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## Capital Requirements 

The following table compares the Companies’ capital requirements for the years 2001 through 2003 and estimated amounts for 2004 and 2005. 

<img src='content_image/38568.jpg'>

Con Edison of New York’s utility construction expenditure in 2003 and 2004 reflect programs to meet electric load growth and reliability needs, gas infrastructure expenditures, the East River Repowering Project and expenditures for permanent electric, gas and steam system restoration following the World Trade Center attack (see Note R to the financial statements). The increase for 2005 reflects an anticipated higher level of expenditure for electric substations and ongoing improvements and reinforcements of the electric distribution system. 

The unregulated subsidiaries’ construction expenditure declined in 2003 and are expected to continue to decline, consistent with ther being no major construction or acquisition expected for those businesses. At December 31, 2003 and 2002, Con Edison’ investment balance in these subsidiaries, on an unconsolidated basis, was $703 million and $790 million, respectively. 

