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NEW YORK STATE ELECTRIC & GAS REPORTS RESULTS

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


Gas Corporation (NYSE: NGE) today reported earnings available for common stock of $41,488,000 or 60 cents per share, for the three months ended June 30, 1992, compared to $37,722,000, or 60 cents per share, for the three months ended June 30, 1991. These earnings are based on average shares outstanding for the three-month periods ended June 30, 1992 and June 30, 1991 of 68,800,000 and 62,775,000 respectively.
 "We are pleased that our electric and natural gas sales to retail customers increased significantly during the second quarter. Those stronger sales allowed earnings per share to remain unchanged from last year despite a six-month rate moratorium that began on February 1, 1992," stated James A. Carrigg, chairman, president and chief executive officer.
 Total revenues rose to $401,934,000 for the three months ended June 30, 1992, an increase of 8 percent from the three months ended June 30, 1991. Electric revenues increased 7 percent, primarily due to an increase in retail sales and higher purchase costs of non-utility generation being passed on to customers. Natural gas revenues increased 12 percent, primarily due to an increase in retail sales. As a result of colder weather, electric and natural gas retail sales increased 3 percent and 18 percent, respectively, from last year.
 Earnings available for common stock were $154,336,000 or $2.38 per share, for the twelve months ended June 30, 1992, compared to $144,646,000 or $2.37 per share, for the twelve months ended June 30, 1991. Average shares outstanding for the twelve-month periods ended June 30, 1992 and June 30, 1991 were 64,935,000 and 61,110,000, respectively.
 Total revenues for the twelve months ended June 30, 1992 were $1,630,653,000, an 8 percent increase, compared to the corresponding period last year.
 A summary of unaudited financial information follows:
 Periods Ended Three Months Twelve Months
 June 30 1992 1991 1992 1991
 (thousands, except per share amounts)
 Operating revenues $401,934 $373,362 $1,630,653 $1,508,421
 Net income 46,772 43,087 175,534 160,676
 Dividends on
 preferred stock 5,284 5,365 21,198 16,030
 Earnings for
 common stock 41,488 37,722 154,336 144,646
 Earnings per share .60 .60 2.38 2.37
 Average shares outst. 68,800 62,775 64,935 61,110
 NEW YORK STATE ELECTRIC & GAS CORPORATION
 Consolidated Statements of Income
 (Unaudited -- Thousands, except per share amounts)
 Periods Ended Three Months Six Months
 June 30 1992 1991 1992 1991
 Operating revenues
 Electric $350,195 $327,146 $737,662 $698,797
 Natural gas 51,739 46,216 154,119 118,146
 Total operating revenues 401,934 373,362 891,781 816,943
 Operating expenses
 Fuel used in electric
 generation 64,942 65,376 132,633 141,668
 Electricity purchased 18,932 9,358 39,037 20,331
 Natural gas purchased 16,878 15,992 73,017 56,368
 Maintenance 27,419 26,899 47,590 50,831
 Depreciation 39,578 38,156 79,084 75,455
 Federal income taxes 26,084 25,138 66,329 62,386
 Other taxes 48,081 43,721 103,324 90,848
 Other operating expenses 78,907 69,576 159,986 136,275
 Total operating expenses 320,821 294,216 701,000 634,162
 Operating income 81,113 79,146 190,781 182,781
 Other inc. and deductions 3,250 2,515 9,285 11,351
 Inc. bef. interest charges 84,363 81,661 200,066 194,132
 Interest charges
 Interest on long-term debt 36,459 37,733 73,483 75,898
 Other interest 2,016 2,551 4,959 5,012
 Allowance for borrowed funds
 used during construction (884) (1,710) (1,564) (3,073)
 Interest charges-net 37,591 38,574 76,878 77,837
 Net income 46,772 43,087 123,188 116,295
 Preferred stock dividends 5,284 5,365 10,533 9,664
 Earns. available for common
 stock 41,488 37,722 112,655 106,631
 Earnings per share $.60 $.60 $1.69 $1.70
 Average shares outstdng. 68,800 62,775 66,741 62,659
 Periods Ended Twelve Months
 June 30 1992 1991
 Operating revenues
 Electric $1,406,801 $1,342,278
 Natural gas 223,852 166,143
 Total operating revenues 1,630,653 1,508,421
 Operating expenses
 Fuel used in electric
 generation 265,842 270,783
 Electricity purchased 64,514 42,753
 Natural gas purchased 116,178 90,753
 Maintenance 106,889 107,796
 Depreciation 156,010 148,456
 Federal income taxes 98,390 90,079
 Other taxes 190,661 169,734
 Other operating expenses 312,394 282,340
 Total operating expenses 1,310,878 1,202,694
 Operating income 319,775 305,727
 Other inc. and deductions 12,593 15,574
 Inc. bef. interest charges 332,368 321,301
 Interest charges
 Interest on long-term debt 149,234 153,593
 Other interest 11,824 12,225
 Allowance for borrowed funds
 used during construction (4,224) (5,223)
 Interest charges-net 156,834 160,625
 Net income 175,534 160,676
 Preferred stock dividends 21,198 16,030
 Earns. available for common
 stock 154,336 144,646
 Earnings per share $2.38 $2.37
 Average shares outstdng. 64,935 61,110
 -0- 7/23/92
 /CONTACT: Ken B. Hooper of NYSEG, 607-762-4407/
 (NGE) CO: New York State Electric & Gas Corporation ST: New York IN: UTI SU: ERN


KD-SP -- NY092 -- 2648 07/23/92 15:04 EDT
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Date:Jul 23, 1992
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