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Con Edison Reaffirms 2001 Earnings Projection

NEW YORK, April 19 /PRNewswire/ -- Consolidated Edison, Inc. (NYSE: ED) today (Thursday, April 19, 2001) reported net income for common stock for the first quarter of 2001 of $179.1 million or $.84 a share, compared with earnings of $188.1 million or $.88 a share for the first quarter of 2000. The company also declared a quarterly dividend of 55 cents a share on its common stock payable June 15, 2001 to stockholders of record as of May 16, 2001.

The company's net income for common stock from on-going operations for the 12 months ended March 31, 2001 was $677.8 million or $3.20 a share, compared with $712.1 million or $3.25 a share for the 12 months ended March 31, 2000. Earnings for the 2001 period were $573.8 million or $2.71 a share, after reflecting total non-recurring charges of $164 million, or $.49 a share, comprised of $130 million for nuclear replacement power costs and $34 million for merger-related charges.

Excluding the effects of weather, electric sales for Con Edison of New York increased by 2.7 percent for the first quarter of 2001, when compared to the prior year, and firm gas sales increased by 2.6 percent.

The company's earnings for the first quarter of 2001 reflect electric rate reductions for Con Edison of New York effective April 1, 2000 and October 1, 2000 in accordance with the company's 1997 and 2000 regulatory agreements. The impact of these reductions is being offset by higher electric and firm gas sales and increased pension credits. Earnings for the first quarter reflect the timing of O&M expenses, including electric distribution costs related to preparation for summer 2001. For the full year 2001, the Company confirms its previous forecast of earnings for the year 2001 in the range of $3.20 to $3.30 a share.

"We are off to a solid start in 2001," said Chairman and Chief Executive Officer Eugene R. McGrath. "We expect to meet our earnings targets and we are working hard to ensure the highest levels of system reliability for the upcoming summer. We're investing $483 million in our electric transmission and distribution infrastructure in 2001 alone, to meet the growing energy needs of our customers."

This release contains forward-looking statements of future expectations. Actual results might differ materially from those projected because of factors such as those identified in reports the company has filed with the Securities and Exchange Commission.

Consolidated Edison, Inc. is one of the nation's largest investor-owned energy companies, with more than $10 billion in annual revenues and $16 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, 2001 AND 2000


                                                2001                 2000
                                                  (Thousands of Dollars)
    Operating revenues
         Electric                            $1,707,374           $1,512,249
         Gas                                    701,819              469,473
         Steam                                  258,252              170,258
         Non-utility                            218,819              166,611
                 Total operating
                  revenues                    2,886,264            2,318,591

    Operating expenses
         Purchased power                      1,015,885              730,188
         Fuel                                   170,316               85,238
         Gas purchased for resale               463,485              266,298
         Other operations                       261,604              312,098
         Maintenance                            128,446              106,832
         Depreciation and amortization          134,998              142,722
         Taxes, other than income tax           307,750              290,735
         Income tax                             117,298              101,771
               Total operating expenses       2,599,782            2,035,882

    Operating income                            286,482              282,709

    Other income (deductions)
         Investment income                        1,465                4,399
         Allowance for equity funds used
          during construction                       243                 (577)
         Other income less miscellaneous
          deductions                             (3,116)                (262)
         Income tax                               5,595               (1,200)
                     Total other income           4,187                2,360

    Income before interest charges              290,669              285,069

    Interest on long-term debt                   99,208               83,313
    Other interest                               10,487               11,978
    Allowance for borrowed funds used
     during construction                         (1,538)              (1,755)
                     Net interest charges       108,157               93,536

    Preferred stock dividend
     requirements                                 3,398                3,398
    Net income for common stock                $179,114             $188,135

    Common shares outstanding - average
     (000)                                      212,160              212,641
    Basic earnings per share                      $0.84                $0.88
    Diluted earnings per share                    $0.84                $0.88

    Consolidated Edison, Inc. Utility
     Sales
        Electric (thousands of
                   kilowatthours)
              Total sales in service
               territory                     13,974,504           13,537,669
              Off-system and ESCO sales         392,908              961,643
        Gas (dekatherms)
              Firm sales and
               transportation                57,526,249           54,011,976
              Off-system sales                2,492,619            8,898,564
        Steam (thousands of pounds)          10,482,696           10,225,610

                          CONSOLIDATED EDISON, INC.
                        CONSOLIDATED INCOME STATEMENT
                 TWELVE MONTHS ENDED MARCH 31, 2001 AND 2000


                                                 2001                 2000
                                                  (Thousands of Dollars)

    Operating revenues
         Electric                             $7,146,816           $6,111,422
         Gas                                   1,494,316            1,088,215
         Steam                                   540,128              369,552
         Non-utility                             844,192              463,919
                 Total operating revenues     10,025,452            8,033,108

    Operating expenses
         Purchased power                       3,962,676            2,266,386
         Fuel                                    407,181              397,748
         Gas purchased for resale              1,005,796              570,922
         Other operations                      1,099,372            1,222,534
         Maintenance                             479,660              425,664
         Depreciation and amortization           578,682              536,131
         Taxes, other than income tax          1,138,858            1,170,151
         Income tax                              333,318              399,752
                 Total operating expenses      9,005,543            6,989,288

    Operating income                           1,019,909            1,043,820

    Other income (deductions)
         Investment income                         5,542               17,825
         Allowance for equity funds used
          during construction                      2,118                2,261
         Other income less miscellaneous
          deductions                             (35,505)             (13,244)
         Income tax                               17,418               25,910
                     Total other income          (10,427)              32,752

    Income before interest charges             1,009,482            1,076,572

    Interest on long-term debt                   379,889              326,863
    Other interest                                48,044               27,209
    Allowance for borrowed funds used
     during construction                          (5,859)              (3,195)
                     Net interest charges        422,074              350,877

    Preferred stock dividend
     requirements                                 13,593               13,593
    Net income for common stock                 $573,815             $712,102

    Common shares outstanding - average
     (000)                                       211,996              218,920
    Basic earnings per share                       $2.71                $3.25
    Diluted earnings per share                     $2.70                $3.25

    Consolidated Edison, Inc. Utility
     Sales
        Electric (thousands of
                   kilowatthours)
              Total sales in service
               territory                      56,892,249           54,773,674
              Off-system and ESCO sales        2,848,724            5,123,377
        Gas (dekatherms)
              Firm sales and
               transportation                129,396,762          113,353,224
              Off-system sales                19,265,462           33,383,178
        Steam (thousands of pounds)           26,990,346           26,542,150

SOURCE Consolidated Edison, Inc.

CONTACT: Michael Clendenin of Consolidated Edison, Inc., 212-460-4111/

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