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Con Edison Reports Solid Second Quarter Earnings; On Target to Meet 2001 Projections

NEW YORK, Jul 19, 2001 /PRNewswire/ -- Consolidated Edison, Inc. (NYSE: ED) today (Thursday, July 19, 2001) reported net income for common stock for the second quarter of 2001 of $100.7 million or $.48 a share, compared with earnings of $68.7 million or $.33 a share for the second quarter of 2000. The company also declared a quarterly dividend of 55 cents a share on its common stock payable September 15, 2001 to stockholders of record as of August 15, 2001.

"Con Edison is on target for another solid year in 2001," said Chairman and Chief Executive Officer Eugene R. McGrath. "We are adding financial value for our shareholders as we continue to meet the growing energy needs of our customers with the most reliable electric delivery system in the nation," he added.

The company's net income for common stock for the first six months of 2001 was $279.8 million or $1.32 a share, compared with $256.9 million or $1.21 a share for the first six months of 2000.

The company's net income for common stock for the 12 months ended June 30, 2001 was $605.7 million or $2.86 a share, compared with $714.5 million or $3.32 a share for the 12 months ended June 30, 2000.

Excluding non-recurring charges for the year 2000, earnings per share for the second quarter, first six months and 12 months ended June 30, 2000 would have been $.42, $1.30 and $3.41, respectively, while the earnings per share for the 12 months ended June 30, 2001 would have been $3.26.

Electric sales for Con Edison of New York, after excluding the effects of weather, increased by 2.8 percent for the first six months of 2001 when compared to the prior year, and firm gas sales increased by 3.0 percent.

The company's earnings for the second quarter and first six months of 2001 reflect electric rate reductions for Con Edison of New York effective October 1, 2000 and April 1, 2001 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, reflecting continuing growth in the New York City economy, and increased pension credits.

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.

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 $17 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 JUNE 30, 2001 AND 2000

                                                      2001           2000
                                                     (Thousands of Dollars)

    Operating revenues
       Electric                                   $1,531,949     $1,531,262
       Gas                                           305,394        247,016
       Steam                                          89,666         74,600
       Non-utility                                   185,206        189,016
             Total operating revenues              2,112,215      2,041,894

    Operating expenses
       Purchased power                               806,027        791,340
       Fuel                                           46,019         42,730
       Gas purchased for resale                      168,555        164,538
       Other operations                              279,382        289,865
       Maintenance                                   116,341        128,140
       Depreciation and amortization                 136,868        145,618
       Taxes, other than income tax                  256,484        275,160
       Income tax                                     86,724         33,174
             Total operating expenses              1,896,400      1,870,565

    Operating income                                 215,815        171,329

    Other income (deductions)
       Investment income                               1,422          2,542
       Allowance for equity funds
        used during construction                         258            486
       Other income less miscellaneous deductions     (8,772)        (3,989)
       Income tax                                      1,558            961
             Total other income                       (5,534)            --


    Income before interest charges                   210,281        171,329

    Interest on long-term debt                        98,355         87,658
    Other interest                                     9,536         12,559
    Allowance for borrowed funds
     used during construction                         (1,684)        (1,032)
             Net interest charges                    106,207         99,185

    Preferred stock dividend requirements              3,398          3,398
    Net income for common stock                    $ 100,676        $68,746

    Common shares outstanding
     - average basic (000)                           212,115        211,966
    Common shares outstanding
     - average diluted (000)                         212,555        212,074

    Basic earnings per share                          $ 0.48          $0.33
    Diluted earnings per share                        $ 0.48          $0.33

    Consolidated Edison, Inc. Utility Sales
       Electric (thousands of kilowatthours)
          Total sales in service territory        13,438,722     13,072,152
       Gas (dekatherms)
          Firm sales and transportation           24,633,923     23,865,966
       Steam (thousands of pounds)                 4,707,156      4,666,444


                          CONSOLIDATED EDISON, INC.
                        CONSOLIDATED INCOME STATEMENT
                   SIX MONTHS ENDED JUNE 30, 2001 AND 2000

                                                      2001           2000
                                                     (Thousands of Dollars)

    Operating revenues
       Electric                                   $3,239,323     $3,043,511
       Gas                                         1,007,213        716,489
       Steam                                         347,918        244,858
       Non-utility                                   404,024        355,627
             Total operating revenues              4,998,478      4,360,485

    Operating expenses
       Purchased power                             1,821,912      1,521,528
       Fuel                                          216,335        127,968
       Gas purchased for resale                      632,039        430,836
       Other operations                              540,987        601,963
       Maintenance                                   244,786        234,972
       Depreciation and amortization                 271,866        288,340
       Taxes, other than income tax                  564,469        564,332
       Income tax                                    203,787        136,508
             Total operating expenses              4,496,181      3,906,447

    Operating income                                 502,297        454,038

    Other income (deductions)
       Investment income                               2,887          6,941
       Allowance for equity funds
        used during construction                         501            (91)
       Other income less miscellaneous deductions    (11,889)        (4,251)
       Income tax                                      7,154           (239)
             Total other income                       (1,347)         2,360

    Income before interest charges                   500,950        456,398

    Interest on long-term debt                       197,563        170,971
    Other interest                                    20,023         24,537
    Allowance for borrowed funds
     used during construction                         (3,222)        (2,787)
             Net interest charges                    214,364        192,721

    Preferred stock dividend requirements              6,796          6,796
    Net income for common stock                    $ 279,790       $256,881

    Common shares outstanding
     - average basic (000)                           212,078        212,352
    Common shares outstanding
     - average diluted (000)                         212,440        212,425

    Basic earnings per share                          $ 1.32          $1.21
    Diluted earnings per share                        $ 1.32          $1.21

    Consolidated Edison, Inc. Utility Sales
       Electric (thousands of kilowatthours)
          Total sales in service territory        27,413,226     26,609,821
       Gas (dekatherms)
          Firm sales and transportation           82,160,172     77,877,941
       Steam (thousands of pounds)                15,189,852
                                                                 14,892,054


                          CONSOLIDATED EDISON, INC.
                        CONSOLIDATED INCOME STATEMENT
                  TWELVE MONTHS ENDED JUNE 30, 2001 AND 2000

                                                      2001           2000
                                                     (Thousands of Dollars)

    Operating revenues
       Electric                                   $7,147,502     $6,480,141
       Gas                                         1,552,693      1,145,530
       Steam                                         555,195        391,274
       Non-utility                                   840,383        578,888
             Total operating revenues             10,095,773      8,595,833

    Operating expenses
       Purchased power                             3,977,364      2,776,274
       Fuel                                          410,470        319,052
       Gas purchased for resale                    1,009,812        657,447
       Other operations                            1,088,890      1,233,978
       Maintenance                                   467,860        450,518
       Depreciation and amortization                 569,933        548,133
       Taxes, other than income tax                1,120,417      1,158,769
       Income tax                                    386,632        386,286
             Total operating expenses              9,031,378      7,530,457

    Operating income                               1,064,395      1,065,376

    Other income (deductions)
       Investment income                               4,423         19,761
       Allowance for equity funds
        used during construction                       1,890          1,809
       Other income less miscellaneous deductions    (40,289)       (16,070)
       Income tax                                     18,015         27,530
             Total other income                      (15,961)        33,030

    Income before interest charges                 1,048,434      1,098,406

    Interest on long-term debt                       390,585        338,701
    Other interest                                    45,022         35,452
    Allowance for borrowed funds
     used during construction                         (6,510)        (3,790)
             Net interest charges                    429,097        370,363

    Preferred stock dividend requirements             13,593         13,593
    Net income for common stock                     $605,744       $714,450

    Common shares outstanding
     - average basic (000)                           212,034        215,464
    Common shares outstanding
     - average diluted (000)                         212,307        215,719

    Basic earnings per share                           $2.86          $3.32
    Diluted earnings per share                         $2.85          $3.31

    Consolidated Edison, Inc. Utility Sales
       Electric (thousands of kilowatthours)
          Total sales in service territory        57,260,908     56,607,677
       Gas (dekatherms)
          Firm sales and transportation          130,216,153    119,721,670
       Steam (thousands of pounds)                27,031,058     26,649,913


                    

SOURCE Consolidated Edison, Inc.

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