Exhibit (99)-1
From: Michael John
December 27, 2000
Wisconsin Energy sells Connecticut Power Plants
MILWAUKEE - Wisconsin Energy Corp. (NYSE: WEC) announced today that it has
signed a definitive agreement with NRG Energy, Inc. (NYSE: NRG) for the
sale of two fossil-fueled power plants operated by Wisvest Connecticut,
LLC. The power plants, located in Bridgeport and New Haven, Conn., have a
combined generating capacity of more than 1,000 megawatts.
Wisconsin Energy anticipates the receipt of approximately $350 million in
gross proceeds from the sale, and expects to realize a gain. Subject to
obtaining necessary regulatory approvals the sale is expected to close in
the second quarter of 2001.
"As we announced earlier this year, we conducted a strategic assessment of
our entire portfolio of non-regulated assets," said Richard A. Abdoo,
chairman, president and chief executive officer of Wisconsin Energy. "As a
result, we are focusing on our core competencies of international
manufacturing, electric generation and electric and natural gas
distribution in the Midwest. And while we are impressed with the quality of
these facilities because of their fuel flexibility and skilled workforce,
we have decided to monetize the value of these assets to benefit our
shareholders."
As part of the transaction, NRG Energy will recognize the current
collective bargaining agreement with Local 470-1 of the Utility Workers
Union of America.
Wisconsin Energy Corp. is a Milwaukee-based holding company with
subsidiaries in utility and non-utility businesses. The company serves more
than 1 million electric customers in Wisconsin and Michigan's Upper
Peninsula and more than 940,000 natural gas customers in Wisconsin through
its utility subsidiaries - Wisconsin Electric, Wisconsin Gas and Edison
Sault Electric. Its non-utility subsidiaries include energy services and
development, pump manufacturing, waste-to-energy and real estate
businesses. Visit the company's Web site at www.wisenergy.com.
This press release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. The forward-
looking statements are subject to various risks and uncertainties. Actual
results may vary materially. Factors that could cause actual results to
differ materially include, but are not limited to: general economic and
market conditions; business and competitive conditions in the deregulating
and consolidating energy industry, in general, and in areas where the
company conducts business operations and/or has investments; risks
associated with non-utility diversification; the effects of regulatory
decisions and changes in law; litigation; capital spending requirements;
changes in accounting standards; corporate restructuring and changes in
capital structure; changes in interest rates and in financial markets;
changes in corporate strategy; and the other cautionary factors described
in the Management's Discussion and Analysis of Financial Condition and
Results of Operations in the company's Form 10-K for the year ended Dec.
31, 1999; and other factors described from time to time in the company's
reports to the Securities and Exchange Commission.
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