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NEW YORK STATE ELECTRIC & GAS REPORTS EARNINGS

 NEW YORK STATE ELECTRIC & GAS REPORTS EARNINGS
 BINGHAMTON, N.Y., April 23 /PRNewswire/ -- New York State Electric &


Gas Corporation (NYSE: NGE) today reported earnings available for common stock of $71,167,000, or $1.10 per share, for the three months ended March 31, 1992, compared to $68,909,000, or $1.10 per share, for the three months ended March 31, 1991. Earnings for the first quarter of 1991 were $1.04 per share, excluding the stockholders' share of proceeds from the settlement of lawsuits related to the design and construction of the Nine Mile Point nuclear generating unit No. 2. These earnings are based on average shares outstanding for the three-month periods ended March 31, 1992, and March 31, 1991, of 64,682,000 and 62,542,000, respectively.
 "We were pleased to see higher electric and natural gas retail sales during the first quarter this year. The sales increase resulted from somewhat colder weather and the acquisition of Columbia Gas of New York, Inc. (CNY) last April. Earnings were limited, however, by a six-month electric rate moratorium which began on Feb. 1, 1992," stated James A. Carrigg, chairman, president and chief executive officer.
 The electric rate moratorium was the result of an agreement between the company and the Public Service Commission of the State of New York (PSC) staff which settled a proceeding instituted by the PSC. The proceeding investigated the reasonableness of the company's actions taken prior to 1986 in connection with emission control strategies, related fuel practices, and other issues at the company's Homer City generating station.
 Total revenues rose to $489,847,000 for the three months ended March 31, 1992, an increase of 10 percent from the three months ended March 31, 1991. Electric revenues increased 4 percent, primarily due to a 3 percent increase in retail sales. Natural gas revenues increased 42 percent, due to a 52 percent increase in retail sales primarily resulting from the acquisition of CNY. Excluding the effect of the CNY acquisition, natural gas revenues rose 1 percent, while retail sales were up 3 percent.
 Earnings available for common stock were $2.37 per share for the 12 months ended March 31, 1992, compared to $2.46 per share for the 12 months ended March 31, 1991. Average shares outstanding for the 12-month periods ended March 31, 1992, and March 31, 1991, were 63,437,000 and 59,884,000, respectively.
 Total revenues for the 12 months ended March 31, 1992, were $1,602,081,000, a 7 percent increase, compared to the corresponding period last year.
 A summary of unaudited financial information follows:
 Periods ended Three Months 12 Months
 March 31 1992 1991 1992 1991
 Operating revenues (000) $489,847 $443,581 $1,602,081 $1,502,068
 Net income (000) 76,416 73,208 171,851 160,900
 Dividends on preferred
 stock (000) 5,249 4,299 21,280 13,852
 Earnings for common
 stock (000) $ 71,167 $ 68,909 $ 150,571 $ 147,048
 Earnings per share $1.10 $1.10 $2.37 $2.46
 Average shares
 outstanding (000) 64,682 62,542 63,437 59,884
 The consolidated income statement follows:
 NEW YORK STATE ELECTRIC & GAS CORPORATION
 Consolidated Statements of Income (Unaudited)
 (Thousands, except per share amounts)
 Periods ended Three Months Twelve Months
 March 31 1992 1991 1992 1991
 Operating revenues:
 Electric $387,467 $371,651 $1,383,752 $1,342,696
 Natural gas 102,380 71,930 218,329 159,372
 Total operating revenues 489,847 443,581 1,602,081 1,502,068
 Operating expenses:
 Fuel used in electric
 generation 67,691 76,292 266,276 277,073
 Electricity purchased 20,105 10,973 54,940 39,831
 Natural gas purchased 56,139 40,376 115,291 89,314
 Maintenance 20,171 23,932 106,370 107,064
 Depreciation 39,506 37,299 154,587 146,794
 Federal income taxes 40,245 37,248 97,444 89,662
 Other taxes 55,243 47,127 186,301 164,100
 Other operating expenses 81,079 66,699 303,064 279,884
 Total operating expenses 380,179 339,946 1,284,273 1,193,722
 Operating income 109,668 103,635 317,808 308,346
 Other income & deductions:
 Allowance for other funds
 used during construction
 & non-cash return 575 566 2,552 1,260
 Other - net 5,460 8,601 9,712 15,946
 Inc. before int. charges 115,703 112,802 330,072 325,552
 Interest charges:
 Int. on long-term debt 37,024 38,165 150,508 155,644
 Other interest 2,943 2,461 12,359 13,573
 Allowance for borrowed
 funds used during
 construction (680) (1,032) (4,646) (4,565)
 Interest charges - net 39,287 39,594 158,221 164,652
 Net income 76,416 73,208 171,851 160,900
 Preferred stock dividends 5,249 4,299 21,280 13,852
 Earnings available for
 common stock $ 71,167 $ 68,909 $ 150,571 $ 147,048
 Earnings per share $1.10 $1.10 $2.37 $2.46
 Average shares outstanding 64,682 62,542 63,437 59,884
 -0- 4/23/92
 /CONTACT: K. B. Hooper of New York State Electric & Gas, 607-729-2551/
 (NGE) CO: New York State Electric & Gas Corporation ST: New York IN: UTI SU: ERN


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