred and insurance recoveries received related to Superfund Sites for the three and six months ended June 30, 2012 and 2011, were as follows:


	For the Three Months Ended June 30,
	Con Edison				CECONY
*(Millions of Dollars)*	2012		2011		2012		2011
Remediation costs incurred		$8		$10		$7		$8
Insurance recoveries received		—		—		—		—


	For the Six Months Ended June 30,
	Con Edison				CECONY
*(Millions of Dollars)*	2012		2011		2012		2011
Remediation costs incurred		$15		$16		$14		$14
Insurance recoveries received		—		—		—		—

Accrued Liability For Asbestos Suits And Workers' Compensation Proceedings

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 June 30, 2012 and December 31, 2011 were as follows:


	Con Edison				CECONY
*(Millions of Dollars)*	2012		2011		2012		2011
Accrued liability – asbestos suits	$	10	$	10	$	10	$	10
Regulatory assets – asbestos suits	$	10	$	10	$	10	$	10
Accrued liability – workers’ compensation	$	95	$	98	$	91	$	93
Regulatory assets – workers’ compensation	$	21	$	23	$	20	$	23

Other Material Contingencies (Tables)

6 Months Ended

Jun. 30, 2012

Total Guarantees

A summary, by type and term, of Con Edison’s total guarantees at June 30, 2012 is as follows:


Guarantee Type	0 – 3 years		4 – 10 years		> 10 years		Total
	*(Millions of Dollars)*
Energy transactions		$658		$12		$66		$736
Intra-company guarantees		15		—		1		16
Other guarantees		38		5		—		43
TOTAL		$711		$17		$67		$795

Financial Data For The Business Segments

Tabular disclosure of each guarantee obligation, or each group of similar guarantee obligations, including (a) the nature of the guarantee, including its term, how it arose, and the events or circumstances that would require the guarantor to perform under the guarantee; (b) the maximum potential amount of future payments (undiscounted) the guarantor could be required to make under the guarantee; (c) the current carrying amount of the liability, if any, for the guarantor's obligations under the guarantee; and (d) the nature of any recourse provisions under the guarantee, and any assets held either as collateral or by third parties, and any relevant related party disclosure. Excludes disclosures about product warranties.

+ References+ Details

Financial Information by Business Segment (Tables)

6 Months Ended

Jun. 30, 2012

The financial data for the business segments are as follows:


	For the Three Months Ended June 30,
	Operating revenues						Inter-segment revenues						Depreciation and amortization				Operating income
*(Millions of Dollars)*	2012			2011			2012			2011			2012		2011		2012			2011
CECONY
Electric		$1,961			$2,013			$ 4			$ 3			$175		$162		$348			$350
Gas		265			296			2			1			30		27		54			31
Steam		83			107			19			20			16		16		(22	)		(11	)
Consolidation adjustments		—			—			(25	)		(24	)		—		—		—			—
Total CECONY		$2,309			$2,416			$ —			$ —			$221		$205		$380			$370
O&R
Electric		$ 129			$ 141			$ —			$ —			$ 9		$ 8		$ 16			$ 14
Gas		35			37			—			—			4		4		1			1
Total O&R		$ 164			$ 178			$ —			$ —			$ 13		$ 12		$ 17			$ 15
Competitive energy businesses		$ 300			$ 406			$ 2			$ 2			$ 2		$ 2		$ 78			$ 14
Other*		(2	)		(7	)		(2	)		(2	)		—		—		—			(1	)
Total Con Edison		$2,771			$2,993			$ —			$ —			$236		$219		$475			$398

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


	For the Six Months Ended June 30,
	Operating revenues						Inter-segment revenues						Depreciation and amortization				Operating income
*(Millions of Dollars)*	2012			2011			2012			2011			2012		2011		2012			2011
CECONY
Electric		$3,696			$3,734			$ 7			$ 6			$348		$324		$ 573			$ 566
Gas		828			959			3			2			59		54		275			237
Steam		346			432			38			40			32		32		77			114
Consolidation adjustments		—			—			(48	)		(48	)		—		—		—			—
Total CECONY		$4,870			$5,125			$ —			$ —			$439		$410		$ 925			$ 917
O&R
Electric		$ 257			$ 289			$ —			$ —			$ 19		$ 17		$ 24			$ 25
Gas		117			130			—			—			7		7		31			28
Total O&R		$ 374			$ 419			$ —			$ —			$ 26		$ 24		$ 55			$ 53
Competitive energy businesses		$ 610			$ 814			$ 4			$ 5			$ 4		$ 3		$ 59			$ 58
Other*		(5	)		(16	)		(4	)		(5	)		—		—		(3	)		(4	)
Total Con Edison		$5,849			$6,342			$ —			$ —			$469		$437		$1,036			$1,024

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

Energy Price Hedging Fair Values

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References+ Details

Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2012

The fair values of the Companies’ commodity derivatives at June 30, 2012 and December 31, 2011 were as follows:


	Con Edison						CECONY
*(Millions of Dollars)*	2012			2011			2012			2011
Fair value of net derivative assets/(liabilities) – gross		$(195	)		$(249	)		$(111	)		$(144	)
Impact of netting of cash collateral		102			110			51			46
Fair value of net derivative assets/(liabilities) – net		$ (93	)		$(139	)		$ (60	)		$ (98	)

Fair Values of the Companies' Commodity Derivatives

The fair values of the Companies’ commodity derivatives at June 30, 2012 were:


*(Millions of Dollars)*	Fair Value of Commodity Derivatives (a) Balance Sheet Location	Con Edison			CECONY
Derivative Assets
Current	Other current assets		$ 118			$ 22
Long-term	Other deferred charges and non-current assets		22			9
Total derivative assets			$ 140			$ 31
Impact of netting			(79	)		(6	)
Net derivative assets			$ 61			$ 25
Derivative Liabilities
Current	Fair value of derivative liabilities		$ 253			$ 96
Long-term	Fair value of derivative liabilities		82			46
Total derivative liabilities			$ 335			$142
Impact of netting			(181	)		(57	)
Net derivative liabilities			$ 154			$ 85

(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 fair values of the Companies’ commodity derivatives at December 31, 2011 were:


*(Millions of Dollars)*	Fair Value of Commodity Derivatives (a) Balance Sheet Location	Con Edison			CECONY
Derivative Assets
Current	Other current assets		$139			$ 16
Long-term	Other deferred charges and non-current assets		26			14
Total derivative assets			$165			$ 30
Impact of netting			(95	)		(6	)
Net derivative assets			$ 70			$ 24
Derivative Liabilities
Current	Fair value of derivative liabilities		$331			$127
Long-term	Fair value of derivative liabilities		83			48
Total derivative liabilities			$414			$175
Impact of netting			(205	)		(53	)
Net derivative liabilities			$209			$122

(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.

Number of Derivative Contracts by Commodity Type

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		681		16,351,706		77		12,273		725		96,403,140		1,483
CECONY		137		3,879,800		—		—		569		89,220,000		706

(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.

Aggregate Fair Value of All Derivative Instruments with Credit-Risk-Related Contingent Features


*(Millions of Dollars)*	Con Edison (a)			CECONY (a)
Aggregate fair value – net liabilities		$124			$84
Collateral posted		$ 62			$56
Additional collateral (b) (downgrade one level from current ratings (c))		$ 9			$ 3
Additional collateral (b) (downgrade to below investment grade from current ratings (c))		$101	(d)		$46	(d)

(a)

(b)

(c)

(d)	Derivative instruments that are net assets have been excluded from the table. At June 30, 2012, if Con Edison had been downgraded to below investment grade, it would have been required to post additional collateral for such derivative instruments of $24 million.

Tabular disclosure of credit derivatives which includes information by sellers of credit derivatives, about each credit derivative, or each group of similar credit derivatives, including (a) the nature of the credit derivative - its term, how it arose, the events or circumstances that would require the seller to perform under the credit derivative, and the current status of the payment/performance risk of the credit derivative; (b) the maximum potential amount of future payments (undiscounted) the seller could be required to make under the credit derivative; (c) the current fair value of the credit derivative; and (d) the nature of any recourse provisions under the credit derivative, and any assets held either as collateral or by third parties. A credit derivative is a derivative instrument (1) in which one or more of its underlyings are related to the credit risk of a specified entity (or a group of entities) or an index based on the credit risk of a group of entities and (2) that exposes the seller to potential loss from credit-risk-related events specified in the contract. Examples of credit derivatives within the scope of this paragraph include, but are not limited to, credit default swaps, credit spread options, and credit index products; also includes a hybrid instrument that has an embedded credit derivative (for example, but not limited to, a credit-linked note).

+ References+ Details

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References+ Details

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

Assets and Liabilities Measured at Fair Value on A Recurring Basis

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-Name Accounting Standards Codification

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-Publisher FASB

-Name Accounting Standards Codification

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-Paragraph 1

-Subparagraph (SX 210.4-08.(n)(2))

-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

+ Details

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2012

Assets and liabilities measured at fair value on a recurring basis as of June 30, 2012 are summarized below.


	Level 1				Level 2						Level 3						Netting Adjustments (4)						Total
*(Millions of Dollars)*	Con Edison		CECONY		Con Edison			CECONY			Con Edison			CECONY			Con Edison			CECONY			Con Edison			CECONY
Derivative assets:
Commodity (1)		$ 2		$ 1		$ 63			$ 11			$ 65			$ 10			$ (68	)		$ 3			$ 62			$ 25
Other assets		96		89		(3	)		(1	)		105			95			—			—			198			183
Transfer in (5) (6)		—		—		105			95			—			—			—			—			105			95
Transfer out (5) (6)		—		—		—			—			(105	)		(95	)		—			—			(105	)		(95	)
Other assets (3)		$96		$89		$102			$ 94			$ —			$ —			$ —			$ —			$ 198			$183
Total		$98		$90		$165			$105			$ 65			$ 10			$ (68	)		$ 3			$ 260			$208
Derivative liabilities:
Commodity		$ 6		$ 1		$193			$114			$126			$ 18			$(170	)		$(48	)		$ 155			$ 85
Transfer in (5) (6)		—		—		3			1			3			3			—			—			6			4
Transfer out (5) (6)		—		—		(3	)		(3	)		(3	)		(1	)		—			—			(6	)		(4	)
Commodity Total (1)		$ 6		$ 1		$193			$112			$126			$ 20			$(170	)		$(48	)		$ 155			$ 85
Interest rate contract		—		—		(1	)		—			8			—			—			—			7			—
Transfer in (5) (6)		—		—		8			—			—			—			—			—			8			—
Transfer out (5) (6)		—		—		—			—			(8	)		—			—			—			(8	)		—
Interest rate contract (2)		$ —		$ —		$ 7			$ —			$ —			$ —			$ —			$ —			$ 7			$ —
Total		$ 6		$ 1		$200			$112			$126			$ 20			$(170	)		$(48	)		$ 162			$ 85

(1)	A portion of the commodity derivatives categorized in Level 3 is valued using 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 J.

(2)	See Note J.

(3)	Other assets are comprised of assets such as life insurance contracts within the deferred compensation plan and non-qualified retirement plans.

(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.

(5)	The Companies’ policy is to recognize transfers into and transfers out of the levels at the end of the reporting period.

(6)	Transferred from Level 3 to Level 2 because of reassessment of the levels in the fair value hierarchy within which certain inputs fall. Other assets and interest rate contract were transferred as of March 31, 2012.

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2011 are summarized below.


	Level 1				Level 2						Level 3						Netting Adjustments (4)						Total
*(Millions of Dollars)*	Con Edison		CECONY		Con Edison			CECONY			Con Edison			CECONY			Con Edison			CECONY			Con Edison			CECONY
Derivative assets:
Commodity (1)		$ 3		$ —		$ 64			$ 8			$ 87			$ 11			$ (84	)		$ 5			$ 70			$ 24
Other assets (3)		76		76		—			—			99			90			—			—			175			166
Total		$79		$76		$ 64			$ 8			$186			$101			$ (84	)		$ 5			$245			$190
Derivative liabilities:
Commodity		$12		$ 4		$222			$122			$169			$ 37			$(194	)		$(41	)		$209			$122
Transfer in (5) (6) (7)		—		—		26			25			6			6			—			—			32			31
Transfer out (5) (6) (7)		—		—		(6	)		(6	)		(26	)		(25	)		—			—			(32	)		(31	)
Commodity (1)		$12		$ 4		$242			$141			$149			$ 18			$(194	)		$(41	)		$209			$122
Interest rate contract (2)		—		—		—			—			8			—			—			—			8			—
Total		$12		$ 4		$242			$141			$157			$ 18			$(194	)		$(41	)		$217			$122

(1)	A portion of the commodity derivatives categorized in Level 3 is valued using 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 J.

(2)	See Note J.

(3)	Other assets are comprised of assets such as life insurance contracts within the deferred compensation plan and non-qualified retirement plans.

(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.

(5)	The Companies’ policy is to recognize transfers into and transfers out of the levels at the end of the reporting period.

(6)	Transferred from Level 2 to Level 3 because of reassessment of the levels in the fair value hierarchy within which certain inputs fall.

(7)	Transferred from Level 3 to Level 2 because of availability of observable market data due to decrease in the terms of certain contracts from beyond one year as of December 31, 2010 to less than one year as of December 31, 2011.

Schedule of Commodity Derivatives

at the Utilities and the competitive energy businesses. The managers of the risk management groups report to the Companies’ Vice President and Treasurer.


*(Millions of Dollars)*	Fair Value of Level 3 at June 30, 2012			Valuation Techniques	Unobservable Inputs
Con Edison
Commodity	$	(61	)	Market approach (1)	Discount for inactive markets and/or illiquid locations (2)
CECONY
Commodity	$	(10	)	Market approach (1)	Discount for inactive markets and/or illiquid locations (2)

(1)

(2)	Significant increases or decreases in any of these inputs in isolation would have a limited impact on fair value measurement. Generally, a change in the fair value measurement is linearly based on changes in these inputs.

Reconciliation of the Beginning and Ending Net Balances for Assets and Liabilities Measured at Level 3 Fair Value


	For the Three Months Ended June 30, 2012
				Total Gains/(Losses)— Realized and Unrealized
*(Millions of Dollars)*	Beginning Balance as of April 1, 2012			Included in Earnings			Included in Regulatory Assets and Liabilities		Purchases		Issuances		Sales		Settlements		Transfer In/Out of Level 3		Ending Balance as of June 30, 2012
Con Edison
Derivatives:
Commodity	$	(93	)	$	(24	)	$	4	$	5	$	—	$	—	$	43	$	4	$	(61	)
CECONY
Derivatives:
Commodity	$	(13	)	$	(11	)	$	4	$	2	$	—	$	—	$	6	$	2	$	(10	)


	For the Six Months Ended June 30, 2012
			Total Gains/(Losses)— Realized and Unrealized
*(Millions of Dollars)*	Beginning Balance as of January 1, 2012		Included in Earnings		Included in Regulatory Assets and Liabilities		Purchases		Issuances		Sales		Settlements		Transfer In/Out of Level 3			Ending Balance as of June 30, 2012
Con Edison
Derivatives:
Commodity		$(62)		$(82)		$(13)		$11		$—		$—		$81		$ 4			$(61)
Interest rate contract		(8)		(1)		—		—		—		—		1		8	(2)		—
Other assets (1)		99		3		3		—		—		—		—		(105	)(2)		—
Total		$ 29		$(80)		$(10)		$11		$—		$—		$82		$ (93)			$(61)
CECONY
Derivatives:
Commodity		$ (7)		$(16)		$ (3)		$ 8		$—		$—		$ 6		$ 2	(2)		$(10)
Other assets (1)		90		3		2		—		—		—		—		(95	)(2)		—
Total		$ 83		$(13)		$ (1)		$ 8		$—		$—		$ 6		$ (93)			$(10)

(1)	Amounts included in earnings are reported in investment and other income on the consolidated income statement.

(2)	Other assets and interest rate contract were transferred as of March 31, 2012.

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 six months ended June 30, 2011 and classified as Level 3 in the fair value hierarchy:


	For the Three Months Ended June 30, 2011
				Total Gains/(Losses)— Realized and Unrealized
*(Millions of Dollars)*	Beginning Balance as of April 1, 2011			Included in Earnings			Included in Regulatory Assets and Liabilities		Purchases		Issuances		Sales		Settlements			Transfer In/Out of Level 3		Ending Balance as of June 30, 2011
Con Edison
Derivatives:
Commodity		$(31	)		$(31	)		$14		$5		$—		$—		$18			$—		$(25	)
Interest rate contract		(10	)		(1	)		—		—		—		—		1			—		(10	)
Other assets (1)		105			1			—		—		—		—		—			—		106
Total		$ 64			$(31	)		$14		$5		$—		$—		$19			$—		$ 71
CECONY
Derivatives:
Commodity		$ 2			$ (1	)		$ 2		$1		$—		$—		$ (4	)		$—		$ —
Other assets (1)		95			1			—		—		—		—		—			—		96
Total		$ 97			$ —			$ 2		$1		$—		$—		$ (4	)		$—		$ 96

(1)	Amounts included in earnings are reported in investment and other income on the consolidated income statement.


	For the Six Months Ended June 30, 2011
				Total Gains/(Losses)— Realized and Unrealized
*(Millions of Dollars)*	Beginning Balance as of January 1, 2011			Included in Earnings			Included in Regulatory Assets and Liabilities		Purchases		Issuances		Sales		Settlements			Transfer In/Out of Level 3		Ending Balance as of June 30, 2011
Con Edison
Derivatives:
Commodity		$ (88	)		$(22	)		$45		$14		$—		$—		$21			$5		$(25	)
Interest rate contract		(10	)		(2	)		—		—		—		—		2			—		(10	)
Other assets (1)		101			3			2		—		—		—		—			—		106
Total		$3			$(21	)		$47		$14		$—		$—		$23			$5		$ 71
CECONY
Derivatives:
Commodity		$ (26	)		$ (3	)		$20		$11		$—		$—		$ (7	)		$5		$ —
Other assets (1)		92			3			1		—		—		—		—			—		96
Total		$ 66			$ —			$21		$11		$—		$—		$ (7	)		$5		$ 96

(1)	Amounts included in earnings are reported in investment and other income on the consolidated income statement.

Summary Of Significant Accounting Policies (Earnings Per Common Share) (Detail) (USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended				6 Months Ended
	Jun. 30, 2012	Mar. 31, 2012	Jun. 30, 2011	Mar. 31, 2011	Jun. 30, 2012	Jun. 30, 2011
Net income for common stock	$ 214	$ 277	$ 165	$ 311	$ 491	$ 477
Weighted average common shares outstanding - Basic	292.9		292.7		292.9	292.3
Add: Incremental shares attributable to effect of potentially dilutive securities	1.5		1.6		1.5	1.6
Adjusted weighted average common shares outstanding - Diluted	294.4		294.3		294.4	293.9
Net income for common stock per common share - basic	$ 0.73		$ 0.57		$ 1.68	$ 1.63
Net income for common stock per common share - diluted	$ 0.73		$ 0.56		$ 1.67	$ 1.62

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 36, 37, 38

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 07-4

-Paragraph 4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.21)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 45

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 18

-Article 7

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 20

-Article 5

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 21

-Article 9

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 55

-Paragraph 52

-URI http://asc.fasb.org/extlink&oid=16381557&loc=d3e4984-109258

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.19)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-04.23)

-URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882

+ Details

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References+ Details

Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of contingently issuable shares. Contingently issuable shares are those shares that are issuable for little or no cash contingent on certain conditions being met.

+ References+ Details

The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.

+ References+ Details

Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 07-4

-Paragraph 4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 171

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 40

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 45

-Paragraph 10

-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1448-109256

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 8

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Weighted-Average Number of Common Shares Outstanding

-URI http://asc.fasb.org/extlink&oid=6528421

+ Details

Regulatory Matters (Regulatory Assets And Liabilities) (Detail) (USD $) In Millions, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Regulatory Assets [Line Items]
Regulatory assets - long-term	$ 9,078	$ 9,337
Regulatory assets - current	127	164
Regulatory liabilities - long-term	1,029	977
Total Regulatory Assets	9,205	9,501
Regulatory liabilities - current	233	118
Total Regulatory Liabilities	1,262	1,095
Unrecognized Pension And Other Postretirement Costs
Regulatory Assets [Line Items]
Regulatory assets - long-term	5,407	5,852
Future Income Tax
Regulatory Assets [Line Items]
Regulatory assets - long-term	1,874	1,798
Environmental Restoration Costs
Regulatory Assets [Line Items]
Regulatory assets - long-term	730	681
Pension And Other Post Retirement Benefits Deferrals
Regulatory Assets [Line Items]
Regulatory assets - long-term	214	198
Revenue Taxes
Regulatory Assets [Line Items]
Regulatory assets - long-term	169	163
Deferred Storm Costs
Regulatory Assets [Line Items]
Regulatory assets - long-term	121	128
Net Electric Deferrals
Regulatory Assets [Line Items]
Regulatory assets - long-term	111	121
Surcharge For New York State Assessment
Regulatory Assets [Line Items]
Regulatory assets - long-term	87	90
Deferred Derivative Losses - Long-Term
Regulatory Assets [Line Items]
Regulatory assets - long-term	70	60
Regulatory assets - current	126	164
O&R Transition Bond Charges
Regulatory Assets [Line Items]
Regulatory assets - long-term	42	44
Preferred Stock Redemption
Regulatory Assets [Line Items]
Regulatory assets - long-term	30
Workers' Compensation
Regulatory Assets [Line Items]
Regulatory assets - long-term	21	23
Property Tax Reconciliation [Member]
Regulatory Assets [Line Items]
Regulatory assets - long-term	13	13
Regulatory liabilities - long-term	97	35
Recoverable Energy Costs
Regulatory Assets [Line Items]
Regulatory assets - long-term		14
Regulatory assets - current	1
Other
Regulatory Assets [Line Items]
Regulatory assets - long-term	189	152
Allowance For Cost Of Removal Less Salvage
Regulatory Assets [Line Items]
Regulatory liabilities - long-term	468	448
Net Unbilled Revenue Deferrals
Regulatory Assets [Line Items]
Regulatory liabilities - long-term	140	104
World Trade Center Settlement Proceeds
Regulatory Assets [Line Items]
Regulatory liabilities - long-term	72	62
Long-Term Interest Rate Reconciliation
Regulatory Assets [Line Items]
Regulatory liabilities - long-term	46	30
Carrying Charges On Transmission And Distribution Net Plant
Regulatory Assets [Line Items]
Regulatory liabilities - long-term	41	38
Gas Line Losses
Regulatory Assets [Line Items]
Regulatory liabilities - long-term	17	21
Expenditure Prudence Proceeding
Regulatory Assets [Line Items]
Regulatory liabilities - long-term	15	11
Energy Efficiency Programs [Member]
Regulatory Assets [Line Items]
Regulatory liabilities - long-term	8	22
Other Liabilities
Regulatory Assets [Line Items]
Regulatory liabilities - long-term	125	206
Electric Surcharge Offset
Regulatory Assets [Line Items]
Regulatory liabilities - current	104
Refundable Energy Costs - Current
Regulatory Assets [Line Items]
Regulatory liabilities - current	69	51
Revenue Decoupling Mechanism
Regulatory Assets [Line Items]
Regulatory liabilities - current	59	66
Deferred Derivative Gains - Current [Member]
Regulatory Assets [Line Items]
Regulatory liabilities - current	$ 1	$ 1

Carrying amount as of the balance sheet date of capitalized costs of regulated entities that are expected to be recovered through revenue sources within one year or the normal operating cycle, if longer. Such costs are capitalized if they meet both of the following criteria: a. It is probable that future revenue in an amount at least equal to the capitalized cost will result from inclusion of that cost in allowable costs for rate-making purposes. b. Based on available evidence, the future revenue will be provided to permit recovery of the previously incurred cost rather than to provide for expected levels of similar future costs. If the revenue will be provided through an automatic rate-adjustment clause, this criterion requires that the regulator's intent clearly be to permit recovery of the previously incurred cost.

+ References+ Details

Capitalization (Carrying Amounts And Fair Values Of Long-term Debt) (Detail) (USD $) In Millions, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Consolidated Edison Inc
Carrying Amount	$ 11,071	$ 10,673
Fair Value	13,310	12,744
CECONY
Carrying Amount	10,144	9,745
Fair Value	$ 12,135	$ 11,593

Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References+ Details

Short-Term Borrowing (Detail) (USD $) In Millions, unless otherwise specified	6 Months Ended
	Jun. 30, 2012
Commercial paper outstanding	$ 800
Weighted average interest rate	0.40%
Letters of credit outstanding under the Credit Agreement	$ 252

Including the current and noncurrent portions, carrying value as of the balance sheet date of long-term unsecured obligations issued by corporations and other borrowers to investors (with maturities initially due after one year or beyond the operating cycle if longer).

+ References+ Details

Pension Benefits (Companies' Net Periodic Benefit Costs) (Detail) (Pension Benefits [Member], USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost - including administrative expenses	$ 59	$ 47	$ 118	$ 94
Interest cost on projected benefit obligation	137	140	274	280
Expected return on plan assets	(177)	(183)	(352)	(366)
Amortization of net actuarial loss	177	132	354	264
Amortization of prior service costs	2	2	4	4
NET PERIODIC BENEFIT COST	198	138	398	276
Amortization of regulatory asset	1	1	1	1
TOTAL PERIODIC BENEFIT COST	199	139	399	277
Cost capitalized	(68)	(48)	(135)	(96)
Reconciliation to rate level	3	(6)	(32)	(57)
Cost charged to operating expenses	134	85	232	124
Estimated future employer contributions	775		775
Funds made to non-qualified supplemental plan			$ 12

Other Postretirement Benefits (Net Periodic Postretirement Benefit Costs) (Detail) (Other Postretirement Benefit Plans, Defined Benefit [Member], USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Other Postretirement Benefit Plans, Defined Benefit [Member]
Schedule Of Other Postretirement Benefits [Line Items]
Service cost	$ 6	$ 6	$ 13	$ 12
Interest cost on accumulated other postretirement benefit obligation	18	21	36	42
Expected return on plan assets	(21)	(22)	(42)	(44)
Amortization of net actuarial loss	24	22	49	44
Amortization of prior service cost	(5)	(2)	(11)	(4)
Amortization of transition obligation	1	1	1	2
NET PERIODIC BENEFIT COST	23	26	46	52
Cost capitalized	(8)	(9)	(16)	(18)
Reconciliation to rate level	5	4	14	9
Cost charged to operating expenses	20	21	44	43
Expected contributions	$ 83		$ 83

Environmental Matters (Accrued Liabilities And Regulatory Assets) (Detail) (USD $) In Millions, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Site Contingency [Line Items]
Regulatory assets	$ 9,205	$ 9,501
Manufactured Gas Plant Sites [Member]
Site Contingency [Line Items]
Accrued Liabilities:	469	422
Other Superfund Sites [Member]
Site Contingency [Line Items]
Accrued Liabilities:	70	67
Superfund Sites [Member]
Site Contingency [Line Items]
Accrued Liabilities:	539	489
Regulatory assets	$ 730	$ 681

Total costs accrued as of the balance sheet date for environmental loss contingencies.

+ References+ Details

Environmental Matters (Environmental Remediation Costs) (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Remediation costs incurred	$ 8	$ 10	$ 15	$ 16
Insurance recoveries received

The charge against earnings in the period for known or estimated future costs arising from requirements to perform environmental remediation activities.

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 90-8

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 410

-SubTopic 30

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6393242&loc=d3e13296-110859

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Statement of Position (SOP)

-Number 96-1

-Paragraph 170

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Statement of Position (SOP)

-Number 96-1

-Paragraph 147, 148, 149, 150

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 5

-Paragraph 9, 10

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 143

-Paragraph 2

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Environmental Matters (Accrued Liability For Asbestos Suits And Workers' Compensation Proceedings) (Detail) (USD $) In Millions, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Site Contingency [Line Items]
Regulatory assets	$ 9,205	$ 9,501
Asbestos Suits [Member]
Site Contingency [Line Items]
Accrued liability	10	10
Regulatory assets	10	10
Workers' Compensation
Site Contingency [Line Items]
Accrued liability	95	98
Regulatory assets	$ 21	$ 23

Total costs accrued as of the balance sheet date for environmental loss contingencies.

+ References+ Details

Other Material Contingencies (Narrative) (Detail) (USD $) In Millions, unless otherwise specified	6 Months Ended		6 Months Ended
	Jun. 30, 2012	Dec. 31, 2011	Jun. 30, 2012 Tax Deficiency Paid In December 2005 [Member]	Jun. 30, 2012 Interest In April 2006 [Member]	Jun. 30, 2012 Disallowance Of Tax 1998-2007 [Member]	Dec. 31, 2010 Disallowance Of Tax 2010 [Member]	Dec. 31, 2009 Disallowance Of Tax 2009 [Member]	Dec. 31, 2008 Disallowance Of Tax 2008 [Member]
Operating Leased Assets [Line Items]
Total investment in electric generating and gas distribution facilities	$ 259
Transactions financed with equity	93
Transactions financed with non-recourse	166
The company's investment in leveraged leases	(69)	(55)
Gross investment in leverage leases	228	234
Deferred tax liabilities	297	289
Tax deficiency paid to IRS			0.3
Interest paid related to tax deficiency				0.2
Disallowed deduction					416	40	41	42
Tax savings from lease in lease out transactions	244
Interest required to be paid	118
Guarantee obligations maximum exposure	$ 795	$ 760

Other Material Contingencies (Total Guarantees) (Detail) (USD $) In Millions, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Guarantor Obligations [Line Items]
Total guarantees, by type and term	$ 795	$ 760
Energy Transactions [Member]
Guarantor Obligations [Line Items]
Total guarantees, by type and term	736
Intra-Company Guarantees [Member]
Guarantor Obligations [Line Items]
Total guarantees, by type and term	16
Other Guarantees [Member]
Guarantor Obligations [Line Items]
Total guarantees, by type and term	43
Guarantee Duration, 0 - 3 Years [Member]
Guarantor Obligations [Line Items]
Total guarantees, by type and term	711
Guarantee Duration, 0 - 3 Years [Member] \| Energy Transactions [Member]
Guarantor Obligations [Line Items]
Total guarantees, by type and term	658
Guarantee Duration, 0 - 3 Years [Member] \| Intra-Company Guarantees [Member]
Guarantor Obligations [Line Items]
Total guarantees, by type and term	15
Guarantee Duration, 0 - 3 Years [Member] \| Other Guarantees [Member]
Guarantor Obligations [Line Items]
Total guarantees, by type and term	38
Guarantee Duration, 4 - 10 Years [Member]
Guarantor Obligations [Line Items]
Total guarantees, by type and term	17
Guarantee Duration, 4 - 10 Years [Member] \| Energy Transactions [Member]
Guarantor Obligations [Line Items]
Total guarantees, by type and term	12
Guarantee Duration, 4 - 10 Years [Member] \| Other Guarantees [Member]
Guarantor Obligations [Line Items]
Total guarantees, by type and term	5
Guarantee Duration, Greater Than 10 Years [Member]
Guarantor Obligations [Line Items]
Total guarantees, by type and term	67
Guarantee Duration, Greater Than 10 Years [Member] \| Energy Transactions [Member]
Guarantor Obligations [Line Items]
Total guarantees, by type and term	66
Guarantee Duration, Greater Than 10 Years [Member] \| Intra-Company Guarantees [Member]
Guarantor Obligations [Line Items]
Total guarantees, by type and term	$ 1

Financial Information By Business Segment (Financial Data For The Business Segments) (Detail) (USD $)
In Millions, unless otherwise specified

3 Months Ended

6 Months Ended

Jun. 30, 2012

Jun. 30, 2011

Jun. 30, 2012

Jun. 30, 2011

$ 469

$ 437

475

398

1,036

1,024

CECONY

2,309

2,416

4,870

5,125

221

205

439

410

380

370

925

917

O&R [Member]

164

178

374

419

Consolidated Edison Inc

2,771

2,993

5,849

6,342

236

219

469

437

475

398

1,036

1,024

CECONY - Electric [Member]

1,961

2,013

3,696

3,734

175

162

348

324

348

350

573

566

CECONY - Gas [Member]

265

296

828

959

275

237

CECONY - Steam [Member]

107

346

432

(22)

(11)

114

Consolidation, Eliminations [Member]

(25)

(24)

(48)

O&R - Electric [Member]

129

141

257

289

O&R - Gas [Member]

117

130

Competitive Energy Businesses [Member]

300

406

610

814

Other [Member]

(2)

(7)

(5)

^[1]

(16)

^[1]

(2)

(4)

^[1]

(5)

^[1]

Energy supply and hedging activities credit exposure total

$ (1)

$ (3)

^[1]

$ (4)

^[1]

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

Derivative Instruments And Hedging Activities (Energy Price Hedging Fair Values) (Detail) (USD $) In Millions, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Fair value of net derivative assets/(liabilities) - gross	$ (195)	$ (249)
Impact of netting of cash collateral	102	110
Fair value of net derivative assets/(liabilities) - net	$ (93)	$ (139)

Derivative Instruments And Hedging Activities (Narrative) (Detail) (USD $)
In Millions, unless otherwise specified

3 Months Ended

6 Months Ended

Jun. 30, 2012

Jun. 30, 2011

Jun. 30, 2012

Jun. 30, 2011

Investment Holdings [Line Items]

$ 112

Makeup of net credit exposure, with investment-grade counterparties

Makeup of net credit exposure with commodity exchange brokers

Makeup of net credit exposure independent system operators

Makeup of net credit exposure non-rated counterparties

Number of contracts, considered derivatives

1483

Unrealized gain (loss) on derivatives

^[1]

(72)

^[1]

Increase in the fair value of interest swap

CECONY

Investment Holdings [Line Items]

Energy supply and hedging activities credit exposure total

Makeup of net credit exposure, with investment-grade counterparties

Makeup of net credit exposure with commodity exchange brokers

Number of contracts, considered derivatives

706

Interest Rate Swap [Member]

Investment Holdings [Line Items]

Unrealized gain (loss) on derivatives

$ (7)

Derivative, fixed interest rate

6.09%

[1]	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.

Derivative Instruments And Hedging Activities (Fair Values Of The Companies' Commodity Derivatives) (Detail) (USD $)
In Millions, unless otherwise specified

Jun. 30, 2012

Dec. 31, 2011

Derivatives Assets [Member]

Current Other current assets

$ 140

^[1]

$ 165

^[1]

Impact of netting

(79)

^[1]

(95)

^[1]

Net derivative assets

^[1]

Derivatives Assets [Member] | Other Current Assets [Member]

Current Other current assets

118

^[1]

139

^[1]

Derivatives Assets [Member] | Other Deferred Charges And Non-Current Assets [Member]

Current Other current assets

^[1]

Derivatives Liabilities [Member]

Current Fair value of derivative liabilities

335

^[1]

414

^[1]

Impact of netting

(181)

^[1]

(205)

^[1]

Net derivative liabilities

154

^[1]

209

^[1]

Derivatives Liabilities [Member] | Fair Value Of Derivative Liabilities, Current [Member]

Current Fair value of derivative liabilities

253

^[1]

331

^[1]

Derivatives Liabilities [Member] | Fair Value Of Derivative Liabilities, Long-Term [Member]

Current Fair value of derivative liabilities

$ 82

^[1]

$ 83

^[1]

[1]	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.

Derivative Instruments And Hedging Activities (Changes In The Fair Values Of Commodity Derivatives) (Detail) (USD $)
In Millions, unless otherwise specified

3 Months Ended

6 Months Ended

Jun. 30, 2012

Jun. 30, 2011

Jun. 30, 2012

Jun. 30, 2011

Total deferred gains

$ (1)

^[1]

$ (5)

^[1]

$ 4

^[1]

Total pre-tax gain/(loss) recognized in income

^[1]

(16)

^[1]

(100)

^[1]

(5)

^[1]

Net deferred losses

^[1]

(21)

^[1]

(100)

^[1]

(1)

^[1]

^[1]

(72)

^[1]

Non-Utility Revenue [Member]

Pre-tax gain/(loss) recognized in income

(8)

^[1],[2]

^[1],[3]

(11)

^[1],[4]

^[1],[5]

Total pre-tax gain/(loss) recognized in income

(9)

(12)

(13)

(25)

Purchased Power Expense [Member]

Pre-tax gain/(loss) recognized in income

^[1],[2]

^[1],[3]

(59)

^[1],[4]

^[1],[5]

Total pre-tax gain/(loss) recognized in income

Gas Purchased For Resale [Member]

Pre-tax gain/(loss) recognized in income

(1)

^[1]

(2)

^[1]

Deferred Derivative Gains, Current [Member]

Total deferred gains

(1)

^[1]

(4)

^[1]

Deferred Derivative Losses, Current [Member]

^[1]

Recoverable Energy Costs, Current [Member]

(63)

^[1]

(53)

^[1]

(127)

^[1]

(102)

^[1]

Regulatory Assets, Long-Term [Member]

^[1]

(11)

^[1]

Regulatory Liabilities, Long-Term [Member]

Total deferred gains

$ (1)

^[1]

$ 2

^[1]

[1]	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.
[2]	For the three months ended June 30, 2012, Con Edison recorded in non-utility revenues and purchased power expense an unrealized pre-tax (loss)/gain of $(9) million and $72 million, respectively.
[3]	For the three months ended June 30, 2011, Con Edison recorded in non-utility revenues and purchased power expense an unrealized pre-tax (loss)/gain of $(12) million and $10 million, respectively.
[4]	For the six months ended June 30, 2012, Con Edison recorded in non-utility revenues and purchased power expense an unrealized pre-tax (loss)/gain of $(13) million and $45 million, respectively.
[5]	For the six months ended June 30, 2011, Con Edison recorded in non-utility revenues and purchased power expense an unrealized pre-tax loss/(gain) of $(25) million and $60 million, respectively.

The amount of net gains and losses recognized in income during the period on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges, on derivative instruments designated and qualifying as hedging instruments in cash flow hedges, and on derivative instruments not designated as hedging instruments.

+ References+ Details

Derivative Instruments And Hedging Activities (Number Of Derivative Contracts By Commodity Type) (Detail)

6 Months Ended

Jun. 30, 2012

mwh

Contract

Electric Derivatives [Member]

Number of Capacity Contracts

Number of Contracts

681

^[1]

MWhs

16,351,706

^[2]

^[1]

MWs

12,273

^[2]

Gas Derivatives [Member]

Number of Capacity Contracts

Number of Contracts

725

^[1]

Dths

96,403,140

^[2]

1,483

^[1]

[1]	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.
[2]	Volumes are reported net of long and short positions.

Derivative Instruments And Hedging Activities (Aggregate Fair Value Of All Derivative Instruments With Credit-Risk-Related Contingent Features) (Detail) (USD $)
In Millions, unless otherwise specified

Jun. 30, 2012

Aggregate fair value - net liabilities

$ 124

^[1]

^[1]

Additional Collateral Required Due To Loss Of Unsecured Credit [Member]

Additional collateral (b) (downgrade one level from current ratings (c))

^[1],[2],[3]

Additional Collateral Aggregate Fair Value Down Below Investment Grade [Member]

Additional collateral (b) (downgrade one level from current ratings (c))

101

^{[1],[2],[3],[4]}

CECONY | Additional Collateral Required Due To Loss Of Unsecured Credit [Member]

$ 0

[1]	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 June 30, 2012, would have amounted to an estimated $28 million for Con Edison, including $0 million for CECONY. 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.
[2]	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.
[3]	The current ratings are Moody's, S&P and Fitch long-term credit rating of, as applicable, Con Edison (Baa1/BBB+/BBB+), CECONY (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.
[4]	Derivative instruments that are net assets have been excluded from the table. At June 30, 2012, if Con Edison had been downgraded to below investment grade, it would have been required to post additional collateral for such derivative instruments of $24 million.

Fair Value Measurements (Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Detail) (USD $)
In Millions, unless otherwise specified

6 Months Ended

12 Months Ended

6 Months Ended

12 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

12 Months Ended

6 Months Ended

12 Months Ended

6 Months Ended

12 Months Ended

6 Months Ended

12 Months Ended

6 Months Ended

Jun. 30, 2012

Jun. 30, 2011

Dec. 31, 2011

Jun. 30, 2012

Derivatives Assets [Member]

Dec. 31, 2011

CECONY

Jun. 30, 2012

CECONY

Jun. 30, 2012

CECONY

Derivatives Assets [Member]

Jun. 30, 2012

Commodity [Member]

Jun. 30, 2012

Commodity [Member]

Jun. 30, 2011

Commodity [Member]

Dec. 31, 2011

Commodity [Member]

Jun. 30, 2012

Commodity [Member]

Derivatives Liabilities [Member]

Jun. 30, 2012

Commodity [Member]

CECONY

Dec. 31, 2011

Commodity [Member]

CECONY

Jun. 30, 2012

Commodity [Member]

CECONY

Derivatives Liabilities [Member]

Jun. 30, 2012

Other Assets [Member]

Dec. 31, 2011

Other Assets [Member]

Jun. 30, 2012

Other Assets [Member]

Derivatives Assets [Member]

Jun. 30, 2012

Other Assets [Member]

CECONY

Dec. 31, 2011

Other Assets [Member]

CECONY

Jun. 30, 2012

Other Assets [Member]

CECONY

Derivatives Assets [Member]

Jun. 30, 2012

Interest Rate Contract [Member]

Dec. 31, 2011

Interest Rate Contract [Member]

Jun. 30, 2012

Interest Rate Contract [Member]

Derivatives Liabilities [Member]

Jun. 30, 2012

Level 1 [Member]

Dec. 31, 2011

Level 1 [Member]

Jun. 30, 2012

Level 1 [Member]

CECONY

Dec. 31, 2011

Level 1 [Member]

CECONY

Jun. 30, 2012

Level 1 [Member]

Commodity [Member]

Dec. 31, 2011

Level 1 [Member]

Commodity [Member]

Jun. 30, 2012

Level 1 [Member]

Commodity [Member]

Derivatives Liabilities [Member]

Jun. 30, 2012

Level 1 [Member]

Commodity [Member]

CECONY

Dec. 31, 2011

Level 1 [Member]

Commodity [Member]

CECONY

Jun. 30, 2012

Level 1 [Member]

Commodity [Member]

CECONY

Derivatives Liabilities [Member]

Jun. 30, 2012

Level 1 [Member]

Other Assets [Member]

Dec. 31, 2011

Level 1 [Member]

Other Assets [Member]

Jun. 30, 2012

Level 1 [Member]

Other Assets [Member]

Derivatives Assets [Member]

Jun. 30, 2012

Level 1 [Member]

Other Assets [Member]

CECONY

Dec. 31, 2011

Level 1 [Member]

Other Assets [Member]

CECONY

Jun. 30, 2012

Level 1 [Member]

Other Assets [Member]

CECONY

Derivatives Assets [Member]

Dec. 31, 2011

Level 2 [Member]

Jun. 30, 2012

Level 2 [Member]

Jun. 30, 2012

Level 2 [Member]

Derivatives Assets [Member]

Dec. 31, 2011

Level 2 [Member]

CECONY

Jun. 30, 2012

Level 2 [Member]

CECONY

Jun. 30, 2012

Level 2 [Member]

CECONY

Derivatives Assets [Member]

Jun. 30, 2012

Level 2 [Member]

Commodity [Member]

Dec. 31, 2011

Level 2 [Member]

Commodity [Member]

Jun. 30, 2012

Level 2 [Member]

Commodity [Member]

Derivatives Liabilities [Member]

Jun. 30, 2012

Level 2 [Member]

Commodity [Member]

CECONY

Dec. 31, 2011

Level 2 [Member]

Commodity [Member]

CECONY

Jun. 30, 2012

Level 2 [Member]

Commodity [Member]

CECONY

Derivatives Liabilities [Member]

Jun. 30, 2012

Level 2 [Member]

Other Assets [Member]

Jun. 30, 2012

Level 2 [Member]

Other Assets [Member]

Derivatives Assets [Member]

Jun. 30, 2012

Level 2 [Member]

Other Assets [Member]

CECONY

Jun. 30, 2012

Level 2 [Member]

Other Assets [Member]

CECONY

Derivatives Assets [Member]

Jun. 30, 2012

Level 2 [Member]

Interest Rate Contract [Member]

Jun. 30, 2012

Level 2 [Member]

Interest Rate Contract [Member]

Derivatives Liabilities [Member]

Dec. 31, 2011

Level 3 [Member]

Jun. 30, 2012

Level 3 [Member]

Jun. 30, 2012

Level 3 [Member]

Derivatives Assets [Member]

Dec. 31, 2011

Level 3 [Member]

CECONY

Jun. 30, 2012

Level 3 [Member]

CECONY

Jun. 30, 2012

Level 3 [Member]

CECONY

Derivatives Assets [Member]

Jun. 30, 2012

Level 3 [Member]

Commodity [Member]

Dec. 31, 2011

Level 3 [Member]

Commodity [Member]

Jun. 30, 2012

Level 3 [Member]

Commodity [Member]

Derivatives Liabilities [Member]

Jun. 30, 2012

Level 3 [Member]

Commodity [Member]

CECONY

Dec. 31, 2011

Level 3 [Member]

Commodity [Member]

CECONY

Jun. 30, 2012

Level 3 [Member]

Commodity [Member]

CECONY

Derivatives Liabilities [Member]

Jun. 30, 2012

Level 3 [Member]

Other Assets [Member]

Dec. 31, 2011

Level 3 [Member]

Other Assets [Member]

Jun. 30, 2012

Level 3 [Member]

Other Assets [Member]

CECONY

Dec. 31, 2011

Level 3 [Member]

Other Assets [Member]

CECONY

Jun. 30, 2012

Level 3 [Member]

Interest Rate Contract [Member]

Dec. 31, 2011

Level 3 [Member]

Interest Rate Contract [Member]

Jun. 30, 2012

Level 3 [Member]

Interest Rate Contract [Member]

Derivatives Liabilities [Member]

Dec. 31, 2011

Netting Adjustments [Member]

Jun. 30, 2012

Netting Adjustments [Member]

CECONY

Dec. 31, 2011

Netting Adjustments [Member]

CECONY

Dec. 31, 2011

Netting Adjustments [Member]

Commodity [Member]

Jun. 30, 2012

Netting Adjustments [Member]

Commodity [Member]

CECONY

Dec. 31, 2011

Netting Adjustments [Member]

Commodity [Member]

CECONY

Jun. 30, 2012

Netting Adjustments [Member]

Commodity [Member]

CECONY

Derivatives Liabilities [Member]

Transfer in

$ 32

^[1],[2],[3]

$ 31

^[1],[2],[3]

$ 6

^[1],[4]

$ 4

^[1],[4]

$ 8

^[1],[4]

$ 26

^[1],[2],[3]

$ 25

^[1],[2],[3]

$ 3

^[1],[4]

$ 1

^[1],[4]

$ 8

^[1],[4]

$ 6

^[1],[2],[3]

$ 6

^[1],[2],[3]

$ 3

^[1],[4]

$ 3

^[1],[4]

Derivative assets

^[5]

198

175

^[6]

198

^[6]

183

166

^[6]

183

^[6]

^[5]

^[6]

^[5]

(3)

102

^[6]

(1)

^[6]

^[5]

105

^[6]

(84)

^[5],[7]

Transfer in

(93)

105

^[1],[4]

(105)

^[8],[9]

^[8]

105

^[1],[4]

Total assets

260

245

190

208

165

105

186

101

(84)

^[7]

Total

162

217

122

242

200

141

112

157

126

(194)

^[7]

(48)

^[7]

(41)

^[7]

Transfer out

^[1],[2],[3]

(105)

^[1],[4]

^[1],[2],[3]

(95)

^[1],[4]

^[4],[5]

^[1],[2],[3]

^[1],[4]

^[1],[2],[3]

(105)

^[1],[4]

^[1],[2],[3]

(95)

^[1],[4]

^[4],[5]

Derivative liabilities

$ 209

^[5]

$ 122

^[5]

$ 155

$ 209

$ 155

^[5]

$ 85

$ 122

$ 85

^[5]

$ 7

$ 8

^[10]

$ 7

^[10],[5]

$ 12

^[5]

$ 4

^[5]

$ 6

$ 12

$ 6

^[5]

$ 1

$ 4

$ 1

^[5]

$ 242

^[5]

$ 141

^[5]

$ 193

$ 222

$ 193

^[5]

$ 114

$ 122

$ 112

^[5]

$ (1)

$ 7

^[10],[5]

$ 149

^[5]

$ 18

^[5]

$ 126

$ 169

$ 126

^[5]

$ 18

$ 37

$ 20

^[5]

$ 8

^[10]

$ (194)

^[5],[7]

$ (41)

^[5],[7]

$ (194)

^[7]

$ (48)

^[7]

$ (41)

^[7]

$ (48)

^[5],[7]

[1]	The Companies' policy is to recognize transfers into and transfers out of the levels at the end of the reporting period.
[2]	Transferred from Level 3 to Level 2 because of availability of observable market data due to decrease in the terms of certain contracts from beyond one year as of December 31, 2010 to less than one year as of December 31, 2011.
[3]	Transferred from Level 2 to Level 3 because of reassessment of the levels in the fair value hierarchy within which certain inputs fall.
[4]	Transferred from Level 3 to Level 2 because of reassessment of the levels in the fair value hierarchy within which certain inputs fall. Other assets and interest rate contract were transferred as of March 31, 2012.
[5]	A portion of the commodity derivatives categorized in Level 3 is valued using 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 J.
[6]	Other assets are comprised of assets such as life insurance contracts within the deferred compensation plan and non-qualified retirement plans.
[7]	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.
[8]	Other assets and interest rate contract were transferred as of March 31, 2012.
[9]	Amounts included in earnings are reported in investment and other income on the consolidated income statement.
[10]	See Note J.

Fair values as of the balance sheet date of all assets resulting from contracts that meet the criteria of being accounted for as derivative instruments, net of the effects of master netting arrangements.

+ References+ Details

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair values as of the balance sheet date of all liabilities resulting from contracts that meet the criteria of being accounted for as derivative instruments, net of the effects of master netting arrangements.

+ References+ Details

Fair Value Measurements (Schedule Of Commodity Derivatives) (Detail) (USD $)
In Millions, unless otherwise specified

6 Months Ended

Jun. 30, 2012

Fair value of commodity derivatives

$ (61)

Valuation Techniques

Market approach (1)

^[1]

Unobservable Inputs

Discount for inactive markets and/or illiquid locations (2)

^[2]

[1]

The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. The commodity derivatives are valued using quoted prices or internally developed models with observable inputs, adjusted for certain contracts that are traded in inactive markets and/or at illiquid locations. The unobservable inputs used in the Companies' models do not have a significant impact on the valuation.

[2]

Significant increases or decreases in any of these inputs in isolation would have a limited impact on fair value measurement. Generally, a change in the fair value measurement is linearly based on changes in these inputs.

Fair Value Measurements (Reconciliation Of The Beginning And Ending Net Balances For Assets And Liabilities Measured At Level 3 Fair Value) (Detail) (USD $)
In Millions, unless otherwise specified

3 Months Ended

6 Months Ended

Jun. 30, 2012

Jun. 30, 2011

Jun. 30, 2012

Jun. 30, 2011

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

$ 64

$ 29

$ 3

Included in Regulatory Assets and Liabilities

(31)

(80)

(21)

(10)

(93)

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

(61)

Commodity [Member]

(93)

(31)

(62)

(88)

Included in Regulatory Assets and Liabilities

(24)

(31)

(82)

(22)

(13)

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

(61)

(25)

(61)

(25)

Interest Rate Contract [Member]

(10)

(8)

(10)

(1)

(2)

Issuances

Sales

Settlements

^[1]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

(10)

Other Assets [Member]

105

^[2]

101

^[2]

Included in Regulatory Assets and Liabilities

^[2]

^[2]

Issuances

^[2]

Sales

^[2]

(105)

^[1],[2]