With all required regulatory approvals received, the closing of DQE's planned sale of subsidiary AquaSource Inc.'s investor-owned utilities to Philadelphia Suburban Corporation (PSC) is moving toward completion during the third quarter of 2003.
Yesterday, the New Jersey Board of Public Utilities (BPU) approved the transfer of AquaSource's investor-owned utility and a contract operation in that state to PSC subsidiary, Consumers New Jersey Water Company. A final order is expected to be issued shortly by the BPU. Once that order is issued, closing can occur after a required 45-day appeal period.
The transaction, which also includes the sale of selected operating and maintenance contract operations that are closely integrated with the investor- owned water utilities being acquired by PSC, required approval of public service commissions in nine other states -- Connecticut, Florida, Kentucky, Missouri, New York, North Carolina, South Carolina, Texas and Virginia -- and two Florida counties -- Citrus and Sarasota. It also required a review by the Federal Trade Commission.
The sale of AquaSource is part of DQE's Back-to-Basics business strategy, which features a more concentrated focus on the company's electric utility operations and its complementary businesses.
About DQE
Headquartered in Pittsburgh, DQE, Inc. (NYSE: DQE - News) is an energy services holding company. Duquesne Light, its principal subsidiary, is a leader in the transmission and distribution of electric energy, offering technological innovation and superior customer service and reliability to more than half a million direct customers throughout southwestern Pennsylvania. DQE also includes several smaller companies that complement its core electric-utility operations.
About PSC
PSC (NYSE: PSC - News) is the largest U.S.-based, investor-owned water utility, serving approximately two million residents in Pennsylvania, Ohio, Illinois, New Jersey, Maine and North Carolina. PSC is a publicly traded company listed on both the New York and Philadelphia Stock exchanges under the ticker symbol "PSC."
