EDConsolidated Edison
- Headquarters
- New York, NY
- Next results
- around Feb 18, 2027
2 paragraphs in Risk Factors of the 10-K filed Feb 19, 2026 with nothing like them in the 10-K filed Feb 20, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 30 Utilities companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.
AI is an emerging area of technology that has the potential to impact various aspects of the Companies’ business operations and customer interactions. Generative AI technologies are still in their early stages of development and deployment. Ineffective or inadequate AI development or deployment practices by the Companies or third-party vendors could result in unintended consequences. While the Companies seek contractual protections with third-party vendors regarding the use of AI technology, the Companies may not have full awareness of, or control or visibility over, the quality, performance, security or compliance of the products and services that incorporate AI-related technology used by such vendors. AI algorithms that the Companies or their third-party vendors use may be flawed or may be based on datasets that are biased or insufficient. These limitations or failures, or inaccurate results generated as a result of the Companies’ employees’, contractors’ or vendors’ use or misuse of AI technologies could lead to operational interruptions or otherwise adversely affect the Companies’ businesses, reputation or financial results. Developing, testing, and deploying resource-intensive AI systems may require additional investment and increase the Companies’ costs. In addition, the rapidly evolving nature of AI technologies may cause new laws and regulations to be enacted which could dramatically affect business practices, including the costs to comply with such new laws and regulations. The future development of AI technologies and the nature of any related new laws and regulations, and their costs and consequences, cannot be reasonably predicted at this time.
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FERC, North American Electric Reliability Corporation, TSA, Cybersecurity and Infrastructure Security Agency, NYSPSC, and United States Coast Guard on a regular basis, with at least one regulatory agency conducting an audit periodically.
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New in the latest 10-Q
24 paragraphs in the 10-Q filed Nov 5, 2026 with nothing like them in the 10-Q filed Aug 6, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
10-Q
On September 4, 2026, CECONY, the New York State Department of Public Service (NYSDPS) and other parties entered into a joint proposal for a CECONY steam rate plan for the three-year period November 1, 2026 through October 31, 2029 (the Joint Proposal). The Joint Proposal is subject to approval by the New York State Public Service Commission (NYSPSC). The following table contains a summary of the Joint Proposal.
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CECONY – Steam Effective period November 2026 – October 2029 Base rate changes Yr. 1 – $13 million (a) Yr. 2 – $42 million (a) Yr. 3 – $39 million (a) Capital expenditures Yr. 1 – $143 million Yr. 2 – $127 million Yr. 3 – $126 million Amortizations to income of net Yr. 1 – $8 million (b) Yr. 2 – $8 million (b) Yr. 3 – $8 million (b) regulatory (assets) and liabilities Weather Normalization Adjustment Continuation of a weather normalization adjustment to reflect normal weather conditions during the heating season. 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 – $4.3 million Yr. 2 – $4.5 million Yr. 3 – $4.7 million Regulatory reconciliations (c) Reconciliation of expenses for pension and other postretirement benefits, variable-rate debt, property taxes (d), municipal infrastructure support costs (e) and environmental site investigation and remediation to amounts reflected in rates. Net utility plant reconciliations Yr. 1 – $2,147 million Yr. 2 – $2,165 million Yr. 3 – $2,145 million Average rate base Yr. 1 – $2,118 million Yr. 2 – $2,234 million Yr. 3 – $2,311 million Weighted average cost of capital (after-tax) Yr. 1 – 7.07 percent Yr. 2 – 7.14 percent Yr. 3 – 7.19 percent Authorized return on common equity 9.5 percent Earnings sharing Most earnings above an annual earnings threshold of 10 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 – 4.86 percent Yr. 2 – 5.00 percent Yr. 3 – 5.10 percent Common equity ratio 48 percent
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(a) The base rate increases shown above will be implemented on a shaped bill impact basis resulting in a consistent total bill impact of 3.5 percent each year with corresponding base rate increases of $ 26.6 million in Yr. 1; $ 27.5 million in Yr. 2; and $ 28.5 million in Yr. 3. New rates were effective as of November 1, 2026. CECONY will begin billing customers at the new shaped rate once the Joint Proposal is approved by the NYSPSC. Any shortfall in revenues due to the timing of billing to customers will be collected through a surcharge.
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(b) Amounts reflect amortization of 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 ($ 6 million in Yr. 1; $ 7 million in Yr. 2; and $ 7 million in Yr. 3).
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(c) $ 0.5 million in annual steam revenue requirement ($ 1.5 million over three years) will be recovered through a rate adjustment mechanism, subject to refund to customers relating to the NYSDPS’ review of CECONY’s steam main welds. See “Other Regulatory Matters,” below.
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(d) 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. 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 $ 3.8 million, $ 3.9 million, $ 4.0 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.
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(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.
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In May 2026, the NJBPU ordered the owners of certain New Jersey nuclear generating facilities to refund amounts associated with federal production tax credits and Zero Emission Certificate payments to New Jersey electric utilities, including approximately $ 6.3 million allocated to RECO. Pursuant to the order, RECO has received the refund from the nuclear plant owners and will return the funds to its customers through bill credits over a twelve-month period that began June 1, 2026.
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unable to estimate the amount or range of their possible loss related to this matter. At September 30, 2026, the Utilities had not accrued a liability related to this matter.
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In September 2026, the IRS completed its examination of Con Edison’s 2024 federal tax return with no changes. Con Edison’s federal tax return for 2025 remains under examination.
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(c) Included within Income Before Income Tax Expense on Con Edison’s consolidated income statement for the nine months ended September 30, 2026 is the pre-tax gain on sale of its equity interest in MVP of $189 million.
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In October 2026, the NYISO reported that it had determined that the Champlain Hudson Power Express transmission project (CHPE) had demonstrated its planned power capability, and therefore, the Q3 2026 Short-Term Assessment of Reliability no longer identified a near-term reliability need. The NYISO noted, however, that its update did not affect the longer-term reliability assessments, and that it continued to foresee reliability concerns for the Lower Hudson Valley and New York City beginning in 2032, even assuming CHPE and other planned projects are available.
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In August 2026, the president of the United States issued the “Declaring a National Emergency to Secure the United States Bulk-Power System” executive order. The executive order authorizes the U.S. Department of Energy to review, prohibit or impose conditions on certain transactions involving foreign-produced bulk-power system electric equipment determined to present national security risks. The executive order also directs the U.S. Department of Energy to develop implementing regulations and other federal actions affecting procurement of bulk-power system equipment, which remain pending. CECONY and O&R are evaluating the executive order, but are unable to predict the impact on them of regulations that may be adopted regarding the bulk-power system.
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In September 2026, the NYSPSC issued an order initiating a proceeding to examine the use of “AI systems” by New York public utilities, including CECONY and O&R. The order, among other things, requires the Utilities to submit reports describing AI systems in operation and the policies, procedures and protocols governing such use. The NYSPSC stated that the proceeding is intended to assess the extent of AI adoption in utility operations and risks arising from increased reliance on AI within critical infrastructure, including operational, reliability, cybersecurity, data privacy and governance considerations. The Utilities are unable to predict the outcome or impact that the proceeding will have on them.
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During the summer of 2026, electric peak demand in CECONY's service area was 12,178 MW (which occurred on July 2, 2026). At design conditions, electric peak demand in CECONY's service area would have been approximately 12,680 MW in 2026 compared to CECONY's forecast of 12,690 MW.
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During the summer of 2026, electric peak demand in O&R's service area was 1,604 MW (which occurred on July 2, 2026). At design conditions, electric peak demand in O&R's service area would have been approximately 1,570 MW in 2026 compared to O&R's forecast of 1,600 MW.
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In April 2021, New York passed a law that increased the corporate franchise tax rate on business income from 6.5
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• higher taxes receivable of $173 million, due, in part, to federal tax refunds related to amended returns filed in 2026 that have not been received.
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• higher accounts receivable from affiliated companies of $403 million, due, in part, to lower federal and state tax intercompany refund settlements in the 2026 period;
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• lower deferred charges, noncurrent assets, leases, net and other regulatory assets of ($238 million).
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During 2026, Con Edison decreased its estimate for capital requirements for 2027, 2028 and 2029 to $7,489 million, $7,877 million and $8,546 million, respectively. The decreases include lower CECONY’s capital requirements of $50 million, $75 million and $97 million in 2027, 2028 and 2029, respectively, to reflect capital expenditures included in the September 2026 steam joint proposal that is subject to approval by the NYSPSC. See “Rate Plans - CECONY - Steam” in Note B to the Third Quarter Financial Statements above.
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In October 2026, New York utilities, including CECONY and O&R, filed the Joint Utilities of New York Proactive Planning Cycle 1 Study Report with the NYSPSC pursuant to the NYSPSC's Proactive Planning Framework. The filing identifies electric system investments intended to support projected load growth associated with transportation electrification, building electrification, economic development and distributed energy resources. The filing includes eight proposed projects for CECONY at an estimated cost of $90 million and three proposed projects for O&R at an estimated cost of $96 million. The New York utilities requested authorization for the proposed projects and proposed recovery of approved project costs through a surcharge. The proposals are subject to approval by the NYSPSC.
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In October 2026, the NYSPSC issued an order addressing utility thermal energy network (UTEN) pilot projects. The NYSPSC authorized O&R’s Haverstraw West Loop project (West Loop), with authorized project costs capped at $50.1 million, less any non-ratepayer funding sources received, to advance to Stage 3 (Customer Enrollment and Construction). The NYSPSC authorized O&R to recover prudently incurred Stage 3 project costs for West Loop, as well as Stage 1 and 2 project costs for West Loop and another project that was not authorized to proceed, through an electric customer surcharge mechanism. Although the NYSPSC did not authorize CECONY's UTEN pilot projects to proceed to Stage 3, the NYSPSC authorized CECONY to defer for future rate recovery prudently incurred Stage 1 and Stage 2 development costs. As of September 30, 2026, CECONY and O&R had incurred approximately $21.2 million and $3.3 million, respectively, of Stage 1 and Stage 2 costs.
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In July 2026, The City of New York asserted a crossclaim against CECONY and a counterclaim against National Grid NY under the Federal Comprehensive Environmental Response, Compensation, and Liability Act of 1980 in connection with the pending Gowanus Canal Superfund litigation initiated by National Grid NY in October 2024. The City of New York alleges that due to releases of hazardous substances from certain CECONY facilities, the City of New York is required to address contamination in the Gowanus Canal by constructing combined sewer overflow retention tanks and is seeking reimbursement of its costs and other relief from CECONY and National Grid NY. The City of New York alleges that it has incurred approximately $710 million in response costs as of the date of the filing and estimates that total project costs will be approximately $1,700 million. CECONY is unable to estimate its total exposure to liability for the Gowanus Canal Superfund Site.
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The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Nov 5, 2026 against Item 1A of the 10-K filed Feb 19, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
What the 10-Q itself says about its risk factors:
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There were no material changes in the Companies’ risk factors compared to those disclosed in Item 1A of the Form 10-K.
1 paragraph in the 10-Q's Item 1A, and none of them adds, rewords or quietly edits a paragraph of the 10-K's.
Work on ED in a spreadsheet:
Excel workbook (a sheet per section, ten years by column, charts, links to the filings) ·
CSV.
For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/ED/export.csv") into a cell.