[Date Prev][Date Next]
[cdn-nucl-l] FPL unit agrees to buy stake in nuclear plant operator
Posted in the Sun-Sentinel on September 12, 2003 and at:
FPL unit agrees to buy stake in nuclear plant operator
By Rafael Gerena-Morales
Posted September 12 2003
FPL Energy, a Juno-Beach based wholesale energy provider and subsidiary of
FPL Group, said Thursday that it has agreed to pay $276.5 million to
purchase 50 percent ownership of AmerGen Energy Co., which operates nuclear
power plants in Illinois, Pennsylvania, and New Jersey.
British Energy, Britain's largest utility operator, has agreed to sell its
50 percent interest in AmerGen Energy to FPL Energy. But Exelon Corp., a
Chicago utility holding company that owns the other half, has 30 days to
exercise its "right of first refusal" and could choose to purchase the 50
percent stake and take total control of AmerGen Energy. If Exelon does so,
it would be required to pay FPL Energy $8.3 million, FPL Energy said.
AmerGen Energy operates three nuclear power plants that together produce
2,480 megawatts of power. They are located in Clinton, Ill., Middleton, Pa.,
and in New Jersey's Lacey Township, just south of Toms River. An FPL Energy
spokesman said Thursday that he did not immediately know AmerGen's annual
FPL Energy operates roughly 90 power plants throughout the United States,
including natural gas, wind and one nuclear facility in Seabrook, N.J., that
generates 1,061 megawatts of power.
If Exelon allows the AmerGen Energy sale to go through, FPL Energy said it
expects the tentative acquisition to close in the first quarter of 2004.
Federal energy regulators would have to approve the deal.
Rafael Gerena-Morales can be reached at 954-356-4614 or