PacifiCorp, based in Portland, Ore., and the parent company of Utah Power, said Wednesday it has agreed to sell its Pacific Generation Co. (PGC) to NRG Energy Inc., a subsidiary of Northern States Power, for $133 million.
The deal is expected to close in 30 days, subject to federal antitrust laws.PGC is an independent power producer with interests in 12 power generating facilities located throughout North America, totaling 795 megawatts. The plants use fuel sources that include coal, natural gas, hydro, biomass, waste and wind. Almost all of the output from the plants is under contract to other entities.
Under the terms of the agreement, NRG retains an exclusive option until Nov. 12, 1997, to purchase certain PGC projects that are currently under development.
"This sale is in conjunction with our effort to acquire The Energy Group and sharpens our focus on becoming a leading global energy supplier," said Mike Henderson, PHI president and CEO.