Court approves sale of NEGT's USGen New England assets

By Jeff Pines

Washington, Nov. 23 - National Energy & Gas Transmission Inc.'s USGen New England Inc. obtained court approval to sell three power plants to Richmond, Va.-based Dominion Resources Inc. for $656 million.

The U.S. Bankruptcy Court for the District of Maryland approved the sale for $536 million in cash and an estimated $120 million of inventory and capital expenditures reimbursement.

Regulatory approvals and the transfer of all operating and environmental permits are still needed.

The plants include the 1,599 megawatt Brayton Point Station in Somerset, Mass.; the 745 megawatt Salem Harbor Station in Salem, Mass.; and the 495 megawatt Manchester Street Station in Providence, R.I.

Though NEGT emerged from bankruptcy on Oct. 29, USGen is still in Chapter 11. The Chapter 11 case number is 03-30459.

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