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Columbia Electric Sells Stakes to Hancock Group |
October 11, 2000 08:45 GMT
(Reuters)
HERNDON, Va., Oct 11 (Reuters) - Columbia Energy
Group (CG) said Wednesday it has agreed to sell
the remaining power plant interests of its
Columbia Electric unit to a partnership formed
by Delta Power Co. and John Hancock Life
Insurance Co. for an undisclosed sum.
John Hancock is a subsidiary of John Hancock
Financial Services Inc. (JHF) while Delta Power
Co. LLC, based in Morristown, N.J., is a private
independent power company.
Included is Columbia Electric's interest in the
Gregory Power Project near Corpus Christi,
Texas, a 550 megawatt plant that provides both
steam and electricity to Alcoa Inc.'s (AA)
Sherwin alumina facility and sells excess
electricity into the Texas wholesale market,
primarily through a marketing agreement with
Dynegy Inc. (DYN). The remaining 50 percent of
the plant is held by LG&E Energy Corp. (LGE).
Two power plants in New Jersey owned equally by
Columbia Electric and Conectiv Inc. (CIV): A
117-megawatt plant near Pedricktown, N.J., that
provides steam and electricity for industrial
use to PolyOne Corp. (POL) and sells excess
electricity into the mid-Atlantic wholesale
market and a 47 megawatt plant near Vineland,
N.J., that provides electricity to the City of
Vineland Electric Utility and steam to Diageo
Plc's (DGE.L) Progresso unit.
Columbia also is selling its approximate 10
percent interest in an 85 megawatt co generation
facility in Rumford, Maine. |
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