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Con Edison Media Relations
Contact: Joe Petta
Telephone: (212) 460-4111

For Immediate Release: March 2, 1998


Consolidated Edison Company of New York, Inc. (Con Edison) today announced a plan to sell (divest) approximately two-thirds of its electric generating plants located in New York City.

The divestiture plan is one of a series of actions the company is taking to foster competition. Con Edison is reducing rates for all its electric customers, and inaugurating a program under which they can choose their electricity suppliers.

In Con Edison's divestiture plan, its in-city electric generating capacity, which totals approximately 5,500 megawatts, is divided into three separate groups, or bundles. Each bundle includes a major generating facility - the Ravenswood Generating Station in Long Island City, the Astoria Generating Station in Astoria, or the Arthur Kill Station on Staten Island - and gas turbine generating facilities in Queens and Brooklyn.

The company plans to sell two of the bundles - or approximately two-thirds of its total New York City electric capacity - at auction this summer. The plan's schedule calls for the New York State Public Service Commission (PSC) to act on the proposal by July 1, 1998. The auction process would begin later that month, with the winning bidders to be announced in January 1999. Con Edison will decide prior to PSC approval of the plan which two bundles will be auctioned.

"Selling these power plants represents a major, additional step in developing a competitive market for electricity in New York City and Westchester County," said Con Edison Chairman and CEO Eugene R. McGrath. "We anticipate a high level of interest in our power plants because of their essential role in supplying electricity to New York City. We fully expect that this interest will give rise to a robust auction that will generate the maximum value on these assets for our customers and our shareholders," he said.

The plan contains provisions that will help ensure the continued reliability of the electric system after the plants are sold. Regardless of who supplies the electricity, Con Edison will continue to own, operate and maintain the transmission and distribution systems that transport it to homes and businesses. The utility will continue to respond to service emergencies and read customers' electric meters.

Con Edison is one of the nation's largest utility companies, with more than $7 billion in annual revenues and about $15 billion in assets. The company, a subsidiary of Consolidated Edison, Inc., provides electric, gas and steam service to more than three million customers in New York City and Westchester County, New York. \n\n\n\n\n

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