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HOUSTON, TX, Aug 17, 2006 -- Rockland Capital
Energy Investments, LLC and Pepco Holdings,
Inc. (NYSE: POM) Rockland today announced they
have reached an agreement under which RC Cape
May Holdings, LLC, an affiliate of Rockland,
will purchase from Atlantic City Electric Company,
an affiliate of Pepco Holdings, the B.L. England
Generating Station for $12.2 million. RC Cape
May Holdings, LLC will assume certain liabilities
associated with the B.L. England Generating
Station, including substantially all environmental
liabilities.
The purchase price is subject to adjustment
based on, among other things, variances in the
value of fuel and material inventories at the
closing, certain capital expenditures, plant
operating capacity, the value of certain benefits
for transferred employees and the actual closing
date.
B.L. England Generating Station, located in
Beesleys Point, Upper Township, Cape May County,
provides approximately 450 megawatts of generating
capacity from three generating units. Two units
burn coal and the third unit burns oil.
While Atlantic City Electric had previously
considered shutting the project down, Rockland
intends to continue the operation of the facility
and plans on making significant investments
in the plant to improve overall environmental
performance. "We believe that as long as
it is operated in an environmentally responsible
way, Rockland’s purchase of BL England
will enable the project to continue to be an
important source of local power generation and
employment," said Scott Harlan, Managing
Director of Rockland.
The sale is subject to approval by the New Jersey
Board of Public Utilities, New Jersey Department
of Environmental Protection and U.S. Federal
Energy Regulatory Commission, as well as certain
other legal conditions. The sale is expected
to be completed during the first quarter of
2007.
Rockland Capital Energy Investments, a private
energy investment company founded in 2003, focuses
on the acquisition, development and optimization
of companies and projects in the North American
and European energy sectors. For more information
visit www.rocklandcapital.com. |
