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HAGERSTOWN, Md., Sept. 18, 2003 -- Allegheny Energy Supply Company, LLC, a subsidiary of Allegheny Energy, Inc., and its Allegheny Trading Finance (ATF) unit on Thursday paid the initial $100-million installment under an agreement to terminate its 1,000-megawatt (MW) tolling agreement with Williams Power Company, Inc., a unit of Williams.
The termination of this tolling agreement, along with the recently completed sale of ATF's energy supply contract with the California Department of Water Resources and the termination of a second tolling agreement, are part of Allegheny's strategy to exit the western energy markets and refocus on its core assets.
As previously announced on August 1, 2003, Allegheny will suspend payments under the Williams tolling agreement as of this initial payment. Following the initial payment, Allegheny will pay Williams two $14-million installments -- one 6 months after the initial payment and the other 12 months after the initial payment. Termination of the tolling agreement will occur when the final $14-million payment is made.
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.
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