Press Release

NEW YORK, Jul 23, 2002 /PRNewswire-FirstCall via COMTEX/ -- At 4 p.m. today, Con Edison hit its second highest peak demand this year, by providing 12,074 megawatts in electrical power to its 3.1 million customers. The current peak for this year was set on Wednesday, July 3, at 5 p.m., when Con Edison provided 12,086 megawatts of electric power to its customers. Today's peak is the sixth highest in the company's history.

Con Edison has spent $533 million this year on its electrical distribution system as part of a five-year comprehensive $3.2 billion program to enhance reliability and improve infrastructure.

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 http://www.coned.com.

SOURCE Consolidated Edison Company

CONTACT: Michael Clendenin of Consolidated Edison Company, +1-212-460-4111