Nine Mile Point deal reached

29 June 2001

Constellation Nuclear has agreed to buy Nine Mile Point unit 1 and 82% of unit 2 for $815 million. Of this, Niagara Mohawk Power, which owned all of unit 1 and 41% of unit 2, receive around $610 million. The other sellers of unit 2 include New York State Electric & Gas, Rochester Gas & Electric and Central Hudson Gas & Electric. Long Island Power Authority retains its 18% share in the reactor. The sale agreement is still to be approved by the New York Public Service Commission, as well as the Nuclear Regulatory Commission and the Federal Energy Regulatory Commission.

Niagara Mohawk and other parties also agreed on two power purchase deals. Under one, Constellation would sell back 90% of the output of 41% of unit 2 to Niagara Mohawk for a 10-year term. Under the other, Constellation would sell 90% of unit 1’s output to Niagara Mohawk up to the end of its current licensing term, which expires in 2009.



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