Table of Contents Commission File Number Exact name of registrant as specified in its charter and principal executive office address and telephone number State of Incorporation I.R.S. Employer ID. Number 1-14514 Consolidated Edison, Inc. New York 13-3965100 4 Irving Place, New York, New York 10003 (212) 460-4600 1-1217 Consolidated Edison Company of New York, Inc. New York 13-5009340 4 Irving Place, New York, New York 10003 (212) 460-4600 Title of each class Trading Symbol Name of each exchange on which reg ...

[PART I—Financial Information](index=7&type=section&id=PART%20I%E2%80%94Financial%20Information) Presents the unaudited financial statements and related disclosures for the reporting period [ITEM 1 Financial Statements (Unaudited)](index=7&type=section&id=ITEM%201%20Financial%20Statements%20%28Unaudited%29) Presents unaudited consolidated financial statements for Con Edison and CECONY, including income, cash flow, balance sheets, and equity statements with notes [Consolidated Edison, Inc. Financial Statements](index=7&type=section&id=Con%20Edison%20Financial%20Statements) Provides key financial statements for Con Edison, including income, balance sheet, and cash flow highlights for Q1 2019 Con Edison Consolidated Income Statement Highlights (Q1 2019 vs Q1 2018) | Metric | Q1 2019 (Millions) | Q1 2018 (Millions) | Change | | :--- | :--- | :--- | :--- | | **Total Operating Revenues** | $3,514 | $3,364 | +4.5% | | **Operating Income** | $786 | $755 | +4.1% | | **Net Income** | $445 | $428 | +4.0% | | **Net Income for Common Stock** | $424 | $428 | -0.9% | | **Diluted EPS** | $1.31 | $1.37 | -4.4% | Con Edison Consolidated Balance Sheet Highlights (As of March 31, 2019) | Account | March 31, 2019 (Millions) | Dec 31, 2018 (Millions) | | :--- | :--- | :--- | | **Total Assets** | $55,066 | $53,920 | | Net Utility Plant | $38,052 | $37,580 | | **Total Liabilities** | $37,565 | $37,081 | | Long-Term Debt | $16,933 | $17,495 | | **Total Equity** | $17,501 | $16,839 | Con Edison Consolidated Cash Flow Highlights (Q1 2019 vs Q1 2018) | Cash Flow Activity | Q1 2019 (Millions) | Q1 2018 (Millions) | | :--- | :--- | :--- | | **Net Cash from Operating Activities** | $464 | $143 | | **Net Cash Used in Investing Activities** | $(888) | $(909) | | **Net Cash from/(Used in) Financing Activities** | $(108) | $605 | | **Net Change in Cash** | $(532) | $(161) | [Consolidated Edison Company of New York, Inc. Financial Statements](index=14&type=section&id=CECONY%20Financial%20Statements) Presents key financial statements for CECONY, including income, balance sheet, and cash flow highlights for Q1 2019 CECONY Consolidated Income Statement Highlights (Q1 2019 vs Q1 2018) | Metric | Q1 2019 (Millions) | Q1 2018 (Millions) | Change | | :--- | :--- | :--- | :--- | | **Total Operating Revenues** | $3,039 | $2,884 | +5.4% | | **Operating Income** | $726 | $705 | +3.0% | | **Net Income** | $412 | $389 | +5.9% | CECONY Consolidated Balance Sheet Highlights (As of March 31, 2019) | Account | March 31, 2019 (Millions) | Dec 31, 2018 (Millions) | | :--- | :--- | :--- | | **Total Assets** | $44,122 | $43,108 | | Net Utility Plant | $35,814 | $35,370 | | **Total Liabilities** | $30,803 | $30,198 | | **Shareholder's Equity** | $13,319 | $12,910 | CECONY Consolidated Cash Flow Highlights (Q1 2019 vs Q1 2018) | Cash Flow Activity | Q1 2019 (Millions) | Q1 2018 (Millions) | | :--- | :--- | :--- | | **Net Cash from Operating Activities** | $395 | $56 | | **Net Cash Used in Investing Activities** | $(750) | $(808) | | **Net Cash from/(Used in) Financing Activities** | $(111) | $596 | | **Net Change in Cash** | $(466) | $(156) | [Notes to the Financial Statements (Unaudited)](index=21&type=section&id=Notes%20to%20the%20Financial%20Statements%20%28Unaudited%29) Details significant accounting policies, new standards, contingencies, and regulatory matters impacting financial statements - The company adopted the new lease accounting standard ASU No. 2016-02 (Topic 842) in January 2019, resulting in the recognition of operating lease right-of-use assets of **$852 million** for Con Edison and **$627 million** for CECONY on their respective balance sheets[128](index=128&type=chunk)[37](index=37&type=chunk)[59](index=59&type=chunk) - The bankruptcy of Pacific Gas and Electric Company (PG&E) in January 2019 is a significant contingency. Con Edison has substantial assets (**$859M** net plant, **$1,108M** intangible assets) and non-recourse debt (**$1,041M**) tied to power purchase agreements with PG&E. While no impairment was recorded as of March 31, 2019, a future rejection of these agreements could lead to a material impairment[76](index=76&type=chunk)[102](index=102&type=chunk) - CECONY has updated its rate increase requests to the NYSPSC in April 2019, seeking a **$473 million** electric rate increase and a **$201 million** gas rate increase, both effective January 2020[83](index=83&type=chunk)[84](index=84&type=chunk) - The company is managing several regulatory and legal matters, including costs related to a 2017 MTA subway power outage (**$270M** incurred), investigations into the response to 2018 winter storms, and a 2018 steam main rupture in Manhattan. The potential losses for these matters are not yet estimable[87](index=87&type=chunk)[90](index=90&type=chunk)[120](index=120&type=chunk) [ITEM 2 Management's Discussion and Analysis of Financial Condition and Results of Operations](index=44&type=section&id=ITEM%202%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2019 financial condition and results, analyzing performance across segments, liquidity, capital resources, and market risks [Results of Operations](index=46&type=section&id=Results%20of%20Operations) Analyzes Con Edison's net income by segment and key drivers of earnings changes for Q1 2019 Con Edison Net Income for Common Stock by Segment (Q1 2019 vs Q1 2018) | Segment | Q1 2019 (Millions) | Q1 2018 (Millions) | | :--- | :--- | :--- | | CECONY | $412 | $389 | | O&R | $32 | $23 | | Clean Energy Businesses | $(35) | $6 | | Con Edison Transmission | $13 | $11 | | Other | $2 | $(1) | | **Total Con Edison** | **$424** | **$428** | - Con Edison's diluted EPS decreased from **$1.37** in Q1 2018 to **$1.31** in Q1 2019. The decline was primarily driven by the Clean Energy Businesses, which saw a **$0.14** per share negative variance due to lower construction revenues, higher depreciation, and increased interest expense following the Sempra Solar acquisition. This was partially offset by positive performance from CECONY (**+$0.02/share**) and O&R (**+$0.03/share**)[198](index=198&type=chunk)[202](index=202&type=chunk)[203](index=203&type=chunk) - CECONY's operating income increased by **$21 million**, driven by higher electric and gas base rates from its rate plans. This was partially offset by higher property taxes and increased depreciation[202](index=202&type=chunk)[209](index=209&type=chunk) - The Clean Energy Businesses' operating income increased slightly to **$11 million** from **$9 million**, but net income for common stock swung to a loss of **$35 million** from a **$6 million** profit. This was due to significantly higher depreciation (**$39M** increase) and net interest expense (**$33M** increase) related to the December 2018 acquisition of Sempra Solar Holdings, LLC, and a **$21 million** income allocation to a non-controlling tax equity investor[245](index=245&type=chunk)[247](index=247&type=chunk)[249](index=249&type=chunk)[251](index=251&type=chunk) [Liquidity and Capital Resources](index=58&type=section&id=Liquidity%20and%20Capital%20Resources) Examines the company's cash flow, financing activities, and capital structure, including common equity ratios - Con Edison's net cash from operating activities increased significantly to **$464 million** in Q1 2019 from **$143 million** in Q1 2018. This was primarily due to the timing of pension contributions, lower storm restoration costs, and the absence of payments for Puerto Rico restoration efforts made in the prior year[257](index=257&type=chunk)[261](index=261&type=chunk) - In March 2019, Con Edison issued **5.6 million** common shares for **$425 million** to settle forward sale agreements. The proceeds were used to fund subsidiary capital requirements and repay short-term debt[265](index=265&type=chunk) - In February 2019, Con Edison borrowed **$825 million** under a two-year variable-rate term loan to repay a previous 6-month term loan, which was part of the financing for the Sempra Solar acquisition[99](index=99&type=chunk)[265](index=265&type=chunk) Common Equity Ratio | Company | March 31, 2019 | Dec 31, 2018 | | :--- | :--- | :--- | | Con Edison | 50.8% | 49.0% | | CECONY | 49.3% | 48.6% | [Financial and Commodity Market Risks](index=66&type=section&id=Financial%20and%20Commodity%20Market%20Risks) Identifies the company's exposure to interest rate, commodity price, and investment risks, including potential financial impacts - The company's primary market risks are interest rate risk, commodity price risk, and investment risk[300](index=300&type=chunk) - A **10%** increase in interest rates on variable rate debt would increase annual interest expense by an estimated **$9 million** for Con Edison[301](index=301&type=chunk) - A **10%** decline in market prices would decrease the fair value of the Utilities' commodity derivative instruments by an estimated **$63 million**, though this would be largely offset by lower costs for the physical energy purchased[304](index=304&type=chunk) - The investment policy for pension plan assets targets **45-55%** equity, **33-43%** debt, and **10-14%** real estate. As of March 31, 2019, the allocation was **52%** equity, **39%** debt, and **9%** real estate[307](index=307&type=chunk) [ITEM 3 Quantitative and Qualitative Disclosures About Market Risk](index=68&type=section&id=ITEM%203%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Refers to the MD&A's 'Financial and Commodity Market Risks' section for disclosures on market risks and derivative instruments - The company's disclosures about market risk are incorporated by reference from the 'Financial and Commodity Market Risks' section in the MD&A[311](index=311&type=chunk) [ITEM 4 Controls and Procedures](index=68&type=section&id=ITEM%204%20Controls%20and%20Procedures) Management confirmed the effectiveness of disclosure controls and procedures, with no material changes to internal control over financial reporting - Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2019[312](index=312&type=chunk) - No material changes were made to the company's internal control over financial reporting during the first quarter of 2019[313](index=313&type=chunk) [PART II—Other Information](index=69&type=section&id=PART%20II%E2%80%94Other%20Information) Presents additional information including legal proceedings, risk factors, and a list of exhibits filed with the report [ITEM 1 Legal Proceedings](index=69&type=section&id=ITEM%201%20Legal%20Proceedings) Refers to financial statement notes for details on legal proceedings, including PG&E bankruptcy and regulatory matters - Information regarding legal proceedings is detailed in Notes A, B, C, G, and H of the financial statements, covering topics such as the PG&E bankruptcy, regulatory matters, and other contingencies[315](index=315&type=chunk) [ITEM 1A Risk Factors](index=69&type=section&id=ITEM%201A%20Risk%20Factors) No material changes to risk factors were reported compared to the 2018 Annual Report on Form 10-K - There were no material changes in the company's risk factors compared to those disclosed in the 2018 Form 10-K[316](index=316&type=chunk) [ITEM 6 Exhibits](index=69&type=section&id=ITEM%206%20Exhibits) Lists exhibits filed with the Form 10-Q, including CEO/CFO certifications, credit agreement amendments, and XBRL data - The exhibits filed with this report include CEO/CFO certifications under Sections 302 and 906, an amendment to the company's credit agreement, and interactive data files (XBRL)[316](index=316&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ___________________________________________________ FORM 10-K ___________________________________________________ x Annual Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2018 OR ¨ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to ___________________________________________________ Commission File ...