Notes to the Financial Statements — Continued subsequent recovery through rates) certain site investigation and remediation costs.
Environmental remediation costs incurred and insurance recoveries received related to Superfund Sites at December 31, 2014 and 2013 were as follows:
## Table 0 ##
* Reduced amount deferred for recovery from customers In 2014, Con Edison and CECONY estimated that for their manufactured gas plant sites (including CECONY’s Astoria site), the aggregate undiscounted potential liability for the investigation and remediation of coal tar and/or other environmental contaminants could range up to $2.7 billion and $2.5 billion, respectively.
These estimates were based on the assumption that there is contamination at all sites, including those that have not yet been fully investigated and additional assumptions about the extent of the contamination and the type and extent of the remediation that may be required.
Actual experience may be materially different.
Asbestos Proceedings Suits have been brought in New York State and federal courts against the Utilities and many other defendants, wherein a large number of plaintiffs sought large amounts of compensatory and punitive damages for deaths and injuries allegedly caused by exposure to asbestos at various premises of the Utilities.
The suits that have been resolved, which are many, have been resolved without any payment by the Utilities, or for amounts that were not, in the aggregate, material to them.
The amounts specified in all the remaining thousands of suits total billions of dollars; however, the Utilities believe that these amounts are greatly exaggerated, based on the disposition of previous claims.
At December 31, 2014 and 2013, Con Edison and CECONY had accrued their estimated aggregate undiscounted potential liabilities for these suits and additional suits that may be brought over the next 15 years of $8 million and $7 million, respectively.
The estimates were based upon a combination of modeling, historical data analysis and risk factor assessment.
Trial courts have begun, and unless otherwise determined by an appellate court may continue, to apply a different standard for determining liability in asbestos suits than the standard that applied historically.
As a result, the Companies currently believe that there is a reasonable possibility of an exposure to loss in excess of the liability accrued for the suits.
The Companies are unable to estimate the amount or range of such loss.
In addition, certain current and former employees have claimed or are claiming workers’ compensation benefits based on alleged disability from exposure to asbestos.
Under its current rate plans, CECONY is permitted to defer as regulatory assets (for subsequent recovery through rates) costs incurred for its asbestos lawsuits and workers’ compensation claims.
The accrued liability for asbestos suits and workers’ compensation proceedings (including those related to asbestos exposure) and the amounts deferred as regulatory assets for the Companies at December 31, 2014 and 2013 were as follows:
## Table 1 ##
Note H – Other Material Contingencies Manhattan Steam Main Rupture In July 2007, a CECONY steam main located in midtown Manhattan ruptured.
It has been reported that one person died and others were injured as a result of the incident.
Several buildings in the area were damaged.
Debris from the incident included dirt and mud containing asbestos.
The response to the incident required the closing of several buildings and streets for various periods.
Approximately ninety suits are pending against the company seeking generally unspecified compensatory and, in some cases, punitive damages, for personal injury, property damage and business interruption.
The company has notified its insurers of the incident and believes that the policies in force at the time of the incident will cover the company’s costs to satisfy its liability to others in connection with the suits.
In the company’s estimation, there is not a reasonable possibility that an exposure to loss exists for the suits that is materially in excess of the estimated liability accrued.
At December 31, 2014, the company has accrued its estimated liability for the suits of $50 million and an insurance receivable in the same amount.
Manhattan Explosion and Fire On March 12, 2014, two multi-use five-story tall buildings located on Park Avenue between 116th and 117th Street in Manhattan were destroyed by an explosion and fire.
CECONY had delivered gas to the buildings through service lines from a distribution main located below ground on Park Avenue.
Eight people died and more than 48 people were injured.
Additional buildings were also damaged.
The National Transportation Safety Board is investigating.
The parties to the investigation include the company, the City of New York, the Pipeline and Hazardous Materials Safety Administration and the NYSPSC (which is also conducting an investigation).
Approximately thirty suits are
Notes to the Financial Statements — Continued Con Edison has a variable interest in Broken Bow II Wind Holdings, LLC (Broken Bow II), which is a non-consolidated entity in which Con Edison Development purchased a 50 percent membership interest in 2014.
Broken Bow II owns a project company that developed a 75 MW (AC) wind electric production project in Nebraska.
Electricity generated by the project is sold to Nebraska Public Power District pursuant to a long-term power purchase agreement.
The following table summarizes the VIEs in which Con Edison Development has entered into as of December 31, 2014:
## Table 2 ##
(a) With the exception of Texas Solar 4, Con Edison’s ownership interest is 50 percent and these projects are accounted for using the equity method of accounting.
Con Edison is not the primary beneficiary since the power to direct the activities that most significantly impact the economics of the entities are shared equally between Con Edison Development and third parties.
Con Edison’s ownership interest in Texas Solar 4 is 80 percent and is consolidated in the financial statements.
Con Edison is the primary beneficiary since the power to direct the activities that most significantly impact the economics of Texas Solar 4 is held by Con Edison Development.
(b) Pilesgrove has 3-5 year Solar Renewable Energy Credit (SREC) hedges in place.
(c) For investments accounted for under the equity method, maximum exposure is equal to the carrying value of the investment on the balance sheet.
For consolidated investments, maximum exposure is equal to the net assets of the investment on the balance sheet.
Con Edison did not provide any financial or other support during the year that was not previously contractually required.
Note R – Asset Retirement Obligations The Companies recognize a liability at fair value for legal obligations associated with the retirement of long-lived assets in the period in which they are incurred, or when sufficient information becomes available to reasonably estimate the fair value of such legal obligations.
When the liability is initially recorded, asset retirement costs are capitalized by increasing the carrying amount of the related asset.
The liability is accreted to its present value each period and the capitalized cost is depreciated over the useful life of the related asset.
The fair value of the asset retirement obligation liability is measured using expected future cash flows discounted at credit-adjusted risk-free rates, historical information, and where available, quoted prices from outside contractors.
The Companies evaluate these assumptions underlying the asset retirement obligation liability on an annual basis or as frequently as needed.
The Companies recorded asset retirement obligations associated with the removal of asbestos and asbestoscontaining material in their buildings (other than the structures enclosing generating stations and substations), electric equipment and steam and gas distribution systems.
The Companies also recorded asset retirement obligations relating to gas pipelines abandoned in place.
The Companies did not record an asset retirement obligation for the removal of asbestos associated with the structures enclosing generating stations and substations.
For these building structures, the Companies were unable to reasonably estimate their asset retirement obligations because the Companies were unable to estimate the undiscounted retirement costs or the retirement dates and settlement dates.
The amount of the undiscounted retirement costs could vary considerably depending on the disposition method for the building structures, and the method has not been determined.
The Companies anticipate continuing to use these building structures in their businesses for an indefinite period, and so the retirement dates and settlement dates are not determinable.
Con Edison recorded asset retirement obligations for the removal of its competitive energy businesses’ solar and wind equipment related to projects located on property that is not owned by them and the term of the arrangement is finite including any renewal options.
Con Edison did not record asset retirement obligations for its competitive energy businesses’ projects that are located on property that is owned by them because they expect that the equipment will continue to generate electricity at these facilities long past the manufacturer’s warranty at minimal operating expense.
Therefore Con Edison was unable to reasonably estimate the retirement date of this equipment.
The Utilities include in depreciation rates the estimated removal costs, less salvage, for utility plant assets.
The amounts related to removal costs that are associated with asset retirement obligations are
Management’s Discussion and Analysis of Financial Condition and Results of Operations – Continued Year Ended December 31, 2013 Compared with Year Ended December 31, 2012 The Companies’ results of operations in 2013 compared with 2012 were:
## Table 3 ##
(a) Includes parent company and consolidation adjustments.
(b) Represents the consolidated financial results of Con Edison and its businesses.
## Table 4 ##
Management’s Discussion and Analysis

<table><tr><td></td><td colspan="2"> Con Edison</td><td colspan="2"> CECONY</td></tr><tr><td> (Millions of Dollars)</td><td> 2014</td><td> 2013</td><td> 2014</td><td> 2013</td></tr><tr><td>Remediation costs incurred</td><td>$29</td><td>$41</td><td>$20</td><td>$35</td></tr><tr><td>Insurance recoveries received*</td><td>7</td><td>-</td><td>7</td><td>-</td></tr></table>
<table><tr><td></td><td colspan="2"> Con Edison</td><td colspan="2"> CECONY</td></tr><tr><td> (Millions of Dollars)</td><td> 2014</td><td> 2013</td><td> 2014</td><td> 2013</td></tr><tr><td>Accrued liability – asbestos suits</td><td>$8</td><td>$8</td><td>$7</td><td>$7</td></tr><tr><td>Regulatory assets – asbestos suits</td><td>$8</td><td>$8</td><td>$7</td><td>$7</td></tr><tr><td>Accrued liability – workers’ compensation</td><td>$83</td><td>$87</td><td>$78</td><td>$82</td></tr><tr><td>Regulatory assets – workers’ compensation</td><td>$8</td><td>$12</td><td>$8</td><td>$12</td></tr></table>
<table><tr><td> Project Name(a)</td><td rowspan="2"> Generating Capacity Owned 9</td><td rowspan="2"> Power Purchase Agreement Term in Years n/a(b)</td><td rowspan="2"> Year of Initial Investment 2010</td><td rowspan="2"> Location New Jersey</td><td rowspan="2"> Maximum Exposure to Loss (In Millions)(c) $26</td></tr><tr><td>Pilesgrove</td></tr><tr><td>Mesquite Solar 1</td><td>83</td><td>20</td><td>2013</td><td>Arizona</td><td>111</td></tr><tr><td>Copper Mountain Solar 2</td><td>75</td><td>25</td><td>2013</td><td>Nevada</td><td>80</td></tr><tr><td>Copper Mountain Solar 3</td><td>128</td><td>20</td><td>2014</td><td>Nevada</td><td>175</td></tr><tr><td>California Solar</td><td>55</td><td>25</td><td>2012</td><td>California</td><td>81</td></tr><tr><td>Texas Solar 4</td><td>32</td><td>25</td><td>2014</td><td>Texas</td><td>58</td></tr><tr><td>Broken Bow II</td><td>37</td><td>25</td><td>2014</td><td>Nebraska</td><td>57</td></tr></table>
<table><tr><td></td><td colspan="2">CECONY</td><td colspan="2">O&R</td><td colspan="2">Competitive Energy Businesses</td><td colspan="2">Other(a)</td><td colspan="2">Con Edison(b)</td></tr><tr><td> (Millions of Dollars)</td><td>Increases (Decreases) Amount</td><td>Increases (Decreases) Percent</td><td>Increases (Decreases) Amount</td><td>Increases (Decreases) Percent</td><td>Increases (Decreases) Amount</td><td>Increases (Decreases) Percent</td><td>Increases (Decreases) Amount</td><td>Increases (Decreases) Percent</td><td>Increases (Decreases) Amount</td><td>Increases (Decreases) Percent</td></tr><tr><td>Operating revenues</td><td>$243</td><td>2.4%</td><td>$38</td><td>4.8%</td><td>$-117</td><td>-9.6%</td><td>$2</td><td>28.6%</td><td>$166</td><td>1.4%</td></tr><tr><td>Purchased power</td><td>53</td><td>2.7</td><td>19</td><td>9.6</td><td>-89</td><td>-9.4</td><td>-</td><td>-</td><td>-17</td><td>-0.5</td></tr><tr><td>Fuel</td><td>10</td><td>3.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>10</td><td>3.2</td></tr><tr><td>Gas purchased for resale</td><td>145</td><td>37.5</td><td>7</td><td>10.1</td><td>22</td><td>Large</td><td>-</td><td>-</td><td>174</td><td>37.7</td></tr><tr><td>Other operations and maintenance</td><td>-53</td><td>-1.9</td><td>11</td><td>3.8</td><td>-2</td><td>-1.9</td><td>-1</td><td>-25.0</td><td>-45</td><td>-1.4</td></tr><tr><td>Depreciation and amortization</td><td>52</td><td>5.8</td><td>3</td><td>5.7</td><td>15</td><td>Large</td><td>-1</td><td>Large</td><td>69</td><td>7.2</td></tr><tr><td>Taxes, other than income taxes</td><td>69</td><td>3.9</td><td>1</td><td>1.6</td><td>-1</td><td>-5.6</td><td>1</td><td>Large</td><td>70</td><td>3.8</td></tr><tr><td>Operating income</td><td>-33</td><td>-1.6</td><td>-3</td><td>-2.4</td><td>-62</td><td>-49.6</td><td>3</td><td>Large</td><td>-95</td><td>-4.1</td></tr><tr><td>Other income less deductions</td><td>3</td><td>Large</td><td>-1</td><td>-50.0</td><td>4</td><td>Large</td><td>1</td><td>50.0</td><td>7</td><td>Large</td></tr><tr><td>Net interest expense</td><td>-24</td><td>-4.4</td><td>7</td><td>23.3</td><td>134</td><td>Large</td><td>-2</td><td>-7.1</td><td>115</td><td>19.0</td></tr><tr><td>Income before income tax expense</td><td>-6</td><td>-0.4</td><td>-11</td><td>-11.6</td><td>-192</td><td>Large</td><td>6</td><td>21.4</td><td>-203</td><td>-11.7</td></tr><tr><td>Income tax expense</td><td>-9</td><td>-1.7</td><td>-12</td><td>-38.7</td><td>-93</td><td>Large</td><td>-10</td><td>-83.3</td><td>-124</td><td>-20.7</td></tr><tr><td>Net income</td><td>3</td><td>0.3</td><td>1</td><td>1.6</td><td>-99</td><td>Large</td><td>16</td><td>Large</td><td>-79</td><td>-6.9</td></tr><tr><td>Preferred stock dividend requirements</td><td>-3</td><td>Large</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-3</td><td>Large</td></tr><tr><td>Net income for common stock</td><td>$6</td><td>0.6%</td><td>$1</td><td>1.6%</td><td>$-99</td><td>Large</td><td>$16</td><td>Large</td><td>$-76</td><td>-6.7%</td></tr></table>
<table><tr><td></td><td colspan="3"> Twelve Months Ended December 31, 2013</td><td></td><td colspan="3"> Twelve Months Ended December 31, 2012</td><td></td><td></td></tr><tr><td> (Millions of Dollars)</td><td> Electric</td><td> Gas</td><td> Steam</td><td> 2013 Total</td><td> Electric</td><td> Gas</td><td> Steam</td><td> 2012 Total</td><td>2013- 2012 Variation</td></tr><tr><td>Operating revenues</td><td>$8,131</td><td>$1,616</td><td>$683</td><td>$10,430</td><td>$8,176</td><td>$1,415</td><td>$596</td><td>$10,187</td><td>$243</td></tr><tr><td>Purchased power</td><td>1,974</td><td>-</td><td>47</td><td>2,021</td><td>1,938</td><td>-</td><td>30</td><td>1,968</td><td>53</td></tr><tr><td>Fuel</td><td>174</td><td>-</td><td>146</td><td>320</td><td>159</td><td>-</td><td>151</td><td>310</td><td>10</td></tr><tr><td>Gas purchased for resale</td><td>-</td><td>532</td><td>-</td><td>532</td><td>-</td><td>387</td><td>-</td><td>387</td><td>145</td></tr><tr><td>Other operations and maintenance</td><td>2,180</td><td>351</td><td>204</td><td>2,735</td><td>2,273</td><td>330</td><td>185</td><td>2,788</td><td>-53</td></tr><tr><td>Depreciation and amortization</td><td>749</td><td>130</td><td>67</td><td>946</td><td>710</td><td>120</td><td>64</td><td>894</td><td>52</td></tr><tr><td>Taxes, other than income taxes</td><td>1,459</td><td>241</td><td>116</td><td>1,816</td><td>1,403</td><td>232</td><td>112</td><td>1,747</td><td>69</td></tr><tr><td> Operating income</td><td>$1,595</td><td>$362</td><td>$103</td><td>$2,060</td><td>$1,693</td><td>$346</td><td>$54</td><td>$2,093</td><td>$-33</td></tr></table>

Question: When does operating income of electric reach the largest value?
Answer: 2012