AEP completes sale of last non-utility asset

16 February 2006 - American Electric Power has divested its last non-utility asset with the sale of its 50 per cent stake in a power plant in Mexico for $29m.

The sale of its interest in the Bajio power plant to InterGen was 'earnings neutral', since write-downs in 2004 and 2005 had reduced the asset value.

"This transaction is significant because it completes the divestiture of assets, both international and domestic, that did not align with our strong domestic utility operations," said Michael G. Morris, AEP's chairman, president and chief executive officer. "In the last two years we've sold power plants in England, China and Mexico, domestic merchant plants, our domestic gas pipelines and storage, and other smaller holdings. The divestitures leave us with an improved balance sheet and a strategic focus on our core utility business."

Bajio is a 600 MW natural gas fired combined cycle power plant in San Luis de la Paz, a municipality in the state of Guanajuato. AEP acquired its interest in Bajio from InterGen in 2000 when the plant was under construction. Bajio began commercial operations in 2002.

Sponsored by FLSmidth

Related Articles

Study: Mexico could install 12,000 MW of wind capacity by 2020

Total installed wind power capacity in Mexico will reach some 12,000 MW by 2020, or 15 percent of the country’s electricity mix.

AES plans solar energy project to power copper mines in Chile

AES Gener SA plans to build a $572 million solar farm in northern Chile as it seeks to boost electricity supply to copper miners in the Atacama Desert.

Follow Power Engineering on Twitter

Latest News

Shutterstock coal production trucks

Weekly Coal Production

The Weekly Coal Production shows how much coal is being produced across the U.S.

Federal Reserve Bank of Dallas Weekly Economic Indicators financial business

The Federal Reserve Bank of Dallas' Economic Indicators

The Federal Reserve Bank of Dallas offers a glimpse into how the markets are doing domestical...

Kvaerner awarded contract for gas-fired power plant in Delaware

Kvaerner North American Construction Inc. and its joint venture partner, Parsons Brinckerhoff...

Canadian Solar purchases two solar projects

Canadian Solar Inc. has acquired a majority interest in two utility-scale solar power project...

Operators Restart Unit 2 at PPL Susquehanna

Unit 2 at the PPL Susquehanna nuclear power plant near Berwick, Pa. resumed generating electr...

Settlement agreement limits cost recovery at Edwardsport

The Indiana Utility Regulatory Commission (IURC) on Dec. 27 modified and approved a settlemen...

Toshiba in talks to sell portion of Westinghouse nuclear unit

Toshiba Corp is in talks  to sell up to 16% of its stake in the Westinghouse Electric Co...

Utah nixes nuclear waste storage facility

Plans to park radioactive waste at a storage facility in Utah have been officially called off.

Power Engineering Current Issue

03/01/2014
Volume 118, Issue 3
1403PE-cover

Products Showcase

Dynamic Fluoride Ion cleaning DFIC of industrial natural gas turbines Hi-Tech Furnace Systems

Dynamic Fluoride Ion Cleaning of IGT Parts

The Dynamic Fluoride Ion Cleaning (DFIC) Process from Hi-Tech Furnace Systems is able to clean deep, narrow cracks of oxides by cycling between negative, atmospheric, and positive pressure.

Archived Articles

2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013

Power Industry Wire News

Perma-Fix Environmental Services Appoints Larry M. Shelton Chairman of the Board

Perma-Fix Environmental Services Appoints Larry M. Shelton Chairman of the Board

Scorpio Bulkers Inc. Announces Agreement to Sell Kamsarmax Newbuilding

Scorpio Bulkers Inc. Announces Agreement to Sell Kamsarmax Newbuilding

Next Generation ZaZZZ Proprietary and Identity-Verifying Vending Machines Ship to 18 Locations This Month

Next Generation ZaZZZ Proprietary and Identity-Verifying Vending Machines Ship to 18 Lo...

Rockdale Resources Enhances Operations, Implements Cost Reductions and Changes Board Composition

Rockdale Resources Enhances Operations, Implements Cost Reductions and Changes Board Co...

Cardinal Energy Group, Inc.: Bradford Lease Drilling Report

Cardinal Energy Group, Inc.: Bradford Lease Drilling Report

Power Engineering

Article Archives for Power Engineering Magazine

Continuing Education

Professional Development Hours

To access a course listing associated to a specific topic listed below, click on the topic of choice from the list below.

Latest Energy Jobs

View more Job Listings >>