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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
Quarterly Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934
FOR THE QUARTERLY PERIOD ENDED March 31, 2021
OR
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from                      to                     
Commission
File Number
 Exact name of registrant as specified in its charter
and principal executive office address and telephone number
State of
Incorporation
  I.R.S. Employer
ID. Number
1-14514 Consolidated Edison, Inc.New York  13-3965100
 4 Irving Place,New York,New York10003  
 (212)460-4600  
1-1217 Consolidated Edison Company of New York, Inc.New York  13-5009340
 4 Irving Place,New York,New York10003  
 (212)460-4600  

Securities Registered Pursuant to Section 12(b) of the Act:
Title of each class Trading SymbolName of each exchange on which registered
Consolidated Edison, Inc., EDNew York Stock Exchange
Common Shares ($.10 par value)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Consolidated Edison, Inc. (Con Edison)Yes
No 
Consolidated Edison Company of New York, Inc. (CECONY)Yes
No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Con EdisonYes
No 
CECONYYes
No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Con Edison
Large accelerated filer
Accelerated filer 

Non-accelerated filer
Smaller reporting companyEmerging growth company
CECONY
Large accelerated filer
Accelerated filer 
Non-accelerated filer
Smaller reporting companyEmerging growth company

        
1


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Con Edison
Yes 
No
CECONY
Yes 
No

As of April 30, 2021, Con Edison had outstanding 342,813,258 Common Shares ($.10 par value). All of the outstanding common equity of CECONY is held by Con Edison.


Filing Format
This Quarterly Report on Form 10-Q is a combined report being filed separately by two different registrants: Consolidated Edison, Inc. (Con Edison) and Consolidated Edison Company of New York, Inc. (CECONY). CECONY is a wholly-owned subsidiary of Con Edison and, as such, the information in this report about CECONY also applies to Con Edison. As used in this report, the term the “Companies” refers to Con Edison and CECONY. However, CECONY makes no representation as to the information contained in this report relating to Con Edison or the subsidiaries of Con Edison other than itself.

        
2


Glossary of Terms
 
The following is a glossary of abbreviations or acronyms that are used in the Companies’ SEC reports:
 
Con Edison Companies
Con EdisonConsolidated Edison, Inc.
CECONYConsolidated Edison Company of New York, Inc.
Clean Energy Businesses Con Edison Clean Energy Businesses, Inc., together with its subsidiaries
Con Edison TransmissionCon Edison Transmission, Inc., together with its subsidiaries
CET ElectricConsolidated Edison Transmission, LLC
CET GasCon Edison Gas Pipeline and Storage, LLC
O&ROrange and Rockland Utilities, Inc.
RECORockland Electric Company
The CompaniesCon Edison and CECONY
The UtilitiesCECONY and O&R
Regulatory Agencies, Government Agencies and Other Organizations
CPUCCalifornia Public Utilities Commission
EPAU.S. Environmental Protection Agency
FASBFinancial Accounting Standards Board
FERCFederal Energy Regulatory Commission
IASBInternational Accounting Standards Board
IRSInternal Revenue Service
NERCNorth American Electric Reliability Corporation
NJBPUNew Jersey Board of Public Utilities
NJDEPNew Jersey Department of Environmental Protection
NYISONew York Independent System Operator
NYPANew York Power Authority
NYSDECNew York State Department of Environmental Conservation
NYSDPSNew York State Department of Public Service
NYSERDANew York State Energy Research and Development Authority
NYSPSCNew York State Public Service Commission
NYSRCNew York State Reliability Council, LLC
PHMSAU.S. Department of Transportation’s Pipeline and Hazardous Materials Safety Administration
PJMPJM Interconnection LLC
SECU.S. Securities and Exchange Commission
Accounting
AFUDCAllowance for funds used during construction
ASUAccounting Standards Update
GAAPGenerally Accepted Accounting Principles in the United States of America
HLBVHypothetical liquidation at book value
NOLNet Operating Loss
OCIOther Comprehensive Income
VIEVariable Interest Entity
        
3


Environmental
CO2Carbon dioxide
GHGGreenhouse gases
MGP SitesManufactured gas plant sites
PCBsPolychlorinated biphenyls
PRPPotentially responsible party
RGGIRegional Greenhouse Gas Initiative
SuperfundFederal Comprehensive Environmental Response, Compensation and Liability Act of 1980 and similar state statutes
Units of Measure
ACAlternating current
BcfBillion cubic feet
DtDekatherms
kVKilovolt
kWhKilowatt-hour
MDtThousand dekatherms
MMlbMillion pounds
MVAMegavolt ampere
MWMegawatt or thousand kilowatts
MWhMegawatt hour
Other
AMIAdvanced metering infrastructure
CARES ActCoronavirus Aid, Relief, and Economic Security Act, as enacted on March 27, 2020
COSOCommittee of Sponsoring Organizations of the Treadway Commission
COVID-19Coronavirus Disease 2019
DERDistributed energy resources
FitchFitch Ratings
First Quarter Form 10-QThe Companies' combined Quarterly Report on Form 10-Q for the quarterly period ended March 31 of the current year
Form 10-KThe Companies’ combined Annual Report on Form 10-K for the year ended December 31, 2020
LTIPLong Term Incentive Plan
Moody’sMoody’s Investors Service, Inc.
REVReforming the Energy Vision
S&PS&P Global Ratings
TCJAThe federal Tax Cuts and Jobs Act of 2017, as enacted on December 22, 2017
VaRValue-at-Risk


        
4


TABLE OF CONTENTS
 
  
  
PAGE
ITEM 1Financial Statements (Unaudited)
Con Edison
CECONY
ITEM 2
ITEM 3
ITEM 4
ITEM 1
ITEM 1A
ITEM 6
 
        
5




FORWARD-LOOKING STATEMENTS
 
This report contains forward-looking statements that are intended to qualify for the safe-harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are statements of future expectation and not facts. Words such as “forecasts,” “expects,” “estimates,” “anticipates,” “intends,” “believes,” “plans,” “will,” "target," "guidance" and similar expressions identify forward-looking statements. The forward-looking statements reflect information available and assumptions at the time the statements are made, and accordingly speak only as of that time. Actual results or developments might differ materially from those included in the forward-looking statements because of various factors including, but not limited to:
the Companies are extensively regulated and are subject to penalties;
the Utilities’ rate plans may not provide a reasonable return;
the Companies may be adversely affected by changes to the Utilities’ rate plans;
the failure of, or damage to, the Companies’ facilities could adversely affect the Companies;
a cyber attack could adversely affect the Companies;
the failure of processes and systems and the performance of employees and contractors could adversely affect the Companies;
the Companies are exposed to risks from the environmental consequences of their operations, including increased costs related to climate change;
a disruption in the wholesale energy markets or failure by an energy supplier or customer could adversely affect the Companies;
the Companies have substantial unfunded pension and other postretirement benefit liabilities;
Con Edison’s ability to pay dividends or interest depends on dividends from its subsidiaries;
the Companies require access to capital markets to satisfy funding requirements;
changes to tax laws could adversely affect the Companies;
the Companies’ strategies may not be effective to address changes in the external business environment;
the Companies face risks related to health epidemics and other outbreaks, including the COVID-19 pandemic; and
the Companies also face other risks that are beyond their control.
The Companies assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.




        
6


Consolidated Edison, Inc.
CONSOLIDATED INCOME STATEMENT (UNAUDITED)
  For the Three Months Ended March 31,
(Millions of Dollars/Except Share Data)20212020
OPERATING REVENUES
Electric$2,113$1,906
Gas1,076931
Steam264250
Non-utility224147
TOTAL OPERATING REVENUES3,6773,234
OPERATING EXPENSES
Purchased power437308
Fuel9378
Gas purchased for resale296232
Other operations and maintenance790700
Depreciation and amortization497470
Taxes, other than income taxes704638
TOTAL OPERATING EXPENSES2,8172,426
OPERATING INCOME860808
OTHER INCOME (DEDUCTIONS)
Investment income (loss)(161)26
Other income62
Allowance for equity funds used during construction55
Other deductions(36)(72)
TOTAL OTHER INCOME (DEDUCTIONS)(186)(39)
INCOME BEFORE INTEREST AND INCOME TAX EXPENSE674769
INTEREST EXPENSE
Interest on long-term debt227224
Other interest(47)101
Allowance for borrowed funds used during construction(4)(3)
NET INTEREST EXPENSE176322
INCOME BEFORE INCOME TAX EXPENSE498447
INCOME TAX EXPENSE7855
NET INCOME$420$392
Income attributable to non-controlling interest117
NET INCOME FOR COMMON STOCK$419$375
Net income per common share—basic$1.23$1.13
Net income per common share—diluted$1.22$1.12
AVERAGE NUMBER OF SHARES OUTSTANDING—BASIC (IN MILLIONS)342.2333.6
AVERAGE NUMBER OF SHARES OUTSTANDING—DILUTED (IN MILLIONS)343.0334.6
The accompanying notes are an integral part of these financial statements.
        
7


Consolidated Edison, Inc.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
  Three Months Ended March 31,
(Millions of Dollars)20212020
NET INCOME $420$392
INCOME ATTRIBUTABLE TO NON-CONTROLLING INTEREST (1)(17)
OTHER COMPREHENSIVE INCOME, NET OF TAXES
Pension and other postretirement benefit plan liability adjustments, net of taxes4 5
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAXES4 5
COMPREHENSIVE INCOME$423$380
The accompanying notes are an integral part of these financial statements.

        
8


Consolidated Edison, Inc.
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
  
For the Three Months Ended March 31,
(Millions of Dollars)20212020
OPERATING ACTIVITIES
Net income$420$392
PRINCIPAL NON-CASH CHARGES/(CREDITS) TO INCOME
Depreciation and amortization497470
Investment loss/impairment 172 
Deferred income taxes7760
Rate case amortization and accruals(8)(11)
Common equity component of allowance for funds used during construction(5)(5)
Net derivative losses/(gains)(65)83
Unbilled revenue and net unbilled revenue deferrals3151
Other non-cash items, net3945
CHANGES IN ASSETS AND LIABILITIES
Accounts receivable – customers(281)(87)
Materials and supplies, including fuel oil and gas in storage1726
Revenue decoupling mechanism receivable(42)(32)
Other receivables and other current assets5628
Taxes receivable15(1)
Prepayments(500)(479)
Accounts payable(178)(156)
Pensions and retiree benefits obligations734
Pensions and retiree benefits contributions(4)(4)
Accrued taxes(35)(45)
Accrued interest11685
Superfund and environmental remediation costs(5)(3)
Distributions from equity investments1011
System benefit charge(20)(19)
Deferred charges, noncurrent assets and other regulatory assets(54)(38)
Deferred credits and other regulatory liabilities45116
Other current and noncurrent liabilities(82)(79)
NET CASH FLOWS FROM OPERATING ACTIVITIES289412
INVESTING ACTIVITIES
Utility construction expenditures(868)(767)
Cost of removal less salvage(86)(68)
Non-utility construction expenditures(141)(130)
Investments in electric and gas transmission projects(5)(8)
Other investing activities45
NET CASH FLOWS USED IN INVESTING ACTIVITIES(1,096)(968)
FINANCING ACTIVITIES
Net issuance/(payment) of short-term debt183(484)
Issuance of long-term debt2501,600
Retirement of long-term debt(695)(38)
Debt issuance costs(3)(22)
Common stock dividends(253)(243)
Issuance of common shares - public offering 88
Issuance of common shares for stock plans1614
Distribution to noncontrolling interest(3)(2)
Net proceeds from sale of equity interest33 
NET CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES(472)913
CASH, TEMPORARY CASH INVESTMENTS, AND RESTRICTED CASH:
NET CHANGE FOR THE PERIOD(1,279)357
BALANCE AT BEGINNING OF PERIOD1,4361,217
BALANCE AT END OF PERIOD$157$1,574
SUPPLEMENTAL DISCLOSURE OF CASH INFORMATION
Cash paid/(received) during the period for:
Interest$112$143
Income taxes$(15)$2
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION
Construction expenditures in accounts payable$390$343
Issuance of common shares for dividend reinvestment$12$12
Software licenses acquired but unpaid as of end of period$51$80
Equipment acquired but unpaid as of end of period$28$33

The accompanying notes are an integral part of these financial statements. 
        
9


Consolidated Edison, Inc.
CONSOLIDATED BALANCE SHEET (UNAUDITED)
(Millions of Dollars)March 31,
2021
December 31,
2020
ASSETS
CURRENT ASSETS
Cash and temporary cash investments$76$1,272
Accounts receivable – customers, less allowance for uncollectible accounts of $181 and $148 in 2021 and 2020, respectively
1,9491,701
Other receivables, less allowance for uncollectible accounts of $7in 2021 and 2020
259278
Taxes receivable1126
Accrued unbilled revenue459599
Fuel oil, gas in storage, materials and supplies, at average cost339356
Prepayments772271
Regulatory assets253266
Restricted cash81164
Revenue decoupling mechanism receivable178137
Other current assets210231
TOTAL CURRENT ASSETS4,5875,301
INVESTMENTS1,6541,816
UTILITY PLANT, AT ORIGINAL COST
Electric33,76433,315
Gas11,10110,847
Steam2,7332,696
General3,9543,880
TOTAL51,55250,738
Less: Accumulated depreciation11,42311,188
Net40,12939,550
Construction work in progress2,3242,474
NET UTILITY PLANT42,45342,024
NON-UTILITY PLANT
Non-utility property, less accumulated depreciation of $555 and $522 in 2021 and 2020, respectively
3,8703,893
Construction work in progress746638
NET PLANT47,06946,555
OTHER NONCURRENT ASSETS
Goodwill446446
Intangible assets, less accumulated amortization of $254 and $228 in 2021 and 2020, respectively
1,4341,460
Regulatory assets5,9906,195
Operating lease right-of-use asset837837
Other deferred charges and noncurrent assets282285
TOTAL OTHER NONCURRENT ASSETS8,9899,223
TOTAL ASSETS$62,299$62,895
The accompanying notes are an integral part of these financial statements.
 

        
10


Consolidated Edison, Inc.
CONSOLIDATED BALANCE SHEET (UNAUDITED)
 
 
(Millions of Dollars)March 31,
2021
December 31,
2020
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Long-term debt due within one year$1,302$1,967
Term loan466 165 
Notes payable1,5811,705
Accounts payable1,2081,475
Customer deposits296311
Accrued taxes115150
Accrued interest265149
Accrued wages109108
Fair value of derivative liabilities231238
Regulatory liabilities8536
System benefit charge437528
Operating lease liabilities 10696
Other current liabilities358426
TOTAL CURRENT LIABILITIES6,5597,354
NONCURRENT LIABILITIES
Provision for injuries and damages180178
Pensions and retiree benefits2,0742,257
Superfund and other environmental costs850857
Asset retirement obligations591576
Fair value of derivative liabilities155240
Deferred income taxes and unamortized investment tax credits6,6196,475
Operating lease liabilities 763764
Regulatory liabilities4,3784,513
Other deferred credits and noncurrent liabilities234234
TOTAL NONCURRENT LIABILITIES15,84416,094
LONG-TERM DEBT20,61420,382
COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Note B, Note G, and Note H)
EQUITY
Common shareholders’ equity19,03318,847
Noncontrolling interest249218
TOTAL EQUITY (See Statement of Equity)19,28219,065
TOTAL LIABILITIES AND EQUITY$62,299$62,895
The accompanying notes are an integral part of these financial statements.

        
11


Consolidated Edison, Inc.
CONSOLIDATED STATEMENT OF EQUITY (UNAUDITED)
(In Millions, except for dividends per share)Common StockAdditional
Paid-In
Capital
Retained
Earnings
Treasury StockCapital
Stock
Expense
Accumulated
Other
Comprehensive
Income/(Loss)
Non-
controlling
Interest
Total
SharesAmountSharesAmount
BALANCE AS OF DECEMBER 31, 2019333$35$8,054$11,10023$(1,038)$(110)$(19)$191$18,213
Net income37517392
Common stock dividends ($0.76 per share)
(255)(255)
Issuance of common shares - public offering18888
Issuance of common shares for stock plans2626
Other comprehensive income55
Distributions to noncontrolling interests(2)(2)
BALANCE AS OF MARCH 31, 2020334$35$8,168$11,22023$(1,038)$(110)$(14)$206$18,467
BALANCE AS OF DECEMBER 31, 2020342$36$8,808$11,17823$(1,038)$(112)$(25)$218$19,065
Net income4191420
Common stock dividends ($0.775 per share)
(265)(265)
Issuance of common shares for stock plans2828
Other comprehensive income44
Distributions to noncontrolling interests(3)(3)
Net proceeds from sale of equity interest3333
BALANCE AS OF MARCH 31, 2021342$36$8,836$11,33223$(1,038)$(112)$(21)$249$19,282
The accompanying notes are an integral part of these financial statements.





        
12


Consolidated Edison Company of New York, Inc.
CONSOLIDATED INCOME STATEMENT (UNAUDITED)
  For the Three Months Ended March 31,
(Millions of Dollars)20212020
OPERATING REVENUES
Electric$1,968$1,770
Gas973834
Steam264250
TOTAL OPERATING REVENUES3,2052,854
OPERATING EXPENSES
Purchased power396273
Fuel9378
Gas purchased for resale233195
Other operations and maintenance608569
Depreciation and amortization415390
Taxes, other than income taxes674607
TOTAL OPERATING EXPENSES2,4192,112
OPERATING INCOME786742
OTHER INCOME (DEDUCTIONS)
Investment and other income42
Allowance for equity funds used during construction54
Other deductions(32)(67)
TOTAL OTHER INCOME (DEDUCTIONS)(23)(61)
INCOME BEFORE INTEREST AND INCOME TAX EXPENSE763681
INTEREST EXPENSE
Interest on long-term debt184172
Other interest411
Allowance for borrowed funds used during construction(4)(3)
NET INTEREST EXPENSE184180
INCOME BEFORE INCOME TAX EXPENSE579501
INCOME TAX EXPENSE11495
NET INCOME$465$406
The accompanying notes are an integral part of these financial statements.
 

        
13


Consolidated Edison Company of New York, Inc.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
 
  Three Months Ended March 31,
(Millions of Dollars)20212020
NET INCOME$465$406
Pension and other postretirement benefit plan liability adjustments, net of taxes 1
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAXES 1
COMPREHENSIVE INCOME$465$407
The accompanying notes are an integral part of these financial statements.
 

        
14


Consolidated Edison Company of New York, Inc.
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
 
  
For the Three Months Ended March 31,
(Millions of Dollars)20212020
OPERATING ACTIVITIES
Net income$465$406
PRINCIPAL NON-CASH CHARGES/(CREDITS) TO INCOME
Depreciation and amortization415390
Deferred income taxes11394
Rate case amortization and accruals(9)(11)
Common equity component of allowance for funds used during construction(5)(4)
Unbilled revenue and net unbilled revenue deferrals5341
Other non-cash items, net635
CHANGES IN ASSETS AND LIABILITIES
Accounts receivable – customers(269)(78)
Materials and supplies, including fuel oil and gas in storage1020
Revenue decoupling mechanism(40)(22)
Other receivables and other current assets4225
Accounts receivable from affiliated companies(5)(8)
Prepayments(496)(473)
Accounts payable(117)(115)
Accounts payable to affiliated companies17 
Pensions and retiree benefits obligations723
Pensions and retiree benefits contributions(