May 2 (Reuters) - Electric and gas utility firm Consolidated Edison 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 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 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. (Reporting by Seher Dareen in Bengaluru; Editing by Alan Barona)