GPU, Inc. Sells Stake in Seneca Generating Station; Advances Strategy.MORRISTOWN, N.J.--(BUSINESS WIRE)--July 26, 1999-- GPU GPU: see secret police. (Graphics Processing Unit) A specialized logic chip devoted to rendering 2D or 3D images. Display adapters contain one or more GPUs for fast graphics rendering. , Inc (NYSE NYSE See: New York Stock Exchange : GPU) officials announced the financial closing on the sale of the company's 20 percent interest in the Seneca pumped storage Pumped storage A process, also known as hydroelectric storage, for converting large quantities of electrical energy to potential energy by pumping water to a higher elevation, where it can be stored indefinitely and then released to pass through hydraulic hydroelectric generating station to FirstEnergy Corporation of Akron, Ohio Akron is a city in the U.S. state of Ohio and the county seat of Summit County.GR6 The municipality is located in northeastern Ohio on the Cuyahoga River between Cleveland to the north and Canton to the south, approximately 60 miles (96 km) west of for $43 million. "Today's announcement is consistent with our strategy to exit the merchant generation business," said Fred D. Hafer, chairman, president and chief executive officer of GPU, Inc. "We expect to close on the sale of the bulk of our generating assets with Sithe Energies by late summer." GPU's strategy to divest of its generation and expand its utility services business positions the company as the pre-eminent owner and manager of assets globally. The most recent acquisition was the purchase of Cinergy's interest in Midlands Electric plc, a regional electric company in the United Kingdom. The purchase made Midlands a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of GPU. Additional purchases finalized earlier this year by GPU include Transmissions Pipeline Australia, a natural gas Transmission Company and Emdersa, an Argentine holding company that owns three electric distribution companies. The sale of the Seneca pumped storage station makes FirstEnergy, a diversified energy services holding company, the sole owner of the facility. The company previously held an 80 percent ownership in the plant. Seneca is located on a 102-acre site at the Kinzua Dam in Warren County, Pennsylvania Warren County is a county located in the U.S. state of Pennsylvania. As of 2000, the population was 43,863. It was formed in 1800 from parts of Allegheny and Lycoming counties; attached to Crawford County until 1805 and then to Venango County until Warren was formally organized in , seven miles east of Warren. Construction began on the 435-megawatt station in early 1966 and the facility went into commercial operation by late 1970. GPU, Inc. (NYSE:GPU), headquartered in Morristown, NJ, is a registered utility holding company providing utility and utility related services to customers throughout the world. GPU's electric and gas utility companies--GPU Energy, Midlands Electricity, GPU PowerNet, GPU GasNet and Emdersa--serve nearly 6 million customers in the United States, the UK, Australia and Argentina. The company's IPP (Internet Printing Protocol) A protocol for printing and managing print jobs over the Internet using HTTP. Initially conceived by Novell, Xerox and others, the IETF made it a standard in 2000 that includes authentication and encryption. See printing protocol and LPD. units own and operate 22 projects in 7 countries and the United States. GPU's 1998 revenues were $ 4.3 billion and its total assets were $16.3 billion. GPU's other subsidiaries include GPU Advanced Resources, Inc., GPU Generation Inc., GPU Nuclear, Inc., GPU Service, Inc. and GPU Telcom Services, Inc. (http://www.gpu.com) |
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