"News & Issues" piece on plans by Energy East, the parent company of New York St
"News & Issues" piece on plans by Energy East, the parent company of New York State Electric & Gas (NYSEG), to buy Central Maine Power Co. (CMP) for $957 million, or $29.50 a share. The CMP sale follows intense speculation about the future of the company and rumors of a takeover by National Grid, the British company which acquired New England Electric Systems, a large Massachusetts utility. CMP has about 530,000 customers, while NYSEG serves 820,000 electric and 240,000 natural gas customers. CMP chairman David Flanagan said that CMP will now recommend to the Public Utilities Commission that it apply a 10 percent decrease to overall rates in March based on the earlier Florida Power & Light (FP&L) asset sales, which had been in jeopardy due to the 1998 ice storm cleanup and FP&L's unsuccessful lawsuit to cancel the deal. Public Advocate Stephen Ward says the decrease could be even greater.
Central Maine Power Company, Electric utilities
Rooks, Douglas, ""News & Issues" piece on plans by Energy East, the parent company of New York St" (1999). Maine News Index – Maine Times. 3615.