American Electric Power Company IncNYSE
Wed, Sep. 14, 8:37 AM
- American Electric Power (NYSE:AEP) agrees to sell four power plants totaling ~5,200 MWs for ~$2.17B to a newly formed joint venture of Blackstone (NYSE:BX) and ArcLight Capital Partners, confirming an earlier report.
- The sale includes plants in Cheshire, Waterford and Mount Sterling, Ohio, and Lawrenceburg, Ind.
- AEP, which had announced in January that it was exploring strategic alternatives for the power plants, is making the sale as part of a move away from wholesale power markets and toward its regulated utilities.
- AEP says it is evaluating options and will share details about its plans for investment of the proceeds from the sale at a Nov. 1 analyst day.
Tue, Sep. 13, 4:31 PM
- American Electric Power (NYSE:AEP) is near a deal to sell four Midwest power plants to Blackstone Group (NYSE:BX) and ArcLight Capital Partners for ~$2.1B, WSJ reports.
- The P-E firms would acquire the coal-fired Gavin Power Plant in Cheshire, Ohio, and three natural gas plants in Indiana and Ohio, according to the report.
- Slumping wholesale electricity prices, partly due to weak natural gas prices, have pressured some independent power generators such as the ones AEP is selling.