Con Edison and its subsidiaries, CECONY and O&R, along with Con Edison Transmission, a regulated company primarily under the oversight of the Federal Energy Regulatory Commission (FERC), have experienced a significant increase in their aged accounts receivable balances, primarily due to the suspension of collection activities and service disconnections during the COVID-19 pandemic, which have impacted and are expected to continue to impact their liquidity. The Companies have implemented strategies to manage their customer accounts receivable balances, including flexible payment arrangements, enhanced communications, and increased presence of field collectors. Additionally, the Companies are facing various regulatory challenges, including climate change legislation, environmental remediation costs, and potential liabilities related to the sale of its Clean Energy Businesses. The Companies are actively managing these risks and uncertainties to maintain financial stability and continue to invest in its infrastructure and operations. The Companies have also entered into various financing arrangements to support their capital requirements, including a $2.5 billion revolving credit agreement and various term loans. The Companies are committed to maintaining a strong safety culture, investing in a clean energy future, and providing reliable service to their customers.
