ITEM 8.01 OTHER EVENTS
On November 18, 2021, the New York State Public Service Commission ("NYSPSC")
issued an order establishing a surcharge recovery mechanism for Con Edison of
New York to collect $43.213 million and $7.152 million for electric and gas,
respectively, of late payment charges and fees that were not billed for the year
ended December 31, 2020. In addition, Con Edison of New York has committed to
use $7 million of these deferred late payment charges and fees toward addressing
customer arrearages. Con Edison of New York began suspending late payment
charges and fees in March 2020 due to the COVID-19 pandemic and will begin
recovering the uncollected charges and fees for the year ended December 31, 2020
commencing December 1, 2021 through December 31, 2022. The order also
establishes a surcharge recovery or surcredit mechanism for any fee deferrals,
subject to offsetting related savings resulting from the COVID-19 pandemic, for
2021 and 2022 starting in January of the subsequent year over a twelve-month
period, respectively.
On November 18, 2021, the Board of Directors of Con Edison and the Board of
Trustees of Con Edison of New York each elected Timothy Cawley as Chairman of
the Board, effective January 1, 2022. Mr. Cawley will continue as President and
Chief Executive Officer of Con Edison and Chief Executive Officer of Con Edison
of New York. Mr. Cawley will succeed John McAvoy who will retire, effective
January 1, 2022, as Chairman of the Boards of Con Edison and Con Edison of New
York. Mr. McAvoy will remain a Director of Con Edison and a Trustee of Con
Edison of New York. A copy of the press release announcing these matters is also
filed herewith as Exhibit 99 and is incorporated by reference herein.
The information in this Current Report on Form 8-K includes forward-looking
statements. Forward-looking statements reflect information available and
assumptions at the time the statements are made, and accordingly speak only as
of that time. Actual results or developments might differ materially from those
included in the forward-looking statements because of various factors including,
but not limited to, those identified in reports Con Edison and Con Edison of New
York have filed with the Securities and Exchange Commission.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits.
Exhibit 99 Press Release, dated November 18, 2021
Exhibit 104 Cover Page Interactive Data File - The cover page iXBRL tags are embedded
within the inline XBRL document
3
--------------------------------------------------------------------------------
© Edgar Online, source Glimpses