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UI To Sell Seabrook Interest
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Business New Haven
1/21/2002
By: BNH
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NEW HAVEN - The New Hampshire Public Utilities Commission, in coordination with the Connecticut Department of Public Utility Control (DPUC), has announced the auction sale of 88.2 percent of ownership shares in the Seabrook (N.H.) nuclear generating plant. The United Illuminating Co. (UI), a subsidiary of UIL Holdings Inc. (NYSE: UIL), holds ownership and leasehold interests totaling 17.5 percent (203.18 megawatts) in the Seabrook nuke.
In April 1998, Connecticut enacted Public Act 98-28 (the Restructuring Act), which required UI to sell its fossil-fueled generating plants and to attempt to divest its ownership interests in its nuclear-fueled power plants prior to 2004 in order to recover any “stranded” costs associated with its power plants. In its “unbundling” plan filing with the DPUC under the Restructuring Act, and in other regulatory dockets, UI said it planned to divest its two nuclear generation ownership interests by the end of 2003. In April 2000, the DPUC approved UI's divestiture plan for its 3.685-percent ownership interest in Millstone Station Unit 3 in Waterford through an auction that resulted in a sale consummated last March 31.
In December 2000, UI and the Connecticut Light & Power Co. filed with the DPUC a plan to divest their respective interests in Seabrook via auction, and on October 10, 2001 regulators approved this plan with modifications. On December 3 the New Hampshire Commission announced commencement of the Seabrook auction sale, expected to be completed by the end of this year.
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