Press Release

Keeps Pace With Citywide Capital Improvements
While Rebuilding Lower Manhattan

NEW YORK - Consolidated Edison Company of New York, Inc. (Con Edison) said today that it is investing $533 million this year in enhancements in its electrical distribution system throughout New York City and Westchester, as the company met the challenge to complete permanent underground restoration work in lower Manhattan in time for Summer 2002.

Company officials announced the ongoing infrastructure improvements as Con Edison crews removed the last of the 36 miles of emergency street-level electric cables. They were installed to restore service quickly to businesses and residents following the World Trade Center terrorist attack of September 11, 2001.

"The unparalleled reliability of Con Edison was evident in our response to the Trade Center disaster, as our men and women moved swiftly to restore gas, steam and electric service to lower Manhattan. As we remove the last of these temporary cables from street level, we have renewed our commitment to continue making improvements in our energy delivery system throughout our service territory," said Kevin Burke, president of Con Edison.

Louis Rana, vice president of Manhattan Electric Operations, was joined by local officials at a Battery Park City news conference as Con Edison crews began removing final sections of emergency street-level electric cable that was used to restore service to lower Manhattan.

"We are very proud of the 2,000 men and women who worked around the clock to get downtown back in business and restore electric, gas and steam service to customers. There is still more work ahead of us in lower Manhattan, but we accomplished what we set out to do in time for summer," Rana said.

Battery Park City President and CEO Timothy S. Carey said: "On September 12 we started working with Con Edison to begin the process of recovery at Battery Park City. The skill and speed with which they tackled this difficult job is a tribute to everyone at Con Edison. The removal of the last temporary street-level electric cable marks another step forward for our community. I applaud the tireless efforts of the company's recovery teams and look forward to working with Con Edison to build an even better and brighter future for Battery Park City."

Community Board #1 Chairperson Madelyn Wils said: "Con Edison has done a great job rebuilding our electrical infrastructure here in lower Manhattan while showing sensitivity to the residents and workers in the area. Their workers are among the many heroes who came through when we needed them most."

As part of Con Edison's summer preparation, the company's capital program this year includes investing:

· $408 million on the distribution system, including $85 million for upgrades to cables and transformers;

· $33 million on transmission upgrades; and

· $92 million on substation installations and circuit breakers.

In addition, the company said it would spend an additional $116 million this year for repairs and enhancements to the electrical systems that were damaged or destroyed in lower Manhattan on September 11.

Work completed for the summer season's peak demand period includes:

· replacement of 190 miles of underground and aerial feeder cables;

· replacement of 480 thermally sensitive cable joints;

· installation of 178 new transformers;

· enhancement and upgrading of 7 electrical (4kV) unit substations; and

· replacement of switchgear in 2 (4kV) unit substations.

Con Edison is a subsidiary of Consolidated Edison, Inc. [NYSE: ED], one of the nation's largest investor-owned energy companies, with approximately $10 billion in annual revenues and $17 billion in assets. The utility provides electric, gas and steam service to more than three million customers in New York City and Westchester County, New York. For additional financial, operations and customer service information, visit Con Edison's web site at www.coned.com.

Contact: Michael Clendenin
May 23, 2002
(212) 460-4111