v3.26.1
Derivative Instruments and Hedging Activities (Tables)
 6 Months Ended
Jun. 30, 2026
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 June 30, 2026 and December 31, 2025 were:
 
(Millions of Dollars)20262025
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$310$(116)$194(b)$175$(90)$85(b)
Noncurrent175(30)145149(23)126
Total fair value of derivative assets$485$(146)$339$324$(113)$211
Fair value of derivative liabilities
Current$(62)$46$(16)(b)$(75)$45$(30)(b)
Noncurrent(31)28(3)(18)10(8)
Total fair value of derivative liabilities$(93)$74$(19)$(93)$55$(38)
Net fair value derivative assets (liabilities)$392$(72)$320$231$(58)$173
CECONY
Fair value of derivative assets
Current$289$(113)$176(b)$162$(88)$74(b)
Noncurrent164(27)137136(19)117
Total fair value of derivative assets$453$(140)$313$298$(107)$191
Fair value of derivative liabilities
Current$(56)$44$(12)(b)$(70)$43$(27)(b)
Noncurrent(30)27(3)(14)8(6)
Total fair value of derivative liabilities$(86)$71$(15)$(84)$51$(33)
Net fair value derivative assets (liabilities)$367$(69)$298$214$(56)$158
(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 cases, 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 June 30, 2026, collateral and margin deposits for Con Edison and CECONY were classified as derivative assets of $3 million and $2 million, and as derivative liabilities of $(4) million and $(2) million, respectively. At December 31, 2025, collateral and margin deposits for Con Edison and CECONY were classified as derivative assets of $1 million and an immaterial amount, respectively, and as derivative liabilities of $(16) million and $(14) million, respectively. These amounts are presented on the consolidated balance sheets, but not included in the table. Margin is collateral, typically cash, that the holder of a derivative instrument is required to deposit in order to transact on an exchange and to cover its potential losses with its broker or the exchange.
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 June 30, 2026 and December 31, 2025 were:
 
(Millions of Dollars)20262025
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$310$(116)$194(b)$175$(90)$85(b)
Noncurrent175(30)145149(23)126
Total fair value of derivative assets$485$(146)$339$324$(113)$211
Fair value of derivative liabilities
Current$(62)$46$(16)(b)$(75)$45$(30)(b)
Noncurrent(31)28(3)(18)10(8)
Total fair value of derivative liabilities$(93)$74$(19)$(93)$55$(38)
Net fair value derivative assets (liabilities)$392$(72)$320$231$(58)$173
CECONY
Fair value of derivative assets
Current$289$(113)$176(b)$162$(88)$74(b)
Noncurrent164(27)137136(19)117
Total fair value of derivative assets$453$(140)$313$298$(107)$191
Fair value of derivative liabilities
Current$(56)$44$(12)(b)$(70)$43$(27)(b)
Noncurrent(30)27(3)(14)8(6)
Total fair value of derivative liabilities$(86)$71$(15)$(84)$51$(33)
Net fair value derivative assets (liabilities)$367$(69)$298$214$(56)$158
(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 cases, 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 June 30, 2026, collateral and margin deposits for Con Edison and CECONY were classified as derivative assets of $3 million and $2 million, and as derivative liabilities of $(4) million and $(2) million, respectively. At December 31, 2025, collateral and margin deposits for Con Edison and CECONY were classified as derivative assets of $1 million and an immaterial amount, respectively, and as derivative liabilities of $(16) million and $(14) million, respectively. These amounts are presented on the consolidated balance sheets, but not included in the table. Margin is collateral, typically cash, that the holder of a derivative instrument is required to deposit in order to transact on an exchange and to cover its potential losses with its broker or the exchange.
Schedule of Realized and Unrealized Gains or Losses on Commodity Derivatives
The following tables present the realized and unrealized gains or losses on derivatives that have been deferred or recognized in earnings for the three and six months ended June 30, 2026 and 2025:

For the Three Months Ended June 30,
          Con Edison          CECONY
(Millions of Dollars) Financial Statement Location (a)2026202520262025
Pre-tax gains (losses) deferred in accordance with accounting rules for regulated operations:
CurrentRegulatory liabilities$67$(85)$65$(77)
NoncurrentRegulatory liabilities735714
Total deferred gains (losses)$140$(80)$136$(73)
CurrentRegulatory assets$(12)$100$(9)$93
CurrentRecoverable energy costs(43)(77)(41)(71)
NoncurrentRegulatory assets(1)43(1)40
Total deferred gains (losses)$(56)$66$(51)$62
Net deferred gains (losses) (b)$84$(14)$85$(11)
(a)For the three months ended June 30, 2026, pre-tax gains recognized in "Other operations and maintenance" expense on the Companies' consolidated income statements for Con Edison and CECONY include an immaterial amount for refined fuels.
(b)Unrealized net deferred gains on electric and gas derivatives for the Utilities increased as a result of higher electric and gas commodity prices during the three months ended June 30, 2026. Upon settlement, short-term deferred derivative losses generally increase the recoverable costs of electric and gas purchases.

For the Six Months Ended June 30,
Con EdisonCECONY
(Millions of Dollars)Financial Statement Location (a)2026202520262025
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations:
CurrentRegulatory liabilities$131$2$123$2
NoncurrentRegulatory liabilities22172317
Total deferred gains (losses)$153$19$146$19
CurrentRegulatory assets$10$(5)$11$(5)
CurrentRecoverable energy costs1885417151
NoncurrentRegulatory assets(7)1(8)—
Total deferred gains (losses)$191$50$174$46
Net deferred gains (losses) (b)$344$69$320$65
(a)For the six months ended June 30, 2026, pre-tax gains recognized in "Other operations and maintenance" expense on the Companies' consolidated income statements for Con Edison and CECONY include $3 million for refined fuels.
(b)Unrealized net deferred gains on electric and gas derivatives for the Utilities increased as a result of higher electric and gas commodity prices during the six months ended June 30, 2026. 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 June 30, 2026:
 
Electric Energy
(MWh) (a)(b)
Capacity  (MW-mos) (a)
Natural Gas
(Dt) (a)(b)		Refined Fuels
(gallons)
Con Edison 37,754,80026,100304,680,0002,268,000
CECONY36,017,42516,125281,370,0002,268,000
(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 June 30, 2026:
(Millions of Dollars)Con Edison (a)CECONY (a)
Aggregate fair value – net liabilities$17$14
Collateral posted2—
Additional collateral (b) (downgrade one level from current ratings)——
Additional collateral (b)(c) (downgrade to below investment grade from current ratings)5649
(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 $1 million at June 30, 2026. 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 June 30, 2026, if Con Edison and CECONY had been downgraded to below investment grade, they would have been required to post additional cash collateral for such derivative instruments of $57 million and $52 million, respectively.