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BANKRUPTCY COURT RULES ON RATE PATH NEGOTIATIONS BETWEEN PUCT AND EPE, DISCUSSIONS BETWEEN PUCT AND POTENTIAL THIRD PARTY ACQUIRORS

 EL PASO, Texas, Jan. 15 /PRNewswire/ -- El Paso Electric Company (NASDAQ-NMS: ELPAQ) announced that following a hearing conducted on Jan. 13-14, 1993, the United States Bankruptcy Court for the Western District of Texas, Austin Division, approved a stipulation governing (i) rate path negotiations between the company and the Public Utility Commission of Texas ("PUCT"), and (ii) discussions between the PUCT and third parties that may be interested in acquiring the company.
 Under the stipulation, the PUCT agreed to present a stand-alone rate path proposal to EPE no later than Jan. 27, 1993. In return, EPE agreed that, upon presentation of the PUCT's proposal, third parties that are interested in acquiring the company could engage in discussions with the PUCT. In addition, the PUCT and EPE have agreed to continue good faith negotiations regarding an acceptable rate path for the company on an independent stand-alone basis with a goal of reaching an agreement by Feb. 10, 1993.
 The Bankruptcy Court also appointed an independent mediator to assist and facilitate in the resolution of certain issues in the bankruptcy process. Although the exact functions and powers of the mediator have not been defined, the company believes that the mediator will be involved primarily in facilitating the resolution of regulatory issues, including discussions involving the PUCT and third-parties interested in acquiring the company.
 El Paso Electric Company, which filed a voluntary petition under Chapter 11 of the United States Bankruptcy Code on Jan. 8, 1992, is an electric utility serving approximately 250,000 customers in El Paso, Texas, and an area of the Rio Grande Valley in West Texas and Southern New Mexico.
 -0- 1/15/93
 /CONTACT: Alan Lee Bunnell of El Paso Electric Company, 915-543-5823/
 (ELPAQ)


CO: El Paso Electric Company ST: Texas IN: UTI SU:

PS -- NY008 -- 5215 01/15/93 08:39 EST
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Date:Jan 15, 1993
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