Source: US Power Generating Company
US Power Generating Company is extending the timeline to complete its strategic review process for its subsidiary, Astoria Generating Company Holdings, L.L.C. This action is being taken to accommodate the outcome of the pending demand curve reset process, as well as, allowing time for the Company to review all strategic options and assure the most favorable result for its stakeholders.
“The pending New York Independent System Operator demand curve reset process will have an immediate impact on the value of our assets creating certainty in the market for our operations,” said USPowerGen Chief Executive Officer, Mark Sudbey. “This reset is part of the normal course of business which occurs every three years in an effort to determine a fair pricing structure for power generation in New York. As this process unfolds, we want to allow for a certain and favorable resolution before completing the strategic review process for Astoria Generating.”
USPowerGen has retained Goldman, Sachs & Co. to act as its exclusive financial advisor in connection with the strategic review process for Astoria Generating.
USPowerGen, through its subsidiary Astoria Generating Company Holdings, L.L.C. owns and operates power generation facilities with a total capacity of over 2,300MW. This subsidiary sells energy and capacity into the NYISO deregulated market, representing generation sufficient to serve approximately 20% of the overall load in New York.