[Back to Update List]


Yankee Gas Services Company
P.O. Box 270
Hartford, CT 06141-0270
(800) 989-0900

www.yankeegas.com
News Release
  
Yankee Energy System Sells its Credit and Collection Subsidiary
Sale of R.M. Services approved by NU Board of Trustees
 
MEDIA CONTACT:Sandy St. Pierre
Office:(203) 639-4423
 
MERIDEN, Conn., July 2, 2001 (NYSE: NU) R. M. Services, Inc. (RMS), the unregulated credit, collections, and call center subsidiary of Yankee Energy System, Inc. (YES), will be sold to its current President, Murry K. Staples, under an agreement approved by the Northeast Utilities (NU) Board of Trustees. Under terms of the transaction, YES will retain a preferred stock position and a ten-percent voting interest in RMS. In addition, RMS will continue to provide credit and collections services to Yankee Gas Services Company, the largest operating subsidiary of YES, under a five-year contract.
The sale of RMS allows us to focus our attention on the regulated energy portion of our business, said Dennis E. Welch, president and chief operating officer of YES. We have every confidence RMS will continue to be a thriving company whose services we will continue to benefit from.
Yankee Energy System, Inc., 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.
This is an exciting time for RMS and our employees, said Murry K. Staples, president of RMS. As we move ahead on our own, we will continue to provide the quality service our customers including Yankee Gas have come to expect from us. It will be business as usual.
RMS has offices in Meriden and East Hartford.
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 at www.yankeeenergy.com

[Back to Top]