|
HAGERSTOWN, Md., June 30, 2003 -- Allegheny Energy Inc. announced that Allegheny Energy Supply Conemaugh, LLC, a subsidiary of Allegheny Energy Supply Company, LLC, has completed the previously announced sale of its 83-MW share of the coal-fired Conemaugh Generating Station, located near Johnstown, Pa., to UGI Development Co., an indirect, wholly owned subsidiary of UGI Corp., for approximately $51.25 million, which includes a contingent amount of $5 million.
This contingent amount could be received by Allegheny Energy Supply Conemaugh, LLC, in full, in part, or not at all, depending upon Allegheny Energy Supply's performance of certain post-closing obligations. The sale will result in an estimated pre-tax loss for Allegheny Energy of approximately $29 million, which has been calculated excluding the contingent amount.
Allegheny Energy Supply Conemaugh announced the agreement to sell its interest in Conemaugh in late February 2003. Allegheny acquired the 4.86-percent interest in the 1,711-MW Conemaugh Generating Station in January 2001.
With headquarters in Hagerstown, Md., Allegheny Energy is an integrated energy company with a balanced portfolio of businesses, including Allegheny Energy Supply, which owns and operates electric generating facilities and supplies energy and energy-related commodities, and Allegheny Power, which delivers low-cost, reliable electric and natural gas service to about three million people in Maryland, Ohio, Pennsylvania, Virginia, and West Virginia. More information about the Company is available at www.alleghenyenergy.com.
|
Articles 
| View all PennWell sites | View all PennWell events
Add RSS Feed
