The Companies’ commitments to make payments in addition to these contractual commitments include their other liabilities reflected in their balance sheets, any funding obligations for their pension and other postretirement benefit plans, financial hedging activities, their collective bargaining agreements and Con Edison’s guarantees of certain obligations of its businesses.
See Notes E, F, O and “Guarantees” in Note H to the financial statements in Item 8.
Capital Resources Con Edison is a holding company that operates only through its subsidiaries and has no material assets other than its interests in its subsidiaries.
Con Edison expects to finance its capital requirements primarily through internally-generated funds and the sale of its securities, including meeting all of its common equity needs in 2011 by issuing shares under its dividend reinvestment and employee stock plans.
Con Edison’s ability to make payments on its external borrowings and dividends on its common shares is also dependent on its receipt of dividends from its subsidiaries or proceeds from the sale of its securities or its interests in its subsidiaries.
For information about restrictions on the payment of dividends by the Utilities and significant debt covenants, see Note C to the financial statements in Item 8.
For information on the Companies’ commercial paper program and revolving credit agreements with banks, see Note D to the financial statements in Item 8.
The Utilities expect to finance their operations, capital requirements and payment of dividends to Con Edison from internally-generated funds (see “Liquidity and Capital Resources – Cash Flows from Operating Activities” in Item 7), contributions of equity capital from Con Edison and external borrowings, including the issuance in 2011 of long-term debt of up to $600 million.
The Companies require access to the capital markets to fund capital requirements that are substantially in excess of available internally-generated funds.
See “Capital Requirements,” above.
Each of the Companies believes that it will continue to be able to access capital, although capital market conditions may affect the timing of the Companies’ financing activities.
The Companies monitor the availability and costs of various forms of capital, and will seek to issue Con Edison common stock and other securities when it is necessary or advantageous to do so.
For information about the Companies’ long-term debt and short-term borrowing, see Notes C and D to the financial statements in Item 8.
In 2009, the NYSPSC authorized CECONY and O&R to issue up to $4,800 million and $500 million of securities, respectively (of which up to $550 million and $100 million, respectively, may be preferred stock and up to the entire amount authorized may be debt securities).
At December 31, 2010, CECONY and O&R had issued $1,470 million and $190 million, respectively, of debt securities pursuant to such authorization.
In addition, the NYSPSC has authorized the Utilities’ to refund outstanding debt securities and preferred stock should the Utilities determine that it is economic to do so.
Con Edison’s competitive energy businesses have financed their operations and capital requirements primarily with capital contributions and borrowings from Con Edison, internallygenerated funds and external borrowings.
For each of the Companies, the ratio of earnings to fixed charges (SEC basis) for the last five years was:
## Table 0 ##
For each of the Companies, the common equity ratio for the last five years was:
## Table 1 ##
The commercial paper of the Companies is rated P-2, A-2 and F2, respectively, by Moody’s, S&P and Fitch.
Con Edison’s long-term credit rating is Baa1, BBB+ and BBB+, respectively, by Moody’s, S&P and Fitch.
The unsecured debt of CECONY is rated A3, A- and A-, respectively, by Moody’s, S&P and Fitch.
The unsecured debt of O&R is rated Baa1, A- and A-, respectively, by Moody’s, S&P and Fitch.
Securities ratings assigned by rating organizations are expressions of opinion and are not recommendations to buy, sell or hold securities.
A securities rating is subject to revision or withdrawal at any time by the assigning rating organization.
Each rating should be evaluated independently of any other rating.
CECONY has $636 million of tax-exempt debt for which the interest rates are to be determined pursuant to periodic auctions.
Of this amount, $391 million is insured by Ambac Assurance Corporation and $245 million is insured by Syncora Guarantee Inc.  (formerly XL Capital Assurance Inc. ).
Credit rating agencies have downgraded the ratings of these insurers from AAA to lower levels.
Subsequently, there have not been sufficient bids to determine the interest rates pursuant to auctions, and interest rates have been determined by reference to a variable rate index.
The weighted average annual interest
West Nyack Site In 1994 and 1997, O&R entered into consent orders with the NYSDEC pursuant to which O&R agreed to conduct a remedial investigation and remediate certain property it owns in West Nyack, New York at which PCBs were discovered.
Petroleum contamination related to a leaking underground storage tank was found as well.
O&R has completed all remediation at the site that the NYSDEC has required to date.
O&R is continuing a supplemental groundwater investigation and on-site vapor intrusion monitoring as required by the NYSDEC.
Newark Bay Approximately 300 parties, including O&R (which was served with a third-party complaint in June 2009), were sued as thirdparty defendants by Tierra Solutions, Inc.  (Tierra) and Maxus Energy Corporation (Maxus), successors to the Occidental Chemical Corporation and Diamond Shamrock Chemical Company.
Tierra and Maxus were themselves sued in 2005 by the New Jersey Department of Environmental Protection and others for removal and cleanup costs, punitive damages, penalties, and economic losses allegedly arising from the dioxin contamination their predecessors’ pesticide/herbicide plant allegedly released to the “Newark Bay Complex,” a system of waterways including Newark Bay, the Arthur Kill, the Kill Van Kull, and lower portions of the Passaic and Hackensack Rivers.
Tierra and Maxus are seeking equitable contribution from the thirdparty defendants for such costs, damages, penalties and losses, which are likely to be substantial.
As to O&R, Tierra and Maxus allege that 1975 and 1976 shipments of waste oil by O&R from an electricity generating plant in Haverstraw, New York to the Borne Chemical Company in Elizabeth, New Jersey was a source of petroleum discharges to the Arthur Kill.
Con Edison is unable to predict O&R’s exposure to liability with respect to the Newark Bay Complex.
Other Superfund Sites O&R is a PRP with respect to other Superfund sites where there are other PRPs and it is not managing the site investigation and remediation.
Work at these sites is in various stages, with the company participating in PRP groups at some of the sites.
Investigation, remediation and monitoring at some of these sites have been, and are expected to continue to be, conducted over extended periods of time.
The company does not believe that it is reasonably likely that monetary sanctions, such as penalties, will be imposed upon it by any governmental authority with respect to these sites.
The following table lists each of O&R’s other Superfund sites for which the company anticipates it may have liability.
The table also shows for each such site, its location, the year in which the company was designated or alleged to be a PRP or to otherwise have responsibilities with respect to the site (shown in the table under “Start”), the name of the court or agency in which proceedings with respect to the site are pending and O&R’s estimated percentage of total liability for each site.
The company currently estimates that its potential liability for investigation, remediation, monitoring and environmental damages at each site is less than $0.5 million.
Superfund liability is joint and several.
The company’s estimate of its anticipated share of the total liability for each site was determined pursuant to consent decrees, settlement agreements or otherwise and in light of the financial condition of other PRPs.
The company’s actual liability could differ substantially from amounts estimated.
## Table 2 ##
Other Federal, State and Local Environmental Provisions Toxic Substances Control Act Virtually all electric utilities, including CECONY, own equipment containing PCBs.
PCBs are regulated under the Federal Toxic Substances Control Act of 1976.
Water Quality Certain governmental authorities are investigating contamination in the Hudson River and the New York Harbor.
These waters run through portions of CECONY’s service area.
Governmental authorities could require entities that released hazardous substances that contaminated these waters to bear the cost of investigation and remediation, which could be substantial.
Air Quality Under new source review regulations, an owner of a large generating facility, including CECONY’s steam and steamelectric generating facilities, is required to obtain a permit before making modifications to the facility, other than routine maintenance, repair, or replacement, that increase emissions of pollutants from the facility above specified thresholds.
To obtain a permit, the facility owner could be required to install additional pollution controls or otherwise limit emissions from the facility.
The company reviews on an on-going basis its planned modifications to its generating facilities to determine the potential applicability of new source review and similar regulations.
In July 2010, revised New York State nitrogen oxides reasonably available control technology regulations became effective.
The EPA is expected to adopt regulations in February 2011 establishing maximum achievable control technology standards for industrial boilers.
The regulations apply to major air emissions sources, including CECONY’s generating facilities.
CECONY anticipates that additional regulations will be adopted requiring further reductions in air emissions.
CECONY’s plans to comply with the regulations include the modification by 2014 of certain of
CECONY
## Table 3 ##
Electric CECONY’s results of electric operations for the year ended December 31, 2016 compared with the year ended December 31, 2015 is as follows
## Table 4 ##
CECONY’s electric sales and deliveries in 2016 compared with 2015 were
## Table 5 ##
(a) 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.
(b) “Residential/Religious” generally includes single-family dwellings, individual apartments in multi-family dwellings, religious organizations and certain other not-for-profit organizations.
(c) 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.
(d) After adjusting for variations, principally weather and billing days, electric delivery volumes in CECONY’s service area were the same in 2016 compared with 2015.
Operating revenues decreased $66 million in 2016 compared with 2015 due primarily to lower purchased power expenses ($151 million) and lower fuel expenses ($14 million), offset in part by higher revenues from the electric rate plan ($122 million) and changes in regulatory charges ($20 million) .
Purchased power expenses decreased $151 million in 2016 compared with 2015 due to lower unit costs ($111 million) and purchased volumes ($40 million)
ENTERGY TEXAS, INC.  AND SUBSIDIARIES MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS Results of Operations Net Income 2017 Compared to 2016 Net income decreased $31.4 million primarily due to lower net revenue, higher depreciation and amortization expenses, higher other operation and maintenance expenses, and higher taxes other than income taxes.2016 Compared to 2015 Net income increased $37.9 million primarily due to lower other operation and maintenance expenses, the asset write-off of its receivable associated with the Spindletop gas storage facility in 2015, and higher net revenue.
Net Revenue 2017 Compared to 2016 Net revenue consists of operating revenues net of: 1) fuel, fuel-related expenses, and gas purchased for resale, 2) purchased power expenses, and 3) other regulatory charges.
Following is an analysis of the change in net revenue comparing 2017 to 2016.

<table><tr><td></td><td colspan="5"> Earnings to Fixed Charges (Times)</td></tr><tr><td></td><td> 2006</td><td> 2007</td><td> 2008</td><td> 2009</td><td> 2010</td></tr><tr><td>Con Edison</td><td>3.0</td><td>3.4</td><td>3.4</td><td>3.0</td><td>3.3</td></tr><tr><td>CECONY</td><td>3.2</td><td>3.6</td><td>3.3</td><td>3.1</td><td>3.4</td></tr></table>
<table><tr><td></td><td colspan="5"> Common Equity Ratio (Percent of total capitalization)</td></tr><tr><td></td><td> 2006</td><td> 2007</td><td> 2008</td><td> 2009</td><td> 2010</td></tr><tr><td>Con Edison</td><td>48.5</td><td>53.7</td><td>50.7</td><td>50.5</td><td>50.4</td></tr><tr><td>CECONY</td><td>50.0</td><td>52.3</td><td>50.8</td><td>50.3</td><td>49.9</td></tr></table>
<table><tr><td> Site</td><td> Location</td><td> Start</td><td> Court or Agency</td><td> % of Total Liability</td></tr><tr><td>Borne Chemical</td><td>Elizabeth, NJ</td><td>1997</td><td>NJDEP</td><td>2.27%</td></tr><tr><td>Clarkstown Landfill</td><td>Clarkstown, NY</td><td>2003</td><td>NYAG</td><td>0.02%</td></tr><tr><td>Metal Bank of America</td><td>Philadelphia, PA</td><td>1993</td><td>EPA</td><td>4.58%</td></tr></table>
<table><tr><td></td><td colspan="3">For the Year Ended December 31, 2016</td><td></td><td colspan="3">For the Year Ended December 31, 2015</td><td></td><td></td></tr><tr><td>(Millions of Dollars)</td><td>Electric</td><td>Gas</td><td>Steam</td><td>2016 Total</td><td>Electric</td><td>Gas</td><td>Steam</td><td>2015 Total</td><td>2016-2015Variation</td></tr><tr><td>Operating revenues</td><td>$8,106</td><td>$1,508</td><td>$551</td><td>$10,165</td><td>$8,172</td><td>$1,527</td><td>$629</td><td>$10,328</td><td>$-163</td></tr><tr><td>Purchased power</td><td>1,533</td><td>—</td><td>35</td><td>1,568</td><td>1,684</td><td>—</td><td>35</td><td>1,719</td><td>-151</td></tr><tr><td>Fuel</td><td>104</td><td>—</td><td>68</td><td>172</td><td>118</td><td>—</td><td>130</td><td>248</td><td>-76</td></tr><tr><td>Gas purchased for resale</td><td>—</td><td>319</td><td>—</td><td>319</td><td>—</td><td>337</td><td>—</td><td>337</td><td>-18</td></tr><tr><td>Other operations and maintenance</td><td>2,210</td><td>408</td><td>188</td><td>2,806</td><td>2,259</td><td>440</td><td>182</td><td>2,881</td><td>-75</td></tr><tr><td>Depreciation and amortization</td><td>865</td><td>159</td><td>82</td><td>1,106</td><td>820</td><td>142</td><td>78</td><td>1,040</td><td>66</td></tr><tr><td>Taxes, other than income taxes</td><td>1,547</td><td>265</td><td>120</td><td>1,932</td><td>1,493</td><td>252</td><td>111</td><td>1,856</td><td>76</td></tr><tr><td>Operating income</td><td>$1,847</td><td>$357</td><td>$58</td><td>$2,262</td><td>$1,798</td><td>$356</td><td>$93</td><td>$2,247</td><td>$15</td></tr></table>
<table><tr><td></td><td colspan="2">For the Years Ended December 31,</td><td></td></tr><tr><td>(Millions of Dollars)</td><td>2016</td><td>2015</td><td>Variation</td></tr><tr><td>Operating revenues</td><td>$8,106</td><td>$8,172</td><td>$-66</td></tr><tr><td>Purchased power</td><td>1,533</td><td>1,684</td><td>-151</td></tr><tr><td>Fuel</td><td>104</td><td>118</td><td>-14</td></tr><tr><td>Other operations and maintenance</td><td>2,210</td><td>2,259</td><td>-49</td></tr><tr><td>Depreciation and amortization</td><td>865</td><td>820</td><td>45</td></tr><tr><td>Taxes, other than income taxes</td><td>1,547</td><td>1,493</td><td>54</td></tr><tr><td>Electric operating income</td><td>$1,847</td><td>$1,798</td><td>$49</td></tr></table>
<table><tr><td></td><td colspan="4">Millions of kWh Delivered</td><td colspan="4">Revenues in Millions (a)</td></tr><tr><td></td><td colspan="2">For the Years Ended</td><td colspan="2"></td><td colspan="2">For the Years Ended</td><td colspan="2"></td></tr><tr><td>Description</td><td>December 31, 2016</td><td>December 31, 2015</td><td>Variation</td><td>PercentVariation</td><td>December 31, 2016</td><td>December 31, 2015</td><td>Variation</td><td>PercentVariation</td></tr><tr><td>Residential/Religious (b)</td><td>10,400</td><td>10,543</td><td>-143</td><td>-1.4%</td><td>$2,591</td><td>$2,771</td><td>$-180</td><td>-6.5%</td></tr><tr><td>Commercial/Industrial</td><td>9,429</td><td>9,602</td><td>-173</td><td>-1.8</td><td>1,803</td><td>1,974</td><td>-171</td><td>-8.7</td></tr><tr><td>Retail choice customers</td><td>26,813</td><td>26,662</td><td>151</td><td>0.6</td><td>2,768</td><td>2,714</td><td>54</td><td>2.0</td></tr><tr><td>NYPA, Municipal Agency and other sales</td><td>10,103</td><td>10,208</td><td>-105</td><td>-1.0</td><td>620</td><td>612</td><td>8</td><td>1.3</td></tr><tr><td>Other operating revenues (c)</td><td>—</td><td>—</td><td>—</td><td>—</td><td>324</td><td>101</td><td>223</td><td>Large</td></tr><tr><td>Total</td><td>56,745</td><td>57,015</td><td>-270</td><td>-0.5%(d)</td><td>$8,106</td><td>$8,172</td><td>$-66</td><td>-0.8%</td></tr></table>

Question: What will Operating revenues reach in 2017 if it continues to grow at its 2016 rate? (in million)