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Article Excerpt
NEWARK, N.J., May 27 /PRNewswire-FirstCall/ -- Public Service Enterprise Group Incorporated (PSEG) announced today that its subsidiary, PSEG Power LLC, has reached agreement to sell its Waterford Energy Center located in Waterford, Ohio (Washington County), to Columbus Southern Power Company, a subsidiary of American Electric Power Company (AEP). The facility is an 821- megawatt, gas-fired combined cycle electric generating plant that entered commercial operation in the summer of 2003.
Sale price for the facility and inventory is $220 million. The proceeds, together with anticipated reduction in tax liability, will be approximately $300 million and will be used to retire debt. The transaction will result in an after-tax charge to PSEG and PSEG Power earnings, respectively, of approximately $180 million, or about 74 cents per share of PSEG common stock. It will be reflected as a charge to discontinued operations in the second quarter of 2005. However, the charge will not affect PSEG guidance for 2005 earnings from continuing operations of $3.15 to $3.35 per share. It is expected that costs associated with the proposed merger of Exelon and PSEG could reduce 2005 results by as much as 10 cents per share...
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