AEP subsidiary to buy Louisiana cooperative
SHREVEPORT, LOUISIANA - A subsidiary of power generator American Electric Power plans to buy a Louisiana electric cooperative for $94 million in a deal expected to save the cooperative's members 20 percent a year on their electricity bills.
Southwestern Electric Power Co. said that the 30,000 members of Valley Electric Membership Corp. will receive $30 million for their stake in the cooperative should the deal be approved. Members likely will vote early next year to dissolve the cooperative.
The cooperative's members are located south of Shreveport. The deal will double the size of Southwestern Electric's geographic footprint in Louisiana and bring economic opportunities along Interstate 49.
The utility has nearly 500,000 customers in Louisiana, Texas and Arkansas.
Related News
Scientists Built a Genius Device That Generates Electricity 'Out of Thin Air'
LONDON - They found it buried in the muddy shores of the Potomac River more than three decades ago: a strange "sediment organism" that could do things nobody had ever seen before in bacteria.
This unusual microbe, belonging to the Geobacter genus, was first noted for its ability to produce magnetite in the absence of oxygen, but with time scientists found it could make other things too, like bacterial nanowires that conduct electricity.
For years, researchers have been trying to figure out ways to usefully exploit that natural gift, and they might have just hit pay-dirt with a device they're calling the…
