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.
The company does not expect to need to issue additional common equity in 2013.
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 may finance their operations, capital requirements and payment of dividends to Con Edison from internallygenerated funds (see “Liquidity and Capital Resources – Cash Flows from Operating Activities” in Item 7), contributions of equity capital from Con Edison and external borrowings.
The Companies expect to meet their 2013 external financing requirements, including for maturing securities, through the issuance of between $1,000 million and $1,500 million of longterm debt.
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 2012, the NYSPSC authorized CECONY, through 2016, to issue up to $3,500 million of debt securities and to issue up to $2,500 million of debt securities to refund existing debt securities.
At December 31, 2012, CECONY had not issued any securities pursuant to such authorization.
In 2009, the NYSPSC authorized O&R, through 2013, to issue up to $500 million of securities (of which up to $100 million may be preferred stock and up to the entire amount authorized may be debt securities) and to issue up to $389 million of debt securities to refund existing debt securities.
At December 31, 2012, O&R had issued $190 million of debt securities pursuant to such 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.
Con Edison Development is evaluating long-term debt financing for the solar projects it acquired in 2012.
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 longterm 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 withdrawn the ratings of these insurers.
Subsequently,
M ANAGEMENT ’ S D ISCUSSION AND A NALYSIS OF F INANCIAL C ONDITION AND R ESULTS OF O PERATIONS – C ONTINUED Electric CECONY’s results of electric operations for the year ended December 31, 2011 compared with the year ended December 31, 2010 is as follows
## Table 2 ##
CECONY’s electric sales and deliveries, excluding off-system sales, in 2011 compared with 2010 were:
## Table 3 ##
(a) “Residential/Religious” generally includes single-family dwellings, individual apartments in multi-family dwellings, religious organizations and certain other not-for-profit organization CECONY’s electric operating revenues decreased $148 million in 2011 compared with 2010 due primarily to lower purchased power ($369 million) and fuel costs ($57 million), offset by higher revenues from the electric rate plan ($278 million, which reflects, among other things, reconciliations of costs for municipal infrastructure support and capital expenditures ($10 million)).
CECONY’s 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.
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.
Electric delivery volumes in CECONY’s service area decreased 1.5 percent in 2011 compared with 2010.
After adjusting for variations, principally weather and billing days, electric delivery volumes in CECONY’s service area decreased 1.1 percent in 2011 compared with 2010 CECONY’s electric purchased power costs decreased $369 million in 2011 compared with 2010 due to a decrease in unit costs ($258 million) and purchased volumes ($111 million).
Electric fuel costs decreased $57 million in 2011 compared with 2010 due to lower sendout volumes from the company’s electric generating facilities ($39 million) and lower unit costs ($18 million).
CECONY’s electric operating income increased $146 million in 2011 compared with 2010.
The increase reflects primarily higher net revenues ($278 million, due primarily to the electric rate plan).
The higher net revenues were offset by higher operations and maintenance costs ($78 million), due primarily to higher pension expense ($99 million) and employees’ health care costs ($16 million), offset in part by lower regulatory assessments and fees ($52 million).
In addition, net revenues were offset by higher taxes other than income taxes ($21 million, principally property taxes) and depreciation and amortization ($33 million).
Most of the operating expenses attributable to major storms in 2011 and 2010 were deferred as a regulatory asset.
See “Regulatory Assets and Liabilities” in Note B to the financial statements
Asia-Pacific Acquisition On July 24, 2006, we completed the purchase of a fifty-six percent ownership interest in the merchant acquiring business of The Hongkong and Shanghai Banking Corporation Limited, or HSBC.
This business provides card payment processing services to merchants in the Asia-Pacific region.
The business includes HSBC’s payment processing operations in the following ten countries and territories: Brunei, China, Hong Kong, India, Macau, Malaysia, Maldives, Singapore, Sri Lanka and Taiwan.
Under the terms of the agreement, we initially paid HSBC $67.2 million in cash to acquire our ownership interest.
We paid an additional $1.4 million under this agreement during fiscal 2007, for a total purchase price of $68.6 million to acquire our ownership interest.
In conjunction with this acquisition, we entered into a transition services agreement with HSBC that may be terminated at any time.
Under this agreement, we expect HSBC will continue to perform payment processing operations and related support services until we integrate these functions into our own operations, which we expect will be completed in 2010.
The operating results of this acquisition are included in our consolidated statements of income from the date of the acquisition.
Business Description We are a leading payment processing and consumer money transfer company.
As a high-volume processor of electronic transactions, we enable merchants, multinational corporations, financial institutions, consumers, government agencies and other profit and non-profit business enterprises to facilitate payments to purchase goods and services or further other economic goals.
Our role is to serve as an intermediary in the exchange of information and funds that must occur between parties so that a payment transaction or money transfer can be completed.
We were incorporated in Georgia as Global Payments Inc.  in September 2000, and we spun-off from our former parent company on January 31, 2001.
Including our time as part of our former parent company, we have provided transaction processing services since 1967.
We market our products and services throughout the United States, Canada, Europe and the Asia-Pacific region.
We operate in two business segments, merchant services and money transfer, and we offer various products through these segments.
Our merchant services segment targets customers in many vertical industries including financial institutions, gaming, government, health care, professional services, restaurants, retail, universities and utilities.
Our money transfer segment primarily targets immigrants in the United States and Europe.
See Note 10 in the notes to consolidated financial statements for additional segment information and “Item 1A—Risk Factors” for a discussion of risks involved with our international operations.
Total revenues from our merchant services and money transfer segments, by geography and sales channel, are as follows (amounts in thousands):

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td colspan="5"> Ratio of Earnings to Fixed Charges</td></tr><tr><td></td><td> 2008</td><td> 2009</td><td> 2010</td><td> 2011</td><td> 2012</td></tr><tr><td>Con Edison</td><td>3.4</td><td>3.0</td><td>3.3</td><td>3.6</td><td>3.7</td></tr><tr><td>CECONY</td><td>3.3</td><td>3.1</td><td>3.4</td><td>3.8</td><td>3.7</td></tr></table>
<table><tr><td></td><td colspan="5"> Common Equity Ratio (Percent of total capitalization)</td></tr><tr><td></td><td> 2008</td><td> 2009</td><td> 2010</td><td> 2011</td><td> 2012</td></tr><tr><td>Con Edison</td><td>50.7</td><td>50.5</td><td>50.4</td><td>52.5</td><td>54.1</td></tr><tr><td>CECONY</td><td>50.8</td><td>50.3</td><td>49.9</td><td>52.0</td><td>53.6</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, 2011</td><td> December 31, 2010</td><td>Variation</td></tr><tr><td>Operating revenues</td><td>$8,228</td><td>$8,376</td><td>$-148</td></tr><tr><td>Purchased power</td><td>2,260</td><td>2,629</td><td>-369</td></tr><tr><td>Fuel</td><td>199</td><td>256</td><td>-57</td></tr><tr><td>Net revenues</td><td>5,769</td><td>5,491</td><td>278</td></tr><tr><td>Operations and maintenance</td><td>2,041</td><td>1,963</td><td>78</td></tr><tr><td>Depreciation and amortization</td><td>656</td><td>623</td><td>33</td></tr><tr><td>Taxes, other than income taxes</td><td>1,377</td><td>1,356</td><td>21</td></tr><tr><td> Electric operating income</td><td>$1,695</td><td>$1,549</td><td>$146</td></tr></table>
<table><tr><td></td><td colspan="4">Millions of kWhs Delivered</td><td colspan="4">Revenues in Millions</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, 2011</td><td> December 31, 2010</td><td>Variation</td><td>Percent Variation</td><td> December 31, 2011</td><td> December 31, 2010</td><td>Variation</td><td>Percent Variation</td></tr><tr><td>Residential/Religious(a)</td><td>11,404</td><td>11,518</td><td>-114</td><td>-1.0%</td><td>$2,918</td><td>$2,977</td><td>$-59</td><td>-2.0%</td></tr><tr><td>Commercial/Industrial</td><td>11,148</td><td>12,559</td><td>-1,411</td><td>-11.2</td><td>2,304</td><td>2,557</td><td>-253</td><td>-9.9</td></tr><tr><td>Retail access customers</td><td>24,234</td><td>23,098</td><td>1,136</td><td>4.9</td><td>2,354</td><td>2,123</td><td>231</td><td>10.9</td></tr><tr><td>NYPA, Municipal Agency and other sales</td><td>11,040</td><td>11,518</td><td>-478</td><td>-4.2</td><td>592</td><td>550</td><td>42</td><td>7.6</td></tr><tr><td>Other operating revenues</td><td>-</td><td>-</td><td>-</td><td>-</td><td>60</td><td>169</td><td>-109</td><td>-64.5</td></tr><tr><td> Total</td><td> 57,826</td><td> 58,693</td><td>-867</td><td>-1.5%</td><td>$8,228</td><td>$8,376</td><td>$-148</td><td>-1.8%</td></tr></table>

Question: In the year with lowest amount of Operating revenues, what's the increasing rate of Electric operating income?
Answer: 0.09425
Reasoning program: subtract(1695,1549), divide(#0,1549)