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Yankee Gas Services Company
P.O. Box 270
Hartford, CT 06141-0270
Yankee Energy System Divests Unregulated Energy Development Businesses
Sells co-gen and landfill gas generating units
Sandy St. Pierre
MERIDEN, Conn., August 23, 2001, (NYSE:NU) --
Yankee Energy System, Inc. (YES), part of the Northeast Utilities system (NU), has completed divestiture of several non-regulated energy development businesses.
Southbridge Power & Thermal, LLC, an energy construction and management company, has been sold to Nations Energy, LLC, for approximately $1.2 million. Under the sale agreement, Yankee also was reimbursed for $2.7 million in construction costs. Southbridge Power & Thermal was created to develop, construct and manage a co-generation facility for the Southbridge Business Center in Southbridge, MA.
YES also has sold three landfill gas electric generating facilities in New York and Illinois to BMC, LLC, a unit of Zahren Alternative Power Company of Avon, CT for $17 million.
“With the sale of these non-regulated businesses, we can now focus our attention on our core business – the delivery of energy and related products and services," said Dennis E. Welch, president and chief operating officer of YES.
YES, which is part of the NU system, will continue to operate its remaining two subsidiaries – Yankee Gas Services Company, Connecticut’s largest natural gas company serving over 187,000 customers, and Yankee Energy Financial Services Company, which provides a full range of residential and commercial energy equipment financing options.
Yankee Energy System, Inc.,(YES) which is part of the
Northeast Utilities System
, includes Yankee Gas Services Company, the largest natural gas distribution company in Connecticut serving approximately 187,000 customers in 69 cities and towns throughout the state. Yankee Energy also includes Yankee Energy Financial Services Company, which provides a full range of residential and commercial energy equipment financing options. Further information about YES can be obtained from its web site:
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