AES Reaches Agreement to Sell Interest in Medway Power in the U.K. for Approximately GBP 47 Million, or $78 Million.Business Editors ARLINGTON, Va.--(BUSINESS WIRE)--Oct. 6, 2003 The AES Corporation (NYSE NYSE See: New York Stock Exchange : AES) today announced an agreement with SSE (1) An earlier full-screen editor in OS/2. (2) (Streaming SIMD Extensions) A series of additional instructions built into Pentium CPU chips for improved multimedia performance by performing mathematical operations on multiple sets of data at the Generation Limited, a subsidiary of Scottish and Southern Energy Plc Scottish and Southern Energy plc (SSE) is an energy company formed in 1998 following a merger of equals between Scottish Hydro-Electric plc and Southern Electric plc. Its headquarters are located in Perth, Scotland. , to sell its ownership interest in Medway Power Limited (MPL 1. (language) MPL - An early possible name for PL/I. [Sammet 1969, p.542]. 2. MPL - MasPar data-parallel version of C. See also ampl. Compiler version 3.1. 3. MPL - Motorola Programming Language. ) and AES Medway Operations Limited (AESMO) in an aggregate transaction valued at approximately GBP GBP In currencies, this is the abbreviation for the British Pound. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 47 million. AES will sell its 25% ownership of MPL, a 688 MW natural gas-fired combined cycle facility located in the United Kingdom, and its 100% interest in AESMO, the operating company for the facility. The combined value of both transactions equates to an equity purchase price which is substantially over the book value of AES' investment in both MPL and AESMO. Paul Hanrahan, President and Chief Executive Officer of AES, commented, "This strategic sale demonstrates our commitment to continually assess our investment portfolio worldwide to ensure we are maximizing value for our shareholders. In this case, we are selling a business at a price we believe is attractive relative to maintaining our minority ownership in the business." Completion of the transaction is subject to certain third party approvals, and AES expects the sale of both businesses to close in the fourth quarter of 2003. "Safe Harbor" Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: This news release may contain "forward-looking statements" regarding The AES Corporation's business. These statements are not historical facts, but statements that involve risks and uncertainties. Actual results could differ materially from those projected in these forward-looking statements. For a discussion of such risks and uncertainties, see "Risk Factors" in the Company's Annual Report on Form 10-K for the most recently ended fiscal year. AES is a leading global power company comprised of contract generation, competitive supply, large utilities and growth distribution businesses. The company's generating assets include interests in 119 facilities totaling over 46 gigawatts of capacity, in 28 countries. AES's electricity distribution network sells 89,614 gigawatt gig·a·watt n. Abbr. GW One billion (109) watts. hours per year to over 11 million end-use customers. For more general information visit our web site at www.aes.com or contact investor relations at investing@aes.com. |
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