|
|
Article: Electric futility for Con Edison: deregulation hurts stock, merger prospects. (Consolidated Edison Co.)
- Article from:
- Crain's New York Business
- Article date:
- August 19, 1996
- Author:
CopyrightCOPYRIGHT 1996 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
New York state's aggressive efforts to deregulate the electric industry have pushed Consolidated Edison Co. of New York, the state's biggest electric utility, to the sidelines in the current industry merger binge.
Deregulation, which is being pressed by the Pataki administration, is aimed at reducing the state's high electric rates. But concern over lower rates, which also would reduce revenues, has made Con Edison and other New York utilities unattractive merger partners and pummeled the company's stock in recent months.
"There's a lot of uncertainty over how things will shape up for the future, and uncertainty is not what the market wants to hear," says ...