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News

For Immediate Release: April 19, 2001

Consolidated Edison, Inc. [NYSE: ED] today (THURSDAY, APRIL 19, 2001) reported net income for common stock for the first quarter of 2001 of $179.1 million or $.84 a share, compared with earnings of $188.1 million or $.88 a share for the first quarter of 2000. The company also declared a quarterly dividend of 55 cents a share on its common stock payable June 15, 2001 to stockholders of record as of May 16, 2001.

The company’s net income for common stock from on-going operations for the 12 months ended March 31, 2001 was $677.8 million or $3.20 a share, compared with $712.1 million or $3.25 a share for the 12 months ended March 31, 2000. Earnings for the 2001 period were $573.8 million or $2.71 a share, after reflecting total non-recurring charges of $164 million, or $.49 a share, comprised of $130 million for nuclear replacement power costs and $34 million for merger-related charges.

Excluding the effects of weather, electric sales for Con Edison of New York increased by 2.7 percent for the first quarter of 2001, when compared to the prior year, and firm gas sales increased by 2.6 percent.

The company’s earnings for the first quarter of 2001 reflect electric rate reductions for Con Edison of New York effective April 1, 2000 and October 1, 2000 in accordance with the company’s 1997 and 2000 regulatory agreements. The impact of these reductions is being offset by higher electric and firm gas sales and increased pension credits. Earnings for the first quarter reflect the timing of O&M expenses, including electric distribution costs related to preparation for summer 2001. For the full year 2001, the Company confirms its previous forecast of earnings for the year 2001 in the range of $3.20 to $3.30 a share.

“We are off to a solid start in 2001,” said Chairman and Chief Executive Officer Eugene R. McGrath. “We expect to meet our earnings targets and we are working hard to ensure the highest levels of system reliability for the upcoming summer. We’re investing $483 million in our electric transmission and distribution infrastructure in 2001 alone, to meet the growing energy needs of our customers.”

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 more than $10 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 MARCH 31, 2001 AND 2000
									2001			2000
								(Thousands of Dollars)
Operating revenues
Electric									$    1,707,374			$  1,512,249
Gas									701,819			469,473
Steam									258,252			170,258
Non-utility									218,819			166,611
			Total operating revenues						2,886,264			2,318,591
Operating expenses
Purchased power									1,015,885			730,188
Fuel									170,316			85,238
Gas purchased for resale									463,485			266,298
Other operations									261,604			312,098
Maintenance									128,446			106,832
Depreciation and amortization									134,998			142,722
Taxes, other than income tax									307,750			290,735
Income tax									117,298			101,771
			Total operating expenses						2,599,782			2,035,882
Operating income									286,482			282,709
Other income (deductions)
Investment income									1,465			4,399
Allowance for equity funds used during construction									243			(577)
Other income less miscellaneous deductions									(3,116)			(262)
Income tax									5,595			(1,200)
				Total other income					4,187			2,360
Income before interest charges									290,669			285,069
Interest on long-term debt									99,208			83,313
Other interest									10,487			11,978
Allowance for borrowed funds used during construction									(1,538)			(1,755)
				Net interest charges					108,157			93,536
Preferred stock dividend requirements									3,398			3,398
Net income for common stock									$179,114			$188,135
Common shares outstanding - average (000)									212,160			212,641
Basic earnings per share									$0.84			$0.88
Diluted earnings per share									$0.84			$0.88
Consolidated Edison, Inc. Utility Sales
Electric (thousands of kilowatthours)
Total sales in service territory									13,974,504			13,537,669
Off-system and ESCO sales									392,908			961,643
Gas (dekatherms)
Firm sales and transportation									57,526,249			54,011,976
Off-system sales									2,492,619			8,898,564
Steam (thousands of pounds)									10,482,696			10,225,610

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