Regulators approve purchase of combined-cycle power plant

Wisconsin Power and Light Co. (WPL), a unit of Alliant Energy Corp. (NYSE: LNT), won approval from the Public Service Commission of Wisconsin April 9 to purchase the $392 million, 600 MW Riverside Energy Center from Riverside Energy Center LLC, a unit of Calpine Corp (NYSE: CPN).

The Riverside Energy Center is a combined-cycle natural gas-fired power plant in Wisconsin that began operation in 2004.  WPL currently has a power purchase agreement with Riverside for about 500 MW. Under the purchase power agreement, WPL has the option to purchase Riverside if it exercises the option on or before May 31, 2012.

WPL is still evaluating the potential purchase and the commission’s order. WPL will make a decision whether to exercise its option to purchase Riverside on or before May 31, 2012. If WPL does exercise its option, closing is expected to occur by December 31, 2012.

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