National Power PLC Plant disposal.LONDON--(BUSINESS WIRE)--Oct. 2, 1995--National Power PLC announces that it has selected a shortlist short·list also short-list n. A list of preferable items or candidates that have been selected for final consideration, as in making an award or filling a position. Noun 1. of bidders for the purchase of 4,000 megawatts of coal-fired generating plant. This decision follows the Regulator's clarification -- on 27 July 1995 -- of a number of issues raised with him by prospective purchasers and the Company. This stimulated renewed interest and resulted in a number of sufficiently attractive offers to lead the Company to conclude that a suitable purchaser could be found. Under the tender process selected bidders -- so far including Applied Energy Services (AES), Eastern Group and Enron Enron A U.S. energy-trading and utilities company that housed one of the biggest accounting frauds in history. Enron's executives employed accounting practices that falsely inflated the company's revenues, which, at the height of the scandal, made the firm become the seventh -- are now being invited to make final offers for three power stations. They are the 2,000 megawatt meg·a·watt n. Abbr. MW One million watts. meg  a·watt plant at West Burton West Burton refers to more than one place in England:
It is envisaged that -- subject to all the necessary regulatory and other approvals -- agreement will be reached with the selected purchaser by 31 December 1995, and the transaction completed by no later than 31 March 1996. In February 1994, National Power gave an undertaking to the Regulator regulator, n the mechanical part of a gas delivery system that controls gas pressure that allows a manageable flow of drug vapor to escape. regulator see reducing valve. to use all reasonable endeavors to negotiate the disposal of about 4,000 megawatts of capacity by the end of December 1995. During this period, the Company has kept the Regulator informed of its actions regarding the undertaking. The Company is confident the disposal of the three plants will fulfil ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. its commitment to the undertaking. The purchaser will have ownership and full control of the operation of the stations. The Company expects the plant disposals will lead to a significant fall in its sales of electricity. Taken with other factors, National Power believes that the sale will result in a drop in its share of the generation market in England and Wales England and Wales are both constituent countries of the United Kingdom, that together share a single legal system: English law. Legislatively, England and Wales are treated as a single unit (see State (law)) for the conflict of laws. to approximately 20% to 25% during the 1996/97 financial year. This compares with 34% in the financial year ended March 1995. The sale is expected to raise substantially more than 1 billion in total by a combination of initial payment and further payments related to the level of output generated by the plants. The expected earnings dilution Dilution A reduction in earnings per share of common stock that occurs through the issuance of additional shares or the conversion of convertible securities. Notes: Adding to the number of shares outstanding reduces the value of holdings of existing shareholders. caused by the sale, whilst significant, will be mitigated mit·i·gate v. mit·i·gat·ed, mit·i·gat·ing, mit·i·gates v.tr. To moderate (a quality or condition) in force or intensity; alleviate. See Synonyms at relieve. v.intr. To become milder. in part by the envisaged output-related payments from the three plants. When coupled with the acquisition of Southern Electric plc, the net effect on earnings of the two transactions is expected to be broadly neutral overall. Bidders are to be asked to give assurances that existing rights, including pension rights, of staff who transfer with the three plants will be safeguarded. National Power believes the selected bidders should have an equal opportunity to put in their final offers. The Company considers that this process should secure the best price. Keith Henry, National Power's Chief Executive, said: "We believe we have adopted a proper process for the sale of plant; one which is commercial, sensible, fair to all bidders and protects the interests of shareholders. "The sale will provide additional competition in generation, where the number of generators supplying the electricity Pool in England and Wales has already risen substantially. It will also lead to a significant fall in our future expected market share, which next year is likely to be less than half the 46% share we enjoyed in 1990/91 when the Company was formed. Under these circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or , we fully expect the plant sale will meet our undertaking to the Regulator and his competition objectives. "Our partnership with Southern Electric, together with this sale, represents a strategic alignment of National Power from a principally generation-only company to a leading integrated power business. We will be fully involved in electricity generation, distribution and supply at home, and able to exploit wider opportunities in international power markets." CONTACT: National Power PLC Lynda Jenkins, 011-44-171-3912 INDUSTRY KEYWORD: UTILITIES REPEATS: 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 212-575-8822 or 800-221-2462; Boston 617-236-4266 or |
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