GPU Agrees to Negotiate Exclusively With PSE&G On Sale of Yards Creek Station.JOHNSTOWN, Pa.--(BUSINESS WIRE)--June 22, 1998--GPU, Inc., today announced it has agreed to enter into exclusive negotiations with Public Service Electric & Gas Co. for the sale of its ownership interest in the Yards Creek Pumped-Storage Hydroelectric Station, located in Warren County Warren County is the name of fourteen counties in the USA. They are named after General Joseph Warren, who was killed in the Battle of Bunker Hill in the American Revolutionary War:
Jersey Central Power & Light Co. (a 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. operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. now doing business as part of GPU Energy) and PSE&G are each 50-percent co-owners of the pumped-storage hydroelectric station. GPU Generation, Inc. (GPU Genco) operates the station on behalf of the two owners. GPU is divesting its domestic generating facilities with the intent of focusing on its core business: transmission and distribution of electricity. Under terms of a memorandum of understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. reached by GPU and PSE&G, the 400-megawatt Yards Creek station will be removed from GPU's generation divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). process. The memorandum of understanding requires the two utilities to execute a sales agreement by July 31, 1998. Closing is requiredto occur on or before June 30, 1999. It made sense for GPU to enter into exclusive negotiations with PSE&G for several reasons, 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. David Brauer, GPU Service vice president and leader of the GPU team spearheading the divestiture. "We believe this agreement recognizes the interests of both companies," Brauer said, "because of the terms of the agreements which JCP&L and PSE&G reached when the station went into operation in the mid-1960s, the joint ownership and familiarity of the station by PSE&G, as well as the regulatory environment in which both utilities operate." A sales agreement between GPU and PSE&G regarding Yards Creek Station would require regulatory approval from Federal Energy Regulatory Commission The Federal Energy Regulatory Commission (FERC) is the United States federal agency with jurisdiction over electricity sales, wholesale electric rates, hydroelectric licensing, natural gas pricing, and oil pipeline rates. , the Securities & Exchange Commission and the N.J. Board of Public Utilities. The pumped-storage hydroelectric station is located on approximately 1,375 acres in Pahaquerry and Blairstown townships, Warren County, N.J.
CONTACT: Larry R. O'Reilly, (814)533-8846
or
Cindy Abram, (814)533-8450
|
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion