DEVON ENERGY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued) Debt maturities as of December 31, 2015, excluding premiums and discounts, are as follows (millions):
## Table 0 ##
Credit Lines Devon has a $3.0 billion Senior Credit Facility.
The maturity date for $30 million of the Senior Credit Facility is October 24, 2017.
The maturity date for $164 million of the Senior Credit Facility is October 24, 2018.
The maturity date for the remaining $2.8 billion is October 24, 2019.
Amounts borrowed under the Senior Credit Facility may, at the election of Devon, bear interest at various fixed rate options for periods of up to twelve months.
Such rates are generally less than the prime rate.
However, Devon may elect to borrow at the prime rate.
The Senior Credit Facility currently provides for an annual facility fee of $3.8 million that is payable quarterly in arrears.
As of December 31, 2015, there were no borrowings under the Senior Credit Facility.
The Senior Credit Facility contains only one material financial covenant.
This covenant requires Devon’s ratio of total funded debt to total capitalization, as defined in the credit agreement, to be no greater than 65%.
The credit agreement contains definitions of total funded debt and total capitalization that include adjustments to the respective amounts reported in the accompanying consolidated financial statements.
Also, total capitalization is adjusted to add back noncash financial write-downs such as full cost ceiling impairments or goodwill impairments.
As of December 31, 2015, Devon was in compliance with this covenant with a debt-tocapitalization ratio of 23.7%.
Commercial Paper Devon’s Senior Credit Facility supports its $3.0 billion of short-term credit under its commercial paper program.
Commercial paper debt generally has a maturity of between 1 and 90 days, although it can have a maturity of up to 365 days, and bears interest at rates agreed to at the time of the borrowing.
The interest rate is generally based on a standard index such as the Federal Funds Rate, LIBOR or the money market rate as found in the commercial paper market.
As of December 31, 2015, Devon’s outstanding commercial paper borrowings had a weighted-average borrowing rate of 0.63%.
Issuance of Senior Notes In June 2015, Devon issued $750 million of 5.0% senior notes due 2045 that are unsecured and unsubordinated obligations.
Devon used the net proceeds to repay the floating rate senior notes that matured on December 15, 2015, as well as outstanding commercial paper balances.
In December 2015, in conjunction with the announcement of the Powder River Basin and STACK acquisitions, Devon issued $850 million of 5.85% senior notes due 2025 that are unsecured and unsubordinated obligations.
Devon used the net proceeds to fund the cash portion of these acquisitions.
the 2015/2016 service area peak day demand will be 218 MDt, including an estimated 100 MDt for its full-service customers and 118 MDt for its gas energy choice customers.
The company forecasts average annual growth of the peak gas demand over the next five years at design conditions to be approximately 0.6 percent in its service area.
The forecasted peak day demand at design conditions does not include gas used by interruptible gas customers including electricity generating stations.
Gas Supply O&R and CECONY have combined their gas requirements and purchase contracts to meet those requirements into a single portfolio.
S Competitive Energy Businesses Con Edison Solutions Con Edison Solutions primarily sells electricity to industrial, commercial and governmental customers in the northeastern United States and Texas.
It also sells electricity to residential and small commercial customers in the northeastern United States.
Con Edison Solutions does not sell electricity to the Utilities.
Con Edison Solutions does sell electricity to customers who are provided delivery service by the Utilities.
It also provides energy efficiency services, procurement and management services to companies and governmental entities throughout most of the United States.
Gas Supply O&R and CECONY have combined their gas requirements and purchase contracts to meet those requirements into a single portfolio.
See “CECONY – Gas Operations – Gas Supply” above.
Con Edison Solutions was reported by DNV GL in September 2014 to be the 14th largest non-residential retail electricity provider in the United States.
The company sells to retail aggregation entities in Massachusetts, Illinois and New Jersey as well as to individual residential and small commercial (mass market) customers in the northeastern United States.
At December 31, 2014, it served approximately 123,000 customers, excluding approximately 154,000 served under the five aggregation agreements.
Con Edison Solutions’ electricity sales for the last five years were:
## Table 1 ##
(a) Excludes aggregation agreement customers.
Con Edison Solutions seeks to serve customers in utility service territories that encourage retail competition through transparent pricing, purchase of receivables programs or utility-sponsored customer acquisition programs.
The company currently sells electricity in the service territories of 53 utilities in the states of New York, Massachusetts, Connecticut, New Hampshire, Maine, New Jersey, Delaware, Maryland, Illinois, Pennsylvania, Rhode Island, Ohio and Texas, as well as the District of Columbia.
In 2014, approximately 29 percent of the sales volumes were in New York, 29 percent in New England, 34 percent in the District of Columbia, Maryland, New Jersey and Pennsylvania and 8 percent in Texas.
The electricity Con Edison Solutions sold to its customers in 2014 was purchased primarily through wholesale electricity markets administered by the NYISO, PJM, Independent System Operator New England and Electric Reliability Council of Texas.
The company expects that these resources will again be adequate to meet the requirements of its customers in 2015.
Con Edison Energy provides hedging and risk management services to Con Edison Solutions.
Con Edison Solutions also provides energy-efficiency services to government and commercial customers.
The services include the design and installation of lighting retrofits, highefficiency heating, ventilating and air conditioning equipment and other energy saving technologies.
The company is compensated for its services based primarily on the increased energy efficiency of the installed equipment over a multi-year period.
Con Edison Solutions has won competitive solicitations for energy savings contracts with the Department of Energy and the Department of Defense, and a shared energy savings contract with the United States Postal Service.
The company owns renewable energy projects predominately in Massachusetts and California with an aggregate capacity of 20 MW (AC).
Con Edison Energy Con Edison Energy provides services to manage the dispatch, fuel requirements and risk management activities for 5,005 MW of generating plants in the northeastern United States owned by unrelated parties and manages energy supply assets leased from others.
Among other things, the company also provides wholesale hedging and risk management services to Con Edison Solutions and Con Edison Development.
The company, beginning during 2013, no longer engages in the sale of electricity to utilities.
The company had sold electricity that it had purchased in wholesale markets to utilities in the northeastern United States, primarily under fixed and indexed price contracts, which they used to supply their full-service customers.
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 finances its capital requirements primarily through internally-generated funds and the sale of its securities.
Con Edison’s ability to make payments on external borrowings and dividends on its common shares depends on 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 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, if any, and external borrowings.
The Companies expect to meet their 2015 capital requirements, including for maturing securities, through internally-generated funds and the issuance of between $1,000 million and $1,500 million of long-term debt.
Con Edison does not expect to need to issue common equity in 2015 other than through its dividend reinvestment, employee stock purchase and long term incentive plans.
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 and cost 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 2012, the NYSPSC authorized CECONY, through 2016, to issue up to $3,500 million of debt securities ($2,550 million of which the company had issued as of December 31, 2014).
In 2013, the NYSPSC authorized O&R, through 2017, to issue up to $305 million of debt securities (none of which the company had issued as of December 31, 2014).
The NYSPSC also authorized CECONY and O&R for such periods to issue up to $2,500 million and $125 million, respectively, of debt securities to refund existing debt securities.
At December 31, 2014, the Utilities had not refunded any securities pursuant to this authorization.
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.
In April 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.
In 2014, the company sold a 50 percent interest in the subsidiary.
See Note Q to the financial statements in Item 8.
For each of the Companies, the ratio of earnings to fixed charges (SEC basis) for the last five years was:
## Table 2 ##
(a) Reflects $95 million after-tax charge to earnings relating to Con Edison Development’s LILO transactions.
See Note J to the financial statements in Item 8.
For each of the Companies, the common equity ratio for the last five years was:
## Table 3 ##
The commercial paper of Con Edison and O&R is rated P-2, A-2 and F2, respectively, by Moody’s, S&P and Fitch.
The commercial paper of CECONY is rated P-1, A-2 and F2 by Moody’s, S&P and Fitch, respectively.
Con Edison’s long-term credit rating is A3, BBB+ and BBB+ by Moody’s, S&P and Fitch, respectively.
The unsecured debt of CECONY is rated A2, A- and A- by Moody’s, S&P and Fitch, respectively.
The unsecured debt of O&R is rated A3, A- and A- by Moody’s, S&P and Fitch, respectively.
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 withdrawn the ratings of these insurers.
Subsequently, there have not been sufficient bids to determine the interest rates pursuant to auctions, and interest rates have
Management’s Discussion and Analysis of Financial Condition and Results of Operations – Continued Electric CECONY’s results of electric operations for the year ended December 31, 2014 compared with the year ended December 31, 2013 is as follows:
## Table 4 ##
CECONY’s electric sales and deliveries in 2014 compared with 2013 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 decreased 0.1 percent in 2014 compared with 2013.
Operating revenues increased $306 million in 2014 compared with 2013 due primarily to higher revenues from the electric rate plan ($215 million), higher purchased power ($62 million) and fuel expenses ($6 million).
Purchased power expenses increased $62 million in 2014 compared with 2013 due to an increase in unit costs ($56 million) and purchased volumes ($6 million).
Fuel expenses increased $6 million in 2014 compared with 2013 due to higher unit costs ($34 million), offset by lower sendout volumes from the company’s electric generating facilities ($28 million).
Other operations and maintenance expenses increased $90 million due primarily to higher costs for the support and protection of company underground facilities to accommodate New York City municipal projects ($25 million), higher costs for injuries and damages ($24 million), an increase in healthcare costs ($12 million) and an increase in the surcharges for assessments and fees that are collected in revenues from customers ($11 million).
Depreciation and amortization increased $32 million due primarily to higher electric utility plant balances.
Taxes, other than income taxes decreased $1 million principally due to a sales and use tax refund, offset in part by higher property taxes.
Management’s Discussion and Analysis of Financial Condition and Results of Operations – Continued Common stock issuances and external borrowings are sources of liquidity that could be affected by changes in credit ratings, financial performance and capital market conditions.
For information about the Companies’ credit ratings and certain financial ratios, see “Capital Requirements and Resources” in Item 1.
Capital Requirements and Resources For information about capital requirements, contractual obligations and capital resources, see “Capital Requirements and Resources” in Item 1.
Other Changes in Assets and Liabilities The following table shows changes in certain assets and liabilities at December 31, 2014, compared with December 31, 2013.

Tables referenced above, in order (Table 0 first):
<table><tr><td>2016</td><td>$976</td></tr><tr><td>2017</td><td>—</td></tr><tr><td>2018</td><td>875</td></tr><tr><td>2019</td><td>1,100</td></tr><tr><td>2020</td><td>414</td></tr><tr><td>Thereafter</td><td>9,763</td></tr><tr><td>Total</td><td>$13,128</td></tr></table>
<table><tr><td></td><td> 2010</td><td> 2011</td><td> 2012</td><td> 2013</td><td> 2014</td></tr><tr><td>Retail electric volumes sold (millions of kWhs)</td><td>15,993</td><td>15,725</td><td>13,840</td><td>12,167</td><td>11,871</td></tr><tr><td>Number of retail customers accounts:(a)</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Industrial and large commercial</td><td>40,081</td><td>42,983</td><td>35,043</td><td>35,504</td><td>35,305</td></tr><tr><td>Mass market</td><td>85,191</td><td>117,635</td><td>119,276</td><td>123,813</td><td>123,314</td></tr></table>
<table><tr><td></td><td colspan="5"> Ratio of Earnings to Fixed Charges</td></tr><tr><td></td><td> 2010</td><td> 2011</td><td> 2012</td><td> 2013</td><td> 2014</td></tr><tr><td>Con Edison</td><td>3.3</td><td>3.6</td><td>3.7</td><td>3.0(a)</td><td>3.6</td></tr><tr><td>CECONY</td><td>3.4</td><td>3.8</td><td>3.7</td><td>3.7</td><td>3.8</td></tr></table>
<table><tr><td></td><td colspan="5"> Common Equity Ratio (Percent of total capitalization)</td></tr><tr><td></td><td> 2010</td><td> 2011</td><td> 2012</td><td> 2013</td><td> 2014</td></tr><tr><td>Con Edison</td><td>50.4</td><td>52.5</td><td>54.1</td><td>53.9</td><td>52.0</td></tr><tr><td>CECONY</td><td>49.9</td><td>52.0</td><td>53.6</td><td>53.7</td><td>50.7</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, 2014</td><td> December 31, 2013</td><td>Variation</td></tr><tr><td>Operating revenues</td><td>$8,437</td><td>$8,131</td><td>$306</td></tr><tr><td>Purchased power</td><td>2,036</td><td>1,974</td><td>62</td></tr><tr><td>Fuel</td><td>180</td><td>174</td><td>6</td></tr><tr><td>Other operations and maintenance</td><td>2,270</td><td>2,180</td><td>90</td></tr><tr><td>Depreciation and amortization</td><td>781</td><td>749</td><td>32</td></tr><tr><td>Taxes, other than income taxes</td><td>1,458</td><td>1,459</td><td>-1</td></tr><tr><td> Electric operating income</td><td>$1,712</td><td>$1,595</td><td>$117</td></tr></table>
<table><tr><td></td><td colspan="4">Millions of kWhs Delivered</td><td colspan="4">Revenues in Millions(a)</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, 2014</td><td> December 31, 2013</td><td>Variation</td><td>Percent Variation</td><td> December 31, 2014</td><td> December 31, 2013</td><td>Variation</td><td>Percent Variation</td></tr><tr><td>Residential/Religious(b)</td><td>9,868</td><td>10,273</td><td>-405</td><td>-3.9%</td><td>$2,847</td><td>$2,773</td><td>$74</td><td>2.7%</td></tr><tr><td>Commercial/Industrial</td><td>9,834</td><td>9,776</td><td>58</td><td>0.6</td><td>2,176</td><td>2,013</td><td>163</td><td>8.1</td></tr><tr><td>Energy choice customers</td><td>26,221</td><td>26,574</td><td>-353</td><td>-1.3</td><td>2,646</td><td>2,683</td><td>-37</td><td>-1.4</td></tr><tr><td>NYPA, Municipal Agency and other sales</td><td>10,380</td><td>10,295</td><td>85</td><td>0.8</td><td>625</td><td>615</td><td>10</td><td>1.6</td></tr><tr><td>Other operating revenues(c)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>143</td><td>47</td><td>96</td><td>Large</td></tr><tr><td> Total</td><td> 56,303</td><td> 56,918</td><td>-615</td><td>-1.1%(d)</td><td>$8,437</td><td>$8,131</td><td>$306</td><td>3.8%</td></tr></table>

Question: If Purchased power develops with the same increasing rate in 2014, what will it reach in 2015? (in millions)
Answer: 2099.95
Reasoning program: subtract(2036,1974), divide(#0,1974), add(const_1,#1), multiply(#2,2036)