PSEG Power Expecting Approval to Purchase Plants by December 2002

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Researched by Industrialinfo.com (Industrial Information Resources Incorporated; Houston, Texas). New Jersey-based, PSEG Power, one of the nation largest independent power producers, is expecting approval from the Federal Energy Regulatory Commission, for the purchase of two fossil-fueled power plants, owned by Wisvest-Connecticut LLC, a subsidiary of Wisconsin Energy Corporation, (NYSE: WEC) (Milwaukee, Wisconsin), by December 2002, for $220 million.

The two electric-generating stations are Bridgeport and New Haven, totaling 1,061 megawatt (MW). Bridgeport Harbor Station has a capacity of 602 megawatt, and includes three Coal & Oil Fired units. A fourth unit at Bridgeport is deactivated. The second plant, the New Haven Harbor Station, consists of a 422 megawatt gas/oil-fired unit.

Wisvest-Connecticut LLC, had purchased these two power stations from United Illuminating Company (New Haven, Connecticut), in April 1999, for $270 million.