Sithe Completes $1.67 Billion GPU Acquisition Adds 4,276 MW, 21 Mid-Atlantic Plants to Growing Portfolio.
Sithe Energies, Inc. today announced the completion of its $1.67 billion purchase of 21 non-nuclear power generating plants from GPU Inc. The transaction more than doubles the company's North American generating capacity to a total of 8,074 net megawatts from a total of 49 facilities in the U. S. and Canada.
The company's portfolio of 38 power generating plants in the Northeast U. S. alone establishes Sithe as one of the largest independent power producers in the most advanced electric power market in the United States. Additionally, Sithe is one of the only power producers with generating facilities in the three power pools -- New England, New York, and PJM -- serving the Northeast from Maine to Maryland. The company's plants and properties are also strategically located near the major urban power centers in those markets.
William Kriegel, Chairman and Chief Executive Officer of Sithe, said, "This is another critical milestone for Sithe Energies. Combined with our plants in New York and our acquisition last year of the generating assets of Boston Edison, Sithe is now the leading independent generating company in the Northeast."
The newly acquired plants -- representing 4,276 net megawatts of generating -more- capacity -- include 16 power generating facilities in Pennsylvania (2,743 MW), four in New Jersey (1,515 MW) and one 18-MW facility in Maryland. The plants are powered by a diversity of fuels including natural gas, coal, oil, and hydro. Sithe will manage and operate each facility. The transaction includes the purchase of GPU's interests in two 1,711 megawatt stations in Pennsylvania which Sithe will also manage and operate.
The company is continuing with its development activity. Currently Sithe is developing new natural gas-powered facilities at three sites near Boston totaling nearly 2,940 megawatts of new capacity. Sithe expects to submit final applications for another 1,600 megawatts at two sites in New York. Furthermore, the potential exists for adding as many as 4,300 megawatts at select former GPU sites over the next several years.
"Sithe is recognized as an involved corporate citizen in our many host communities where we strive to safeguard the environment and enhance the quality of life. We look forward to an open dialogue with community leaders and local residents near our new sites," Kriegel concluded.
Sithe Energies, Inc., founded in 1984 and headquartered in New York City, has an extensive global portfolio of projects in operation, under construction, or in active development. The company is 60 percent owned by Vivendi (F.VVN), one of the world's leading utilities and environmental services companies. Marubeni Corp., a major Japanese trading company, owns 30 percent, and the remaining 10 percent is owned by Sithe management. -0-
SITHE GENERATION FACILITIES Sithe Northeast Assets Acquired from GPU, Inc. Pennsylvania Facilities Facilities City County Size (MW) Blossburg Tioga Tioga 23 Conemaugh New Florence Indiana 1,711 Hamilton East Berlin Adams 23 Hunterstown Gettysburg Adams 71 Keystone Shelocta Armstrong 1,711 Mountain Mount Holly Cumberland 47 Springs Orrtanna Gettysburg Adams 23 Piney Clarion Clarion 27 Portland & Portland, Bangor Northampton 585 Bangor Ash Site Seward New Florence Indiana 198 Shawnee East Stroudsburg Monroe 23 Shawville Shawville Clearfield 613 Titus Birdsboro Berks 281 Tolna Stewartstown York 47 Warren Warren Warren 150 Wayne Meadville Crawford 66 New Jersey Facilities Facilities City County Size (MW) Gilbert & Milford, N.J. Hunterdon 615 Hellertown Tank Hellertown, Pa. Farm Glen Gardner Glen Gardner Hunterdon 184 Sayreville Sayreville Middlesex 464 Werner South Amboy Middlesex 252 Maryland Facilities Facilities City County Size (MW) Deep Creek Oakland Garrett 18 Support Facilities City County Size (MW) Johnstown Johnstown, Pa. Cambria 0 Operations Center Mobile Brookville, Pa. Jefferson 0 Maintenance Sithe owns 100% of all sites except Conemaugh (16.45%) and Keystone (16.67%); both of which Sithe operates. Fact Sheet Sithe, Inc. The Company A leading international independent power producer and developer, Sithe is the sixth largest unregulated generation company in the world, with over 28,000 gross MW in operation, under construction or in advanced development. Founded in 1984, the company has plants or development projects underway in Africa, Asia, Australia, Europe and North America. Its 57 plants generate over 12,700 gross MW of power from a variety of fuels: natural gas, oil, hydro and coal. Address 335 Madison Avenue New York, New York 10017 (212) 351-1000 Ownership Vivendi (60)%, one of the world's leading utilities and environmental services companies; Marubeni (30%), a major Japanese trading company; and Management (10%); Key Officers William Kriegel, Chairman and Chief Executive Officer Barry Sullivan, Vice Chairman Harrison Wellford, Vice Chairman Sithe Northeast The Company Sithe is the leading independent wholesale power generator in the Northeastern United States, and the only independent power producer operating in the three major Northeastern power pools New England, New York and PJM. Founded in 1999, the company has 38 production facilities generating nearly 11,000 gross MW of power serving the Northeast from Maine to Maryland. Address 335 Madison Avenue New York, New York 10017 (212) 351-0000 Ownership Vivendi (60)%, one of the world's leading utilities and environmental services companies; Marubeni (30%), a major Japanese trading company; and Management (10%); Key Officers Jeffrey Tranen, President and Chief Executive Officer Ralph Grutsch, Senior Vice President, Operations Scott Weiner, Senior Vice President, Market Structure, Regulatory and Legislative Affairs
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|Date:||Nov 24, 1999|
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