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
Feds "changing goalposts" with 2035 net-zero electricity grid target: Sask. premier
REGINA - Saskatchewan’s premier said the federal government is “changing goalposts” with its proposed target for a net-zero electricity grid.
“We were looking at a net-zero plan in Saskatchewan and across Canada by the year 2050. That’s now been bumped to 2035. Well there are provinces that quite frankly aren’t going to achieve those types of targets by 2035,” Premier Scott Moe said Wednesday.
Ottawa proposed the Clean Electricity Regulations – formerly the Clean Electricity Standard – as part of its target for Canada to transition to net-zero emissions by 2050.
The regulations would help the country progress towards an updated proposed goal…
