Absorbing the impact of a cooler than normal spring, Consolidated Edison Inc. reported net income for the second quarter of 2003 of $66 million or 29 cents a share, compared with earnings of $98 million or 46 cents a share, for the second quarter of 2002. The company added that the weather’s impact in 2Q2003 accounted for an estimated 6 cent reduction per share when compared to 2Q2002.

“Our energy delivery systems continue to perform very well,” said Eugene R. McGrath, Con Edison CEO. “Our earnings were impacted by the unseasonably cool spring weather. We see continued growth in demand for our services, and on June 26, we set a new all-time electric peak load for that month.” Going forward, the company reaffirmed its previously stated full year 2003 forecast of earnings of $2.82 to $2.97 per share.

For the three months ended June 30, 2003, amounts of electricity, gas and steam delivered by Con Edison of New York, after adjusting for variations in weather and billing days in the period increased 0.3%, 0.5% and 1.3%, respectively, as compared to the 2002 period.

For the first six months of 2003, cool weather partially offset the positive impact of increased energy sales in the first quarter, as compared with the corresponding 2002 period, related to colder than normal winter weather. In addition, earnings for both 2Q2003 and the first six months of the year were impacted by a reduction in net credits for pension and other post-retirement benefits as compared with 2002.

Con Edison’s net income for common stock for the first six months of 2003 was $220 million or $1.01 a share, compared with $244 million or $1.14 a share for the first six months of 2002.

For the first six months of 2003, amounts of electricity, gas and steam delivered by Con Edison of New York, after adjusting for variations in weather and billing days in the period, increased 1.7%, 2.3% and 1%, respectively, as compared to the 2002 period.

The company also declared a quarterly dividend of 56 cents a share on its common stock payable Sept. 15 to stockholders of record as of August 13, 2003.

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