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Con Edison Revises 2000 Earnings Per Share

NEW YORK, March 19 /PRNewswire/ -- Consolidated Edison, Inc. (NYSE: ED) announced today (Monday, March 19, 2001) that year 2000 net income for common stock has been restated to $582.8 million or $2.75 a share to reflect $32.1 million of Northeast Utilities merger-related expenses. In January 2001 the company announced earnings for 2000 of $601.6 million or $2.84 a share, after reflecting a non-recurring charge of approximately $130 million or $.40 a share relating to the company's nuclear plant, which returned to service in January following installation of new steam generators. Excluding the nuclear and merger-related charges, earnings for 2000 from ongoing operations were $686.1 million or $3.24 a share, compared with earnings of $700.6 million or $3.14 a share for 1999.

Consolidated Edison, Inc. is one of the nation's largest investor-owned energy companies, with more than $9 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 Income Statement - Consolidated Edison, Inc.

    Year Ended December 31 (Thousands of Dollars)       2000           1999

    Operating revenues
    Electric                                        $6,938,128     $5,792,673
    Gas                                              1,261,970      1,000,083
    Steam                                              452,135        340,026
    Non-utility                                        779,158        358,541
    Total operating revenues                         9,431,391     7,491,323
    Operating expenses
    Purchased power                                  3,642,850     1,824,023
    Fuel                                               350,816       430,050
    Gas purchased for resale                           790,905       485,155
    Other operations                                 1,146,598     1,188,623
    Maintenance                                        458,046       437,979
    Depreciation and amortization                      586,407       526,182
    Taxes, other than income taxes                   1,121,843     1,179,796
    Income taxes                                       317,790       399,716
    Total operating expenses                         8,415,255     6,471,524
    Operating income                                 1,016,136     1,019,799
    Other income (deductions)
    Investment income                                    8,476        14,842
    Allowance for equity funds used
     during construction                                 1,299         3,810
    Other income less miscellaneous deductions        (32,660)       (13,571)
    Income taxes                                        10,622         26,891
    Total other income                                (12,263)        31,972
    Income before interest charges                   1,003,873     1,051,771
    Interest on long-term debt                         363,994       319,393
    Other interest                                      49,527        20,065
    Allowance for borrowed funds used
     during construction                               (6,076)        (1,895)
    Net interest charges                               407,445       337,563
    Preferred stock dividend requirements               13,593        13,593
    Net income for common stock                       $582,835      $700,615
    Basic earnings per common share                      $2.75         $3.14
    Diluted earnings per common share                    $2.74         $3.13
    Average number of shares outstanding (000)         212,186       223,442

SOURCE Consolidated Edison, Inc.

CONTACT: Chris Olert of Con Edison, 212-460-4111/

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