SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report: October 18, 2001
Commission Exact name of registrant as specified in its charter State of I.R.S. Employer
File Number and principal office address and telephone number Incorporation I.D. Number
1-14514 Consolidated Edison, Inc. New York 13-3965100
4 Irving Place, New York, New York 10003
(212) 460-4600
1-1217 Consolidated Edison, Comapny of New York, Inc. New York 13-5009340
4 Irving Place, New York, New York 10003
(212) 460-4600
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INFORMATION TO BE INCLUDED IN THE REPORT
ITEM 5. OTHER EVENTS
Third Quarter Earnings
On October 18, 2001, Consolidated Edison, Inc. ("Con Edison") and Consolidated
Edison Company of New York, Inc. ("Con Edison of New York") reported unaudited
net income for common stock as follows:
Three Months Ended Twelve Months Ended
(Millions of Dollars) September 30 September 30
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2001 2000 2001 2000
Con Edison $277 $280 $603 $658
Con Edison of New York 269 266 598 643
Net income for the 12 months ended September 30, 2001 and three and 12 months
ended September 30, 2000 included after-tax charges of approximately $46.8
million, $18.2 million and $37.7 million, respectively, for replacement power
costs related to an outage of the company's nuclear generating unit (which it
sold in September 2001). Net income for the three and 12 months ended September
30, 2001 reflect electric rate reductions in October 2000 and April 2001. See
"State Regulatory Matters - Electric" in Item 7 of the company's Annual Report
on Form 10-K for the year ended December 31, 2000.
World Trade Center Attack
Con Edison of New York estimates that it will incur approximately $400 million
of costs for emergency response, temporary restoration and permanent replacement
of electric, gas and steam transmission and distribution facilities damaged as a
result of the September 11, 2001 attack on the World Trade Center. Most of the
costs are expected to be capital in nature. The company estimates that
approximately $65 million of the costs will be covered by its insurers. The
company is seeking Federal reimbursement of the costs. At September 30, 2001,
the company had incurred $50 million of such costs, of which $12 million has
been capitalized as utility plant and $38 million deferred as a regulatory
asset.
A number of buildings to which Con Edison of New York supplied utility service
were destroyed or severely damaged as a result of the attack. Annual net
after-tax revenues in 2000 for electric, gas and steam services to these
buildings was approximately $15 million.
Forward-Looking Statements
This report includes forward-looking statements, which are statements of future
expectations and not facts. Words such as "estimates," "expects" and similar
expressions identify forward-looking statements. Actual results or developments
might differ materially from those included in the forward-looking statements
because of factors such as those discussed under the caption "Forward-Looking
Statements" in Item 7 of the company's Form 10-K.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, each
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CONSOLIDATED EDISON, INC.
CONSOLIDATED EDISON COMPANY
OF NEW YORK, INC.
By JOAN S. FREILICH
Joan S. Freilich
Executive Vice President
and Chief Financial Officer
DATE: October 18, 2001