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Con Edison Reports 2013 Third Quarter Earnings

Consolidated Edison, Inc. (Con Edison) [NYSE: ED] today reported 2013 net income for common stock of $1,062 million or $3.62 a share compared with $1,138 million or $3.88 a share in 2012. Earnings from ongoing operations, which exclude the effects of its lease in/lease out (LILO) transactions and the net mark-to-market effects of the competitive energy businesses (CEBs), were $1,112 million or $3.80 a share in 2013 compared with $1,098 million or $3.75 a share in 2012.

For the fourth quarter of 2013, net income for common stock was $234 million or $0.80 a share compared with $207 million or $0.71 a share in the fourth quarter of 2012. Earnings from ongoing operations for the fourth quarter of 2013, which exclude the net mark-to-market effects of the CEBs, were $202 million or $0.69 a share compared with $203 million or $0.69 a share in the fourth quarter of 2012.

“We are entering 2014 with new rate plans that provide stability for customers, while allowing us to maintain our commitment to system enhancements that will protect New Yorkers from the next major storm,” said John McAvoy, president and CEO of Consolidated Edison, Inc. “We will continue to enhance our communications with customers, including the mobile and electronic platforms that many prefer. We also will maintain our commitment to the environment with our business operations, promoting renewable resources, oil-to-gas conversions, and new energy efficiency solutions for homes and businesses.”

The following table is a reconciliation of Con Edison’s reported earnings per share to earnings per share from ongoing operations and reported net income to earnings from ongoing operations for the three months and year ended December 31, 2013 and 2012.

La empresa espera que las ganancias de las operaciones en curso de 2014 sean de $3.65 a $3.85 por acción. Las ganancias por acción a partir de las operaciones en curso excluyen los efectos netos de ajuste al mercado de las empresas energéticas competitivas (CEB, por sus siglas inglés) El pronóstico refleja inversiones de capital de $2608 millones que se destinarán de manera sustancial a los servicios públicos reglamentados de la empresa. La empresa espera cumplir con los requisitos de capital de 2014, que incluyen los valores por vencer, por medio de fondos generados a nivel interno y la emisión de deuda a largo plazo por $1500 millones y $2000 millones. La empresa no espera emitir acciones ordinarias en 2014.

Los resultados de las operaciones de los tres meses y el año que finalizó el 31 de diciembre de 2013, comparados con los periodos de 2012, reflejan cambios en los planes tarifarios y otras cuestiones reglamentarias de las filiales de servicios públicos de Con Edison, el impacto de clima en las ganancias del vapor, la disminución de ciertos gastos de operaciones y mantenimiento, el aumento de depreciación y amortización que refleja el impacto de los saldos más altos de la planta de servicios públicos, y los efectos netos de mercado a mercado de los CEB.

La siguiente tabla presenta el efecto calculado sobre las ganancias por acción y el ingreso neto por las acciones ordinarias para los períodos de 2013, comparado con los períodos de 2012, que se generan a partir de estos y otros factores importantes:

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Consolidated Edison, Inc. is one of the nation's largest investor-owned energy companies, with approximately $12 billion in annual revenues and $41 billion in assets. The company provides a wide range of energy-related products and services to its customers through the following 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; Consolidated Edison Solutions, Inc., a retail energy supply and services company; Consolidated Edison Energy, Inc., a wholesale energy services company; and Consolidated Edison Development, Inc., a company that participates in infrastructure projects.