Con Edison Development develops, owns and operates renewable and energy infrastructure projects in the Northeast. The company is an unregulated subsidiary of Consolidated Edison, Inc. [NYSE: ED], the nations oldest and one of the largest investor-owned energy companies.

Con Edison Development was formed in 1997. Through acquisitions, expansions and greenfield development, we quickly built a substantial portfolio of fossil-fueled and hydro-electric merchant generation assets in the Mid-Atlantic and New England regions that totaled 1700 MW. In 2008, the company completed the sale of its portfolio, realizing an approximate $400 million profit.

The company now is focusing on renewable energy and gas assets as part of an overall corporate goal of responsible environmental stewardship. Through its deep resources and trusted relationships with a range of energy-related companies, Con Edison Development already has built a renewable energy project pipeline of over 150 MW in New Jersey, Massachusetts, Connecticut and Pennsylvania.

Environmentally Sensitive Combined Cycle Power Plant

The company, through its wholly-owned subsidiary, Consolidated Edison Leasing, Inc. (CEL-1), also holds an undivided leasehold interest in a portion of a gas-fired combined cycle power station, which is part of an energy conservation plan located in the Netherlands near Rotterdam. The plant can generate up to 220 MW of electricity and produce the equivalent of 200 MW of heat and carbon dioxide for sale to local greenhouses. Compared to other energy sources for the greenhouses, the plant reduces both fuel consumption and CO2 emissions by 20 percent, NOx by half, substantially reduces water pollution and provides financial advantage to local greenhouse owners to use the plant's output.

Dependable, Clean Natural Gas Storage Facility

Con Edison Development holds a 72 percent interest in Honeoye, the owner and operator of a 6.7 BCF gas storage facility in New York State. The facility provides contracted gas storage services to customers throughout the Northeast under both cost-of-service and market-based rates. The storage field covers about 72 square miles and is near several pipelines. The facility comprises 27 operating wells, 12 observation wells, 19 miles of gathering lines, 2,750 hp of compression and a 10.5 mile pipeline to two gas interconnections. It has been operated efficiently for more than 30 years by a seasoned cadre of operators and supervisors.

Energy Infrastructure Investments

The company has made a capital commitment to provide up to $5 million to a fund sponsored by Energy Investors Fund called Project Finance Fund III (the "Fund"). The Fund utilized the funds received from Con Edison Development and other equity investors to make equity investments in energy and infrastructure projects worldwide.

Core Competencies

• Expertise in all aspects of energy project development, engineering, construction, financing, and operations management.
• Remarkable knowledge of the processes and intricacies of energy asset start-up and commissioning.
• Experience encompassing legal, regulatory affairs, risk management and government relations.
• Alignment with energy trading through our affiliate, Con Edison Energy.
• Seasoned professionals averaging more than 20 years of experience in all facets of the energy industry.
• Responsible environmental stewardship.

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