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 $0.3 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 0 ##
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 Under NYSDEC regulations, the operation of certain CECONY generating facilities requires permits for water discharges.
Regulations that will become effective in 2013 will begin to require permits for water withdrawals.
Conditions to the issuance or renewal of such permits may include limitations on the operations of the permitted facility or requirements to install certain equipment, the cost of which could be substantial.
For information about the company’s generating facilities, see “CECONY – Electric Operations – Electric Facilities” and “Steam Operations – Steam Facilities” above in this Item 1.
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 December 2011, the company filed its proposed plan to comply with revised New York State nitrogen oxides reasonably available control technology regulations (NOx RACT) and is incorporating the plan provisions into its existing air quality permits as they are renewed.
In 2011, the EPA adopted regulations establishing maximum achievable control technology standards for utility and industrial boilers.
The regulations apply to major air emissions sources, including CECONY’s generating facilities.
CECONY plans to comply with these regulations and the regulations known as the Clean Air Interstate Rule (CAIR) largely through the modification by 2014 of certain of its generating facilities to enable the facilities to increase the use of natural gas, decreasing the use of fuel oil.
In 2011, the EPA also adopted additional regulations known as the Cross State Air Pollution Rule (CSAPR), which established a new cap and trade program requiring further reductions in air emissions than CAIR (which CSAPR was to have replaced).
In August 2012, CSAPR was overturned by an appellate court, and CAIR will remain in effect pending further action by the EPA.
For information about the company’s generating facilities, see “CECONY – Electric Operations – Electric Facilities” and “Steam Operations – Steam Facilities” above in this Item 1.
The company is unable to predict the impact on its operations of any regulations that may be adopted
Management’s Discussion and Analysis of Financial Condition and Results of Operations – Continued the financial statements in Item 8.
The increase in net cash for CECONY reflects receipt of a property tax refund from the City of New York.
The change in net cash flows also reflects the timing of payments for and recovery of energy costs.
This timing is reflected within changes to accounts receivable – customers, recoverable energy costs and accounts payable balances.
The changes in regulatory assets principally reflect changes in deferred pension costs in accordance with the accounting rules for retirement benefits.
See Notes A, B and E to the financial statements in Item 8.
Cash Flows Used in Investing Activities Net cash flows used in investing activities for Con Edison and CECONY were $100 million higher and $113 million lower, respectively, in 2014 than in 2013.
For Con Edison, the change reflects primarily the proceeds from the termination of the LILO transactions in 2013 ($200 million) and increased investments in renewable electric production projects ($108 million), offset by proceeds from sale relating to its solar electric production projects in 2014 ($108 million, see Note Q to the financial statements in Item 8).
In addition, the changes for Con Edison and CECONY reflect decreased utility construction expenditures in 2014.
Net cash flows used in investing activities for Con Edison and CECONY were $136 million and $459 million higher, respectively, in 2013 than in 2012.
The changes for Con Edison and CECONY reflect increased utility construction expenditures in 2013.
In addition, for Con Edison, the change reflects increased non-utility construction expenditures, offset by receipt of grants related to solar electric production projects, decreased investments in solar electric production projects and the proceeds from the termination of the LILO transactions.
See “Lease In/Lease Out Transactions” in Note J to the financial statements in Item 8.
Cash Flows Used in Financing Activities Net cash flows used in financing activities in 2014 for Con Edison and CECONY were $434 million and $168 million higher, respectively, than in 2013.
Net cash flows from financing activities in 2013 for Con Edison and CECONY were $717 million and $461 million higher, respectively, than in 2012.
Net cash flows from financing activities during the years ended December 31, 2014, 2013 and 2012 reflect the following CECONY transactions: 2014 ?
Issued $850 million of 4.45 percent 30-year debentures, $250 million of 3.30 percent 10-year debentures and $750 million of 4.625 percent 40-year debentures, the net proceeds from the sale of which were used to repay shortterm borrowings and for other general corporate purposes; ?
Redeemed at maturity $200 million of 4.70 percent 10-year debentures; and ?
Redeemed at maturity $275 million of 5.55 percent 5-year debentures.2013 ?
Issued $700 million of 3.95 percent 30-year debentures, the net proceeds from the sale of which were used to repay short-term borrowings and for other general corporate purposes; ?
Redeemed at maturity $500 million of 4.875 percent 10-year debentures; and ?
Redeemed at maturity $200 million of 3.85 percent 10-year debentures.2012 ?
Issued $400 million 4.20 percent 30-year debentures, $239 million of the net proceeds from the sale of which were used to redeem all outstanding shares of its $5 Cumulative Preferred Stock and Cumulative Preferred Stock ($100 par value); and ?
Redeemed at maturity $300 million 5.625 percent 10-year debentures.
O&R had no issuances of long-term debt in 2014, 2013 and 2012.
In 2013, a Con Edison Development subsidiary issued $219 million aggregate principal amount of 4.78 percent senior notes secured by certain of the company’s California solar electric production projects.
The notes have a weighted average life of 15 years and final maturity of 2037.
In 2014, the company sold a 50 percent interest in the subsidiary.
See Note Q to the financial statements in Item 8.
Cash flows from financing activities of the Companies also reflect commercial paper issuance.
The commercial paper amounts outstanding at December 31, 2014, 2013 and 2012 and the average daily balances for 2014, 2013 and 2012 for Con Edison and CECONY were as follows:
## Table 1 ##
Year Ended December 31, 2017 Compared with Year Ended December 31, 2016 CECONY
## Table 2 ##
Electric CECONY’s results of electric operations for the year ended December 31, 2017 compared with the year ended December 31, 2016 is as follows:
## Table 3 ##
CECONY’s electric sales and deliveries in 2017 compared with 2016 were:
## Table 4 ##
(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, primarily weather and billing days, electric delivery volumes in CECONY’s service area decreased 1.1 percent in 2017 compared with 2016.
Operating revenues decreased $134 million in 2017 compared with 2016 due primarily to lower purchased power expenses ($154 million), offset in part by higher fuel expenses ($23 million).
Purchased power expenses decreased $154 million in 2017 compared with 2016 due to lower unit costs ($86 million) and purchased volumes ($68 million)
Table of Contents Performance Graph The following graph compares the total return, assuming reinvestment of dividends, on an investment in the Company, based on performance of the Company's common stock, with the total return of the Standard & Poor's 500 Composite Stock Index ("S&P 500") and the Dow Jones United States Travel and Leisure Index for a five year period by measuring the changes in common stock prices from December 31, 2013 to December 31, 2018.

<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>Metal Bank of America</td><td>Philadelphia, PA</td><td>1993</td><td>EPA</td><td>4.58%</td></tr><tr><td>Ellis Road</td><td>Jacksonville, FL</td><td>2011</td><td>EPA</td><td>0.24%</td></tr></table>
<table><tr><td></td><td colspan="2">2014</td><td colspan="2">2013</td><td colspan="2"> 2012</td></tr><tr><td> (Millions of Dollars, except Weighted Average Yield)</td><td>Out- standing at Dec ember 31</td><td>Daily average</td><td>Out- standing at Dec ember 31</td><td>Daily average</td><td>Out- standing at Dec ember 31</td><td> Daily average</td></tr><tr><td>Con Edison</td><td>$801</td><td>$899</td><td>$1,451</td><td>$901</td><td>$539</td><td>$144</td></tr><tr><td>CECONY</td><td>$451</td><td>$765</td><td>$1,210</td><td>$598</td><td>$421</td><td>$123</td></tr><tr><td>Weighted average yield</td><td>0.4%</td><td>0.2%</td><td>0.2%</td><td>0.3%</td><td>0.3%</td><td>0.3%</td></tr></table>
<table><tr><td></td><td colspan="3">For the Year Ended December 31, 2017</td><td></td><td colspan="3">For the Year Ended December 31, 2016</td><td></td><td></td></tr><tr><td>(Millions of Dollars)</td><td>Electric</td><td>Gas</td><td>Steam</td><td>2017 Total</td><td>Electric</td><td>Gas</td><td>Steam</td><td>2016 Total</td><td>2017-2016 Variation</td></tr><tr><td>Operating revenues</td><td>$7,972</td><td>$1,901</td><td>$595</td><td>$10,468</td><td>$8,106</td><td>$1,508</td><td>$551</td><td>$10,165</td><td>$303</td></tr><tr><td>Purchased power</td><td>1,379</td><td>—</td><td>36</td><td>1,415</td><td>1,533</td><td>—</td><td>35</td><td>1,568</td><td>-153</td></tr><tr><td>Fuel</td><td>127</td><td>—</td><td>89</td><td>216</td><td>104</td><td>—</td><td>68</td><td>172</td><td>44</td></tr><tr><td>Gas purchased for resale</td><td>—</td><td>510</td><td>—</td><td>510</td><td>—</td><td>319</td><td>—</td><td>319</td><td>191</td></tr><tr><td>Other operations and maintenance</td><td>1,942</td><td>413</td><td>171</td><td>2,526</td><td>2,061</td><td>378</td><td>178</td><td>2,617</td><td>-91</td></tr><tr><td>Depreciation and amortization</td><td>925</td><td>185</td><td>85</td><td>1,195</td><td>865</td><td>159</td><td>82</td><td>1,106</td><td>89</td></tr><tr><td>Taxes, other than income taxes</td><td>1,625</td><td>298</td><td>134</td><td>2,057</td><td>1,547</td><td>265</td><td>120</td><td>1,932</td><td>125</td></tr><tr><td>Operating income</td><td>$1,974</td><td>$495</td><td>$80</td><td>$2,549</td><td>$1,996</td><td>$387</td><td>$68</td><td>$2,451</td><td>$98</td></tr></table>
<table><tr><td></td><td colspan="3">For the Years Ended December 31,</td></tr><tr><td>(Millions of Dollars)</td><td>2017</td><td>2016</td><td>Variation</td></tr><tr><td>Operating revenues</td><td>$7,972</td><td>$8,106</td><td>$-134</td></tr><tr><td>Purchased power</td><td>1,379</td><td>1,533</td><td>-154</td></tr><tr><td>Fuel</td><td>127</td><td>104</td><td>23</td></tr><tr><td>Other operations and maintenance</td><td>1,942</td><td>2,061</td><td>-119</td></tr><tr><td>Depreciation and amortization</td><td>925</td><td>865</td><td>60</td></tr><tr><td>Taxes, other than income taxes</td><td>1,625</td><td>1,547</td><td>78</td></tr><tr><td>Electric operating income</td><td>$1,974</td><td>$1,996</td><td>$-22</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, 2017</td><td>December 31, 2016</td><td>Variation</td><td>Percent Variation</td><td>December 31, 2017</td><td>December 31, 2016</td><td>Variation</td><td>Percent Variation</td></tr><tr><td>Residential/Religious (b)</td><td>9,924</td><td>10,400</td><td>-476</td><td>-4.6%</td><td>$2,515</td><td>$2,591</td><td>$-76</td><td>-2.9%</td></tr><tr><td>Commercial/Industrial</td><td>9,246</td><td>9,429</td><td>-183</td><td>-1.9</td><td>1,823</td><td>1,803</td><td>20</td><td>1.1</td></tr><tr><td>Retail choice customers</td><td>26,136</td><td>26,813</td><td>-677</td><td>-2.5</td><td>2,712</td><td>2,768</td><td>-56</td><td>-2.0</td></tr><tr><td>NYPA, Municipal Agency and other sales</td><td>10,012</td><td>10,103</td><td>-91</td><td>-0.9</td><td>633</td><td>620</td><td>13</td><td>2.1</td></tr><tr><td>Other operating revenues (c)</td><td>—</td><td>—</td><td>—</td><td>—</td><td>289</td><td>324</td><td>-35</td><td>-10.8</td></tr><tr><td>Total</td><td>55,318</td><td>56,745</td><td>-1,427</td><td>-2.5%(d)</td><td>$7,972</td><td>$8,106</td><td>$-134</td><td>-1.7%</td></tr></table>

Question: What's the increasing rate of Taxes, other than income taxes in 2017?
Answer: 0.048