Press Release

Plan Aimed At Spurring New Power Plant Construction

NEW YORK, Dec. 17 /PRNewswire-FirstCall/ -- Consolidated Edison Company of New York, Inc. (Con Edison) announced today that it has issued a Request For Proposal (RFP) seeking a contract to purchase 500 megawatts of electric capacity from a new facility located in New York City or a facility outside of New York City that has new transmission dedicated to the city. The contract would run for no more than 10 years and the new capacity must be available by May 1, 2006.

"The past two summers, a number of records for electricity use were set and we anticipate increased demand for electricity will continue into next summer and beyond. New generation sources are necessary to preserve the economic vitality of New York City and will provide more efficient and cleaner power to meet New Yorkers' needs. The contract resulting from this RFP will help competitive power providers secure the financial commitment necessary to provide new sources of electricity in the city, while reducing the price volatility of our supply portfolio," said Terry Agriss, vice president of energy management for Con Edison.

The proposed new facility must be one that is not yet in service or under construction. The main selection criterion will be most favorable pricing, with preference given to the proposal with greatest impact on local reliability, those projects that demonstrate environmental excellence, and the ability to beat the May 1, 2006 in-service date. Generation offers must be for combined-cycle or base-load facilities, not peaking units. Governmental or quasi-governmental agencies are not eligible to submit proposals.

Prospective respondents may request a copy of the RFP by sending an e-mail to grehlr@coned.com.

Con Edison is a subsidiary of Consolidated Edison, Inc. (NYSE: ED), one of the nation's largest investor-owned energy companies, with more than $8 billion in annual revenues and $18 billion in assets. The utility provides electric, gas and steam service to more than 3 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 of Con Edison, +1-212-460-4111/