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Consolidated Edison, Inc. Reports Third Quarter Income

NEW YORK, Oct. 19 /PRNewswire/ -- Consolidated Edison, Inc. (NYSE: ED) today reported net income for common stock for the third quarter of 2000 of $279.9 million or $1.32 a share, compared with $336.0 million or $1.50 a share for the third quarter of 1999. Earnings for the third quarter of 2000 include a charge of approximately $.08 per share representing the impact of replacement power costs for the Indian Point 2 nuclear generating station that were not recovered from customers. A final determination as to the company's ability to recover replacement power costs will be made by the New York Public Service Commission as part of a review it is conducting of the current outage at the plant.

The company also declared a dividend of 54-1/2 cents a share on its common stock payable December 15, 2000 to stockholders of record as of November 15, 2000.

The company's net income for common stock for the first nine months of 2000 was $536.8 million or $2.53 a share, compared with $579.1 million or $2.56 a share for the first nine months of 1999. Earnings for the first nine months of 2000 include a charge of approximately $.18 per share representing the impact of replacement power costs as discussed above.

The company's earnings for the third quarter of 2000 were also affected by the cooler than normal summer weather, whereas the summer of 1999 was significantly warmer than normal.

Results for the quarter and year-to-date reflect the impact of the company's previously announced $1.3 billion common stock repurchase program. Through September 30, 2000, the company had repurchased 23.2 million shares for $1.0 billion.

The economy in New York City and Westchester County continues to be very robust and the ongoing strong economic activity is reflected in the company's electric sales. Excluding the effects of weather, electric sales for Consolidated Edison of New York increased by 3.0 percent and 3.2 percent, respectively, for the third quarter and for the first nine months of 2000, when compared to the prior year.

The company expects that its earnings for the year 2000 from on-going operations, excluding any charges related to the recovery of replacement power costs discussed above, will be between $3.10 and $3.15 per share. This projection is a forward-looking statement 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 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 EDISON, INC.
                        CONSOLIDATED INCOME STATEMENT
                NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999

                                                      2000           1999
                                                     (Thousands of Dollars)
    Operating revenues
      Electric                                    $5,371,732     $4,361,566
      Gas                                            894,380        725,590
      Steam                                          327,695        260,419
      Non-utility                                    587,458        254,332
            Total operating revenues               7,181,265      5,601,907

    Operating expenses
      Purchased power                              2,724,301      1,216,637
      Fuel                                           239,189        349,369
      Gas purchased for resale                       562,758        339,716
      Other operations                               865,426        899,613
      Maintenance                                    349,943        320,634
      Depreciation and amortization                  439,125        400,793
      Taxes, other than federal income tax           896,471        903,185
      Federal income tax                             265,141        340,524
            Total operating expenses               6,342,354      4,770,471

    Operating income                                 838,911        831,436

    Other income (deductions)
      Investment income                                8,461          9,500
      Allowance for equity funds used during
       construction                                      451          2,768
      Other income less miscellaneous deductions       2,310          (117)
      Federal income tax                             (2,315)        (5,207)
    Total other income                                 8,907          6,944

    Income before interest charges                   847,818        838,380

    Interest on long-term debt                       266,370        236,161
    Other interest                                    38,436         14,322
    Allowance for borrowed funds used during
     construction                                    (3,935)        (1,349)
    Net interest charges                             300,871        249,134

    Preferred stock dividend requirements             10,194         10,194
    Net income for common stock                    $ 536,753       $579,052

    Common shares outstanding - average (000)        212,240        225,754
    Basic earnings per share                          $ 2.53          $2.56
    Diluted earnings per share                        $ 2.53          $2.56

    Consolidated Edison, Inc. Sales
      Electric (thousands of kilowatthours)
        Total sales in service territory          42,595,904     39,926,264
        Off-system and ESCO sales                  2,921,998      3,974,400
      Gas (dekatherms)
        Firm sales and transportation             92,310,670     71,328,201
        Off-system sales                          23,555,275     26,147,665
      Steam (thousands of pounds)                 20,392,813     21,099,048


                          CONSOLIDATED EDISON, INC.
                        CONSOLIDATED INCOME STATEMENT
                THREE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999

                                                      2000          1999
                                                     (Thousands of Dollars)
    Operating revenues
      Electric                                    $2,328,220     $2,005,523
      Gas                                            177,891        154,548
      Steam                                           82,837         66,808
      Non-utility                                    231,831        119,362
            Total operating revenues               2,820,779      2,346,241

    Operating expenses
      Purchased power                              1,208,450        647,360
      Fuel                                           105,544        110,402
      Gas purchased for resale                       131,921         81,172
      Other operations                               263,463        325,389
      Maintenance                                    114,971        115,753
      Depreciation and amortization                  150,786        134,470
      Taxes, other than federal income tax           330,041        317,826
      Federal income tax                             130,730        190,585
            Total operating expenses               2,435,906      1,922,957

    Operating income                                 384,873        423,284

    Other income (deductions)
      Investment income                                1,520          7,478
      Allowance for equity funds used during
       construction                                      542            859
      Other income less miscellaneous deductions       6,560          1,325
      Federal income tax                             (2,075)        (4,329)
            Total other income                         6,547          5,333

    Income before interest charges                   391,420        428,617

    Interest on long-term debt                        95,399         84,498
    Other interest                                    13,899          5,171
    Allowance for borrowed funds used during
     construction                                    (1,148)          (457)
            Net interest charges                     108,150         89,212

    Preferred stock dividend requirements              3,399          3,399
    Net income for common stock                    $ 279,871       $336,006

    Common shares outstanding - average (000)        211,974        220,293
    Basic earnings per share                          $ 1.32          $1.50
    Diluted earnings per share                        $ 1.32          $1.50

    Consolidated Edison, Inc. Sales
      Electric (thousands of kilowatthours)
        Total sales in service territory          15,986,083     16,756,431
        Off-system and ESCO sales                  1,217,721      1,774,825
      Gas (dekatherms)
        Firm sales and transportation             14,432,740     13,122,859
        Off-system sales                           5,309,715      9,685,972
    Steam (thousands of pounds)                    5,500,759      6,324,110

SOURCE Consolidated Edison, Inc.

CONTACT: Consolidated Edison, Inc. Media Relations, 212-460-4111/

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