Con Edison to Credit Steam Customers Due to the Tax Cuts and Jobs Act of 2017

On August 9, 2018, the New York State Public Service Commission (“PSC”) issued an Order directing Con Edison (or the “Company”) to implement sur-credits related to the tax savings from the Tax Cuts and Jobs Act of 2017 (“Tax Sur-credit”). Pursuant to the PSC’s Order, the Company has filed amendments to its Schedule for Steam Service, P.S.C. No. 4 – Steam (the “Steam Tariff”).

The Company has created a new General Information Section 5.1, “Tax Sur-credit,” to implement the Tax Sur-credit. General Information Section 5.1 specifies that Customers will receive sur-credits per Mlb as shown on the Statement of Tax Sur-credit for the 12-month period commencing October 1, 2018 to September 30, 2019. This will continue for each 12-month period until the net benefits of the Tax Sur-credit are fully reflected in rates in the next rate case.

The Company also added the definition for “Pure Base Revenue” to mean the total revenue, less the revenues attributable to the Increase in Rates and Charges, Fuel Adjustment Charge, Base Cost of Fuel, and Tax Sur-credit, all as described in the Steam Tariff, to incorporate the effect of the Tax Sur-credit on the calculation of Pure Base Revenue. General Information Nos. 3.1.5, 3.2.2, and 7 have been revised to incorporate the newly defined term Pure Base Revenue.

The Company’s rate schedules can be viewed on the PSC’s website at www.dps.ny.gov or the Company’s website at www.coned.com. The tariff filing can be viewed on the PSC’s website by searching under case 17-M-0815. A complete copy of the filing is also available for your inspection at the PSC’s office, 90 Church Street, 4th floor, New York, New York 10007, and at offices where applications for Con Edison service may be made.