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Consolidated Edison, Inc. Reports Second Quarter Income

NEW YORK, July 20 /PRNewswire/ -- Consolidated Edison, Inc. (NYSE: ED) today reported net income for common stock for the second quarter of 2000 of $68.7 million or $.33 a share, compared with $66.4 million or $.30 a share for the second quarter of 1999. The company also declared a dividend of 54-1/2 cents a share on its common stock payable September 15, 2000 to stockholders of record as of August 16, 2000.

The company's net income for common stock for the first six months of 2000 was $256.9 million or $1.21 a share, compared with $243.0 million or $1.06 a share for the first six months of 1999.

The company reported net income for common stock for the 12 months ended June 30, 2000 of $714.5 million or $3.32 a share, compared with $721.9 million or $3.13 a share for the 12 months ended June 30, 1999.

The company's earnings for the second quarter of 2000 were favorably impacted by higher electric sales growth, reflecting the strong local economy. Results for the quarter also reflect the impact of the company's previously announced $1.3 billion common stock repurchase program. Through June 30, 2000, the company had repurchased 23.2 million shares for $1.0 billion. Earnings for the six and 12-month periods reflect the same factors.

Con Edison's electric and firm gas sales and transportation volumes in the first six months of 2000 reflect the July 1999 acquisition of Orange and Rockland Utilities, and increases in Con Edison of New York's electric and firm gas sales and transportation of 4.5 percent and 4.2 percent, respectively, compared to the first six months of 1999.

Consolidated Edison, Inc. is one of the nation's largest investor-owned energy companies, with more than $8 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 EDISON, INC.
                        CONSOLIDATED INCOME STATEMENT
                  THREE MONTHS ENDED JUNE 30, 2000 AND 1999

                                       2000                    1999
                                          (Thousands of Dollars)

    Operating revenues
     Electric                    $1,531,262              $1,162,543
     Gas                            239,347                 189,701
     Steam                           74,600                  52,878
     Non-utility                    189,016                  73,959
       Total operating
        revenues                  2,034,225               1,479,081

    Operating expenses
     Purchased power                786,689                 281,452
     Fuel                            47,381                 121,427
     Gas purchased for resale       156,869                  78,012
     Other operations               289,865                 278,421
     Maintenance                    128,140                 103,286
     Depreciation and
      amortization                  145,618                 133,616
     Taxes, other than federal
      income tax                    275,349                 284,978
     Federal income tax              32,985                  48,204
       Total operating
        expenses                  1,862,896               1,329,396

    Operating income                171,329                 149,685

    Other income (deductions)
     Investment income                2,503                     577
     Allowance for equity funds
      used during construction          485                     937
     Other income less
      miscellaneous deductions       (4,037)                 (1,046)
     Federal income tax               1,049                    (658)
       Total other income                --                    (190)

    Income before interest
     charges                        171,329                 149,495

    Interest on long-term
     debt                            87,658                  75,820
    Other interest                   12,559                   4,317
    Allowance for borrowed
     funds used during
     construction                    (1,032)                   (438)
       Net interest charges          99,185                  79,699

    Preferred stock dividend
     requirements                     3,398                   3,398
    Net income for common
     stock                          $68,746                 $66,398

    Common shares outstanding
    - average (000)                 211,966                 225,982
    Basic earnings per share          $0.33                   $0.30
    Diluted earnings per share        $0.33                   $0.30

    Consolidated Edison, Inc. Sales
     Electric (thousands of
      kilowatthours)
       Total sales in
        service territory        13,072,152             11,241,183
       Off-system and
        ESCO sales                  740,234              1,344,354
     Gas (dekatherms)
       Firm sales and
        transportation           23,865,966             17,609,992
       Off-system sales           7,772,949              8,003,871
     Steam (thousands of
      pounds)                     4,666,444              4,558,681


                          CONSOLIDATED EDISON, INC.
                        CONSOLIDATED INCOME STATEMENT
                   SIX MONTHS ENDED JUNE 30, 2000 AND 1999

                                       2000                      1999
                                            (Thousands of Dollars)

    Operating revenues
     Electric                    $3,043,511                $2,356,043
     Gas                            708,820                   571,042
     Steam                          244,858                   193,611
     Non-utility                    355,627                   134,971
       Total operating
        revenues                  4,352,816                 3,255,667

    Operating expenses
     Purchased power              1,515,851                   569,277
     Fuel                           133,645                   238,967
     Gas purchased for resale       423,168                   258,543
     Other operations               601,963                   574,224
     Maintenance                    234,972                   204,882
     Depreciation and
      amortization                  288,340                   266,324
     Taxes, other than federal
      income tax                    566,429                   585,359
     Federal income tax             134,410                   149,938
       Total operating
        expenses                  3,898,778                 2,847,514

    Operating income                454,038                   408,153

    Other income (deductions)
     Investment income                6,826                     1,992
     Allowance for equity funds
      used during
      construction                      (91)                    1,909
     Other income less miscellaneous
      deductions                     (4,205)                   (1,413)
     Federal income tax                (152)                     (878)
       Total other income             2,378                     1,610

    Income before interest charges  456,416                   409,763

    Interest on long-term debt      170,971                   151,663
    Other interest                   24,555                     9,150
    Allowance for borrowed
     funds used during
     construction                    (2,787)                     (892)
       Net interest charges         192,739                   159,921

    Preferred stock dividend
     requirements                     6,796                     6,796
    Net income for common stock    $256,881                  $243,046

    Common shares outstanding
     - average (000)                212,352                   228,496
    Basic earnings per share          $1.21                     $1.06
    Diluted earnings per share        $1.21                     $1.06

    Consolidated Edison, Inc. Sales
     Electric (thousands of
      kilowatthours)
       Total sales in service
        territory                26,609,821                23,169,833
       Off-system and ESCO
        sales                     1,704,277                 2,199,575
       Gas (dekatherms)
        Firm sales and
         transportation          77,877,941                58,205,342
        Off-system sales         18,245,560                16,461,693
       Steam (thousands of
        pounds)                  14,892,054                14,774,938


                          CONSOLIDATED EDISON, INC.
                        CONSOLIDATED INCOME STATEMENT
                  TWELVE MONTHS ENDED JUNE 30, 2000 AND 1999

                                    2000                    1999
                                       (Thousands of Dollars)

    Operating revenues
     Electric                 $6,480,000              $5,452,845
     Gas                       1,137,981                 934,919
     Steam                       391,274                 322,742
     Non-utility                 578,910                 224,120
     Total operating
      revenues                 8,588,165               6,934,626

    Operating expenses
     Purchased power           2,770,597               1,140,384
     Fuel                        324,729                 559,550
     Gas purchased for resale    649,778                 414,172
     Other operations          1,233,985               1,181,643
     Maintenance                 450,514                 422,269
     Depreciation and
      amortization               548,129                 527,315
     Taxes, other than
      federal income tax       1,160,867               1,206,186
     Federal income tax          384,188                 429,601
       Total operating
        expenses               7,522,787               5,881,120

    Operating income           1,065,378               1,053,506

    Other income (deductions)
     Investment income            19,572                   7,466
     Allowance for equity funds
      used during
      construction                 1,809                   3,253
     Other income less
      miscellaneous
      deductions                 (15,952)                (10,457)
     Federal income tax           27,617                   1,805
       Total other income         33,046                   2,067

    Income before interest
     charges                   1,098,424               1,055,573

    Interest on long-term
     debt                        338,701                 304,291
    Other interest                35,470                  16,237
    Allowance for borrowed funds
     used during construction     (3,790)                 (1,581)
    Net interest charges         370,381                 318,947

    Preferred stock dividend
     requirements                 13,593                  14,731
    Net income for common
     stock                      $714,450                $721,895

    Common shares outstanding
     - average (000)             215,464                 230,797
    Basic earnings per share       $3.32                   $3.13
    Diluted earnings per share     $3.31                   $3.13

    Consolidated Edison, Inc. Sales
     Electric (thousands of
      kilowatthours)
       Total sales in service
        territory             56,607,677              49,199,242
       Off-system and ESCO
        sales                  4,521,657               4,050,692
     Gas (dekatherms)
       Firm sales and
        transportation       119,721,670              88,345,955
       Off-system sales       34,990,580              32,511,285
     Steam (thousands of
      pounds)                 26,649,913              26,244,233

SOURCE Consolidated Edison, Inc.

CONTACT: Joseph Petta of Consolidated Edison, Inc., 212-460-4111/

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