Summary Information Sheet for CECONY January 28, 2022 Electric & Gas Rate Filing
Electric and Gas Rate Filing - One Year (2023) Proposal; Other Years (2024 and 2025) Illustrated*
Electric | Gas | |||||
($ millions) | Rate | Average | Capital | Rate | Average | Capital |
Change | Rate Base | Expenditure | Change | Rate Base | Expenditure | |
2023 | $1,199 | $26,286 | $3,472 | $503 | $10,030 | $1,170 |
2024 | 853 | 28,983 | 3,685 | 234 | 10,982 | 1,186 |
2025 | 608 | 30,618 | 3,771 | 218 | 11,884 | 1,143 |
*2023 amounts were proposed. CECONY provided 2024 and 2025 amounts in rate filing for illustration and to facilitate settlement discussions.
Key Drivers of Proposed 2023 Rate Increase ($ millions)
Electric | Gas | ||
Proposed Rate of Return and Equity Ratio | New infrastructure investment | $250 | $161 |
Financing costs | 201 | 77 | |
Return on equity .....................................10.00% | |||
Property and other taxes | 180 | 74 | |
Equity ratio………….………………………50% | |||
Sales revenue change | 259 | 77 | |
Amortization of deferred credits and costs | 191 | (1) | |
Test Year | Operating expenses | 79 | 32 |
Historic test year: Twelve months ended | Depreciation changes | 15 | 64 |
September 30, 2021 | Income Taxes and Other | 24 | 19 |
Rate year: January 1, 2023 - December | |||
Total | $1,199 | $503 | |
31, 2023 | |||
- New rates proposed to be effective January 1, 2023
Other Major Provisions: Proposed
- Deferral as a regulatory liability of the revenue requirement impact of the amount, if any, by which actual average net plant balances for categories of plant are less than amounts reflected in rates for the respective category. Proposed modifications to this true-up include the full reconciliation of capital interference costs.
- True up of costs of pension and OPEBs, environmental remediation, and storms (electric).
- Requesting full reconciliation of property taxes, municipal infrastructure support costs, uncollectibles, late payment fees, and long-term debt cost rate.
- Requesting reconciliation for inflation to the extent that actual inflation exceeds the annual inflation rates of 3.4% assumed in the revenue requirement by 1.6% threshold.
- Requesting to reduce certain gas asset service lives by 5 years in alignment with the gas transition that is expected to result from CLCPA implementation.
- Continuing the revenue decoupling mechanism for electric and gas service.
- Continuing provision for recovery of cost of purchased power, gas, and fuel.
- Continuation of earnings opportunities from Earnings Adjustment Mechanisms (EAM) for meeting energy efficiency goals and other potential incentives.
Copies of the January 28, 2022 rate filing are available at
Rate Plan Informationor from Con Edison Investor
Relations:
Jan Childress: 212-460-6611 or childressj@coned.com
Kiley Kemelman: 212-460-6562 or kemelmank@coned.com
Jared Lee: 212-460-3923 or leejar@coned.com
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Consolidated Edison Inc. published this content on 28 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 January 2022 20:14:04 UTC.