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Consolidated Edison, Inc. Announces The Second Quarter Financial Earnings
Consolidated Edison, Inc. today (TUESDAY, JULY 27, 1999) announced its financial results for the second quarter of 1999. The company also declared a dividend of 53 ½ cents a share on its common stock payable September 15, 1999 to stockholders of record as of August 18, 1999.

The company’s net income for common stock for the second quarter of 1999 was $66.4 million or $.30 a share, compared with $62.0 million or $.26 a share for the second quarter of 1998.

The company’s net income for common stock for the first six months of 1999 was $243.0 million or $1.06 a share, compared with $233.9 million or $.99 a share for the first six months of 1998.

The company also reported net income for common stock for the 12 months ended June 30, 1999 of $721.9 million or $3.13 a share, compared with $723.4 million or $3.08 a share for the 12 months ended June 30, 1998 and $3.04 a share for calendar year 1998.

The company’s earnings for the second quarter of 1999 were favorably impacted by higher electric sales growth, reflecting continued strength in the New York City economy, and the common stock repurchase program. Earnings in the 1998 second quarter included the impact of the extended maintenance outage at the company’s Indian Point nuclear generating station.

Earnings for the six and 12-month periods also reflect the same factors.

Through the end of the second quarter, Con Edison has repurchased 12 million shares amounting to about $564 million of its previously announced $1 billion stock repurchase program.

Electric sales volume in the first six months of 1999 increased 2.4 percent from the 1998 period. Firm gas sales and transportation volume increased 7.2 percent and steam sales volume increased 9.2 percent from the 1998 period, due primarily to colder winter weather in 1999 compared with 1998.

Consolidated Edison, Inc. is one of the nation’s largest investor-owned energy companies, with $7 billion in annual revenues and $15 billion in assets. The company provides a wide range of energy-related products and services to its customers through its five subsidiaries: Consolidated Edison Company of New York, Inc. (Con Edison), a regulated utility providing electric, gas and steam service to New York City and Westchester County, New York; 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 www.conedison.com.


                                              Consolidated Edison, Inc.
                                            Consolidated Income Statement
                               for the Three Months Ended June 30, 1999 and 1998 

                                                        1999              1998
                                                        (Thousands of Dollars)
 Operating revenues
   Electric                                         $1,162,543         $1,286,320
   Gas                                                 189,700            196,562
   Steam                                                52,878             57,411
   Non-utility                                          73,960             20,748
     Total operating revenues                        1,479,081          1,561,041

 Operating expenses             
   Purchased power                                     281,451            324,426
   Fuel                                                121,427            123,870
   Gas purchased for resale                             78,012             86,902
   Other operations                                    274,619            289,388
   Maintenance                                         107,089            132,709
   Depreciation and amortization                       133,615            129,265
   Taxes, other than federal income tax                284,979            290,415
   Federal income tax                                   48,204             36,015
     Total operating expenses                        1,329,396          1,412,990

 Operating income                                      149,685            148,051

 Other income (deductions)              
   Investment income                                       606              3,080
   Allowance for equity funds used during construction     937                575
   Other income less miscellaneous deductions             (919)             1,038
   Federal income tax                                     (658)               525
     Total other income                                    (34)             5,218

 Income before interest charges                        149,651            153,269

 Interest on long-term debt                             75,820             76,985
 Other interest                                          4,473             10,066
 Allowance for borrowed funds used during construction    (438)              (294)
     Net interest charges                               79,855             86,757

 Preferred stock dividend requirements                   3,398              4,536
 Net income for common stock                  $         66,398     $       61,976

 Common shares outstanding – average (000)             225,982            234,992
 Basic and diluted earnings per share         $           0.30     $         0.26


 Con Edison Sales               
     Electric (thousands of kilowatthours)              
        Total sales in service territory            11,241,182         11,131,556
        Off-system and ESCO sales                    2,470,029            411,652
     Gas (dekatherms)           
        Firm sales and transportation               17,609,992         17,845,799
        Off-peak firm/interruptible                  2,799,192          3,646,403
        Transportation of customer-owned gas         6,918,547          4,240,859
        Off-system sales                             8,003,871          4,600,307
     Steam (thousands of pounds)                     4,558,681          4,540,725


                                              Consolidated Edison, Inc.
                                            Selected Financial Information
                                 for the Six Months Ended June 30, 1999 and 1998 

                                                         1999            1998
                                                        (Thousands of Dollars)

  Operating revenues
     Electric                                       $  2,356,043     $  2,577,643
     Gas                                                 571,042          595,732
     Steam                                               193,611          192,801
     Non-utility                                         134,971           47,912
             Total operating revenues                  3,255,667        3,414,088

  Operating expenses            
     Purchased power                                     569,277          682,676
     Fuel                                                238,967          258,424
     Gas purchased for resale                            258,543          276,341
     Other operations                                    566,591          565,218
     Maintenance                                         212,515          250,684
     Depreciation and amortization                       266,323          257,523
     Taxes, other than federal income tax                585,359          592,634
     Federal income tax                                  149,939          127,976
             Total operating expenses                  2,847,514        3,011,476


  Operating income                                       408,153          402,612

  Other income (deductions)             
     Investment income                                     2,022            5,984
     Allowance for equity funds used during construction   1,909            1,087
     Other income less miscellaneous deductions           (1,287)             535
     Federal income tax                                     (878)            (454)
             Total other income                            1,766            7,152

  Income before interest charges                          409,919         409,764

  Interest on long-term debt                              151,663         156,043
  Other interest                                            9,306          11,313
  Allowance for borrowed funds used during construction      (892)           (557)
             Net interest charges                         160,077         166,799

  Preferred stock dividend requirements                     6,796           9,072
  Net income for common stock                     $       243,046    $    233,893

  Common shares outstanding - average (000)               228,496         235,205
  Basic and diluted earnings per share            $          1.06    $       0.99


  Con Edison Sales              
     Electric (thousands of kilowatthours)              
        Total sales in service territory               23,169,833      22,616,178
        Off-system and ESCO sales                       3,828,190         760,433
     Gas (dekatherms)           
        Firm sales and transportation                  58,205,342      54,285,625
        Off-peak firm/interruptible                     7,962,748      11,187,254
        Transportation of customer-owned gas           13,735,598       8,911,799
        Off-system sales                               16,461,693       9,932,608
     Steam (thousands of pounds)                       14,774,938      13,526,399



                                              Consolidated Edison, Inc.
                                            Consolidated Income Statement
                           for the Twelve Months Ended September 30, 1999 and 1998

                                                          1999          1998
                                                        (Thousands of Dollars)
  Operating revenues
     Electric                                        $    5,639,643  $  5,748,611
     Gas                                                    949,419     1,003,521
     Steam                                                  326,604       355,838
     Non-utility                                            303,577       112,911
            Total operating revenues                      7,219,243     7,220,881

  Operating expenses            
     Purchased power                                      1,465,620     1,350,370
     Fuel                                                   466,766       595,946
     Gas purchased for resale                               439,453       486,253
     Other operations                                     1,206,878     1,123,626
     Maintenance                                            444,281       473,480
     Depreciation and amortization                          531,611       515,935
     Taxes, other than federal income tax                 1,192,590     1,211,319
     Federal income tax                                     428,300       395,612
             Total operating expenses                     6,175,499     6,152,541

  Operating income                                        1,043,744     1,068,340

  Other income (deductions)             
     Investment income                                       13,356        13,542
     Allowance for equity funds used during construction      3,465         2,106
     Other income less miscellaneous deductions              (4,236)      (12,606)
     Federal income tax                                      (3,752)         (268)
             Total other income                               8,833         2,774

  Income before interest charges                          1,052,577     1,071,114

  Interest on long-term debt                                311,968       312,748
  Other interest                                             17,840        21,306
  Allowance for borrowed funds used during construction      (1,706)       (1,071)
             Net interest charges                           328,102       332,983

  Preferred stock dividend requirements                      13,592        18,144
  Net income for common stock                           $   710,883    $  719,987

  Common shares outstanding - average (000)                 227,469       234,788
  Basic earnings per share                              $      3.13    $     3.07
  Diluted earnings per share                            $      3.12    $     3.07

  Con Edison Sales              
     Electric (thousands of kilowatthours)              
        Total sales in service territory                 50,230,415    48,522,985
        Off-system and ESCO sales                         8,685,189     3,067,676
     Gas (dekatherms)           
        Firm sales and transportation                    88,423,057    88,462,270
        Off-system sales                                 31,681,044    21,628,561
     Steam (thousands of pounds)                         26,233,105    26,360,100


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