Consolidated Edison : Information Sheet for Electric and Gas Joint Proposal – October 18, 2019
October 18, 2019 at 05:06 pm EDT
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Summary Information Sheet for CECONY Electric & Gas Joint Proposal
On October 18, 2019, CECONY, NYPSC staff and other parties entered into a Joint Proposal, which is subject to NYSPSC approval, with respect to the company's rates for electric and gas delivery service.
Joint Proposal for Three-Year Electric and Gas Rate Plans (2020-2022)
Case numbers: Electric - 19-E-0065
Gas - 19-G-0066
Electric
Gas
($ millions)
Rate
Rate
Capital
Rate
Rate
Capital
Change
Base**
Expenditure
Change*
Base**
Expenditure
2020
$113
$21,660
$2,135
$84
$7,171
$1,073
2021
370
22,783
2,137
122
7,911
1,055
2022
326
23,926
1,917
167
8,622
989
At the NYSPSC's option, the gas base rate increases shown above may be implemented with increases of $47 million in Yr. 1; $176 million in Yr. 2; and $170 million in Yr. 3 in order to levelize customer bill impacts
**Average Rate Base
Proposed Rate of Return and Equity Ratio
Return on equity .........................................
8.8%
Equity ratio………….………………………48%
Key Drivers of Proposed Year-One Rate Increase ($ millions)
Electric
Gas
New infrastructure investment
$220
$149
Financing costs
(33)
(11)
Property and other taxes
146
58
Sales revenue change
93
(40)
Amortization of deferred credits and costs
218
67
Operating expenses
(70)
(7)
Depreciation changes
101
28
Income Taxes
(578)
(158)
Other (net)
16
(2)
Total
$113
$84
Other Major Provisions
Recovery by the company of certain costs of its energy efficiency, Reforming the Energy Vision demonstration projects,non-wire alternative projects (including BQDM), and off-peak electric vehicle charging programs over a ten- year period, including the overall pre-tax rate of return on such costs.
Continuation of earnings opportunities from Earnings Adjustment Mechanisms (EAMs) for meeting energy efficiency goals and other potential incentives.
True up of costs of pension and OPEBs, variable rate debt, environmental remediation, major storms, and property taxes.
Continuing the revenue decoupling mechanism for electric and gas service.
Continuing provision for recovery of cost of purchased power, gas, and fuel. Requested rate increase was mitigated, in part, by the Tax Cut and Jobs Act of 2017, including reduced tax rate, and amortization of excess deferred income taxes and 2018 tax savings.
Copies of the October 18, 2019 Joint Proposal and Form 8-K are available at https://conedison.gcs-web.com/current-plan-informationor from Con Edison Investor Relations:
Jan Childress: 212-460-6611 or childressj@coned.com
Con Edison Inc. published this content on 18 October 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 October 2019 21:05:02 UTC
Consolidated Edison, Inc. is one of the American largest energy groups. Net sales break down by activity as follows:
- sale of electricity (73.9%);
- sale of gas (21.3%);
- sale of steam (3.9%);
- other (0.9%).
CONSOLIDATED EDISON, INC. 
