NewsCon Edison Media Relations
Contact: Joseph Petta
Telephone: (212) 460-4111
For Immediate Release: June 1, 2000
CON EDISONíS MERGER WITH NORTHEAST UTILITIES RECEIVES FERC APPROVAL
Consolidated Edison, Inc. (Con Edison) pending merger with Northeast Utilities, Inc. received unanimous approval by the Federal Energy Regulatory Commission (FERC), which approved the merger without conditions. In its order, the Commission found that the proposed merger will not adversely affect competition and is consistent with the public interest.
"We are pleased with FERCís approval and weíre glad to have passed this important milestone on the road to completing the merger," said Eugene R. McGrath, chairman and chief executive officer of Con Edison.
The companies, which announced an agreement to merge last October, received approval from their respective shareholders at special meetings held this April. To date, approvals have also been received from the states of Maine, Vermont and Pennsylvania. The merger still requires approval from other federal and state regulatory agencies, including the Securities and Exchange Commission, the Nuclear Regulatory Commission, and state regulators in Connecticut, New York and New Hampshire.
Consolidated Edison, Inc. is one of the nationís largest investor-owned energy companies, with approximately $7.5 billion in annual revenues and more than $15 billion in assets. The company provides a wide range of energy-related products and services to its customers through two regulated utility subsidiaries and four competitive energy and telecommunications businesses. For additional financial, operations and customer service information, visit the Consolidated Edison Inc. web site at www.conedison.com.