Edison

ComEd, Peco Expect Fast Merger Review

Providing a lengthy list of expected merger benefits,Commonwealth Edison and PECO Energy told FERC and the PennsylvaniaPUC in applications yesterday that they expect approval in nearrecord time. They said the deal will “enhance electric competition,foster FERC’s independent transmission system initiatives, protectboth wholesale and retail customers, and ensure sufficient, safe,reliable, low-cost and clean energy for consumers.” They alsobelieve the merger meets all FERC criteria. A notice ofreorganization is expected to be filed shortly with the IllinoisCommerce Commission, the companies said.

November 23, 1999

ConEd Buys NU, Creates a Utility Powerhouse

Consolidated Edison Inc. (ConEd) announced the purchase ofNortheast Utilities (NU) last week, creating a huge utility withover five million electric and 1.4 million gas customers in NewYork and New England. ConEd expects the $7.5 billion transaction tobe completed in 12 to 18 months.

October 18, 1999

ConEd Buys NU, Creates a Northeast Utility Power

Consolidated Edison Inc. (ConEd) announced the purchase ofNortheast Utilities (NU) yesterday, creating a huge utility withover five million electric and 1.4 million gas customers in NewYork and New England. ConEd expects the $7.5 billion transaction tobe completed in 12 to 18 months.

October 14, 1999

ConEd Marriage to Northeast Utilities Rumored

In a rumor that first broke late last week, Consolidated Edison(ConEd), a combination utility serving over three million electricand one million gas customers in New York, is reported to be inmerger talks with West Springfield, MA-based Northeast Utilities(NU), the largest electric utility in New England. Neither companywould comment on the subject. The reported stock and cash dealwould value NU at $2.8 billion.

October 13, 1999

Unicom And PECO Combine to Create ‘A Monster’

The merger of Commonwealth Edison of Chicago parent Unicom Corp.and Philadelphia-based PECO Energy Co. will create a company so bigit will take two CEOs to run it, at least initially.

September 24, 1999

People

Beverly Marshall, formerly a Washington representative forSouthern California Edison, has been named vice president andgeneral manager of federal government affairs for Duke Energy.

June 3, 1999

Industry Briefs

The New York State Public Service Commission (NYPSC) approvedthe merger of Consolidated Edison of New York and Orange andRockland Utilities. NYPSC Chairman Maureen O. Helmer said Consumerswill benefit from the strength of the companies’ combinedmanagement and from merger-related savings over the next fiveyears.

April 15, 1999

Industry Briefs

Consolidated Edison announced it plans to sell two-thirds (5,500MW) of its New York City electric generation plants in an auctionstarting this summer. Its plants will be divided into threebundles. Each bundle will include a major generating facility-theRavenswood Generating Station in Long Island City, the AstoriaGenerating Station in Astoria, or the Arthur Kill Station on StatenIsland-and gas turbine generating facilities in Queens andBrooklyn. The company plans to sell two of the bundles throughauction and retain the remaining bundle, which has not yet beenidentified. It expects to receive authorization from the New YorkState Public Service Commission (PSC) by July 1. The auctionprocess would begin later that month, with the winning bidders tobe announced in January 1999.

March 3, 1998
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