The 3,860MW generation fleet sold to Calpine consists primarily of combined-cycle power plants located in the eastern PJM region.
The sale also includes Conectiv Energy’s 565MW gas-fired combined-cycle power plant located near Delta, Pennsylvania, that currently is under construction.
PHI will use the proceeds from the Calpine sale and the liquidation of the remaining contracts and assets of the Conectiv Energy business segment, combined with the return of collateral posted under the contracts, net of estimated taxes, to reduce its debt.
PHI delivers electricity and natural gas to about 1.9 million customers in Delaware, the District of Columbia, Maryland and New Jersey, through its subsidiaries Pepco, Delmarva Power and Atlantic City Electric. PHI also provides retail energy products and services through Pepco Energy Services.
