infrastructure investment programs while maintaining strong financial performance. employees; the wise  counsel  of our board of directors; the  constructive relationships we have  with regulators, public officials, and  community  leaders; and the strong  long-term  support of you, our investors. T ogether, we can look forward  to  the coming years with confidence. We operate our business for the long term. That means we do not — and will not — sacrifice our financial health, or jeopardize the reliable delivery of energy on which our customers so depend, for the sake of short-term gains. Eugene R. McGrath Chairman, President, and Chief Executive Officer Over the decades, Con Edison has established a record of financial health and stability, and of reliable service. We have worked hard to earn and retain the trust and respect of customers, shareholders, and all our stakeholders. Today we’re building, maintaining, and improving an energy system that affirms our commitment to the region’s future — and to our customers’ present needs. We are planning for tomorrow today. As we do so, I know that we can draw upon deep and significant resources. These include the commitment and skills of our Page 4, Left: Henry Brown, operating general supervisor, at the Brooklyn/Queens Electric Operations  Control Center. Center: In 2003, the number of permits for new housing units in New York City rose to the highest level in 30 years. Right: It is now easier than ever for customers to  communicate  with Con Edison. Page 5, Left: ( Left to right ) Customer service representatives Keelia L. Williamson, Robert J. Walsh, Khalid H. Barrett, and Sheane M. Tyson. Right: ( Left to right ) Tom  Obert,  mechanic B, Ron Belpanno, mechanic B, and Keith McGovern, mechanic B, work on the new West 30th Street substation. Con Edison Annual Report 2003 5 Preparing for Tomorrow Today