CH Energy Group Establishes 2001 Common Stock Repurchase Program.

Business Editors

POUGHKEEPSIE, N.Y.--(BUSINESS WIRE)--Jan. 26, 2001

The Board of Directors of CH Energy Group (NYSE: CHG) today established a Common Stock repurchase program of up to 500,000 shares for the calendar year 2001. The Company recently completed a share repurchase of 500,000 shares for the calendar year 2000.

"We continue to view share repurchases as part of a balanced program to deliver shareholder value. During 2001, we intend to make significant investments to further our growth strategy, and stock repurchases will complement these investments while contributing to growth in earnings per share," explained Chief Financial Officer and Treasurer Steven V. Lant.

As of December 31, 2000, CH Energy Group had 16,362,000 shares outstanding.

  A discussion of this repurchase program and the Company's earnings
       will be conducted via a teleconference at 4:00 p.m. EST.
            To access the conference, dial 1-800-450-0785;
                  conference name: CH Energy Group.
             The discussion may be replayed afterward by
     dialing 1-800-475-6701 and inputting the access code 565626.

FORWARD-LOOKING STATEMENTS: Statements included in this press release which are not historical in nature, are intended to be, and are hereby identified as, "forward-looking statements" for purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended by Public Law 104-67, and within the meaning of the Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words including "anticipate," "believe," "intends," "estimates," "expect," and similar expressions. The Company cautions readers that forward-looking statements, including without limitation, those relating to the Company's future business prospects, revenues, proceeds, working capital, liquidity, income and margins, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements, due to several important factors including those identified from time-to-time in the Company's reports filed with the SEC. All forward-looking statements are intended to be subject to the safe harbor protections provided by the laws mentioned above. A number of important factors affecting the Company's business and financial results could cause actual results to differ materially from those stated in the forward-looking statements. Those factors include weather, energy supply and demand, developments in the legislative, regulatory and competitive environment, electric and gas industry restructuring and cost recovery, future market prices for energy, capacity and ancillary services, nuclear industry regulation, the outcome of pending litigation, and certain environmental matters, particularly ongoing development of air quality regulations and industrial waste remediation requirements.