Press Release

NEW YORK, June 1 /PRNewswire/ -- Consolidated Edison Company of New York, Inc. (Con Edison) today filed an Article X Application with the New York State Board on Electric Generation Siting and the Environment to increase the steam and electric output of the company's East River Generating Station located at East 14th Street and Avenue C. Under the Public Service Law, an Article X filing is required whenever 80 megawatts or more of new electric generation capacity is proposed for construction.

With the increased steam output from the repowered East River Generating Station, the company will be able to close its Waterside Generating Station, located on First Avenue at East 40th Street. The East River Repowering Project, with a targeted completion date of spring 2002, is expected to benefit Con Edison's steam customers by helping to stabilize steam rates and by maintaining reliability. The project will involve installation of new state-of-the-art equipment in an unused section of the East River Generating Station and will not require an increase in the physical size of the station. The high efficiency, co-generation technology of the new equipment will also increase electric generation at the site.

"For nearly a year, we have been meeting with the community, elected officials and state and local regulators to seek their input and listen to their concerns as the process moves forward. We intend to continue that dialogue and build on the base of open communications already established," said Stephen B. Bram, senior vice president of central operations for Con Edison.

A pre-application report on the project, which was filed last September, began a more formal process that provided an opportunity for the company to consult with regulators, local governmental officials and other interested parties early in the planning phase of the project. As part of that process, Con Edison held several public forums where citizens were given an opportunity to comment on the company's proposal. Additionally, company officials met with state and city agencies, elected officials, community and environmental groups.

For additional information, visit the project Web site at http://www.coned.com/ERRP, call the toll-free hotline number (1-800-373-0130) or send an email to ERRP@coned.com.

Con Edison is one of the nation's largest utility companies, with approximately $7 billion in annual revenues and approximately $14 billion in assets. The company, a subsidiary of Consolidated Edison Inc., 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 http://www.coned.com. SOURCE Consolidated Edison Company of New York, Inc.

CONTACT: Joseph Petta for Consolidated Edison, 212-460-4111/