MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (COMBINED FOR CON EDISON AND CON EDISON OF NEW YORK)–CONTINUED Year Ended December 31, 2004 Compared with Year Ended December 31, 2003 The Companies’ results of operations (which were discussed above under “Results of Operations—Summary”) in 2004 compared with 2003 were:
## Table 0 ##
* Represents the consolidated financial results of Con Edison and its businesses.
** Includes inter-company and parent company accounting.
Con Edison of New York Electric Con Edison of New York’s electric operating revenues were $181 million lower in 2004 than in 2003, due primarily to the non-cash charge ($100 million) under the electric rate plan effective April 2005 (see Note B to the financial statements) and decreased purchased power costs of $80 million.
The decrease is partially offset by the increase in recoverable fuel costs ($46 million).
Changes to operating revenues also reflect variations in electric sales.
Con Edison of New York’s electric sales and deliveries, excluding off-system sales, in 2004 compared with 2003 were:
## Table 1 ##
Table of Contents The Nasdaq Stock Market, Inc.  Notes to Consolidated Financial Statements—(Continued) The following table shows the fair market value of our available-for-sale investments in an unrealized loss position deemed to be temporary for less than twelve months at December 31, 2005 and 2004:
## Table 2 ##
At December 31, 2005, the fair market value of investments (U. S.  treasury securities and obligations of U. S.  government agencies) with unrealized losses of approximately $0.9 million for a period greater than 12 months, deemed to be temporary was $49.5 million.
At December 31, 2004, the fair market value of investments in an unrealized loss position for greater than 12 months, deemed to be temporary was immaterial.
The cost and estimated fair market value of debt securities classified as available-for-sale that are carried at fair market value at December 31, 2005, by contractual maturity, are shown below.
## Table 3 ##
During the year ended December 31, 2005 and 2004, debt available-for-sale securities with a fair market value at the date of sale of $51.3 million and $173.2 million, respectively, were sold.
During the year ended December 31 2003 debt and equity available-for-sale securities with a fair market value at the date of sale of $86.5 million were sold.
For the year ended December 31, 2005, 2004 and 2003, the gross realized gains on such sales totaled $0.1 million, $0.1 million and $1.7 million, respectively, and the gross realized losses totaled $1.6 million, $0.3 million and $1.1 million, respectively.
The net adjustment after tax to unrealized holding losses on available-for-sale securities included as a separate component of stockholders’ equity totaled $1.2 million, $1.0 million and $0.2 million for 2005, 2004 and 2003, respectively.
The net adjustment after tax to unrealized (gains) losses on available-for-sale securities included as a separate component of stockholders’ equity due to the sale of securities totaled $(0.4) million, $0.1 million and $1.0 million for 2005, 2004 and 2003, respectively.
In accordance with SFAS 115, Nasdaq recognized pre-tax charges of $0.9 million for the year ended December 31, 2003, attributable to the impairment of five publicly-traded equity securities.
The impairment charges were related to the decline in the fair market value of Nasdaq’s publicly-traded equity investments below their cost basis that were judged to be other-than-temporary.
Nasdaq recorded the impairment losses in the Consolidated Statements of Income and adjusted the cost basis of respective securities down to fair market value as a new cost basis.
As of December 31, 2003, all equity securities including those impaired were sold in accordance with Nasdaq’s investment policy.
The redemptions resulted in an early extinguishment charge of $5 million.
On March 22, 2010, we redeemed $175 million of our 6.5% notes due April 15, 2012.
The redemption resulted in an early extinguishment charge of $16 million in the first quarter of 2010.
On November 1, 2010, we redeemed all $400 million of our outstanding 6.65% notes due January 15, 2011.
The redemption resulted in a $5 million early extinguishment charge.
Receivables Securitization Facility – As of December 31, 2011 and 2010, we have recorded $100 million as secured debt under our receivables securitization facility.
(See further discussion of our receivables securitization facility in Note 10).15.
Variable Interest Entities We have entered into various lease transactions in which the structure of the leases contain variable interest entities (VIEs).
These VIEs were created solely for the purpose of doing lease transactions (principally involving railroad equipment and facilities, including our headquarters building) and have no other activities, assets or liabilities outside of the lease transactions.
Within these lease arrangements, we have the right to purchase some or all of the assets at fixed prices.
Depending on market conditions, fixed-price purchase options available in the leases could potentially provide benefits to us; however, these benefits are not expected to be significant.
We maintain and operate the assets based on contractual obligations within the lease arrangements, which set specific guidelines consistent within the railroad industry.
As such, we have no control over activities that could materially impact the fair value of the leased assets.
We do not hold the power to direct the activities of the VIEs and, therefore, do not control the ongoing activities that have a significant impact on the economic performance of the VIEs.
Additionally, we do not have the obligation to absorb losses of the VIEs or the right to receive benefits of the VIEs that could potentially be significant to the VIEs.
We are not considered to be the primary beneficiary and do not consolidate these VIEs because our actions and decisions do not have the most significant effect on the VIE’s performance and our fixed-price purchase price options are not considered to be potentially significant to the VIE’s.
The future minimum lease payments associated with the VIE leases totaled $3.9 billion as of December 31, 2011.16.
Leases We lease certain locomotives, freight cars, and other property.
The Consolidated Statement of Financial Position as of December 31, 2011 and 2010 included $2,458 million, net of $915 million of accumulated depreciation, and $2,520 million, net of $901 million of accumulated depreciation, respectively, for properties held under capital leases.
A charge to income resulting from the depreciation for assets held under capital leases is included within depreciation expense in our Consolidated Statements of Income.
Future minimum lease payments for operating and capital leases with initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2011, were as follows:

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td colspan="2">Con Edison*</td><td colspan="2">Con Edison of New York</td><td colspan="2">O&R</td><td colspan="2">Competitive Businesses and Other**</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></tr><tr><td>Operating revenues</td><td>$-50</td><td>-0.5%</td><td>$-160</td><td>-2.0%</td><td>$-24</td><td>-3.3%</td><td>$134</td><td>14.6%</td></tr><tr><td>Purchased power</td><td>76</td><td>2.0</td><td>-60</td><td>-1.9</td><td>-5</td><td>-2.0</td><td>141</td><td>27.7</td></tr><tr><td>Fuel</td><td>93</td><td>18.5</td><td>46</td><td>12.8</td><td>-</td><td>-</td><td>47</td><td>32.2</td></tr><tr><td>Gas purchased for resale</td><td>-37</td><td>-4.2</td><td>-6</td><td>-0.8</td><td>-</td><td>-</td><td>-31</td><td>-57.4</td></tr><tr><td>Operating revenues less purchased power, fuel and gas purchased for resale (net revenues)</td><td>-182</td><td>-4.0</td><td>-140</td><td>-3.5</td><td>-19</td><td>-5.3</td><td>-23</td><td>-11.2</td></tr><tr><td>Other operations and maintenance</td><td>57</td><td>4.0</td><td>77</td><td>6.7</td><td>4</td><td>2.4</td><td>-24</td><td>-21.6</td></tr><tr><td>Impairment charges</td><td>-18</td><td>Large</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-18</td><td>Large</td></tr><tr><td>Depreciation and amortization</td><td>35</td><td>6.8</td><td>19</td><td>4.1</td><td>-1</td><td>-2.9</td><td>17</td><td>70.8</td></tr><tr><td>Taxes, other than income taxes</td><td>-36</td><td>-3.2</td><td>-27</td><td>-2.6</td><td>-2</td><td>-4.0</td><td>-7</td><td>-26.9</td></tr><tr><td>Income taxes</td><td>-107</td><td>-26.8</td><td>-92</td><td>-24.7</td><td>-17</td><td>-50.0</td><td>2</td><td>28.6</td></tr><tr><td>Operating income</td><td>-113</td><td>-10.8</td><td>-117</td><td>-12.4</td><td>-3</td><td>-4.4</td><td>7</td><td>20.6</td></tr><tr><td>Other income less deductions and related federal income tax</td><td>38</td><td>Large</td><td>17</td><td>47.2</td><td>3</td><td>Large</td><td>18</td><td>Large</td></tr><tr><td>Net interest charges</td><td>10</td><td>2.3</td><td>-27</td><td>-7.2</td><td>-1</td><td>-4.8</td><td>38</td><td>Large</td></tr><tr><td>Income from continuing operations</td><td>-85</td><td>-13.4</td><td>-73</td><td>-12.4</td><td>1</td><td>2.2</td><td>-13</td><td>Large</td></tr><tr><td>Discontinued operations</td><td>97</td><td>89.0</td><td>N/A</td><td>N/A</td><td>N/A</td><td>N/A</td><td>97</td><td>89.0</td></tr><tr><td>Cumulative effect of changes in accounting principles</td><td>-3</td><td>Large</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-3</td><td>Large</td></tr><tr><td>Net income</td><td>$9</td><td>1.7%</td><td>$-73</td><td>-12.4%</td><td>$1</td><td>2.2%</td><td>$81</td><td>75.0%</td></tr></table>
<table><tr><td></td><td colspan="2"> Millions of kWhs Twelve Months Ended</td><td></td><td rowspan="2">Percent Variation</td></tr><tr><td> Description</td><td> December 31, 2004</td><td> December 31, 2003</td><td>Variation</td></tr><tr><td>Residential/Religious</td><td>12,673</td><td>12,441</td><td>232</td><td>1.9%</td></tr><tr><td>Commercial/Industrial</td><td>16,966</td><td>18,033</td><td>-1,067</td><td>-5.9</td></tr><tr><td>Other</td><td>229</td><td>154</td><td>75</td><td>48.7</td></tr><tr><td> Total Full Service Customers</td><td> 29,868</td><td> 30,628</td><td>-760</td><td>-2.5</td></tr><tr><td>Retail access customers</td><td>14,143</td><td>12,637</td><td>1,506</td><td>11.9</td></tr><tr><td> Sub-total</td><td> 44,011</td><td> 43,265</td><td>746</td><td>1.7</td></tr><tr><td>NYPA, Municipal Agency and Other Sales</td><td>10,730</td><td>10,470</td><td>260</td><td>2.5</td></tr><tr><td> Total Service Area</td><td> 54,741</td><td> 53,735</td><td>1,006</td><td>1.9%</td></tr></table>
<table><tr><td></td><td colspan="2"> December 31, 2005 </td><td colspan="2"> December 31, 2004 </td></tr><tr><td></td><td> Fair Market Value</td><td> Gross Unrealized Losses </td><td> Fair Market Value </td><td> Gross Unrealized Losses </td></tr><tr><td></td><td colspan="4"> (in thousands)</td></tr><tr><td>U.S. treasury securities and obligations of U.S. government agencies</td><td>$—</td><td>$—</td><td>$57,207</td><td>$693</td></tr><tr><td>Obligations of states and political subdivisions</td><td>6,047</td><td>15</td><td>50,647</td><td>897</td></tr><tr><td>Auction rate securities</td><td>18,158</td><td>67</td><td>—</td><td>—</td></tr><tr><td>U.S. corporate securities</td><td>—</td><td>—</td><td>14,970</td><td>69</td></tr><tr><td>Total</td><td>$24,205</td><td>$82</td><td>$122,824</td><td>$1,659</td></tr></table>
<table><tr><td></td><td> Cost </td><td> Gross Unrealized Losses </td><td> Estimated Fair Market Value </td></tr><tr><td></td><td colspan="3"> (in thousands)</td></tr><tr><td>Due in one year or less</td><td>$54,543</td><td>$318</td><td>$54,225</td></tr><tr><td>Due after one through five years</td><td>125,775</td><td>631</td><td>125,144</td></tr><tr><td>Total</td><td>$180,318</td><td>$949</td><td>$179,369</td></tr></table>

Question: Which year is electricity volume of Total Full Service Customers the lowest?
Answer: 2004