NewsCon Edison Media Relations
Contact: D. Joy Faber
Telephone: (212) 460-4111
CON EDISON BECOMES A MEMBER OF NEW ENGLAND POWER POOL - MEMBERSHIP MEANS DIRECT ACCESS TO NORTHEAST POWER MARKETS
Consolidated Edison Company of New York, Inc. (Con Edison) announced today that it has become a member of the New England Power Pool (NEPOOL). Through its Megawatt-Hour Store®, the company is one of the nationís largest power marketers.
As a member of NEPOOL, Con Edison can now directly participate in New Englandís restructured electricity market to conduct bulk power purchases and sales on a daily, weekly or monthly basis without individual utility or power marketer two-party agreements. Membership in NEPOOL provides the companyís Megawatt-Hour Store® an opportunity to increase its existing electric trading activity in the New England area, and complements the companyís existing membership in the New York Power Pool (NYPP) and the Pennsylvania, New Jersey and Maryland Power Pool (PJM), thus extending the Megawatt-Hour Storeís® power trading opportunities from Maryland to Maine.
"We intend to be an active participant in the New England energy marketplace and consider our membership in NEPOOL an important step in our overall strategy of increasing the market reach and depth of our supply portfolio. Membership will reduce the cost of energy to our New York City and Westchester County-based native load customers," said Michael Forte, Con Edisonís general manager of the Megawatt-Hour Store®.
The Megawatt-Hour Store® opened its doors in 1993 and became a power marketer in March 1997. Traders have since added natural gas and fuel oil to bulk power trading creating cross-commodity arbitrage opportunities.
NEPOOL, formed in 1971, is a voluntary association of electric utilities in New England which established a single regional network to direct the operations of bulk power system facilities, including transmission lines and power plants, from Connecticut to Maine.
Con Edison is one of the nationís largest utility companies, with more than $7 billion in annual revenues and approximately $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.