Financial News from New York State Electric & Gas Corporation

Business Wire, Oct 17, 1997

BINGHAMTON, N.Y.--(BUSINESS WIRE)--Oct. 17, 1997--(NYSE:NGE)

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New York State Electric & Gas Corporation

Financial Highlights
Periods Ended September 30
(Unaudited)
                         Three Months           Twelve Months
                        1997       1996        1997        1996

                         (Thousands, except per share amounts)

Operating revenues   $492,829   $457,986   $2,084,159   $2,069,300
Net income            $28,277    $11,052     $184,160     $183,583
Earnings available
 for common stock     $25,929     $8,616     $174,770     $171,807
Average shares
 outstanding           67,503     71,416       68,806       71,481
Earnings per share       $.38(a)    $.12        $2.54(b)     $2.40
Dividends per share      $.35       $.35        $1.40        $1.40

Electric Sales and Natural Gas Deliveries

Electric (thousands of megawatt-hours)
  Residential           1,193      1,180        5,244        5,406
  Commercial              968        904        3,479        3,448
  Industrial              786        763        3,041        3,023
  Other                   331        316        1,395        1,402
    Total retail        3,278      3,163       13,159       13,279
  Wholesale             2,979      2,195        9,531        7,475
    Total               6,257      5,358       22,690       20,754

Natural Gas (thousands of dekatherms)
  Residential           1,401      1,654       23,999       25,979
  Commercial              812        810       10,001       10,742
  Industrial              504        408        2,550        2,835
  Other                   252        129        2,758        2,385
  Transportation of
   customer-owned gas   3,696      4,135       19,796       20,542
    Total retail        6,665      7,136       59,104       62,483
  Wholesale               760        718        3,374        3,477
    Total               7,425      7,854       62,478       65,960

(a) Earnings per share for the quarter ended September 30, 1997,
increased primarily because of lower operating costs, higher sales of
electricity and a reduction in the number of shares outstanding.  In
the third quarter of 1996 a charge of 14 cents per share was recorded
to write down an investment in EnerSoft Corporation.  Decreases in
losses incurred by NGE Enterprises, Inc.  also increased earnings per
share relative to last year.  Those increases were partially offset
by a charge of 24 cents per share for takeover defense fees.

(b) Earnings per share for the 12 months ended September 30, 1997,
increased primarily because of the items noted above for the three
months.  Those increases were partially offset by higher costs of
mandated purchases of power from nonutility generators.