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UPDATE: Con Ed Land Sale Part of Larger Reshaping of Strategies

NEW YORK CITY-According to insiders, deregulation and a good economy are two reasons that Con Edison decided to sell prime holdings on Manhattan's East Side. The company is departing the field of electric generation.

By Steve Viuker | Updated on November 30, 2000

NEW YORK CITY-GlobeSt.com reported yesterday that Con Edison was shedding prime Manhattan real estate in a deal that could be worth as much as $680 million. As the sale of its 99-year-old Waterside plant proceeds as part of the sell-off, it will mark the end of Con Ed’s involvement in generating electricity, company insiders tell us. Further, the company is selling its Indian point power plant to Entergy, a Louisiana-based energy firm, as reported by John Jordan in Westchester for GlobeSt.com on Nov. 13.

Con Ed will maintain and expand its other steam and electric plant in Manhattan, according to a spokesperson for the company. “Deregulation of utilities played a part in the sale,” he says. “Consumers now can choose what power provider they want, including Con Ed. Further, the company decided to sell the properties as a simple business decision. The economy is good and Con Edison felt the time was right.”

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