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NEW YORK STATE ELECTRIC & GAS REPORTS RESULTS

 NEW YORK STATE ELECTRIC & GAS REPORTS RESULTS
 BINGHAMTON, N.Y., Feb. 4 /PRNewswire/ -- New York State Electric &


Gas Corporation (NYSE: NGE) today reported earnings applicable to common stock of $2.36 per share for the 12 months ended Dec. 31, 1991, compared to $2.48 per share for the 12 months ended Dec. 31, 1990.
 "As a result of the lower allowed return on equity granted in our last rate case, we expected our 1991 earnings to be lower than 1990," stated James A. Carrigg, chairman, president and chief executive officer. "In addition, our electric and natural gas sales were unfavorably affected by the warmer weather and weak economy in our service territory. However, earnings were favorably affected by incentives earned for conducting efficient demand management programs, which help our customers conserve energy," stated Carrigg. Earnings available for common stock were $148,313,000 and $145,351,000 for the 12 months ended Dec. 31, 1991 and 1990, respectively.
 Total revenues for the 12 months ended Dec. 31, 1991, were $1,555,815,000, a 4 percent increase compared to the corresponding period last year. Electric revenues during 1991 increased 3 percent compared to 1990, due to an increase in rates effective February 1991. Natural gas revenues increased by 16 percent due to the acquisition of Columbia Gas of New York, Inc. (CNY). Excluding CNY, natural gas revenues decreased 4 percent primarily due to a 7 percent decrease in natural gas retail sales as a result of warmer weather and a weak economy. The effect of this decrease in sales was partially offset by an increase in rates effective February 1991.
 Earnings applicable to common stock were 28 cents per share for the quarter ended Dec. 31, 1991, compared to 31 cents per share for quarter ended Dec. 31, 1990. The decrease in earnings of 3 cents per share is primarily due to a write-off of a portion of the Homer City Coal Cleaning Plant that is no longer being utilized due to a change in operating strategy. Earnings were also unfavorably affected by the decrease in allowed return on equity (from 13 percent to 11.7 percent effective February 1991). The effect of these items was partially offset by incentives earned for conducting efficient demand management programs, which help customers conserve energy. Earnings available for common stock were $17,685,000 for the quarter ended Dec. 31, 1991, compared to $18,955,000 for the corresponding period last year.
 Total revenues rose to $389,246,000 for the three months ended Dec. 31, 1991, an increase of 8 percent from the three months ended Dec. 31, 1990. Natural gas revenues increased 54 percent for the three months ended Dec. 31, 1991, compared to the quarter ended Dec. 31, 1990, primarily due to the acquisition of CNY. Excluding CNY, natural gas revenues increased 4 percent primarily due to a 2 percent increase in natural gas retail sales and an increase in rates effective February 1991. Electric revenues increased 3 percent during the fourth quarter of 1991, compared to the corresponding period last year, primarily due to an increase in rates effective February 1991.
 NEW YORK STATE ELECTRIC & GAS CORPORATION
 (Unaudited; thousands of dollars, except per-share amounts)
 Periods ended Three Months Twelve Months
 Dec. 31 1991 1990 1991 1990
 Operating revenues $389,246 $361,134 $1,555,815 $1,496,780
 Net income 22,974 22,144 168,643 158,013
 Dividends on
 preferred stock 5,289 3,189 20,330 12,662
 Earnings for common
 stock 17,685 18,955 148,313 145,351
 Earnings per share $.28 $.31 $2.36 $2.48
 Average shares
 outstanding 63,273 61,097 62,906 58,678
 Consolidated Statements of Income
 (Thousands of dollars, except per-share amounts)
 (Preliminary -- subject to annual audit)
 Periods ended Three Months Twelve Months
 Dec. 31 1991 1990 1991 1990
 Operating Revenues
 Electric $337,571 $327,478 $1,367,936 $1,334,509
 Natural gas 51,675 33,656 187,879 162,271
 Total operating
 revenues 389,246 361,134 1,555,815 1,496,780
 Operating Expenses
 Fuel used in electric
 generation 64,336 61,671 274,877 274,245
 Electricity purchased 15,086 16,305 45,808 34,613
 Natural gas purchased 36,851 27,403 99,528 88,589
 Maintenance 31,975 29,595 110,131 106,665
 Depreciation 38,761 36,639 152,380 147,659
 Federal income taxes 14,951 13,996 94,447 89,577
 Other taxes 44,153 39,496 178,185 158,770
 Other operating
 expenses 77,804 75,717 288,684 281,305
 Total operating
 expenses 323,917 300,822 1,244,040 1,181,423
 Operating income 65,329 60,312 311,775 315,357
 Other Income and
 Deductions
 Allowance for other
 funds used during
 construction 441 50 1,846 185
 Non-cash return 181 222 697 513
 Other-net (2,557) 2,542 12,853 10,270
 Income before interest
 charges 63,394 63,126 327,171 326,325
 Interest Charges
 Interest on long-
 term debt 38,315 38,937 151,649 158,209
 Other interest 3,299 3,407 11,877 15,181
 Allowance for borrowed
 funds used during
 construction (1,194) (1,362) (4,998) (5,078)
 Interest charges-
 net 40,420 40,982 158,528 168,312
 Net income 22,974 22,144 168,643 158,013
 Preferred stock
 dividends 5,289 3,189 20,330 12,662
 Earnings available
 for common stock $ 17,685 $ 18,955 $ 148,313 $ 145,351
 Earnings per share $.28 $.31 $2.36 $2.48
 Average shares
 outstanding 63,273 61,097 62,906 58,678
 -0- 2/4/92
 /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


CK-TM -- NY050 -- 6732 02/04/92 13:12 EST
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