AEP Completes Sale of Fossil-Fueled Power Plants in PJM
LCG, January 31, 2017–American Electric Power (AEP) yesterday completed the sale of four competitive power plants to Lightstone Generation LLC, a joint venture of Blackstone and an affiliate of ArcLight Capital Partners LLC, for approximately $2.1 billion. The four, fossil-fueled energy facilities are located in the region served by the PJM Interconnection and have a combined electric generating capacity of approximately 5,200 MW.
When the agreement was announced last September, AEP’s chairman, president and chief executive officer stated, “AEP’s long-term strategy has been to become a fully regulated, premium energy company focused on investment in infrastructure and the energy innovations that our customers want and need. This transaction advances that strategy and reduces some of the business risks associated with operating competitive generating assets.”
The agreement includes the following energy generating facilities: Lawrenceburg Generating Station (1,186-MW, natural gas-fired facility located in Lawrenceburg, Indiana); Waterford Energy Center (840-MW, natural gas-fired facility located in Waterford, Ohio); Darby Generating Station (507-MW, natural gas-fired facility located in Mount Sterling, Ohio); and the General James M. Gavin Plant (2,665-MW, coal-fired facility located in Cheshire, Ohio).