For Immediate Release: December 12, 1997
CON EDISON ANNOUNCES $1 BILLION SHARE REPURCHASE
Con Edison announced today that it has authorized the repurchase of
up to $1 billion of common stock, subject to New York State Public
Service Commission (PSC) approval and market conditions. The PSC is
expected to act on the repurchase during the first quarter.
The company has been reviewing its capital structure in light of industry
restructuring and its changing risk profile, in particular the planned
divestiture of a portion of its electric power generating assets.
"Our objective is to realign our capital structure as may be appropriate
to our evolving business risk. The repurchase is expected to be funded
from internally-generated funds, external financings and the net
proceeds of generating plant sales," said Joan S. Freilich, Senior Vice
President and Chief Financial Officer.
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. Earlier
today, the company's shareholders approved a new company structure
in which Con Edison will become a subsidiary of a holding company,
Consolidated Edison, Inc.