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Con Edison Media Relations
Contact: Brenda Pérez
Telephone: (212) 460-4111

For Immediate Release: April 6, 2004

CON EDISON EARNS HIGH RANKING IN
2004 INNOVEST UTILITY INDUSTRY REPORT

NEW YORK - Consolidated Edison, Inc. (Con Edison) [NYSE: ED] ranked third out of 26 North American utilities in the 2004 Innovest Strategic Value Advisors U.S. Utility Industry Report. Innovest analyzed the corporate environmental performance of the participant electric utilities, ranking them in 12 categories, including environmental management systems, total air emissions rate, environmental accounting/reporting, and corporate governance. Con Edison ranked well above average in most categories, earning the highest rating in total air emissions rate. In its EcoValue Rating Innovest gave the company a rating of AAA, the highest in environmental performance. In the category of Intangible Value Asset, Con Edison received a rating of AA, Innovest’s second highest rating.

Con Edison was cited for enhancing its environmental strategy and management by reviewing its leading environmental health and safety policy in 2001; endorsing the principles of the Coalition for Environmentally Responsible Economics, (CERES), and publishing its second CERES report in 2003; developing programs and reporting performance quarterly to the board of directors while providing monthly reports to senior management; completing ISO 14001 company-wide certification in 2003; and rewarding employees and holding them accountable for their environmental performance while empowering them to take corrective action.

Randolph S. Price, vice president of environment, health and safety for Con Edison, said, “Innovest’s high ratings recognize Con Edison’s accomplishments in its efforts to provide the most reliable energy services while protecting and enhancing the environment in our service area. This year’s report is more evidence of our commitment to environmental excellence.”

Innovest also noted that Con Edison:

  • achieved its goal of eliminating PCB transformers;
  • achieved its 5-year goal of reducing hazardous waste generation by 50 percent in 2002, and that the company’s recycling and resource recovery programs generate additional revenues ($3.8 million in 2001);
  • completed the removal of mercury-containing gas regulators from customer locations;
  • reduced sulphur hexafluoride gas (SF6) by 40 percent;
  • avoided methane losses equivalent to 766,000 tons of CO2; and
  • installed 2,100 oil minders to prevent the release of oil into storm sewers.
Founded in 1998, Innovest Strategic Value Advisors is a specialized financial information services and investment advisory firm with headquarters in New York City. They developed the EcoValue ’21, a performance-rating model with 60 environmental criteria to assess corporate environmental performance. Using this analysis as a proxy for management quality, Innovest projects stock market returns of individual companies.

Consolidated Edison, Inc. [NYSE: ED] is one of the nation's largest investor-owned energy companies, with $10 billion in annual revenues and $21 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 in 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 and 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, a company that owns and operates generating plants and other infrastructure projects; and Con Edison Communications, a company that builds and operates fiber-optic networks to provide telecommunications services. For additional financial, operations and customer service information, visit Consolidated Edison, Inc.’s Web site at www.conedison.com.




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