Enron East/RGS/RG$E Give Ginna Station Away !
Almost For Free !

Rochester, NY - November 25, 2003 – RG&E (Rochester Gas and Electric Corporation) 
a utility subsidiary of Energy East Corporation [NYSE:EAS] 
announced today that it has signed an agreement to sell the
 R. E. Ginna Nuclear Generating Station to Constellation Generation Group LLC 
for $422.6 million (including nuclear fuel). 
The closing of the sale is targeted for June 30, 2004 and is
 contingent on the company securing a 20-year license extension 
from the Nuclear Regulatory Commission (NRC). Cash proceeds 
from the sale will be used to pay down debt.
"Clearly, Constellation sees the value in Ginna, 
and its outstanding employees," said Jim Laurito, 
RG&E’s president. "The agreement between RG&E and 
Constellation marks the end of a successful competitive auction 
conducted in consultation with the staff of the 
New York State Department of Public Service. Constellation is 
an experienced nuclear operator with an excellent reputation 
for safe and reliable operations. In addition, the sale is 
consistent with the New York State policy for electric utilities 
to divest generation assets and transform into energy delivery companies."
RG&E will transfer to Constellation approximately $202 million 
in decommissioning funds, an amount expected to fully meet the NRC’s
 decommissioning funding requirements for the plant. 
The sale agreement also includes a 10-year purchase 
power agreement to ensure that RG&E’s customers continue 
to receive the benefit of power from Ginna.
The sale of Ginna is subject to approvals by several regulatory 
agencies including the New York State Public Service Commission, 
the NRC and the Federal Energy Regulatory Commission.
Ginna, powered by a pressurized, light water nuclear reactor, 
is located on Lake Ontario, in the Town of Ontario, in Wayne County. 
Westinghouse designed the plant and Bechtel
constructed it. Ginna’s current NRC operating license expires in 2009. 
The process to extend the license to 2029 is well under way. 
A decision on the license extension is expected by June 2004.
J.P. Morgan Securities Inc. and Concentric Energy Advisors, Inc. 
acted as advisors to RG&E for this transaction. Huber Lawrence & 
Abell and LeBoeuf, Lamb, Greene, & MacRae, LLP acted as legal counsel.
Media Contact: Clyde Forbes 585-771-4802

Democrat and Chronicle ... Ginna generates. Ginna’s two steam generators were replaced in 1996, a $115 million project to refurbish the plant. But Judson ... B&W and ETARCO LTD. To Ship Two Steam Generators ... This shipment is part of a US$40 million contract between B&W and RG&E to replace two 23-year-old steam generators in their Ginna power plant. ... www.babcock.com/pgg/pr/ginna.html - 4k - Cached - Similar pages [ More results from www.babcock.com ]
I read this that they sold the plant for only 107.6 million ? That seems like a VERY good deal for Constellation but not for the EE/RGS/RG$E stockholders. The new steam generators were around 115 mil Ginna Station to Constellation Generation Group LLC for $422.6 million RG&E will transfer to Constellation $202 million $422.6 million - $202 million = $220.6 milliom - $115 million steam generator upgrade = $107.6 million = A very bad deal for stockholders !

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