New York Poised to Close Last Coal-fire Power Plant

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Industry News

Constellation Sells Guatemala Power Assets to Duke

LCG, Nov. 9, 2001--Baltimore-based Constellation Energy Group said yesterday that it has sold its Guatemalan power plant operations to a unit of Duke Energy Corp. for an undisclosed sum.

Constellation did say that the sale will result in a fourth quarter after-tax write-down of about $28 million.

Through the sale, Duke has acquired Grupo Generador de Guatemala y Cia., S.C.A., which owns two generating plants at Esquintla and Lake Amatitlan having a combined capacity of 167 megawatts.

"Guatemala is a key component of our regional strategy," said Bruce Williamson, chief executive of Duke Energy Global Markets. "With the proximity of these facilities to our operations in El Salvador, this a logical next step in our expansion in the region."

Constellation said it would put the money to work in its North American merchant energy business.

Tom Brady, a vice president, said "At this point in time, owning energy projects in Latin America does not fit with either of our strategies to be a major player in the merchant energy business in North America or a leader in the energy delivery business in Maryland."

Constellation initially acquired the Grupo Generador operations in 1998 when Guatemala began to privatize its government assets. With this sale, the company's remaining Latin American investments will consist of a controlling interest in a Panamanian electric distribution company and two minor investments in a Bolivian generation company and a Latin American energy fund.

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