SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
April 8, 1998
ORANGE AND ROCKLAND UTILITIES, INC.
(Exact name of Registrant as specified in its charter)
Incorporated in New York 1-4315 13-1727729
(State or Other (Commission (IRS Employer
Jurisdiction of File Number) Identification
Incorporation) Number)
One Blue Hill Plaza, Pearl River, New York 10965
(Address of principal executive offices) (zip code)
Registrant's telephone number, including area code: (914)352-6000
Items 1.-4. Not Applicable.
Item 5. Other Events
On April 8, 1998, the Company issued the press release
filed herewith as Exhibit 99.12.
Item 6. Not Applicable.
Item 7. Financial Statements and Exhibits
Exhibit 99.12 - Press Release
of the Company dated April 8, 1998.
Item 8. Not Applicable.
Item 9. Not Applicable.
SIGNATURE
Pursuant to the requirements of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.
ORANGE AND ROCKLAND UTILITIES, INC.
By: /s/Robert J. McBennett
Robert J. McBennett, Treasurer
Dated: April 9, 1998
EXHIBIT INDEX
Page
Exhibit 99.12
Press Release of the Company dated April 8, 1998.
EXHIBIT 99.12
914-577-2430
Contact:
Michael Donovan
NEW YORK PUBLIC SERVICE COMMISSION OKAYS
ORANGE AND ROCKLAND'S FINAL GENERATION ASSETS DIVESTITURE PLAN
Pearl River, NY April 8, 1998 - The New York State Public Service
Commission (NYPSC) today approved Orange and Rockland Utilities,
Inc.'s Final Divestiture Plan for the sale by auction of its
generating assets, a plan designed to protect the interests of
O&R's customers, shareholders and employees in the deregulated
electric industry.
O&R will begin the auction process, pending a review of the
NYPSC's order which is due next week.
Today's approved Divestiture Plan sets up the framework for the
auction. It identifies how the generating assets will be
packaged for sale; what restrictions, if any, will be placed on
the capacity that any one bidder may purchase; the procedures to
be followed in the sale of the generating assets; and key dates
and milestones to achieve the scheduled divestiture.
The NYPSC approval of the Final Divestiture Plan follows the
NYPSC's approval on November 26, 1997 of O&R's Electric Rate and
Restructuring Plan. That Plan calls for lower electric rates,
the sale at auction of the Company's generating assets and the
mechanism for providing customer choice of energy providers.
Part of the Restructuring Plan calls for the sale at auction of
O&R's one-third ownership of the Bowline Point Generating Station
in West Haverstraw, NY (jointly owned with Consolidated Edison)
and the Lovett Generating Station in Stony Point, NY. Also up
for auction are the utility's gas turbine facilities at
Middletown and Hillburn, NY, and its hydroelectric generating
stations located primarily in the Sullivan County, NY communities
of Lumberland and Forestburgh. The current book value of the
generating assets is approximately $269 million.
Under the Restructuring Plan, O&R will remain a regulated
transmission and distribution company that will deliver
electricity to its customers. Once the plants are sold, O&R will
purchase electricity as a regulated delivery company for resale
to its electric customers who do not select an alternate supplier
of generation services.
The investment banking firm of Donaldson, Lufkin & Jenrette
Securities Corporation (DLJ) is responsible for assisting in
structuring the sale process, soliciting bidders, evaluating
proposals and securing final sales agreements.
To notify DLJ of bidder interest, please fax the name of your
company, your address and phone number and state your interest in
the auction of O&R generating assets to John Cavalier at DLJ (fax
# 212-892-7272). That fax will ensure your notification of the
next step in the bidder process.
