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RG&E FIRST QUARTER FINANCIAL NEWS RELEASE

 ROCHESTER, N.Y., April 23 /PRNewswire/ -- Rochester Gas and Electric Corp. (RG&E) (NYSE: RGS) today reported earnings for the three- and 12- month periods ending March 31, 1993. For the 1993 first quarter, total operating revenues were $272,275,000, up $14,528,000, or about five and a half percent from the 1992 first quarter revenues of $257,747,000.
 Earnings applicable to common stock for the first quarter were $27,259,000, an increase of $966,000 from the comparable period in 1992. Earnings per common share were 78 cents in the first quarter of 1993, compared to 81 cents in the first quarter of 1992. The decrease is largely attributable to the dilution effect of the issuance of 2.7 million shares of common stock since the first quarter of 1992, which reduced earnings by six cents per share.
 The company's gas operations were positively affected by cold weather, which dominated much of the quarter and led to a 5.9 percent increase in gas sold and transported. However, electric sales to retail customers in the first quarter decreased by 1.9 percent, largely due to decreased sales to commercial, industrial and municipal customers.
 For the 12-month period ended Mar. 31, 1993, total operating revenues were $910,059,000, compared with 1992 revenues of $865,345,000, an increase of $44,714,000, or about five percent. Earnings applicable to common stock for the 12-month period ended Mar. 31, 1993, were $63,115,000, compared with $54,548,000 in 1992, an increase of $8,567,000, or about 15.7 percent. Per-share earnings of common stock for the 1993 12-month period were $1.86, compared to $1.70 a year earlier.
 Earnings for the 12-month period ended Mar. 31, 1993 were up by 16 cents per share largely because of non-recurring events: the company recognized as income $3.5 million of proceeds in settlement of lawsuits stemming from construction of the Nine Mile Two nuclear plant, and it accounted for a charge of $8.2 million for disallowed costs relating to the March 1991 ice storm. These items together reduced earnings per share by five cents.
 Twelve months-March 1993 earnings were also affected by the issuance of additional shares of common stock since the first quarter of 1992, which reduced earnings by 11 cents per share.
 Earnings for the 1992 comparison period were reduced by $10 million, or 21 cents per share, due to a fuel procurement audit disallowance recognized in December of 1991.
 ROCHESTER GAS AND ELECTRIC CORPORATION
 EARNINGS REPORT
 FOR THE PERIODS ENDED March 31
 3 MONTHS 1993 1992
 OPERATING REVENUES $272,275,000 $257,747,000
 NET ? $ 29,084,000 $ 28,365,000
 EARNINGS APPLICABLE TO COMMON STOCK $ 27,259,000 $ 26,293,000
 AVERAGE SHARES OUTSTANDING 34,903,016 32,221,181
 EARNINGS PER SHARE $ .78 $ .81
 12 MONTHS 1993 1992
 OPERATING REVENUES $910,059,000 $865,345,000
 NET INCOME $ 71,158,000 $ 62,077,000
 EARNINGS APPLICABLE TO COMMON STOCK $ 63,115,000 $ 54,548,000
 AVERAGE SHARES OUTSTANDING 33,889,804 31,964,934
 EARNINGS PER SHARE $ 1.86 $ 1.70
 -0- 4/23/93
 /CONTACT: Mike Power of Rochester Gas and Electric Corp., 716-724-8828/
 (RGE)


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

BM -- CL013 -- 9941 04/23/93 10:03 EDT
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Date:Apr 23, 1993
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