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

For Immediate Release: July 19, 2001

Con Edison Reports Solid Second Quarter Earnings;
On Target to Meet 2001 Projections

NEW YORK -- Consolidated Edison, Inc. [NYSE: ED] today (Thursday, July 19, 2001) reported net income for common stock for the second quarter of 2001 of $100.7 million or $.48 a share, compared with earnings of $68.7 million or $.33 a share for the second quarter of 2000. The company also declared a quarterly dividend of 55 cents a share on its common stock payable September 15, 2001 to stockholders of record as of August 15, 2001.

“Con Edison is on target for another solid year in 2001,” said Chairman and Chief Executive Officer Eugene R. McGrath. “We are adding financial value for our shareholders as we continue to meet the growing energy needs of our customers with the most reliable electric delivery system in the nation,” he added.

The company’s net income for common stock for the first six months of 2001 was $279.8 million or $1.32 a share, compared with $256.9 million or $1.21 a share for the first six months of 2000.

The company’s net income for common stock for the 12 months ended June 30, 2001 was $605.7 million or $2.86 a share, compared with $714.5 million or $3.32 a share for the 12 months ended June 30, 2000.

Excluding non-recurring charges for the year 2000, earnings per share for the second quarter, first six months and 12 months ended June 30, 2000 would have been $.42, $1.30 and $3.41, respectively, while the earnings per share for the 12 months ended June 30, 2001 would have been $3.26.

Electric sales for Con Edison of New York, after excluding the effects of weather, increased by 2.8 percent for the first six months of 2001 when compared to the prior year, and firm gas sales increased by 3.0 percent.

The company’s earnings for the second quarter and first six months of 2001 reflect electric rate reductions for Con Edison of New York effective October 1, 2000 and April 1, 2001 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, reflecting continuing growth in the New York City economy, and increased pension credits.

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.

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 $17 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.

Income Statements Attached




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