RG&E and Constellation Generation Group LLC File Joint Section 70 Petition On Sale of Ginna Nuclear Generating Station
19 December 2003 - 5:59AM
PR Newswire (US)
RG&E and Constellation Generation Group LLC File Joint Section
70 Petition On Sale of Ginna Nuclear Generating Station ROCHESTER,
N.Y., Dec. 18 /PRNewswire-FirstCall/ -- RG&E (Rochester Gas and
Electric Corporation) a utility subsidiary of Energy East
Corporation announced today that it has jointly filed with
Constellation Generation Group LLC a revised Section 70 petition
with the New York State Public Service Commission (NYPSC) which
includes, among other things, all the transaction documents,
details of the auction process, and RG&E's proposed accounting
and ratemaking treatment for the sale of the R.E. Ginna Nuclear
Generating Station (Ginna). RG&E's ratemaking proposal includes
an incentive payment for having maximized the proceeds from the
sale of Ginna and 50/50 customer/stockholder sharing of any net
gain on the sale of Ginna, to the extent that RG&E's earned
return on equity exceeds 10.45%, its currently authorized return at
the expected time of closing. RG&E's sale of Ginna is
conditioned on receiving all required regulatory approvals,
including reasonably satisfactory accounting and ratemaking
treatment. (Logo:
http://www.newscom.com/cgi-bin/prnh/20021030/RGELOGO ) RG&E
also announced today that it has encountered an impasse in
negotiations with the Staff of the NYPSC and, as a result, has thus
far been unable to reach agreement with the parties on detailed
electric and natural gas joint proposals. Previously, RG&E
announced that it had reached an Agreement in Principle on
five-year electric and natural gas rate plans with the Staff of the
NYPSC and other parties. RG&E had requested a one-month
extension of the statutory suspension period for its 2003 Electric
and Gas Rate Proceeding to permit time for the preparation and
execution of detailed electric and natural gas joint proposals to
settle all issues in this proceeding. RG&E now expects parties
to file their direct cases in the litigated 2003 Electric and Gas
Rate Proceeding by December 31, 2003. About RG&E: RG&E
serves approximately 355,000 electricity customers and 291,000
natural gas customers in the areas in and around Rochester, New
York. RG&E is a wholly owned subsidiary of RGS Energy, which
merged with Energy East Corporation (NYSE:EAS) in 2002. About
Energy East: Energy East is a respected super-regional energy
services and delivery company that our customers can depend on
every day. We are a motivated and skilled team of professionals
dedicated to creating shareholder value through our focus on
profitable growth, operational excellence and strong customer
partnerships. We serve about 3 million customers throughout upstate
New York and New England.
http://www.newscom.com/cgi-bin/prnh/20021030/RGELOGODATASOURCE:
Rochester Gas and Electric Corporation CONTACT: Clyde Forbes,
+1-585-771-4802, for RG&E
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