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Article: Bay State Gas sells its interest in the MASSPOWER electric cogeneration facility at considerable gain.
- Article from:
- Business Wire
- Article date:
- June 30, 1997
CopyrightCOPYRIGHT 1997 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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WESTBOROUGH, Mass.--(BUSINESS WIRE)--June 30, 1997--Effective today, Bay State Gas Co. (NYSE:BGC) has sold its 17.5 percent equity investment in the MASSPOWER electric cogeneration facility, located in Springfield, Mass., to Energy Investors Fund Group of Boston.
Without releasing details of the transaction, Bay State Gas Co.'s Chief Financial Officer Thomas W. Sherman commented that, "the proceeds from the sale are well in excess of book value, and will contribute approximately $0.57 in earnings per share in the third quarter of fiscal 1997."
MASSPOWER is a 240-megawatt gas-fired, combined-cycle cogeneration facility located at Monsanto Co.'s ...