���������ֳ�

���������ֳ�-New York-June 11, 2003: ���������ֳ� has assigned an 'A+' rating to Consolidated Edison Co. of New York's (CECONY) new issues of $200 million 3.85% debentures series B 2003 due 2013 and $200 million 5.10% debentures series C 2003 due 2033. The new debentures will rank equally with the company's other senior unsecured obligations; CECONY has no outstanding secured mortgage debt. Proceeds of the new issue will be used for general corporate uses, including repaying short-term debt.

In the past month, CECONY's parent Consolidated Edison, Inc.(CEI) issued common stock, raising approximately $377 million in proceeds. CEI in turn invested $377 million of equity in CECONY. This equity issuance alleviates the pressure on CECONY's credit protection measures, at its lowest level in 2002, due to slower revenues growth and higher leverage to fund higher than expected capital expenditures (for more details, please refer to ���������ֳ�' press release on April 9, 2003). CECONY's credit ratios are expected to improve gradually over the course of the next few years, with EBITDA-to-interest ratio hovering above 4.5 times (x) and Debit-to-EBITDA declining to the low 3x.

Consolidated Edison Co. of New York is a regulated utility sub that provides electric services to over 3.1 million customers and gas service to over 1.1 million customers in New York City and Westchester County. It also provides steam services in parts of Manhattan. Its parent and sole owner is Consolidated Edison, Inc. (senior debt rated 'A-' by ���������ֳ�.)

Contact: Mona K. Yee, CFA +1-212-908-0557 or Ellen Lapson, CFA +1-212-908-0504, New York.

Media Relations: James Jockle +1-212-908-0547, New York.