Consolidated Edison (ED) 8-K Fact Sheet for Electric Rate Case Joint Proposal

Exhibit 99

Fact Sheet for Electric Rate Case Joint Proposal

Filed December 2, 2004

JOINT PROPOSAL

1. Rate plan

• Three years: April 1, 2005 to March 31, 2008

2. Rate increases and rate base

• The joint proposal provides for the following

• First year rate increase of $104.6 million (1.3%),

• A rate freeze for the second year, and

• Third year rate increase of $220.4 million (2.5%) to reflect plant additions, property taxes, and O&M increases, partially offset by sales growth for RY2 and RY3.

• Each year, the Company will retain the first $60 million of proceeds from the auctions of Transmission Congestion Contracts.

• Accounting credits (net of debits) will be reflected in pre-tax income in each of the three years, as follows:

RY1	$128 million
RY2		232
RY3		190
Total Credits	$	550 million

• The rate base in this agreement is:

• $9.3 billion in rate year 1,

• $9.6 billion in rate year 2, and

• $10.3 billion in rate year 3.

• The net T&D plant levels reflected in the rate plan will be reconciled each year to the level set in rates and a carrying charge (pre-tax rate of return and depreciation) on any variation will be deferred for future recovery or refund to ratepayers.

• Excluded from the rate base in each year of the rate plan is about $200 million of T&D capital expenditures which the Company expects to spend. Carrying costs for this investment are covered by this provision for T&D plant reconciliation.

• East River Repowering Project (ERRP)

• The capital costs of ERRP are recorded in the steam department accounts. Approximately two-thirds of ERRP’s capital costs are billed to the electric department and collected from electric customers through the fuel adjustment clause.

• The total rate base for ERRP is expected to be approximately $575 million. Equity earnings on the ERRP rate base will be reflected in the steam department once the plant is placed in service.

• The Company will record for accounting purposes (in 2004) a one-time pre-tax charge to earnings of $100 million to resolve various issues raised in the proceeding related mainly to the treatment of prior pension credits retained by the Company.

3. Earnings threshold and capital structure

• Earnings of between 11.4% - 13.0% ROE are shared 50/50 with customers.

• Earnings above 13.0% ROE are shared 75/25 customers/shareholders.

• The equity ratio used in this calculation will be the actual equity ratio, with a cap of 50%.

4. Reconciliations

• Full reconciliation (without limitation) of all T&D capital spending to the levels provided in rates, including carrying costs at a pre-tax rate of return plus depreciation

• Reconciliation for pension and OPEB costs, and environmental remediation costs.

• Continued deferral of all spending related to Lower Manhattan restoration, with a pretax AFDC rate of return.

• Reconciliation of property taxes and interference costs above or below a dead band of 2.5%.

• Limitations on reconciliations:

• If earnings exceed an 11.4% ROE but fall below a 13.0% ROE, only 50% of the above reconcilable items can be deferred;

• If earnings exceed a 13.0% ROE, none of the above reconcilable items can be deferred

• Deferrals related to T&D capital spending and spending related to Lower Manhattan restoration are recovered in full with no limitation.

• Fuel and purchased power continue to be recovered on a current basis.

5. Performance based adjustments

• Incentives for:

• Retail access migration

• Demand side management goals

• Negative revenue adjustment for failure to meet operating standards for:

• Frequency and duration of service interruptions

• Major outages

• Repair, removal or replacement of damaged poles, temporary shunts, street lights, traffic signals and circuit breakers

• Customer service standards for call response, meter reading and customer satisfaction

More information

For a copy of the Joint Proposal go to the Con Edison Website athttp://www.coned.com and select “Investor Information”.