The company's net income for the first nine months of 2008 was $1,036million or $3.80 a share compared with $722 million or $2.73 a share forthe first nine months of 2007. Excluding items discussed in the tablebelow, earnings from ongoing operations were $620 million or $2.27 a sharecompared with $739 million or $2.79 a share for the first nine months of2007.

"Our energy delivery systems performed well this summer, as we continuemaking significant infrastructure investments for our customers," saidKevin Burke, the company's Chairman, President and Chief Executive Officer."We are also continuing to monitor economic conditions and the potentialimpact of these conditions on our business."

The following table is a reconciliation of Con Edison's reported earningsper share and reported net income to earnings per share and earnings fromongoing operations for the three and nine months ended September 30, 2008and 2007.

                          Third Quarter             Nine Months Ended                      Earnings     Net Income     Earnings     Net Income                        per       (Millions of      per       (Millions of                       Share        Dollars)       Share        Dollars)                    ------------  ------------  ------------  ------------                    2008   2007   2008   2007   2008   2007   2008   2007                    -----  -----  -----  -----  -----  -----  -----  -----Reported earnings per share and net income - GAAP basis              $0.66  $1.15  $ 182  $ 312  $3.80  $2.73 $1,036  $ 722Less: Northeast Utilities litigation settlement             -      -      -      -   0.11      -     30      -Less: Gain on the sale of Con Edison Development's generation projects and discontinued operations             -   0.01      1      2   1.51   0.01    411      2Less: Net mark-to-market effects of competitive energy businesses         (0.32) (0.04)   (88)   (11) (0.09) (0.07)   (25)   (19)                    -----  -----  -----  -----  -----  -----  -----  -----Ongoing operations  $0.98  $1.18  $ 269  $ 321  $2.27  $2.79  $ 620  $ 739                    =====  =====  =====  =====  =====  =====  =====  =====

The company expects its earnings from ongoing operations for 2008 to be inthe range of $2.95 to $3.05 a share. The company's previously forecasted2008 earnings range was $2.95 to $3.15. Earnings per share from ongoingoperations excludes discontinued operations and the gain on the sale of ConEdison Development's generation projects, which was completed in the secondquarter of 2008, and the proceeds from the Northeast Utilities litigationsettlement. Also excluded from the range of earnings from ongoingoperations are the net mark-to-market effects of the competitive energybusinesses.

The results of operations for the three and nine months ended September 30,2008, as compared with the 2007 period, reflect changes in the company'srate plans (including lower allowed returns on equity and additionalrevenues designed to recover increases in certain operations andmaintenance expenses, depreciation and property taxes, and interestcharges) and the results of the competitive energy businesses (includingnet mark-to-market effects, the gain on the sale of generation projects anddiscontinued operations). Results for the nine-month periods also includean additional reserve in 2008 related to the Long Island City power outage,the resolution in 2008 of litigation with Northeast Utilities and theresolution in 2007 of a deferred tax amortization petition. Operations andmaintenance expenses were higher in the three and nine months endedSeptember 30, 2008 compared with the 2007 periods reflecting primarilyhigher costs, which are generally reflected in rates, such as pension andother post-retirement benefits, the movement of company facilities toaccommodate municipal projects and additional operating programs.Depreciation and property taxes were higher in the three and nine monthsended September 30, 2008 compared with the 2007 periods reflectingprimarily the impact from increased capital expenditures. The followingtable presents the estimated effect on earnings per share and net incomefor the 2008 period compared with the 2007 period, resulting from these andother major factors:

                             Third Quarter           Nine Months Ended                               Variation                 Variation                                     Net Income                Net Income                         Earnings     Variation    Earnings     Variation                         per Share  (Millions of   per Share  (Millions of                         Variation     Dollars)    Variation     Dollars)                        -----------  -----------  -----------  -----------Con Edison of New York (a)  Sales growth          $      0.01  $         2  $      0.05  $        14  Impact of weather            0.03            7        (0.03)          (7)  Electric rate plan           0.06           15         0.26           68  Gas rate plan                0.03            9         0.08           22  Steam rate plan              0.04           10         0.05           13  Resolution of   deferred tax   amortization   petition in 2007   and other tax   matters                    (0.11)         (32)       (0.07)         (19)  Operations and   maintenance expense        (0.09)         (25)       (0.27)         (70)  Long Island City   power outage reserve           -            -        (0.05)         (14)  Depreciation and   property taxes             (0.05)         (14)       (0.18)         (48)  Net interest expense        (0.02)          (6)       (0.03)          (9)  Other (includes   dilutive effect of   new stock issuances)       (0.04)           -        (0.14)         (19)                        -----------  -----------  -----------  -----------Total Con Edison of New York                         (0.14)         (34)       (0.33)         (69)Orange and Rockland Utilities (O&R)               0.02            6        (0.02)          (4)Competitive energy businesses  Earnings excluding   net mark-to-market   effects, gain on   sale of generation   projects and   discontinued   operations                 (0.08)         (23)       (0.20)         (56)  Net mark-to-market   effects (b)                (0.28)         (77)       (0.02)          (6)  Gain on the sale of   Con Edison   Development's   generation projects   and discontinued   operations                 (0.01)          (1)        1.50          409                        -----------  -----------  -----------  -----------Total competitive energy businesses            (0.37)        (101)        1.28          347Northeast Utilities litigation settlement            -            -         0.11           30Other, including parent company expenses                 -           (1)        0.03           10                        -----------  -----------  -----------  -----------Total variation         $     (0.49) $      (130) $      1.07  $       314                        ===========  ===========  ===========  ===========(a) Under the revenue decoupling mechanisms in Con Edison of New York's    electric and gas rate plans (effective April 2008 and October 2007,    respectively) and the weather-normalization clause applicable to the    gas business, revenues are generally not affected by changes in    delivery volumes from levels assumed when rates were approved.(b) These variations reflect after-tax net mark-to-market losses of $88    million or $(0.32) a share in the third quarter of 2008, after-tax net    mark-to-market losses of $11 million or $(0.04) a share in the third    quarter of 2007, and after-tax net mark-to-market losses of $25 million    or $(0.09) a share in the first nine months of 2008 and after-tax net    mark-to-market losses of $19 million or $(0.07) a share in the first    nine months of 2007.

The earnings per share variations shown above include the dilutive effectof a higher weighted average number of common shares outstanding in the2008 three-month and nine-month periods (273 million in each period) thanin the 2007 three-month and nine-month periods (271 million and 265 millionshares, respectively).

The changes in the amounts of energy delivered by the company's utilitysubsidiaries, for actual and as adjusted for variations in weather andbilling days for the three and nine months ended September 30, 2008, ascompared with the 2007 periods were as follows (expressed as a percentageof 2007 amounts):

                              Third Quarter         Nine Months Ended                                Variation               Variation                          Actual       Adjusted     Actual       Adjusted                        -----------  -----------  -----------  -----------Con Edison of New York  Electric                      2.4          1.1          1.0          0.8  Firm - Gas                   (2.0)        (2.0)        (1.6)         1.2  Steam                        (5.2)        (7.3)        (7.9)        (3.1)O&R  Electric                     (2.1)        (1.9)         0.1         (0.7)  Firm - Gas                    0.3          0.7         (5.6)         0.6                        -----------  -----------  -----------  -----------

Refer to the company's Third Quarter Form 10-Q for the consolidated balancesheets at September 30, 2008 and December 31, 2007 and the consolidatedincome statements for the three and nine months ended September 30, 2008and 2007. Additional information related to utility sales and revenues isavailable at www.conedison.com (select "Shareholder Services" and thenselect "Press Releases").

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

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

Consolidated Edison, Inc. is one of the nation's largest investor-ownedenergy companies, with approximately $13 billion in annual revenues and $29billion in assets. The company provides a wide range of energy-relatedproducts and services to its customers through the following subsidiaries:Consolidated Edison Company of New York, Inc., a regulated utilityproviding electric, gas, and steam service in New York City and WestchesterCounty, New York; Orange and Rockland Utilities, Inc., a regulated utilityserving customers in a 1,350 square mile area in southeastern New Yorkstate and adjacent sections of northern New Jersey and northeasternPennsylvania; Consolidated Edison Solutions, Inc., a retail energy supplyand services company; Consolidated Edison Energy, Inc., a wholesale energysupply company; and Consolidated Edison Development, Inc., a company thatparticipates in infrastructure projects.