Nine Mile Point sale complete

30 November 2001

The New York Public Service Commission has approved the sale of the two Nine Mile Point reactors to Constellation Nuclear. Constellation Energy now owns the 32-year-old, 609MWe unit 1 outright and 82% of the 13-year-old, 1148MWe unit 2. Constellation also owns and operates the two Calvert Cliffs units.

The purchase price, net of fuel, was $675 million. The total purchase price, including fuel, was approximately $762 million. The sellers transferred their decommissioning funds to Constellation at closing. Constellation will sell 90% of its share of Nine Mile Point's output back to the sellers at fixed prices for approximately ten years under power purchase agreements.

Niagara Mohawk was the sole owner of unit 1. The co-owners of unit 2 who sold their interests to Constellation are: Niagara Mohawk (41%), New York State Electric and Gas (18%), Rochester Gas & Electric (14%) and Central Hudson Gas & Electric (9%). The Long Island Power Authority will continue to own 18% of unit 2.

The final cost was lower than the original $950 million price because it was not concluded by 1 July as originally agreed upon.

The sale by Niagara Mohawk was a condition for concluding its $3 billion merger with National Grid Group, which is presently pending before state regulators.



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