[cdn-nucl-l] Seabrook nuclear plant sale a windfall for state

["Adam McLean" <adam.mclean@utoronto.ca>]

Posted on Seacoastonline on November 2, 2002 and at:
http://www.seacoastonline.com/news/11022002/news/32445.htm

Adam

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Seabrook nuclear plant sale a windfall for state 

By Larissa Mulkern
lmulkern@seacoastonline.com 

SEABROOK - Seabrook Station officially changed ownership Friday in an
acquisition that yielded more than $6.24 million in real estate transfer
taxes for the state and $261,407 for Rockingham County. 

"This is the largest real estate transfer in the history of Rockingham
County," according to Register of Deeds Cathy Stacey in announcing the
transaction. 

She noted that her office recorded the transaction within 15 minutes of
arrival. The real estate transfer tax is based on $15 per each $1,000 of
assessed value. 

The recording at the deeds office completes the acquisition by the FPL
Group Inc. and the members of the Seabrook Station consortium selling
their interests, which include Northeast Utilities. 

Seabrook Station spokesman Alan Griffith said the sale to the FPL group
will not affect staffing levels. Recently, former president Ted
Feigenaum moved on to the top slot at Maine Yankee, and Mark Warner has
been named the new site vice president. 

"It's a great day for Seabrook Station," Griffith said. 

"The core of what we do at Seabrook doesn't change a bit, doesn't change
our mission. Our job of energy generation doesn't change. As far as
personnel, we don't expect any dramatic overnight change. Seabrook has
been acknowledged as a top performer in the industry," Griffith said. 

Under the terms of the agreement, according to a FPL Group statement,
the company agreed to purchase 88.2 percent interest in the
1,161-megawatt Seabrook Station for a net adjusted value of $789
million. 

With the sale, Seabrook Station becomes part of FPL Energy, the
independent power producer subsidiary of FPL Group, based in Juno Beach,
Fla. The company owns and operates a diversified fleet of nuclear, oil,
natural gas and hydroelectric facilities in the region. 

The sale is good news for the county, as well. 

The county earns money from the transaction with a 4 percent commission
off the total $6.5 million real estate transfer tax, and the $261,407
share is will be reflected as revenue and applied to the 2003-2004
budget. The windfall is unanticipated revenue. County finance office
Director Theresa Young said the register of deeds office is already
running $1 million above anticipated revenues for the county and state. 

At the deeds office, Stacey stressed the timeliness of the transaction,
countering her political opponents' recent criticism that the office is
backed up with unrecorded transactions. 

"We record on a daily basis," said Stacey, who is running for
re-election to the office she has held for eight years. "We're not four
months behind, as my opponent has said. People can transfer every day,"
she said. Stacey is being challenged by Ray Will. 

"I want people to know we are absolutely up to the minute."