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Con Edison Communications Aquires Telergy NYC Metro Assets
NEW YORK--(BUSINESS WIRE)--April 17, 2001--
Agreement enhances CEC's ability to offer services to enterprise
and carrier customers in the New York Metro Area
As part of its goal to become the premier provider of high bandwidth transport services, Con Edison Communications (CEC), a wholly owned subsidiary of Consolidated Edison, Inc. (NYSE: ED) today announced its acquisition of Telergy Inc.'s network assets in the New York metropolitan area. Telergy, based in Syracuse, NY, was a telecommunications company that began liquidating assets earlier this year. The acquisition of the Telergy assets adds additional strength to Con Edison Communications' network and product portfolio for enterprise customers and telecommunications carriers. The Telergy network assets enhance CEC's New York metropolitan area network and provide the company with its own diverse fiber crossings into New Jersey. With the addition of Telergy's network, CEC can offer its enterprise customers multiple routes in and around New York to increase network diversity and availability.
CEC's purchase of Telergy's network assets is the latest in a series of business and technology initiatives with the goal of creating a world-class, next-generation telecommunications carrier to service the unique needs of the New York metropolitan area. The company has already brought a total of 80 buildings on-line and has the ability to extend its network into new buildings within 60 days. CEC also implemented a state-of-the-art network management system that maps every strand in its network and enables it to isolate network problems more quickly and effectively than existing legacy carriers. The company plans a series of additional announcements soon to detail further initiatives and articulate its capabilities.
"The acquisition of Telergy's network assets is another step toward our goal of providing our customers with the best telecommunication services in the New York City area," said Peter Rust, President and CEO, Con Edison Communications. "This purchase not only further diversifies our network coverage within New York City, but it also increases our capacity to move information in and out of the city to support companies co-located in the tri-state area. We look forward to working with our enterprise and carrier customers to help them take advantage of these new capabilities."
About Con Edison Communications
Con Edison Communications, Inc. (CEC) is a wholly owned subsidiary of Consolidated Edison, Inc. CEC, a carrier's carrier, offers a comprehensive range of value-added products and services designed to enhance the performance of its customers' networks. CEC provides managed data transport services, leased capacity services, and plans to offer in-building optical distribution to multiple classes of customers including long-distance carriers, competitive local exchange carriers and Internet, cable, wireless and video companies. CEC's NYC metro area network is expected to interconnect over 1,000 commercial buildings, POPs and Verizon Central Offices by the end of 2005. Additional information about CEC is available at http://www.electricfiber.com/.
About Consolidated Edison, Inc.
Consolidated Edison, Inc. (NYSE:ED) is one of the nation's largest investor-owned energy companies, with approximately $10 billion in annual revenues and $17 billion in assets. The company provides a wide range of energy-related products and services to its customers through two regulated utility subsidiaries and four competitive energy and telecommunications businesses. For additional financial, operations and customer service information, visit the Consolidated Edison, Inc. web site at http://www.conedison.com./.
CONTACT: Robert Jewels
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