Press Release

NEWINGTON, N.H., Sept. 14 /PRNewswire/ -- Newington Energy, LLC, an affiliate of Consolidated Edison Development, Inc., (CED) today held a groundbreaking ceremony for its 525-megawatt natural-gas fired power plant in Newington, New Hampshire. Headquartered in New York City, CED is a wholly owned subsidiary of Consolidated Edison, Inc. and acquires, develops, owns and operates electric generation assets in the Northeast.

The Newington plant will use state-of-the-art combustion turbines and heat recovery steam generators with a steam turbine for greater efficiency and significantly lower emissions than traditional plants. Upon its completion in the year 2002, the 40,000 square foot facility will generate enough low-cost power to supply electricity to more than 700,000 New England homes.

"The people at Con Edison Development are pleased to have the opportunity to serve the people of New Hampshire and New England with the Newington facility," said Stephen B. Bram, Chairman of CED. "This new plant will provide power to thousands of homes in the region in an environmentally sound operation. The Newington plant will help satisfy growing energy needs, bolster the local tax base, and contribute to a competitive energy environment in New Hampshire."

"We were able to break ground for Newington Energy today because state, local and private-sector partners all came together and worked hard to make it happen, recognizing its benefits to the constituents we all serve."

Consolidated Edison, Inc. is one of the nation's largest investor-owned energy companies, with approximately $8 billion in annual revenues and more than $16 billion in assets. The company provides a wide range of energy-related products and services to its customers through two regulated utility subsidiaries and four competitive energy and telecommunications businesses. For additional financial, operations and customer service information, visit the Consolidated Edison Inc. web site at http://www.conedison.com SOURCE Consolidated Edison Development

CONTACT: Brenda Perez of Consolidated Edison Development, 212-460-4111/