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Con Edison Media Relations
Richard D. Mulieri, Director
Telephone: (212) 460-4111

For Immediate Release: September 24, 1997

CON EDISON TO PROVIDE SERVICES IN COMPETITIVE ENERGY BUSINESS
THROUGH CORPORATE SUBSIDIARIES

Con Edison announced today that through two newly named subsidiaries -- Con Edison Solutions and Con Edison Development -- it will provide new services to customers and expand into new businesses. These measures are in accordance with the utilityís comprehensive plan, approved by regulators on September 10, to reduce rates, foster competition in the energy supply sector, and position itself to do business in the emerging, deregulated energy environment.

The companies have evolved from the utilityís two existing, unregulated subsidiaries -- ProMark Energy, Inc., and Gramercy Development, Inc. Effective today, ProMark is renamed Con Edison Solutions, Inc. and Gramercy Development is renamed Con Edison Development, Inc.

As Con Edisonís unregulated energy services company, Con Edison Solutions will provide electricity, natural gas and oil to commercial and residential customers throughout the Northeast. It also will offer a host of related services. Con Edison Development, will invest in energy and non-energy business endeavors, both in the United States and abroad.

Con Edison Chairman and CEO Eugene R. McGrath noted that the company has been working for several years to compete in a deregulated energy marketplace. He said the announcement of the newly named subsidiaries represents a "significant next step" in that process. "At the same time," he said, "we will continue working to strengthen our core business -- delivering electricity, gas and steam to more than three million households and businesses in our service area of New York City and Westchester County -- and maintain our reputation for the nationís most reliable electric service."

Con Edison will continue to distribute electricity, natural gas and steam to all customers in its service area over its extensive system of wires and pipes. It will provide these distribution services whether customers purchase the commodities from Con Edison or any of the energy services companies that will compete in its service area. These services will be regulated by the New York State Public Service Commission (PSC). Con Edison is one of the nation's largest investor-owned utilities, with nearly $7 billion in annual revenues and $14 billion in assets. The company provides electric, gas and steam service to three million customers in New York City and Westchester County, New York.

EDITORíS NOTE: A more detailed description of Con Edison Solutionsí and Con Edison Developmentís existing and proposed business activities is included on the accompanying backgrounder.

 


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