Hurdles Cleared for Sale of Interest in New York City Power Plant
The owner of several power plants sought to sell a portion of its ownership interest in a 500 megawatt gas-fired electric generating facility in New York City and requested a ruling from New York State Public Service Commission (PSC) finding that this transaction would not be subject to PSC review.
Our lawyers advised the owner and filed a petition with the PSC that made the case that the sale of a portion of the client’s interest in the plant would not adversely affect competition in the state or the region. In fact, the petition continued, the new owner’s entry into the field would help reduce ownership concentration in the New York City.
The PSC agreed, negating the need for further review and clearing the way for the transaction and reducing ownership concentration in New York City.
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