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Con-Ed Issues 2009 Earnings Forecast

The Associated Press

NEW YORK (AP) — Electric and gas utility Consolidated Edison Inc. said Monday it expects to report 2009 earnings from continuing operations of $3 to $3.20 per share, excluding mark-to-market accounting charges.

The $3.10 midpoint of the company's outlook falls below the average $3.17-per-share estimate of analysts surveyed by Thomson Reuters.

The company said its guidance includes the effects of a recent electric rate order and the spending cuts anticipated by the order.

The company also said it now expects to spend about $2.3 billion this year for capital investments, virtually all of which will be spent at ConEd's regulated utilities. That's down from the $2.6 billion ConEd originally planned to spend.

It also said it plans to issue common stock worth between $150 million and $400 million, down from a previous estimate of $300 million to $550 million.

Con-Ed shares fell a penny to close earlier at $34.85.