PSEG and Exelon acquire

30 October 2001

Atlantic City Electric, a subsidiary of Conectiv, has sold its interests in three nuclear plants to PSEG Nuclear, and a share of Peach Bottom to Exelon.

The interests included a 7.51% share in the two Peach Bottom BWRs (sold in equal shares to PSEG and Exelon, each of which owned about 46% prior to the sale); a 7.41% interest in the two Salem PWRs (sold to PSEG, operators of the plant and, prior to the sale, owners of about 50% of the facility); and a 5% interest in Hope Creek (sold to PSEG who, prior to the sale, owned 95%).

PSEG Nuclear acquired a total of 301MWe for $22 million, including fuel. PSEG Nuclear now owns more than 3400MWe of nuclear generating capacity. In September 1999 PSEG Nuclear announced an agreement with Conectiv to purchase from its subsidiaries Delmarva Power & Light and Atlantic Electric a total of 544MWe of nuclear generating assets. The Delmarva Power & light portion of the transaction closed in December 2000. PSEG obtained operating rights to Atlantic’s share of the nuclear assets in October 2000 through a wholesale contract that was terminated by the closing of this recent sale.

PSEG and Exelon’s PECO subsidiary, have assumed full responsibility for the decommissioning of the plants.

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