Miamisburg, Ohio, USA, 18 February 2010 -- /PRNewswire/ -- On 17 February 2010, Wisconsin Rapids Water Works and Lighting Commission (WRWWLC) signed an agreement with Consolidated Water Power Company (CWPCo), a subsidiary of NewPage Corporation, to purchase CWPCo utility transmission and distribution assets.
Located in Wisconsin Rapids, CWPCo provides power to retail customers in central Wisconsin. CWPCo also owns and operates five hydroelectric projects along 33 miles of the Wisconsin River in DuBay, Stevens Point, Whiting, Biron, and Wisconsin Rapids. The agreement with WRWWLC includes the assets necessary to deliver power to CWPCo's retail customers, and does not include the CWPCo hydroelectric facilities.
An application for approval of this sale was jointly filed later the same day with the Public Service Commission of Wisconsin. Time of closing is dependent on regulatory review and Commission approvals. The purchase price for the utility assets will be equal to the net book value of the assets at the time of closing.
The Wisconsin Rapids Water Works and Lighting Commission is a municipally owned electric and water utility. WW&LC serves 14,500 electric and 8500 water meters in a service territory that includes the City of Wisconsin Rapids and all or parts of the towns of Grand Rapids, Seneca, Sigel, Grant, and the Village of Biron.
A subsidiary of NewPage Corporation, Consolidated Water Power Company (CWPCo) owns and operates five hydroelectric projects along 33 miles of the Wisconsin River in central Wisconsin located in DuBay, Stevens Point, Whiting, Biron, and Wisconsin Rapids. These five hydrofacilities house 39 hydrogenerators with a combined installed capacity of 35.2 megawatts (annual electricity use by about 75,000 households) and provide river water stability for recreational purposes and other uses. CWPCo also owns 24% of the Wisconsin Valley Improvement Company, which regulates the river upstream of DuBay, and is represented on the board of directors. The private corporation regulates a uniform flow in the Wisconsin River and helps coordinate the operation of hydroelectric plants on the Wisconsin River. This centralized coordination helps generate increased hydroelectricity and improve flood control capabilities.
Headquartered in Miamisburg, Ohio, NewPage Corporation is the largest coated paper manufacturer in North America, based on production capacity, with USD 3.1 billion in net sales for the year ended 31 December 2009. The company's product portfolio is the broadest in North America and includes coated freesheet, coated groundwood, supercalendered, newsprint, and specialty papers. These papers are used for corporate collateral, commercial printing, magazines, catalogs, books, coupons, inserts, newspapers, packaging applications, and direct mail advertising.
NewPage owns paper mills in Kentucky, Maine, Maryland, Michigan, Minnesota, and Wisconsin in the United States, and in Nova Scotia, Canada. These mills have a total annual production capacity of approximately 4.4 million tons of paper, including approximately 3.2 million tons of coated paper, approximately 1.0 million tons of uncoated paper, and approximately 200,000 tons of specialty paper. To learn more, visit www.NewPageCorp.com.