As shown in Chart 2, most utilities’ ratio of non - income taxes to OpEx are grouped together in the mid - to - high single - digit percentage range, but the OpEx tax burden incurred by Con Ed is a significant outlier among electric utilities in America (shown in red). [1.6%, 2.6%] (2.6%, 3.6%] (3.6%, 4.6%] (4.6%, 5.6%] (5.6%, 6.6%] (6.6%, 7.6%] (7.6%, 8.6%] (8.6%, 9.6%] (9.6%, 10.6%] (10.6%, 11.6%] (11.6%, 12.6%] (12.6%, 13.6%] (13.6%, 14.6%] (14.6%, 15.6%] (15.6%, 16.6%] (16.6%, 17.6%] (17.6%, 18.6%] (18.6%, 19.6%] (19.6%, 20.6%] (20.6%, 21.6%] (21.6%, 22.6%] (22.6%, 23.6%] (23.6%, 24.6%] (24.6%, 25.6%] (25.6%, 26.6%] Number of Utilities 0 1 2 3 4 5 6 7 8 Chart 2. Distribution of Utility OpEx From Taxes FY2024