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Con Edison Media Relations
Contact: Michael Clendenin
Telephone: (212) 460-4111

For Immediate Release: January 18, 2001

CONSOLIDATED EDISON, INC. REPORTS YEAR-END 2000 EARNINGS

Consolidated Edison, Inc. [NYSE: ED] today (THURSDAY, JANUARY 18, 2001) reported year 2000 net income for common stock from ongoing operations of $686.1 million or $3.24 a share, compared with earnings of $700.6 million or $3.14 a share for 1999. Earnings for 2000 were $601.6 million, or $2.84 a share, after reflecting a non-recurring charge of approximately $0.40 a share for the possible disallowance of replacement power costs for the company’s nuclear plant, which returned to service earlier this month following installation of new steam generators.

The company also declared a quarterly dividend of 55 cents a share on its common stock, payable March 15, 2001 to stockholders of record as of February 14, 2001, an annualized increase of 2 cents over the previous annual dividend of $2.18 a share.

“Con Edison has started the new millennium with a solid performance, benefiting from a surging local economy that positions us well for future growth,” said Chairman and Chief Executive Officer Eugene R. McGrath. “Today’s dividend action continues our record of increasing dividends each year for more than a quarter of a century, a reflection of our commitment to shareholder value.”

“We are particularly pleased to report a positive contribution to earnings in 2000 by our unregulated businesses, an important milestone as our industry restructures,” said Mr. McGrath. “A number of other significant events also occurred in 2000 that improved the company’s position for the future. Con Edison of New York agreed to sell our nuclear plant and related assets for $602 million and 9.2 acres of property on First Avenue in Manhattan, for an expected price of $576 million to $680 million, depending on zoning. In addition, we worked with the New York State Public Service Commission and others to establish new electric, gas and steam agreements for Con Edison of New York that provide important elements of regulatory stability and continue the rate provisions that allow for the timely recovery of purchased power and gas costs from our customers.”

For the fourth quarter of 2000, the company’s net income for common stock from ongoing operations was $111.4 million or $0.53 a share, compared with $121.6 million or $0.58 a share for the fourth quarter of 1999. After including a non-recurring charge of approximately $0.22 a share for the possible disallowance of replacement power costs, earnings for the fourth quarter were $64.9 million, or $0.31 a share.

The company’s earnings for the year 2000 also reflect electric rate reductions for Con Edison of New York effective April 1 and October 1, in accordance with the company’s 1997 and 2000 regulatory agreements. These reductions were offset by higher sales, increased pension credits and lower operating costs, reflecting continued emphasis on cost control and technology-driven productivity improvements. Excluding the effects of weather, electric sales for Con Edison of New York increased by 3.6 percent for the year 2000, when compared to the prior year.

Results for the quarter and year-to-date also reflect the impact of the company’s repurchases of its common stock. Through December 31, 2000, the company had repurchased 23.2 million shares for $1.0 billion.

The company expects that its earnings for the year 2001 will be in the range of $3.20 to $3.30 a share, exclusive of any impact of the Northeast Utilities merger. 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 www.conedison.com.



                          CONSOLIDATED EDISON, INC.

                        CONSOLIDATED INCOME STATEMENT

                THREE MONTHS ENDED DECEMBER 31, 2000 AND 1999


                                                      2000          1999

                                                     (Thousands of Dollars)

    Operating revenues

      Electric                                    $1,579,959     $1,430,977

      Gas                                            367,589        274,613

      Steam                                          124,440         79,607

      Non-utility                                    204,527        103,911

            Total operating revenues               2,276,515      1,889,108
    Operating expenses

      Purchased power                                923,937        607,386

      Fuel                                           111,627         80,682

      Gas purchased for resale                       245,880        145,438

      Other operations                               284,440        301,223

      Maintenance                                    108,103        105,169

      Depreciation and amortization                  147,282        125,352

      Taxes, other than federal income tax           255,233        276,611

      Federal income tax                              22,788         59,191

            Total operating expenses               2,099,290      1,701,052
    Operating income                                 177,225        188,056
    Other income (deductions)

      Investment income                                   15          5,342

      Allowance for equity funds used during

       construction                                      848          1,042

      Other income less miscellaneous deductions        (773)       (13,196)

      Federal income tax                              (2,480)        32,098

            Total other income                        (2,390)        25,286
    Income before interest charges                   174,835        213,342
    Interest on long-term debt                        97,624         83,232

    Other interest                                    11,091          5,695

    Allowance for borrowed funds used during

     construction                                    (2,141)          (546)

            Net interest charges                     106,574         88,381
    Preferred stock dividend requirements              3,398          3,398

    Net income for common stock                    $  64,863       $121,563
    Common shares outstanding - average (000)        212,004        216,312

    Basic earnings per share                          $ 0.31          $0.58

    Diluted earnings per share                        $ 0.30          $0.57
    Consolidated Edison, Inc. Sales

      Electric (thousands of kilowatthours)

        Total sales in service territory          13,861,234     13,343,554

        Off-system and ESCO sales                    497,861      1,043,483

      Gas (dekatherms)

        Firm sales and transportation             33,629,019     28,720,870

        Off-system sales                           3,223,863      7,059,048

    Steam (thousands of pounds)                    6,340,447      5,433,749


                          CONSOLIDATED EDISON, INC.

                        CONSOLIDATED INCOME STATEMENT

               TWELVE MONTHS ENDED DECEMBER 31, 2000 AND 1999


                                                      2000           1999

                                                     (Thousands of Dollars)

    Operating revenues

      Electric                                    $6,951,691     $5,792,673

      Gas                                          1,261,970      1,000,083

      Steam                                          452,134        340,026

      Non-utility                                    791,985        358,541

            Total operating revenues               9,457,780      7,491,323
    Operating expenses

      Purchased power                              3,648,238      1,824,023

      Fuel                                           350,816        430,050

      Gas purchased for resale                       808,638        485,155

      Other operations                             1,149,866      1,188,623

      Maintenance                                    485,046        437,979

      Depreciation and amortization                  586,407        526,182

      Taxes, other than federal income tax         1,151,704      1,179,796

      Federal income tax                             287,929        399,716

            Total operating expenses               8,441,644      6,471,524
    Operating income                               1,016,136      1,019,799
    Other income (deductions)

      Investment income                                8,476         14,842

      Allowance for equity funds used during

       construction                                    1,299          3,810

      Other income less miscellaneous deductions       1,536        (13,571)

      Federal income tax                              (4,794)        26,891)

            Total other income                         6,517         31,972
    Income before interest charges                 1,022,653      1,051,771
    Interest on long-term debt                       363,994        319,393

    Other interest                                    49,527         20,065

    Allowance for borrowed funds used during

     construction                                     (6,076)        (1,895)

            Net interest charges                     407,445        337,563
    Preferred stock dividend requirements             13,593         13,593

    Net income for common stock                    $ 601,615       $700,615
    Common shares outstanding - average (000)        212,186        223,442

    Basic earnings per share                          $ 2.84          $3.14

    Diluted earnings per share                        $ 2.83          $3.13
    Consolidated Edison, Inc. Sales

      Electric (thousands of kilowatthours)

        Total sales in service territory          56,457,138     53,167,688

        Off-system and ESCO sales                  3,417,459      5,024,351

      Gas (dekatherms)

        Firm sales and transportation            125,939,689    100,049,071

        Off-system sales                          27,245,636     33,206,713

      Steam (thousands of pounds)                 26,733,260     26,532,797


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