PITTSBURGH, Nov. 23 /PRNewswire/ -- Consolidated Natural Gas Company
announced today it has sold its 35 percent interest in the Lakewood
Cogeneration plant, located in Lakewood, N.J., to CMS Generation Co., a
subsidiary of CMS Energy Corporation. Financial terms were not disclosed.
The sale is part of CNG's previously reported plan to exit the independent
power plant (IPP) business. Interests in four other IPPs were sold previously
and negotiations are underway to dispose of investments in two other plants.
"The IPP investments have been only a very small part of CNG's business
and did not fit into the core operations in oil and natural gas exploration
and production, local gas utilities, interstate gas pipelines and storage, and
international pipelines and international electric and gas utilities," said
George A. Davidson, Jr., CNG chairman and chief executive officer.
Lakewood Cogeneration began operation in 1994 with a 20-year contract to
supply power to Jersey Central Power & Light Company. The twin turbines at
the plant are capable of producing up to 236 megawatts of electricity and
45,000 pounds per hour of process steam.
Consolidated Natural Gas (NYSE: CNG) is one of the nation's largest
producers, transporters, distributors and retail marketers of natural gas.
The company's natural gas transmission and distribution operations serve
customers in Pennsylvania, Ohio, Virginia, West Virginia, New York and other
states in the Northeast and Mid-Atlantic regions. CNG explores for and
produces oil and natural gas in the United States and Canada. The company
also selectively participates in energy businesses abroad.
This press release contains forward-looking statements. The company
wishes to caution readers that the assumptions which form the basis for
forward-looking statements with respect to or that may impact earnings for
fiscal 1998, and thereafter, include many factors that are beyond the
company's ability to control or estimate precisely, such as estimates of
future market conditions and the behavior of other market participants. Other
factors include, but are not limited to, weather conditions, economic
conditions in the company's service territory, fluctuations in energy-related
commodity prices, conversion activity, other marketing efforts and other
uncertainties.
CNG's recent news releases are available 24 hours a day on the Internet,
by fax machine, or by voice recording. On the Internet, use CNG's Web site:
http://www.cng.com. For faxing, call 1-800-758-5804 on a touch-tone phone and enter
CNG's extension number, which is 203456. From a menu, you will then be able
to select releases that will be faxed to you immediately without charge. For
voice recordings, call 1-888-CNG-NEWS. This line is toll-free.
SOURCE Consolidated Natural Gas Company
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Related links:
http://www.cng.com
CONTACT:
Chet Wade of Consolidated Natural Gas,
412-690-1361
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