UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 17, 2024
(Exact name of registrant as specified in its charter)
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
(Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number, including area code: (212 ) 460-4600
(Exact name of registrant as specified in its charter)
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
(Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number, including area code: (212 ) 460-4600
Check the appropriate box below if the Form
8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities Registered Pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol |
Name of each exchange on which registered | ||
Consolidated Edison, Inc., |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule
12b-2
of the Securities Exchange Act of 1934 (§240.12b-2
of this chapter). Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
ITEM 8.01. |
Other Events |
Today, May 17, 2024, the New York State Public Service Commission issued an order denying an April 2023 petition by Consolidated Edison Company of New York, Inc. (CECONY) that requested permission to capitalize costs to implement its new customer billing and information system to the extent those costs exceed the $421 million cap established in CECONY’s 2020 – 2022 electric and gas rate plans. At March 31, 2024, CECONY’s final costs for the new system were approximately $509 million ($88 million above the $421 million cap in the rate plans). During the second quarter of 2024, CECONY plans to expense incremental costs of approximately $50 million for the new system that were previously capitalized, in addition to a $38 million reserve established at December 31, 2023. CECONY believes that the incremental costs were justified by its need to prepare for the successful deployment of the system and is reviewing the order and considering its options.
The information in this report includes forward-looking statements. The 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 each of Consolidated Edison, Inc. and CECONY has filed with the Securities and Exchange Commission.
Item 9.01 |
Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit 104 | Cover Page Interactive Data File – The cover page iXBRL tags are embedded within the inline XBRL document |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| CONSOLIDATED EDISON, INC. | ||||
| CONSOLIDATED EDISON COMPANY OF NEW YORK, INC. | ||||
| By: | /s/ Joseph Miller | |||
| Joseph Miller | ||||
| Vice President, Controller and Chief Accounting Officer | ||||
Date: May 17, 2024