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RG&E and Constellation Generation Group LLC File Joint Section 70 Petition On
Sale of Ginna Nuclear Generating Station
ROCHESTER, N.Y., Dec. 18 /PRNewswire-FirstCall/ -- RG&E (Rochester Gas and
Electric Corporation) a utility subsidiary of Energy East Corporation announced
today that it has jointly filed with Constellation Generation Group LLC a
revised Section 70 petition with the New York State Public Service Commission
(NYPSC) which includes, among other things, all the transaction documents,
details of the auction process, and RG&E's proposed accounting and ratemaking
treatment for the sale of the R.E. Ginna Nuclear Generating Station (Ginna).
RG&E's ratemaking proposal includes an incentive payment for having maximized
the proceeds from the sale of Ginna and 50/50 customer/stockholder sharing of
any net gain on the sale of Ginna, to the extent that RG&E's earned return on
equity exceeds 10.45%, its currently authorized return at the expected time of
closing. RG&E's sale of Ginna is conditioned on receiving all required
regulatory approvals, including reasonably satisfactory accounting and
ratemaking treatment.
(Logo: http://www.newscom.com/cgi-bin/prnh/20021030/RGELOGO )
RG&E also announced today that it has encountered an impasse in negotiations
with the Staff of the NYPSC and, as a result, has thus far been unable to reach
agreement with the parties on detailed electric and natural gas joint proposals.
Previously, RG&E announced that it had reached an Agreement in Principle on
five-year electric and natural gas rate plans with the Staff of the NYPSC and
other parties. RG&E had requested a one-month extension of the statutory
suspension period for its 2003 Electric and Gas Rate Proceeding to permit time
for the preparation and execution of detailed electric and natural gas joint
proposals to settle all issues in this proceeding. RG&E now expects parties to
file their direct cases in the litigated 2003 Electric and Gas Rate Proceeding
by December 31, 2003.
About RG&E: RG&E serves approximately 355,000 electricity customers and 291,000
natural gas customers in the areas in and around Rochester, New York. RG&E is a
wholly owned subsidiary of RGS Energy, which merged with Energy East Corporation
(NYSE:EAS) in 2002.
About Energy East: Energy East is a respected super-regional energy services and
delivery company that our customers can depend on every day. We are a motivated
and skilled team of professionals dedicated to creating shareholder value
through our focus on profitable growth, operational excellence and strong
customer partnerships. We serve about 3 million customers throughout upstate New
York and New England.
http://www.newscom.com/cgi-bin/prnh/20021030/RGELOGODATASOURCE: Rochester Gas
and Electric Corporation
CONTACT: Clyde Forbes, +1-585-771-4802, for RG&E