FERC approves BostonGen sale
All necessary regulatory approvals required for completion of the transaction have been issued and the closing of the sale has now occurred.
Under terms of the agreement, Constellation acquired BostonGenÂ’s five power plants located in the Boston area: four natural gas fired plants, including Mystic 8 and 9 1,580 megawatts, Fore River 787 megawatts, Mystic 7 574 megawatts and a fuel oil plant, Mystic Jet 9 megawatts.
As part of its Chapter 11 sale process previously announced on August 18, 2010, BostonGen entered into an asset purchase agreement with "stalking horse" bidder Constellation for the 2,950 MW fleet, the third largest power generating portfolio in the New England region. On November 24, 2010 Judge Shelley C. Chapman of the United States Bankruptcy Court for the Southern District of New York approved the sale of the CompanyÂ’s assets under Section 363 of the United States Bankruptcy code to Constellation.
“The completion of the sale of the assets to Constellation brings us one step closer to closure in the BostonGen bankruptcy proceedings,” Said Mark Sudbey, Chief Executive Officer of US Power Generating Company, EBG Holdings’ parent company.
Related News
Are Norwegian energy firms ‘best in class’ for environmental management?
OSLO - By Tom Baxter
The recent Energy Voice article from the Equinor chairman concerning the Mariner project heralding a ‘significant point of reference’ for growth highlighted the energy efficiency achievements associated with the platform.
I view energy efficiency as a key enabler to net zero and it is a topic I have been involved with for many years.
As part of my energy efficiency work, I investigated Norwegian practices and compared them with the UK.
There were many differences, here are three;
1. Power for offshore installations is usually supplied from gas turbines burning fuel from the oil and gas processing plant and…
