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For Immediate Release: December 12, 1997


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.

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