Atlantic City Electric Co.
List of Deals
- 1971 Atlantic City Electric Company: 750,000 shares of common stock ($3 par value) issued April 22, 1971, and $27,000,000 first mortgage bonds 8% series due 2001 dated May 1, 1971, and issued May 6, 1971
- 1972 Atlantic City Electric Company: 700,000 shares of common stock ($3 par value) issued October 18, 1972
Atlantic City Electric Company was organized in New Jersey in 1924 as a result of a merger and consolidation of several utility companies. The company was primarily engaged in the generation, transmission, distribution, and sale of electric energy in the southern part of New Jersey.
By 1972 the company sold and distributed electric energy to 377 communities in the state of New Jersey. Some of the communities served were summer resort areas, but the revenue from non-resort areas in 1971 was 72 percent of total revenues. Atlantic City Electric also furnished process steam and water, and delivered by-product energy generated by back pressure turbines, to E. I. du Pont de Nemours and Company. The process steam was generated by equipment installed at the company's Deepwater Generating Station and Greenwich Station, both operated by Deepwater Operating Company, a wholly owned subsidiary. Overland Realty, Inc., also a wholly owned subsidiary of the company, was, at the time, engaged in the acquisition and ownership of land and interests to be used as sites for the location of generating stations or industrial or residential development. As of 1972, the company owned four steam electric generating stations and turbo-generator units, with a net capability of 922,700 kilowatts.
In the mid-1970s Atlantic City Electric made an innovative move on the front of energy conservation when it began to note customers' percent increase or decrease in energy use on their bills. This action had benefits for all involved: customers, who could save money; the country, which could benefit from conservation; and the company, which could delay costly expansions.