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TMI sale progresses

TMI sale progresses

GPU Inc. of the US has signed a definitive asset purchase agreement with AmerGen Energy Company for the sale of its Three Mile Island (TMI) Unit 1 nuclear unit. The agreement marks the successful completion of a three month on-site due diligence process by AmerGen personnel.

The asset purchase agreement replaces the letter of intent signed between the two companies in July this year, and marks a major step forward in the completion of the sale. However, there still remain several regulatory approvals to be made, including the Nuclear Regulatory Commission and the Federal Energy Regulatory Commission.

The target date for final regulatory approvals is mid-1999.

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