Cinergy Capital & Trading, Inc. and Duke Energy North America Announce Partnership Change in Ohio/Indiana.Business Editors CINCINNATI--(BUSINESS WIRE)--June 8, 2001 Cinergy Capital and Trading, Inc. (Cinergy) and Duke Energy North America (DENA) announced today that they have signed an agreement through their respective subsidiaries providing for the dissolution of VMC See VESA Media Channel. Generating Company (VMC). VMC is a general partnership in which affiliates of Cinergy and DENA each own a fifty percent interest. VMC was formed in September 1999 and owns 100 percent of CinCap VII, LLC (Cadiz), Duke Energy Vermillion, LLC (Vermillion), and Duke Energy Madison, LLC (Madison). Pursuant to the agreement, VMC's 100 percent interest in Madison and Cadiz, will be transferred to Cinergy Capital and Trading, Inc. VMC's 100 percent interest in Vermillion will be transferred to an affiliate of DENA. The dissolution is subject to obtaining all necessary regulatory approvals. Financial terms of the transaction are not being disclosed. Michael J. Cyrus, 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 Cinergy's Energy Merchant business unit, said, "Cinergy continues it's strong relationship with Duke Energy and we're certainly pleased with the benefits the partnership has netted since it's inception. This restructuring however creates greater operational and financial flexibility for both organizations." Vermillion owns a 640-megawatt simple cycle generation facility in operation, located in Vermillion County, Indiana Vermillion County is a county located in the U.S. state of Indiana. As of 2000, the population is 16,788. The county seat is Newport6. It is included in the Terre Haute, Indiana Metropolitan Statistical Area. . Madison owns a 640-megawatt simple cycle generation facility in operation, located in Butler County, Ohio Butler County is a county located in the state of Ohio, United States. As of 2000, the population was 332,807. Its county seat is Hamilton6. It is named for General Richard Butler, who died in 1791 fighting Indians in northern Ohio. . Cadiz owns a 129-megawatt simple cycle generation facility under development in Henry County, Indiana Henry County is a county located in the U.S. state of Indiana. As of 2000, the population was 48,508. The county seat is New Castle6. Henry County is regarded as the main inspiration for the setting of the novel Raintree County by Ross Lockridge, Jr.. . Cinergy Capital & Trading is a wholesale energy marketing affiliate of Cinergy Corp. (NYSE NYSE See: New York Stock Exchange :CIN CIN cervical intraepithelial neoplasia. Cervical intraepithelial neoplasia (CIN) A term used to categorize degrees of dysplasia arising in the epithelium, or outer layer, of the cervix. ), one of the nation's leading diversified energy companies. Cinergy Corp.'s operating companies, The Cincinnati Gas & Electric Company and PSI Energy Inc., serve more than 1.4 million electric customers and 470,000 gas customers in Indiana, Ohio and Kentucky. More information on Cinergy is available at the corporate Web site: www.cinergy.com |
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