Con Edison units will provide services in competitive energy.

Con Edison has announced that through two newly named subsidiaries - Con Edison Solutions and Con Edison Development - it will provide new services to customers and expand into new businesses.

These measures are in accordance with the utility's comprehensive plan, approved by regulators on September 10th, to reduce rates, foster competition in the energy supply sector, and position itself to do business in the emerging, deregulated energy environment.

The companies have evolved from the utility's two existing, unregulated subsidiaries - ProMark Energy, Inc., and Gramercy Development, Inc. Effective September 24th, ProMark is renamed Con Edison Solutions, Inc. and Gramercy Development is renamed Con Edison Development, Inc.

As Con Edison's unregulated energy services company, Con Edison Solutions will provide electricity, natural gas and oil to commercial and residential customers throughout the Northeast. It also will offer a host of related services.

Con Edison Development, will invest in energy and non-energy business endeavors, both in the United States and abroad.

Con Edison Chairman and CEO Eugene R. McGrath noted that the company has been working for several years to compete in a deregulated energy marketplace. He said the announcement of the newly named subsidiaries represents a "significant next step" in that process. "At the same time," he said, "we will continue working to strengthen our core business - delivering electricity, gas and steam to more than three million households and businesses in our service area of New York City and Westchester County - and maintain our reputation for the nation's most reliable electric service."

Con Edison will continue to distribute electricity, natural gas and steam to all customers in its service area over its extensive system of wires and pipes. It will provide these distribution services whether customers purchase the commodities from Con Edison or any of the energy services companies that will compete in its service area. These services will be regulated by the New York State Public Service Commission (PSC).

Con Edison is one of the nation's largest investor-owned utilities, with nearly $7 billion in annual revenues and $14 billion in assets. The company provides electric, gas and steam service to three million customers in New York City and Westchester County, NY.