SCE Sells 10 Plants

Issue 1 and Volume 102.

SCE Sells 10 Plants

Southern California Edison sold 10 of its gas-fired generating plants with a combined capacity of 7,532 MW for a total price of $1.115 billion. The plants were sold through an auction process. The plants were sold at 2.65 times their book value of $421 million. Buyers are:

The AES Corp., acquiring the 2,083 MW Alamitos, 1,310 MW Redondo Beach and 563 MW Huntington Beach plants for $781 million;

Houston Industries Power Generation, purchasing Etiwanda, Ellwood, Mandalay and Cool Water plants with a total of 2,276 MW of capacity for $237 million;

Thermo Ecotek Corp., taking the 154 MW Highgrove and 126 MW San Bernardino facilities for $9.5 million in cash plus assumption of liabilities; and

Partners Destec Energy Inc. and NRG Energy Inc., picking up the 1,020 MW El Segundo Station for $87.75 million. p