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Con Edison Announces Increase in First Quarter Earnings

NEW YORK, April 20 /PRNewswire/ -- Consolidated Edison, Inc. (NYSE: ED) today (Thursday, April 20, 2000) reported a 15.8 percent increase in earnings per share for the first quarter of 2000. The company also declared a dividend of 54 1/2 cents a share on its common stock payable June 15, 2000 to stockholders of record as of May 17, 2000.

The company's net income for common stock for the first quarter of 2000 was $188.1 million or $.88 a share, compared with $176.6 million or $.76 a share for the first quarter of 1999.

The company also reported net income for common stock for the 12 months ended March 31, 2000 of $712.1 million or $3.25 a share, compared with $717.5 million or $3.08 a share for the 12 months ended March 31, 1999.

"The higher earnings for the first quarter of 2000 demonstrate the company's success in maintaining our financial strength and growing our business during this period of industry restructuring," said Joan S. Freilich, executive vice president and chief financial officer.

"Our acquisition of Orange and Rockland Utilities was an important step in implementing our strategy of expanding our core transmission and distribution business. This expansion helped mitigate the effects on earnings of the divestiture of most of our generating assets and of ongoing rate reductions implemented under our electric restructuring plan." Results for the quarter also reflect the impact of the company's previously announced $1.3 billion common stock repurchase program. Through March 31, 2000, the company had repurchased 23.2 million shares for $1.0 billion.

Con Edison's electric sales and firm gas sales and transportation volumes in the 2000 first quarter reflect the July 1999 acquisition of Orange and Rockland Utilities and increases in Con Edison of New York's electric sales and firm gas sales and transportation of 3.5 percent and 2.7 percent, respectively, compared to the 1999 first quarter.

Consolidated Edison, Inc. is one of the nation's largest investor-owned energy companies, with more than $7 billion in annual revenues and $15 billion in assets. The company provides a wide range of energy-related products and services to its customers through its six subsidiaries: Consolidated Edison Company of New York, Inc., a regulated utility providing electric, gas and steam service to New York City and Westchester County, New York; Orange and Rockland Utilities, Inc., a regulated utility serving customers in a 1,350 square mile area in southeastern New York State, as well as adjacent sections of northern New Jersey and northeastern Pennsylvania; Con Edison Solutions, a retail energy services company; Con Edison Energy, a wholesale energy supply company; Con Edison Development, an infrastructure development company; and Con Edison Communications, a telecommunications infrastructure company.

For additional financial, operations and customer service information, visit the Consolidated Edison, Inc. web site at http://www.conedison.com.

                          CONSOLIDATED EDISON, INC.
                        CONSOLIDATED INCOME STATEMENT
                  THREE MONTHS ENDED MARCH 31, 2000 AND 1999

                                                       2000           1999
                                                      (Thousands of Dollars)
    Operating revenues
      Electric                                    $1,512,248     $1,193,500
      Gas                                            469,473        381,342
      Steam                                          170,258        140,733
      Non-utility                                    166,612         61,011
        Total operating revenues                   2,318,591      1,776,586

    Operating expenses
      Purchased power                                729,161        287,826
      Fuel                                            86,265        117,540
      Gas purchased for resale                       266,298        180,531
      Other operations                               312,098        295,803
      Maintenance                                    106,832        101,596
      Depreciation and amortization                  142,722        132,708
      Taxes, other than federal income tax           291,081        300,380
      Federal income tax                             101,425        101,735
        Total operating expenses                   2,035,882      1,518,119

    Operating income                                 282,709        258,467

    Other income (deductions)
      Investment income                                4,323          1,415
      Allowance for equity funds used
       during construction                             (577)            972
      Other income less miscellaneous deductions       (168)          (366)
      Federal income tax                             (1,200)          (220)
        Total other income                             2,378          1,801

    Income before interest charges                   285,087        260,268

    Interest on long-term debt                        83,313         75,843
    Other interest                                    11,996          4,834
    Allowance for borrowed funds used
     during construction                             (1,755)          (454)
        Net interest charges                          93,554         80,223

    Preferred stock dividend requirements              3,398          3,398
    Net income for common stock                    $ 188,135       $176,647

    Common shares outstanding - average (000)        212,641        230,997
    Basic earnings per share                          $ 0.88          $0.76
    Diluted earnings per share                        $ 0.88          $0.76

    Consolidated Edison, Inc. Sales
      Electric (thousands of kilowatthours)
        Total sales in service territory          13,537,669     11,928,650
        Off-system and ESCO sales                  1,568,954      1,358,161
      Gas (dekatherms)
        Firm sales and transportation             54,011,976     40,595,350
        Off-system sales                           8,898,564      8,457,822
      Steam (thousands of pounds)                 10,225,610     10,216,257


                          CONSOLIDATED EDISON, INC.
                        CONSOLIDATED INCOME STATEMENT
                 TWELVE MONTHS ENDED MARCH 31, 2000 AND 1999

                                                      2000           1999
                                                     (Thousands of Dollars)
    Operating revenues
      Electric                                    $6,111,280     $5,576,622
      Gas                                          1,088,334        941,780
      Steam                                          369,552        327,276
      Non-utility                                    463,855        170,908
        Total operating revenues                   8,033,021      7,016,586

    Operating expenses
      Purchased power                              2,265,359      1,183,358
      Fuel                                           398,775        561,992
      Gas purchased for resale                       570,922        423,062
      Other operations                             1,222,541      1,193,165
      Maintenance                                    425,660        446,863
      Depreciation and amortization                  536,128        527,195
      Taxes, other than federal income tax         1,170,496      1,206,034
      Federal income tax                             399,406        417,546
        Total operating expenses                   6,989,287      5,959,215

    Operating income                               1,043,734      1,057,371

    Other income (deductions)
      Investment income                               17,646          8,734
      Allowance for equity funds used
       during construction                             2,261          2,891
      Other income less miscellaneous deductions    (12,961)       (12,638)
      Federal income tax                              25,911          2,988
        Total other income                            32,857          1,975

    Income before interest charges                 1,076,591      1,059,346

    Interest on long-term debt                       325,880        305,455
    Other interest                                    28,211         21,987
    Allowance for borrowed funds used
     during construction                             (3,195)        (1,438)
        Net interest charges                         350,896        326,004

    Preferred stock dividend requirements             13,593         15,869
    Net income for common stock                    $ 712,102       $717,473

    Common shares outstanding - average (000)        218,920        233,130
    Basic earnings per share                          $ 3.25          $3.08
    Diluted earnings per share                        $ 3.25          $3.08

    Consolidated Edison, Inc. Sales
      Electric (thousands of kilowatthours)
        Total sales in service territory          54,773,674     49,089,615
        Off-system and ESCO sales                  9,317,507      4,964,476
      Gas (dekatherms)
        Firm sales and transportation            113,353,224     88,581,762
        Off-system sales                          33,383,178     29,107,721
      Steam (thousands of pounds)                 26,542,150     26,226,277

SOURCE Consolidated Edison, Inc.

CONTACT: Mary S. McCartney of Con Edison, 212-460-4111/

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