UNITED STATES | ||
Form 8-K | ||
CURRENT REPORT | ||
PURSUANT TO SECTION 13 or 15(d) OF THE | ||
Date of Report (Date of earliest event reported) | December 9, 2002 | |
CONECTIV | ||
Delaware | 1-13895 | 51-0377417 |
800 King Street, P.O. Box 231, Wilmington, DE | 19899 | |
Registrant's telephone number, including area code | (302) 429-3018 | |
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CONECTIV | ||
Item 5. | Other Events. As previously disclosed in Conectiv's Annual Report on Form 10-K, Part II, Item 7, for the fiscal year ended December 31, 2000, the agreements between Conectiv's Delmarva Power & Light Company subsidiary ("DPL") and NRG Energy, Inc. ("NRG") for the sale of DPL's fossil fuel-fired electric generating plants, included a purchase power agreement under which DPL was to purchase from NRG Energy, Inc., 500 megawatt-hours of firm electricity per hour from completion of the sale of such power plants through December 31, 2005. This power purchase agreement, among others was transferred from DPL to a DPL affiliate Conectiv Energy Supply, Inc. ("CESI") on or about July 1, 2000. See Conectiv's Annual Report on Form 10-K for the fiscal year ended December 31, 2000, Item I -- Conectiv Energy Holding Company. On November 8, 2002, CESI declared an event of default under certain cross default provisions of the power purchase agreement. By agreement of the parties, the power purchase agreement is now terminated effective November 8, 2002. The parties are engaged in discussions regarding the termination payment due NRG, which is expected to be approximately $1 million. | |
Signatures
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| CONECTIV |