News
Con Edison Public Information
Richard D. Mulieri, Director
(mulierir@coned.com)
Telephone: (212) 460-4111, Office Hours,
(212) 460-6981, All Other Times
For Immediate Release: April 1, 1997
Megawatt-Hour Store Becomes a Power Marketer--
Expects to Move Up the Power Marketer's List in 1997
Con Edison's request to become a power marketer was
approved by the Federal Energy Regulatory Commission (FERC)
on March 14, 1997. The company can now sell at market-based
rates and derive profit for its customers and shareholders
as a power marketer. Formerly, the company was restricted
to doing business at cost-based rates, which are set by FERC
tariff at the incremental cost of power, plus a small
margin.
"Now that we're a marketer, I expect to increase our
sales and purchases and better our ranking on the annual
Power Markets Week(PMW)list in 1997. This will mean better
deals for our existing and future customers," said Ken
Bekman, Con Edison's Megawatt-Hour Store Proprietor. PMW
publishes an annual list of power marketer sales and
purchases nationwide.
"In 1996, we sold 3.9 million megawatt-hours of
electricity to power marketers and utilities in the New York
tri-state area," said Bekman. "This would have made us the
13th largest power marketer in the country based on sales,
and the eighth largest based on purchases of 9.7 million
megawatt-hours, if we had been classified as a marketer," he
added.
The Megawatt-Hour Store began operation in 1993, and
quickly became a major player in the bulk-power market. The
approval of the FERC filing will enable trading activities
to be conducted in a larger geographic area. 1996 sales of
3.9 million megawatt-hours of electricity represents enough
power to light up almost one million homes.
The Store is building a new state-of-the-art bulk-power
trading floor at the company's corporate headquarters
located at 4 Irving Place, New York City. Fuel procurement
for Con Edison's fossil power plants has been integrated
with bulk power trading in order to create arbitrage
opportunities between fuel and electricity.
Parties wishing to conduct bulk power or fuel
transactions through Con Edison's Megawatt-Hour Store can
call Ken Bekman at 1-888-MEGAWAT (1-888-634-2928).
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