Wiggin & Dana represents United Illuminating in $800 million sale of Seabrook Station

November 22, 2002

Wiggin & Dana represented The United Illuminating Company in the sale of its 17.5 percent interest in the 1,161 megawatt Seabrook Nuclear Generating Station in Seabrook, New Hampshire.  The buyer, an energy generating subsidiary of FPL Group, paid a total of approximately $836.6 million for the interests of eight Seabrook owners, aggregating an 88.2 percent ownership share in Seabrook.

The sale was conducted under the auspices of the New Hampshire Public Utilities Commission and the Connecticut Department of Public Utility Control, through their auction agent J.P. Morgan Securities, Inc.  The parties executed a Purchase and Sale Agreement onApril 13, 2002 and closed the transaction on November 1, 2002, after obtaining required  approvals from regulatory agencies in multiple state and federal jurisdictions.