For Immediate Release
For Immediate ReleaseFebruary 14, 2000
Potomac Electric Power Company (Pepco: NYSE: POM) has begun site tours for the auction of its four power plants for prospective buyers. With the mailing of its Information Memorandum to nearly 2,000 interested parties this month, the company kicked off a two-stage auction process, which is expected to be completed by year end.
Pepco has received wide interest in its sale since the company announced its intention last year to sell more than 6,000 MW of generation assets. Many qualified bidders, including large multi-national power producers, independent power producers and utility affiliates, have expressed interest.
"We are extremely pleased with the level of interest shown in our generation assets thus far in the auction process," said Bill Sim, Group Vice President-Generation. "We are looking at every interested party as a potential buyer."
Interested bidders may spend up to three days inspecting the facilities. They are also provided access to financial and operating information. In mid-March, qualified bidders will be asked to submit non-binding bids. Pepco will select a short list of bidders to continue through the second stage of the auction process, and anticipates signing a sales agreement during the summer.
The assets offered for sale include four wholly owned power plants located in Maryland and Virginia, one partially owned power plant located in Pennsylvania, an engineering and maintenance service facility, five purchased power agreements, and certain ancillary services for an additional 806 MW of peaking facilities.
Potential bidders have until mid-March to contact Pepco`s auction manager, Navigant Consulting, Inc. at (781) 564-9746.
Pepco is an investor-owned utility that provides electricity in Washington, D.C. and the Maryland suburbs, serving nearly 700,000 customers. Pepco, through its family of unregulated subsidiaries, also offers electric energy, natural gas, high-speed Internet access, local and long distance telephone, cable television and energy management services in the Mid-Atlantic region.
Point of Contact:Robert A. Dobkin