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NiMo offers small power packages for auction

Niagara Mohawk, a Syracuse, New York-based utility operating 72 hydro power plants, is changing the way it plans to offer its generating facilities for sale.

NiMo had originally planned to sell its hydro generators to private investors in two large packages. Now, the utility has proposed to offer the plants in six groups each containing between five and 28 plants.

This change, the NiMo believes, will encourage better bidder participation and hence better prices.

Small packages will prove to be interesting for potential bidders without the interest or financial resources required for the large#r packages, the utility believes. The company is also selling its four fossil-fuelled plants.

After NiMo receives approval for the plan from the New York Public Service Commission, expected in April, the utility expects divestiture to take around six months.