NY PSC denies Con Ed subsidiary's petition to capitalize $88M in billing system costs above cap

CONSOLIDATED EDISON INC

PSC denied CECONY's April 2023 petition to capitalize costs exceeding $421M cap for new customer billing system.
Total system costs ~$509M; $88M above cap. Q2 2024: CECONY to expense ~$50M previously capitalized plus $38M reserve.
CECONY believes costs justified, reviewing order and considering options.

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