Con Edison, Inc. Announces 2009 Earnings Guidance

NEW YORK, NY, May 18 (MARKET WIRE) --
Consolidated Edison, Inc. (Con Edison) (NYSE: ED) today announced that it
expects its earnings per share from ongoing operations for 2009 to be in
the range of $3.00 to $3.20 a share. Earnings per share from ongoing
operations excludes the net mark-to-market effects of the competitive
energy businesses.

The announced earnings guidance considers the effects of the
recently-approved Consolidated Edison Company of New York, Inc. electric
rate order, including the company's plan with respect to austerity
measures that the rate order directed the company to file with the New
York State Public Service Commission.

In addition, for 2009, the company now expects to spend approximately $2.3
billion for capital investments, virtually all of which will be spent at
the company's regulated utilities. The company also expects to issue
common stock of between $150 million and $400 million in addition to stock
issuances under the company's dividend reinvestment and employee stock
plans. This is a decrease from the previously announced range in January
2009 of common stock issuances of between $300 million and $550 million.
Con Edison of New York issued $750 million of long-term debt in March 2009
and the utilities may issue up to $600 million of additional long-term
debt in the remainder of the year. These issuances are in addition to debt
issuances for maturing securities.

This press release contains forward-looking statements that reflect
expectations and not facts. Actual results may differ materially from
those expectations because of factors such as those identified in reports
the company has filed with the Securities and Exchange Commission.

This press release also contains a financial measure, earnings from
ongoing operations. This non-GAAP measure should not be considered as an
alternative to net income, which is an indicator of operating performance
determined in accordance with GAAP. Management uses this non-GAAP measure
to facilitate the analysis of the company's ongoing performance as
compared to its internal budgets and previously reported financial
results. Management believes that this non-GAAP measure is also useful and
meaningful to investors.

Consolidated Edison, Inc. is one of the nation's largest investor-owned
energy companies, with approximately $14 billion in annual revenues and
$34 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 supply company; and Consolidated Edison
Development, Inc., a company that participates in infrastructure projects.

Contact:
Robert McGee
212-460-4111

Copyright 2009, Market Wire, All rights reserved.

-0-