Bechtel Purchases PG&E's Share of InterGen.SAN FRANCISCO--(BUSINESS WIRE)--Nov. 22, 1996--PG&E Enterprises and Bechtel Enterprises, Inc. announced today that they have reached an agreement which calls for Bechtel Enterprises to acquire PG&E Enterprises' interest in International Generating Company (InterGen). InterGen, a leading global power generation company, was formed in early 1995 by the two organizations to develop, finance, own, and operate electric power plants outside the U.S. and Canada. PG&E Enterprises is a wholly-owned subsidiary of Pacific Gas and Electric Company
The Pacific Gas and Electric Company (PG&E) , (NYSE: PCG), is the utility that provides natural gas and electricity to most of Northern California. (NYSE NYSE See: New York Stock Exchange : PCG PCG phonocardiogram. ), managing PG&E's businesses other than gas transmission and California utility operations. Bechtel Enterprises is the development, financing, and ownership affiliate of Bechtel Group, Inc. "The energy marketplace has undergone significant change in the past two years," said Tony DiStefano Tony DiStefano (born February 6, 1957 in Bristol, Pennsylvania) was a top motocross champion of the 1970s. He won three AMA 250cc National Motocross Championships. DiStefano was the son of a motorcycle shop owner and began riding motorcycles at an early age. , president of PG&E Enterprises. "While InterGen's primary strategy is to pursue power generation projects in many countries around the globe, PG&E has refined its international strategy to focus on a smaller set of countries where it will participate in multiple energy businesses with a focus on end-use energy customers. Power generation projects will continue to be an element of PG&E's overall investment mix, but mainly in places where we have broader participation in the energy business." PG&E expects to realize at least an after-tax gain of approximately $70 million, or 17 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , from the sale, plus possible additional amounts contingent on Adj. 1. contingent on - determined by conditions or circumstances that follow; "arms sales contingent on the approval of congress" contingent upon, dependant on, dependant upon, dependent on, dependent upon, depending on, contingent the closing of InterGen projects. Completion of the sale is conditioned on the receipt of third party consents and is expected before March 1, 1997. Since its inception, InterGen has grown significantly, building a strong portfolio of power generation projects and prospects. Three projects totaling more than 2,100 megawatts of electricity are under construction; three projects totaling nearly 1,400 megawatts are under contract and in the final stages of financial closing; five projects totaling nearly 3,900 megawatts have been awarded and are in contract negotiations; and an additional 27 project prospects totaling nearly 10,000 megawatts are in various stages of development throughout the world. InterGen is also pursuing related fuel supply projects. The Bechtel organization has a long and successful track record in the power business, in both developed and developing countries. Bechtel Enterprises presently has ownership interests in 23 independent power projects generating nearly 5,800 megawatts of electricity. In addition, Bechtel, through its engineering and construction business, has been involved in the worldwide energy market for more than 50 years, having built more than 450 power stations, with a total generating capacity exceeding 250,000 megawatts. "We understand and respect PG&E's strategic decision to refocus Verb 1. refocus - focus once again; The physicist refocused the light beam" focus - cause to converge on or toward a central point; "Focus the light on this image" 2. its efforts in the international power arena," said John Carter John Carter may refer to:
The InterGen acquisition will not result in any changes to the strategic business plan or management structure of the company, which Bechtel Enterprises strongly supports. "With one of the best development and financing teams in the industry, we are looking forward to a very promising future," said Carlos Riva, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of InterGen. "We will continue to be an aggressive and creative player in the international power and energy markets." PG&E Enterprises and Bechtel Enterprises will continue to own and manage U.S. Generating Company (USGen), a highly successful supplier of electric power in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. since 1989. Today, USGen has ownership and management responsibilities for 17 electric power plants, accounting for nearly 3,400 megawatts of generating capacity. The company is an active power marketer and manages approximately 875 million cubic feet per day of Canadian and U.S. natural gas supplies and 5.6 million tons per year of coal deliveries. Pacific Gas and Electric Company is one of the largest investor-owned electric and gas utilities in the United States, serving more than 13 million people in Northern and Central California Central California can refer to one of several divisions or regions of the U.S state of California:
PGT Procuradoria Geral do Trabalho (Brazil general attorney's office of the work) PGT Pistol Grip Tool PGT Post Graduate Training PGT Princeton Gamma-Tech, Inc. ) and San Francisco-based PG&E Enterprises. PGT owns and operates natural gas transmission pipelines in the Pacific Northwest and Australia, and has recently agreed to acquire Texas-based TECO (Text Editor and COrrector) A text editor written in 1963 by Dan Murphy at MIT for editing paper tape on a Digital PDP-1 computer (it was originally called "Tape Editor and Corrector"). Pipeline Co. In addition to USGen, PG&E Enterprises owns Vantus Energy, a marketer of gas and electricity commodities and developer of energy services. Bechtel Group, Inc. is one of the world's premier engineering, construction, and project management organizations. It has completed more than 15,000 projects in 140 countries on all seven continents. Since 1990, its financing and development subsidiary, Bechtel Enterprises, has participated in arranging more than $10.5 billion in project financings; it is a leader in the privatized infrastructure market with interests in power generation, water and wastewater facilities, transportation, ports, and telecommunications and other technology ventures. CONTACT: Bechtel Enterprises Jeff Leichtman, 415/768-9202 or PG&E Enterprises Diane Sable sable, species of marten, Martes zibellina, found in Siberia, N European Russia, and N Finland. This carnivorous mammal is highly valued for its thick, soft fur, which is dark brown or black, sometimes with white underparts and sometimes flecked with silver. , 415/973-5906 |
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