Dynegy Holdings Inc., a unit of Dynegy Inc., said it completed a $920 million leveraged lease transaction relating to the previously announced acquisition of 1,700 Mw of Central Hudson Gas & Electric Corp.'s power generation facilities in the Northeast. The transaction included an offering of $800.4 million aggregate principal amount of 9 and 15-year debt securities and an equity investment by a third party of $119.6 million. The debt securities are pass-through trust certificates issued by two pass-through trusts. Rent payable by two Dynegy Holdings subsidiaries in the leveraged lease transaction will be the source of payment on the certificates.
The New World Power Corp. said it ended discussions to acquire all of the outstanding shares of Block Island Power Co., a regulated Rhode Island utility. The parties mutually agreed to terminate discussions immediately.
American Electric Power Inc., Columbus, Ohio, said it acquired $300,000 in Series D nonconvertible preferred stock of Altra Energy Technologies Inc. (Altra), Houston, through its AEP Investments Inc. subsidiary. While supplementing an equity investment made by AEP in 1999, the company said it does not obligate AEP to conduct minimum volumes or generating minimum revenues with respect to Altra's business. AEP also holds an equity position in IntercontinentalExchange (ICE), Atlanta, and has indicated its plans to utilize the ICE electronic trading platform for wholesale business-to-business, over-the-counter trading of electricity and natural gas products in North America.
Niagara Mohawk Power Corp., a unit of Niagara Mohawk Holdings Inc., said it filed a joint proposal of settlement regarding the rate treatment of the sale of its interests in the Nine Mile Point nuclear station to Constellation Nuclear LLC. The settlement was reached with Multiple Intervenors (an association of large customers, on behalf of its members in Niagara Mohawk's service territory) and the staff of the New York State Department of Public Service. The settlement remains subject to approval by the New York State Public Service Commission.
Bonneville Power Administration proposed a 36-66 Mw wind power generation facility for the Blackfeet Indian Reservation in Glacier County, Mont. BPA will prepare an environmental impact statement for the proposed site and will accept public comments through May 25. If approved, the facility will operate36-88 wind turbines on about 150 acres and could come on line in late 2002. Blackfeet I LLC, which will construct and operate the facility, will provide written information and maps of the proposed project.
Conectiv and its partner Horizon Power Inc., a unit of National Fuel Gas Co., reported the joint acquisition of an 80 Mw combined cycle power plant in North East, Pa., from NEPA Energy LP, a wholly owned subsidiary of Welch Foods Inc. The plant will continue to provide thermal energy, or steam, to Welch's facility adjacent to the plant. Financial details of the transaction were not released.
Peabody Energy Corp. said it is moving forward with a plan to build the 1,500 Mw coal-fired Thoroughbred energy campus and adjacent underground coal mining facility in western Kentucky. The company said it anticipates managing initial permitting and related mine operations for the campus and is seeking a partner to manage plant construction, operations, and power marketing. Thoroughbred Energy is expected to begin operating by the summer of 2005.
The US Department of Commerce issued a preliminary ruling that European producers of enriched uranium imported into the US are being unfairly subsidized by their governments. To mitigate the subsidies' impact on the sole US enricher USEC Inc. the Commerce Department preliminarily determined countervailing duties should be imposed on future imports of enriched uranium produced by Eurodif SA., controlled by the French government, and Urenco Ltd., a British-Dutch-German consortium that is also substantially government owned, USEC said.
The staff of the California Energy Commission has recommended approval of the proposal by GWF Power Systems Co. for a 95 Mw gas-fired simple cycle power plant at Hanford Energy Park in Kings County. If approved by the commission, the facility is expected to start commercial operation Aug. 1.
AES Silk Road, a unit of US-based AES Corp. agreed to buy 75% plus one share of the Ukraine's Kyivoblenergo power distribution company for 248.68 million Hryvnia. AES Silk Road Vice-Pres. John Huffaker and Oleksandr Bondar, head of the State Property Fund of Ukraine, said the deal will be concluded shortly. AES won the April 17 tenders to buy 75% of Kyivoblenergo and Rivneoblenergo.
The California Department of Water Resources signed a 10-year $7 billion electric power deal under which Sempra Energy Resources, a unit of Sempra Energy, will deliver up to 1,900 Mw of electricity by 2011, Gov. Gray Davis reported. The contract calls for Sempra to begin delivering 250 Mw June 1.
