Mays Landing, N.J. — Pepco Holdings Inc. (NYSE: POM) today announced the closing of the sale by its subsidiary, Atlantic City Electric Company, of its B.L. England Generating Station to RC Cape May Holdings, LLC, an affiliate of Rockland Capital Energy Investments, LLC.
Net proceeds from the sale of the plant, which will be determined after the sale upon resolution of certain adjustments, will be credited to Atlantic City Electric ratepayers in accordance with the requirements of the Electric Discount and Energy Competition Act and Orders issued by the New Jersey Board of Public Utilities.
The sale of the plant received approval from the New Jersey Board of Public Utilities and the U.S Federal Energy Regulatory Commission (FERC). In addition, the New Jersey Department of Environmental Protection approved RC Cape May Holdings’ assumption of the Atlantic City Electric Administrative Consent Order’s environmental liabilities associated with the facility.
Atlantic City Electric, a public utility owned by Pepco Holdings, Inc. (NYSE: POM), provides safe, reliable and affordable regulated electric delivery services to more than 500,000 customers in southern New Jersey.
FORWARD-LOOKING STATEMENTSExcept for historical statements and discussions, the statements in this news release constitute "forward-looking statements" within the meaning of federal securities law. These statements contain management's beliefs based on information currently available to management and on various assumptions concerning future events. Forward-looking statements are not a guarantee of future performance or events. They are subject to a number of uncertainties and other factors, many of which are outside the company's control. Factors that could cause actual results to differ materially from those in the forward-looking statements herein include general economic, business and financing conditions; availability and cost of capital; changes in laws, regulations or regulatory policies; weather conditions; competition; governmental actions; and other presently unknown or unforeseen factors. These uncertainties and factors could cause actual results to differ materially from such statements. PHI disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This information is presented solely to provide additional information to further understand the results and prospects of PHI.