0001047862-26-000031 | 10-K | XBRL Viewer

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Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Recurring - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 956	$ 741
Cash Value of Life Insurance Policies	138	129
Netting Adjustment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	(104)	(49)
CECONY
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	913	712
CECONY \| Netting Adjustment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	(100)	(48)
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	625	579
Level 1 \| CECONY
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	610	562
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	430	210
Cash Value of Life Insurance Policies	138	129
Level 2 \| CECONY
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	401	197
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	5	1
Level 3 \| CECONY
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	2	1
Commodity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 212	$ 42
Derivative asset, statement of financial position [Extensible Enumeration]	Assets	Assets
Derivative liabilities	$ 54	$ 148
Commodity \| Netting Adjustment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	(104)	(49)
Derivative liabilities	(32)	(48)
Commodity \| CECONY
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	191	36
Derivative liabilities	47	128
Commodity \| CECONY \| Netting Adjustment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	(100)	(48)
Derivative liabilities	(32)	(47)
Commodity \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	19	9
Derivative liabilities	6	5
Commodity \| Level 1 \| CECONY
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	19	9
Derivative liabilities	6	4
Commodity \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	292	81
Derivative liabilities	70	175
Commodity \| Level 2 \| CECONY
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	270	74
Derivative liabilities	68	164
Commodity \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	5	1
Derivative liabilities	10	16
Commodity \| Level 3 \| CECONY
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	2	1
Derivative liabilities	5	7
Mutual Fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 606	$ 570
Derivative asset, statement of financial position [Extensible Enumeration]	Assets	Assets
Mutual Fund \| CECONY
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 591	$ 553
Mutual Fund \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	606	570
Mutual Fund \| Level 1 \| CECONY
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	591	553
Cash Value of Life Insurance Policies \| CECONY
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	131	123
Cash Value of Life Insurance Policies \| Level 2 \| CECONY
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 131	$ 123

Stock-Based Compensation - Schedule of Changes in Status of Time-Based Awards (Details) - Time-based Awards	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Units
Non-vested at beginning of period (in shares) \| shares	508,070
Granted (in shares) \| shares	218,875
Vested (in shares) \| shares	(134,126)
Forfeited (in shares) \| shares	(10,870)
Transferred (in shares) \| shares	0
Non-vested at end of period (in shares) \| shares	581,949
Weighted Average Grant Date Fair Value
Non-vested at beginning of period (in dollars per share) \| $ / shares	$ 89.80
Granted (in dollars per share) \| $ / shares	98.27
Vested (in dollars per share) \| $ / shares	86.96
Forfeited (in dollars per share) \| $ / shares	94.28
Transferred (in dollars per share) \| $ / shares	0
Non-vested at end of period (in dollars per share) \| $ / shares	$ 93.56
CECONY
Units
Non-vested at beginning of period (in shares) \| shares	424,655
Granted (in shares) \| shares	181,360
Vested (in shares) \| shares	(107,465)
Forfeited (in shares) \| shares	(9,705)
Transferred (in shares) \| shares	(1,300)
Non-vested at end of period (in shares) \| shares	487,545
Weighted Average Grant Date Fair Value
Non-vested at beginning of period (in dollars per share) \| $ / shares	$ 90.28
Granted (in dollars per share) \| $ / shares	99.80
Vested (in dollars per share) \| $ / shares	87.82
Forfeited (in dollars per share) \| $ / shares	94.59
Transferred (in dollars per share) \| $ / shares	87.75
Non-vested at end of period (in dollars per share) \| $ / shares	$ 94.28

Electricity and Gas Purchase Agreements - Schedule of Capacity, Energy and Other Fixed Payments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Long-term Contract for Purchase of Electric Power [Line Items]
Capacity, energy and other fixed payments	$ 856	$ 636	$ 546
Astoria Generating Company
Long-term Contract for Purchase of Electric Power [Line Items]
Capacity, energy and other fixed payments	132	75	40
Brooklyn Navy Yard
Long-term Contract for Purchase of Electric Power [Line Items]
Capacity, energy and other fixed payments	144	139	134
Gas transportation and storage
Long-term Contract for Purchase of Electric Power [Line Items]
Capacity, energy and other fixed payments	580	422	372
CECONY
Long-term Contract for Purchase of Electric Power [Line Items]
Capacity, energy and other fixed payments	785	586	501
CECONY \| Astoria Generating Company
Long-term Contract for Purchase of Electric Power [Line Items]
Capacity, energy and other fixed payments	132	75	40
CECONY \| Brooklyn Navy Yard
Long-term Contract for Purchase of Electric Power [Line Items]
Capacity, energy and other fixed payments	144	139	134
CECONY \| Gas transportation and storage
Long-term Contract for Purchase of Electric Power [Line Items]
Capacity, energy and other fixed payments	$ 509	$ 372	$ 327

Derivative Instruments and Hedging Activities - Schedule of Fair Values of Commodity Derivatives Including Offsetting of Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Net fair value derivative assets/(liabilities)
Gross Amounts of Recognized Assets/ (Liabilities)	$ 231	$ (105)
Gross Amounts Offset	(58)	3
Net Amounts of Assets/ (Liabilities)	173	(102)
CECONY
Net fair value derivative assets/(liabilities)
Gross Amounts of Recognized Assets/ (Liabilities)	214	(92)
Gross Amounts Offset	(56)	2
Net Amounts of Assets/ (Liabilities)	158	(90)
Current
Fair value of derivative liabilities
Gross Amounts of Recognized Assets/ (Liabilities)	(75)	(92)
Gross Amounts Offset	45	44
Net Amounts of Assets/ (Liabilities)	(30)	(48)
Current \| CECONY
Fair value of derivative liabilities
Gross Amounts of Recognized Assets/ (Liabilities)	(70)	(84)
Gross Amounts Offset	43	42
Net Amounts of Assets/ (Liabilities)	(27)	(42)
Noncurrent
Fair value of derivative liabilities
Gross Amounts of Recognized Assets/ (Liabilities)	(18)	(108)
Gross Amounts Offset	10	12
Net Amounts of Assets/ (Liabilities)	(8)	(96)
Noncurrent \| CECONY
Fair value of derivative liabilities
Gross Amounts of Recognized Assets/ (Liabilities)	(14)	(95)
Gross Amounts Offset	8	11
Net Amounts of Assets/ (Liabilities)	(6)	(84)
Total fair value of derivative liabilities
Fair value of derivative liabilities
Gross Amounts of Recognized Assets/ (Liabilities)	(93)	(200)
Gross Amounts Offset	55	56
Net Amounts of Assets/ (Liabilities)	(38)	(144)
Net fair value derivative assets/(liabilities)
Margin deposit liability	(16)	4
Total fair value of derivative liabilities \| CECONY
Fair value of derivative liabilities
Gross Amounts of Recognized Assets/ (Liabilities)	(84)	(179)
Gross Amounts Offset	51	53
Net Amounts of Assets/ (Liabilities)	(33)	(126)
Net fair value derivative assets/(liabilities)
Margin deposit liability	(14)	2
Current
Fair value of derivative assets
Gross Amounts of Recognized Assets/ (Liabilities)	175	56
Gross Amounts Offset	(90)	(41)
Net Amounts of Assets/ (Liabilities)	85	15
Current \| CECONY
Fair value of derivative assets
Gross Amounts of Recognized Assets/ (Liabilities)	162	51
Gross Amounts Offset	(88)	(40)
Net Amounts of Assets/ (Liabilities)	74	11
Noncurrent
Fair value of derivative assets
Gross Amounts of Recognized Assets/ (Liabilities)	149	39
Gross Amounts Offset	(23)	(12)
Net Amounts of Assets/ (Liabilities)	126	27
Noncurrent \| CECONY
Fair value of derivative assets
Gross Amounts of Recognized Assets/ (Liabilities)	136	36
Gross Amounts Offset	(19)	(11)
Net Amounts of Assets/ (Liabilities)	117	25
Total fair value of derivative assets
Fair value of derivative assets
Gross Amounts of Recognized Assets/ (Liabilities)	324	95
Gross Amounts Offset	(113)	(53)
Net Amounts of Assets/ (Liabilities)	211	42
Net fair value derivative assets/(liabilities)
Margin deposit asset	1	0
Total fair value of derivative assets \| CECONY
Fair value of derivative assets
Gross Amounts of Recognized Assets/ (Liabilities)	298	87
Gross Amounts Offset	(107)	(51)
Net Amounts of Assets/ (Liabilities)	191	36
Net fair value derivative assets/(liabilities)
Margin deposit asset	$ 0	$ 0

Material Contingencies - Schedule of Total Guarantees (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Guarantor Obligations [Line Items]
Total guarantees, by type and term	$ 60	$ 58
Con Edison Transmission
Guarantor Obligations [Line Items]
Total guarantees, by type and term	60
0 – 3 years
Guarantor Obligations [Line Items]
Total guarantees, by type and term	60
0 – 3 years \| Con Edison Transmission
Guarantor Obligations [Line Items]
Total guarantees, by type and term	60
> 10 years
Guarantor Obligations [Line Items]
Total guarantees, by type and term	0
> 10 years \| Con Edison Transmission
Guarantor Obligations [Line Items]
Total guarantees, by type and term	$ 0

Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Offsetting of Assets

The fair values of the Companies’ derivatives, including the offsetting of assets and liabilities, on the consolidated balance sheets at December 31, 2025 and 2024 were:


(Millions of Dollars)	2025				2024
Balance Sheet Location	Gross Amounts of Recognized Assets/ (Liabilities)	Gross Amounts Offset	Net Amounts of Assets/(Liabilities) (a)		Gross Amounts of Recognized Assets/ (Liabilities)	Gross Amounts Offset	Net Amounts of Assets/(Liabilities) (a)
Con Edison
Fair value of derivative assets
Current	$175	$(90)	$85	(b)	$56	$(41)	$15	(b)
Noncurrent	149	(23)	126		39	(12)	27
Total fair value of derivative assets	$324	$(113)	$211		$95	$(53)	$42



Fair value of derivative liabilities
Current	$(75)	$45	$(30)	(b)	$(92)	$44	$(48)	(b)
Noncurrent	(18)	10	(8)		(108)	12	(96)



Total fair value of derivative liabilities	$(93)	$55	$(38)		$(200)	$56	$(144)
Net fair value derivative assets/(liabilities)	$231	$(58)	$173		$(105)	$3	$(102)
CECONY
Fair value of derivative assets
Current	$162	$(88)	$74	(b)	$51	$(40)	$11	(b)
Noncurrent	136	(19)	117		36	(11)	25
Total fair value of derivative assets	$298	$(107)	$191		$87	$(51)	$36
Fair value of derivative liabilities
Current	$(70)	$43	$(27)	(b)	$(84)	$42	$(42)	(b)
Noncurrent	(14)	8	(6)		(95)	11	(84)
Total fair value of derivative liabilities	$(84)	$51	$(33)		$(179)	$53	$(126)
Net fair value derivative assets/(liabilities)	$214	$(56)	$158		$(92)	$2	$(90)

(a)Derivative instruments and collateral were offset on the consolidated balance sheet as applicable under the accounting rules. The Companies enter into master agreements for their commodity derivatives. These agreements typically provide offset in the event of contract termination. In such case, generally the non-defaulting party’s payable will be offset by the defaulting party’s payable. The non-defaulting party will customarily notify the defaulting party within a specific time period and come to an agreement on the early termination amount.

(b)At December 31, 2025, margin deposits for Con Edison and CECONY were classified as derivative assets of $1 million and $0, respectively, and as derivative liabilities of $(16) million and $(14) million, respectively. At December 31, 2024, margin deposits for Con Edison and CECONY were classified as derivative assets of $0 each, and as derivative liabilities of $(4) million and $(2) million, respectively. These amounts are presented on the consolidated balance sheets, but not included in the table.

Schedule of Offsetting of Liabilities

The fair values of the Companies’ derivatives, including the offsetting of assets and liabilities, on the consolidated balance sheets at December 31, 2025 and 2024 were:


(Millions of Dollars)	2025				2024
Balance Sheet Location	Gross Amounts of Recognized Assets/ (Liabilities)	Gross Amounts Offset	Net Amounts of Assets/(Liabilities) (a)		Gross Amounts of Recognized Assets/ (Liabilities)	Gross Amounts Offset	Net Amounts of Assets/(Liabilities) (a)
Con Edison
Fair value of derivative assets
Current	$175	$(90)	$85	(b)	$56	$(41)	$15	(b)
Noncurrent	149	(23)	126		39	(12)	27
Total fair value of derivative assets	$324	$(113)	$211		$95	$(53)	$42



Fair value of derivative liabilities
Current	$(75)	$45	$(30)	(b)	$(92)	$44	$(48)	(b)
Noncurrent	(18)	10	(8)		(108)	12	(96)



Total fair value of derivative liabilities	$(93)	$55	$(38)		$(200)	$56	$(144)
Net fair value derivative assets/(liabilities)	$231	$(58)	$173		$(105)	$3	$(102)
CECONY
Fair value of derivative assets
Current	$162	$(88)	$74	(b)	$51	$(40)	$11	(b)
Noncurrent	136	(19)	117		36	(11)	25
Total fair value of derivative assets	$298	$(107)	$191		$87	$(51)	$36
Fair value of derivative liabilities
Current	$(70)	$43	$(27)	(b)	$(84)	$42	$(42)	(b)
Noncurrent	(14)	8	(6)		(95)	11	(84)
Total fair value of derivative liabilities	$(84)	$51	$(33)		$(179)	$53	$(126)
Net fair value derivative assets/(liabilities)	$214	$(56)	$158		$(92)	$2	$(90)

Schedule of Realized and Unrealized Gains or Losses on Commodity Derivatives

The following table presents the realized and unrealized gains or losses on derivatives that have been deferred or recognized in earnings for the years ended December 31, 2025 and 2024:


		Con Edison		CECONY
(Millions of Dollars)	Financial Statement Location	2025	2024	2025	2024
Pre-tax gains (losses) deferred in accordance with accounting rules for regulated operations:
Current	Regulatory liabilities	$140	$(49)	$130	$(49)
Noncurrent	Regulatory liabilities	111	(41)	103	(43)
Total deferred gains (losses)		$251	$(90)	$233	$(92)
Current	Regulatory assets	$5	$166	$2	$161
Current	Recoverable energy costs	54	(318)	50	(294)
Noncurrent	Regulatory assets	88	57	79	54
Total deferred or recognized gains (losses)		$147	$(95)	$131	$(79)
Net deferred or recognized gains (losses) (a)		$398	$(185)	$364	$(171)

(a) Unrealized net deferred losses on electric and gas derivatives for the Utilities decreased as a result of higher electric and gas commodity prices during the year ended December 31, 2025. Upon settlement, short-term deferred derivative losses generally increase the recoverable costs of electric and gas purchases.

Schedule of Hedged Volume of Derivative Transactions

The following table presents the hedged volume of Con Edison’s and CECONY’s commodity derivative transactions at December 31, 2025:


	Electric Energy (MWh) (a)(b)	Capacity (MW-mos) (a)	Natural Gas (Dt) (a)(b)	Refined Fuels (gallons)
Con Edison	36,356,085	29,550	311,800,000	3,780,000
CECONY	34,025,975	19,350	292,490,000	3,780,000

(a)Volumes are reported net of long and short positions, except natural gas collars where the volumes of long positions are reported.

(b)Excludes electric congestion and gas basis swap contracts which are associated with electric and gas contracts and hedged volumes.

Schedule of Aggregate Fair Value of Companies' Derivative Instruments with Credit-Risk-Related Contingent Features

The following table presents the aggregate fair value of the Companies’ derivative instruments with credit-risk-related contingent features that are in a net liability position, the collateral posted including cash and letters of credit for such positions and the additional cash collateral that would have been required to be posted had the lowest applicable credit rating been reduced one level and to below investment grade at December 31, 2025:


(Millions of Dollars)	Con Edison (a)	CECONY (a)
Aggregate fair value – net liabilities	$28	$23
Collateral posted	2	—
Additional collateral (b) (downgrade one level from current ratings)	3	2
Additional collateral (b)(c) (downgrade to below investment grade from current ratings)	41	35

(a)Non-derivative transactions for the purchase and sale of electricity and gas and qualifying derivative instruments, that 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 are no longer extended unsecured credit for such purchases, the Companies would be required to post additional cash collateral of $2 million at December 31, 2025. 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 liability 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 to offset.

(c)Derivative instruments that are net assets have been excluded from the table. At December 31, 2025, if Con Edison had been downgraded to below investment grade, it would have been required to post additional cash collateral for such derivative instruments of $83 million.

- Definition

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

Environmental Matters

12 Months Ended

Dec. 31, 2025

Environmental Remediation Obligations [Abstract]

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 the 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 December 31, 2025 and 2024 were as follows:


	Con Edison		CECONY
(Millions of Dollars)	2025	2024	2025	2024
Accrued Liabilities:
Manufactured gas plant sites	$980	$941	$882	$846
Other Superfund Sites	99	96	98	96
Total	$1,079	$1,037	$980	$942
Regulatory assets	$1,079	$1,038	$987	$952

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. The Utilities defer prudently incurred investigation and remediation costs as regulatory assets (for subsequent recovery through rates).

Environmental remediation costs incurred related to Superfund Sites at December 31, 2025 and 2024 were as follows:


	Con Edison		CECONY
(Millions of Dollars)	2025	2024	2025	2024
Remediation costs incurred	$23	$44	$22	$44

Insurance and other third party recoveries received by Con Edison or CECONY were immaterial in 2025 and 2024.

Con Edison and CECONY estimate that in 2026 they will incur costs for remediation of approximately $28 million. The Companies are unable to estimate the time period over which the remaining accrued liability will be incurred because, among other things, the required remediation has not been determined for some of the sites.

In 2025, Con Edison and CECONY estimated that for their manufactured gas plant sites (including CECONY’s Astoria site), the aggregate undiscounted potential liability for the investigation and remediation of coal tar and/or other environmental contaminants could range up to $3,540 million and $3,380 million, respectively. 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 significant compensatory and punitive damages for deaths and injuries allegedly caused by exposure to asbestos and asbestos containing materials at various premises of the Utilities. The suits that have been resolved, that 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. At December 31, 2025, Con Edison and CECONY have accrued their estimated aggregate undiscounted potential liabilities for these suits and additional suits that may be brought through 2040 as shown in the following table. These estimates were based upon a combination of modeling, historical data analysis and risk factor assessment. Courts have modified, and may continue to modify, standards for determining liability in asbestos suits than the standard that applied historically. As a result, the Companies currently believe that there is a reasonable possibility of an exposure to loss in excess of the liability accrued for the suits. The Companies are unable to estimate the amount or range of such loss. In addition, certain current and former employees have claimed or are claiming workers’ compensation benefits based on alleged disability from exposure to asbestos. 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 or liabilities for the Companies at December 31, 2025 and 2024 were as follows:


	Con Edison		CECONY
(Millions of Dollars)	2025	2024	2025	2024
Accrued liability – asbestos suits	$11	$8	$10	$7
Regulatory assets – asbestos suits	11	8	10	7
Accrued liability – workers’ compensation	51	53	49	51
Regulatory liabilities – workers’ compensation	21	20	21	20

- Definition

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

Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 410
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481931/410-30-50-10

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 410
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Subparagraph (d)(3)
-Publisher FASB
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+ Details

Consolidated Statement of Capitalization - Long-term Debt (Parenthetical)	12 Months Ended
	Dec. 31, 2025
Debenture Series 2017B, 4.825% Due 2027 \| Debentures
Schedule of Capitalization, Long-term Debt [Line Items]
Debt instrument, SOFR variable rate	52.00%

Environmental Matters - Schedule of Environmental Remediation Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Environmental Exit Cost [Line Items]
Remediation costs incurred	$ 23	$ 44
Environmental Remediation Expense, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Expense	Other Nonoperating Expense
CECONY
Environmental Exit Cost [Line Items]
Remediation costs incurred	$ 22	$ 44
Environmental Remediation Expense, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Expense	Other Nonoperating Expense

Income Tax (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax

The components of income tax are as follows:


	Con Edison			CECONY
(Millions of Dollars)	2025	2024	2023	2025	2024	2023
State
Current	$(49)	$(81)	$179	$(40)	$(87)	$(102)
Deferred	182	223	6	159	219	246
Federal
Current	33	(17)	176	149	(63)	(95)
Deferred	414	198	237	278	246	311
Amortization of investment tax credits	(6)	(5)	(111)	(2)	(1)	(2)
Total income tax expense	$574	$318	$487	$544	$314	$358

Schedule of Income Tax Reconciliation

Reconciliation of the difference between income tax expense and the amount computed by applying the prevailing statutory income tax rate to income before income taxes is as follows:


		Con Edison
(Millions of Dollars) (% of Pre-tax income)	2025			2024			2023

U.S. Federal Statutory Tax Rate (a)	$545	21.0	%	$449	21.0	%	$631	21.0	%
State Income Taxes:
State income taxes, net of federal income taxes (b)	140	5.4		115	5.4		165	5.5
MTA Surcredit amortization, net of federal income taxes	(35)	(1.3)		(3)	(0.1)		—	—

Non-NY State Income taxes related to the Clean Energy Businesses, net of federal income taxes	—	—		—	—		(18)	(0.6)

Tax Credits:
R&D credit and ITC amortization	(10)	(0.4)		(19)	(0.9)		(20)	(0.7)
Production Tax Credit	—	—		(6)	(0.3)		(12)	(0.4)
Deferred unamortized ITC recognized on sale of subsidiary	—	—		—	—		(107)	(3.5)
Nontaxable or Nondeductible items	5	0.2		(2)	(0.1)		1	—
Changes in unrecognized tax benefits	—	—		(2)	(0.1)		1	—
Other Adjustments:
Amortization of excess deferred federal income taxes (c)	(50)	(2.0)		(203)	(9.5)		(172)	(5.7)
Allowance for uncollectible accounts, net of regulatory recovery	(43)	(1.7)		(25)	(1.2)		(14)	(0.5)
Cost of removal	35	1.4		24	1.1		37	1.2
Other	(13)	(0.5)		(10)	(0.4)		(5)	(0.1)

Effective tax rate	$574	22.1	%	$318	14.9	%	$487	16.2	%

(a)Income before income tax expense is attributable to domestic operations.

(b)State income taxes in New York account for the majority of the tax effect in this category.

(c)The amortization of excess deferred federal income taxes is lower in 2025, due to the completion of regulatory amortization of non-plant and certain plant-related excess deferred federal income taxes as of December 31, 2024, representing an accelerated refund of the related regulatory liability under its New York electric and gas rate plans.


	CECONY
(Millions of Dollars) (% of Pre-tax income)	2025			2024			2023

U.S. Federal Statutory Tax Rate (a)	$515	21.0	%	$433	21.0	%	$412	21.0	%
State Income Taxes:
State income taxes, net of federal income taxes (b)	127	5.2		107	5.2		113	5.8
MTA Surcredit amortization, net of federal income taxes	(33)	(1.3)		(2)	(0.1)		—	—



Tax Credits	(6)	(0.2)		(14)	(0.7)		(17)	(0.8)




Nontaxable or Nondeductible items	5	0.2		(1)	(0.1)		2	0.1
Changes in unrecognized tax benefits	—	—		(2)	(0.1)		(2)	(0.1)
Other Adjustments:
Amortization of excess deferred federal income taxes (c)	(43)	(1.7)		(196)	(9.5)		(166)	(8.4)
Allowance for uncollectible accounts, net of regulatory recovery	(43)	(1.8)		(24)	(1.2)		(14)	(0.7)
Cost of removal	32	1.3		20	1.0		33	1.7
Other	(10)	(0.5)		(7)	(0.3)		(3)	(0.4)






Effective tax rate	$544	22.2	%	$314	15.2	%	$358	18.2	%

(a)Income before income tax expense is attributable to domestic operations.

(b)State income taxes in New York account for the majority of the tax effect in this category.

Schedule of Differences on Deferred Tax Assets and Liabilities

The tax effects of temporary differences, which gave rise to deferred tax assets and liabilities, are as follows:


	Con Edison		CECONY
(Millions of Dollars)	2025	2024	2025	2024
Deferred tax liabilities:
Property basis differences	$9,703	$9,222	$9,117	$8,632
Regulatory assets:
Energy efficiency and other clean energy programs	560	474	532	449
Customer Account Deferrals	306	301	304	297
Environmental remediation costs	303	291	277	267
Legacy Meters	107	116	104	112
Other regulatory assets	147	260	110	213
Pension and Retiree Benefits – Asset	1,186	1,063	1,153	1,037
Operating lease right-of-use asset	141	143	141	142
Other	3	—	24	—
Total deferred tax liabilities	$12,456	$11,870	$11,762	$11,149
Deferred tax assets:
Regulatory liabilities:
Unrecognized pension and other postretirement costs	$245	$296	$226	$276
Future income tax	315	343	285	312
Other regulatory liabilities	1,012	909	916	809
Superfund and other environmental costs	303	291	275	265
Pensions and retiree benefits - liability	158	154	147	142
Asset retirement obligations	134	127	134	127
Operating lease liabilities	141	143	141	142
Tax credits carryforward	241	346	8	—
Corporate Alternative Minimum Tax carryforward	205	139	213	111
Loss carryforwards	51	42	33	16
Valuation allowance	(12)	(12)	—	—
Equity investments	68	80	—	—
Other	—	160	—	140
Total deferred tax assets	$2,861	$3,018	$2,378	$2,340
Net deferred tax liabilities	$9,595	$8,852	$9,384	$8,809
Unamortized investment tax credits	24	22	16	10
Net deferred tax liabilities and unamortized investment tax credits	$9,619	$8,874	$9,400	$8,819

Schedule of Cash Paid for Income Taxes

Cash paid for income taxes (net of refunds received):


	Con Edison			CECONY
(Millions of Dollars)	2025	2024	2023	2025	2024	2023
Federal	$(21)	$(1)	$230	$(24)	$61	$46
New York	(143)	6	164	(145)	2	(73)
New Jersey	—	1	2	—	—	—
All other	(1)	1	1	—	—	—
Total cash paid for income taxes (net of refunds)	$(165)	$7	$397	$(169)	$63	$(27)

Schedule of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amounts of unrecognized tax benefits for Con Edison and CECONY follows:


	Con Edison			CECONY
(Millions of Dollars)	2025	2024	2023	2025	2024	2023
Balance at January 1,	$9	$11	$23	$5	$7	$8
Additions based on tax positions related to the current year	2	4	8	2	4	4
Additions based on tax positions of prior years	—	—	3	—	—	1
Reductions for tax positions of prior years	(2)	(6)	(11)	(2)	(6)	(6)
Settlements	—	—	(12)	—	—	—
Balance at December 31,	$9	$9	$11	$5	$5	$7

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2025	Jan. 31, 2026	Jun. 30, 2025
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	1-14514
Entity Registrant Name	Consolidated Edison, Inc.
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	13-3965100
Entity Address, Address Line One	4 Irving Place,
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10003
City Area Code	(212)
Local Phone Number	460-4600
Title of 12(b) Security	Common Shares ($.10 par value)
Trading Symbol	ED
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 36.2
Entity Common Stock, Shares Outstanding		361,247,438
Documents Incorporated by Reference	Documents Incorporated By Reference Portions of Con Edison’s definitive proxy statement for its Annual Meeting of Stockholders to be held on May 18, 2026, to be filed with the Commission pursuant to Regulation 14A, not later than 120 days after December 31, 2025, is incorporated in Part III of this report.
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Entity Central Index Key	0001047862
CECONY
Document Information [Line Items]
Entity File Number	1-1217
Entity Registrant Name	Consolidated Edison Company of New York, Inc.
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	13-5009340
Entity Address, Address Line One	4 Irving Place,
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10003
City Area Code	(212)
Local Phone Number	460-4600
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Entity Central Index Key	0000023632

Regulatory Matters - RECO Narrative (Details) - USD ($) $ in Thousands		1 Months Ended			2 Months Ended
	Jan. 01, 2022	Oct. 31, 2025	Dec. 31, 2022	Jan. 31, 2022	Oct. 31, 2025	Nov. 24, 2024
RECO
Public Utilities, General Disclosures [Line Items]
Common equity ratio				48.51%
Authorized return on common equity				9.60%
RECO \| New Jersey Board of Public Utilities
Public Utilities, General Disclosures [Line Items]
Investment plan			$ 47,800
Investment plan, term (in years)			5 years
Defer incremental preparation costs						$ 5,000
Electric \| RECO \| New Jersey Board of Public Utilities
Public Utilities, General Disclosures [Line Items]
Requested rate increase (decrease), amount	$ 9,650
Electric \| Rockland Electric Company (RECO)
Public Utilities, General Disclosures [Line Items]
Requested rate increase (decrease), amount		$ 31,800			$ 6,600
Common equity ratio		50.04%
Authorized return on common equity		10.30%

Income Tax - Schedule of Differences on Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Deferred tax liabilities:
Property basis differences	$ 9,703	$ 9,222
Regulatory assets:
Energy efficiency and other clean energy programs	560	474
Customer Account Deferrals	306	301
Environmental remediation costs	303	291
Legacy Meters	107	116
Other regulatory assets	147	260
Pension and Retiree Benefits – Asset	1,186	1,063
Operating lease right-of-use asset	141	143
Other	3	0
Total deferred tax liabilities	12,456	11,870
Regulatory liabilities:
Unrecognized pension and other postretirement costs	245	296
Future income tax	315	343
Other regulatory liabilities	1,012	909
Superfund and other environmental costs	303	291
Pensions and retiree benefits - liability	(158)	(154)
Asset retirement obligations	134	127
Operating lease liabilities	141	143
Tax credits carryforward	241	346
Corporate Alternative Minimum Tax carryforward	205	139
Loss carryforwards	51	42
Valuation allowance	(12)	(12)
Equity investments	68	80
Other	0	160
Total deferred tax assets	2,861	3,018
Net deferred tax liabilities	9,595	8,852
Unamortized investment tax credits	24	22
Net deferred tax liabilities and unamortized investment tax credits	9,619	8,874
CECONY
Deferred tax liabilities:
Property basis differences	9,117	8,632
Regulatory assets:
Energy efficiency and other clean energy programs	532	449
Customer Account Deferrals	304	297
Environmental remediation costs	277	267
Legacy Meters	104	112
Other regulatory assets	110	213
Pension and Retiree Benefits – Asset	1,153	1,037
Operating lease right-of-use asset	141	142
Other	24	0
Total deferred tax liabilities	11,762	11,149
Regulatory liabilities:
Unrecognized pension and other postretirement costs	226	276
Future income tax	285	312
Other regulatory liabilities	916	809
Superfund and other environmental costs	275	265
Pensions and retiree benefits - liability	(147)	(142)
Asset retirement obligations	134	127
Operating lease liabilities	141	142
Tax credits carryforward	8	0
Corporate Alternative Minimum Tax carryforward	213	111
Loss carryforwards	33	16
Valuation allowance	0	0
Equity investments	0	0
Other	0	140
Total deferred tax assets	2,378	2,340
Net deferred tax liabilities	9,384	8,809
Unamortized investment tax credits	16	10
Net deferred tax liabilities and unamortized investment tax credits	$ 9,400	$ 8,819

Related Party Transactions

12 Months Ended

Dec. 31, 2025

Related Party Transactions

The NYSPSC generally requires that the Utilities and Con Edison’s other subsidiaries be operated as separate entities. The Utilities and the other subsidiaries are required to have separate operating employees and operating officers of the Utilities may not be operating officers of the other subsidiaries. The Utilities may provide administrative and other services to, and receive such services from, Con Edison and its other subsidiaries only pursuant to cost allocation procedures approved by the NYSPSC. Transfers of assets between the Utilities and Con Edison or its other subsidiaries may be made only as approved by the NYSPSC. The debt of the Utilities is to be raised directly by the Utilities and not derived from Con Edison. Without the prior permission of the NYSPSC, the Utilities may not make loans to, guarantee the obligations of, or pledge assets as security for the indebtedness of Con Edison or its other subsidiaries. The NYSPSC limits the dividends that the Utilities may pay Con Edison. See “Dividends” in Note C. As a result, substantially all of the net assets of CECONY and O&R ($22,037 million and $1,291 million, respectively), at December 31, 2025, are considered restricted net assets. The NYSPSC may impose additional measures to separate, or “ring fence,” the Utilities from Con Edison and its other subsidiaries.

The costs of administrative and other services provided by CECONY to, and received by it from, Con Edison and its other subsidiaries for the years ended December 31, 2025, 2024 and 2023 were as follows:


	CECONY (a)
(Millions of Dollars)	2025	2024	2023
Cost of services provided	$163	$147	$146
Cost of services received	85	82	82

(a) On March 1, 2023, Con Edison completed the sale of all of the stock of the Clean Energy Businesses. See Note W and Note X.

In addition, CECONY and O&R have joint gas supply arrangements pursuant to which CECONY sold to, or acted as agent to purchase for, O&R $114 million, $77 million and $82 million of natural gas for the years ended December 31, 2025, 2024 and 2023, respectively. These amounts are net of the effect of related hedging transactions.

At December 31, 2025 and 2024, CECONY's net receivable from Con Edison for income taxes were $24 million and $344 million, respectively.

The Utilities perform work and incur expenses on behalf of New York Transco, a company in which Con Edison Transmission owns an interest. The Utilities bill New York Transco for such work and expenses in accordance with established policies. For the years ended December 31, 2025 and 2024, the amounts billed by the Utilities to New York Transco were immaterial.

CECONY has a 20-year transportation contract with MVP, a company in which Con Edison Transmission owns an interest, for 200,000 Dts per day of capacity. See "Investment in Mountain Valley Pipeline, LLC (MVP)" in Note A. In October 2017, the Environmental Defense Fund and the Natural Resource Defense Council requested the NYSPSC to prohibit CECONY from recovering costs under its contract with MVP unless CECONY can demonstrate that the contract is in the public interest. CECONY advised the NYSPSC that it would respond to the request if the NYSPSC were to open a proceeding to consider this request. For the years ended December 31, 2025 and 2024, the amounts billed by MVP to CECONY were $55 million and $28 million, respectively.

FERC has authorized CECONY to lend funds to O&R for a period of not more than 12 months, in an amount not to exceed $250 million, at prevailing market rates. At December 31, 2025 and 2024 there were no outstanding loans to O&R.

The Clean Energy Businesses had financial electric capacity contracts with CECONY and O&R. On March 1, 2023, Con Edison completed the sale of all of the stock of the Clean Energy Businesses. As a result of the sale, the Clean Energy Businesses are no longer recognized as a related party. See Note W and Note X.

The Consolidated Edison Foundation, Inc. (the Foundation), established in December 2023, is a non-consolidated not-for-profit corporation funded by Con Edison that makes contributions to selected charitable organizations. In March 2025, Con Edison made a contribution of $12 million that Con Edison accrued as an expense in "Other Income and Deductions" within its consolidated income statement for the year ended December 31, 2024.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Lease Costs, Cash Flows and Other Related Information

Operating lease cost and cash paid for amounts included in the measurement of lease liabilities for the years ended December 31, 2025, 2024, and 2023 were as follows:


	Con Edison (a)			CECONY
(Millions of Dollars)	2025	2024	2023	2025	2024	2023
Operating lease cost	$69	$67	$70	$68	$66	$66
Operating lease cash flows	$70	$67	$68	$69	$66	$65

(a)Amounts for Con Edison include amounts for the Clean Energy Businesses through February 2023. On March 1, 2023, Con Edison completed the sale of all of the stock of the Clean Energy Businesses. See Note W and Note X.

Other information related to leases for Con Edison and CECONY at December 31, 2025 and 2024 was as follows:


	Con Edison		CECONY
	2025	2024	2025	2024
Weighted Average Remaining Lease Term:
Operating leases (a)	10.5 years	10.8 years	10.5 years	10.6 years
Finance leases	5.7 years	6 years	4 years	5 years
Weighted Average Discount Rate:
Operating leases (a)	4.0%	3.8%	4.0%	3.8%
Finance leases	1.9%	2.0%	1.5%	1.6%

(a)Amounts for Con Edison in 2024 exclude the operating lease of Broken Bow II, that was classified as held for sale as of December 31, 2024 and was sold and transferred in January 2025. Including the operating lease of Broken Bow II would result in a weighted average remaining lease term of 10.8 years and a weighted average discount rate of 3.8 percent as of December 31, 2024. See Note W and Note X.

Schedule of Operating Leases, Future Minimum Lease Payments

Future minimum lease payments under non-cancellable leases at December 31, 2025 were as follows:


(Millions of Dollars)	Con Edison		CECONY
Year Ending December 31,	Operating Leases	Finance Leases	Operating Leases	Finance Leases
2026	$73	$1	$72	$1
2027	71	1	71	1
2028	66	1	66	—
2029	67	—	67	—
2030	64	—	64	—
All years thereafter	291	—	291	—
Total future minimum lease payments	$632	$3	$631	$2
Less: imputed interest	(132)	—	(132)	—
Total	$500	$3	$499	$2
Reported as of December 31, 2025
Operating lease liabilities (current)	$123	$—	$122	$—

Operating lease liabilities (noncurrent)	377	—	377	—

Other current liabilities	—	1	—	1
Other noncurrent liabilities	—	2	—	1
Total	$500	$3	$499	$2

Schedule of Finance Leases, Future Minimum Lease Payments

Future minimum lease payments under non-cancellable leases at December 31, 2025 were as follows:


(Millions of Dollars)	Con Edison		CECONY
Year Ending December 31,	Operating Leases	Finance Leases	Operating Leases	Finance Leases
2026	$73	$1	$72	$1
2027	71	1	71	1
2028	66	1	66	—
2029	67	—	67	—
2030	64	—	64	—
All years thereafter	291	—	291	—
Total future minimum lease payments	$632	$3	$631	$2
Less: imputed interest	(132)	—	(132)	—
Total	$500	$3	$499	$2
Reported as of December 31, 2025
Operating lease liabilities (current)	$123	$—	$122	$—

Operating lease liabilities (noncurrent)	377	—	377	—

Other current liabilities	—	1	—	1
Other noncurrent liabilities	—	2	—	1
Total	$500	$3	$499	$2

Stock-Based Compensation - Schedule of Changes in Status of Performance RSUs (Details) - Performance RSUs	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Units
Non-vested at beginning of period (in shares) \| shares	720,801
Granted (in shares) \| shares	343,425
Vested (in shares) \| shares	(203,587)
Forfeited (in shares) \| shares	(16,121)
Transferred (in shares) \| shares	0
Non-vested at end of period (in shares) \| shares	844,518
CECONY
Units
Non-vested at beginning of period (in shares) \| shares	561,407
Granted (in shares) \| shares	266,717
Vested (in shares) \| shares	(153,062)
Forfeited (in shares) \| shares	(13,845)
Transferred (in shares) \| shares	(3,200)
Non-vested at end of period (in shares) \| shares	658,017
TSR Portion
Weighted Average Grant Date Fair Value
Non-vested at beginning of period (in dollars per share)	$ 89.99
Granted (in dollars per share)	107.68
Vested (in dollars per share)	90.09
Forfeited (in dollars per share)	95.72
Transferred (in dollars per share)	0
Non-vested at end of period (in dollars per share)	$ 97.05
Adjustment percentage used for Performance awards	50.00%
TSR Portion \| CECONY
Weighted Average Grant Date Fair Value
Non-vested at beginning of period (in dollars per share)	$ 90.01
Granted (in dollars per share)	108.99
Vested (in dollars per share)	90.46
Forfeited (in dollars per share)	96.01
Transferred (in dollars per share)	90.54
Non-vested at end of period (in dollars per share)	97.47
Non-TSR Portion
Weighted Average Grant Date Fair Value
Non-vested at beginning of period (in dollars per share)	87.93
Granted (in dollars per share)	99.30
Vested (in dollars per share)	84.07
Forfeited (in dollars per share)	91.97
Transferred (in dollars per share)	0
Non-vested at end of period (in dollars per share)	$ 93.41
Adjustment percentage used for Performance awards	50.00%
Non-TSR Portion \| CECONY
Weighted Average Grant Date Fair Value
Non-vested at beginning of period (in dollars per share)	$ 88.35
Granted (in dollars per share)	100.04
Vested (in dollars per share)	84.66
Forfeited (in dollars per share)	92.24
Transferred (in dollars per share)	87.70
Non-vested at end of period (in dollars per share)	$ 93.87

Material Contingencies - Additional Information (Details) $ in Millions		1 Months Ended	12 Months Ended
	Mar. 12, 2014 building people	Feb. 28, 2017 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2020 USD ($)
Loss Contingencies [Line Items]
Regulatory liabilities			$ 5,374	$ 5,444
Guarantee obligations maximum exposure			$ 60	$ 58
Payment Guarantee by CET Electric of Contributions to New York Transco LLC
Loss Contingencies [Line Items]
Estimated project cost (in percent)			175.00%
NY Transco \| Payment Guarantee by CET Electric of Contributions to New York Transco LLC
Loss Contingencies [Line Items]
Ownership interest (in percent)			45.70%
Manhattan Explosion and Fire
Loss Contingencies [Line Items]
Number of buildings destroyed by fire \| building	2
Number of people died in explosion and fire incident \| people	8
Number of people injured in explosion and fire incident (more than) \| people	50
Amount of costs that will not recover from customers		$ 126
Insurance receivable					$ 40
Loss contingency accrual					$ 40
Manhattan Explosion and Fire \| Settlement of gas proceedings
Loss Contingencies [Line Items]
Regulatory liabilities		$ 27

Regulatory Matters - Schedule of Utilities Rate Plans (CECONY-Gas) (Details) - USD ($)	12 Months Ended			36 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2028	Dec. 31, 2025	Dec. 31, 2022
Public Utilities, General Disclosures [Line Items]
Total operating revenues	$ 16,918,000,000	$ 15,256,000,000	$ 14,663,000,000
Revenue decoupling mechanisms	0	0	0		$ 0	$ 3,000,000
CECONY
Public Utilities, General Disclosures [Line Items]
Total operating revenues	15,651,000,000	14,129,000,000	13,476,000,000
CECONY \| Gas
Public Utilities, General Disclosures [Line Items]
Percentage of revenue reserve					15.00%
Other earnings incentives	4,000,000	7,000,000	5,000,000
Revenue decoupling mechanisms	131,500,000	93,000,000	162,000,000		$ 131,500,000
Negative revenue adjustments	7,000,000	2,000,000	3,000,000
Regulatory reconciliations	1,000,000	29,000,000	12,000,000		1,000,000
Deferred regulatory asset (liability)	$ 49,200,000	31,500,000	15,500,000		$ 49,200,000
Authorized return on common equity					9.25%
Earnings sharing	9.75%				9.75%
Earnings sharing, threshold limit	$ 0	4,300,000	0
Common equity ratio					48.00%
CECONY \| Gas \| Protected Portion
Public Utilities, General Disclosures [Line Items]
Increase in regulatory liability resulting from TCJA					$ 679,000,000
CECONY \| Gas \| Over Fifteen Years
Public Utilities, General Disclosures [Line Items]
Shortfall in revenue					99,000,000
CECONY \| Gas \| Over Two Years
Public Utilities, General Disclosures [Line Items]
Income tax benefit to be credited to customers resulting from TCJA					32,000,000
CECONY \| Gas \| Over Two Years \| Unprotected Portion
Public Utilities, General Disclosures [Line Items]
Increase in regulatory liability resulting from TCJA					42,000,000
CECONY \| Gas \| Annually \| Unprotected Portion
Public Utilities, General Disclosures [Line Items]
Increase in regulatory liability resulting from TCJA					21,000,000
CECONY \| Gas \| Maximum
Public Utilities, General Disclosures [Line Items]
Retained earnings	65,000,000				65,000,000
CECONY \| Gas \| Gas Leak Backlog, Leak Prone Pipe and Service Terminations
Public Utilities, General Disclosures [Line Items]
Total operating revenues	$ 8,000,000	$ 3,000,000	$ 3,000,000
CECONY \| Gas \| Scenario, Forecast
Public Utilities, General Disclosures [Line Items]
Percentage of revenue reserve				15.00%
Earnings sharing				9.90%
Common equity ratio				48.00%
Annual gas revenue requirement				$ 33,330,000
Recovery deferral (percent)				80.00%
Maximum deferral (percent)				15.00%
CECONY \| Gas \| Scenario, Forecast \| Over Three Years
Public Utilities, General Disclosures [Line Items]
Annual gas revenue requirement				$ 100,000,000
CECONY \| Gas \| Scenario, Forecast \| Maximum
Public Utilities, General Disclosures [Line Items]
Retained earnings				65,000,000
CECONY \| Gas \| Year 1
Public Utilities, General Disclosures [Line Items]
Base rate changes					217,000,000
Amortizations to income of net regulatory (assets) and liabilities					31,000,000
Potential earnings adjustment mechanism incentives					18,000,000
Negative revenue adjustments					107,000,000
Average rate base					$ 9,647,000,000
Weighted average cost of capital (after-tax)					6.75%
Actual return on common equity, percent					9.00%
Cost of long-term debt			4.46%
CECONY \| Gas \| Year 1 \| Protected Portion
Public Utilities, General Disclosures [Line Items]
Increase in regulatory liability resulting from TCJA					$ 9,000,000
CECONY \| Gas \| Year 1 \| Over Fifteen Years
Public Utilities, General Disclosures [Line Items]
Requested rate increase (decrease), amount					187,000,000
Amount of cost recovery					45,000,000
CECONY \| Gas \| Year 1 \| Over Two Years
Public Utilities, General Disclosures [Line Items]
Income tax benefit to be credited to customers resulting from TCJA					16,000,000
CECONY \| Gas \| Year 1 \| Gas average excluding AMI
Public Utilities, General Disclosures [Line Items]
Net utility plant reconciliations					10,466,000,000
CECONY \| Gas \| Year 1 \| Advanced metering infrastructure (AMI)
Public Utilities, General Disclosures [Line Items]
Net utility plant reconciliations					234,000,000
CECONY \| Gas \| Year 1 \| Customer Service Systems (CSS)
Public Utilities, General Disclosures [Line Items]
Net utility plant reconciliations					2,000,000
CECONY \| Gas \| Year 1 \| Scenario, Forecast
Public Utilities, General Disclosures [Line Items]
Base rate changes				(46,000,000)
Amortizations to income of net regulatory (assets) and liabilities				90,000,000
Negative revenue adjustments				135,000,000
Average rate base				$ 11,485,000,000
Weighted average cost of capital (after-tax)				6.98%
Authorized return on common equity				9.40%
Cost of long-term debt				4.78%
Requested rate increase (decrease), amount				$ 28,000,000
Electric base rate percentage				2.01%
Potential offsetting credit adjustments				$ 12,000,000
Actual net expenses amount				1,500,000
CECONY \| Gas \| Year 1 \| Scenario, Forecast \| Protected Portion
Public Utilities, General Disclosures [Line Items]
Reflects regulatory liability amortization				48,000,000
CECONY \| Gas \| Year 1 \| Scenario, Forecast \| Unprotected Portion
Public Utilities, General Disclosures [Line Items]
Increase in regulatory liability resulting from TCJA				36,000,000
Reflects regulatory liability amortization				6,000,000
CECONY \| Gas \| Year 1 \| Scenario, Forecast \| Gas average excluding AMI
Public Utilities, General Disclosures [Line Items]
Net utility plant reconciliations				12,931,000,000
CECONY \| Gas \| Year 2
Public Utilities, General Disclosures [Line Items]
Base rate changes					173,000,000
Amortizations to income of net regulatory (assets) and liabilities					24,000,000
Potential earnings adjustment mechanism incentives					20,000,000
Negative revenue adjustments					119,000,000
Average rate base					$ 10,428,000,000
Weighted average cost of capital (after-tax)					6.79%
Actual return on common equity, percent					9.82%
Cost of long-term debt		4.54%
CECONY \| Gas \| Year 2 \| Protected Portion
Public Utilities, General Disclosures [Line Items]
Increase in regulatory liability resulting from TCJA					$ 10,000,000
CECONY \| Gas \| Year 2 \| Over Fifteen Years
Public Utilities, General Disclosures [Line Items]
Requested rate increase (decrease), amount					187,000,000
Amount of cost recovery					78,000,000
CECONY \| Gas \| Year 2 \| Over Two Years
Public Utilities, General Disclosures [Line Items]
Income tax benefit to be credited to customers resulting from TCJA					16,000,000
CECONY \| Gas \| Year 2 \| Gas average excluding AMI
Public Utilities, General Disclosures [Line Items]
Net utility plant reconciliations					11,442,000,000
CECONY \| Gas \| Year 2 \| Scenario, Forecast
Public Utilities, General Disclosures [Line Items]
Base rate changes				170,000,000
Amortizations to income of net regulatory (assets) and liabilities				88,000,000
Negative revenue adjustments				143,000,000
Average rate base				$ 12,050,000,000
Weighted average cost of capital (after-tax)				7.04%
Cost of long-term debt				4.90%
Requested rate increase (decrease), amount				$ 69,000,000
Potential offsetting credit adjustments				13,000,000
Actual net expenses amount				2,250,000
CECONY \| Gas \| Year 2 \| Scenario, Forecast \| Protected Portion
Public Utilities, General Disclosures [Line Items]
Reflects regulatory liability amortization				46,000,000
CECONY \| Gas \| Year 2 \| Scenario, Forecast \| Unprotected Portion
Public Utilities, General Disclosures [Line Items]
Increase in regulatory liability resulting from TCJA				36,000,000
Reflects regulatory liability amortization				6,000,000
CECONY \| Gas \| Year 2 \| Scenario, Forecast \| Gas average excluding AMI
Public Utilities, General Disclosures [Line Items]
Net utility plant reconciliations				13,472,000,000
CECONY \| Gas \| Year 3
Public Utilities, General Disclosures [Line Items]
Base rate changes					122,000,000
Amortizations to income of net regulatory (assets) and liabilities					(11,000,000)
Potential earnings adjustment mechanism incentives					21,000,000
Negative revenue adjustments					130,000,000
Average rate base					$ 11,063,000,000
Weighted average cost of capital (after-tax)					6.85%
Actual return on common equity, percent					9.45%
Cost of long-term debt	4.64%				4.64%
CECONY \| Gas \| Year 3 \| Protected Portion
Public Utilities, General Disclosures [Line Items]
Increase in regulatory liability resulting from TCJA					$ 10,000,000
CECONY \| Gas \| Year 3 \| Over Fifteen Years
Public Utilities, General Disclosures [Line Items]
Requested rate increase (decrease), amount					187,000,000
Amount of cost recovery					62,000,000
CECONY \| Gas \| Year 3 \| Gas average excluding AMI
Public Utilities, General Disclosures [Line Items]
Net utility plant reconciliations					$ 12,142,000,000
CECONY \| Gas \| Year 3 \| Scenario, Forecast
Public Utilities, General Disclosures [Line Items]
Base rate changes				93,000,000
Amortizations to income of net regulatory (assets) and liabilities				86,000,000
Negative revenue adjustments				152,000,000
Average rate base				$ 12,615,000,000
Weighted average cost of capital (after-tax)				7.10%
Cost of long-term debt				5.01%
Requested rate increase (decrease), amount				$ 70,000,000
Potential offsetting credit adjustments				14,000,000
Actual net expenses amount				3,000,000
CECONY \| Gas \| Year 3 \| Scenario, Forecast \| Protected Portion
Public Utilities, General Disclosures [Line Items]
Reflects regulatory liability amortization				45,000,000
CECONY \| Gas \| Year 3 \| Scenario, Forecast \| Unprotected Portion
Public Utilities, General Disclosures [Line Items]
Increase in regulatory liability resulting from TCJA				36,000,000
Reflects regulatory liability amortization				5,000,000
CECONY \| Gas \| Year 3 \| Scenario, Forecast \| Gas average excluding AMI
Public Utilities, General Disclosures [Line Items]
Net utility plant reconciliations				$ 14,014,000,000

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis for the years ended December 31, 2025 and 2024 are summarized below.


	2025					2024
(Millions of Dollars)	Level 1	Level 2	Level 3	Netting Adjustment (d)	Total	Level 1	Level 2	Level 3	Netting Adjustment (d)	Total
Con Edison
Derivative assets:
Commodity (a)(b)(c)	$19	$292	$5	$(104)	$212	$9	$81	$1	$(49)	$42


Mutual Funds (a)(b)	606	—	—	—	606	570	—	—	—	570
Cash Value of Life Insurance Policies (a)(b)	—	138	—	—	138	—	129	—	—	129
Total assets	$625	$430	$5	$(104)	$956	$579	$210	$1	$(49)	$741
Derivative liabilities:
Commodity (a)(b)(c)	$6	$70	$10	$(32)	$54	$5	$175	$16	$(48)	$148

CECONY
Derivative assets:
Commodity (a)(b)(c)	$19	$270	$2	$(100)	$191	$9	$74	$1	$(48)	$36
Mutual Funds (a)(b)	591	—	—	—	591	553	—	—	—	553
Cash Value of Life Insurance Policies (a)(b)	—	131	—	—	131	—	123	—	—	123
Total assets	$610	$401	$2	$(100)	$913	$562	$197	$1	$(48)	$712
Derivative liabilities:
Commodity (a)(b)(c)	$6	$68	$5	$(32)	$47	$4	$164	$7	$(47)	$128

(a)The Companies’ policy is to review the fair value hierarchy and recognize transfers into and transfers out of the levels at the end of each reporting period. Transfers out of Level 3 represent assets and liabilities that were previously classified as Level 3 for which the inputs became observable for classification in Level 2. The inputs are now observable because of availability of observable market data due to the decrease in the terms of certain contracts from beyond three years to less than three years.

(b)Level 2 assets and liabilities include investments held in the deferred compensation plan and/or non-qualified retirement plans, exchange-traded contracts where there is insufficient market liquidity to warrant inclusion in Level 1, and certain over-the-counter derivative instruments for electricity, refined products and natural gas. Derivative instruments classified as Level 2 are valued using industry standard models that incorporate corroborated observable inputs, such as pricing services or prices from similar instruments that trade in liquid markets, time value and volatility factors.

(c)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 December 31, 2025 and 2024, the Companies determined that nonperformance risk would have no material impact on their financial position or results of operations.

(d)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.

Schedule of Commodity Derivatives

Fair Value of Level 3 at December 31, 2025

Average
Market Price

(Millions of Dollars)

Valuation Techniques

Unobservable Inputs

Range

Con Edison — Commodity

Electricity

$(5)

Discounted Cash Flow

Forward capacity prices ($/kW-month) (a)

$1.36 - $13.76 per kW

$4.33

Transmission Congestion Contracts

Immaterial

Discounted Cash Flow

Inter-zonal forward price curves adjusted for historical zonal losses ($/MWh) (b)

$(2.04) -$3.03 per MWh

$1.15

Total Con Edison—Commodity

$(5)

CECONY — Commodity

Electricity

$(3)

Discounted Cash Flow

Forward capacity prices ($/kW-month) (a)

$1.36 - $13.76 per kW

$4.72

Transmission Congestion Contracts

Immaterial

Discounted Cash Flow

Inter-zonal forward price curves adjusted for historical zonal losses ($/MWh) (b)

$(2.04) -$3.03 per MWh

$1.15

Total CECONY—Commodity

$(3)

(a)Generally, increases/(decreases) in this input in isolation would result in a higher (lower) fair value measurement.

(b)Generally, increases/(decreases) in this input in isolation would result in a lower (higher) fair value measurement.

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

The table listed below provides a reconciliation of the beginning and ending net balances for assets and liabilities measured at fair value for the years ended December 31, 2025 and 2024 and classified as Level 3 in the fair value hierarchy:


	Con Edison		CECONY
(Millions of Dollars)	2025	2024	2025	2024
Beginning balance as of January 1,	$(15)	$(8)	$(6)	$(5)
Included in earnings	(3)	(9)	—	(4)
Included in regulatory assets and liabilities	10	(7)	3	—


Settlements	3	10	—	4
Transfer out of level 3	—	(1)	—	(1)
Ending balance as of December 31	$(5)	$(15)	$(3)	$(6)

Asset Retirement Obligations

12 Months Ended

Dec. 31, 2025

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations

The Companies recognize a liability at fair value for legal obligations associated with the retirement of long-lived assets in the period in which they are incurred, or when sufficient information becomes available to reasonably estimate the fair value of such legal obligations. When the liability is initially recorded, asset retirement costs are capitalized by increasing the carrying amount of the related asset. The liability is accreted to its present value each period and the capitalized cost is depreciated over the useful life of the related asset. The fair value of the asset retirement obligation liability is measured using expected future cash flows discounted at credit-adjusted risk-free rates, historical information, and where available, quoted prices from outside contractors. The Companies evaluate these assumptions underlying the asset retirement obligation liability on an annual basis or as frequently as needed.

The Companies recorded asset retirement obligations associated with the removal of asbestos and asbestos-containing material in their buildings (other than the structures enclosing generating stations and substations), electric equipment and steam and gas distribution systems. The Companies also recorded asset retirement obligations relating to gas and oil pipelines abandoned in place and municipal infrastructure support.

The Companies did not record an asset retirement obligation for the removal of asbestos associated with the structures enclosing generating stations and substations. For these building structures, the Companies were unable to reasonably estimate their asset retirement obligations because the Companies were unable to estimate the undiscounted retirement costs or the retirement dates and settlement dates. The amount of the undiscounted retirement costs could vary considerably depending on the disposition method for the building structures, and the method has not been determined. The Companies anticipate continuing to use these building structures in their businesses for an indefinite period, and so the retirement dates and settlement dates are not determinable.

The Utilities include in depreciation rates the estimated removal costs, less salvage, for utility plant assets. The amounts related to removal costs that are associated with asset retirement obligations are classified as an asset

retirement liability. Pursuant to accounting rules for regulated operations, future removal costs that do not represent legal asset retirement obligations are recorded as regulatory liabilities. Accretion and depreciation expenses related to removal costs that represent legal asset retirement obligations are applied against the Companies’ regulatory liabilities. Asset retirement costs that are recoverable from customers are recorded as regulatory liabilities to reflect the timing difference between costs recovered through the rate-making process and recognition of costs.

The following table represents the balance of asset retirement obligations as of December 31, 2025 and 2024, and changes to the obligation for the years then ended:


	Con Edison				CECONY
(Millions of Dollars)	2025	(a)	2024	(a)	2025	2024
Beginning Balance as of January 1,	$453		$522		$452	$520
Changes in estimated cash flows	84		(21)		82	(21)
Accretion expense	18		20		18	20
Liabilities settled	(77)		(68)		(76)	(67)
Ending Balance as of December 31, (b)	$478		$453		$476	$452

(a)The asset retirement obligations of Broken Bow II in 2024 are reflected in current liabilities held for sale on Con Edison's consolidated balance sheet as of December 31, 2024. For 2024, $3 million of asset retirement obligations related to Broken Bow II are not shown in the table above, as they are already excluded from the beginning balance as of January 1, 2024 for Con Edison. Broken Bow II was sold and transferred in January 2025. See Note A, Note W, and Note X.

(b)At December 31, 2025, Con Edison and CECONY recorded reductions of $64 million and $63 million, respectively, to the regulatory liability associated with cost of removal to reflect depreciation and interest expense. At December 31, 2024, Con Edison and CECONY recorded reductions of $85 million and $84 million, respectively, to the regulatory liability associated with cost of removal to reflect depreciation and interest expense.

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 55	$ 35	$ 53
Income tax benefit	15	10	15
Performance-based restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	41	23	41
Time-based restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	3	2	2
Non-employee director deferred stock compensation
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	3	3	3
Stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	8	7	7
CECONY
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	50	32	48
Income tax benefit	14	9	13
CECONY \| Performance-based restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	37	20	36
CECONY \| Time-based restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	3	2	2
CECONY \| Non-employee director deferred stock compensation
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	3	3	3
CECONY \| Stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 7	$ 7	$ 7

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Other Postretirement Benefits - Schedule of Fair Values of Plan Assets (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	$ 620	$ 583
CECONY
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	598	560
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	1,012	934	$ 929	$ 860
Other Postretirement Benefits \| CECONY
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	797	744	$ 750	$ 708
Other Postretirement Benefits \| Fair Value, Inputs, Level 1 and 2 \| Total investments
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	800	736
Other Postretirement Benefits \| Fair Value, Inputs, Level 1 and 2 \| Total investments \| CECONY
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	588	548
Other Postretirement Benefits \| Fair Value, Inputs, Level 1 and 2 \| Equity
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	330	302
Other Postretirement Benefits \| Fair Value, Inputs, Level 1 and 2 \| Equity \| CECONY
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	222	205
Other Postretirement Benefits \| Fair Value, Inputs, Level 1 and 2 \| Other Fixed Income Debt
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	359	323
Other Postretirement Benefits \| Fair Value, Inputs, Level 1 and 2 \| Other Fixed Income Debt \| CECONY
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	256	233
Other Postretirement Benefits \| Fair Value, Inputs, Level 1 and 2 \| Cash and Cash Equivalents
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	26	34
Other Postretirement Benefits \| Fair Value, Inputs, Level 1 and 2 \| Cash and Cash Equivalents \| CECONY
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	25	33
Other Postretirement Benefits \| Fair Value, Inputs, Level 1 and 2 \| Commingled Trust Fund
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	46	38
Other Postretirement Benefits \| Fair Value, Inputs, Level 1 and 2 \| Commingled Trust Fund \| CECONY
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	46	38
Other Postretirement Benefits \| Fair Value, Inputs, Level 1 and 2 \| Real Estate and Other Alternatives
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	39	39
Other Postretirement Benefits \| Fair Value, Inputs, Level 1 and 2 \| Real Estate and Other Alternatives \| CECONY
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	39	39
Other Postretirement Benefits \| Fair Value, Inputs, Level 1 and 2 \| Funds For Retiree Health Benefits
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	154	140
Other Postretirement Benefits \| Fair Value, Inputs, Level 1 and 2 \| Funds For Retiree Health Benefits \| CECONY
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	154	140
Other Postretirement Benefits \| Fair Value, Inputs, Level 1 and 2 \| Investments, Including Funds For Retiree Health Benefit
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	954	876
Other Postretirement Benefits \| Fair Value, Inputs, Level 1 and 2 \| Investments, Including Funds For Retiree Health Benefit \| CECONY
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	742	688
Other Postretirement Benefits \| Fair Value, Inputs, Level 1 and 2 \| Funds For Retiree Health Benefits Measured At Net Asset Value
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	37	39
Other Postretirement Benefits \| Fair Value, Inputs, Level 1 and 2 \| Funds For Retiree Health Benefits Measured At Net Asset Value \| CECONY
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	37	39
Other Postretirement Benefits \| Fair Value, Inputs, Level 1 and 2 \| Pending Activities
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	21	19
Other Postretirement Benefits \| Fair Value, Inputs, Level 1 and 2 \| Pending Activities \| CECONY
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	18	17
Other Postretirement Benefits \| Level 1 \| Total investments
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	7	7
Other Postretirement Benefits \| Level 1 \| Total investments \| CECONY
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	7	7
Other Postretirement Benefits \| Level 1 \| Equity
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	0	0
Other Postretirement Benefits \| Level 1 \| Equity \| CECONY
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	0	0
Other Postretirement Benefits \| Level 1 \| Other Fixed Income Debt
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	0	0
Other Postretirement Benefits \| Level 1 \| Other Fixed Income Debt \| CECONY
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	0	0
Other Postretirement Benefits \| Level 1 \| Cash and Cash Equivalents
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	7	7
Other Postretirement Benefits \| Level 1 \| Cash and Cash Equivalents \| CECONY
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	7	7
Other Postretirement Benefits \| Level 1 \| Commingled Trust Fund
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	0	0
Other Postretirement Benefits \| Level 1 \| Commingled Trust Fund \| CECONY
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	0	0
Other Postretirement Benefits \| Level 1 \| Funds For Retiree Health Benefits
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	45	50
Other Postretirement Benefits \| Level 1 \| Funds For Retiree Health Benefits \| CECONY
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	45	50
Other Postretirement Benefits \| Level 1 \| Investments, Including Funds For Retiree Health Benefit
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	52	57
Other Postretirement Benefits \| Level 1 \| Investments, Including Funds For Retiree Health Benefit \| CECONY
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	52	57
Other Postretirement Benefits \| Level 2 \| Total investments
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	754	690
Other Postretirement Benefits \| Level 2 \| Total investments \| CECONY
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	542	502
Other Postretirement Benefits \| Level 2 \| Equity
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	330	302
Other Postretirement Benefits \| Level 2 \| Equity \| CECONY
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	222	205
Other Postretirement Benefits \| Level 2 \| Other Fixed Income Debt
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	359	323
Other Postretirement Benefits \| Level 2 \| Other Fixed Income Debt \| CECONY
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	256	233
Other Postretirement Benefits \| Level 2 \| Cash and Cash Equivalents
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	19	27
Other Postretirement Benefits \| Level 2 \| Cash and Cash Equivalents \| CECONY
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	18	26
Other Postretirement Benefits \| Level 2 \| Commingled Trust Fund
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	46	38
Other Postretirement Benefits \| Level 2 \| Commingled Trust Fund \| CECONY
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	46	38
Other Postretirement Benefits \| Level 2 \| Funds For Retiree Health Benefits
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	109	90
Other Postretirement Benefits \| Level 2 \| Funds For Retiree Health Benefits \| CECONY
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	109	90
Other Postretirement Benefits \| Level 2 \| Investments, Including Funds For Retiree Health Benefit
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	863	780
Other Postretirement Benefits \| Level 2 \| Investments, Including Funds For Retiree Health Benefit \| CECONY
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	$ 651	$ 592

Fair Value Measurements - Schedule of Reconciliation of Beginning and Ending Net Balances for Assets and Liabilities Measured at Level 3 Fair Value (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance as of January 1,	$ (15)	$ (8)
Included in earnings	(3)	(9)
Included in regulatory assets and liabilities	10	(7)
Settlements	3	10
Transfer out of level 3	0	(1)
Ending balance as of December 31	(5)	(15)
CECONY
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance as of January 1,	(6)	(5)
Included in earnings	0	(4)
Included in regulatory assets and liabilities	3	0
Settlements	0	4
Transfer out of level 3	0	(1)
Ending balance as of December 31	$ (3)	$ (6)

Pension Benefits - Schedule of Assumptions (Details)	12 Months Ended
Pension Benefits - Schedule of Assumptions (Details)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CECONY
Defined Benefit Plan Disclosure [Line Items]
Rate of compensation increase (in percent)	4.25%	3.80%	3.80%
Rate of compensation increase (percent)	4.25%	3.80%	3.80%
O&R
Defined Benefit Plan Disclosure [Line Items]
Rate of compensation increase (in percent)	3.45%	3.20%	3.20%
Rate of compensation increase (percent)	3.45%	3.20%	3.20%
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Discount rate, benefit obligations (percent)	5.50%	5.70%	5.15%
Interest crediting rate for cash balance plan (percent)	4.50%	4.30%	4.20%
Discount rate, net periodic benefit cost (percent)	5.70%	5.15%	5.45%
Interest crediting rate for cash balance plan (percent)	4.30%	4.20%	4.00%
Expected return on plan assets (percent)	6.75%	6.75%	6.75%

Financial Information by Business Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total operating revenues	$ 16,918	$ 15,256	$ 14,663
Other operations and maintenance	3,804	3,751	3,606
Depreciation and amortization	2,321	2,155	2,031
Other operating expense	7,858	6,680	5,830
Operating income	2,935	2,670	3,196
Other Income (deductions)	895	655	830
Interest Expense	1,295	1,250	1,075
Allowance for borrowed funds used during construction	(62)	(63)	(52)
Income Tax Expense	574	318	487
Total assets	74,603	70,562	66,331
Capital expenditures	4,996	4,728	4,509
CECONY
Segment Reporting Information [Line Items]
Total operating revenues	15,651	14,129	13,476
Depreciation and amortization	2,193	2,037	1,924
Operating income	2,812	2,593	2,177
Other Income (deductions)	797	578	732
Allowance for borrowed funds used during construction	(56)	(58)	(49)
Total assets	69,316	65,650
Operating segment \| Clean Energy Businesses
Segment Reporting Information [Line Items]
Total operating revenues	0	0	129
Other operations and maintenance			47
Depreciation and amortization			0
Other operating expense			45
Operating income			37
Other Income (deductions)			1
Interest Expense			16
Income Tax Expense			3
Total assets			0
Capital expenditures			81
Operating segment \| Con Edison Transmission
Segment Reporting Information [Line Items]
Total operating revenues	4	4	4
Other operations and maintenance	29	11	11
Depreciation and amortization	1	1	1
Other operating expense	0	0	1
Operating income	(26)	(8)	(9)
Other Income (deductions)	46	61	62
Interest Expense	0	0	2
Allowance for borrowed funds used during construction		0
Income Tax Expense	9	8	14
Total assets	488	470	414
Capital expenditures	50	29	49
Operating segment \| CECONY
Segment Reporting Information [Line Items]
Total operating revenues	15,651	14,129	13,476
Other operations and maintenance	3,394	3,353	3,176
Depreciation and amortization	2,193	2,037	1,924
Other operating expense	7,252	6,146	6,199
Operating income	2,812	2,593	2,177
Other Income (deductions)	797	578	732
Interest Expense	1,215	1,167	994
Allowance for borrowed funds used during construction	(56)	(58)	(49)
Income Tax Expense	544	314	358
Total assets	69,316	65,650	61,600
Capital expenditures	4,465	4,374	4,083
Operating segment \| CECONY \| Electric
Segment Reporting Information [Line Items]
Total operating revenues	11,670	10,717	10,078
Other operations and maintenance	2,614	2,622	2,417
Depreciation and amortization	1,597	1,471	1,395
Other operating expense	5,403	4,792	4,698
Operating income	2,056	1,832	1,568
Other Income (deductions)	612	441	564
Interest Expense	856	826	708
Allowance for borrowed funds used during construction	(38)	(41)	(34)
Income Tax Expense	404	193	217
Total assets	48,463	46,275	42,226
Capital expenditures	3,201	3,088	2,909
Operating segment \| CECONY \| Gas
Segment Reporting Information [Line Items]
Total operating revenues	3,278	2,834	2,829
Other operations and maintenance	556	528	528
Depreciation and amortization	482	458	429
Other operating expense	1,489	1,100	1,190
Operating income	751	748	682
Other Income (deductions)	137	102	122
Interest Expense	301	287	240
Allowance for borrowed funds used during construction	(17)	(16)	(13)
Income Tax Expense	144	132	159
Total assets	18,100	16,507	16,343
Capital expenditures	1,151	1,154	1,046
Operating segment \| CECONY \| Steam
Segment Reporting Information [Line Items]
Total operating revenues	703	578	569
Other operations and maintenance	224	203	231
Depreciation and amortization	114	108	100
Other operating expense	360	254	311
Operating income	5	13	(73)
Other Income (deductions)	48	35	46
Interest Expense	58	54	46
Allowance for borrowed funds used during construction	(1)	(1)	(2)
Income Tax Expense	(4)	(11)	(18)
Total assets	2,753	2,868	3,031
Capital expenditures	113	132	128
Operating segment \| O&R
Segment Reporting Information [Line Items]
Total operating revenues	1,265	1,125	1,056
Other operations and maintenance	380	387	375
Depreciation and amortization	127	117	106
Other operating expense	604	460	449
Operating income	154	161	126
Other Income (deductions)	47	32	49
Interest Expense	71	65	54
Allowance for borrowed funds used during construction	(6)	(5)	(3)
Income Tax Expense	27	29	28
Total assets	4,420	4,060	3,675
Capital expenditures	481	325	296
Operating segment \| O&R \| Electric
Segment Reporting Information [Line Items]
Total operating revenues	934	852	759
Other operations and maintenance	297	307	292
Depreciation and amortization	87	82	76
Other operating expense	441	351	306
Operating income	109	112	85
Other Income (deductions)	35	25	37
Interest Expense	47	43	35
Allowance for borrowed funds used during construction	(5)	(5)	(3)
Income Tax Expense	23	24	20
Total assets	2,966	2,596	2,329
Capital expenditures	337	214	211
Operating segment \| O&R \| Gas
Segment Reporting Information [Line Items]
Total operating revenues	331	273	297
Other operations and maintenance	83	80	83
Depreciation and amortization	40	35	30
Other operating expense	163	109	143
Operating income	45	49	41
Other Income (deductions)	12	7	12
Interest Expense	24	22	19
Allowance for borrowed funds used during construction	(1)	0
Income Tax Expense	4	5	8
Total assets	1,454	1,464	1,346
Capital expenditures	144	111	85
Other
Segment Reporting Information [Line Items]
Total operating revenues	(2)	(2)	(2)
Other operations and maintenance	1	0	(3)
Depreciation and amortization	0	0	0
Other operating expense	2	74	(864)
Operating income	(5)	(76)	865
Other Income (deductions)	5	(16)	(14)
Interest Expense	9	18	9
Income Tax Expense	(6)	(33)	84
Total assets	379	382	642
Capital expenditures	0	0	0
Inter- segment revenues
Segment Reporting Information [Line Items]
Total operating revenues	0	0
Inter- segment revenues \| CECONY
Segment Reporting Information [Line Items]
Total operating revenues	(106)	(104)	(100)
Inter- segment revenues \| CECONY \| Electric
Segment Reporting Information [Line Items]
Total operating revenues	20	20	18
Inter- segment revenues \| CECONY \| Gas
Segment Reporting Information [Line Items]
Total operating revenues	9	9	8
Inter- segment revenues \| CECONY \| Steam
Segment Reporting Information [Line Items]
Total operating revenues	$ 77	$ 75	$ 74

Electricity and Gas Purchase Agreements - Schedule of Estimated Capacity and Other Fixed Payments (Details) $ in Millions	Dec. 31, 2025 USD ($)
Long-term Contract for Purchase of Electric Power [Line Items]
2026
2027
2028
2029
2030
All Years Thereafter
Electricity power purchase agreements
Long-term Contract for Purchase of Electric Power [Line Items]
2026	225
2027	188
2028	147
2029	72
2030	44
All Years Thereafter	259
Natural gas
Long-term Contract for Purchase of Electric Power [Line Items]
2026	522
2027	8
2028	0
2029	0
2030	0
All Years Thereafter	0
Gas transportation and storage
Long-term Contract for Purchase of Electric Power [Line Items]
2026	564
2027	565
2028	447
2029	311
2030	222
All Years Thereafter	2,266
CECONY
Long-term Contract for Purchase of Electric Power [Line Items]
2026
2027
2028
2029
2030
All Years Thereafter
CECONY \| Electricity power purchase agreements
Long-term Contract for Purchase of Electric Power [Line Items]
2026	222
2027	187
2028	147
2029	72
2030	44
All Years Thereafter	259
CECONY \| Natural gas
Long-term Contract for Purchase of Electric Power [Line Items]
2026	466
2027	7
2028	0
2029	0
2030
All Years Thereafter	0
CECONY \| Gas transportation and storage
Long-term Contract for Purchase of Electric Power [Line Items]
2026	493
2027	494
2028	391
2029	272
2030	193
All Years Thereafter	$ 1,975

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Costs of Administrative and Other Services Provided and Received


	CECONY (a)
(Millions of Dollars)	2025	2024	2023
Cost of services provided	$163	$147	$146
Cost of services received	85	82	82

(a) On March 1, 2023, Con Edison completed the sale of all of the stock of the Clean Energy Businesses. See Note W and Note X.

Other Postretirement Benefits - Schedule of Expected Benefit Payments (Details) - Other Postretirement Benefits $ in Millions	Dec. 31, 2025 USD ($)
Defined Benefit Plan Disclosure [Line Items]
2026	$ 66
2027	68
2028	69
2029	70
2030	71
2031-2035	350
CECONY
Defined Benefit Plan Disclosure [Line Items]
2026	58
2027	60
2028	61
2029	62
2030	63
2031-2035	$ 311

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Consolidated Statement of Comprehensive Income - CECONY - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
NET INCOME	$ 2,023	$ 1,820	$ 2,516
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES
Pension and other postretirement benefit plan liability adjustments, net of taxes	(14)	7	0
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES	(14)	7	0
COMPREHENSIVE INCOME	2,009	1,827	2,519
CECONY
NET INCOME	1,906	1,748	1,606
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES
Pension and other postretirement benefit plan liability adjustments, net of taxes	(13)	8	(2)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES	(13)	8	(2)
COMPREHENSIVE INCOME	$ 1,893	$ 1,756	$ 1,604

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Summary of Significant Accounting Policies and Other Matters - Other Deferred Charges (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Public Utility, Property, Plant and Equipment [Line Items]
Prepayments	$ 68	$ 57
Other deferred charges and noncurrent assets	279	254
Depreciation expense, other deferred charges and noncurrent assets and prepayments	47	33	$ 21
Accumulated depreciation, other deferred charges and noncurrent assets and prepayments	92	91
CECONY
Public Utility, Property, Plant and Equipment [Line Items]
Prepayments	65	54
Other deferred charges and noncurrent assets	260	243
Depreciation expense, other deferred charges and noncurrent assets and prepayments	46	32	$ 20
Accumulated depreciation, other deferred charges and noncurrent assets and prepayments	$ 89	$ 85

Consolidated Balance Sheet - CECONY (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Accounts receivable – customers, net allowance for uncollectible accounts	$ 507	$ 620
Other receivables, net allowance for uncollectible accounts	35	41
Non-utility property, net accumulated depreciation	$ 25	$ 25
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares outstanding (in shares)	361,121,447	346,597,693
CECONY
Accounts receivable – customers, net allowance for uncollectible accounts	$ 500	$ 605
Other receivables, net allowance for uncollectible accounts	27	38
Non-utility property, net accumulated depreciation	$ 25	$ 25
Common stock, par value (in dollars per share)	$ 2.50	$ 2.50
Common stock, shares authorized (in shares)	340,000,000	340,000,000
Common stock, shares outstanding (in shares)	235,488,094	235,488,094

Consolidated Statement of Capitalization - Long-term Debt - USD ($)
$ in Millions

Dec. 31, 2025

Dec. 31, 2024

Schedule of Capitalization, Long-term Debt [Line Items]

TOTAL DEBENTURES

$ 25,801

$ 24,710

Unamortized debt expense

(179)

Unamortized debt discount

(70)

Less: Long-term debt due within one year

250

TOTAL LONG-TERM DEBT

25,551

24,710

Less: Held for sale project debt, net

^[1]

TOTAL LONG-TERM DEBT EXCLUDING HELD FOR SALE

25,551

24,651

TOTAL CAPITALIZATION

$ 49,741

46,613

Broken Bow II

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

^[1]

4.82%

TOTAL PROJECT DEBT

^[1]

$ 0

TOTAL PROJECT DEBT

Schedule of Capitalization, Long-term Debt [Line Items]

TOTAL PROJECT DEBT

Debentures

Schedule of Capitalization, Long-term Debt [Line Items]

TOTAL PROJECT DEBT

$ 25,825

24,675

Debentures | Debenture Series 2016B, 2.90% Due 2026

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

2.90%

TOTAL PROJECT DEBT

$ 250

250

Debentures | Debenture Series 1997F, 6.50% Due 2027

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

6.50%

TOTAL PROJECT DEBT

$ 80

Debentures | Debenture Series 2017B, 3.125% Due 2027

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

3.125%

TOTAL PROJECT DEBT

$ 350

350

Debentures | Debenture Series 2017B, 4.825% Due 2027

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

^[2]

4.254%

TOTAL PROJECT DEBT

^[2]

$ 350

350

Debentures | Debenture Series 2018A, 3.80% Due 2028

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

3.80%

TOTAL PROJECT DEBT

$ 300

300

Debentures | Debenture Series 2018D, 4.00% Due 2028

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

4.00%

TOTAL PROJECT DEBT

$ 500

500

Debentures | Debenture 2019B, 2.94%, Due 2029

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

2.94%

TOTAL PROJECT DEBT

$ 44

Debentures | Debenture 2020A, 3.35%, Due 2030

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

3.35%

TOTAL PROJECT DEBT

$ 600

600

Debentures | Debenture 2020A, 2.02%, Due 2030

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

2.02%

TOTAL PROJECT DEBT

$ 35

Debentures | Debenture 2021A, 2.40%, Due 2031

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

2.40%

TOTAL PROJECT DEBT

$ 900

900

Debentures | Debenture 2021A, 2.31%, Due 2031

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

2.31%

TOTAL PROJECT DEBT

$ 45

Debentures | Debenture 2022A, 5.70%, Due 2032

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

5.70%

TOTAL PROJECT DEBT

$ 100

100

Debentures | Debenture Series 2003A, 5.875% Due 2033

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

5.875%

TOTAL PROJECT DEBT

$ 175

175

Debentures | Debenture Series 2003C, 5.10% Due 2033

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

5.10%

TOTAL PROJECT DEBT

$ 200

200

Debentures | Debenture Series 2023A, 5.20% Due 2033

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

5.20%

TOTAL PROJECT DEBT

$ 500

500

Debentures | Debenture Series 2004B, 5.70% Due 2034

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

5.70%

TOTAL PROJECT DEBT

$ 200

200

Debentures | Debenture Series 2023B, 5.50% Due 2034

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

5.50%

TOTAL PROJECT DEBT

$ 600

600

Debentures | Debenture 2024A, 5.375%, Due 2034

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

5.375%

TOTAL PROJECT DEBT

$ 400

400

Debentures | Debenture Series 2005A, 5.30% Due 2035

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

5.30%

TOTAL PROJECT DEBT

$ 350

350

Debentures | Debenture Series 2005 B 5.25% Due 2035

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

5.25%

TOTAL PROJECT DEBT

$ 125

125

Debentures | Debenture Series 2024 D 5.125% Due 2035

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

5.125%

TOTAL PROJECT DEBT

$ 450

450

Debentures | Debenture Series 2006A, 5.85% Due 2036

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

5.85%

TOTAL PROJECT DEBT

$ 400

400

Debentures | Debenture Series 2006B, 6.20% Due 2036

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

6.20%

TOTAL PROJECT DEBT

$ 400

400

Debentures | Debenture Series 2006E, 5.70% Due 2036

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

5.70%

TOTAL PROJECT DEBT

$ 250

250

Debentures | Debenture Series 2007A, 6.30% Due 2037

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

6.30%

TOTAL PROJECT DEBT

$ 525

525

Debentures | Debenture 2008B, 6.75%, Due 2038

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

6.75%

TOTAL PROJECT DEBT

$ 600

600

Debentures | Debenture 2009B, 6.00%, Due 2039

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

6.00%

TOTAL PROJECT DEBT

$ 60

Debentures | Debenture 2009C, 5.50%, Due 2039

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

5.50%

TOTAL PROJECT DEBT

$ 600

600

Debentures | Debenture 2019C, 3.46%, Due 2039

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

3.46%

TOTAL PROJECT DEBT

$ 38

Debentures | Debenture 2010B, 5.70%, Due 2040

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

5.70%

TOTAL PROJECT DEBT

$ 350

350

Debentures | Debenture 2010B, 5.50%, Due 2040

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

5.50%

TOTAL PROJECT DEBT

$ 115

115

Debentures | Debenture 2012A, 4.20%, Due 2042

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

4.20%

TOTAL PROJECT DEBT

$ 400

400

Debentures | Debenture 2013A, 3.95%, Due 2043

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

3.95%

TOTAL PROJECT DEBT

$ 700

700

Debentures | Debenture 2014A, 4.45%, Due 2044

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

4.45%

TOTAL PROJECT DEBT

$ 850

850

Debentures | Debenture 2015A, 4.50%, Due 2045

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

4.50%

TOTAL PROJECT DEBT

$ 650

650

Debentures | Debenture 2015A, 4.95%, Due 2045

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

4.95%

TOTAL PROJECT DEBT

$ 120

120

Debentures | Debenture Series 2015B, 4.69% due 2045

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

4.69%

TOTAL PROJECT DEBT

$ 100

100

Debentures | Debenture 2016A, 3.85%, Due 2046

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

3.85%

TOTAL PROJECT DEBT

$ 550

550

Debentures | Debenture Series 2016A. 3.88% Due 2046

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

3.88%

TOTAL PROJECT DEBT

$ 75

Debentures | Debenture Series 2017A, 3.875% Due 2047

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

3.875%

TOTAL PROJECT DEBT

$ 500

500

Debentures | Debenture Series 2018E, 4.65% Due 2048

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

4.65%

TOTAL PROJECT DEBT

$ 600

600

Debentures | Debenture Series 2018A, 4.35% Due 2048

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

4.35%

TOTAL PROJECT DEBT

$ 125

125

Debentures | Debenture Series 2018B, 4.35% Due 2048

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

4.35%

TOTAL PROJECT DEBT

$ 25

Debentures | Debenture 2019A, 4.125%, Due 2049

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

4.125%

TOTAL PROJECT DEBT

$ 700

700

Debentures | Debenture 2019A, 3.73%, Due 2049

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

3.73%

TOTAL PROJECT DEBT

$ 43

Debentures | Debenture 2020B, 3.95%, Due 2050

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

3.95%

TOTAL PROJECT DEBT

$ 1,000

1,000

Debentures | Debenture 2020B, 3.24%, Due 2050

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

3.24%

TOTAL PROJECT DEBT

$ 40

Debentures | Debenture 2021B, 3.17%, Due 2051

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

3.17%

TOTAL PROJECT DEBT

$ 30

Debentures | Debenture 2021C, 3.20%, Due 2051

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

3.20%

TOTAL PROJECT DEBT

$ 600

600

Debentures | Debenture 2022A, 6.15%, Due 2052

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

6.15%

TOTAL PROJECT DEBT

$ 700

700

Debentures | Debenture 2023C, 5.90%, Due 2053

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

5.90%

TOTAL PROJECT DEBT

$ 900

900

Debentures | Debenture 2023A, 6.59%, Due 2053

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

6.59%

TOTAL PROJECT DEBT

$ 50

Debentures | Debenture 2024B, 5.70%, Due 2054

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

5.70%

TOTAL PROJECT DEBT

$ 1,000

1,000

Debentures | Debenture 2024A, 5.41%, Due 1954

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

5.41%

TOTAL PROJECT DEBT

$ 125

125

Debentures | Debenture Series 2014C, 4.625% Due 2054

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

4.625%

TOTAL PROJECT DEBT

$ 750

750

Debentures | Debenture 2024E, 5.50%, Due 2055

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

5.50%

TOTAL PROJECT DEBT

$ 650

650

Debentures | Debenture 2025A, 5.99%, Due 1955

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

5.99%

TOTAL PROJECT DEBT

$ 250

Debentures | Debenture 2025A, 5.75 Percent, Due 2055

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

5.75%

TOTAL PROJECT DEBT

$ 900

Debentures | Debenture Series 2016C, 4.30% Due 2056

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

4.30%

TOTAL PROJECT DEBT

$ 500

500

Debentures | Debenture Series 2017C, 4.00% Due 2057

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

4.00%

TOTAL PROJECT DEBT

$ 350

350

Debentures | Debenture Series 2018B, 4.50% Due 2058

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

4.50%

TOTAL PROJECT DEBT

$ 700

700

Debentures | Debenture 2019B, 3.70%, Due 2059

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

3.70%

TOTAL PROJECT DEBT

$ 600

600

Debentures | Debenture 2020C, 3.00%, Due 2060

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

3.00%

TOTAL PROJECT DEBT

$ 600

600

Debentures | Debenture 2021B, 3.60%, Due 2061

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

3.60%

TOTAL PROJECT DEBT

$ 750

750

Tax-Exempt Debt

Schedule of Capitalization, Long-term Debt [Line Items]

TOTAL PROJECT DEBT

$ 225

225

Tax-Exempt Debt | Tax Exempt Debt Series 2004C, 3.47% Due 2039

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

^[3]

2.23%

TOTAL PROJECT DEBT

^[3]

$ 99

Tax-Exempt Debt | Tax-Exempt Debt Series 2005A, 3.40% Due 2039

Schedule of Capitalization, Long-term Debt [Line Items]

Interest Rate

^[3]

2.20%

TOTAL PROJECT DEBT

^[3]

$ 126

[1]	(c) The sale and transfer of Broken Bow II, including the related debt, was completed in January 2025. See Notes C, W and X.
[2]	(a) Rates reset quarterly; December 31, 2025 floating rate equals SOFR+0.52 percent.
[3]	(b) Rates reset weekly; December 31, 2025 rates shown

Regulatory Matters

12 Months Ended

Dec. 31, 2025

Regulated Operations [Abstract]

Regulatory Matters

Rate Plans

The Utilities provide service to New York customers according to the terms of tariffs approved by the NYSPSC. Tariffs for service to customers of Rockland Electric Company (RECO), O&R’s New Jersey regulated utility subsidiary, are approved by the New Jersey Board of Public Utilities (NJBPU). The tariffs include schedules of rates for service that limit the rates charged by the Utilities to amounts that the Utilities recover from their customers costs approved by the regulator, including capital costs, of providing service to customers as defined by the tariff. The tariffs implement rate plans adopted by state utility regulators in rate orders issued at the conclusion of rate proceedings. Pursuant to the Utilities’ rate plans, there generally can be no change to the charges to customers during the respective terms of the rate plans other than specified adjustments provided for in the rate plans. The Utilities’ rate plans each cover specified periods, but rates determined pursuant to a plan generally continue in effect until a new rate plan is approved by the state utility regulator.

Common provisions of the Utilities’ New York rate plans include:

Base Rates are designed to recover core costs of providing electric, gas or steam delivery service such as the costs of constructing, operating and maintaining a service’s system.

Earnings sharing that require the Utilities to defer for customer benefit a portion of earnings over specified rates of return on common equity. There is no symmetric mechanism for earnings below specified rates of return on common equity.

Negative revenue adjustments for failure to meet certain performance standards relating to service, reliability, safety and other matters.

Net utility plant reconciliations that require deferral as a regulatory liability of the revenue requirement impact of the amount, if any, by which actual average net utility plant balances are less than amounts reflected in rates. There is generally no symmetric mechanism if actual average net utility plant balances are more than amounts reflected in rates.

Other revenue adjustments that represent positive revenue adjustments, positive incentives, and earnings adjustments mechanisms for achievement of performance standards related to achievement of clean energy goals, safety and other matters.

Rate base, as reflected in the rate plans, is, in general, the sum of the Utilities’ net plant, working capital and certain regulatory assets less deferred taxes and certain regulatory liabilities. For each rate plan, the NYSPSC uses a forecast of the average rate base for each year that new rates would be in effect (“rate year”).

Recoverable energy costs that allow the Utilities to recover on a current basis the costs for the energy they supply with no mark-up to their full-service customers.

Regulatory reconciliations that reconcile pension and other postretirement benefit costs, environmental remediation costs, property taxes, variable-rate tax-exempt debt and certain other costs (including late payment charges and write-offs of customer accounts receivable balances) to amounts reflected in delivery rates for such costs. In addition, changes in the Utilities' costs not reflected in rates, in excess of certain amounts, resulting from changes in tax or changes in legislation, regulation or related actions, are deferred as a regulatory asset or regulatory liability to be reflected in the Utilities' next rate plan or in a manner to be determined by the NYSPSC. Also, the Utilities generally retain the right to petition for recovery or accounting deferral of extraordinary and material cost increases and provision is sometimes made for the utility to retain a share of cost reductions, for example, property tax refunds.

Revenue decoupling mechanisms that reconcile actual energy delivery revenues to the authorized delivery revenues approved by the NYSPSC. The difference is accrued with interest for refund to, or recovery from customers, as applicable.

Weighted average cost of capital is determined based on the authorized common equity ratio, return on common equity, cost of long-term debt and cost of customer deposits reflected in each rate plan. For each rate plan, the revenues designed to provide the utility a return on invested capital for each rate year are determined by multiplying each utility rate base by its pre–tax weighted average cost of capital. The Utilities’ actual return on common equity will reflect their actual operations for each rate year, and may be more or less than the authorized return on equity reflected in their rate plans (and if more, may be subject to earnings sharing).

Current Rate Cases

In January 2026, the NYSPSC approved the November 2025 Joint Proposal for new electric and gas rate plans for CECONY for the three-year period January 2026 through December 2028 that is summarized in the tables below.

In November 2025, CECONY filed a request with the NYSPSC for a steam rate increase of $66 million, effective November 1, 2026. The filing reflects a return on common equity of 9.9 percent and a common equity ratio of 48 percent. CECONY is requesting the continuation of provisions with respect to recovery from customers of the cost of fuel and purchased steam and the reconciliation of actual expenses allocable to the steam business to the amounts for such expenses reflected in steam rates for pension and other postretirement benefits, and environmental remediation expenses. In addition, the company is requesting full reconciliation for property taxes, municipal infrastructure support costs and long-term debt costs. The filing includes supplemental information regarding steam rate plans for November 2027 through October 2028 and November 2028 through October 2029, which the company is not requesting but would consider through settlement discussions. For purposes of illustration, rate increases of $50 million and $50 million effective November 2027 and 2028, respectively, were calculated based upon an assumed return on common equity of 9.9 percent and a common equity ratio of 48 percent.

The following tables contain a summary of the Utilities’ rate plans:

CECONY – Electric

Effective period

January 2023 – December 2025

January 2026 – December 2028 (m)

Base rate changes

Yr. 1 – $442 million (a)

Yr. 2 – $518 million (a)

Yr. 3 – $382 million (a)

Yr. 1 – $222 million (c)

Yr. 2 – $473 million (c)

Yr. 3 – $329 million (c)

Amortizations to income of net regulatory (assets) and liabilities

Yr. 1 – $104 million (b)

Yr. 2 – $49 million (b)

Yr. 3 – $(205) million (b)

Yr. 1 – $88 million (d)

Yr. 2 – $81 million (d)

Yr. 3 – $78 million(d)

Other revenue sources

Retention of $75 million of annual transmission congestion revenues.

Potential earnings adjustment mechanism incentives for energy efficiency and other potential incentives of up to:

Yr. 1 - $70 million

Yr. 2 - $75 million

Yr. 3 - $79 million

In 2023, 2024 and 2025, the company recorded $34 million, $52 million, and $35 million, respectively, primarily related to earnings adjustment mechanism incentives for energy efficiency and vehicle electrification.

In 2025, the company recorded positive incentives of $7 million.

Retention of $75 million of annual transmission congestion revenues.

Potential earnings adjustment mechanism incentives for energy efficiency and other potential incentives of up to:

Yr. 1 - $40 million

Yr. 2 - $42 million

Yr. 3 - $47 million

Revenue decoupling mechanisms

Continuation of reconciliation of actual to authorized electric delivery revenues.

In 2023, 2024 and 2025, the company deferred for recovery from customers $162 million, $164 million, and $83 million of revenues, respectively.

Continuation of reconciliation of actual to authorized electric delivery revenues.

Recoverable energy costs

Continuation of current rate recovery of purchased power and fuel costs.

Negative revenue adjustments

Potential charges if certain performance targets relating to service, reliability, safety and other matters are not met:

Yr. 1 - $516 million

Yr. 2 - $557 million

Yr. 3 - $597 million

In 2023, 2024 and 2025, the company did not record any negative revenue adjustments.

Potential charges if certain performance targets relating to service, reliability, safety and other matters are not met:

Yr. 1 - $651 million

Yr. 2 - $685 million

Yr. 3 - $742 million

Regulatory reconciliations

Reconciliation of late payment charges (e) and expenses for uncollectibles, pension and other postretirement benefits, variable-rate debt, major storms, property taxes (f), municipal infrastructure support costs (g), the impact of new laws and environmental site investigation and remediation to amounts reflected in rates (h).

In 2023 and 2024, the company deferred $140 million and $52 million of net regulatory liabilities, respectively, and in 2025 the company deferred $287 million of net regulatory assets.

Reconciliation of late payment charges and expenses for uncollectibles (k), expenses for pension and other postretirement benefits, variable-rate debt, major storms, property taxes (j), municipal infrastructure support costs (g), the impact of new laws and environmental site investigation and remediation to amounts reflected in rates (h).

Net utility plant reconciliations

Target levels reflected in rates:

Electric average net plant target excluding advanced metering infrastructure (AMI) and Customer Service System (CSS):

Yr. 1 - $27,847 million

Yr. 2 - $29,884 million

Yr. 3 - $31,026 million

AMI (i) (l):

Yr. 1 - $744 million

CSS:

Yr. 1 - $11 million

In 2023, 2024 and 2025, the company deferred $1 million, $(25) million and $12 million, respectively, as a regulatory asset or regulatory liability, as applicable.

Target levels reflected in rates: Electric average net plant target:

Yr. 1 - $33,590 million

Yr. 2 - $35,186 million

Yr. 3 - $38,624 million

Average rate base

Yr. 1 - $26,095 million

Yr. 2 - $27,925 million

Yr. 3 - $29,362 million

Yr. 1 - $32,935 million

Yr. 2 - $35,149 million

Yr. 3 - $39,174 million

Weighted average cost of capital (after-tax)

Yr. 1 – 6.75 percent

Yr. 2 – 6.79 percent

Yr. 3 – 6.85 percent

Yr. 1 - 6.98 percent

Yr. 2 - 7.04 percent

Yr. 3 - 7.10 percent

Authorized return on common equity

9.25 percent

9.40 percent

Actual return on common equity (l)

Yr. 1 – 9.46 percent

Yr. 2 – 9.21 percent

Yr. 3 – 9.36 percent

Earnings sharing

Most earnings above an annual earnings threshold of 9.75 percent are to be applied to reduce regulatory assets for environmental remediation and other costs accumulated in the rate year.

In 2023, 2024 and 2025, the company had no earnings sharing above the threshold.

Most earnings above an annual earnings threshold of 9.90 percent are to be applied to reduce regulatory assets for environmental remediation and other costs accumulated in the rate year.

Cost of long-term debt

Yr. 1 – 4.46 percent

Yr. 2 – 4.54 percent

Yr. 3 – 4.64 percent

Yr. 1 – 4.78 percent

Yr. 2 – 4.90 percent

Yr. 3 – 5.01 percent

Common equity ratio

48 percent

(a)The electric base rate increases shown above were implemented with increases of $457 million in Yr. 1; $457 million in Yr. 2; and $457 million in Yr. 3 in order to levelize the customer bill impact. Base rates reflect recovery by the company of certain costs of its energy efficiency, demonstration projects, non-wire alternative projects (including the Brooklyn Queens demand management program), and off-peak electric vehicle charging programs (Yr. 1 - $244 million; Yr. 2 - $237 million; and Yr. 3 - $281 million) over periods varying between seven and fifteen years, including the overall pre-tax rate of return on such costs.

(b)Amounts reflect amortization of the federal Tax Cuts and Jobs Act of 2017 (TCJA) allocable to CECONY’s electric customers ($256 million) over a two-year period ($128 million in Yr. 1 and Yr. 2), the protected portion of the regulatory liability for excess deferred income taxes allocable to CECONY’s electric customers ($1,512 million) over the remaining lives of the related assets ($34 million in Yr. 1, $63 million in Yr. 2, and $34 million in Yr. 3) and the unprotected portion of the net regulatory liability ($306 million) over two years ($153 million annually). Amounts also reflect amortization of the regulatory asset for deferred MTA power reliability costs ($93 million) over a three-year period ($31 million annually).

(c)The electric base rate increases shown above will be implemented on a shaped bill impact basis resulting in a consistent total bill impact of 2.80% each year with corresponding base rate increases of $234 million in Yr. 1; $410 million in Yr. 2; and $421 million in Yr. 3.

(d)Reflects regulatory liability amortization of $63 million in Yr. 1, $58 million in Yr. 2, and $55 million in Yr. 3; amortization of the protected portion of the regulatory liability for excess deferred income taxes allocable to CECONY’s electric customers of $24 million in Yr. 1, $22 million in Yr. 2, and $22 million in Yr. 3; and amortization of the non-plant portion of the regulatory liability for excess deferred income taxes allocable to CECONY’s electric customers of $1 million in Yr. 1, $1 million in Yr. 2, and $1 million in Yr. 3.

(e)Late payment charges from January 1, 2023 through December 31, 2025 and write-offs of customer accounts receivable balances from January 1, 2020 through December 31, 2025 are reconciled to amounts reflected in rates, with recovery/refund from or to customers via surcharge/surcredit. CECONY's surcharge recoveries for late payment charges and write-offs of accounts receivable balances will, collectively, be subject to separate annual caps for electric and gas that produce no more than a half percent (0.5 percent) total customer bill impact per commodity.

(f)Deferrals for property taxes are limited to 90 percent of the difference from amounts reflected in rates, subject to an annual maximum for the remaining difference of not more than a maximum number of basis points impact on return on common equity of 10.0 basis points, 5.0 basis points and 5.0 basis points for each of Yr. 1, Yr. 2 and Yr. 3, respectively, of the 2023 – 2025 rate plan.

(g)In general, if actual expenses for municipal infrastructure support (other than company labor) are below the amounts reflected in rates, CECONY will defer the difference for credit to customers, and if the actual expenses are above the amount reflected in rates the company will defer for recovery from customers 80 percent of the difference subject to a maximum deferral, subject to certain conditions, of 15 percent of the amount reflected in the rate plans.

(h)In addition, the NYSPSC continues its focused operations audit to investigate CECONY's income tax accounting. Any NYSPSC ordered adjustment to CECONY’s income tax accounting is expected to be refunded to or collected from customers, as determined by the NYSPSC. See “Other Regulatory Matters,” below.

(i)Reconciliation of net utility plant for AMI will be done on a combined basis for electric and gas.

(j)If the level of actual expense for property taxes, excluding the effect of property tax refunds, varies in any rate year from the projected level provided in rates, the full amount of the variation will be recovered from or credited to customers via surcharge/surcredit.

(k)During the rate plan, CECONY will calculate the annual difference between (i) its actual uncollectible expenses and late payment charges and (ii) the levels of uncollectible expenses and late payment charges provided in rates. In the event the actual net expenses (late payment charge revenues minus uncollectible expenses) are below the amounts in rates, CECONY will defer the full variance as a regulatory liability and refund to customers via surcredit. In the event the actual net expenses are above the amounts in rates, CECONY will defer the full annual variance above $8.5 million in Yr. 1; $12.75 million in Yr. 2; and $17 million in Yr. 3; as a regulatory asset for recovery via surcharge.

(l)Calculated in accordance with the earnings calculation method prescribed in the rate order.

(m)In January 2026, the NYSPSC approved the November 2025 Joint Proposal for new electric and gas rate plans for CECONY for the three-year period January 2026 through December 2028.

CECONY – Gas

Effective period

January 2023 – December 2025

January 2026 – December 2028 (p)

Base rate changes

Yr. 1 – $217 million (a)

Yr. 2 – $173 million (a)

Yr. 3 – $122 million (a)

Yr. 1 – $(46) million (c)

Yr. 2 – $170 million (c)

Yr. 3 – $93 million (c)

Amortizations to income of net regulatory (assets) and liabilities

Yr. 1 – $31 million (b)

Yr. 2 – $24 million (b)

Yr. 3 – $(11) million (b)

Yr. 1 – $90 million (d)

Yr. 2 – $88 million (d)

Yr. 3 – $86 million (d)

Other revenue sources

Retention of annual revenues from non-firm customers of up to $65 million and 15 percent of any such revenues above $65 million.

Potential earnings adjusted mechanism incentives for energy efficiency and other potential incentives of up to:

Yr. 1 – $18 million

Yr. 2 – $20 million

Yr. 3 – $21 million

In 2023, 2024 and 2025, the company recorded $5 million, $7 million and $4 million of earnings adjustment mechanism incentives for energy efficiency and vehicle electrification, respectively.

In 2023, 2024 and 2025, the company recorded positive incentives of $3 million, $3 million and $8 million, respectively.

Retention of annual revenues from non-firm customers of up to $65 million and 15 percent of any such revenues above $65 million.

Revenue decoupling mechanism

Continuation of reconciliation of actual to authorized gas delivery revenues, modified to be calculated based upon revenue per customer class instead of revenue per customer.

In 2023, 2024 and 2025, the company deferred for recovery from customers $162 million, $93 million and $131.5 million of revenues, respectively.

Continuation of reconciliation of actual to authorized gas delivery revenues calculated based upon revenue per customer class.

Recoverable energy costs

Continuation of current rate recovery of purchased gas costs.

Negative revenue adjustments

Potential charges if performance targets relating to service, safety and other matters are not met:

Yr. 1 – $107 million

Yr. 2 – $119 million

Yr. 3 – $130 million

In 2023, 2024 and 2025, the company recorded negative revenue adjustments of $3 million, $2 million and $7 million, respectively.

Potential charges if performance targets relating to service, safety and other matters are not met:

Yr. 1 - $135 million (k) (l)

Yr. 2 - $143 million (k) (l)

Yr. 3 - $152 million (k) (l)

Regulatory reconciliations

Reconciliation of late payment charges and expenses for uncollectibles (e), pension and other postretirement benefits, variable-rate debt, major storms, property taxes (f), municipal infrastructure support costs (g), the impact of new laws and environmental site investigation and remediation to amounts reflected in rates (h).

In 2023, 2024 and 2025, the company deferred $12 million, $29 million and $1 million of net regulatory liabilities, respectively.

Reconciliation of late payment charges and expenses for uncollectibles (m), expenses for pension and other postretirement benefits, variable-rate debt, property taxes (j), municipal infrastructure support costs (n), the impact of new laws and environmental site investigation and remediation to amounts reflected in rates (o).

Net utility plant reconciliations

Target levels reflected in rates:

Gas average net plant target excluding AMI and CSS for Yr. 1:

Yr. 1 – $10,466 million

Yr. 2 – $11,442 million

Yr. 3 – $12,142 million

AMI (i):

Yr. 1 – $234 million

CSS:

Yr. 1 - $2 million

In 2023, 2024 and 2025, the company deferred $15.5 million, $31.5 million and $49.2 million, as regulatory liabilities, respectively.

Target levels reflected in rates:

Gas average net plant target:

Yr. 1 - $12,931 million

Yr. 2 - $13,472 million

Yr. 3 - $14,014 million

Average rate base

Yr. 1 – $9,647 million

Yr. 2 – $10,428 million

Yr. 3 – $11,063 million

Yr. 1 - $11,485 million

Yr. 2 - $12,050 million

Yr. 3 - $12,615 million

Weighted average cost of capital (after-tax)

Yr. 1 – 6.75 percent

Yr. 2 – 6.79 percent

Yr. 3 – 6.85 percent

Yr. 1 – 6.98 percent

Yr. 2 – 7.04 percent

Yr. 3 – 7.10 percent

Authorized return on common equity

9.25 percent

9.40 percent

Actual return on common equity (e) (k)

Yr. 1 – 9.00 percent

Yr. 2 – 9.82 percent

Yr. 3 – 9.45 percent

Earnings sharing

Most earnings above an annual earnings threshold of 9.75 percent are to be applied to reduce regulatory assets for environmental remediation and other costs accumulated in the rate year.

In 2023, the company had no earnings above the threshold. In 2024, the company had $4.3 million, above the threshold. In 2025, the company had no earnings above the threshold.

Most earnings above an annual earnings threshold of 9.90 percent are to be applied to reduce regulatory assets for environmental remediation and other costs accumulated in the rate year.

Cost of long-term debt

Yr. 1 – 4.46 percent

Yr. 2 – 4.54 percent

Yr. 3 – 4.64 percent

Yr. 1 – 4.78 percent

Yr. 2 – 4.90 percent

Yr. 3 – 5.01 percent

Common equity ratio

48 percent

(a)The gas base rate increases shown above were implemented with increases of $187 million in Yr. 1; $187 million in Yr. 2; and $187 million in Yr. 3 in order to levelize the customer bill impact. New rates were effective as of January 1, 2023. CECONY began billing customers at the new levelized rate in August 2023. The shortfall in revenues due to the timing of billing to customers ($99 million) were collected through a surcharge billed through 2025, including a carrying charge on the outstanding balance. Base rates reflect recovery by the company of certain costs of its energy efficiency programs (Yr. 1 - $45 million; Yr. 2 - $78 million; and Yr. 3 - $62 million) over a fifteen-year period, including the overall pre-tax rate of return on such costs.

(b)Amounts reflect amortization of the TCJA allocable to CECONY’s gas customers ($32 million) over a two-year period ($16 million in Yr. 1 and Yr. 2), the protected portion of the regulatory liability for excess deferred income taxes allocable to CECONY’s gas customers ($679 million) over the remaining lives of the related assets ($9 million in Yr. 1, $10 million in Yr. 2, and $10 million in Yr. 3) and the unprotected portion of the net regulatory liability ($42 million) over two years ($21 million annually).

(c)The gas base rate changes shown above will be implemented on a shaped bill impact basis resulting in a consistent total bill impact of 2.01% each year with corresponding base rate increases of $28 million in Yr. 1; $69 million in Yr. 2; and $70 million in Yr. 3.

(d)Reflects regulatory liability amortization of $48 million in Yr. 1, $46 million in Yr. 2, and $45 million in Yr. 3; amortization of the protected portion of the regulatory liability for excess deferred income taxes allocable to CECONY’s gas customers of $6 million in Yr. 1, $6 million in Yr. 2, and $5 million in Yr. 3; and amortization of the unprotected portion of the regulatory liability for excess deferred income taxes allocable to CECONY’s gas customers of $36 million in Yr. 1, $36 million in Yr. 2, and $36 million in Yr. 3.

(e)-(j) See footnotes (e) - (j) to the table under “CECONY Electric,” above.

(k)$33.33 million in annual gas revenue requirement ($100 million over three years) will be recovered through a rate adjustment mechanism, subject to refund to customers relating to NYSDPS's review of CECONY's gas main welds. See "Other Regulatory Matters," below.

(l)The rate plan includes the potential for CECONY to earn Offsetting Credit Adjustments (OCAs) to offset any gas negative revenue adjustments. OCAs may only be applied in the calendar year they are earned. Potential OCAs that may be earned are $12 million in Yr. 1, $13 million in Yr. 2, and $14 million in Yr. 3.

(m)During the rate plan, CECONY will calculate the annual difference between (i) its actual uncollectible expenses and late payment charges and (ii) the levels of uncollectible expenses and late payment charges provided in rates. In the event the actual net expenses (late payment charge revenues minus uncollectible expenses) are below the amounts in rates, CECONY will defer the full variance as a regulatory liability and refund to customers via surcredit. In the event the actual net expenses are above the amounts in rates, CECONY will defer the full annual variance above $1.5 million in Yr. 1; $2.25 million in Yr. 2; and $3 million in Yr. 3; as a regulatory asset for recovery via surcharge.

(n)In general, if actual expenses for municipal infrastructure support (other than company labor) are below the amounts reflected in rates CECONY will defer the difference for credit to customers, and if the actual expenses are above the amounts reflected in rates the company will defer for recovery from customers 80 percent of the difference subject to a maximum deferral, subject to certain conditions, of 15 percent of the amount reflected in the rate plans.

(o)In addition, the NYSDPS continues its focused operations audit to investigate CECONY's income tax accounting. Any NYSPSC ordered adjustment to CECONY’s income tax accounting is expected to be refunded to or collected from customers, as determined by the NYSPSC. See "Other Regulatory Matters," below.

(p)In January 2026, the NYSPSC approved the November 2025 Joint Proposal for new electric and gas rate plans for CECONY for the three-year period January 2026 through December 2028.

CECONY – Steam

Effective period

January 2014 – December 2016 (g)

November 2023 – October 2026

Base rate changes

Yr. 1 – $(22.4) million (h)

Yr. 2 –$19.8 million (h)

Yr. 3 –$20.3 million(h)

Yr. 4 – None

Yr. 5 – None

Yr. 6 – None

Yr. 7 – None

Yr. 8 – None

Yr. 9 – None

Yr.10 – None

Yr. 1 – $110 million (a)

Yr. 2 – $44 million (a)

Yr. 3 – $45 million (a)

Amortizations to income of net
regulatory (assets) and liabilities

$37 million over three years

Yr. 1 – $15 million (b)

Yr. 2 – $3 million (b)

Yr. 3 – $3 million (b)

Weather Normalization Adjustment

Implementation of a weather normalization adjustment to reflect normal weather conditions during the heating season.

Recoverable energy costs

Current rate recovery of purchased power and fuel costs.

Continuation of current rate recovery of purchased power and fuel costs.

Negative revenue adjustments

Potential charges (up to $1 million annually) if certain performance targets are not met. The company did not record any negative revenue adjustments under this rate plan.

Potential charges if certain performance targets relating to service, reliability, safety and other matters are not met:

Yr. 1 - $3.7 million

Yr. 2 - $3.8 million

Yr. 3 - $3.8 million

In Yr. 1 and Yr. 2, the company did not record any negative revenue adjustments.

Regulatory reconciliations (i) (j)

In 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022 and 2023, the company deferred $42 million of net regulatory liabilities, $17 million of net regulatory assets, $8 million and $14 million of net regulatory liabilities, $1 million of net regulatory assets, $8 million of net regulatory liabilities, $35 million of net regulatory assets, $32 million of net regulatory assets, $11 million of net regulatory assets and $18 million of net regulatory liabilities, respectively.

Reconciliation of uncollectible expenses and late payment charges (c) and expenses for pension and other postretirement benefits, variable-rate debt, property taxes (d), municipal infrastructure support costs (e), the impact of new laws and environmental site investigation and remediation to amounts reflected in rates. (f)

In Yr. 1, the company deferred $7 million of net regulatory assets and in Yr. 2 the company deferred $33 million of net regulatory liabilities.

Net utility plant reconciliations

Target levels reflected in rates were:

Production:

Yr. 1 – $1,752 million

Yr. 2 – $1,732 million

Yr. 3 – $1,720 million

Distribution:

Yr. 1 – $6 million

Yr. 2 – $11 million

Yr. 3 – $25 million

The company reduced its regulatory liability by $0.1 million in 2014 and immaterial amounts in 2015 and 2016 and no deferrals were recorded in 2017, 2018, 2019. In 2020 and 2021, the company deferred $2 million and $1 million as a regulatory liability, respectively. In 2022, the company deferred $0.1 million as a regulatory asset. No deferral was recorded in 2023.

Yr. 1 - $2,025 million

Yr. 2 - $2,029 million

Yr. 3 - $2,015 million

In Yr. 1 and Yr. 2, the company deferred $2.4 million and $4 million as a regulatory liability, respectively.

Average rate base

Yr. 1 – $1,511 million

Yr. 2 – $1,547 million

Yr. 3 – $1,604 million

Yr. 1 - $1,799 million

Yr. 2 - $1,848 million

Yr. 3 - $1,882 million

Weighted average cost of capital (after-tax)

Yr. 1 – 7.10 percent

Yr. 2 – 7.13 percent

Yr. 3 – 7.21 percent

Yr. 1 - 6.78 percent

Yr. 2 - 6.81 percent

Yr. 3 - 6.83 percent

Authorized return on common equity

9.3 percent

9.25 percent

Actual return on common equity (j)

Yr. 1 – 9.82 percent

Yr. 2 – 10.88 percent

Yr. 3 – 10.54 percent

Yr. 4 – 9.51 percent

Yr. 5 – 11.73 percent

Yr. 6 – 10.45 percent

Yr. 7 – 7.91 percent

Yr. 8 – 5.99 percent

Yr. 9 - 5.72 percent

Yr. 10 - (0.10) percent

Yr. 1 – 6.55 percent

Yr. 2 – 7.09 percent

Earnings sharing

Weather normalized earnings above an annual earnings threshold of 9.9 percent are to be applied to reduce regulatory assets for environmental remediation and other costs.

In 2014, the company had no earnings above the threshold. Actual earnings were $11.5 million and $7.8 million above the threshold in 2015 and 2016, respectively. In 2017, actual earnings were $8.5 million above the threshold, offset in part by a positive adjustment related to 2016 of $4 million. In 2018, actual earnings were $16.5 million above the threshold, and an additional $1.1 million related to 2017 was recorded. In 2019 actual earnings were $5 million above the threshold, offset in part by an adjustment related to 2018 of $2.3 million. In 2020, 2021, 2022 and 2023, the company had no earnings sharing above the threshold. Reserve adjustments of $0.4 million and $0.2 million were recorded in 2021 related to potential adjustment to the excess earnings sharing amounts for 2016 and 2018, respectively.

Most earnings above an annual earnings threshold of 9.75 percent are to be applied to reduce regulatory assets for environmental remediation and other costs accumulated in the rate year.

There were no earnings above the threshold in Yr. 1 and Yr. 2.

Cost of long-term debt

Yr. 1 – 5.17 percent

Yr. 2 – 5.23 percent

Yr. 3 – 5.39 percent

Yr. 1 – 4.51 percent

Yr. 2 – 4.58 percent

Yr. 3 – 4.62 percent

Common equity ratio

48 percent

(a)The base rate increases will be implemented with increases of $77.8 million in Yr. 1; $77.8 million in Yr. 2; and $77.8 million in Yr. 3 to levelize the customer bill impact. New rates were effective as of November 1, 2023. CECONY began billing customers at the new levelized rate in December 2023.

(b)Amounts reflect amortization of the tax savings under the TCJA for the unprotected portion of the regulatory liability for excess deferred income taxes allocable to CECONY’s steam customers (the entire $24 million in Yr.1), the protected portion of the regulatory liability for excess deferred income taxes allocable to CECONY’s steam customers over the remaining lives of the related assets ($3 million in Yr. 1; $5 million in Yr. 2; and $6 million in Yr. 3) and the non-plant portion of the regulatory asset for deficient deferred income taxes allocable to CECONY’s steam customers (the entire $11 million in Yr.1).

(c)CECONY will defer the difference between its actual write-offs of uncollectible expenses and late payment fees (from January 1, 2020 through October 31, 2026) to amounts reflected in rates, with recovery/refund from or to customers via surcharge/sur-credit. Surcharge recoveries for write-offs of uncollectible expenses and late payment fees will each be subject to an annual cap that produces no more than a half percent (0.5 percent) total customer bill impact (estimated to be $2.5 million, $3.0 million, $3.5 million for Yr. 1, Yr. 2 and Yr. 3, respectively). Amounts in excess of the annual surcharge cap in a specific year may be rolled forward for recovery and will count towards the following year’s surcharge cap. Amounts in excess of the surcharge cap will be deferred as a regulatory asset for recovery in CECONY’s next steam base rate case.

(d)Deferrals for property taxes are limited to 90 percent of the difference from amounts reflected in rates, subject to an annual maximum for the remaining difference of not more than a maximum number of basis points impact on return on common equity (Yr. 1 – 10.0 basis points; Yr. 2 – 7.5 basis points; and Yr. 3 – 5.0 basis points), with recovery/refund from or to customers via surcharge/sur-credit. Surcharge recoveries will be subject to an annual cap that produces no more than a half percent (0.5 percent) total customer bill impact (estimated to be $2.5 million, $3.0 million, $3.5 million for Yr. 1, Yr. 2 and Yr. 3, respectively). Amounts in excess of the annual surcharge cap in a specific year may be rolled forward for recovery and will count towards the following year’s surcharge cap. Amounts in excess of the surcharge cap will be deferred as a regulatory asset for recovery in CECONY’s next steam base rate case.

(e)In general, if actual expenses for municipal infrastructure support (other than company labor) are below the amounts reflected in rates, CECONY will defer the difference for credit to customers, and if the actual expenses are above the amount reflected in rates, CECONY will defer for recovery from customers 80 percent of the difference subject to a maximum deferral, subject to certain conditions, of 30 percent of the amount reflected in the rate plan.

(f)In addition, the NYSPSC continues its focused operations audit to investigate CECONY's financial accounting for income taxes. Any NYSPSC ordered adjustment to CECONY’s financial accounting for income taxes is expected to be refunded to or collected from customers, as determined by the NYSPSC. See "Other Regulatory Matters," below.

(g)Rates determined pursuant to this rate plan were in effect until October 31, 2023. 2023 or Yr. 10 represents a partial year commencing January 1, 2023 through October 31, 2023.

(h)The impact of these base rate changes was deferred which resulted in an $8 million regulatory liability at December 31, 2016.

(i)Deferrals for property taxes are limited to 90 percent of the difference from amounts reflected in rates, subject to an annual maximum for the remaining difference of not more than a 10 basis point impact on return on common equity.

(j)Calculated in accordance with the earnings calculation method prescribed in the rate order.

O&R New York – Electric

Effective period

January 2022 – December 2024

January 2025 – December 2027

Base rate changes

Yr. 1 – $4.9 million (a)

Yr. 2 – $16.2 million (a)

Yr. 3 – $23.1 million (a)

Yr. 1 – $(13.1) million (b)

Yr. 2 – $24.8 million (b)

Yr. 3 – $44.1 million (b)

Amortizations to income of net
regulatory (assets) and liabilities

Yr. 1 – $11.8 million (c)

Yr. 2 – $13.5 million (c)

Yr. 3 – $15.2 million (c)

Yr. 1 – $(4.5) million

Yr. 2 – $(5.4) million

Yr. 3 – $(6.4) million

Other revenue sources

Potential earnings adjustment mechanism incentives for energy efficiency and other potential incentives of up to:
Yr. 1 – $3.3 million
Yr. 2 – $2.3 million
Yr. 3 – $4.0 million

In 2022, 2023 and 2024, the company recorded $2.7 million, $1.5 million and $2.6 million of earnings adjustment mechanism incentives for energy efficiency, respectively.

Potential earnings adjustment mechanism incentives for energy efficiency and other potential incentives of up to:
Yr. 1 – $3.9 million
Yr. 2 – $4.7 million
Yr. 3 – $5.8 million

In 2025, the company recorded $0.8 million of earnings adjustment mechanism incentives for energy efficiency.

Revenue decoupling mechanisms

Continuation of reconciliation of actual to authorized electric delivery revenues.

In 2022 and 2023, the company deferred $6.9 million and $3.4 million as regulatory assets, respectively. In 2024, the company deferred $18.6 million as regulatory liabilities.

Continuation of reconciliation of actual to authorized electric delivery revenues.

In 2025, the company deferred $(11.3) million as regulatory liabilities.

Recoverable energy costs

Continuation of current rate recovery of purchased power and fuel costs.

Negative revenue adjustments

Potential charges if certain performance targets relating to service, reliability and other matters are not met:

Yr. 1 - $4.3 million

Yr. 2 - $4.4 million

Yr. 3 - $5.1 million

In 2022, 2023 and 2024, the company did not record any negative revenue adjustments.

Potential charges if certain performance targets relating to service, reliability, safety and other matters are not met:

Yr. 1 – $7.6 million

Yr. 2 – $8.5 million

Yr. 3 – $11.5 million

In 2025, the company did not record any negative revenue adjustments.

Regulatory reconciliations

Reconciliation of late payment charges (d) and reconciliation of expenses for pension and other postretirement benefits, environmental remediation costs, property taxes (e), energy efficiency program (f), major storms, uncollectible expenses and certain other costs to amounts reflected in rates (g).

In 2022 and 2023, the company deferred $9.4 million and $15.4 million as net regulatory liabilities, respectively. In 2024, the company deferred $10.2 million as net regulatory assets.

Reconciliation of expenses for pension and other postretirement benefits, environmental remediation costs, property taxes (e), energy efficiency program (h), major storms, low-income bill credits, uncollectible expenses (i), late payment charges (i), and certain other costs to amounts reflected in rates.

In 2025, the company deferred $8.9 million as net regulatory assets.

Net utility plant reconciliations

Target levels reflected in rates: Electric average net plant target

Yr. 1 - $1,175 million

Yr. 2 - $1,198 million

Yr. 3 - $1,304 million

The company did not record any regulatory liabilities in 2022, 2023 and 2024.

Target levels reflected in rates: Electric average net plant target

Yr. 1 – $1,398 million

Yr. 2 – $1,471 million

Yr. 3 – $1,737 million

The company did not record any regulatory liabilities in 2025.

Average rate base

Yr. 1 – $1,021 million

Yr. 2 – $1,044 million

Yr. 3 – $1,144 million

Yr. 1 – $1,293 million

Yr. 2 – $1,393 million

Yr. 3 – $1,646 million

Weighted average cost of capital (after-tax)

Yr. 1 – 6.77 percent

Yr. 2 – 6.73 percent

Yr. 3 – 6.72 percent

Yr. 1 – 7.25 percent

Yr. 2 – 7.28 percent

Yr. 3 – 7.31 percent

Authorized return on common equity

9.2 percent

9.75 percent

Actual return on common equity (k)

Yr. 1 – 8.96 percent

Yr. 2 – 8.73 percent

Yr. 3 – 9.86 percent

Yr. 1 – 8.98 percent

Earnings sharing

Most earnings above an annual earnings threshold of 9.7 percent are to be applied to reduce regulatory assets for environmental remediation and other costs accumulated in the rate year.

In 2022 and 2023, earnings did not exceed the earnings threshold. In 2024, actual earnings were $1.2 million above the threshold.

Most earnings above an annual earnings threshold of 10.25 percent are to be applied to reduce regulatory assets for environmental remediation and other costs accumulated in the rate year.

In 2025, the company had no earnings above the threshold.

Cost of long-term debt

Yr. 1 – 4.58 percent

Yr. 2 – 4.51 percent

Yr. 3 – 4.49 percent

Yr. 1 – 4.95 percent

Yr. 2 – 5.01 percent

Yr. 3 – 5.08 percent

Common equity ratio

48 percent

a.The base rate changes will be implemented with increases of: Yr. 1 - $11.7 million; Yr. 2 - $11.7 million; and Yr. 3 - $11.7 million.

b.The base rate changes will be implemented with no change in Yr. 1 and increases of $17.7 million in each of Yr. 2 and Yr. 3.

c.Reflects amortization of, among other things, previously incurred incremental deferred storm costs over a five-year period.

d.The rate plan includes certain COVID-19 provisions, such as: recovery of 2020 late payment charges over three years ($2.2 million); reconciliation of late payment charges to amounts reflected in rates for years 2021 through 2024, with full recovery/refund via surcharge/sur-credit once the annual variance equals or exceeds 5 basis points of return on equity; and reconciliation of write-offs of customer accounts receivable balances to amounts reflected in rates from January 1, 2020 through December 31, 2024, with full recovery/refund via surcharge/sur-credit once the annual variance equals or exceeds 5 basis points of return on equity.

e.Deferrals for property taxes are limited to 90 percent of the difference from amounts reflected in rates, subject to an annual maximum for the remaining difference of not more than a maximum number of basis points impact on return on common equity: Yr. 1 - 10.0 basis points; Yr. 2 - 7.5 basis points; and Yr. 3 - 5.0 basis points.

f.Energy efficiency costs are expensed as incurred. Such costs are subject to a cumulative reconciliation that is evenly distributed over the term of the rate plan subject to the caps set forth in the January 2020 NYSPSC New Efficiency New York (“NENY”) order. If the NYSPSC modifies O&R's NENY budgets during the rate term, such modifications will be reflected at the time of the cumulative reconciliations.

g.In addition, the New York State Department of Public Service (NYSDPS) continues its focused operations audit to investigate O&R’s financial accounting for income taxes. Any NYSPSC ordered adjustment to O&R’s financial accounting for income taxes is expected to be refunded to or collected from customers, as determined by the NYSPSC. See "Other Regulatory Matters," below.

h.Energy efficiency costs are deferred as regulatory assets and amortized over a 15-year period. Balances are reconciled to the revenue requirement effect of actual level of cost incurred to the rate plan targets. If the NYSPSC authorizes modified energy efficiency spending budgets over the course of the rate plan, O&R will defer the impact of any variance between the level in rates and the authorized budgets for collection or refund to customers in the next base rate case.

i.Reconciliation of uncollectible expenses and late payment charges are subject to a combined annual threshold of $0.9 million. Once the threshold is met, O&R will defer the variance between actual uncollectible expense and late payment charge, and the level set forth in rates that is above the threshold. Recovery/refunds will be made via surcharge/sur-credit. Surcharge recovery is subject to an annual cap that produces no more than a 0.5 percent total customer bill impact.

j.Calculated in accordance with the earnings calculation method prescribed in the rate order.

O&R New York – Gas

Effective period

January 2022 – December 2024

January 2025 – December 2027

Base rate changes

Yr. 1 – $0.7 million (a)

Yr. 2 – $7.4 million (a)

Yr. 3 – $9.9 million (a)

Yr. 1 – $3.6 million (b)

Yr. 2 – $18.0 million (b)

Yr. 3 – $16.5 million (b)

Amortization to income of net regulatory (assets) and liabilities

Yr. 1 – $0.8 million

Yr. 2 – $0.7 million

Yr. 3 – $0.3 million

Yr. 1 – $8.4 million

Yr. 2 – $8.2 million

Yr. 3 – $8.0 million

Other revenue sources

Potential earnings adjustment mechanism incentives for energy efficiency and other potential incentives of up to:
Yr. 1 - $0.2 million
Yr. 2 - $0.2 million
Yr. 3 - $0.4 million

Potential positive rate adjustment for gas safety and performance of up to:

Yr. 1 – $1.2 million

Yr. 2 – $1.3 million

Yr. 3 – $1.4 million

In 2022, 2023 and 2024, the company recorded $0.2 million, immaterial amounts, and $1.4 million of earnings adjustment mechanism incentives for energy efficiency, respectively. In 2022, 2023 and 2024 the company recorded $0.2 million, $0.2 million, and $0.3 million of positive incentives, respectively.

Potential positive rate adjustment for gas safety and performance of up to:

Yr. 1 – $1 million

Yr. 2 – $1.1 million

Yr. 3 – $1.2 million

In 2025, the company recorded $0.3 million of earnings adjustment mechanism incentives for energy efficiency. In 2025, the company recorded no positive incentives.

Revenue decoupling mechanisms

Continuation of reconciliation of actual to authorized gas delivery revenues.

In 2022, 2023 and 2024, the company deferred $2 million, $7.6 million and $20.6 million as regulatory assets, respectively.

Continuation of reconciliation of actual to authorized gas delivery revenues.

In 2025 the company deferred $5.9 million as regulatory assets.

Recoverable energy costs

Continuation of current rate recovery of purchased gas costs.

Negative revenue adjustments

Potential charges if performance targets relating to service, safety and other matters are not met:

Yr. 1 – $6.3 million

Yr. 2 – $6.7 million

Yr. 3 – $7.3 million

In 2022, the company recorded $0.1 million and immaterial amounts in 2023 and 2024 of negative revenue adjustments, respectively.

Potential charges if certain performance targets relating to service, reliability, safety and other matters are not met:

Yr. 1 – $8.4 million

Yr. 2 – $9.4 million

Yr. 3 – $11.1 million

In 2025, the company recorded no negative revenue adjustments.

Regulatory reconciliations

Reconciliation of late payment charges (c) and reconciliation of expenses for pension and other postretirement benefits, environmental remediation costs, property taxes (d), energy efficiency program (e), major storms, uncollectible expenses and certain other costs to amounts reflected in rates.

In 2022 and 2023, the company deferred $3.4 million and $12.1 million as net regulatory assets, respectively. In 2024, the company deferred $5.1 million as net regulatory liabilities.

Reconciliation of expenses for pension and other postretirement benefits, environmental remediation costs, property taxes (d), energy efficiency program (f), low-income bill credits, uncollectible expenses (g), late payment charges (g), and certain other costs to amounts reflected in rates.

In 2025, the company deferred $4.4 million as net regulatory assets.

Net utility plant reconciliations

Target levels reflected in rates: Gas average net plant target

Yr. 1 – $720 million

Yr. 2 – $761 million

Yr. 3 – $803 million

The company did not record any regulatory liabilities in 2022, 2023 and 2024.

Target levels reflected in rates: Gas average net plant target

Yr. 1 – $877 million

Yr. 2 – $934 million

Yr. 3 – $1,010 million

The company did not record any regulatory liabilities in 2025.

Average rate base

Yr. 1 – $566 million

Yr. 2 – $607 million

Yr. 3 – $694 million

Yr. 1 – $720 million

Yr. 2 – $791 million

Yr. 3 – $863 million

Weighted average cost of capital (after-tax)

Yr. 1 – 6.77 percent

Yr. 2 – 6.73 percent

Yr. 3 – 6.72 percent

Yr. 1 – 7.25 percent

Yr. 2 – 7.28 percent

Yr. 3 – 7.31 percent

Authorized return on common equity

9.2 percent

9.75 percent

Actual return on common equity (h)

Yr. 1 – 10.01 percent

Yr. 2 – 10.40 percent

Yr. 3 – 9.91 percent

Yr. 1 - 9.63 percent

Earnings sharing

Most earnings above an annual earnings threshold of 9.7 percent are to be applied to reduce regulatory assets for environmental remediation and other costs accumulated in the rate year. In 2022, 2023 and 2024, actual earnings were $1.1 million, $2.8 million and $0.9 million above the threshold, respectively.

Most earnings above an annual earnings threshold of 10.25 percent are to be applied to reduce regulatory assets for environmental remediation and other costs accumulated in the rate year. In 2025,the company had no earnings above the threshold.

Cost of long-term debt

Yr. 1 – 4.58 percent

Yr. 2 – 4.51 percent

Yr. 3 – 4.49 percent

Yr. 1 – 4.95 percent

Yr. 2 – 5.01 percent

Yr. 3 – 5.08 percent

Common equity ratio

48 percent

(a)The gas base rate changes were implemented with increases of: Yr. 1 - $4.4 million; Yr. 2 - $4.4 million; and Yr. 3 - $4.4 million.

(b)The gas base rate changes will be implemented with increases of: Yr. 1 – $10.4 million; Yr. 2 - $10.4 million; and Yr. 3 -$10.4 million.

(c)The rate plan includes certain COVID-19 provisions, such as: recovery of 2020 late payment charges over three years ($0.6 million); reconciliation of late payment charges to amounts reflected in rates for years 2021 through 2024, with full recovery/refund via surcharge/sur-credit once the annual variance equals or exceeds 5 basis points of return on equity; and reconciliation of write-offs of customer accounts receivable balances to amounts reflected in rates from January 1, 2020 through December 31, 2024, with full recovery/refund via surcharge/sur-credit once the annual variance equals or exceeds 5 basis points of return on equity.

(e)Energy efficiency costs are expensed as incurred. Such costs are subject to a cumulative reconciliation that is evenly distributed over the term of the rate plan subject to the caps set forth in the January 2020 NYSPSC NENY order. If the NYSPSC modifies O&R's NENY budgets during the rate term, such modifications will be reflected at the time of the cumulative reconciliations.

(f)Energy efficiency costs are deferred as regulatory assets and amortized over a 15-year period. Balances are reconciled to the revenue requirement effect of actual level of cost incurred to the rate plan targets. If the NYSPSC authorizes modified energy efficiency spending budgets over the course of the rate plan, O&R will defer the impact of any variance between the level in rates and the authorized budgets for collection or refund to customers in the next base rate case.

(g)Reconciliation of uncollectible expenses and late payment charges are subject to a combined annual threshold of $0.5 million. Once the threshold is met, O&R will defer the variance between actual uncollectible expense and late payment charge, and the level set forth in rates that is above the threshold. Recovery/refunds will be made via surcharge/sur-credit. Surcharge recovery is subject to an annual cap that produces no more than a 0.5 percent total customer bill impact.

(h)Calculated in accordance with the earnings calculation method prescribed in the rate order.

Rockland Electric Company (RECO)

In December 2021, the NJBPU approved an electric rate increase, effective January 1, 2022, of $9.65 million for RECO. The following table contains a summary of the terms of the distribution rate plans.

RECO

Effective period

January 2022

Base rate changes

$9.65 million

Amortization to income of net regulatory (assets) and liabilities

$0.2 million over three years and $9.2 million of deferred storm costs over a three-year period (excluding $2.4 million of costs for Tropical Storm Henri which will be deferred over a three-year period in base rates) and continuation of $10 million over three years

Recoverable energy costs

Current rate recovery of purchased power costs.

Cost reconciliations

Reconciliation of uncollectible accounts, Demand Side Management and Clean Energy Program.

Average rate base

$262.8 million

Weighted average cost of capital (after-tax)

7.08 percent

Authorized return on common equity

9.6 percent

Actual return on common equity

Yr. 1 - 9.6 percent

Yr. 2 - 9.7 percent

Yr. 3 - 8.3 percent

Yr. 4 - 7.5 percent

Cost of long-term debt

4.74 percent

Common equity ratio

48.51 percent

Effective July 2021, the NJBPU authorized a conservation incentive program for RECO, that covers all residential and most commercial customers, under which RECO’s actual electric distribution revenues are compared with the authorized distribution revenues and the difference accrued, with interest, for refund to, or recovery from, customers, as applicable. The conservation incentive program is not permitted if RECO’s actual return on equity exceeds the approved base rate filing return on equity by 50 basis points or more.

In December 2022, the NJBPU authorized a $47.8 million Infrastructure Investment Program (IIP) over a five-year period (2023 – 2027). RECO’s IIP provides accelerated infrastructure investments to enhance safety, reliability, and resiliency.

In November 2024, RECO filed a petition with the NJBPU for an order authorizing RECO to defer incremental preparation costs of $5 million associated with six storms that occurred during 2023 and 2024 until RECO’s next base rate case. In August 2025, the NJBPU issued an order authorizing RECO to defer such costs. The prudence of these costs, the manner and time period of recovery, along with carrying costs, are being considered in RECO’s next base rate case.

In September and October 2025, RECO issued credits of $6.6 million in aggregate to its residential electric

customers pursuant to an order issued by the NJBPU that established a residential universal bill credit funded by

New Jersey.

In October 2025, RECO further updated its June and August 2025 requests to the NJBPU for an electric rate increase, effective January 1, 2026. The company increased its requested rate increase to $31.8 million and changed the common equity ratio to 50.04 percent. The October 2025 updated filing

continues to reflect a return on common equity of 10.30 percent.

Other Regulatory Matters

In January 2023, CECONY initiated a review of welds on certain gas and steam mains following the company’s discovery of a leak from a gas main weld in Queens, New York. During the course of its review thus far, CECONY discovered non-conforming gas and steam main welds. The non-conforming welds are not expected to have a significant impact on operations. New York regulations require utilities to perform and record weld films for certain gas and steam main welds. Upon reviewing these films, CECONY determined that in some instances third-party contractors engaged in misconduct by substituting duplicate weld films for different welds, while another third-party

contractor had created poor quality weld films. CECONY voluntarily disclosed its initial review and findings to the NYSDPS which, in turn, initiated its own investigation into CECONY’s compliance with weld requirements under the New York State Public Service Law and the prudence of CECONY’s oversight of the weld testing process that could result in adverse regulatory action against the company. CECONY continues to investigate this matter, is remediating and monitoring non-conforming welds and continues to cooperate with the NYSDPS in its investigation. During the time period CECONY disclosed the issue to the NYSDPS, it also reported the contractors’ misconduct to law enforcement. In August 2025, two employees of the third-party contractors were indicted in the U.S. District Court for the Southern District of New York for wire fraud arising out of their scheme to defraud CECONY. Given the nature of the non-conforming welds identified, CECONY does not anticipate significant impact to the operation of its gas and steam mains. CECONY's authorized rate plan for the three-year period January 2026 through December 2028 provides that $33.3 million in annual gas revenue requirement ($100 million in aggregate from 2026 through 2028) will be recovered through a rate adjustment mechanism that is subject to refund to customers relating to this matter. See “Rate Plans,” above. CECONY is unable to estimate the amount or range of its possible loss related to this matter.

In January 2018, the NYSPSC issued an order initiating a focused operations audit of the Utilities’ financial accounting for income taxes. The audit is investigating the Utilities’ inadvertent understatement of a portion, the amount of which may be material, of their calculation of total federal income tax expense for ratemaking purposes related to the calculation of plant retirement-related cost of removal. As a result of such understatement, the Utilities accumulated significant income tax regulatory assets ($1,049 million and $10 million for CECONY and O&R, respectively, as of December 31, 2025 and $1,078 million and $14 million for CECONY and O&R, respectively, as of December 31, 2024) which are not earning a return. While the Utilities have properly calculated and paid their federal income taxes and there is no uncertain tax position related to this matter, this understatement of historical income tax expense materially reduced the amount of revenue collected from the Utilities' customers in the past relative to what it should have been. The Utilities’ rate plans have reflected the correct amount of federal income taxes recoverable from customers, including a proportionate recovery of the regulatory asset, beginning with O&R’s rate plans effective November 2015, CECONY’s electric and gas rate plans effective January 2017, and CECONY’s steam plan effective November 2023. As part of the audit, the Utilities plan to pursue a private letter ruling from the Internal Revenue Service (IRS) confirming that the Utilities’ inadvertent understatement of prior years’ income tax expense constitutes a normalization violation that can be cured through an increase in future years’ revenue requirements until such time as the regulatory asset is fully recovered in rates, and not through a write-down of all or a portion of the Utilities’ regulatory asset. Under Accounting Standards Codification Topic (ASC) 740, the Utilities recorded an unfunded deferred federal income tax liability (with a gross-up amount) and a corresponding regulatory asset. The income tax regulatory assets are netted against the related regulatory liability for future income tax and are shown in the line “Future income tax” in the following table of Regulatory Assets and Liabilities and on the Companies’ consolidated balance sheets in the line “Regulatory liabilities.” Management’s assessment is that the income tax regulatory assets as of December 31, 2025 are probable of collection through future rates. The IRS provides safe harbor relief for inadvertent normalization violations through the jurisdictional rate setting process of including in rates adequate revenue to fully recover the deferred tax balance. However, the Utilities would record a liability or impair a portion of the regulatory assets associated with this understatement if the NYSPSC were to issue an order that required the Utilities to write off all or a portion of their existing regulatory asset. The Utilities are unable to estimate the amount or range of their possible loss, if any, related to this matter. At December 31, 2025, the Utilities had not accrued a liability related to this matter.

Regulatory Assets and Liabilities

Regulatory assets and liabilities at December 31, 2025 and 2024 were comprised of the following items:


	Con Edison		CECONY
(Millions of Dollars)	2025	2024	2025	2024
Regulatory assets
Energy efficiency and other clean energy programs (a)	$1,994	$1,689	$1,893	$1,601
Customer account deferrals (b)	1,089	1,073	1,084	1,058
Environmental investigation and remediation costs	1,079	1,038	987	952
Revenue taxes	638	540	611	517
Legacy meters (c)	382	413	370	398

Property tax reconciliation (d)	101	131	97	131
Deferred storm costs (e)	85	147	1	53
Deferred derivative losses-long-term	18	106	15	94
Unrecognized pension and other postretirement costs	4	—	—	—
MTA power reliability deferral (f)	—	31	—	31
Pension and other postretirement benefits deferrals	—	2	—	2
Other	209	353	177	321
Regulatory assets - noncurrent	5,599	5,523	5,235	5,158
Deferred derivative losses - short term	97	102	90	92
Recoverable energy cost	6	39	5	14
Regulatory assets - current	103	141	95	106
Total Regulatory Assets	$5,702	$5,664	$5,330	$5,264
Regulatory liabilities
Allowance for cost of removal less salvage (g)	$1,686	$1,527	$1,468	$1,322
Future Income Tax*	1,120	1,224	1,015	1,112
Unrecognized Other Postretirement Benefit Cost (h)	873	1,054	806	984
Net unbilled revenue deferrals	397	436	397	436
Pension and Other Postretirement Employee Benefit Deferrals	356	368	313	304
Late Payment Charge Deferral	192	231	191	224
Deferred derivative gains – long term	119	8	109	6
System benefit charge carrying charge	108	115	100	110
Storm reserve passback	80	—	80	—
Settlement of prudence proceeding (i)	8	10	8	10
Other	435	471	392	432
Regulatory liabilities - noncurrent	5,374	5,444	4,879	4,940
Deferred derivative gains	165	25	152	22
Refundable energy costs current	71	59	53	18
Revenue decoupling mechanism liabilities	13	18	—	—
Regulatory liabilities - current	249	102	205	40
Total Regulatory Liabilities	$5,623	$5,546	$5,084	$4,980

* See "Federal Income Tax" in Note A, "Other Regulatory Matters," above, and Note L.

(a) Energy Efficiency and Other Clean Energy Programs represent programs designed to increase energy efficiency achievements and other clean energy transformation efforts.

(b) Customer account deferrals include (1) the amount to be collected from customers related to the Emergency Summer Cooling Credits program for CECONY, (2) deferrals under CECONY and O&R's electric and gas rate plans for the reconciliation of write-offs of customer accounts receivable balances to amounts reflected in rates as well as for increases to the allowance for uncollectible accounts receivable and (3) deferral related to the arrears relief programs. Amounts deferred under the arrears relief programs were $262.9 million and $0.8 million for CECONY and O&R at December 31, 2025, respectively, and $323.7 million and $1.4 million at December 31, 2024, respectively, and receive a return at the pre-tax weighted average cost of capital.

(c) Pursuant to their rate plans, CECONY and O&R are recovering the costs of legacy meters over a 15-year period beginning January 1, 2024 and a 12-year period beginning January 1, 2022, respectively.

(d) Property tax reconciliation represents the amount deferred between actual property taxes incurred and the level included in rates subject to the provisions of the respective rate plans.

(e) Deferred storm costs represent response and restoration costs, other than capital expenditures, in connection with Tropical Storm Isaias and other major storms that were deferred by the Utilities.

(f) MTA power reliability deferral represents CECONY’s costs in excess of those reflected in its prior electric rate plan to take certain actions relating to the electrical equipment that serves the Metropolitan Transportation Authority (MTA) subway system. The company recovered this regulatory asset pursuant to its 2023-2025 rate plan. See footnote (b) to the CECONY - Electric table under “Rate Plans,” above.

(g) Allowance for cost of removal less salvage represents cash previously collected from customers to fund future anticipated removal expenditures.

(h) Unrecognized pension and other postretirement costs represent the deferrals associated with the accounting rules for retirement benefits. See "Pension and Other Postretirement Benefits" in Note A.

(i) Settlement of prudence proceeding represents the remaining amount to be credited to customers pursuant to a Joint Proposal, approved by the NYSPSC in April 2016, with respect to the prudence of certain CECONY expenditures and related matters.

The NYSPSC has authorized CECONY to accrue unbilled electric, gas and steam revenues. CECONY has deferred the differences between unbilled revenues and energy costs for the future benefit of customers by recording a regulatory liability of $397 million and $436 million at December 31, 2025 and 2024, respectively.

In general, the Utilities receive or are being credited with a return at the Other Customer-Provided Capital rate for regulatory assets that have not been included in rate base, and receive or are being credited with a return at the pre-tax weighted average cost of capital once the asset is included in rate base. Similarly, the Utilities pay to or credit customers with a return at the Other Customer-Provided Capital rate for regulatory liabilities that have not been included in rate base, and pay to or credit customers with a return at the pre-tax weighted average cost of capital once the liability is included in rate base. The Other Customer-Provided Capital rate for the years ended December 31, 2025 and 2024 was 4.75 percent and 5.95 percent, respectively.

In general, the Utilities are receiving or being credited with a return on their regulatory assets for which a cash outflow has been made ($3,421 million and $3,262 million for Con Edison, and $3,193 million and $3,024 million for CECONY at December 31, 2025 and 2024, respectively). Regulatory assets of RECO for which a cash outflow has been made ($41 million and $28 million at December 31, 2025 and 2024, respectively) are not receiving or being credited with a return. RECO recovers regulatory assets over a period of up to four years or until they are addressed in its next base rate case in accordance with the rate provisions approved by the NJBPU. Regulatory liabilities are treated in a consistent manner.

Regulatory assets that represent future financial obligations and were deferred in accordance with the Utilities’ rate plans or orders issued by state regulators do not earn a return until such time as a cash outlay has been made. Regulatory liabilities are treated in a consistent manner. At December 31, 2025 and 2024, regulatory assets for Con Edison and CECONY that did not earn a return consisted of the following items:

Regulatory Assets Not Earning a Return*


	Con Edison		CECONY
(Millions of Dollars)	2025	2024	2025	2024
Environmental investigation and remediation costs	$1,072	$1,037	$980	$942
Revenue taxes	621	567	595	543
UB deferral for uncollectible accounts receivable	427	551	426	541
Deferred derivative losses - short-term	97	102	90	92
Deferred derivative losses - long-term	18	106	15	94
Unrecognized pension and other postretirement costs	4	—	—	—
Other	42	39	31	28
Total	$2,281	$2,402	$2,137	$2,240

*This table presents regulatory assets not earning a return for which no cash outlay has been made.

The recovery periods for regulatory assets for which a cash outflow has not been made and that do not earn a return have not yet been determined, except as noted below, and are expected to be determined pursuant to the Utilities’ future rate plans to be filed or orders issued by the state regulators in connection therewith.

The deferral for revenue taxes represents the New York State metropolitan transportation business tax surcharge on the cumulative temporary differences between the book and tax basis of assets and liabilities of the Utilities, as well as the difference between taxes collected and paid by the Utilities to fund mass transportation. The Utilities recover the majority of the revenue taxes over the remaining book lives of the electric and gas plant assets, as well as the steam plant assets for CECONY.

The Utilities recover deferred derivative losses - short-term within one year, and long-term generally within three years.

The Utilities recover unrecognized pension and other postretirement costs over 10 years, and the portion of investment gains or losses is recognized in expense over 15 years, pursuant to NYSPSC policy.

Electricity and Gas Purchase Agreements

The Utilities have electricity purchase agreements with non-utility generators and others for generating capacity and gas purchase agreements for natural gas supply, transportation and storage. The Utilities recover their purchased power and gas costs in accordance with provisions approved by the applicable state public utility regulators. See “Recoverable Energy Costs” in Note A. The Utilities also conducted auctions and have entered into various other electricity and gas purchase agreements. Assuming performance by the parties to the electricity purchase agreements, the Utilities are obligated over the terms of the agreements to make capacity and other fixed payments.

The future capacity and other fixed payments under the electricity and gas purchase agreements are estimated to be as follows:


(Millions of Dollars)	2026	2027	2028	2029	2030	All Years Thereafter
Con Edison
Electricity power purchase agreements	$225	$188	$147	$72	$44	$259
Natural gas	522	8	—	—	—	—
Gas transportation and storage	564	565	447	311	222	2,266
CECONY
Electricity power purchase agreements	222	187	147	72	44	259
Natural gas	466	7	—	—		—
Gas transportation and storage	493	494	391	272	193	1,975

For energy delivered and gas purchased under most of the electricity and gas purchase agreements, the Utilities are obligated to pay variable prices. The company’s payments under the significant terms of the agreements for capacity, energy, gas transportation and storage, and other fixed payments in 2025, 2024 and 2023 were as follows:


	For the Years Ended December 31,
(Millions of Dollars)	2025	2024	2023
Con Edison
Astoria Generating Company (a)	$132	$75	$40
Brooklyn Navy Yard (b)	144	139	134
Gas Transportation and Storage (c)	580	422	372
Total	$856	$636	$546
CECONY
Astoria Generating Company (a)	$132	$75	$40
Brooklyn Navy Yard (b)	144	139	134
Gas Transportation and Storage (c)	509	372	327
Total	$785	$586	$501

(a) Capacity purchase agreements with terms ending in 2025 through 2029.

(b) Contract for plant output, which started in 1996 and ends in 2036.

Regulatory Matters - Schedule of Utilities Rate Plans (O&R New York-Electric) (Details) - USD ($) $ in Millions	12 Months Ended				36 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2027	Dec. 31, 2024
Public Utilities, General Disclosures [Line Items]
Accrued unbilled revenue	$ 821.0	$ 848.0				$ 848.0
O&R \| Electric
Public Utilities, General Disclosures [Line Items]
Other revenue sources	0.8
Accrued unbilled revenue	11.3	18.6	$ 3.4	$ 6.9		$ 18.6
Deferral of net increase (decrease) to regulatory assets	$ 8.9	$ 10.2	15.4	9.4
Earnings sharing		9.70%				9.70%
Earnings sharing, threshold limit						$ 1.2
Common equity ratio						48.00%
Recovery of late payment charges, period (in years)						3 years
Recovery of late payment charges, amount						$ 2.2
Recovery of late payment charges, return on equity threshold rate						0.05%
O&R \| Electric \| Scenario, Forecast
Public Utilities, General Disclosures [Line Items]
Earnings sharing					10.25%
Common equity ratio					48.00%
Difference in property taxes (percent)					90.00%
Regulatory assets usefull life					15 years
Uncollecetible expenses, threshold amount					$ 0.9
Surcharge recovery threshold percentage					50.00%
O&R \| Electric \| Year 1
Public Utilities, General Disclosures [Line Items]
Base rate changes						$ 4.9
Amortization to income of net regulatory assets						(11.8)
Potential earnings adjustment mechanism incentives						3.3
Average rate base						$ 1,021.0
Weighted average cost of capital (after-tax)						6.77%
Authorized return on common equity						9.20%
Actual return on common equity, percent						8.96%
Cost of long-term debt (percent)						4.58%
Requested rate increase (decrease), amount						$ 11.7
Regulatory assets, amortization period (in years)		5 years				5 years
O&R \| Electric \| Year 1 \| Electric average excluding AMI
Public Utilities, General Disclosures [Line Items]
Net utility plant reconciliations						$ 1,175.0
O&R \| Electric \| Year 1 \| Maximum
Public Utilities, General Disclosures [Line Items]
Negative revenue adjustments						4.3
O&R \| Electric \| Year 1 \| Scenario, Forecast
Public Utilities, General Disclosures [Line Items]
Base rate changes					$ (13.1)
Amortization to income of net regulatory assets					(4.5)
Potential earnings adjustment mechanism incentives					3.9
Average rate base					$ 1,293.0
Weighted average cost of capital (after-tax)					7.25%
Authorized return on common equity					9.75%
Actual return on common equity, percent					8.98%
Cost of long-term debt (percent)					4.95%
Requested rate increase (decrease), amount					$ 0.0
Deferral, annual maximum (not more than) (percent)					1000.00%
O&R \| Electric \| Year 1 \| Scenario, Forecast \| Electric average excluding AMI
Public Utilities, General Disclosures [Line Items]
Net utility plant reconciliations					$ 1,398.0
O&R \| Electric \| Year 1 \| Scenario, Forecast \| Maximum
Public Utilities, General Disclosures [Line Items]
Negative revenue adjustments					7.6
O&R \| Electric \| Year 2
Public Utilities, General Disclosures [Line Items]
Base rate changes						16.2
Amortization to income of net regulatory assets						(13.5)
Potential earnings adjustment mechanism incentives						2.3
Average rate base						$ 1,044.0
Weighted average cost of capital (after-tax)						6.73%
Actual return on common equity, percent						8.73%
Cost of long-term debt (percent)						4.51%
Requested rate increase (decrease), amount						$ 11.7
O&R \| Electric \| Year 2 \| Electric average excluding AMI
Public Utilities, General Disclosures [Line Items]
Net utility plant reconciliations						1,198.0
O&R \| Electric \| Year 2 \| Maximum
Public Utilities, General Disclosures [Line Items]
Negative revenue adjustments						4.4
O&R \| Electric \| Year 2 \| Scenario, Forecast
Public Utilities, General Disclosures [Line Items]
Base rate changes					24.8
Amortization to income of net regulatory assets					(5.4)
Potential earnings adjustment mechanism incentives					4.7
Average rate base					$ 1,393.0
Weighted average cost of capital (after-tax)					7.28%
Cost of long-term debt (percent)					5.01%
Requested rate increase (decrease), amount					$ 17.7
Deferral, annual maximum (not more than) (percent)					750.00%
O&R \| Electric \| Year 2 \| Scenario, Forecast \| Electric average excluding AMI
Public Utilities, General Disclosures [Line Items]
Net utility plant reconciliations					$ 1,471.0
O&R \| Electric \| Year 2 \| Scenario, Forecast \| Maximum
Public Utilities, General Disclosures [Line Items]
Negative revenue adjustments					8.5
O&R \| Electric \| Year 3
Public Utilities, General Disclosures [Line Items]
Base rate changes						23.1
Amortization to income of net regulatory assets						(15.2)
Potential earnings adjustment mechanism incentives						4.0
Other revenue sources		$ 2.6	$ 1.5	$ 2.7
Average rate base						$ 1,144.0
Weighted average cost of capital (after-tax)						6.72%
Actual return on common equity, percent						9.86%
Cost of long-term debt (percent)						4.49%
Requested rate increase (decrease), amount						$ 11.7
O&R \| Electric \| Year 3 \| Electric average excluding AMI
Public Utilities, General Disclosures [Line Items]
Net utility plant reconciliations						1,304.0
O&R \| Electric \| Year 3 \| Maximum
Public Utilities, General Disclosures [Line Items]
Negative revenue adjustments						$ 5.1
O&R \| Electric \| Year 3 \| Scenario, Forecast
Public Utilities, General Disclosures [Line Items]
Base rate changes					44.1
Amortization to income of net regulatory assets					(6.4)
Potential earnings adjustment mechanism incentives					5.8
Average rate base					$ 1,646.0
Weighted average cost of capital (after-tax)					7.31%
Cost of long-term debt (percent)					5.08%
Requested rate increase (decrease), amount					$ 17.7
Deferral, annual maximum (not more than) (percent)					500.00%
O&R \| Electric \| Year 3 \| Scenario, Forecast \| Electric average excluding AMI
Public Utilities, General Disclosures [Line Items]
Net utility plant reconciliations					$ 1,737.0
O&R \| Electric \| Year 3 \| Scenario, Forecast \| Maximum
Public Utilities, General Disclosures [Line Items]
Negative revenue adjustments					$ 11.5

Current Expected Credit Losses - Schedule of Roll forward of Allowance for Credit Losses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounts receivable - customers
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ 620	$ 360	$ 322
Recoveries	38	21	14
Write-offs	(462)	(250)	(138)
Reserve adjustments	311	489	162
Ending Balance	507	620	360
Other receivables
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	41	13	10
Recoveries	0	0	0
Write-offs	(6)	0	(5)
Reserve adjustments	0	28	8
Ending Balance	35	41	13
CECONY \| Accounts receivable - customers \| Subsidiaries
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	605	353	314
Recoveries	37	17	12
Write-offs	(454)	(239)	(131)
Reserve adjustments	312	474	158
Ending Balance	500	605	353
CECONY \| Other receivables \| Subsidiaries
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	38	9	7
Recoveries	0	0	0
Write-offs	(5)	0	(3)
Reserve adjustments	(6)	29	5
Ending Balance	$ 27	$ 38	$ 9

Other Postretirement Benefits - Schedule of Change of Assumed Health Care Cost Trend Rate (Details) - Other Postretirement Benefits	Dec. 31, 2025
Pre-65 Medical
Defined Benefit Plan Disclosure [Line Items]
Initial Cost Trend Rate	7.50%
Ultimate Cost Trend Rate	4.50%
Post-65 Medical
Defined Benefit Plan Disclosure [Line Items]
Initial Cost Trend Rate	4.50%
Ultimate Cost Trend Rate	4.50%
Prescription Medications
Defined Benefit Plan Disclosure [Line Items]
Initial Cost Trend Rate	8.00%
Ultimate Cost Trend Rate	4.50%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Environmental Matters - Schedule of Accrued Liabilities and Regulatory Assets (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Site Contingency [Line Items]
Accrued Liabilities:	$ 1,079	$ 1,037
Regulatory assets	5,702	5,664
Manufactured gas plant sites
Site Contingency [Line Items]
Accrued Liabilities:	980	941
Other Superfund Sites
Site Contingency [Line Items]
Accrued Liabilities:	99	96
Superfund Sites
Site Contingency [Line Items]
Accrued Liabilities:	1,079	1,037
Regulatory assets	1,079	1,038
CECONY
Site Contingency [Line Items]
Accrued Liabilities:	980	942
CECONY \| Manufactured gas plant sites
Site Contingency [Line Items]
Accrued Liabilities:	882	846
CECONY \| Other Superfund Sites
Site Contingency [Line Items]
Accrued Liabilities:	98	96
CECONY \| Superfund Sites
Site Contingency [Line Items]
Accrued Liabilities:	980	942
Regulatory assets	$ 987	$ 952

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Schedule I - Condensed Financial Information - Income and Comprehensive Income (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Condensed Income Statements,Captions [Line Items]
Taxes other than income taxes	$ (3,757)	$ (3,280)	$ (3,043)
Interest expense	(1,233)	(1,187)	(1,023)
Income tax benefit (expense)	(574)	(318)	(487)
Gain (Loss) on the sale of the Clean Energy Businesses	0	(62)	865
NET INCOME FOR COMMON STOCK	2,023	1,820	2,519
Comprehensive Income	$ 2,009	$ 1,827	$ 2,519
Net Income Per Share – Basic (in dollars per share)	$ 5.66	$ 5.26	$ 7.25
Net Income Per Share – Diluted (in dollars per share)	$ 5.64	$ 5.24	$ 7.21
Average Number Of Shares Outstanding—Basic (in shares)	357.4	346.0	347.7
Average Number Of Shares Outstanding—Diluted (in shares)	358.7	347.3	349.3
Parent Company
Condensed Income Statements,Captions [Line Items]
Equity in earnings of subsidiaries	$ 2,022	$ 1,904	$ 1,759
Other operating and maintenance expenses	(2)	(1)	0
Taxes other than income taxes	(6)	(12)	(2)
Other income (deductions)	0	(14)	7
Interest expense	(9)	(18)	(14)
Income tax benefit (expense)	18	23	(96)
Gain (Loss) on the sale of the Clean Energy Businesses	0	(62)	865
NET INCOME FOR COMMON STOCK	2,023	1,820	2,519
Comprehensive Income	$ 2,009	$ 1,827	$ 2,520
Net Income Per Share – Basic (in dollars per share)	$ 5.66	$ 5.26	$ 7.25
Net Income Per Share – Diluted (in dollars per share)	5.64	5.24	7.21
Dividends Declared Per Share (in dollars per share)	$ 3.40	$ 3.32	$ 3.24
Average Number Of Shares Outstanding—Basic (in shares)	357.4	346.0	347.7
Average Number Of Shares Outstanding—Diluted (in shares)	358.7	347.3	349.3

Held-for-Sale Treatment of the Clean Energy Businesses - Schedule of Carrying Amounts (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
CURRENT ASSETS
TOTAL CURRENT ASSETS	$ 0	$ 133
CURRENT LIABILITIES
TOTAL CURRENT LIABILITIES	0	79
Disposal Group, Held-for-sale, Not Discontinued Operations \| Clean Energy Businesses
CURRENT ASSETS
Cash and temporary cash investments		1
Accounts receivable and other receivables - net allowance for uncollectible accounts		2
Restricted cash		8
TOTAL CURRENT ASSETS		11
Non-utility property, net accumulated depreciation		59
NET PLANT		59
OTHER NONCURRENT ASSETS
Intangible assets, less accumulated amortization		56
Operating lease right-of-use asset		7
TOTAL OTHER NONCURRENT ASSETS		63
TOTAL ASSETS		133
CURRENT LIABILITIES
Long-term debt due within one year		2
Operating lease liabilities		2
Other current liabilities		10
TOTAL CURRENT LIABILITIES		14
NONCURRENT LIABILITIES
Asset retirement obligations	$ 3	3
Operating lease liabilities		5
TOTAL NONCURRENT LIABILITIES		8
LONG-TERM DEBT		57
TOTAL LIABILITIES		$ 79

Other Postretirement Benefits - Schedule of Funded Status (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CHANGE IN PLAN ASSETS
Fair value of plan assets at beginning of year	$ 583
FAIR VALUE OF PLAN ASSETS AT END OF YEAR	620	$ 583
CECONY
CHANGE IN PLAN ASSETS
Fair value of plan assets at beginning of year	560
FAIR VALUE OF PLAN ASSETS AT END OF YEAR	598	560
Other Postretirement Benefits
CHANGE IN BENEFIT OBLIGATION
Projected benefit obligation at beginning of year	898	963	$ 1,058
Service cost	11	13	14
Interest cost on accumulated other postretirement benefit obligation	48	47	57
Net actuarial (gain)/loss	8	(57)	(93)
Benefits paid and administrative expenses, net of subsidies	(104)	(120)	(128)
Participant contributions	52	52	55
PROJECTED BENEFIT OBLIGATION AT END OF YEAR	913	898	963
CHANGE IN PLAN ASSETS
Fair value of plan assets at beginning of year	934	929	860
Actual return on plan assets	112	56	116
Employer contributions	14	13	22
Employer group waiver plan subsidies	90	66	56
Participant contributions	52	52	55
Benefits paid	(190)	(182)	(180)
FAIR VALUE OF PLAN ASSETS AT END OF YEAR	1,012	934	929
FUNDED STATUS	99	36	(34)
Unrecognized net gain	(133)	(119)	(90)
Unrecognized prior service costs	(8)	(9)	(10)
Other Postretirement Benefits \| CECONY
CHANGE IN BENEFIT OBLIGATION
Projected benefit obligation at beginning of year	775	825	921
Service cost	9	10	12
Interest cost on accumulated other postretirement benefit obligation	41	40	49
Net actuarial (gain)/loss	15	(38)	(94)
Benefits paid and administrative expenses, net of subsidies	(96)	(112)	(118)
Participant contributions	52	50	55
PROJECTED BENEFIT OBLIGATION AT END OF YEAR	796	775	825
CHANGE IN PLAN ASSETS
Fair value of plan assets at beginning of year	744	750	708
Actual return on plan assets	84	44	84
Employer contributions	10	10	17
Employer group waiver plan subsidies	82	60	52
Participant contributions	52	50	55
Benefits paid	(175)	(170)	(166)
FAIR VALUE OF PLAN ASSETS AT END OF YEAR	797	744	750
FUNDED STATUS	1	(31)	(75)
Unrecognized net gain	(59)	(57)	(41)
Unrecognized prior service costs	$ 0	$ 0	$ 0

Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Schedule of Total Periodic Benefit Costs

The components of the Companies’ total periodic benefit credit for 2025, 2024 and 2023 were as follows:


	Con Edison			CECONY
(Millions of Dollars)	2025	2024	2023	2025	2024	2023
Service cost – including administrative expenses	$167	$177	$161	$158	$167	$151
Interest cost on projected benefit obligation	675	642	649	636	604	611
Expected return on plan assets	(1,116)	(1,129)	(1,114)	(1,066)	(1,076)	(1,061)
Recognition of net actuarial gain	(265)	(5)	(232)	(253)	(7)	(219)
Recognition of prior service credit	(17)	(17)	(17)	(20)	(19)	(19)
TOTAL PERIODIC BENEFIT CREDIT	$(556)	$(332)	$(553)	$(545)	$(331)	$(537)
Cost capitalized	(92)	(94)	(81)	(88)	(90)	(78)
Reconciliation to rate level	(54)	55	282	(55)	43	261
Total benefit recognized	$(702)	$(371)	$(352)	$(688)	$(378)	$(354)

The components of the Companies’ total periodic postretirement benefit credit for 2025, 2024 and 2023 were as follows:


	Con Edison			CECONY
(Millions of Dollars)	2025	2024	2023	2025	2024	2023
Service cost	$11	$13	$14	$9	$10	$12
Interest cost on accumulated other postretirement benefit obligation	48	47	57	41	40	49
Expected return on plan assets	(67)	(68)	(70)	(53)	(55)	(56)
Recognition of net actuarial (gain)	(27)	(20)	(16)	(18)	(13)	(8)
Recognition of prior service credit	(1)	(1)	(2)	—	—	—
TOTAL PERIODIC POSTRETIREMENT BENEFIT CREDIT	$(36)	$(29)	$(17)	$(21)	$(18)	$(3)
Cost capitalized	(5)	(6)	(6)	(4)	(5)	(5)
Reconciliation to rate level	12	16	4	10	13	(2)
Total credit recognized	$(29)	$(19)	$(19)	$(15)	$(10)	$(10)

Schedule of Funded Status

The funded status at December 31, 2025, 2024 and 2023 was as follows:


	Con Edison			CECONY
(Millions of Dollars)	2025	2024	2023	2025	2024	2023
CHANGE IN PROJECTED BENEFIT OBLIGATION
Projected benefit obligation at beginning of year	$12,141	$12,712	$12,113	$11,435	$11,977	$11,395
Service cost – excluding administrative expenses	162	172	156	153	162	146
Interest cost on projected benefit obligation	675	642	649	636	604	611
Net actuarial loss (gain)	422	(557)	599	391	(557)	572
Plan amendments	—	—	3	—	—	—
Benefits paid	(883)	(828)	(808)	(813)	(751)	(747)
PROJECTED BENEFIT OBLIGATION AT END OF YEAR	$12,517	$12,141	$12,712	$11,802	$11,435	$11,977
CHANGE IN PLAN ASSETS
Fair value of plan assets at beginning of year	$15,278	$15,404	$14,979	$14,591	$14,674	$14,248
Actual return on plan assets	1,642	724	1,261	1,570	691	1,201
Employer contributions	56	20	21	53	17	18
Benefits paid	(883)	(828)	(808)	(813)	(751)	(747)
Administrative expenses	(41)	(42)	(49)	(40)	(40)	(46)
FAIR VALUE OF PLAN ASSETS AT END OF YEAR	$16,052	$15,278	$15,404	$15,361	$14,591	$14,674
FUNDED STATUS	$3,535	$3,137	$2,692	$3,559	$3,156	$2,697
Unrecognized net gain	$(673)	($857)	($757)	$(663)	($825)	($705)
Unrecognized prior service credits	(71)	(88)	(105)	(84)	(104)	(124)
Accumulated benefit obligation	$11,478	$11,236	$11,739	$10,778	$10,554	$11,031

The funded status of the programs at December 31, 2025, 2024 and 2023 were as follows:


	Con Edison			CECONY
(Millions of Dollars)	2025	2024	2023	2025	2024	2023
CHANGE IN BENEFIT OBLIGATION
Benefit obligation at beginning of year	$898	$963	$1,058	$775	$825	$921
Service cost	11	13	14	9	10	12
Interest cost on accumulated postretirement benefit obligation	48	47	57	41	40	49
Net actuarial (gain)/loss	8	(57)	(93)	15	(38)	(94)
Benefits paid and administrative expenses, net of subsidies	(104)	(120)	(128)	(96)	(112)	(118)
Participant contributions	52	52	55	52	50	55
BENEFIT OBLIGATION AT END OF YEAR	$913	$898	$963	$796	$775	$825
CHANGE IN PLAN ASSETS
Fair value of plan assets at beginning of year	$934	$929	$860	$744	$750	$708
Actual return on plan assets	112	56	116	84	44	84
Employer contributions	14	13	22	10	10	17
Employer group waiver plan subsidies	90	66	56	82	60	52
Participant contributions	52	52	55	52	50	55
Benefits paid	(190)	(182)	(180)	(175)	(170)	(166)
FAIR VALUE OF PLAN ASSETS AT END OF YEAR	$1,012	$934	$929	$797	$744	$750
FUNDED STATUS	$99	$36	$(34)	$1	$(31)	$(75)
Unrecognized net gain	($133)	$(119)	$(90)	($59)	$(57)	$(41)
Unrecognized prior service costs	(8)	(9)	(10)	—	—	—

Schedule of Actuarial Assumptions

The actuarial assumptions were as follows:


	2025		2024		2023
Weighted-average assumptions used to determine benefit obligations at December 31:
Discount rate	5.50	%	5.70	%	5.15	%
Interest crediting rate for cash balance plan	4.50	%	4.30	%	4.20	%
Rate of compensation increase
CECONY	4.25	%	3.80	%	3.80	%
O&R	3.45	%	3.20	%	3.20	%
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31:
Discount rate	5.70	%	5.15	%	5.45	%
Interest crediting rate for cash balance plan	4.30	%	4.20	%	4.00	%
Expected return on plan assets	6.75	%	6.75	%	6.75	%
Rate of compensation increase
CECONY	4.25	%	3.80	%	3.80	%
O&R	3.45	%	3.20	%	3.20	%

The actuarial assumptions were as follows:


	2025		2024		2023
Weighted-average assumptions used to determine benefit obligations at December 31:
Discount Rate
CECONY	5.30	%	5.55	%	5.05	%
O&R	5.45	%	5.65	%	5.15	%
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31:
Discount Rate
CECONY	5.55	%	5.05	%	5.35	%
O&R	5.65	%	5.15	%	5.45	%
Expected Return on Plan Assets	6.45	%	6.45	%	6.80	%

Schedule of Health Care Cost Trend Rates

The health care cost trend rates for covered medical and prescription medication expenses used to determine the accumulated other postretirement benefit obligations (APBO) at December 31, 2025 were assumed to increase each year, with the initial rate gradually decreasing to the ultimate rate as follows:


	Initial Cost Trend Rate	Ultimate Cost Trend Rate	Year That Ultimate Rate is Reached
Pre-65 Medical	7.50%	4.50%	2038
Post-65 Medical	4.50%	4.50%	—
Prescription Medications	8.00%	4.50%	2040

Schedule of Expected Benefit Payments

Based on current assumptions, the Companies expect to make the following benefit payments over the next ten years:


(Millions of Dollars)	Con Edison	CECONY
2026	$811	$747
2027	826	765
2028	826	765
2029	838	779
2030	840	781
2031-2035	$4,262	$3,985

Based on current assumptions, the Companies expect to make the following benefit payments over the next ten years, net of receipt of governmental subsidies and participant contributions:


(Millions of Dollars)	Con Edison	CECONY
2026	$66	$58
2027	68	60
2028	69	61
2029	70	62
2030	71	63
2031-2035	$350	$311

Schedule of Plan Assets Allocations

The asset allocations for the pension plan at the end of 2025, 2024 and 2023, and the target allocation for 2026 are as follows:


	Target Allocation Range	Plan Assets at December 31,
Asset Category	2026	2025		2024		2023
Equity Securities	20% - 24%	24	%	27	%	26	%
Debt Securities	55% - 65%	57	%	51	%	50	%
Real Estate and Other Alternatives	14% - 22%	19	%	22	%	24	%
Total		100	%	100	%	100	%

The asset allocations for CECONY’s other postretirement benefit plans at the end of 2025, 2024 and 2023, and the target allocation for 2026 are as follows:


	Target Allocation Range	Plan Assets at December 31,
Asset Category	2026	2025		2024		2023
Equity Securities	35%-55%	41	%	41	%	44	%
Debt Securities	40%-60%	52	%	51	%	51	%
Real Estate and Other Alternatives	0%-9%	7	%	8	%	5	%
Total		100	%	100	%	100	%

Schedule of Fair Value of Plan Assets

The fair values of the pension plan assets at December 31, 2025 by asset category are as follows:


(Millions of Dollars)	Level 1	Level 2	Total
Investments within the fair value hierarchy
U.S. Equity (a)	$2,311	$—	$2,311
International Equity (b)	1,498	—	1,498
U.S. Government Issued Debt (c)	—	921	921
Corporate Bonds Debt (d)	—	6,430	6,430
Structured Assets Debt (e)	—	159	159
Other Fixed Income Debt (f)	—	904	904
Commingled Trust Fund (g)	—	517	517
Cash and Cash Equivalents (h)	32	280	312
Futures (i)	(1)	—	(1)
Total investments within the fair value hierarchy	$3,840	$9,211	$13,051
Investments measured at NAV per share (j)
Private Equity (k)			933
Real Estate (l)			1,437
Hedge Funds (m)			749
Total investments valued using NAV per share			$3,119
Funds for retiree health benefits (n)	(45)	(109)	(154)
Funds for retiree health benefits measured at NAV per share (n)(j)			(37)
Total funds for retiree health benefits			$(191)
Investments (excluding funds for retiree health benefits)	$3,795	$9,102	$15,979
Pending activities (o)			73
Total fair value of plan net assets			$16,052

(a)U.S. Equity is comprised of both actively- and passively-managed investments in domestic equity index funds and actively-managed global equity funds.

(b)International Equity is comprised of investments in international equity index funds and actively-managed global equity funds.

(c)U.S. Government Issued Debt is comprised of agency and treasury securities.

(d)Corporate Bonds Debt is comprised of debt issued by various corporations.

(e)Structured Assets Debt is comprised of commercial-mortgage-backed securities and collateralized mortgage obligations.

(f)Other Fixed Income Debt is comprised of municipal bonds, sovereign debt and regional governments.

(g)Commingled Trust Fund is comprised of an actively managed commingled trust fund benchmarked to the Bloomberg Aggregate Bond Index.

(h)Cash and Cash Equivalents are comprised of short term investments, money markets, foreign currency and cash collateral.

(i)Futures are comprised of exchange-traded financial contracts encompassing U.S. Equity, International Equity and U.S. Government indices.

(j)In accordance with ASU 2015-07, Fair Value Measurements (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or its equivalent), certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.

(k)Private Equity is comprised of global private market investments. Private equity's investment objective is to generate returns on capital from a diversified portfolio of primary fund investments, secondaries and co-investments. The plan's unfunded commitments to private equity were approximately $147 million at December 31, 2025. However, the managers also expect to make significant cash flow distributions in 2026 and 2027. While the investments in this asset class cannot be redeemed, the plan would be able to receive distributions from selling its limited partnership interests in the secondary market, which would be expected to take three to six months.

(l)Real Estate investments are open-end real estate funds that invest in a portfolio of real properties that are broadly diversified by geography and property type. The real estate asset class is expected to produce returns from income and capital appreciation. Real estate also provides a hedge against inflation. The funds allow for quarterly redemptions, however the amount and timing of distributions are subject to market conditions and are currently uncertain.

(m)Hedge Funds are structured as a custom fund of one and can invest in external hedge fund managers that pursue a wide array of strategies including event driven, fundamental long/short, relative value, directional trading, and direct sourcing. These investments seek to generate positive absolute returns with lower volatility than other investments. The various hedge fund managers can invest in all financial instruments. Substantially all of the investment could be liquidated within 18 months.

(n)The Companies set aside funds for retiree health benefits through a separate account within the pension trust, as permitted under Section 401(h) of the Internal Revenue Code of 1986, as amended. In accordance with the Code, the plan’s investments in the 401(h) account may not be used for, or diverted to, any purpose other than providing health benefits for retirees. The net assets held in the 401(h) account are calculated based on a pro-rata percentage allocation of the net assets in the pension plan. The related obligations for health benefits are not included in the pension plan’s obligations and are included in the Companies’ other postretirement benefit obligation. See Note F.

(o)Pending activities include security purchases and sales that have not settled, interest and dividends that have not been received and reflects adjustments for available estimates at year end.

The fair values of the pension plan assets at December 31, 2024 by asset category are as follows:


(Millions of Dollars)	Level 1	Level 2	Total
Investments within the fair value hierarchy
U.S. Equity (a)	$2,752	$—	$2,752
International Equity (b)	1,508	—	1,508
U.S. Government Issued Debt (c)	—	619	619
Corporate Bonds Debt (d)	—	5,429	5,429
Structured Assets Debt (e)	—	159	159
Other Fixed Income Debt (f)	—	783	783
Commingled Trust Fund (g)	—	478	478
Cash and Cash Equivalents (h)	51	292	343
Futures (i)	(4)	—	(4)
Total investments within the fair value hierarchy	$4,307	$7,760	$12,067
Investments measured at NAV per share (j)
Private Equity (k)			975
Real Estate (l)			1,609
Hedge Funds (m)			788
Total investments valued using NAV per share			$3,372
Funds for retiree health benefits (n)	(50)	(90)	(140)
Funds for retiree health benefits measured at NAV per share (n)(j)			(39)
Total funds for retiree health benefits			$(179)
Investments (excluding funds for retiree health benefits)	$4,257	$7,670	$15,260
Pending activities (o)			18
Total fair value of plan net assets			$15,278

(a) - (o) Reference is made to footnotes (a) through (o) in the above table of pension plan assets at December 31, 2025 by asset category.

The fair values of the plans' assets at December 31, 2025 by asset category as defined by the accounting rules for fair value measurements (see Note R) are as follows:


(Millions of Dollars)	Level 1	Level 2	Total
Equity (a)	$—	$330	$330
Other Fixed Income Debt (b)	—	359	359
Cash and Cash Equivalents (c)	7	19	26
Commingled Trust Fund (d)	—	46	46
Real Estate (e)(f)			39
Total investments	$7	$754	$800
Funds for retiree health benefits (g)	45	109	154
Investments (including funds for retiree health benefits)	$52	$863	$954
Funds for retiree health benefits measured at net asset value (f)(g)			37
Pending activities (h)			21
Total fair value of plan net assets			$1,012

(a)Equity is comprised of a passively managed commingled index fund benchmarked to the MSCI All Country World Index.

(b)Other Fixed Income Debt is comprised of a passively managed commingled index fund benchmarked to the Bloomberg Barclays U.S. Long Credit Index and an active separately managed portfolio indexed to the Bloomberg Barclays U.S. Long Credit Index.

(c)Cash and Cash Equivalents is comprised of short-term investments and money markets.

(d)Commingled Trust Fund is comprised of an actively managed commingled trust fund benchmarked to the Bloomberg Aggregate Bond Index.

(e)Real Estate investments are open-end real estate funds that invest in a portfolio of real properties that are broadly diversified by geography and property type. The real estate asset class is expected to produce returns from income and capital appreciation. Real estate also provides a hedge against inflation. The funds allow for quarterly redemptions, however the amount and timing of distributions are subject to market conditions and are currently uncertain.

(f)In accordance with ASU 2015-07, Fair Value Measurements (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or its equivalent), certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.

(g)The Companies set aside funds for retiree health benefits through a separate account within the pension trust, as permitted under Section 401(h) of the Internal Revenue Code of 1986, as amended. In accordance with the Code, the plan’s investments in the 401(h) account may not be used for, or diverted to, any purpose other than providing health benefits for retirees. The net assets held in the 401(h) account are calculated based on a pro-rata percentage allocation of the net assets in the pension plan. The related obligations for health benefits are not included in the pension plan’s obligations and are included in the Companies’ other postretirement benefit obligation. See Note E.

(h)Pending activities include security purchases and sales that have not settled, interest and dividends that have not been received, and reflects adjustments for available estimates at year-end.

The fair values of the plans' assets at December 31, 2024 by asset category (see Note R) are as follows:


(Millions of Dollars)	Level 1	Level 2	Total
Equity (a)	$—	$302	$302
Other Fixed Income Debt (b)	—	323	323
Cash and Cash Equivalents (c)	7	27	34
Commingled Trust Fund (d)	—	38	38
Real Estate (e)(f)			39
Total investments	$7	$690	$736
Funds for retiree health benefits (g)	50	90	140
Investments (including funds for retiree health benefits)	$57	$780	$876
Funds for retiree health benefits measured at net asset value (f)(g)			39
Pending activities (h)			19
Total fair value of plan net assets			$934

(a) - (h) Reference is made to footnotes (a) through (h) in the above table of other postretirement benefit plan assets at December 31, 2025 by asset category.

The fair values of CECONY's portion of the plans' assets at December 31, 2025 by asset category as defined by the accounting rules for fair value measurements (see Note R) are as follows:


(Millions of Dollars)	Level 1	Level 2	Total
Equity (a)	$—	$222	$222
Other Fixed Income Debt (b)	—	256	256
Cash and Cash Equivalents (c)	7	18	25
Commingled Trust Fund (d)	—	46	46
Real Estate (e)(f)			$39
Total investments	$7	$542	$588
Funds for retiree health benefits (g)	45	109	$154
Investments (including funds for retiree health benefits)	$52	$651	$742
Funds for retiree health benefits measured at net asset value (f)(g)			37
Pending activities (h)			18
Total fair value of plan net assets			$797

(a) - (h) Reference is made to footnotes (a) through (h) in the above table of other postretirement benefit plan assets at December 31, 2025 by asset category.

The fair values of CECONY's portion of the plans' assets at December 31, 2024 by asset category (see Note R) are as follows:


(Millions of Dollars)	Level 1	Level 2	Total
Equity (a)	$—	$205	$205
Other Fixed Income Debt (b)	—	233	233
Cash and Cash Equivalents (c)	7	26	33
Commingled Trust Fund (d)	—	38	38
Real Estate (e)(f)			$39
Total investments	$7	$502	$548
Funds for retiree health benefits (g)	50	90	$140
Investments (including funds for retiree health benefits)	$57	$592	$688
Funds for retiree health benefits measured at net asset value (f)(g)			39
Pending activities (h)			17
Total fair value of plan net assets			$744

(a) - (h) Reference is made to footnotes (a) through (h) in the above table of other postretirement benefit plan assets at December 31, 2024 by asset category.

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

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, that 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, that 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.

Assets and liabilities measured at fair value on a recurring basis for the years ended December 31, 2025 and 2024 are summarized below.


	2025					2024
(Millions of Dollars)	Level 1	Level 2	Level 3	Netting Adjustment (d)	Total	Level 1	Level 2	Level 3	Netting Adjustment (d)	Total
Con Edison
Derivative assets:
Commodity (a)(b)(c)	$19	$292	$5	$(104)	$212	$9	$81	$1	$(49)	$42


Mutual Funds (a)(b)	606	—	—	—	606	570	—	—	—	570
Cash Value of Life Insurance Policies (a)(b)	—	138	—	—	138	—	129	—	—	129
Total assets	$625	$430	$5	$(104)	$956	$579	$210	$1	$(49)	$741
Derivative liabilities:
Commodity (a)(b)(c)	$6	$70	$10	$(32)	$54	$5	$175	$16	$(48)	$148

CECONY
Derivative assets:
Commodity (a)(b)(c)	$19	$270	$2	$(100)	$191	$9	$74	$1	$(48)	$36
Mutual Funds (a)(b)	591	—	—	—	591	553	—	—	—	553
Cash Value of Life Insurance Policies (a)(b)	—	131	—	—	131	—	123	—	—	123
Total assets	$610	$401	$2	$(100)	$913	$562	$197	$1	$(48)	$712
Derivative liabilities:
Commodity (a)(b)(c)	$6	$68	$5	$(32)	$47	$4	$164	$7	$(47)	$128

The employees in the Companies’ risk management group 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 monthly to the Companies’ risk committees, comprised of officers and employees of the Companies that oversee energy hedging at the Utilities. The risk management group reports to the Companies’ Vice President and Treasurer.

Fair Value of Level 3 at December 31, 2025

Average
Market Price

(Millions of Dollars)

Valuation Techniques

Unobservable Inputs

Range

Con Edison — Commodity

Electricity

$(5)

Discounted Cash Flow

Forward capacity prices ($/kW-month) (a)

$1.36 - $13.76 per kW

$4.33

Transmission Congestion Contracts

Immaterial

Discounted Cash Flow

Inter-zonal forward price curves adjusted for historical zonal losses ($/MWh) (b)

$(2.04) -$3.03 per MWh

$1.15

Total Con Edison—Commodity

$(5)

CECONY — Commodity

Electricity

$(3)

Discounted Cash Flow

Forward capacity prices ($/kW-month) (a)

$1.36 - $13.76 per kW

$4.72

Transmission Congestion Contracts

Immaterial

Discounted Cash Flow

Inter-zonal forward price curves adjusted for historical zonal losses ($/MWh) (b)

$(2.04) -$3.03 per MWh

$1.15

Total CECONY—Commodity

$(3)

(a)Generally, increases/(decreases) in this input in isolation would result in a higher (lower) fair value measurement.

(b)Generally, increases/(decreases) in this input in isolation would result in a lower (higher) fair value measurement.


	Con Edison		CECONY
(Millions of Dollars)	2025	2024	2025	2024
Beginning balance as of January 1,	$(15)	$(8)	$(6)	$(5)
Included in earnings	(3)	(9)	—	(4)
Included in regulatory assets and liabilities	10	(7)	3	—


Settlements	3	10	—	4
Transfer out of level 3	—	(1)	—	(1)
Ending balance as of December 31	$(5)	$(15)	$(3)	$(6)

Realized gains and losses on the Utilities' 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 regulators. See Note A. Unrealized gains and losses for commodity derivatives are generally deferred on the Companies' consolidated balance sheets in accordance with the accounting rules for regulated operations.

For the Clean Energy Businesses, realized and unrealized gains and losses on Level 3 commodity derivative assets and liabilities were reported in non-utility revenues ($17 million loss) on the consolidated income statement for the year ended December 31, 2023. On March 1, 2023, Con Edison completed the sale of all of the stock of the Clean Energy Businesses and amounts for 2023 are shown through the date of sale. See Note W and Note X.

Financial Information by Business Segment (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Financial Data for Business Segments

The financial data for the business segments are as follows:


As of and for the Year Ended December 31, 2025 (Millions of Dollars)	Operating revenues	Inter- segment revenues	Other operations and maintenance(c)	Depreciation and amortization	Other operating expense (c)	Operating income	Other Income (deductions)	Interest Expense	Allowance for borrowed funds used during construction	Income Tax Expense	Total assets	Capital expenditures
CECONY
Electric	$11,670	$20	$2,614	$1,597	$5,403	$2,056	$612	$856	($38)	$404	$48,463	$3,201
Gas	3,278	9	556	482	1,489	751	137	301	(17)	144	18,100	1,151
Steam	703	77	224	114	360	5	48	58	(1)	(4)	2,753	113
Consolidation adjustments	—	(106)	—	—	—	—	—	—	—	—	—	—
Total CECONY	$15,651	$—	$3,394	$2,193	$7,252	$2,812	$797	$1,215	($56)	$544	$69,316	$4,465
O&R
Electric	$934	$—	$297	$87	$441	$109	$35	$47	($5)	$23	$2,966	$337
Gas	331	—	83	40	163	45	12	24	(1)	4	1,454	144
Total O&R	$1,265	$—	$380	$127	$604	$154	$47	$71	($6)	$27	$4,420	$481
Con Edison Transmission	$4	$—	$29	$1	$—	($26)	$46	$—	$—	$9	$488	$50
Other (b)	(2)	—	1	—	2	(5)	5	9	—	(6)	379	—
Total Con Edison	$16,918	$—	$3,804	$2,321	$7,858	$2,935	$895	$1,295	($62)	$574	$74,603	$4,996


As of and for the Year Ended December 31, 2024 (Millions of Dollars)	Operating revenues	Inter- segment revenues	Other operations and maintenance (c)	Depreciation and amortization	Other operating expense (c)	Operating income	Other Income (deductions)	Interest Expense	Allowance for borrowed funds used during construction	Income Tax Expense	Total assets	Capital expenditures
CECONY
Electric	$10,717	$20	$2,622	$1,471	$4,792	$1,832	$441	$826	($41)	$193	$46,275	$3,088
Gas	2,834	9	528	458	1,100	748	102	287	(16)	132	16,507	1,154
Steam	578	75	203	108	254	13	35	54	(1)	(11)	2,868	132
Consolidation adjustments	—	(104)	—	—	—	—	—	—	—	—	—	—
Total CECONY	$14,129	$—	$3,353	$2,037	$6,146	$2,593	$578	$1,167	($58)	$314	$65,650	$4,374
O&R
Electric	$852	$—	$307	$82	$351	$112	$25	$43	($5)	$24	$2,596	$214
Gas	273	—	80	35	109	49	7	22	—	5	1,464	111
Total O&R	$1,125	$—	$387	$117	$460	$161	$32	$65	($5)	$29	$4,060	$325
Con Edison Transmission	$4	$—	$11	$1	$—	$(8)	$61	$—	$—	$8	$470	$29
Other (b)	(2)	—	—	—	74	(76)	(16)	18	—	(33)	382	—
Total Con Edison	$15,256	$—	$3,751	$2,155	$6,680	$2,670	$655	$1,250	($63)	$318	$70,562	$4,728


As of and for the Year Ended December 31, 2023 (Millions of Dollars)	Operating revenues	Inter- segment revenues	Other operations and maintenance (c)	Depreciation and amortization	Other operating expense (c)	Operating income	Other Income (deductions)	Interest Expense	Allowance for borrowed funds used during construction	Income Tax Expense	Total assets	Capital expenditures
CECONY
Electric	$10,078	$18	$2,417	$1,395	$4,698	$1,568	$564	$708	($34)	$217	$42,226	$2,909
Gas	2,829	8	528	429	1,190	682	122	240	(13)	159	16,343	1,046
Steam	569	74	231	100	311	(73)	46	46	(2)	(18)	3,031	128
Consolidation adjustments	—	(100)	—	—	—	—	—	—	—	—	—	—
Total CECONY	$13,476	$—	$3,176	$1,924	$6,199	$2,177	$732	$994	($49)	$358	$61,600	$4,083
O&R
Electric	$759	$—	$292	$76	$306	$85	$37	$35	($3)	$20	$2,329	$211
Gas	297	—	83	30	143	41	12	19	—	8	1,346	85

Total O&R	$1,056	$—	$375	$106	$449	$126	$49	$54	($3)	$28	$3,675	$296
Clean Energy Businesses (a)	$129	$—	$47	$—	$45	$37	$1	$16	$—	$3	$—	$81
Con Edison Transmission	4	—	11	1	1	(9)	62	2	—	14	414	49
Other (b)	(2)	—	(3)	—	(864)	865	(14)	9	—	84	642	—
Total Con Edison	$14,663	$—	$3,606	$2,031	$5,830	$3,196	$830	$1,075	($52)	$487	$66,331	$4,509

(a)The Clean Energy Businesses were classified as held for sale as of December 31, 2022. On March 1, 2023, Con Edison completed the sale of all of the stock of the Clean Energy Businesses. As a result of this sale, the Clean Energy Businesses are no longer a principal segment. See Note W and Note X.

(b)Other includes the parent company, Con Edison’s tax equity interests, consolidation adjustments and Broken Bow II, the deferred project that was classified as held for sale at December 31, 2024, with the sale and transfer completed in January 2025.

(c)Other operations and maintenance expenses constitute significant segment expenses which are regularly provided to the CODMs. Other operating expense includes other segment items (purchased power, fuel, gas purchased for resale, taxes other than income taxes) and, for 2023, the preliminary gain on the sale of the Clean Energy Businesses. See Note W.

Leases - Schedule of Operating Lease Cost and Cash Paid for Amounts (Details)	Dec. 31, 2025	Dec. 31, 2024
Lessee, Lease, Description [Line Items]
Weighted Average Remaining Lease Term, Operating leases (in years)	10 years 6 months	10 years 9 months 18 days
Weighted Average Remaining Lease Term, Finance leases (in years)	5 years 8 months 12 days	6 years
Weighted Average Discount Rate, Operating leases (percent)	4.00%	3.80%
Weighted Average Discount Rate, Finance leases (percent)	1.90%	2.00%
Broken Bow II
Lessee, Lease, Description [Line Items]
Weighted Average Remaining Lease Term, Operating leases (in years)		10 years 9 months 18 days
Weighted Average Discount Rate, Operating leases (percent)		3.80%
CECONY
Lessee, Lease, Description [Line Items]
Weighted Average Remaining Lease Term, Operating leases (in years)	10 years 6 months	10 years 7 months 6 days
Weighted Average Remaining Lease Term, Finance leases (in years)	4 years	5 years
Weighted Average Discount Rate, Operating leases (percent)	4.00%	3.80%
Weighted Average Discount Rate, Finance leases (percent)	1.50%	1.60%

Stock-Based Compensation - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum employer contribution match (up to)	$ 1
Amount employee contribution for employer match	9
Maximum employee investment per year (up to)	$ 25,000
Maximum percentage allowed to invest (not more than) (in percent)	20.00%
Performance RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock received upon vesting (in shares)	1
Compensation expense to be recognized	$ 29,000,000
Nonvested awards, compensation cost not yet recognized, period for recognition (years)	1 year
Payment for settlement of vested units	$ 22,000,000	$ 30,000,000	$ 21,000,000
Performance RSUs \| CECONY
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense to be recognized	$ 26,000,000
Nonvested awards, compensation cost not yet recognized, period for recognition (years)	1 year
Payment for settlement of vested units	$ 20,000,000	27,000,000	19,000,000
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	3 years
Time-based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense to be recognized	$ 22,000,000
Nonvested awards, compensation cost not yet recognized, period for recognition (years)	1 year
Payment for settlement of vested units	$ 3,000,000	2,000,000	2,000,000
Weighted average grant date price per share (in dollars per share)	$ 98.27
Time-based Awards \| CECONY
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense to be recognized	$ 20,000,000
Nonvested awards, compensation cost not yet recognized, period for recognition (years)	1 year
Payment for settlement of vested units	$ 3,000,000	$ 2,000,000	$ 2,000,000
Weighted average grant date price per share (in dollars per share)	$ 99.80
2013 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock that can be awarded under the plan (in shares)	10,000,000
TSR Portion \| Performance RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Adjustment percentage used for Performance awards (in percent)	50.00%
Factor used for adjustment of Performance awards, low end (percent)	0.00%
Factor used for adjustment of Performance awards, high end (in percent)	200.00%
Weighted average grant date price per share (in dollars per share)	$ 107.68
TSR Portion \| Performance RSUs \| CECONY
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date price per share (in dollars per share)	$ 108.99
Non-TSR Portion \| Performance RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Adjustment percentage used for Performance awards (in percent)	50.00%
Factor used for adjustment of Performance awards, low end (percent)	0.00%
Factor used for adjustment of Performance awards, high end (in percent)	200.00%
Weighted average grant date price per share (in dollars per share)	$ 99.30
Non-TSR Portion \| Performance RSUs \| CECONY
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date price per share (in dollars per share)	$ 100.04
LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units issued (in shares)	26,656
Weighted average grant date price per share (in dollars per share)	$ 103.26
Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares purchased on the open market (in shares)	757,757	774,338	751,702
Weighted average share price per share, on shares purchased on open market (in dollars per share)	$ 100.46	$ 94.71	$ 91.80

Schedule I - Condensed Financial Information - Cash Flows (Details) - USD ($) $ in Millions	1 Months Ended		12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Condensed Cash Flow Statements, Captions [Line Items]
NET CASH FLOWS FROM OPERATING ACTIVITIES			$ 4,800	$ 3,614	$ 2,156
INVESTING ACTIVITIES
Proceeds from sale and net of cash and cash equivalents sold			45	0	3,927
NET CASH FLOWS USED IN INVESTING ACTIVITIES			(5,249)	(5,273)	(1,003)
FINANCING ACTIVITIES
Borrowing under term loan			200	500	200
Retirement of long-term debt			0	(477)	(710)
Common stock dividends			(1,166)	(1,100)	(1,096)
Issuance of common shares for stock plans, net of repurchases			64	60	56
Issuance of common shares - public offering	$ 631	$ 677
Repurchase of common shares			0	0	1,000
NET CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES			746	1,797	(1,488)
NET CHANGE FOR THE PERIOD			297	138	(335)
BALANCE AT BEGINNING OF PERIOD			1,333	1,195	1,530
BALANCE AT BEGINNING OF PERIOD		1,333	1,630	1,333	1,195
Parent Company
Condensed Cash Flow Statements, Captions [Line Items]
NET CASH FLOWS FROM OPERATING ACTIVITIES			1,192	1,204	772
INVESTING ACTIVITIES
Contributions to subsidiaries			(1,410)	(175)	(1,854)
NET CASH FLOWS USED IN INVESTING ACTIVITIES			(1,365)	(175)	2,073
FINANCING ACTIVITIES
Net issuance (payment) of short-term debt			(33)	9	57
Borrowing under term loan			0	0	200
Repayment under term loan			0	0	(600)
Retirement of long-term debt			0	0	(650)
Common stock dividends			(1,166)	(1,100)	(1,096)
Issuance of common shares for stock plans, net of repurchases			64	60	56
Issuance of common shares - public offering			1,308	0	0
Repurchase of common shares			0	0	1,000
NET CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES			173	(1,031)	(3,033)
NET CHANGE FOR THE PERIOD			0	(2)	(188)
BALANCE AT BEGINNING OF PERIOD			1	3	191
BALANCE AT BEGINNING OF PERIOD		$ 1	1	1	3
Dividends received			1,209	1,145	1,122
Parent Company \| Broken Bow II
INVESTING ACTIVITIES
Proceeds from sale and net of cash and cash equivalents sold			45		0
Parent Company \| Clean Energy Businesses
INVESTING ACTIVITIES
Proceeds from sale and net of cash and cash equivalents sold			$ 0	$ 0	$ 3,927

Consolidated Statement of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
OPERATING ACTIVITIES
Net income	$ 2,023	$ 1,820	$ 2,516
PRINCIPAL NON-CASH CHARGES (CREDITS) TO INCOME
Depreciation and amortization	2,321	2,155	2,031
Deferred income taxes	590	416	132
Rate case amortization and accruals	258	201	92
Net derivatives losses	0	0	12
Pre-tax loss (gain) on sale of the Clean Energy Businesses	0	62	(865)
Other non-cash items, net	(55)	(85)	(93)
CHANGES IN ASSETS AND LIABILITIES
Accounts receivable – customers, net	(30)	(263)	(275)
Unbilled revenue and net unbilled revenue deferrals	15	75	(48)
Other receivables, net and other current assets	(33)	71	140
Taxes receivable	134	(144)	3
Prepayments	64	25	(200)
Accounts payable	161	(1)	(285)
Pensions and retiree benefits obligations, net	(582)	(284)	(179)
Pensions and retiree benefits contributions	(61)	(26)	(33)
Accrued taxes	33	(5)	(13)
Accrued interest	24	28	(7)
Superfund and other environmental costs, net	(22)	(43)	(12)
Distributions from equity investments	70	35	31
Deferred charges, noncurrent assets, leases, net and other regulatory assets	(721)	(797)	(1,200)
Deferred credits, noncurrent liabilities and other regulatory liabilities	448	475	196
Other current liabilities	163	(101)	213
NET CASH FLOWS FROM OPERATING ACTIVITIES	4,800	3,614	2,156
INVESTING ACTIVITIES
Utility capital expenditures	(4,764)	(4,770)	(4,353)
Cost of removal less salvage	(481)	(474)	(387)
Non-utility capital expenditures	0	(1)	(141)
Proceeds from sale of Broken Bow II, net of cash and cash equivalents sold	45	0	3,927
Other investing activities	(49)	(28)	(49)
NET CASH FLOWS USED IN INVESTING ACTIVITIES	(5,249)	(5,273)	(1,003)
FINANCING ACTIVITIES
Net payment of short-term debt (Maturities 90 days or less)	(895)	(118)	(202)
Short-term borrowings	300	0	0
Borrowing under term loan	200	500	200
Repayment of term loan	(200)	0	(750)
Issuance of long-term debt	1,150	2,975	2,050
Retirement of long-term debt	0	(477)	(710)
Debt issuance costs	(15)	(43)	(32)
Common stock dividends	(1,166)	(1,100)	(1,096)
Issuance of common shares - public offering	1,308	0	0
Issuance of common shares for stock plans	64	60	56
Repurchase of common shares	0	0	(1,000)
Distribution to noncontrolling interest	0	0	(4)
NET CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES	746	1,797	(1,488)
CASH, TEMPORARY CASH INVESTMENTS, AND RESTRICTED CASH:
NET CHANGE FOR THE PERIOD	297	138	(335)
BALANCE AT BEGINNING OF PERIOD	1,630	1,333	1,195
BALANCE AT END OF PERIOD	1,630	1,333	1,195
LESS: CASH AND RESTRICTED CASH BALANCES HELD FOR SALE	0	9	5
BALANCE AT END OF PERIOD EXCLUDING HELD FOR SALE	1,630	1,324	1,190
Cash paid (received) during the period for:
Interest, net of capitalized interest	1,147	1,072	987
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION
Capital expenditures in accounts payable	794	501	598
Issuance of common shares for dividend reinvestment	48	49	31
Equipment
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION
Equipment acquired but unpaid as of end of period	$ 0	$ 6	$ 11

Capitalization - Common Stock (Details) - USD ($) $ in Millions	1 Months Ended
	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2023
Schedule of Capitalization [Line Items]
Common stock, shares authorized (in shares)		500,000,000	500,000,000
Common stock, shares outstanding (in shares)		346,597,693	361,121,447
Treasury shares (in shares)		33,753,963	33,753,963
Stock repurchases (in shares)				10,543,263
Issuance of common shares - public offering (in shares)	6,300,000	7,000,000
Proceeds from issuance of common stock	$ 631	$ 677
CECONY
Schedule of Capitalization [Line Items]
Common stock, shares authorized (in shares)		340,000,000	340,000,000
Common stock, shares outstanding (in shares)		235,488,094	235,488,094
Treasury shares (in shares)		21,976,200	21,976,200

Related Party Transactions - Schedule of Costs of Administrative and Other Services Provided and Received (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Total operating revenues	$ 16,918	$ 15,256	$ 14,663
Cost of services received	13,987	12,524	12,332
CECONY
Related Party Transaction [Line Items]
Total operating revenues	15,651	14,129	13,476
Cost of services received	12,839	11,536	11,299
CECONY \| Related Party
Related Party Transaction [Line Items]
Total operating revenues	163	147	146
Cost of services received	$ 85	$ 82	$ 82

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Other Postretirement Benefits - Schedule of Plan Assets Allocations (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	$ 620	$ 583
CECONY
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	598	560
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	1,012	934	$ 929	$ 860
Other Postretirement Benefits \| Equity Securities \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	0	0
Other Postretirement Benefits \| Equity Securities \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	330	302
Other Postretirement Benefits \| Equity Securities \| Fair Value, Inputs, Level 1 and 2
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	330	302
Other Postretirement Benefits \| Real Estate and Other Alternatives \| Fair Value, Inputs, Level 1 and 2
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	$ 39	$ 39
Other Postretirement Benefits \| CECONY
Defined Benefit Plan Disclosure [Line Items]
Target Allocation Range (percent)
Plan Assets Percentage (percent)	100.00%	100.00%	100.00%
Total fair value of plan net assets	$ 797	$ 744	$ 750	$ 708
Other Postretirement Benefits \| CECONY \| Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Plan Assets Percentage (percent)	41.00%	41.00%	44.00%
Other Postretirement Benefits \| CECONY \| Equity Securities \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	$ 0	$ 0
Other Postretirement Benefits \| CECONY \| Equity Securities \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	222	205
Other Postretirement Benefits \| CECONY \| Equity Securities \| Fair Value, Inputs, Level 1 and 2
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	$ 222	$ 205
Other Postretirement Benefits \| CECONY \| Debt Securities
Defined Benefit Plan Disclosure [Line Items]
Plan Assets Percentage (percent)	52.00%	51.00%	51.00%
Other Postretirement Benefits \| CECONY \| Real Estate and Other Alternatives
Defined Benefit Plan Disclosure [Line Items]
Plan Assets Percentage (percent)	7.00%	8.00%	5.00%
Other Postretirement Benefits \| CECONY \| Real Estate and Other Alternatives \| Fair Value, Inputs, Level 1 and 2
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan net assets	$ 39	$ 39

Pension Benefits - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Pension liability	$ 398	$ 445
Current liabilities	6,614	6,433
Investments value	620	583
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Increase (decrease) in regulatory liabilities	195
Charge to OCI	17
Noncurrent liabilities	344	319	$ 337
Current liabilities	26
Investments value	16,052	15,278	15,404	$ 14,979
Accumulated benefit obligation	11,478	11,236	11,739
Estimated future employer contributions	8
Other Nonqualified Supplemental Defined Benefit Pension
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation	357	380
CECONY
Defined Benefit Plan Disclosure [Line Items]
Pension liability	403	459
Current liabilities	5,944	5,559
Investments value	598	560
CECONY \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Increase (decrease) in regulatory liabilities	180
Charge to OCI	15
Noncurrent liabilities	317	296	313
Current liabilities	23
Investments value	15,361	14,591	14,674	$ 14,248
Accumulated benefit obligation	10,778	10,554	$ 11,031
Estimated future employer contributions	4
CECONY \| Other Nonqualified Supplemental Defined Benefit Pension
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation	$ 331	$ 354

Current Expected Credit Losses - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Decrease in allowance for uncollectible accounts	$ 507	$ 113
Threshold period past due, trade accounts receivable, writeoff	90 days
Subsidiaries \| CECONY
Accounts, Notes, Loans and Financing Receivable [Line Items]
Decrease in allowance for uncollectible accounts	$ 500	$ 105

Goodwill	12 Months Ended
Goodwill	Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill The Companies test goodwill for impairment at least annually or whenever there is a triggering event. There is an option to first make a qualitative assessment of whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount before applying a quantitative goodwill impairment test. The quantitative goodwill impairment test compares the estimated fair value of a reporting unit with its carrying value, including goodwill. If the estimated fair value of a reporting unit exceeds its carrying value, goodwill of the reporting unit is considered not impaired. If the carrying value exceeds the estimated fair value of the reporting unit, an impairment loss shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. All of Con Edison's goodwill relates to the O&R merger. In 2025 and 2024, Con Edison completed qualitative and quantitative impairment tests, respectively, for its goodwill of $406 million related to the O&R merger and determined that the fair value of the reporting units significantly exceeded their carrying value, and accordingly the goodwill was not impaired. For the impairment test, $245 million and $161 million of goodwill were allocated to CECONY and O&R, respectively. Con Edison used a weighted combination of a discounted cash flow analysis and a market multiples analysis in its quantitative impairment test. No material impairments or triggering events were identified for Con Edison's goodwill for the years ending December 31, 2025, 2024 or 2023.

Revenue Recognition - Schedule of Change in Unbilled Contract and Unearned Revenues (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Unbilled contract revenue
Beginning balance	$ 4	$ 4	$ 80
Additions	0	0	2
Subtractions	0	0	78
Ending balance	4	4	4
Unearned revenue
Beginning balance	0	0	3
Additions	0	0	0
Subtractions	0	0	3
Ending balance	$ 0	0	0
Contracts with customer, revenue recognized, amount outstanding end of last period			3
Clean Energy Businesses
Unbilled contract revenue
Beginning balance		21
Ending balance			21
Unearned revenue
Beginning balance		$ 1
Ending balance			$ 1

Capitalization - Schedule of Carrying Amounts and Fair Values of Long-Term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Long-term debt, fair value	$ 25,551	$ 24,651
Unamortized debt expense	249	249
Carrying Amount
Debt Instrument [Line Items]
Long-term debt, fair value	25,801	24,651
Fair Value
Debt Instrument [Line Items]
Long-term debt, fair value	23,633	21,997
CECONY
Debt Instrument [Line Items]
Long-term debt, fair value	24,060	23,409
Unamortized debt discount	240	241
CECONY \| Carrying Amount
Debt Instrument [Line Items]
Long-term debt, fair value	24,310	23,409
CECONY \| Fair Value
Debt Instrument [Line Items]
Long-term debt, fair value	$ 22,291	20,915
Broken Bow II \| Carrying Amount
Debt Instrument [Line Items]
Long-term debt, fair value		$ 59

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

- Definition

Amount of unamortized debt discount (premium) and debt issuance costs.

+ References + Details

- Definition

The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Variable Interest Entities	12 Months Ended
Variable Interest Entities	Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]
Variable Interest Entities	Variable Interest Entities The accounting rules for consolidation address the consolidation of a variable interest entity (VIE) by a business enterprise that is the primary beneficiary. A VIE is an entity that does not have a sufficient equity investment at risk to permit it to finance its activities without additional subordinated financial support, or whose equity investors lack the characteristics of a controlling financial interest. The primary beneficiary is the business enterprise that has the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and either absorbs a significant amount of the VIE’s losses or has the right to receive benefits that could be significant to the VIE. The Companies enter into arrangements including leases, partnerships and electricity purchase agreements, with various entities. As a result of these arrangements, the Companies retain or may retain a variable interest in these entities. CECONY CECONY has an ongoing long-term electricity purchase agreement with Brooklyn Navy Yard Cogeneration Partners, LP, a potential VIE. In 2025, a request was made of this counterparty for information necessary to determine whether the entity was a VIE and whether CECONY is the primary beneficiary; however, the information was not made available. See Note I for information on this electricity purchase agreement; the payments for this contract constitute CECONY's maximum exposure to loss with respect to the potential VIE. Clean Energy Businesses Con Edison has determined that the use of Hypothetical Liquidation at Book Value (HLBV) accounting is reasonable and appropriate to attribute income and loss to the tax equity investors for various projects owned by the Clean Energy Businesses. See "Use of Hypothetical Liquidation at Book Value" in Note A. On March 1, 2023, Con Edison completed the sale of all of the stock of the Clean Energy Businesses. In connection with the sale, Con Edison retained a tax equity interest in two renewable electric projects located in Virginia (Virginia Tax Equity Interest), and in the Crane solar project. Con Edison sold its tax equity investment interest in the Crane solar project to another member in October 2025 after holding it for a five-year period and will continue to employ HLBV accounting for the Virginia Tax Equity Interest. See Note W. Retained Projects Con Edison retained the Virginia Tax Equity Interest that is accounted for as an equity method investment and represents the maximum exposure to loss for this investment. See Note A and Note W. The earnings of the projects are determined using the HLBV method of accounting and resulted in income of $2 million ($1.6 million, after tax), and losses of $3 million ($2.5 million, after tax) and $14 million ($10 million, after tax) for the years ended December 31, 2025, 2024 and 2023, respectively. Con Edison is not the primary beneficiary of the two Virginia renewable electric projects since the power to direct the activities that most significantly impact their economics is not held by Con Edison.

Regulatory Matters - Schedule of Regulatory Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Jan. 01, 2024	Jan. 01, 2022
Regulatory Assets [Line Items]
Regulatory assets - noncurrent	$ 5,599.0	$ 5,523.0
Regulatory assets – current	103.0	141.0
Total Regulatory Assets	5,702.0	5,664.0
Regulatory liabilities – noncurrent	5,374.0	5,444.0
Regulatory liabilities—current	249.0	102.0
Total Regulatory Liabilities	5,623.0	5,546.0
Allowance for cost of removal less salvage
Regulatory Assets [Line Items]
Regulatory liabilities – noncurrent	1,686.0	1,527.0
Future income tax
Regulatory Assets [Line Items]
Regulatory liabilities – noncurrent	1,120.0	1,224.0
Unrecognized Other Postretirement Benefit Cost
Regulatory Assets [Line Items]
Regulatory liabilities – noncurrent	873.0	1,054.0
Net unbilled revenue deferrals
Regulatory Assets [Line Items]
Regulatory liabilities – noncurrent	397.0	436.0
Pension and Other Postretirement Employee Benefit Deferrals
Regulatory Assets [Line Items]
Regulatory liabilities – noncurrent	356.0	368.0
Late Payment Charge Deferral
Regulatory Assets [Line Items]
Regulatory liabilities – noncurrent	192.0	231.0
Deferred derivative gains - long term
Regulatory Assets [Line Items]
Regulatory liabilities – noncurrent	119.0	8.0
System benefit charge carrying charge
Regulatory Assets [Line Items]
Regulatory liabilities – noncurrent	108.0	115.0
Storm reserve passback
Regulatory Assets [Line Items]
Regulatory liabilities – noncurrent	80.0	0.0
Settlement of prudence proceeding
Regulatory Assets [Line Items]
Regulatory liabilities – noncurrent	8.0	10.0
Other
Regulatory Assets [Line Items]
Regulatory liabilities – noncurrent	435.0	471.0
Deferred derivative gains
Regulatory Assets [Line Items]
Regulatory liabilities—current	165.0	25.0
Refundable energy costs current
Regulatory Assets [Line Items]
Regulatory liabilities—current	71.0	59.0
Revenue decoupling mechanism liabilities
Regulatory Assets [Line Items]
Regulatory liabilities—current	13.0	18.0
CECONY
Regulatory Assets [Line Items]
Regulatory assets - noncurrent	5,235.0	5,158.0
Regulatory assets – current	95.0	106.0
Regulatory liabilities – noncurrent	4,879.0	4,940.0
Regulatory liabilities—current	205.0	40.0
Subsidiaries \| CECONY
Regulatory Assets [Line Items]
Regulatory assets - noncurrent	5,235.0	5,158.0
Regulatory assets – current	95.0	106.0
Total Regulatory Assets	5,330.0	5,264.0
Regulatory liabilities – noncurrent	4,879.0	4,940.0
Regulatory liabilities—current	205.0	40.0
Total Regulatory Liabilities	5,084.0	4,980.0
Subsidiaries \| CECONY \| Allowance for cost of removal less salvage
Regulatory Assets [Line Items]
Regulatory liabilities – noncurrent	1,468.0	1,322.0
Subsidiaries \| CECONY \| Future income tax
Regulatory Assets [Line Items]
Regulatory liabilities – noncurrent	1,015.0	1,112.0
Subsidiaries \| CECONY \| Unrecognized Other Postretirement Benefit Cost
Regulatory Assets [Line Items]
Regulatory liabilities – noncurrent	806.0	984.0
Subsidiaries \| CECONY \| Net unbilled revenue deferrals
Regulatory Assets [Line Items]
Regulatory liabilities – noncurrent	397.0	436.0
Subsidiaries \| CECONY \| Pension and Other Postretirement Employee Benefit Deferrals
Regulatory Assets [Line Items]
Regulatory liabilities – noncurrent	313.0	304.0
Subsidiaries \| CECONY \| Late Payment Charge Deferral
Regulatory Assets [Line Items]
Regulatory liabilities – noncurrent	191.0	224.0
Subsidiaries \| CECONY \| Deferred derivative gains - long term
Regulatory Assets [Line Items]
Regulatory liabilities – noncurrent	109.0	6.0
Subsidiaries \| CECONY \| System benefit charge carrying charge
Regulatory Assets [Line Items]
Regulatory liabilities – noncurrent	100.0	110.0
Subsidiaries \| CECONY \| Storm reserve passback
Regulatory Assets [Line Items]
Regulatory liabilities – noncurrent	80.0	0.0
Subsidiaries \| CECONY \| Settlement of prudence proceeding
Regulatory Assets [Line Items]
Regulatory liabilities – noncurrent	8.0	10.0
Subsidiaries \| CECONY \| Other
Regulatory Assets [Line Items]
Regulatory liabilities – noncurrent	392.0	432.0
Subsidiaries \| CECONY \| Deferred derivative gains
Regulatory Assets [Line Items]
Regulatory liabilities—current	152.0	22.0
Subsidiaries \| CECONY \| Refundable energy costs current
Regulatory Assets [Line Items]
Regulatory liabilities—current	53.0	18.0
Subsidiaries \| CECONY \| Revenue decoupling mechanism liabilities
Regulatory Assets [Line Items]
Regulatory liabilities—current	0.0	0.0
System peak reduction and energy efficiency programs
Regulatory Assets [Line Items]
Regulatory assets - noncurrent	1,994.0	1,689.0
System peak reduction and energy efficiency programs \| Subsidiaries \| CECONY
Regulatory Assets [Line Items]
Regulatory assets - noncurrent	1,893.0	1,601.0
Environmental remediation costs
Regulatory Assets [Line Items]
Regulatory assets - noncurrent	1,079.0	1,038.0
Environmental remediation costs \| Subsidiaries \| CECONY
Regulatory Assets [Line Items]
Regulatory assets - noncurrent	987.0	952.0
COVID-19 pandemic deferrals
Regulatory Assets [Line Items]
Regulatory assets - noncurrent	1,089.0	1,073.0
COVID-19 pandemic deferrals \| Subsidiaries \| CECONY
Regulatory Assets [Line Items]
Regulatory assets - noncurrent	1,084.0	1,058.0
Revenue taxes
Regulatory Assets [Line Items]
Regulatory assets - noncurrent	638.0	540.0
Revenue taxes \| Subsidiaries \| CECONY
Regulatory Assets [Line Items]
Regulatory assets - noncurrent	611.0	517.0
Legacy Meters
Regulatory Assets [Line Items]
Regulatory assets - noncurrent	382.0	413.0
Legacy Meters \| Consolidated Edison Company of New York, Inc. And Orange And Rockland Utilities, Inc.
Regulatory Assets [Line Items]
Cost of the program, recovery period			15 years	12 years
Legacy Meters \| Subsidiaries \| CECONY
Regulatory Assets [Line Items]
Regulatory assets - noncurrent	370.0	398.0
Property tax reconciliation
Regulatory Assets [Line Items]
Regulatory assets - noncurrent	101.0	131.0
Property tax reconciliation \| Subsidiaries \| CECONY
Regulatory Assets [Line Items]
Regulatory assets - noncurrent	97.0	131.0
Deferred storm costs
Regulatory Assets [Line Items]
Regulatory assets - noncurrent	85.0	147.0
Deferred storm costs \| Subsidiaries \| CECONY
Regulatory Assets [Line Items]
Regulatory assets - noncurrent	1.0	53.0
Deferred derivative losses - long term
Regulatory Assets [Line Items]
Regulatory assets - noncurrent	18.0	106.0
Deferred derivative losses - long term \| Subsidiaries \| CECONY
Regulatory Assets [Line Items]
Regulatory assets - noncurrent	15.0	94.0
Unrecognized pension and other postretirement costs
Regulatory Assets [Line Items]
Regulatory assets - noncurrent	4.0	0.0
Unrecognized pension and other postretirement costs \| Subsidiaries \| CECONY
Regulatory Assets [Line Items]
Regulatory assets - noncurrent	0.0	0.0
MTA power reliability deferral
Regulatory Assets [Line Items]
Regulatory assets - noncurrent	0.0	31.0
MTA power reliability deferral \| Subsidiaries \| CECONY
Regulatory Assets [Line Items]
Regulatory assets - noncurrent	0.0	31.0
Pension and other postretirement benefits deferrals
Regulatory Assets [Line Items]
Regulatory assets - noncurrent	0.0	2.0
Pension and other postretirement benefits deferrals \| Subsidiaries \| CECONY
Regulatory Assets [Line Items]
Regulatory assets - noncurrent	0.0	2.0
Other
Regulatory Assets [Line Items]
Regulatory assets - noncurrent	209.0	353.0
Other \| Subsidiaries \| CECONY
Regulatory Assets [Line Items]
Regulatory assets - noncurrent	177.0	321.0
Deferred derivative losses - short term
Regulatory Assets [Line Items]
Regulatory assets – current	97.0	102.0
Deferred derivative losses - short term \| Subsidiaries \| CECONY
Regulatory Assets [Line Items]
Regulatory assets – current	90.0	92.0
Recoverable energy costs
Regulatory Assets [Line Items]
Regulatory assets – current	6.0	39.0
Recoverable energy costs \| Subsidiaries \| CECONY
Regulatory Assets [Line Items]
Regulatory assets – current	5.0	14.0
Arrears Relief Program Deferral \| CECONY
Regulatory Assets [Line Items]
Regulatory assets - noncurrent	262.9	323.7
Arrears Relief Program Deferral \| O&R
Regulatory Assets [Line Items]
Regulatory assets - noncurrent	$ 0.8	$ 1.4

Income Tax - Schedule of Income Tax Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
U.S. Federal Statutory Tax Rate	$ 545	$ 449	$ 631
State income taxes, net of federal income taxes	140	115	165
MTA Surcredit amortization, net of federal income taxes	(35)	(3)	0
Non-NY State Income taxes related to the Clean Energy Businesses, net of federal income taxes	0	0	(18)
R&D credit and ITC amortization	(10)	(19)	(20)
Production Tax Credit	0	(6)	(12)
Deferred unamortized ITC recognized on sale of subsidiary	0	0	(107)
Nontaxable or Nondeductible items	5	(2)	1
Changes in unrecognized tax benefits	0	(2)	1
Amortization of excess deferred federal income taxes	(50)	(203)	(172)
Allowance for uncollectible accounts, net of regulatory recovery	(43)	(25)	(14)
Cost of removal	35	24	37
Other	(13)	(10)	(5)
Total income tax expense	$ 574	$ 318	$ 487
Percent
U.S. Federal Statutory Tax Rate	21.00%	21.00%	21.00%
State income taxes, net of federal income taxes	5.40%	5.40%	5.50%
MTA Surcredit amortization, net of federal income taxes	(0.013)	(0.001)	0
Non-NY State Income taxes related to the Clean Energy Businesses, net of federal income taxes	0.00%	0.00%	(0.60%)
R&D credit and ITC amortization	(0.40%)	(0.90%)	(0.70%)
Production Tax Credit	0.00%	0.30%	0.40%
Deferred unamortized ITC recognized on sale of subsidiary	0	0	(0.035)
Nontaxable or Nondeductible items	0.20%	(0.10%)	0.00%
Changes in unrecognized tax benefits	0.00%	(0.10%)	0.00%
Amortization of excess deferred federal income taxes	(2.00%)	(9.50%)	(5.70%)
Allowance for uncollectible accounts, net of regulatory recovery	(1.70%)	(1.20%)	(0.50%)
Cost of removal	1.40%	1.10%	1.20%
Other	(0.50%)	(0.40%)	(0.10%)
Effective tax rate	22.10%	14.90%	16.20%
CECONY
Amount
Total income tax expense	$ 544	$ 314	$ 358
CECONY \| Subsidiaries
Amount
U.S. Federal Statutory Tax Rate	515	433	412
State income taxes, net of federal income taxes	127	107	113
MTA Surcredit amortization, net of federal income taxes	(33)	(2)	0
Tax Credits	(6)	(14)	(17)
Nontaxable or Nondeductible items	5	(1)	2
Changes in unrecognized tax benefits	0	(2)	(2)
Amortization of excess deferred federal income taxes	(43)	(196)	(166)
Allowance for uncollectible accounts, net of regulatory recovery	(43)	(24)	(14)
Cost of removal	32	20	33
Other	(10)	(7)	(3)
Total income tax expense	$ 544	$ 314	$ 358
Percent
U.S. Federal Statutory Tax Rate	21.00%	21.00%	21.00%
State income taxes, net of federal income taxes	5.20%	5.20%	5.80%
MTA Surcredit amortization, net of federal income taxes	(0.013)	(0.001)	0
Tax Credits	(0.20%)	(0.70%)	(0.80%)
Nontaxable or Nondeductible items	0.20%	(0.10%)	0.10%
Changes in unrecognized tax benefits	0.00%	(0.10%)	(0.10%)
Amortization of excess deferred federal income taxes	(1.70%)	(9.50%)	(8.40%)
Allowance for uncollectible accounts, net of regulatory recovery	(1.80%)	(1.20%)	(0.70%)
Cost of removal	1.30%	1.00%	1.70%
Other	(0.50%)	(0.30%)	(0.40%)
Effective tax rate	22.20%	15.20%	18.20%

Summary of Significant Accounting Policies and Other Matters - Schedule of Investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Jun. 30, 2024	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Supplemental retirement income plan assets	$ 620	$ 583
Deferred income plan assets	125	116
Other	1	3
INVESTMENTS	1,213	1,126
New York Transco, LLC
Schedule of Equity Method Investments [Line Items]
Undistributed earnings, basic	13	16
Income (loss) from equity method investments	29
Income (loss) from equity method Investments, after tax	21
CECONY
Schedule of Equity Method Investments [Line Items]
Supplemental retirement income plan assets	598	560
Deferred income plan assets	125	116
Other	2	8
INVESTMENTS	725	684
New York Transco, LLC \| Con Edison Transmission
Schedule of Equity Method Investments [Line Items]
Equity method investment	294	254
New York Transco, LLC \| Con Edison Transmission \| CECONY
Schedule of Equity Method Investments [Line Items]
Equity method investment	0	0
Mountain Valley Pipeline
Schedule of Equity Method Investments [Line Items]
Equity method investment	530	530
Undistributed earnings, basic	121	127
Mountain Valley Pipeline \| CET Gas
Schedule of Equity Method Investments [Line Items]
Equity method investment	168			$ 530
Aggregate project cost	8,100		$ 8,100
Income (loss) from equity method investments	30
Income (loss) from equity method Investments, after tax	21
Mountain Valley Pipeline \| Con Edison Transmission
Schedule of Equity Method Investments [Line Items]
Equity method investment	168	166
Mountain Valley Pipeline \| Con Edison Transmission \| CECONY
Schedule of Equity Method Investments [Line Items]
Equity method investment	0	0
Virginia Tax Equity Interest
Schedule of Equity Method Investments [Line Items]
Equity method investment	5	4
Virginia Tax Equity Interest \| CECONY
Schedule of Equity Method Investments [Line Items]
Equity method investment	$ 0	$ 0

Other Postretirement Benefits - Schedule of Actuarial Assumptions (Details) - Other Postretirement Benefits	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Expected return on plan assets (percent)	6.45%	6.45%	6.80%
CECONY
Defined Benefit Plan Disclosure [Line Items]
Discount rate, benefit obligations (percent)	5.30%	5.55%	5.05%
Discount rate, net periodic benefit cost (percent)	5.55%	5.05%	5.35%
O&R
Defined Benefit Plan Disclosure [Line Items]
Discount rate, benefit obligations (percent)	5.45%	5.65%	5.15%
Discount rate, net periodic benefit cost (percent)	5.65%	5.15%	5.45%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Environmental Matters - Schedule of Accrued Liability for Asbestos Suits and Workers' Compensation Proceedings (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Site Contingency [Line Items]
Regulatory assets	$ 5,702	$ 5,664
Regulatory liabilities	5,623	5,546
Asbestos Suits
Site Contingency [Line Items]
Accrued liability	11	8
Regulatory assets	11	8
Workers' Compensation
Site Contingency [Line Items]
Accrued liability	51	53
Regulatory liabilities	$ 21	$ 20
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities:	Accrued Liabilities:
CECONY \| Asbestos Suits
Site Contingency [Line Items]
Accrued liability	$ 10	$ 7
Regulatory assets	10	7
CECONY \| Workers' Compensation
Site Contingency [Line Items]
Accrued liability	49	51
Regulatory liabilities	$ 21	$ 20
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities:	Accrued Liabilities:

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Pension Benefits - Schedule of Expected Benefit Payments (Details) - Pension Benefits $ in Millions	Dec. 31, 2025 USD ($)
Defined Benefit Plan Disclosure [Line Items]
2026	$ 811
2027	826
2028	826
2029	838
2030	840
2031-2035	4,262
CECONY
Defined Benefit Plan Disclosure [Line Items]
2026	747
2027	765
2028	765
2029	779
2030	781
2031-2035	$ 3,985

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Fair Value Measurements - Schedule of Commodity Derivatives (Details) - Level 3 $ in Millions	Dec. 31, 2025 USD ($) $ / kW-month $ / MWh
Electricity \| Forward Capacity Prices \| Discounted Cash Flow
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Fair Value of commodity derivatives \| $	$ (5)
Electricity \| Forward Capacity Prices \| CECONY \| Subsidiaries \| Discounted Cash Flow
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Fair Value of commodity derivatives \| $	$ (3)
Electricity \| Forward Capacity Prices \| Minimum \| Discounted Cash Flow
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Unobservable Inputs Range (dollar per unit) \| $ / kW-month	1.36
Electricity \| Forward Capacity Prices \| Minimum \| CECONY \| Subsidiaries \| Discounted Cash Flow
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Unobservable Inputs Range (dollar per unit) \| $ / kW-month	1.36
Electricity \| Forward Capacity Prices \| Maximum \| Discounted Cash Flow
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Unobservable Inputs Range (dollar per unit) \| $ / kW-month	13.76
Electricity \| Forward Capacity Prices \| Maximum \| CECONY \| Subsidiaries \| Discounted Cash Flow
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Unobservable Inputs Range (dollar per unit) \| $ / kW-month	13.76
Electricity \| Forward Capacity Prices \| Weighted Average \| Discounted Cash Flow
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Unobservable Inputs Range (dollar per unit) \| $ / kW-month	4.33
Electricity \| Forward Capacity Prices \| Weighted Average \| CECONY \| Subsidiaries \| Discounted Cash Flow
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Unobservable Inputs Range (dollar per unit) \| $ / kW-month	4.72
Transmission Congestion Contracts \| Inter-Zonal Forward Price Curves \| Discounted Cash Flow
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Fair Value of commodity derivatives \| $	$ 0
Transmission Congestion Contracts \| Inter-Zonal Forward Price Curves \| CECONY \| Subsidiaries \| Discounted Cash Flow
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Fair Value of commodity derivatives \| $	$ 0
Transmission Congestion Contracts \| Inter-Zonal Forward Price Curves \| Minimum \| Discounted Cash Flow
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Unobservable Inputs Range (dollar per unit) \| $ / MWh	(2.04)
Transmission Congestion Contracts \| Inter-Zonal Forward Price Curves \| Minimum \| CECONY \| Subsidiaries \| Discounted Cash Flow
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Unobservable Inputs Range (dollar per unit) \| $ / MWh	(2.04)
Transmission Congestion Contracts \| Inter-Zonal Forward Price Curves \| Maximum \| Discounted Cash Flow
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Unobservable Inputs Range (dollar per unit) \| $ / MWh	3.03
Transmission Congestion Contracts \| Inter-Zonal Forward Price Curves \| Maximum \| CECONY \| Subsidiaries \| Discounted Cash Flow
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Unobservable Inputs Range (dollar per unit) \| $ / MWh	3.03
Transmission Congestion Contracts \| Inter-Zonal Forward Price Curves \| Weighted Average \| Discounted Cash Flow
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Unobservable Inputs Range (dollar per unit) \| $ / MWh	1.15
Transmission Congestion Contracts \| Inter-Zonal Forward Price Curves \| Weighted Average \| CECONY \| Subsidiaries \| Discounted Cash Flow
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Unobservable Inputs Range (dollar per unit) \| $ / MWh	1.15
Commodity \| Discounted Cash Flow
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Fair Value of commodity derivatives \| $	$ (5)
Commodity \| CECONY \| Subsidiaries
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Fair Value of commodity derivatives \| $	$ (3)

Summary of Significant Accounting Policies and Other Matters - Capitalized Cost of Utility Plant (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Public Utility, Property, Plant and Equipment [Line Items]
General	$ 4,576	$ 4,851
Held for future use	77	77
Construction work in progress	3,414	3,165
NET UTILITY PLANT	55,402	52,152
Electric Generation
Public Utility, Property, Plant and Equipment [Line Items]
Generation	597	577
Electric Transmission
Public Utility, Property, Plant and Equipment [Line Items]
Transmission	5,600	5,072
Electric Distribution
Public Utility, Property, Plant and Equipment [Line Items]
Distribution	26,696	25,129
General
Public Utility, Property, Plant and Equipment [Line Items]
General	404	174
Energy Storage
Public Utility, Property, Plant and Equipment [Line Items]
Energy Storage	73	0
Gas
Public Utility, Property, Plant and Equipment [Line Items]
Gas	13,558	12,703
Steam
Public Utility, Property, Plant and Equipment [Line Items]
Steam	2,009	2,006
General
Public Utility, Property, Plant and Equipment [Line Items]
General	2,974	3,249
CECONY
Public Utility, Property, Plant and Equipment [Line Items]
General	4,226	4,520
Held for future use	69	69
Construction work in progress	2,991	2,912
NET UTILITY PLANT	51,860	48,981
CECONY \| Electric Generation
Public Utility, Property, Plant and Equipment [Line Items]
Generation	597	577
CECONY \| Electric Transmission
Public Utility, Property, Plant and Equipment [Line Items]
Transmission	5,223	4,703
CECONY \| Electric Distribution
Public Utility, Property, Plant and Equipment [Line Items]
Distribution	25,214	23,770
CECONY \| General
Public Utility, Property, Plant and Equipment [Line Items]
General	404	174
CECONY \| Energy Storage
Public Utility, Property, Plant and Equipment [Line Items]
Energy Storage	67	0
CECONY \| Gas
Public Utility, Property, Plant and Equipment [Line Items]
Gas	12,629	11,830
CECONY \| Steam
Public Utility, Property, Plant and Equipment [Line Items]
Steam	2,009	2,006
CECONY \| General
Public Utility, Property, Plant and Equipment [Line Items]
General	$ 2,657	$ 2,940

Goodwill (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Goodwill [Line Items]
Goodwill	$ 406	$ 408
CECONY
Goodwill [Line Items]
Goodwill	245	245
O&R
Goodwill [Line Items]
Goodwill	161	161
O&R Merger
Goodwill [Line Items]
Goodwill	$ 406	$ 406

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

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Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Consolidated Statement of Shareholders' Equity - USD ($) $ in Millions	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Treasury Stock	Capital Stock Expense	Accumulated Other Comprehensive Income (Loss)	Non-controlling Interest
BALANCE AS OF BEGINNING OF PERIOD (in shares) at Dec. 31, 2022		355,000,000
BALANCE AS OF BEGINNING OF PERIOD at Dec. 31, 2022	$ 20,889	$ 37	$ 9,803	$ 11,985	$ (1,038)	$ (122)	$ 22	$ 202
BALANCE AS OF BEGINNING OF PERIOD (in treasury shares) at Dec. 31, 2022					23,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,516			2,519				(3)
Common stock dividends	(1,127)			(1,127)
Issuance of common shares for stock plans (in shares)		1,000,000
Issuance of common shares for stock plans	89		89
Common stock repurchases (in shares)		(11,000,000)			11,000,000
Common stock repurchases	(1,010)		(31)		$ (979)
Distributions to noncontrolling interests	(4)							(4)
Disposal of the Clean Energy Businesses	(195)							(195)
BALANCE AS OF END OF PERIOD (in shares) at Dec. 31, 2023		345,000,000
BALANCE AS OF END OF PERIOD at Dec. 31, 2023	21,158	$ 37	9,861	13,377	$ (2,017)	(122)	22	0
BALANCE AS OF END OF PERIOD (in treasury shares) at Dec. 31, 2023					34,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,820			1,820
Common stock dividends	(1,149)			(1,149)
Issuance of common shares for stock plans (in shares)		2,000,000
Issuance of common shares for stock plans	113	$ 1	112
Other comprehensive income (loss)	7						7
Stock Awards	$ 13		13
BALANCE AS OF END OF PERIOD (in shares) at Dec. 31, 2024	346,597,693	347,000,000
BALANCE AS OF END OF PERIOD at Dec. 31, 2024	$ 21,962	$ 38	9,986	14,048	$ (2,017)	(122)	29	0
BALANCE AS OF END OF PERIOD (in treasury shares) at Dec. 31, 2024	33,753,963				34,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 2,023			2,023
Common stock dividends	(1,214)			(1,214)
Issuance of common shares - public offering (in shares)		13,000,000
Issuance of common shares - public offering	1,308		1,326
Issuance of common shares for stock plans (in shares)		1,000,000
Issuance of common shares for stock plans	117	$ 1	116			(18)
Other comprehensive income (loss)	(14)						(14)
Stock Awards	$ 8		8
BALANCE AS OF END OF PERIOD (in shares) at Dec. 31, 2025	361,121,447	361,000,000
BALANCE AS OF END OF PERIOD at Dec. 31, 2025	$ 24,190	$ 39	$ 11,436	$ 14,857	$ (2,017)	$ (140)	$ 15	$ 0
BALANCE AS OF END OF PERIOD (in treasury shares) at Dec. 31, 2025	33,753,963				34,000,000

Pension Benefits (Tables)

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Schedule of Total Periodic Benefit Costs

The components of the Companies’ total periodic benefit credit for 2025, 2024 and 2023 were as follows:


	Con Edison			CECONY
(Millions of Dollars)	2025	2024	2023	2025	2024	2023
Service cost – including administrative expenses	$167	$177	$161	$158	$167	$151
Interest cost on projected benefit obligation	675	642	649	636	604	611
Expected return on plan assets	(1,116)	(1,129)	(1,114)	(1,066)	(1,076)	(1,061)
Recognition of net actuarial gain	(265)	(5)	(232)	(253)	(7)	(219)
Recognition of prior service credit	(17)	(17)	(17)	(20)	(19)	(19)
TOTAL PERIODIC BENEFIT CREDIT	$(556)	$(332)	$(553)	$(545)	$(331)	$(537)
Cost capitalized	(92)	(94)	(81)	(88)	(90)	(78)
Reconciliation to rate level	(54)	55	282	(55)	43	261
Total benefit recognized	$(702)	$(371)	$(352)	$(688)	$(378)	$(354)

The components of the Companies’ total periodic postretirement benefit credit for 2025, 2024 and 2023 were as follows:


	Con Edison			CECONY
(Millions of Dollars)	2025	2024	2023	2025	2024	2023
Service cost	$11	$13	$14	$9	$10	$12
Interest cost on accumulated other postretirement benefit obligation	48	47	57	41	40	49
Expected return on plan assets	(67)	(68)	(70)	(53)	(55)	(56)
Recognition of net actuarial (gain)	(27)	(20)	(16)	(18)	(13)	(8)
Recognition of prior service credit	(1)	(1)	(2)	—	—	—
TOTAL PERIODIC POSTRETIREMENT BENEFIT CREDIT	$(36)	$(29)	$(17)	$(21)	$(18)	$(3)
Cost capitalized	(5)	(6)	(6)	(4)	(5)	(5)
Reconciliation to rate level	12	16	4	10	13	(2)
Total credit recognized	$(29)	$(19)	$(19)	$(15)	$(10)	$(10)

Schedule of Funded Status

The funded status at December 31, 2025, 2024 and 2023 was as follows:


	Con Edison			CECONY
(Millions of Dollars)	2025	2024	2023	2025	2024	2023
CHANGE IN PROJECTED BENEFIT OBLIGATION
Projected benefit obligation at beginning of year	$12,141	$12,712	$12,113	$11,435	$11,977	$11,395
Service cost – excluding administrative expenses	162	172	156	153	162	146
Interest cost on projected benefit obligation	675	642	649	636	604	611
Net actuarial loss (gain)	422	(557)	599	391	(557)	572
Plan amendments	—	—	3	—	—	—
Benefits paid	(883)	(828)	(808)	(813)	(751)	(747)
PROJECTED BENEFIT OBLIGATION AT END OF YEAR	$12,517	$12,141	$12,712	$11,802	$11,435	$11,977
CHANGE IN PLAN ASSETS
Fair value of plan assets at beginning of year	$15,278	$15,404	$14,979	$14,591	$14,674	$14,248
Actual return on plan assets	1,642	724	1,261	1,570	691	1,201
Employer contributions	56	20	21	53	17	18
Benefits paid	(883)	(828)	(808)	(813)	(751)	(747)
Administrative expenses	(41)	(42)	(49)	(40)	(40)	(46)
FAIR VALUE OF PLAN ASSETS AT END OF YEAR	$16,052	$15,278	$15,404	$15,361	$14,591	$14,674
FUNDED STATUS	$3,535	$3,137	$2,692	$3,559	$3,156	$2,697
Unrecognized net gain	$(673)	($857)	($757)	$(663)	($825)	($705)
Unrecognized prior service credits	(71)	(88)	(105)	(84)	(104)	(124)
Accumulated benefit obligation	$11,478	$11,236	$11,739	$10,778	$10,554	$11,031

The funded status of the programs at December 31, 2025, 2024 and 2023 were as follows:


	Con Edison			CECONY
(Millions of Dollars)	2025	2024	2023	2025	2024	2023
CHANGE IN BENEFIT OBLIGATION
Benefit obligation at beginning of year	$898	$963	$1,058	$775	$825	$921
Service cost	11	13	14	9	10	12
Interest cost on accumulated postretirement benefit obligation	48	47	57	41	40	49
Net actuarial (gain)/loss	8	(57)	(93)	15	(38)	(94)
Benefits paid and administrative expenses, net of subsidies	(104)	(120)	(128)	(96)	(112)	(118)
Participant contributions	52	52	55	52	50	55
BENEFIT OBLIGATION AT END OF YEAR	$913	$898	$963	$796	$775	$825
CHANGE IN PLAN ASSETS
Fair value of plan assets at beginning of year	$934	$929	$860	$744	$750	$708
Actual return on plan assets	112	56	116	84	44	84
Employer contributions	14	13	22	10	10	17
Employer group waiver plan subsidies	90	66	56	82	60	52
Participant contributions	52	52	55	52	50	55
Benefits paid	(190)	(182)	(180)	(175)	(170)	(166)
FAIR VALUE OF PLAN ASSETS AT END OF YEAR	$1,012	$934	$929	$797	$744	$750
FUNDED STATUS	$99	$36	$(34)	$1	$(31)	$(75)
Unrecognized net gain	($133)	$(119)	$(90)	($59)	$(57)	$(41)
Unrecognized prior service costs	(8)	(9)	(10)	—	—	—

Schedule of Assumptions

The actuarial assumptions were as follows:


	2025		2024		2023
Weighted-average assumptions used to determine benefit obligations at December 31:
Discount rate	5.50	%	5.70	%	5.15	%
Interest crediting rate for cash balance plan	4.50	%	4.30	%	4.20	%
Rate of compensation increase
CECONY	4.25	%	3.80	%	3.80	%
O&R	3.45	%	3.20	%	3.20	%
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31:
Discount rate	5.70	%	5.15	%	5.45	%
Interest crediting rate for cash balance plan	4.30	%	4.20	%	4.00	%
Expected return on plan assets	6.75	%	6.75	%	6.75	%
Rate of compensation increase
CECONY	4.25	%	3.80	%	3.80	%
O&R	3.45	%	3.20	%	3.20	%

The actuarial assumptions were as follows:


	2025		2024		2023
Weighted-average assumptions used to determine benefit obligations at December 31:
Discount Rate
CECONY	5.30	%	5.55	%	5.05	%
O&R	5.45	%	5.65	%	5.15	%
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31:
Discount Rate
CECONY	5.55	%	5.05	%	5.35	%
O&R	5.65	%	5.15	%	5.45	%
Expected Return on Plan Assets	6.45	%	6.45	%	6.80	%

Schedule of Expected Benefit Payments

Based on current assumptions, the Companies expect to make the following benefit payments over the next ten years:


(Millions of Dollars)	Con Edison	CECONY
2026	$811	$747
2027	826	765
2028	826	765
2029	838	779
2030	840	781
2031-2035	$4,262	$3,985

Based on current assumptions, the Companies expect to make the following benefit payments over the next ten years, net of receipt of governmental subsidies and participant contributions:


(Millions of Dollars)	Con Edison	CECONY
2026	$66	$58
2027	68	60
2028	69	61
2029	70	62
2030	71	63
2031-2035	$350	$311

Schedule of Plan Assets Allocations

The asset allocations for the pension plan at the end of 2025, 2024 and 2023, and the target allocation for 2026 are as follows:


	Target Allocation Range	Plan Assets at December 31,
Asset Category	2026	2025		2024		2023
Equity Securities	20% - 24%	24	%	27	%	26	%
Debt Securities	55% - 65%	57	%	51	%	50	%
Real Estate and Other Alternatives	14% - 22%	19	%	22	%	24	%
Total		100	%	100	%	100	%

The asset allocations for CECONY’s other postretirement benefit plans at the end of 2025, 2024 and 2023, and the target allocation for 2026 are as follows:


	Target Allocation Range	Plan Assets at December 31,
Asset Category	2026	2025		2024		2023
Equity Securities	35%-55%	41	%	41	%	44	%
Debt Securities	40%-60%	52	%	51	%	51	%
Real Estate and Other Alternatives	0%-9%	7	%	8	%	5	%
Total		100	%	100	%	100	%

Schedule of Fair Value of Plan Assets

The fair values of the pension plan assets at December 31, 2025 by asset category are as follows:


(Millions of Dollars)	Level 1	Level 2	Total
Investments within the fair value hierarchy
U.S. Equity (a)	$2,311	$—	$2,311
International Equity (b)	1,498	—	1,498
U.S. Government Issued Debt (c)	—	921	921
Corporate Bonds Debt (d)	—	6,430	6,430
Structured Assets Debt (e)	—	159	159
Other Fixed Income Debt (f)	—	904	904
Commingled Trust Fund (g)	—	517	517
Cash and Cash Equivalents (h)	32	280	312
Futures (i)	(1)	—	(1)
Total investments within the fair value hierarchy	$3,840	$9,211	$13,051
Investments measured at NAV per share (j)
Private Equity (k)			933
Real Estate (l)			1,437
Hedge Funds (m)			749
Total investments valued using NAV per share			$3,119
Funds for retiree health benefits (n)	(45)	(109)	(154)
Funds for retiree health benefits measured at NAV per share (n)(j)			(37)
Total funds for retiree health benefits			$(191)
Investments (excluding funds for retiree health benefits)	$3,795	$9,102	$15,979
Pending activities (o)			73
Total fair value of plan net assets			$16,052