Here are some entries from ConEd’s FAQ page.
Q: Will Con Edison turn off my air conditioner?
A: No. We will only cycle the compressor on and off. Your fan will continue to operate and you may not even notice that your air conditioner has been adjusted.
Q: When will Con Edison adjust my air-conditioning?
A: Typically, the adjustment will not last longer than five hours. And you can override the adjustment if you need to.
Q: How will Con Edison adjust my air-conditioning system?
A: We will send a radio signal page to your thermostat to cycle your compressor off and on. Con Edison will not shut off your central air conditioner. Your fan will continue to operate, so that air can continue to circulate, and you may not feel a temperature change.
Q: How will I know that my air conditioner has been adjusted?
Q: How warm will my place get?
A: You may not even notice that your air conditioner has been adjusted. At most, the temperature may increase three or more degrees. After the curtailment event, your temperature will quickly return to its set temperature.
Q: How do I override Con Edison’s adjustment?
A: You simply use the temperature down adjustment button which is the lower of the two buttons located on the far bottom right of the thermostat. Press the down button until the curtailment message that appears on your thermostat disappears and you will no longer be under the Con Edison adjustment.