Boston Generating Initiates Strategic Sale Process
New York, NY – April 12, 2010 — Boston Generating LLC (“BostonGen”), a wholly-owned, indirect subsidiary of USPower Generating Company (“USPowerGen”) today announced that its Board of Managers has approved the initiation of a strategic sale process as part of its continued effort to restructure BostonGen. BostonGen has retained J.P. Morgan Securities Inc. (“J.P. Morgan”) to act as its financial advisor in connection with the auction process.
BostonGen’s generation fleet is the third largest in New England, serving the Boston metropolitan area with approximately 2,942 MW of competitive merchant generation capacity. Approximately 80% of the Company’s generating capacity is comprised of modern, highly efficient natural gas-fired, combined-cycle generating plants.
Interested parties should contact Sean O’Donnell (212-622-6824) or Paul Dabbar (212-622-6824) at J.P. Morgan for further information about the sale process.
About USPowerGen
USPowerGen, through its subsidiaries Astoria Generating Company Holdings, L.L.C. and EBG Holdings LLC, owns and operates eight power generation facilities with a total capacity of over 5,000 Megawatts. These subsidiaries sell their energy and capacity into the NYISO and ISO-New England deregulated markets, representing generation sufficient to serve approximately 20% of the overall load in New York City as well as approximately 50% of the overall load in the Boston metropolitan area. More information regarding USPowerGen can also be found at www.uspowergen.com.
Media Contact:
John Reese, Senior Vice President
Phone: 212-792-0897
Email: jreese@uspowergen.com
or
Josh Hochberg, Sloane & Company
Phone: 212-446-1892
Email: jhochberg@sloanepr.com
Investors Contact:
Ted Babcock, Vice President, Investor Relations and Treasurer
Phone: 212-792-0828
Email: tbabcock@uspowergen.com