Delays in the transfer of ownership of Nine Mile Point to Constellation energy account for a 40% drop in Constellation’s earnings outlook for 2001, the company said in its 2nd quarter statement.
Constellation revised its expected earnings for 2001 from $3.00-$3.10 per share to $2.60-$2.70 per share, with 20c of the drop attributed to the delay in the sale of Nine Mile Point.
Other factors cited were the expected 2001 impact of lower forward electricity prices on the company’s generation capacity and a change in accounting methods for its investment in Orion Power Holdings.
