Atlantic City Electric to Re-Auction Generation Assets
Friday, May 06, 2005
Mays Landing, N.J. — Atlantic City Electric Company, a subsidiary of Pepco Holdings, Inc. (NYSE:POM), today announced that it will again auction its electric generation assets.
The assets, which are within the PJM Power Pool, include the 447 Megawatt (MW), coal and oil-fired B. L. England Generating Station, located in Cape May County, N.J. and its 108 MW interest in Keystone and Conemaugh stations, coal-fired base-load generating plants located in western Pennsylvania. The 555 MW will be offered by a competitive bidding process that will be managed by Concentric Energy Advisors, Inc. (CEA) of Marlborough, Mass.
The B.L. England plant and interest in Keystone and Conemaugh have been for sale for approximately 5 years. During this period there have been two auctions. Market conditions have prevented a successful conclusion of a sale. “The market is again showing interest in the plant and our other generation assets,” said Ken Parker, Atlantic City Electric Region President. “We expect the bidding process to begin mid-May with final bids submitted by summer’s end.”
The sale is subject to the required regulatory approvals.
Parties wishing to participate in the auction or who have questions on the auction process should contact Robert Hevert, 508-263-6204 or Gerry Yurkevicz, 508-263-6207 at CEA.
Media Contact: Betty Kennedy (609) 625-5567
Investor Contact: Anthony Kamerick (202) 872-2056
Atlantic City Electric, a subsidiary of Pepco Holdings, Inc. ( NYSE: POM), provides safe, reliable and affordable electric service to more than 500,000 customers in southern New Jersey.
Concentric Energy Advisors (www.ceadvisors.com) is a privately owned financial advisory and consulting firm focused on the North American energy and water utilities industry. Based in Marlborough, Massachusetts, CEA specializes in M&A and other transaction-related financial advisory services, strategic market assessments, litigation and regulatory support, and utility ratemaking services and expert testimony.
Except for historical statements and discussions, the statements in this news release constitute "forward-looking statements" within the meaning of federal securities law. These statements contain management's beliefs based on information currently available to management and on various assumptions concerning future events. Forward-looking statements are not a guarantee of future performance or events. They are subject to a number of uncertainties and other factors, many of which are outside the company's control. Factors that could cause actual results to differ materially from those in the forward-looking statements herein include general economic, business and financing conditions; availability and cost of capital; changes in laws, regulations or regulatory policies; weather conditions; competition; governmental actions; and other presently unknown or unforeseen factors. These uncertainties and factors could cause actual results to differ materially from such statements. PHI disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This information is presented solely to provide additional information to further understand the results and prospects of PHI.