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Consolidated Edison, Inc. Reports First Quarter Earnings; Company Reaffirms 2002 Earnings Projection

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NEW YORK, Apr 18, 2002 /PRNewswire-FirstCall via COMTEX/ -- Consolidated Edison, Inc. (NYSE: ED) today (THURSDAY, APRIL 18, 2002) reported net income for common stock for the first quarter of 2002 of $166.6 million or $.78 a share, compared with earnings of $179.1 million or $.84 a share for the first quarter of 2001. The company also declared a quarterly dividend of 55-1/2 cents a share on its common stock payable June 15, 2002 to stockholders of record as of May 15, 2002.

"Con Edison's earnings in the first three months represent a good start for the year, despite extremely mild winter weather and a relatively weak economic climate," said Eugene R. McGrath, Chairman and Chief Executive Officer. "We are confident that the underlying strength of our regional economy will support a solid recovery beginning later this year, and that Con Edison's financial strength and flexibility, and our management focus, will enable us to continue to achieve the good financial performance our shareholders count on," McGrath said.

The company's net income for common stock for the 12 months ended March 31, 2002 was $669.7 million or $3.16 a share, compared with $573.8 million or $2.71 a share for the 12 months ended March 31, 2001. Absent the effect of non-recurring charges for nuclear replacement power and merger-related costs, earnings for the 12 months ended March 31, 2001 would have been $679.1 million or $3.20 a share.

The company's earnings for the first quarter of 2002 reflect the exceptionally warm winter weather and the economic downturn, partially offset by lower operating expenses. Excluding the impact of the warmer weather and certain billing adjustments, electric, firm gas and steam energy delivered by Con Edison of New York decreased by 1.0 percent, 0.3 percent and 1.1 percent, respectively, as compared with the prior year. Weather adjusted electric peak load for the first quarter of 2002 was slightly above the 2001 period.

For the full year 2002, the Company confirms its previous forecast of earnings in the range of $3.15 to $3.25 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 approximately $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
              FOR THE THREE MONTHS ENDED MARCH 31, 2002 AND 2001

                                                          2002        2001
                                                      (Thousands of Dollars)

    Operating revenues
         Electric                                     $1,300,847  $1,707,374
         Gas                                             473,832     701,819
         Steam                                           141,466     258,252
         Non-utility                                     182,962     218,819
           Total operating revenues                    2,099,107   2,886,264

    Operating expenses
         Purchased power                                 713,496   1,008,606
         Fuel                                             64,542     184,057
         Gas purchased for resale                        230,122     457,189
         Other operations                                236,599     261,408
         Maintenance                                      99,707     128,446
         Depreciation and amortization                   120,443     135,084
         Taxes, other than income tax                    267,231     307,808
         Income tax                                      109,546     117,173
           Total operating expenses                    1,841,686   2,599,771

    Operating income                                     257,421     286,493

    Other income (deductions)
         Investment income                                   979       2,783
         Allowance for equity funds used
          during construction                              4,205         243
         Other income less miscellaneous
          deductions                                      (2,005)     (4,435)
         Income tax                                       14,093       5,585
           Total other income (deductions)                17,272       4,176

    Income before interest charges                       274,693     290,669

    Interest on long-term debt                            90,155      99,208
    Other interest                                        14,603      10,487
    Allowance for borrowed funds used
     during construction                                     (69)     (1,538)
           Net interest charges                          104,689     108,157

    Net income                                           170,004     182,512
    Preferred stock dividend requirements                  3,398       3,398
    Net income for common stock                         $166,606    $179,114

    Common shares outstanding - average
     basic (000)                                         212,342     212,040
    Common shares outstanding - average
     diluted (000)                                       213,310     212,697

    Basic earnings per share                               $0.78       $0.84
    Diluted earnings per share                             $0.78       $0.84

    Consolidated Edison, Inc. utility
     sales
    Electric (thousands of kilowatthours)
         Total energy delivered in service
          areas                                       13,513,439  13,974,504
         Off-system and ESCO sales                        18,340     392,908
    Gas (dekatherms)
          Firm sales and transportation               48,277,094  57,526,249
          Off-system sales                             6,305,858   2,492,619
    Steam (thousands of pounds)                        7,935,809  10,482,696


                          CONSOLIDATED EDISON, INC.
                        CONSOLIDATED INCOME STATEMENT
             FOR THE TWELVE MONTHS ENDED MARCH 31, 2002 AND 2001

                                                          2002        2001
                                                       (Thousands of Dollars)

    Operating revenues
         Electric                                     $6,481,336  $7,146,816
         Gas                                           1,237,970   1,494,316
         Steam                                           386,950     540,128
         Non-utility                                     740,549     844,192
           Total operating revenues                    8,846,805  10,025,452

    Operating expenses
         Purchased power                               3,316,535   3,962,676
         Fuel                                            274,315     407,180
         Gas purchased for resale                        653,244   1,005,796
         Other operations                              1,035,618   1,099,372
         Maintenance                                     401,553     479,660
         Depreciation and amortization                   511,481     578,682
         Taxes, other than income tax                  1,098,749   1,138,858
         Income tax                                      456,909     333,318
           Total operating expenses                    7,748,404   9,005,542

    Operating income                                   1,098,401   1,019,910

    Other income (deductions)
         Investment income                                 9,358       5,542
         Allowance for equity funds used
          during construction                              5,244       2,118
         Other income less miscellaneous
          deductions                                     (32,692)    (35,505)
         Income tax                                       30,429      17,418
           Total other income (deductions)                12,339     (10,427)

    Income before interest charges                     1,110,740   1,009,483

    Interest on long-term debt                           372,590     379,889
    Other interest                                        61,246      48,044
    Allowance for borrowed funds used
     during construction                                  (6,422)     (5,858)
           Net interest charges                          427,414     422,075

    Net income                                           683,326     587,408
    Preferred stock dividend requirements                 13,593      13,593
    Net income for common stock                         $669,733    $573,815

    Common shares outstanding - average
     basic (000)                                         212,226     211,996
    Common shares outstanding - average
     diluted (000)                                       213,091     212,402

    Basic earnings per share                               $3.16       $2.71
    Diluted earnings per share                             $3.15       $2.70

    Consolidated Edison, Inc. utility
     sales
    Electric (thousands of kilowatthours)
         Total energy delivered in service
          areas                                       57,723,236  56,892,249
         Off-system and ESCO sales                       122,357   2,848,724
    Gas (dekatherms)
          Firm sales and transportation              114,089,911 129,396,762
          Off-system sales                            12,473,647  19,265,462
    Steam (thousands of pounds)                       22,780,807  26,990,346
SOURCE Consolidated Edison, Inc.

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