Notes to the Financial Statements — Continued the unbilled revenues for the future benefit of customers by recording a regulatory liability of $136 million for the difference between the unbilled revenues and energy cost liabilities.
Note C — Capitalization Common Stock At December 31, 2012 and 2011, Con Edison owned all of the issued and outstanding shares of common stock of the Utilities and the competitive energy businesses.
CECONY owns 21,976,200 shares of Con Edison stock, which it purchased prior to 2001 in connection with Con Edison’s stock repurchase plan.
CECONY presents in the financial statements the cost of the Con Edison stock it owns as a reduction of common shareholder’s equity.
Capitalization of Con Edison The outstanding capitalization for each of the Companies is shown on its Consolidated Statement of Capitalization, and for Con Edison includes the Utilities’ outstanding debt.
Preferred Stock of CECONY In May 2012, CECONY redeemed all of its outstanding shares of $5 Cumulative Preferred Stock and Cumulative Preferred Stock ($100 par value).
Dividends In accordance with NYSPSC requirements, the dividends that the Utilities generally pay are limited to not more than 100 percent of their respective income available for dividends calculated on a two-year rolling average basis.
Excluded from the calculation of “income available for dividends” are non-cash charges to income resulting from accounting changes or charges to income resulting from significant unanticipated events.
The restriction also does not apply to dividends paid in order to transfer to Con Edison proceeds from major transactions, such as asset sales, or to dividends reducing each utility subsidiary’s equity ratio to a level appropriate to its business risk.
Long-term Debt Long-term debt maturing in the period 2013-2017 is as follows:
## Table 0 ##
The Utilities have issued $494 million of tax-exempt debt through the New York State Energy Research and Development Authority (NYSERDA) that currently bear interest at a rate determined weekly and is subject to tender by bondholders for purchase by the Utilities.
The carrying amounts and fair values of long-term debt are:
## Table 1 ##
Fair values of long-term debt have been estimated primarily using available market information.
For Con Edison, $12,299 million and $636 million of the fair value of long-term debt at December 31, 2012 are classified as Level 2 and Level 3, respectively.
For CECONY, $11,115 million and $636 million of the fair value of long-term debt at December 31, 2012 are classified as Level 2 and Level 3, respectively (see Note K).
The $636 million of long-term debt classified as Level 3 is CECONY’s tax-exempt, auction-rate securities for which the market is highly illiquid and there is a lack of observable inputs.
At December 31, 2012 and 2011, long-term debt of Con Edison included $25 million and $29 million, respectively, of Transition Bonds issued in 2004 by O&R’s New Jersey utility subsidiary through a special purpose entity.
Significant Debt Covenants The significant debt covenants under the financing arrangements for the notes of Con Edison and the debentures of CECONY are obligations to pay principal and interest when due, covenants not to consolidate with or merge into any other corporation unless certain conditions are met and, for Con Edison’s notes, covenants that Con Edison shall continue its utility business in New York City and shall not permit Con Edison’s ratio of consolidated debt to consolidated capital to exceed 0.675 to 1.
Con Edison’s notes are also subject to cross default provisions with respect to other indebtedness of Con Edison or its material subsidiaries having a then outstanding principal balance in excess of $100 million.
CECONY’s debentures have no cross default provisions.
The tax-exempt financing arrangements of the Utilities are subject to covenants for the CECONY debentures discussed above and the covenants discussed below.
The Companies believe that they were in compliance with their significant debt covenants at December 31, 2012.
M ANAGEMENT ’ S D ISCUSSION AND A NALYSIS OF F INANCIAL C ONDITION AND R ESULTS OF O PERATIONS – C ONTINUED Electric CECONY’s results of electric operations for the year ended December 31, 2012 compared with the year ended December 31, 2011 is as follows
## Table 2 ##
CECONY’s electric sales and deliveries, excluding off-system sales, in 2012 compared with 2011 were
## Table 3 ##
(a) “Residential/Religious” generally includes single-family dwellings, individual apartments in multi-family dwellings, religious organizations and certain other not-for-profit organizations.
CECONY’s electric operating revenues decreased $52 million in 2012 compared with 2011 due primarily to lower purchased power ($322 million) and fuel costs ($40 million), offset by higher revenues from the electric rate plan ($310 million).
CECONY’s revenues from electric sales are subject to a revenue decoupling mechanism, as a result of which delivery revenues generally are not affected by changes in delivery volumes from levels assumed when rates were approved.
Other electric operating revenues generally reflect changes in regulatory assets and liabilities in accordance with the revenue decoupling mechanism and other provisions of the company’s rate plans.
See Note B to the financial statements in Item 8.
Electric delivery volumes in CECONY’s service area decreased 1.1 percent in 2012 compared with 2011.
After adjusting for variations, principally weather and billing days, electric delivery volumes in CECONY’s service area increased 0.2 percent in 2012 compared with 2011.
CECONY’s electric purchased power costs decreased $322 million in 2012 compared with 2011 due to a decrease in purchased volumes ($321 million) and unit costs ($1 million).
Electric fuel costs decreased $40 million in 2012 compared with 2011 due to lower unit costs ($58 million), offset by higher sendout volumes from the company’s electric generating facilities ($18 million).
CECONY’s electric operating income decreased $2 million in 2012 compared with 2011.
The decrease reflects primarily higher operations and maintenance costs ($232 million), due primarily to higher pension expense ($149 million), and increase in surcharges that are collected in revenues from customers ($25 million) and higher support and maintenance of company underground facilities to accommodate municipal projects ($14 million), higher depreciation and amortization ($54 million) and higher taxes other than income taxes ($26 million, principally property taxes), offset in part by higher net revenues ($310 million, due primarily to the electric rate plan).
Most of the
PART III Item 10.
Directors and Executive Officers of the Registrant.
Pursuant to Section 406 of the Sarbanes-Oxley Act of 2002, we have adopted a Code of Ethics for Senior Financial Officers that applies to our principal executive officer and principal financial officer, principal accounting officer and controller, and other persons performing similar functions.
Our Code of Ethics for Senior Financial Officers is publicly available on our website at www.
hologic.
com.
We intend to satisfy the disclosure requirement under Item 5.05 of Current Report on Form 8-K regarding an amendment to, or waiver from, a provision of this code by posting such information on our website, at the address specified above.
The additional information required by this item is incorporated by reference to our Definitive Proxy Statement for our annual meeting of stockholders to be filed with the Securities and Exchange Commission within 120 days after the close of our fiscal year.
Item 11.
Executive Compensation.
The information required by this item is incorporated by reference to our Definitive Proxy Statement for our annual meeting of stockholders to be filed with the Securities and Exchange Commission within 120 days after the close of our fiscal year.
Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
We maintain a number of equity compensation plans for employees, officers, directors and others whose efforts contribute to our success.
The table below sets forth certain information as our fiscal year ended September 25, 2004 regarding the shares of our common stock available for grant or granted under stock option plans that (i) were approved by our stockholders, and (ii) were not approved by our stockholders.
Equity Compensation Plan Information

<table><tr><td> (Millions of Dollars)</td><td> Con Edison</td><td> CECONY</td></tr><tr><td>2013</td><td>$706</td><td>$700</td></tr><tr><td>2014</td><td>481</td><td>475</td></tr><tr><td>2015</td><td>495</td><td>350</td></tr><tr><td>2016</td><td>731</td><td>650</td></tr><tr><td>2017</td><td>7</td><td>-</td></tr></table>
<table><tr><td></td><td colspan="4"> December 31,</td></tr><tr><td> (Millions of Dollars)</td><td colspan="2"> 2012</td><td colspan="2"> 2011</td></tr><tr><td> Long-Term Debt (including current portion)</td><td> Carrying Amount</td><td> Fair Value</td><td> Carrying Amount</td><td> Fair Value</td></tr><tr><td>Con Edison</td><td>$10,768</td><td>$12,935</td><td>$10,673</td><td>$12,744</td></tr><tr><td>CECONY</td><td>$9,845</td><td>$11,751</td><td>$9,745</td><td>$11,593</td></tr></table>
<table><tr><td></td><td colspan="2"> Twelve Months Ended</td><td></td></tr><tr><td> (millions of dollars)</td><td> December 31, 2012</td><td> December 31, 2011</td><td>Variation</td></tr><tr><td>Operating revenues</td><td>$8,176</td><td>$8,228</td><td>$-52</td></tr><tr><td>Purchased power</td><td>1,938</td><td>2,260</td><td>-322</td></tr><tr><td>Fuel</td><td>159</td><td>199</td><td>-40</td></tr><tr><td>Net revenues</td><td>6,079</td><td>5,769</td><td>310</td></tr><tr><td>Operations and maintenance</td><td>2,273</td><td>2,041</td><td>232</td></tr><tr><td>Depreciation and amortization</td><td>710</td><td>656</td><td>54</td></tr><tr><td>Taxes, other than income taxes</td><td>1,403</td><td>1,377</td><td>26</td></tr><tr><td> Electric operating income</td><td>$1,693</td><td>$1,695</td><td>$-2</td></tr></table>
<table><tr><td></td><td colspan="4">Millions of kWhs Delivered</td><td colspan="4">Revenues in Millions</td></tr><tr><td></td><td colspan="2"> Twelve Months Ended</td><td colspan="2"></td><td colspan="2"> Twelve Months Ended</td><td colspan="2"></td></tr><tr><td> Description</td><td> December 31, 2012</td><td> December 31, 2011</td><td>Variation</td><td>Percent Variation</td><td> December 31, 2012</td><td> December 31, 2011</td><td>Variation</td><td>Percent Variation</td></tr><tr><td>Residential/Religious(a)</td><td>10,718</td><td>11,404</td><td>-686</td><td>-6.0%</td><td>$2,749</td><td>$2,918</td><td>$-169</td><td>-5.8%</td></tr><tr><td>Commercial/Industrial</td><td>9,848</td><td>11,148</td><td>-1,300</td><td>-11.7</td><td>1,971</td><td>2,304</td><td>-333</td><td>-14.5</td></tr><tr><td>Retail access customers</td><td>25,990</td><td>24,234</td><td>1,756</td><td>7.2</td><td>2,750</td><td>2,354</td><td>396</td><td>16.8</td></tr><tr><td>NYPA, Municipal Agency and other sales</td><td>10,645</td><td>11,040</td><td>-395</td><td>-3.6</td><td>617</td><td>592</td><td>25</td><td>4.2</td></tr><tr><td>Other operating revenues</td><td>-</td><td>-</td><td>-</td><td>-</td><td>89</td><td>60</td><td>29</td><td>48.3</td></tr><tr><td> Total</td><td> 57,201</td><td> 57,826</td><td>-625</td><td>-1.1%</td><td>$8,176</td><td>$8,228</td><td>$-52</td><td>-0.6%</td></tr></table>

Question: What is the average amount of Operations and maintenance of Twelve Months Ended December 31, 2012, and Con Edison of December 31, 2011 Carrying Amount ?