SCHEDULE 13D 
 
Amendment No. 1 
El Paso Electric Company 
Common Stock  
Cusip # 283677854 
 
 
Cusip # 283677854 
Item 1:	Reporting Person - FMR Corp. - (Tax ID:  04-2507163) 
Item 4:	PF 
Item 6:	Commonwealth of Massachusetts 
Item 7:	4,533,694 
Item 8:	None 
Item 9:	12,590,339 
Item 10:	None 
Item 11:	12,590,339 
Item 13:	20.98% 
Item 14:	HC 
 
 
PREAMBLE 
 
	The filing of this Schedule 13D is not, and should not be  
deemed to be, an admission that such Schedule 13D is required to  
be filed.  See the discussion under Item 2. 
 
Item 1.	Security and Issuer. 
 
	This statement relates to shares of the Common Stock, $0.00  
par value (the "Shares") of El Paso Electric Company, a Texas  
corporation (the "Company").  The principal executive offices of  
the Company are located at 303 North Oregon Street, El Paso, TX  
79901. 
 
Item 2.	Identity and Background. 
 
	Item 2 is amended as follows: 
 
	This statement is being filed by FMR Corp., a Massachusetts  
Corporation ("FMR").  FMR is a holding company one of whose  
principal assets is the capital stock of a wholly-owned  
subsidiary, Fidelity Management & Research Company ("Fidelity"),  
which is also a Massachusetts corporation.  Fidelity is an  
investment advisor which is registered under Section 203 of the  
Investment Advisors Act of 1940 and which provides investment  
advisory services to more than 30 investment companies which are  
registered under Section 8 of the Investment Company Act of 1940  
and serves as investment advisor to certain other funds which are  
generally offered to limited groups of investors (the "Fidelity  
Funds").  Fidelity Management Trust Company ("FMTC"), a wholly- 
owned subsidiary of FMR Corp. and a bank as defined in Section  
3(a)(6) of the Securities Exchange Act of 1934, serves as trustee  
or managing agent for various private investment accounts,  
primarily employee benefit plans and serves as investment adviser  
to certain other funds which are generally offered to limited  
groups of investors (the "Accounts").  Various directly or  
indirectly held subsidiaries of FMR are also engaged in  
investment management, venture capital asset management,  
securities brokerage, transfer and shareholder servicing and real  
estate development.  The principal offices of FMR, Fidelity, and  
FMTC are located at 82 Devonshire Street, Boston, Massachusetts  
02109. 
 
	Members of the Edward C. Johnson 3d family are the  
predominant owners of Class B shares of common stock of FMR  
representing approximately 49% of the voting power of FMR.  Mr.  
Johnson 3d owns 12.0% and Abigail Johnson owns 24.5% of the  
aggregate outstanding voting stock of FMR.  Mr. Johnson 3d is the  
Chairman of FMR.  The Johnson family group and all other Class B  
shareholders have entered into a shareholders' voting agreement  
under which all Class B shares will be voted in accordance with  
the majority vote of Class B shares.  Accordingly, through their  
ownership of voting common stock and the execution of the  
shareholders' voting agreement, members of the Johnson family may  
be deemed, under the Investment Company Act of 1940, to form a  
controlling group with respect to FMR.  The business address and  
principal occupation of Mr. Johnson 3d is set forth in Schedule A  
hereto. 
 
	The Shares to which this statement relates are owned  
directly by ten of the Fidelity Funds, and seven of the Accounts. 
 
	The name, residence or business address, principal  
occupation or employment and citizenship of each of the executive  
officers and directors of FMR are set forth in Schedule A hereto. 
 
	Within the past five years, none of the persons named in  
this Item 2 or listed on Schedule A has been convicted in any  
criminal proceeding (excluding traffic violations or similar  
misdemeanors) or has been a party to any civil proceeding and as  
a result thereof was or is subject to any judgment, decree or  
final order enjoining future violations of, or prohibiting or  
mandating activities subject to federal or state securities laws  
or finding any violations with respect to such laws. 
 
Item 3.	Source and Amount of Funds or Other Consideration. 
 
	Item 3 is amended as follows: 
 
	The Fidelity Funds expect to receive 8,435,090 Shares of  
common stock pursuant tot he Company's Fourth Amended Plan of  
Reorganization filed under Chapter 11 of the United States  
Bankruptcy Code (the "Plan").  The number of Shares to be  
received are subject to adjustment under the Plan.  The Shares  
will be received in partial exchange for certain of the Company's  
debt securities and bank debt. 
 
	The Accounts expect to receive 5,407,707 Shares of common  
stock pursuant to the Plan.  The number of Shares to be received  
is subject to adjustment under the Plan.  The Shares will be  
received in partial exchange for certain of the Company's debt  
securities and bank debt. 
 
	These numbers set forth above do not include those Shares  
expected to be received by the Fidelity Funds or Accounts with  
respect to which, as of March 1, 1996, the reporting person has  
no beneficial ownership as describe din Item 5(c) below. 
 
	The Fidelity Funds which own or owned Shares purchased in  
the aggregate 1,815,600 Shares for cash in the amount of  
approximately $9,872,325, including brokerage commissions.  The  
Fidelity Funds used their own assets in making such purchase and  
no part of the purchase price is represented by borrowed funds.   
Proceeds from 2,596,434 Shares sold aggregated approximately  
$14,269,901.  The attached Schedule B sets forth Shares purchased  
and/or sold since October 4, 1996. 
 
	Proceeds from 457,262 Shares sold by the Accounts aggregated  
approximately $2,652,079.  The attached Schedule B sets forth  
Shares purchased and/or sold since October 4, 1996. 
 
Item 4.	Purpose of Transaction. 
 
	Item 4 is amended as follows: 
 
	The Fidelity Funds and Accounts expect to receive the Shares  
pursuant to the Company's Plan, in addition to cash and debt  
securities, in exchange for debt securities and bank debt held by  
the Fidelity Funds and Accounts. 
 
	Fidelity and FMTC, respectively, intend to review  
continuously the equity position of the Fidelity Funds and  
Accounts in the Company.  Depending upon future evaluations of  
the business prospects of the Company and upon other  
developments, including, but not limited to, general economic and  
business conditions and money market and stock market conditions,  
Fidelity may determine to cease making additional purchases of  
Shares or to increase or decrease the equity interest in the  
Company by acquiring additional Shares, or by disposing of all or  
a portion of the Shares. 
 
	Neither Fidelity nor FMTC has any present plan or proposal  
which relates to or would result in (i) an extraordinary  
corporate transaction, such as a merger, reorganization,  
liquidation, or sale of transfer of a material amount of assets  
involving the Company or any of its subsidiaries, (ii) any change  
in the Company's present Board of Directors or management, (iii)  
any material changes in the Company's present capitalization or  
dividend policy or any other material change in the Company's  
business or corporate structure, (iv) any change in the Company's  
charter or by-laws, or (v) the Company's common stock becoming  
eligible for termination of its registration pursuant to Section  
12(g)(4) of the 1934 Act. 
 
Item 5.	Interest in Securities of Issuer. 
 
	Item 5 is amended as follows: 
 
	FMR, Fidelity, and FMTC, beneficially own all 12,590,339  
Shares. 
 
	(a)	FMR beneficially owns, through Fidelity, as investment  
advisor to the Fidelity Funds, 7,653,954 Shares, or approximately  
12.76% of the outstanding Shares of the Company, and through  
FMTC, the managing agent for the Accounts, 4,936,385 Shares, or  
approximately 8.23% of the outstanding Shares of the Company.   
Neither FMR, Fidelity, FMTC, nor any of its affiliates nor, to  
the best knowledge of FMR, any of the persons named in Schedule A  
hereto, beneficially owns any other Shares.  The combined  
holdings of FMR, Fidelity, and FMTC, are 12,590,339 Shares, or  
approximately 20.98% of the outstanding Shares of the Company. 
 
	(b)	FMR, through is control of Fidelity, investment advisor  
to the Fidelity Funds, and the Funds each has sole power to  
dispose of the Shares.  Neither FMR nor Mr. Johnson has the sole  
power to vote or direct the voting of the 7,653,954 Shares owned  
directly by the Fidelity Funds, which power resides with the  
Funds' Boards of Trustees.  Fidelity carries out the voting of  
the Shares under written guidelines established by the Funds'  
Board of Trustees.  FMR, through its control of FMTC, investment  
manager to the Accounts, and the Accounts each has sole  
dispositive power over 12,590,339 Shares and sole power to vote  
or to direct the voting of 4,533,694 Shares, and no power to vote  
or to direct the voting of 402,691 Shares owned by the Accounts.   
 
	(c)	The number of Shares beneficially owned set forth above  
does not include approximately 1,432,387 Shares with respect to  
which, as of March 1, 1996, the reporting person had no  
beneficial ownership.  One March 1, 1996, there was (i) a  
termination of the reporting person's interest in two Accounts  
and a Fidelity Fund (a private investment partnership) and (ii) a  
termination of investment management agreements FMTC and Fidelity  
had with such Account(s) and Fidelity Fund, respectively.  Such  
Accounts and Fidelity Fund had expected to receive approximately  
1,432,387 Shares in the aggregate. 
 
	(d)	Except as set forth in Schedule B, neither FMR, or any  
of its affiliates, nor, to the best knowledge of FMR, any of the  
persons named in Schedule A hereto has effected any transaction  
in Shares during the past sixty (60) days. 
 
Item 6.	Contract, Arrangements, Understandings or Relationships  
With Respect to Securities of the Issuer. 
 
	DDJ Capital Management, LLC or an affiliate of such company  
("DDJ"), provides investment advisory consulting services for  
FMTC's use in connection with FMTC's investment management of two  
Accounts.  DDJ is not a direct or indirect subsidiary or  
affiliate of FMR Corp. or FMTC; DDJ has no shares or sole voting  
or dispositive power or any other investment discretion with  
respect to such securities owned by Accounts managed by FMTC. 
 
	As contemplated by the Plan, the Company and the Fidelity  
Funds and Accounts that will recieve the Shares are parties to a  
Registration Rights Agreement dated February 12, 1996 obligating  
the Copany to register future sales of the Shares by such  
Fidelity Funds and Accounts under the Securities Act of 1933, as  
amended. 
 
	In connection with the Plan, (i) the Securities and Exchange  
Commission granted Fidelity and FMTC an exemption from the  
provisions of the Public Utility Holdings Company Act for a three  
year period, and (ii) the New Mexico Public Utility Commission  
issued a Final Order in connection with the Fidelity Funds' and  
Accounts' ownership of the Shares.  In connection therewith,  
Fidelity and FMTC represented that they anticipated that its  
aggregate beneficial ownership will be less than 10% within a  
three year period. 
 
	Except as may otherwise be described herein, neither FMR nor  
any of its affiliates nor, to the best knowledge of FMR, any of  
the persons named in Schedule A hereto has any joint venture,  
finder's fee, or other contract or arrangement with any person  
with respect to any securities of the Company. 
 
	The Funds and Accounts may from time to time own debt  
securities issued by the Company or its direct or indirect  
subsidiaries, and may from time to time purchase and/or sell such  
debt securities. 
 
 
 
Item 7.	Material to be Filed as Exhibits. 
 
	This statement speaks as of its date, and no inference  
should be drawn that no change has occurred in the facts set  
forth herein after the date hereof. 
 
Signature 
 
	After reasonable inquiry and to the best of my knowledge and  
belief, I certify that the information set forth in this  
statement is true, complete and correct. 
 
						FMR Corp. 
 
 
 
DATE:	December 13, 1996	By:	/s/Arthur  
Loring			 
	Arthur Loring 
	Vice President-Legal 
 
 
 
 
SCHEDULE A 
 
	The name and present principal occupation or employment of  
each executive officer and director of FMR Corp. are set forth  
below.  The business address of each person is 82 Devonshire  
Street, Boston, Massachusetts 02109, and the address of the  
corporation or organization in which such employment is conducted  
is the same as his business address.  All of the persons listed  
below are U.S. citizens. 
 
POSITION WITH 
									PRINCIPAL 
NAME	FMR CORP.	OCCUPATION 
 
Edward C. Johnson 3d	President, 
	Chairman of the 
Director, CEO	Board and CEO, FMR 
Chairman & 
Mng. Director 
 
J. Gary Burkhead	Director	President-Fidelity 
 
Caleb Loring, Jr.	Director,	Director, FMR 
	Mng. Director 
 
James C. Curvey	Director, 	Sr. V.P., FMR 
	Sr. V.P. 
 
William L. Byrnes	Vice Chairman	Vice Chairman, FIL 
Director & Mng. 
Director 
 
Abigail P. Johnson	Director	Portfolio Mgr -  
Fidelity 
		Management &  
Research 
		Company 
 
Robert C. Pozen	Sr. V.P. & Gen'l	Sr. V.P. & Gen'l 
	Counsel	Counsel, FMR 
 
David C. Weinstein	Sr. Vice President	Sr. Vice President 
Administration	Administration 
 
Gerald M. Lieberman	Sr. Vice Pres. - 	Sr. Vice Pres. - 
Chief Financial	Chief Financial  
Officer	Officer 
 
 
 
SCHEDULE B 
 
 
El Paso Electric Co. 
 
 
One Fidelity Fund(s) purchased Shares since September 24, 1994 at  
the dates and at the prices set forth below.  The transactions  
were made for cash in open market transactions or with other  
investment companies with the same or an affiliated investment  
advisor. 
 
	DATE	SHARES	PRICE 
 
	11-18-96	1,815,600	$5.4375 
 
 
 
SCHEDULE B 
 
 
El Paso Electric Co. 
 
Nine Fidelity Fund(s) sold Shares since September 24, 1996 at the  
dates and at the prices set forth below.  The transactions were  
made for cash in open market transactions or with other  
investment companies with the same or an affiliated investment  
advisor. 
 
	DATE	SHARES	PRICE 
 
	10-24-96	16,800	$5.125 
	10-25-96	29,400	5.2411 
	10-28-96	2,700	5.1369 
	10-29-96	2,700	5.1875 
	10-30-96	10,100	5.2259 
	10-31-96	3,600	5.3354 
	11-01-96	14,700	5.195 
	11-04-96	6,386	5.25 
	11-05-96	6,600	5.25 
	11-06-96	29,200	5.2765 
	11-07-96	6,400	5.25 
	11-08-96	14,300	5.1875 
	11-11-96	8,600	5.1875 
	11-12-96	3,600	5.1875 
	11-13-96	12,700	5.1875 
	11-14-96	76,800	5.39805 
	11-15-96	66,300	5.3864 
	11-18-96	1,829,548	5.4375 
	11-19-96	18,100	5.4621 
	11-20-96	52,200	5.6229 
	11-21-96	25,600	5.6416 
	11-22-96	29,200	5.75 
	11-25-96	48,400	5.7681 
	11-26-96	14,800	5.8229 
	11-27-96	2,100	5.875 
	11-29-96	5,800	5.9038 
	12-02-96	80,400	5.8842 
	12-03-96	102,600	6.1359 
	12-04-96	27,300	6.4524 
	12-05-96	23,900	6.4385 
	12-06-96	1,700	6.25 
	12-09-96	11,400	6.2126 
 
 
 
 
SCHEDULE B 
 
 
El Paso Electric Co. 
 
Eight Account(s) sold Shares since September 24, 1996 at the  
dates and at the prices set forth below.  The transactions were  
made for cash in open market transactions or with other  
investment companies with the same or an affiliated investment  
advisor. 
 
	DATE	SHARES	PRICE 
 
	10-24-96	3,200	$5.125 
	10-25-96	5,600	5.2411 
	10-28-96	7,300	5.1369 
	10-29-96	7,300	5.1875 
	10-30-96	15,800	5.2259 
	10-31-96	500	5.3354 
	11-01-96	1,900	5.195 
	11-04-96	3,900	5.25 
	11-05-96	300	5.25 
	11-06-96	1,500	5.2765 
	11-07-96	300	5.25 
	11-08-96	700	5.1875 
	11-11-96	400	5.1875 
	11-12-96	261	5.1875 
	11-13-96	600	5.1875 
	11-14-96	3,700	5.39805 
	11-15-96	3,200	5.3864 
	11-18-96	13,001	5.4375 
	11-19-96	17,200	5.4621 
	11-20-96	49,600	5.6229 
	11-21-96	24,100	5.6416 
	11-22-96	27,600	5.75 
	11-25-96	46,100	5.7681 
	11-26-96	14,100	5.8229 
	11-27-96	1,800	5.875 
	11-29-96	5,500	5.9038 
	12-02-96	76,400	5.8842 
	12-03-96	97,400	6.1359 
	12-04-96	24,700	6.4524 
	12-05-96	12,100	6.4385 
	12-06-96	800	6.25 
	12-09-96	5,800	6.2126