Press Release

NEW YORK, June 3 /PRNewswire-FirstCall/ -- Consolidated Edison Company of New York, Inc. (Con Edison) is investing $522 million this year in upgrades to its electric delivery system for the summer, the company said today.

"These upgrades and improvements reflect Con Edison's commitment to continuing to provide the most reliable electric delivery service in the country," said Lou Rana, senior vice president of electric operations for Con Edison.

Industry analysts have rated Con Edison as the leading electric utility for reliability, and the company is ranked 10 times more reliable than the national average. With energy supplies continuing to be tight, however, company officials encouraged customers to use energy wisely.

The company said the more than a half-billion dollars in improvements this year would help maintain reliable service delivery to the company's 3.1 million business and residential customers in its service area of New York City and Westchester County.

The upgrades and improvements include:

• $328 million on the distribution system, including $65 million for upgrades to cables and transformers
• $20 million on transmission upgrades
• $174 million on substation installation and circuit breakers
• 158 miles of underground and aerial feeder cables replaced
• 345 thermally sensitive cable joints replaced
• 211 new transformers installed
• 20 electrical (4kV) unit substations enhanced and upgraded

Con Edison added, however, that with no new power plants or major transmission lines coming on line this year, supplies would be tighter than last summer, which set one-month, two-month and three-month electricity sendout records, as well as establishing two weekend sendout records and recording five of the company's 10 highest days of peak electricity demand. The company said the growing energy demand could be attributed, in part, to increasing numbers of home air conditioners, and to a rise in new housing units. Power projects either under way or already permitted, will bring approximately 1,375 megawatts of new supply on line by the summer of 2006.

"With electricity supplies as tight as they are, people can expect that there will be times when we're going to ask for their help to get over some of the rough spots. When we've made conservation requests in the past, our customers have come through and it's made a difference," Rana said.

Because of continuing growth in the demand for energy in New York, the region must look for additional supplies of electricity, including generating capacity and power lines to bring energy from outside the region.

While the state's reliability requirement to have an 18 percent reserve margin of electric capacity going into summer will be easily met, there is insufficient traditional generation to meet the requirement that 80 percent of New York City's electric supply be located in the city. Demand side management programs, which provide large customers with incentives to cut back on electric use during periods of high demand, are in place to provide the additional "capacity" to meet the 80 percent requirement.

"People can help themselves and their neighbors get through the summer by following some simple energy saving tips such as turning off air conditioners when they go out and cleaning air conditioner filters for more efficient operation," said Marilyn Caselli, vice president of Customer Service for Con Edison. She noted that consumers may obtain additional energy saving tips by logging onto the company's Web site at www.coned.com, or the New York State Energy Research and Development Authority (NYSERDA) at www.nyserda.org.

She also noted that the company has launched a new website geared for schoolchildren, www.coned.com/kids, where they can learn about the company's electric, gas and steam systems and how to conserve energy at home.

Con Edison is a subsidiary of Consolidated Edison, Inc. (NYSE: ED), one of the nation's largest investor-owned energy companies, with $9 billion in annual revenues and approximately $19 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 www.coned.com.

SOURCE Consolidated Edison Company of New York, Inc. -0- 06/03/2003 /CONTACT: Michael Clendenin of Con Edison, +1-212-460-4111/ /Web site: http://www.coned.com http://www.nyserda.org / (ED) CO: Consolidated Edison Company of New York, Inc.; Consolidated Edison, Inc.; New York State Energy Research and Development Authority (NYSERDA) ST: New York