DQE ends Allegheny Energy merger
Article Abstract:
DQE Inc., parent company of Duquesne Light Co., has withdrawn its proposed merger with Allegheny Energy Inc. of Maryland following a recent ruling of the state Public Utility Commission to grant only $524 million of the total $1.6 billion requested by Allegheny as subsidy for stranded costs. The deficit in the subsidy is likely to cause a financial difficulty for the utility which DQE does not want to share. Allegheny Energy said that it will continue to hold DQE to the terms of the $4.3 billion stock-and-debt agreement of April 1997. Under the deal, DQE could end up paying Allegheny Energy $50 million for withdrawing from the proposal without proper cause.
Comment:
A proposed merger by DQE has been withdrawn following the non-granting of Allegheny's full stranded cost subsidy
Publication Name: Pittsburgh Post-Gazette (PA)
Subject: Business, regional
ISSN:
Year: 1998
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Duquesne Light swaps plants with First Energy
Article Abstract:
Duquesne Light Co. is swapping power plants with FirstEnergy Corp. in a deal that could bring lower electric costs for Duquesne Light customers. Under the agreement in principle signed by the two companies, Duquesne Light is trading its stakes in the Beaver Valley nuclear plant and coal-fired plants in Shippingport, Stratton and Eastlake, OH, for the three plants owned by Ohio-based FirstEnergy. The plants include a coal-fired power plant in New Castle, OH, and two others in Ohio. Duquesne and First Energy expect to reach a definitive agreement by the end of 1998.
Comment:
Is swapping power plants w/ Duquesne Light Co
Publication Name: Pittsburgh Post-Gazette (PA)
Subject: Business, regional
ISSN:
Year: 1998
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City now supports Duquesne merger
Article Abstract:
DQE Inc.'s proposed merger with Allegheny Energy Inc. is now being supported by city officials of Pittsburgh, PA. The decision by city officials gives the planned $4.3 billion consolidation a boost at a time when the Public Utility Commission is set to announce its ruling regarding the planned deal. Pittsburgh officials were previously against the proposed merger of DQE and Allegheny Electric as both utilities' dominance in the industry would weaken Pennsylvania's campaign to increase electric competition in the region.
Comment:
Its proposed merger w/ DQE Inc is now being supported by city officials of Pittsburgh, PA
Publication Name: Pittsburgh Post-Gazette (PA)
Subject: Business, regional
ISSN:
Year: 1998
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