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NYPSC Approves Power Plant Sale

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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