Hampton, NH; June 21, 1999 –Unitil/Fitchburg Gas & Electric Light Company (AMEX:UTL) signed an agreement to sell its remaining electric power generation portfolio to Select Energy, subject to the approval of the Federal Energy Regulatory Commission (FERC) and the Massachusetts Department of Telecommunications and Energy (MDTE).
Under this contract, FG&E packaged together the output from its remaining power contracts and two minority interests in generation assets for sale to Select Energy, as the final step in the company’s power supply divestiture process. The divestiture was conducted through an auction process which commenced in January of 1998.
The portfolio being sold to Select Energy includes:
- Four power purchase contracts (two from qualifying facilities – Linweave and Pinetree, one from a utility – Public Service of New Hampshire and the Hydro Quebec Firm Energy Contract).
- A minority interest in the Wyman 4 generation station
- A minority interest in the Millstone 3 plant.
Last March, FG&E sold its principal generation asset, a 4.5% interest in New Haven Harbor Station, to United Illuminating.
"We have worked diligently to insure this sale will deliver maximum benefits to customers in the form of low transition costs and quick recovery – we are pleased that we were able to finalize the deal with Select." Said Unitil CEO Bob Schoenberger.
This sale, when consummated, will complete a series of restructuring transactions conducted by FG&E in compliance with Massachusetts restructuring law as well as FG&E’s restructuring plan.
Unitil is a public utility holding company with a combination electric and gas utility distribution operation in north central Massachusetts and electric utility distribution operations in several cities and towns in the seacoast and capital city areas of New Hampshire. Unitil is also engaged in energy planning, procurement, marketing and consulting activities through both its utility and non-utility subsidiaries. Its subsidiaries are Concord Electric Company, Exeter & Hampton Electric Company, Fitchburg Gas and Electric Light Company, Unitil Power Corp., Unitil Realty Corp., Unitil Resources, Inc., and Unitil Service Corp.
Contact
Todd Black
black@usourceonline.com
Corporate Office
Liberty Lane West
Hampton, NH 03842-1720
800/999-6501
