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For Immediate Release: December 31, 1997

CONSOLIDATED EDISON FORMS HOLDING COMPANY - STARTING A NEW ERA FOR NEW YORK'S LARGEST UTILITY COMPANY

Tomorrow will usher in a new year and a new era for Con Edison when
a holding company, Consolidated Edison, Inc. is formed. The holding
company will initially have four subsidiaries. Stockholders voted in favor
of forming the holding company at a special meeting held December
12, 1997.

"January 1, 1998 joins a very short list of days with profound historical
significance for the company. We now have an opportunity to make
Con Edison and its subsidiaries leaders in a new competitive energy
world, while continuing to provide the reliable energy services our
customers expect," said Con Edison Chairman, President and CEO
Eugene R. McGrath.

Outstanding common shares of Consolidated Edison Company of New
York, Inc. will be automatically exchanged on a one-for-one basis for
shares of Consolidated Edison, Inc., which will begin trading on Friday,
January 2 on the New York Stock Exchange using the same symbol
"ED."

As a holding company, Consolidated Edison, Inc. initially contains four
subsidiaries:

  • Consolidated Edison Company of New York, Inc., a
    subsidiary of the holding company, and its largest affiliate, will
    continue to provide regulated electricity, natural gas and steam
    services to its customers in New York City and Westchester
    County. The company will continue to be based in Manhattan.

  • Consolidated Edison Solutions, Inc., a full-service energy
    company providing wholesale and retail electricity and natural
    gas sales, as well as energy-related products and services to
    business, governmental and residential customers throughout
    the Northeast. The company is based in White Plains, New York.

  • Consolidated Edison Development, Inc., a Manhattan-based
    company that invests in energy infrastructure development
    projects and markets technical services worldwide.

  • Consolidated Edison Energy, Inc., a company that will market
    specialized energy generation services to customers
    participating in the wholesale electric market in the Northeast.

From time to time, the holding company may establish other
subsidiaries to compete in developing markets.

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