May 2 (Reuters) - Electric and gas utility firm

Consolidated Edison ( ED ) beat Wall Street estimates for

first-quarter profit on Thursday, helped by higher electricity

rates and lower operating expenses.

On an adjusted basis, the New York-based company said it

earned $2.15 per share in the January-March quarter, compared

with analysts' estimate of $1.88 per share, according to LSEG

data.

The company also reaffirmed its full-year earnings forecast

of $5.20 to $5.40 per share.

Consolidated Edison ( ED ) provides electric and gas services to

about 5.1 million customers through its subsidiaries, mainly in

some boroughs of New York City - Manhattan, the Bronx, parts of

Queens - and parts of adjoining Westchester County.

"Our first quarter financial results reflect the solid rate

base growth that we project at our utilities through 2028," said

CFO Robert Hoglund.

Rate case proceedings determine the amount customers need to

pay for electricity, natural gas, private water and steam

services provided by regulated utilities.

Its quarterly total operating revenue fell to $4.28 billion

from $4.40 billion in the year-ago quarter, largely due to a

fall in natural gas revenues.

Operating revenue from its gas-supplying unit fell to 5.2%

from a year ago, amid a slump in North American gas markets due

to record production and low heating demand during a mild

winter.

However, this made fuel cheaper for the company, which saw a

53% decrease in prices.

Consolidated Edison ( ED ) also highlighted that, as of the end of

March, its interest in the Mountain Valley Pipeline was reduced

to 6.75% from 7.2% previously.