In May 2026, Con Edison entered into an equity distribution agreement (EDA), pursuant to which Con Edison may sell, from time to time, up to an aggregate sales price of $2.0 billion of its common stock through an at-the-market

(ATM) equity offering program (ATM Program), including an equity forward sales component. Con Edison subsequently entered into forward sale agreements under the ATM Program and as of June 30, 2026, the ATM Program had approximately $1.8 billion of common stock available for issuance.

The following table shows ATM equity issuances pursuant to forward sale agreements executed in May 2026.


Tranche	Shares Priced	Initial Forward Price
1	1,074,178 (a)	$105.7586
2	889,415	$104.6730

(a) In June 2026, Con Edison physically settled a portion of Tranche 1, as described below.

The forward sale agreements require Con Edison to either physically settle the transactions by issuing shares in exchange for net proceeds at the then-applicable forward sale price specified by the forward sale agreements or net settle in whole or in part through the delivery or receipt of cash or shares. The settlement alternatives are at Con Edison’s election and Con Edison expects to fully physically settle each forward sale agreement. Except for amounts recorded upon settlement of forward sale agreements that have settled, no amounts have been or will be recorded in Con Edison’s Consolidated Financial Statements with respect to the offerings under the ATM Program prior to settlement of the applicable forward sale agreements. The initial forward sale prices will be subject to adjustment on a daily basis based on a floating interest rate factor and will be subject to decrease on each of certain dates by amounts related to expected dividends on Con Edison's common stock during the term of the relevant forward sale agreements. Until settlement of the equity forwards, earnings per share dilution resulting from the forward sale agreements will be determined under the treasury stock method. The forward sale agreements have been classified as equity transactions.

In June 2026, Con Edison physically settled a portion of outstanding equity forwards under the ATM Program by delivering 1,018,307 shares of its common stock in exchange for total net cash proceeds of approximately $108 million.

In March 2026, Con Edison issued 7,000,000 shares of its common stock for approximately $776 million upon physical settlement of a forward sale agreement entered into by the company in February 2026.

In June 2026, CECONY issued $450 million aggregate principal amount of 5.15 percent debentures, due 2036 and $850 million aggregate principal amount of 5.875 percent debentures, due 2056.

The carrying amounts and fair values of long-term debt at June 30, 2026 and December 31, 2025 were:


(Millions of Dollars)	2026		2025
Long-Term Debt (including current portion) (a)	Carrying Amount	Fair Value	Carrying Amount	Fair Value
Con Edison	$27,093	$24,595	$25,801	$23,633
CECONY	$25,601	$23,273	$24,310	$22,291

(a)Amounts shown are net of unamortized debt expense and unamortized debt discount of $257 million and $249 million for Con Edison and CECONY, respectively, as of June 30, 2026 and $249 million and $240 million for Con Edison and CECONY, respectively, as of December 31, 2025.