NYSEG to sell 18% stake in Nine Mile Point 2

29 November 2000

New York State Electric & Gas has reversed itself and now wants to sell its 18% share of the Nine Mile Point 2 nuclear plant in upstate New York.

Previously, NYSEG had said it would not participate in an auction of the plant. NYSEG’s reversal guarantees that whoever buys Nine Mile Point 2 will be able to purchase a controlling interest. Niagara Mohawk Power Corp, which owns 41% of unit 2, has already said it will auction off its share. But Long Island Power Authority, which has an 18% share, plans to retain its stake, while Rochester Gas & Electric and Central Hudson Gas & Electric, which own 14% and 9%, respectively, will decide whether to sell their shares only after evaluating offers.

Nine Mile Point 2 will be auctioned at the same time as Nine Mile Point 1, which is 100% owned by Niagara Mohawk.



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