Allegheny Energy Supply suspends construction of Indiana generating facility.Business Editors HAGERSTOWN, Md.--(BUSINESS WIRE)--Nov. 13, 2002 Allegheny Energy Allegheny Energy (NYSE: AYE) is a traditional public utility based in the Pittsburgh suburb of Greensburg. It services communities in Western Pennsylvania, Western Maryland, Northern West Virginia, Northwest Virginia. Supply, the generating subsidiary of Allegheny Energy, Inc. (NYSE NYSE See: New York Stock Exchange : AYE), announced today that it would suspend construction of the 540-megawatt St. Joseph Generating Facility, located 10 miles west of South Bend South Bend, city (1990 pop. 105,511), seat of St. Joseph co., N Ind., on the great south bend of the St. Joseph River, in a farming and mint-growing region; inc. as a city 1865. , Ind IND Investigational new drug Therapeutics A status assigned by the FDA to a drug before allowing its use in humans, exempting it from premarketing approval requirements so that experimental clinical trials may be conducted. See Phase 1.2, 3 studies, Sponsorship. ., beginning in mid-November because of weak economic and market conditions. "Allegheny Energy Supply continuously evaluates all of its projects based on the economy and market conditions," said Michael P. Morrell, President, Allegheny Energy Supply. "Given the weak economy and the soft market for wholesale power, in addition to the Company's short-term liquidity issues, suspension of this project is prudent at this point in time. We will continue to evaluate the St. Joseph project going forward." Construction of the $400-million natural gas-fired, combined-cycle generating facility began at the end of April. Overall, the project is approximately 38-percent complete. Construction activities will be winding down on the site through the end of the year. Allegheny Energy Supply will work closely with various construction contractors to preserve and secure the construction site over the next several months. With headquarters in Hagerstown, Md., Allegheny Energy is an integrated Fortune 500 energy company with a balanced portfolio of businesses, including Allegheny Energy Supply, which owns and operates electric generating facilities and supplies energy and energy-related commodities in selected domestic retail and wholesale markets; Allegheny Power, which delivers low-cost, reliable electric and natural gas service to about three million people in Maryland, Ohio, Pennsylvania, Virginia, and West Virginia West Virginia, E central state of the United States. It is bordered by Pennsylvania and Maryland (N), Virginia (E and S), and Kentucky and, across the Ohio R., Ohio (W). Facts and Figures Area, 24,181 sq mi (62,629 sq km). Pop. ; and a business segment offering fiber-optic and data services, energy procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. and management, and energy services. More information about the Company is available at www.alleghenyenergy.com. |
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