ConEdison Solutions Margins Lower

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November 2, 2010

ConEdison Solutions reported a net loss of $7 million for the quarter ending September 30, 2010, versus net income of $51 million a year ago, on mark-to-market losses as well as lower retail electric margins.

The 2010 quarterly loss included net after-tax mark-to-market losses of $23 million, versus mark-to-market gains of $27 million a year ago.

Gross margins on electric retail revenues decreased, primarily due to lower unit gross margins, parent Consolidated Edison Inc. said in a 10-Q.

Operating revenues at ConEdison Solutions were $464 million, versus $452 million a year ago.

Electric retail revenues increased $65 million due to higher sales volumes ($72 million), offset by lower unit prices ($7 million).  Consolidated Edison Inc. did not provide an aggregate amount of electric retail revenues.

   
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