Blackstone, ArcLight to Buy Midwest Power Plants From AEP for About $2.1 Billion
September 13 2016 - 4:28PM
Dow Jones News
By Matt Jarzemsky
Blackstone Group LP and ArcLight Capital Partners LLC are
nearing a deal to buy four Midwest power plants from American
Electric Power Co. for about $2.1 billion, according to people
familiar with the matter.
The private-equity firms plan to acquire the coal-fired Gavin
Power Plant in Cheshire, Ohio, and three natural-gas plants in
Indiana and Ohio, the people said. The deal could be announced as
soon as Tuesday, they added.
The deal comes amid a slump in wholesale electricity prices, in
part because of a slide in natural-gas prices. That has put
pressure on some independent power generators like the ones AEP is
selling. Unlike regulated utilities, independent plants sell the
power they generate at market rates.
Write to Matt Jarzemsky at matthew.jarzemsky@wsj.com
(END) Dow Jones Newswires
September 13, 2016 16:13 ET (20:13 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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