The New York State Public Service Commission has approved thesale of all electricity generating facilities owned by Orange andRockland Utilities, including a facility owned jointly withConsolidated Edison of New York, to affiliates of Southern Energy,Inc. for $476.3 million. All net proceeds from the sale will beused for the benefit of O&R and Con Edison ratepayers.

The auction of these generating facilities, totaling about 1,170MW of power generation, is part of the Commission’s plan to promotecompetition in the electric generating industry.

The O&R and Con Edison facilities were auctioned as apackage, which includes the 1,200 MW Bowline Point GeneratingStation in the Town of Haverstraw. O&R owns a one-thirdinterest (400 MW) and Con Edison a two-thirds interest (800 MW) inthe facility. Con Edison’s share of the $476. 3 million sale priceis $133.2 million. O&R’s generation package also includes theLovett Station in the Town of Stony Point (453 MW).

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