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Letter from the Chairman

To Our Stakeholders:

Our sustainability strategy balances the needs of our stakeholders, our commitment to investing in communities and protecting the environment, and the long-term health of our company.

Our primary mission is providing safe, reliable, clean, and efficient energy to meet the needs of the nearly 10 million people living in our service area. We are responsible for powering one of the most vibrant regions in the world, and our electric-delivery system is the most reliable in the country. We are gaining new customers and cleaning the air as New Yorkers convert from fuel oils to cleaner-burning natural gas. More than 150,000 customers are taking advantage of energy-saving upgrades thanks to rebates and incentives offered through our energy-efficiency programs. Last year our competitive energy businesses invested $465 million in renewable energy projects, and we are now the fifth largest solar producer in North America.

We demonstrate our commitment to our communities through philanthropy and volunteerism. Our Power of Giving program supports nearly 1,000 nonprofit organizations whose work strengthens communities and improves lives. Our employees find time outside of the workday to clean parks, cool roofs, and mentor children.

We have made measurable progress toward a cleaner environment. In addition to investing in solar power installations, we have cut our own carbon footprint in half in the last decade and are committing to an even lower target for SF6 emissions. By incorporating cleaner fuel capability at our steam generating stations and increasing the number of alternative fuel vehicles in our company fleet, we will continue our pursuit of even further reductions.

Our company’s solid footing helped us through the unprecedented devastation brought by Superstorm Sandy. The storm’s fierce winds and historic tides ravaged our region, our people, and our systems. The men and women of Con Edison worked tirelessly throughout to restore service, some leaving their own damaged homes. Despite all we endured, the company had its safest year on record.

The lessons from Sandy are defining our future. We must be a part of critical discussions with government agencies, business and hospital communities, builders, environmentalists, and all stakeholders to determine how we as a region can protect ourselves from increasingly frequent severe weather.

To meet future challenges, we will continue to work on improving relationships with the communities we serve, minimizing our environmental impact, and strengthening our company. We will rely on our employees who know our business best to identify new and innovative ways to make Con Edison even more sustainable.

This report outlines the strides we are making toward preparing for the future, so that we can continue to provide reliable, world-class service to our customers, and protect the environmentfor the well being of our company and everyone we serve.

Kevin Burke Kevin Burke Chairman, President and Chief Executive Officer
Randolph Price Randolph Price Vice President Environment, Health and Safety