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NYSEG ANNOUNCES 1992 AND FOURTH QUARTER EARNINGS

 BINGHAMTON, N.Y., Jan. 28 /PRNewswire/ -- New York State Electric & Gas Corporation (NYSE: NGE) today reported earnings applicable to common stock of $162,973,000 or $2.40 per share for the twelve months ended Dec. 31, 1992, compared to $148,313,000 or $2.36 per share for the twelve months ended Dec. 31, 1991.
 "We are pleased that the company's 1992 earnings improved over last year. This increase comes despite the six-month electric rate moratorium which extended from February through July 1992. The increase in earnings reflects an increase in retail customers and our commitment to cost control," stated James A. Carrigg, chairman, president and chief executive officer.
 Total revenues for the twelve months ended Dec. 31, 1992 were $1,691,689,000, a 9 percent increase compared to the corresponding period last year. Electric revenues increased 6 percent during 1992, compared to 1991. This increase is primarily because of higher purchase costs of non-utility generation which are passed on to customers and an increase in rates effective February 1991 and August 1992. An increase in electric retail sales due to the increase in electric retail customers and colder weather also boosted revenues. Natural gas revenues increased by 28 percent primarily due to an increase in natural gas retail sales and an increase in rates effective August 1992. The rise in natural gas retail sales was primarily the result of the acquisition of Columbia Gas of New York, Inc. (CNY) in April 1991 and colder weather in 1992.
 For the three months ended Dec. 31, 1992, earnings applicable to common stock were $28,998,000, or 42 cents per share compared to $17,685,000, or 28 cents per share for the three months ended Dec. 31, 1991. Earnings rose 14 cents per share primarily due to an increase in retail sales resulting from an increase in retail customers and colder weather. Cost control efforts also contributed to the increase in earnings. In addition, the increase in earnings was favorably affected by the write-off in 1991 of a portion of the Homer City Coal Cleaning Plant that was no longer utilized due to a change in operating strategy.
 Total revenues rose to $432,075,000 for the three months ended Dec. 31, 1992, an increase of 11 percent from the three months ended Dec. 31, 1991. Electric revenues increased 9 percent during the three months ended Dec. 31, 1992 compared to the corresponding period last year, primarily due to an increase in rates effective August 1992 and higher purchase costs of non-utility generation which are passed on to customers. Natural gas revenues increased 25 percent for the three months ended Dec. 31, 1992, compared to the three months ended Dec. 31, 1991. This increase is primarily the result of an increase in natural gas retail sales and higher purchased gas costs which are passed on to customers.
 A summary of unaudited financial information follows:
 3 months ended December 31
 1992 1991
 (Thousands Except Per Share Amounts)
 Operating revenues $432,075 $389,246
 Net income $34,199 $22,974
 Dividends on preferred stock $5,201 $5,289
 Earnings for common stock $28,998 $17,685
 Earnings per share $.42 $.28
 Average shares outstanding 69,318 63,273
 12 months ended December 31
 1992 1991
 (Thousands Except Per Share Amounts)
 Operating revenues $1,691,689 $1,555,815
 Net income $183,968 $168,643
 Dividends on preferred stock $20,995 $20,330
 Earnings for common stock $162,973 $148,313
 Earnings per share $2.40 $2.36
 Average shares outstanding 67,972 62,906
 NEW YORK STATE ELECTRIC & GAS CORPORATION
 CONSOLIDATED STATEMENTS OF INCOME
 (Thousands Except Per Share Amounts)
 (Preliminary - subject to annual audit)
 Periods Ended December 31 Three Months
 1992 1991
 OPERATING REVENUES
 Electric $367,435 $337,571
 Natural gas 64,640 51,675
 Total Operating Revenues 432,075 389,246
 OPERATING EXPENSES
 Fuel used in electric generation 63,385 64,336
 Electricity purchased 33,434 15,086
 Natural gas purchased 45,121 36,851
 Other operating expenses 82,089 75,733
 Maintenance 30,007 31,975
 Depreciation and amortization 40,028 38,761
 Federal income taxes 18,918 14,951
 Other taxes 49,567 44,153
 Total Operating Expenses 362,549 321,846
 OPERATING INCOME 69,526 67,400
 OTHER INCOME AND DEDUCTIONS 2,310 (4,006)
 INCOME BEFORE INTEREST CHARGES 71,836 63,394
 INTEREST CHARGES
 Interest on long-term debt 36,123 38,315
 Other interest 2,456 3,299
 Allowance for borrowed funds
 used during construction (942) (1,194)
 Interest Charges - net 37,637 40,420
 NET INCOME 34,199 22,974
 PREFERRED STOCK DIVIDENDS 5,201 5,289
 EARNINGS AVAILABLE FOR COMMON STOCK $28,998 $17,685
 EARNINGS PER SHARE $.42 $.28
 AVERAGE SHARES OUTSTANDING 69,318 63,273
 Periods Ended December 31 Twelve Months
 1992 1991
 OPERATING REVENUES
 Electric $1,451,525 $1,367,936
 Natural gas 240,164 187,879
 Total Operating Revenues 1,691,689 1,555,815
 OPERATING EXPENSES
 Fuel used in electric generation 262,531 274,877
 Electricity purchased 95,026 45,808
 Natural gas purchased 126,815 99,528
 Other operating expenses 318,680 279,364
 Maintenance 102,500 110,131
 Depreciation and amortization 158,977 152,380
 Federal income taxes 102,456 94,447
 Other taxes 200,941 178,185
 Total Operating Expenses 1,357,926 1,234,720
 OPERATING INCOME 323,763 321,095
 OTHER INCOME AND DEDUCTIONS 12,036 6,076
 INCOME BEFORE INTEREST CHARGES 335,799 327,171
 INTEREST CHARGES
 Interest on long-term debt 145,822 151,649
 Other interest 9,566 11,877
 Allowance for borrowed funds
 used during construction (3,557) (4,998)
 Interest Charges - net 151,831 158,528
 NET INCOME 183,968 168,643
 PREFERRED STOCK DIVIDENDS 20,995 20,330
 EARNINGS AVAILABLE FOR COMMON STOCK $162,973 $148,313
 EARNINGS PER SHARE $2.40 $2.36
 AVERAGE SHARES OUTSTANDING 67,972 62,906
 NOTE: Certain amounts have been reclassified on the Consolidated Statements of Income to conform with the 1992 presentation.
 -0- 1/28/93
 /CONTACT: Ken B. Hooper, manager-media relations, New York State Electric & Gas Corporation, 607-762-4407/
 (NGE)


CO: New York State Electric & Gas Corporation ST: New York IN: UTI SU: ERN

BM -- CL008 -- 0258 01/28/93 12:21 EST
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