PSEG Resources agrees to terminate investment: PSEG Resources, an indirect subsidiary of Public Service Enterprise Group (PSEG) and a direct subsidiary of PSEG Energy Holdings LLC, has announced an agreement with Midwest Generation LLC, an indirect subsidiary of Edison Mission Energy (EME), to terminate its lease investment in the Collins generating facility in Illinois. The lease termination is contingent on several conditions, including Midwest Generation’s successfully borrowing funds to finance the repayment of lease debt of $774 million and settle its termination liability with Resources as lease equity investor. As a result, no closing date has been set. PSEG expects to incur a loss upon termination of the Collins lease of approximately seven cents per share of its common stock.
Study receives DOE financial assistance: The Texas Institute for the Advancement of Chemical Technology (TIACT) announced that it will receive financial assistance from the U.S. Department of Energy (DOE) in the form of a cost-shared cooperative agreement to investigate the feasibility of meeting the energy needs of industrial end users by the use of nuclear power. The TIACT study will prepare the business and technical case for constructing a privately financed nuclear power plant to serve the needs of the general public and the chemical industry in particular. The study is being funded in part by DOE and in part by the contribution of TIACT members and a broad range of other supporting organizations.