Exhibit (c) 1
GPU News Release
June 30, 2000
GPU Completes Sale of PowerNet
MORRISTOWN, NJ - June 30, 2000 - GPU, Inc. (NYSE: GPU) announced today that it
completed the sale of GPU PowerNet, its electric transmission subsidiary in
Australia, to Singapore Power International (SPI), a subsidiary of Singapore
Power, for A$2.1 billion (approximately US$1.26 billion). Additional transaction
considerations raise the full transaction value to approximately A$2.175
billion.
GPU reported on June 20 that it and SPI had reached a definitive agreement for
the sale.
GPU, Inc. (NYSE: GPU), headquartered in Morristown, NJ, is a registered public
utility holding company providing utility and utility-related services to
customers throughout the world. GPU serves 4.6 million customers directly
through its electric companies -- GPU Energy in the US, GPU Power in the UK, and
Emdersa in Argentina. It serves an additional 1.4 million customers indirectly
through GasNet, its gas transmission subsidiary in Australia. The company's
independent power project business units own interests in and operate 22
projects in 7 countries and the US. GPU's 1999 revenues were $4.8 billion and
its total assets were $21.7 billion. GPU's other subsidiaries include MYR Group,
Inc., GPU Advanced Resources, Inc., GPU International, Inc., GPU Nuclear, Inc.,
GPU Service, Inc. and GPU Telcom Services, Inc. (http://www.gpu.com)
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Contact:
GPU, Inc.
Stephen Bohannon, 973/401-8487
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