Bangor Hydro Receives Remaining $10 Million for Sale of Assets.BANGOR, Maine--(BUSINESS WIRE)--Aug. 2, 1999-- Bangor Hydro-Electric Company (NYSE NYSE See: New York Stock Exchange :BGR BGR Bundesanstalt für Geowissenschaften und Rohstoffe (in Federal Republic of Germany) BGR Bulgaria (ISO Country code) BGR Blue Green Red (uncommon variant of RGB) ) announced it has initiated the final step in the sale of its electric generating assets and certain transmission rights to PP&L Global and received additional proceeds of $10 million. On July 28, Bangor Hydro transferred the economic benefits of its 50% interest in the 13 megawatt West Enfield hydroelectric station on the Penobscot River Penobscot River River, central Maine, U.S. The Penobscot, which flows south into Penobscot Bay, is the state's longest river—about 350 mi (560 km). It is navigable for 60 mi (97 km) to Bangor. and received the remainder of the $89 million purchase price for the assets. The first $79 million was received at the time of the transfer of other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. on May 27, 1999. This final step will close when the Maine PUC (Public Utility Commission) A regulatory body in every state in the U.S. that governs public utilities within its jurisdiction such as electricity, gas, oil, sewer, water, transportation and telephone service. Some states call it the Public Service Commission (PSC). approves the transfer of Bangor Hydro's ownership interest to PP&L. Bangor Hydro (www.bhe.com) is an electric utility serving a population of about 192,000 in an area encompassing 5,275 square miles in eastern and east coastal Maine. Bangor Hydro is a member of the New England Power Pool and is interconnected with other New England utilities to the south and with the New Brunswick Power Corp. to the north. |
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