CMP closes contested FPL sale:

CMP closes contested FPL sale:

CMP Group closed the $846.5 million sale of its Central Maine Power unit`s power plants (1,185 MW total) to FPL Group. FPL Group won a six-month bidding process but filed suit in November 1998 to back out of the deal, claiming federal orders calling for changes in New England`s regional transmission policies were a “material adverse event” under terms of the contract that released it from its obligation to complete the purchase. However, a federal court in New York City ruled in favor of CMP.

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The Clarion Energy Content Team is made up of editors from various publications, including POWERGRID International, Power Engineering, Renewable Energy World, Hydro Review, Smart Energy International, and Power Engineering International. Contact the content lead for this publication at Jennifer.Runyon@ClarionEvents.com.

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