Energy East Offers Shares To Enhance Grid

NAW Staff, Wednesday 21 March 2007 - 11:04:02

Energy East Corp., an energy services and delivery company with offices in Portland, Maine, and Albany, N.Y., has announced it will seek to issue up to 10 million common shares generating gross proceeds of approximately $240 million. Proceeds from the offering will be used for the redemption of debt and for general corporate purposes, including projects that together would reduce carbon dioxide emissions by approximately 1 million tons per year.

The company plans to invest over $3 billion through 2011. According to Energy East, major planned investments include $500 million for advanced metering infrastructure in New York and Maine; $500 million in transmission investments, predominately in Maine, which will improve electric grid reliability and promote renewable generation; and $500 million for the repowering of the Russell Station power plant using clean coal technologies.



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