NYPSC Approves Power Plant Sale
The New York State Public Service Commission has approved the
sale of all electricity generating facilities owned by Orange and
Rockland Utilities, including a facility owned jointly with
Consolidated Edison of New York, to affiliates of Southern Energy,
Inc. for $476.3 million. All net proceeds from the sale will be
used for the benefit of O&R and Con Edison ratepayers.
The auction of these generating facilities, totaling about 1,170
MW of power generation, is part of the Commission's plan to promote
competition in the electric generating industry.
The O&R and Con Edison facilities were auctioned as a
package, which includes the 1,200 MW Bowline Point Generating
Station in the Town of Haverstraw. O&R owns a one-third
interest (400 MW) and Con Edison a two-thirds interest (800 MW) in
the facility. Con Edison's share of the $476. 3 million sale price
is $133.2 million. O&R's generation package also includes the
Lovett Station in the Town of Stony Point (453 MW).
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