AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-2: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 3/6 · 18/10/2026
Moat63
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 3/4 · A concentrated 3.7-million-customer electric footprint, substantial installed utility plant and regulated recovery mechanisms support a strong incumbent infrastructure position. Exclusive franchises and comparative duplication costs are not supplied.
durability · 2/4 · Installed assets and delivery-revenue protection support persistence, but future rate restrictions and declining gas and steam demand forecasts make economic durability mixed. Forecast declines are prospective, not realized customer losses.
customer dependency · 3/4 · Millions of customers currently receive electricity through the established service footprint, and operating disclosures show continuing gas deliveries. This is strong indirect evidence of dependence on utility service, without establishing exclusive supply rights or measured switching friction.
erosion resilience · 2/4 · Decoupling and cost recovery cushion volume and expense changes, and first-half operating income increased. New statutory constraints, distributed resources and projected reliability shortfalls nevertheless create meaningful erosion channels.
Pricing power50
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 2/4 · Actual property-tax recovery and recorded rate-plan incentives demonstrate monetization through regulated terms. Revenue reconciliation also returns excess collections through regulatory liabilities. The July 2026 RECO rate change is approved pricing, not evidence of realized collections, and aggregate revenue growth does not isolate price.
retention · 2/4 · Ongoing service to a large installed customer base and continuing deliveries provide indirect evidence of repeat demand. O&R's quarterly firm gas volumes declined, and large aged receivables qualify the strength of recurring monetization. Neither item establishes customer churn.
margin resilience · 3/4 · Purchased-energy recovery, property-tax recovery and delivery-revenue decoupling provide disclosed economic protection. First-half operating income rose from $1,480 million to $1,730 million despite higher purchased-energy expenses and taxes. Protection is not complete, and regulatory changes could reduce it.
contractual freedom · 1/4 · Rates and recoverable costs are governed by regulatory plans rather than broad unilateral discretion. Chapter 58 adds budget-constrained proposals, excess-return refunds and longer potential rate-case suspension for future filings. Those provisions restrict freedom without establishing an already realized earnings loss.
Predictability—
Missing exact annual revenue, free cash flow or FCF margin; operating cash flow and capex must both be reported for all five years.
Financial strength—
Missing required inputs: debtFcfGrade. Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- netDebtEbitGrade
- 0.00
- interestCoverageGrade
- 11.51
- currentRatioGrade
- 21.64
- Net debt / operating income (x)
- 8.24
- Interest coverage (x)
- 2.27
- Current ratio (x)
- 1.02
Capital allocation—
Missing required inputs: cashConversionGrade. Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year pre-tax operating return (%)
- 6.40
- 3-year average dilution (%)
- 0.30
- 3-year average SBC / revenue (%)
- 0.30
Management69
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · Actual investment and asset-sale proceeds demonstrate capital deployment and portfolio action. CECONY's first-half operating cash flow of $1,766 million fell below utility capital spending of $2,246 million before removal costs, with debt issuance and parent contributions supporting funding. Con Edison's share count increased, and the earnings reconciliation includes a Honeoye impairment. Evidence is mixed; project-level returns are absent.
incentive alignment · 3/4 · Existing performance-unit awards use relative TSR at a 50% weighting, and disclosed operating results connect targets to payouts. Multi-year awarded units, vesting restrictions and mandatory clawbacks support alignment. Complete ownership and award terms are missing; outstanding awards are not assumed vested.
execution · 3/4 · Reported results include 99.9% reliability-performance attainment, capital-project execution at the disclosed maximum target and customer measures above target. Recorded regulatory incentives provide additional operating evidence. Two high-hazard injuries and projected transmission shortfalls temper the assessment; proposed reliability solutions are not completed achievements.
governance · 3/4 · An independent Lead Director, recurring independent-director sessions, audit-service preapproval and enforceable compensation-recovery provisions establish substantive governance practices. These are issuer disclosures of structures and policies, not proof of exceptional oversight effectiveness.
Evidence
50 CECONY Electric CECONY provides electric service to approximately 3.7 million customers in all of New York City (except a part of Queens) and most of Westchester County, an approximately 660 square mile service area with a population of more than nine million.
CECONY electric service territory and customer count · Filed 06/08/2026
CONSOLIDATED BALANCE SHEET (UNAUDITED) (Millions of Dollars) June 30, 2026 December 31, 2025 ASSETS CURRENT ASSETS Cash and temporary cash investments $1,418 $1,581 Accounts receivable – customers, net allowance for uncollectible accounts of $450 and $500 in 2026 and 2025, respectively 2,448 2,470 Other receivables, net allowance for uncollectible accounts of $8 and $27 in 2026 and 2025, respectively 158 213 Accrued unbilled revenue 623 769 Accounts receivable from affiliated companies 265 70 Fuel oil, gas in storage, materials and supplies, at average cost 481 477 Prepayments 393 329 Regulatory assets 264 95 Revenue decoupling mechanism receivable 242 202 Fair value of derivative assets 178 74 Other current assets 163 153 TOTAL CURRENT ASSETS 6,633 6,433 INVESTMENTS 749 725 UTILITY PLANT, AT ORIGINAL COST Electric 43,158 41,853 Gas 15,120 14,851 Steam 3,290 3,260 General 4,383 4,226 TOTAL 65,951 64,190 Less: Accumulated depreciation 15,747 15,321 Net 50,204 48,869 Construction work in progress 3,203 2,991 NET UTILITY PLANT 53,407 51,860 NON-UTILITY PROPERTY Non-utility property, net accumulated depreciation of $25 in 2026 and 2025 2 1 NET PLANT 53,409 51,861 OTHER NONCURRENT ASSETS Regulatory assets 5,294 5,235 Operating lease right-of-use asset 467 488 Pension and retiree benefits 4,206 4,106 Fair value of derivative assets 137 117 Other deferred charges and noncurrent assets 392 351 TOTAL OTHER NONCURRENT ASSETS 10,496 10,297 TOTAL ASSETS $71,287 $69,316 The accompanying notes are an integral part of these financial statements.
CECONY consolidated balance sheet: utility plant and regulatory assets · Filed 06/08/2026
Recoverable energy costs Continuation of current rate recovery of purchased power and fuel costs.
Rate-plan provisions: purchased power and fuel cost recovery · Filed 19/02/2026
Gas O&R’s results of gas operations for the three months ended June 30, 2026 compared with the 2025 period were as follows: For the Three Months Ended (Millions of Dollars) June 30, 2026 June 30, 2025 Variation Operating revenues $58 $58 $— Gas purchased for resale 21 24 (3) Other operations and maintenance 21 20 1 Depreciation and amortization 11 9 2 Taxes, other than income taxes 9 8 1 Gas operating income $(4) $(3) $(1) O&R’s gas sales and deliveries, excluding off-system sales, for the three months ended June 30, 2026 compared with the 2025 period were: Thousands of Dt Delivered Revenues in Millions (a) For the Three Months Ended For the Three Months Ended Description June 30, 2026 June 30, 2025 Variation Percent Variation June 30, 2026 June 30, 2025 Variation Percent Variation Residential 1,602 1,677 (75) (4.5) % $35 $41 $(6) (14.6) % General 377 400 (23) (5.8) 6 6 — — Firm transportation 773 774 (1) (0.1) 7 8 (1) (12.5) Total firm sales and transportation 2,752 2,851 (99) (3.5) % (b) $48 $55 $(7) (12.7) % Interruptible sales 758 838 (80) (9.5) 2 2 — — Other 119 110 9 8.2 — — — — Other gas revenues — — — — 8 1 7 Large Total 3,629 3,799 (170) (4.5) % $58 $58 $— — (a)Revenues from New York gas sales are subject to a weather normalization clause and a revenue decoupling mechanism as a result of which delivery revenues are generally not affected by changes in delivery volumes from levels assumed when rates were approved.
O&R gas operating results and weather normalization and revenue decoupling · Filed 06/08/2026
Pursuant to their rate plans, the Utilities recover from customers the amount of property taxes they will pay.
Liquidity and capital resources: property tax recovery · Filed 06/08/2026
In 2025, the company deferred $(11.3) million as regulatory liabilities.
Rate-plan revenue decoupling: 2025 regulatory liability · Filed 19/02/2026
Effective for base rate filings submitted by the Utilities after January 1, 2027, Chapter 58: (i) requires the Utilities to submit, in addition to their recommended proposal, a budget-constrained rate plan that limits aggregate revenue increases to the average Consumer Price Index growth over the prior three years; (ii) directs the Utilities to return revenues above the authorized return on equity (ROE), with retention of up to 0.25% over the authorized ROE if certain criteria are met; (iii) further defines non-recoverable lobbying expenses and formalizes non-recoverability of public relations and goodwill advertising expenses; (iv) extends the NYSPSC’s authority to suspend a rate case to 14 months; and (v) authorizes approval of multi-year litigated rate plans.
State utility regulation: Chapter 58 provisions for filings after January 1, 2027 · Filed 06/08/2026
CECONY continues to project increasing long-term capacity shortfalls in its New York City transmission system, driven by load growth and generation retirements without new replacement generation materializing.
Electric reliability: projected New York City transmission capacity shortfalls · Filed 06/08/2026
In June 2026, CECONY updated its five-year forecast of average annual firm peak gas demand in its service area at design conditions from a 0.2 percent increase (for 2026 to 2030) to a 0.2 percent decrease (for 2027 to 2031).
CECONY updated five-year gas demand forecast · Filed 06/08/2026
In June 2026, CECONY updated its five-year forecast of the average annual peak steam demand in its service area at design conditions from a 0.9 percent decrease (for 2026 to 2030) to a 0.7 percent decrease (for 2027 to 2031).
CECONY updated five-year steam demand forecast · Filed 06/08/2026
Measures that promote distributed energy resources, such as distributed generation, demand reduction and energy efficiency, also affect the volume of energy sales and deliveries.
Energy sales and deliveries: distributed resources and efficiency effects · Filed 06/08/2026
For the Six Months Ended June 30, (Millions of Dollars) 2026 2025 Variance INVESTING ACTIVITIES Utility capital expenditures $(2,473) $(2,420) $(53) Cost of removal less salvage (208) (251) 43 Non-utility capital expenditures (1) (1) — Proceeds from sale of equity interest in Mountain Valley Pipeline, LLC 358 — 358 Proceeds from sale of Broken Bow II, net of cash and cash equivalents sold — 45 (45) Other investing activities (30) (28) (2) NET CASH FLOWS USED IN INVESTING ACTIVITIES $(2,354) $(2,655) $301 Net cash flows used in investing activities for Con Edison were $301 million lower for the six months ended June 30, 2026 compared with the 2025 period.
Con Edison investing cash flows: capital expenditures and disposition proceeds · Filed 06/08/2026
CONSOLIDATED INCOME STATEMENT (UNAUDITED) For the Three Months Ended June 30, For the Six Months Ended June 30, (Millions of Dollars/Except Share Data) 2026 2025 2026 2025 OPERATING REVENUES Electric $3,139 $2,777 $6,177 $5,678 Gas 811 711 2,435 2,253 Steam 118 106 550 460 Non-utility 1 1 2 2 TOTAL OPERATING REVENUES 4,069 3,595 9,164 8,393 OPERATING EXPENSES Purchased power 837 649 1,593 1,370 Fuel 56 27 245 154 Gas purchased for resale 156 171 582 533 Other operations and maintenance 913 923 1,851 1,875 Depreciation and amortization 578 576 1,150 1,140 Taxes, other than income taxes 977 894 2,013 1,841 TOTAL OPERATING EXPENSES 3,517 3,240 7,434 6,913 OPERATING INCOME 552 355 1,730 1,480 Gain on sale of equity interest in Mountain Valley Pipeline, LLC — — 189 — OTHER INCOME (DEDUCTIONS) Investment income 11 17 29 33 Other income 148 214 289 415 Allowance for equity funds used during construction 24 18 47 36 Other deductions (13) (8) (27) (22) TOTAL OTHER INCOME 170 241 338 462 INCOME BEFORE INTEREST AND INCOME TAX EXPENSE 722 596 2,257 1,942 INTEREST EXPENSE (INCOME) Interest on long-term debt 313 292 621 584 Other interest expense 20 26 38 64 Allowance for borrowed funds used during construction (19) (18) (37) (36) NET INTEREST EXPENSE 314 300 622 612 INCOME BEFORE INCOME TAX EXPENSE 408 296 1,635 1,330 INCOME TAX EXPENSE 100 50 403 292 NET INCOME FOR COMMON STOCK $308 $246 $1,232 $1,038 Net income per common share - basic $0.83 $0.68 $3.37 $2.93 Net income per common share - diluted $0.83 $0.68 $3.36 $2.92 AVERAGE NUMBER OF SHARES OUTSTANDING—BASIC (IN MILLIONS) 368.8 360.4 365.6 354.5 AVERAGE NUMBER OF SHARES OUTSTANDING—DILUTED (IN MILLIONS) 370.0 361.7 366.8 355.8 The accompanying notes are an integral part of these financial statements.
Con Edison consolidated income statement: first-half operating results and share count · Filed 06/08/2026
At June 30, 2026, CECONY's and O&R's customer accounts receivables balances of $2,898 million and $119 million, respectively, included aged accounts receivables (balances outstanding in excess of 60 days) of $1,385 million and $31 million, respectively.
Customer accounts receivable and balances outstanding over 60 days · Filed 06/08/2026
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) For the Six Months Ended June 30, (Millions of Dollars) 2026 2025 OPERATING ACTIVITIES Net income $1,029 $967 PRINCIPAL NON-CASH CHARGES (CREDITS) TO INCOME Depreciation and amortization 1,082 1,077 Deferred income taxes 472 214 Rate case amortization and accruals (54) 131 Common equity component of allowance for funds used during construction (40) (33) Other non-cash items, net (40) (32) CHANGES IN ASSETS AND LIABILITIES Accounts receivable – customers, net 66 55 Other receivables, net and other current assets (101) 87 Unbilled revenue and net unbilled revenue deferrals (51) 12 Accounts receivable from (to) affiliated companies (195) 293 Prepayments (64) 75 Accounts payable (197) 52 Accounts payable from (to) affiliated companies (1) 10 Pensions and retiree benefits obligations, net (205) (274) Pensions and retiree benefits contributions (12) (9) Superfund and other environmental costs, net (5) (14) Accrued taxes (3) (13) Accrued interest 6 12 Deferred charges, noncurrent assets, leases, net and other regulatory assets (129) (183) Deferred credits, noncurrent liabilities and other regulatory liabilities 247 206 Other current liabilities (39) 67 NET CASH FLOWS FROM OPERATING ACTIVITIES 1,766 2,700 INVESTING ACTIVITIES Utility capital expenditures (2,246) (2,233) Cost of removal less salvage (203) (246) NET CASH FLOWS USED IN INVESTING ACTIVITIES (2,449) (2,479) FINANCING ACTIVITIES Net payment of short-term debt (Maturities 90 days or less) (460) (894) Payment of short-term debt (Maturities greater than 90 days) (300) — Borrowing under term loan — 200 Repayment of term loan (500) — Issuance of long-term debt 1,300 — Debt issuance costs (17) (1) Capital contribution by Con Edison 1,114 1,250 Dividend to Con Edison (617) (568) NET CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES 520 (13) CASH AND TEMPORARY CASH INVESTMENTS NET CHANGE FOR THE PERIOD (163) 208 BALANCE AT BEGINNING OF PERIOD 1,581 1,254 BALANCE AT END OF PERIOD $1,418 $1,462 SUPPLEMENTAL DISCLOSURE OF CASH INFORMATION Cash paid (received) during the period for: Interest, net of capitalized interest $548 $525 Income taxes $74 $(199) SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION Capital expenditures in accounts payable $787 $310 Equipment acquired but unpaid as of end of period $— $6 The accompanying notes are an integral part of these financial statements.
CECONY consolidated cash flows: operating cash, investment and financing · Filed 06/08/2026
(Millions of Dollars, except per share amounts) 2023 2024 2025 Reported net income for common stock – GAAP basis $2,519 $1,820 $2,023 Loss (gain) and other impacts related to sale of the Clean Energy Businesses (pre-tax)(a)(b) (887) 63 — Income taxes(c) 113 (13) (1) Loss (gain) and other impacts related to sale of the Clean Energy Businesses (net of tax)(a)(b) (774) 50 (1) HLBV effects (pre-tax)(d) 11 4 (2) Income taxes(e) (3) (1) 1 HLBV effects (net of tax)(d) 8 3 (1) Net mark-to-market effects (pre-tax) 13 — — Income taxes(f) (4) — — Net mark-to-market effects (net of tax) 9 — — Accretion of the basis difference of Con Edison's equity investment in MVP (pre-tax)(g) — (6) (12) Income taxes(g) — 1 3 Accretion of the basis difference of Con Edison's equity investment in MVP (net of tax)(j) — (5) (9) Transaction costs associated with the strategic alternatives review of Con Edison's equity investments in MVP and Honeoye (pre-tax) — — 17 Income taxes(h) — — (5) Transaction costs associated with the strategic alternatives review of Con Edison's equity investments in MVP and Honeoye (net of tax) — — 12 Remeasurement of deferred state income taxes related to the previously recorded impairment of MVP (net of federal income taxes) (i) — — 7 Impairment loss related to investment in Honeoye (pre-tax) — — 13 Income taxes(j) — — (3) Impairment loss related to investment in Honeoye (net of tax) — — 10 Gain on the sale of an interest in a solar electric production project (pre-tax) — — (4) Income taxes(k) — — 1 Gain on the sale of an interest in a solar electric production project (net of tax) — — (3) Adjusted earnings (Non-GAAP) $1,762 $1,868 $2,038 Consolidated Edison, Inc.
Appendix A: earnings reconciliation, disposition effects and investment impairment · Filed 08/04/2026
Performance Hurdles Payout Leverage Weighting Earned(11) Operating Objectives Operational Metric Minimum Target Maximum Minimum Target Maximum Year-end Result Payout Relative to Target Weighting Earned % Employee and Public Safety Significant High Hazard Injuries(1) 100% workplan NA 0 50% N/A 200% 2 High Hazard injuries, completed Workplan 50.0% 1.8% Gas Made Safe(2) 90.0% 95.0% 99.3% 50% 100% 200% 99.7% 200% 7.0% Operating Errors (3) 46 42 37 50% 100% 200% 37 200% 7.0% Environment and Sustainability SF6 Gas Emissions(4) 7,200 6,000 5,000 50% 100% 200% 4,727 200% 7.0% Clean Energy - Lifetime Tons CO2 Reduced(5) 1,832 2,291 2,520 50% 100% 200% 2,463 175.1% 6.1% Operational Excellence Reliability Performance Metrics(6) 97% 98% 100% 50% 100% 200% 99.9% 195.0% 6.8% Capital Project Execution(7) 14 17 20 50% 100% 200% 20.0 200% 7.0% Network and non-network SAIFI/CAIDI and Network SAIDI(8) 3 4 4 + <=7.69 (100%) - <=6.16 (200%) performance on Network SAIDI 75% 100% 200% 4 166.7% 5.8% Customer Experience Call Answer Rate(9) 65.0% 67.5% 69.0% 50% 100% 200% 71.7% 200% 7.0% Customer Satisfaction(10) >=3.65 3.85 >=4.05 50% 100% 200% 3.95 150% 5.3% 60.8% Footnotes: (1)Significant High Hazard injuries refers to certain hazardous injuries that can occur within Con Edison of New York's operations.
Executive compensation: operating targets, year-end results and incentive payouts · Filed 08/04/2026
See “The Utilities” in Item 1. •Pursuant to their electric and gas rate plans, CECONY and O&R recorded $54 million ($40 million after-tax) and $1 million ($.7 million after-tax) of revenues for the year ended December 31, 2025, respectively, of earnings adjustment mechanisms and positive incentives, primarily reflecting the achievement of certain energy efficiency and vehicle electrification measures, as compared with $62 million ($46 million after-tax) and $4 million ($3 million after-tax) for CECONY and O&R, respectively, for the year ended December 31, 2024, and $43 million ($32 million after-tax) and $2 million ($1 million after-tax) for CECONY and O&R, respectively, for the year ended December 31, 2023.
Business introduction: realized earnings adjustment mechanisms and positive incentives · Filed 19/02/2026
It is a performance metric used in the Company’s long-term equity incentive awards, with a weighting of 50% for performance unit awards, which constitute the majority of equity-based compensation granted to the PEO and other NEOs.
Pay versus performance: relative TSR weighting in equity incentive awards · Filed 08/04/2026
2025 LTIP Awards The target award of performance units awarded to each of the Named Executive Officers in 2025 for the performance period that began on January 1, 2025 and ends December 31, 2027, and the number of time-based units awarded to each of the Named Executive Officers in 2025, is shown in the table below.
2025 LTIP awards: awarded performance units and performance period · Filed 08/04/2026
•Long-Term Incentive Compensation. The long term incentive plan: (i) prohibits the repricing of stock options or the buyout of underwater options without stockholder approval; (ii) prohibits recycling of shares for future awards except under limited circumstances; (iii) prohibits accelerated vesting of outstanding equity awards, unless both a change in control occurs and a participant’s employment is terminated under certain circumstances; and (iv) caps the maximum number of shares that may be awarded to a director, officer, or eligible employee in a calendar year.
Compensation governance: repricing, share recycling and vesting restrictions · Filed 08/04/2026
The policy requires the Company to recover erroneously awarded incentive-based compensation received by all current and former executive officers of the Company during the three fiscal years preceding the date the Company is required to prepare an accounting restatement due to material noncompliance with financial reporting requirements.
Compensation governance: mandatory recovery of erroneously awarded incentive compensation · Filed 08/04/2026
The Board has an independent Lead Director who is the Chair of the Corporate Governance and Nominating Committee and has numerous duties and significant responsibilities, including acting as a liaison between the independent Directors and the Company’s management and chairing the executive sessions of independent Directors.
Corporate governance: independent Lead Director responsibilities · Filed 08/04/2026
•Frequent Executive Sessions. The Company’s independent Directors meet in executive session not fewer than three times per year.
Corporate governance: independent director executive sessions · Filed 08/04/2026
Con Edison’s Audit Committee or, as delegated by the Audit Committee, the Chair of the Committee, approves in advance each auditing service and non-audit service permitted by applicable laws and regulations, including tax services, to be provided to CECONY by its independent accountants.
Independent accountants: Audit Committee preapproval of services · Filed 19/02/2026
The payment of property taxes by the Utilities affects the timing of cash flows and increases the amount of short-term borrowings issued by the Utilities when property taxes are due and as property taxes increase, but generally does not impact net income.
Property tax recovery: cash timing and net-income effects · Filed 06/08/2026
RECO Effective period July 2026 Base rate changes $15.25 million Amortization to income of net regulatory (assets) and liabilities $8.7 million net assets over three years including $8.1 million of deferred storm costs.
RECO rate plan: July 2026 effective period and base rate changes · Filed 06/08/2026
