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Business Description
Consolidated Edison, Inc. (Con Edison) owns all of the outstanding common stock of Consolidated Edison Company of New York, Inc. (Con Edison of New York) and Orange and Rockland Utilities, Inc. (O&R), collectively known as the Utilities. Con Edison of New York provides electric service to 3.1 million customers and gas service to 1.1 million customers in New York City and Westchester County. O&R, along with its regulated utility subsidiaries, provides electric service to over 285,000 customers in southeastern New York and adjacent sections of New Jersey and northeastern Pennsylvania and gas service to over 120,000 customers in southeastern New York and northeastern Pennsylvania. Con Edison' s subsidiaries are Consolidated Edison Solutions, Inc., Consolidated Edison Energy, Inc., Consolidated Edison Development, Inc. and Con Edison Communications, LLC. During the year ended December 31, 2003, the operating revenues of the Utilities were 90% of Con Edison's operating revenues.

Financial Information
For the nine months ended 9/30/04, revenues rose 1% to $7.6 billion. Net income applicable to Common rose 2% to $487 million. Revenues reflect increased sales related to the cold winter weather. Net income also reflects a decrease in gas purchased for resales as a percentage of revenues.