AEP / Energy

AEP has just four power plants left in Ohio after sale to investment firm

Photo by Friscocali / Creative Commons

COLUMBUS — “AEP has closed on its previously announced sale of four power plants, three of them in Ohio and the other in Indiana.

American Electric Power Company Inc. (NYSE:AEP) sold the plants for $2.1 billion to New York-based Blackstone Group LP and an ArcLight Capital Partners affiliate and operate a joint venture called Lightstone Generation LLC.

AEP disclosed the deal in September. The company has a little more than 2,600 megawatts of power plants remaining in Ohio, though it may retire or sell those coal-fired plants this year to the co-owners of the remaining plants, CEO Nick Akins said last week on a year-end earnings call.

At the same time the utility is jockeying to gain Ohio legislative approval to get rate returns on new natural gas and renewable energy-fueled generation in the state, which competitors do not have.”

— Tom Knox, Columbus Business First

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