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               Consolidated Edison Company of New York, Inc.
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The following article is in the November 1997 edition of Con Edison Times, an
employee communications newspaper, which was released on November 6, 1997.

                        A Vote for Con  Edison's  Future

     Con Edison has called a special stockholders' meeting for Friday,  December
12, at which stockholders will vote on the reorganization of the Company. If you
are a stockholder,  you will be receiving a proxy shortly that will allow you to
vote for or against the reorganization.  While it is up to you to decide how you
will vote,  here is some  information  you may find valuable in helping you make
your decision.

      Under the reorganization  plan, the Company would assume a holding company
structure,  which  would  benefit  the  Company's  customers,  stockholders  and
employees.   Several  other  utilities  have  already  adopted  this  structure,
including Pacific Gas and Electric,  Southern California Edison, Detroit Edison,
Commonwealth Edison and San Diego Gas and Electric.

      If approved by holders of 2/3 of the Company's  common shares,  Con Edison
would be restructured with a holding company overseeing four  subsidiaries.  One
of the  subsidiaries  would be  regulated  and three would be  unregulated.  The
regulated  subsidiary  would  deliver  electricity,  natural  gas and  steam  to
customers. One of the unregulated subsidiaries,  Con Edison Solutions,  would be
the Company's energy services company. This subsidiary would market electricity,
natural  gas,  oil and  energy  services  throughout  the  Northeast.  A  second
unregulated  subsidiary,  Con  Edison  Development,   will  seek  energy-related
investment opportunities throughout the world.

      A third  unregulated  utility,  to be formed early next year, will own and
operate generating stations.

      The holding company  structure puts Con Edison in the best position to vie
for business in the competitive marketplace which will develop over the next few
years. It is important to the Company's  employees,  stockholders  and customers
that the reorganization be approved.