Edison Seeks Interested Buyers for Pilgrim Station.BOSTON--(BUSINESS WIRE)--April 16, 1998--Boston Edison Company today issued letters soliciting expressions of interest in purchasing the Pilgrim Station nuclear generating plant and associated assets in Plymouth, Massachusetts
The letter states the company is seeking only expressions of interest from qualified parties in participating in the sales process A sales process is a systematic approach for performing product or service sales. The reasons for having a sales process include seller and buyer risk management, achieving standardized customer interaction in sales and scalable revenue generation. . Potential buyers must be able to meet the financial and regulatory requirements of the U.S. Nuclear Regulatory Commission Nuclear Regulatory Commission (NRC), an independent U.S. government commission, created by the Energy Reorganization Act of 1974 and charged with licensing and regulating civilian use of nuclear energy to protect the public and the environment. . According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Boston Edison Chairman, 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. Thomas J. May, "Today's letter begins the process of evaluating the market potential for Pilgrim Station. The time is right to assess the market considering that nuclear power is an economically viable hedge against the increasing cost and the nation's rapidly rising dependency on fossil fuels. Nuclear power also plays a major role in reducing carbon dioxide carbon dioxide, chemical compound, CO2, a colorless, odorless, tasteless gas that is about one and one-half times as dense as air under ordinary conditions of temperature and pressure. levels in the environment." May noted that during the past five years, the company has made significant strides in total operating efficiency and continues to maintain an excellent capacity factor. The plant's capacity factor for March 1998 was 99.5 percent and 99.1 percent for the first quarter of this year. Edison, which has agreed to sell its oil and gas fueled power plants to Sithe Energies last December, now plans to divest of its nuclear generation as well. While the sale of its fossil plants was in progress, the company acknowledged that the sale of Pilgrim Station was one of several options being considered concerning the future of the plant. The company views the sale of Pilgrim Station as a continuation of its announced strategy of exiting the generation business and focusing on being a wires based delivery company. Pilgrim is a 670 megawatt fully licensed and operational boiling water reactor Noun 1. boiling water reactor - a nuclear reactor that uses water as a coolant and moderator; the water boils in the reactor core and the steam produced can drive a steam turbine BWR water-cooled reactor - nuclear reactor using water as a coolant located on 1,675 acres of land bordering Cape Cod Bay. The facilities for sale are expected to include the nuclear steam supply system, the turbine, the generator and plant support system. Additionally, the Chiltonville Training Center, which includes the Pilgrim Station control room simulator, will be included in the sale, as well as the contracts, permits, and all 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. directly related to or necessary for the operation of the facilities. Boston Edison is the sole owner of the plant. Approximately 25 percent of its capacity is under long-term power purchase contracts to various New England utilities. The plant is connected to the New England transmission grid which provides electricity to the six state region and interconnects with New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and Canada. CONTACT: Mike Monahan (617) 424-2460 or Dave Tarantino (508) 830-8895 or Carol Wightman (508) 830-8280 or Evenings/weekends (617) 541-7888 |
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