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## Results of Operations 

Year Ended December 31, 2003 Compared with Year Ended December 31, 2002 

The Companies’ results of operations (which wer discussed above under “Results of Operations – Summary”) in 2003 compared with 2002 were: Con Edison 

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* Represents the consolidated financial results of Con Edison and its subsidiaries. 

A discussion of the results of operations by principal business segment follows. For additional business segment financial infor- mation, see Note O to the financial statements. 

The results reflect the application of the Companies’ accounting policies and rate plans that cover the rates the Utilities can charge their customers. In general, the Utilities recover on a curre nt basis the fuel and purchased power costs they incur in sup- plying energy to their full-service customers. See “Recoverable Energy Costs” in Note A and “Regulatory Matters” in Note B to the financial statements. 

