PURCHASE, N.Y., Nov. 29, 2000 — TNPC, Inc. (NYSE: NPW), parent of The New Power Company, reported that the Pennsylvania Public Utility Commission today approved the “Competitive Default Service Agreement” between The New Power Company and PECO for 299,000 customers.
The PUC is expected to issue a final order on this matter in the next few days. The company further announced that it is in negotiations with Green Mountain Energy Company regarding the disposition of up to approximately 50,000 CDS customers.
This arrangement will benefit Pennsylvania consumers and help The New Power Company and Green Mountain to achieve their business goals, according to TNPC. Working with Green Mountain in this manner is consistent with the company’s objective of enhancing positive customer portfolio value.
“We are pleased the PUC has approved the Competitive Default Service Agreement and we hope to reach a resolution with both PECO and Green Mountain for Green Mountain to serve a portion of these customers,” said H. Eugene Lockhart, president and chief executive officer of The New Power Company. “This deal affirms our commitment to working with regulators, utilities and consumer groups in the markets in which we do business.” About TNPC, Inc.
TNPC, Inc. (NYSE: NPW), through its subsidiary, The New Power Company, is the first national provider of electricity and natural gas to residential and small commercial customers in the United States. The Company offers consumers in restructured retail energy markets competitive energy prices, flexible payment and pricing choices, improved customer service, and other innovative products, services and incentives.