News
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 utility’s 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 utility’s 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 Edison’s 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 nation’s 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.
EDITOR’S NOTE: A more detailed description of Con Edison Solutions’ and Con Edison
Development’s existing and proposed business activities is included on the accompanying
backgrounder.
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