Consent of Independent Accountants




The Board of Directors
Energy Research Corporation:

We consent to incorporation  by reference in the registration  statement on Form
S-8 of Energy Research  Corporation and Subsidiaries of our report dated January
12,  1998,  relating  to the  consolidated  balance  sheets of  Energy  Research
Corporation  and  Subsidiaries  as of October 31, 1997 and 1996, and the related
consolidated  statements of income,  changes in common  shareholders' equity and
cash flows for each of the years in the  three-year  period  ended  October  31,
1997, which report appears in the October 31, 1997 annual report on Form 10-K of
Energy Research Corporation.



                                                      /s/ KPMG Peat Marwick, LLP



Stamford, CT
September 16, 1998