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Industry News

Dynegy Pays $903 Million for Central Hudson Plants

LCG, Aug. 8, 2000--Dynegy Inc. said this morning it has agreed to buy two upstate New York power plants from Central Hudson Gas & Electric Corp. and minority owners for $903 million. Dynegy said it expected the acquisition to add to earnings next year.

The two plants are Central Hudsons 500 megawatt Danskammer Power Plant which is fueled by a combination of coal and fuel oil or natural gas and the 1,200 megawatt oil- or gas-fired Roseton facility in which Central Hudson has a 35 percent interest. The other owners of Roseton are Niagara Mohawk Power Corp. with 25 percent and Consolidated Edison co. of new York with 40 percent.

Dynegy said the combination of fuels used in the plants will give it the opportunity to bring into play a full range of marketing, trading and arbitrage capabilities.

Ronald P. Brand, a Central Hudson vice president who headed the sale effort, pointed out that the agreement with Dynegy "recognizes the contribution of our 200 employees at the plants, and alsoprovides protection for them." Dynegy will retain all unionized employees and will assume the current collective bargaining agreement, and will make employment offers to most of the 40 management employees, with the others remaining with Central Hudson.

The transaction requires the approval of the new York State Public Service Commission, the Federal Energy Regulatory Commission and the Federal Trade Commission.

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