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.
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SAN FRANCISCO - Millions of Californians were denied electrical power and thus air conditioning during a heatwave, raising the risk of heatstroke and death, particularly among the elderly and sick.
The blackouts come at a time when people, particularly the elderly, are forced to remain indoors due to Covid-19.
At first, the state’s electrical grid operator last night asked customers to voluntarily reduce electricity use. But after power reserves fell to dangerous levels it declared a “Stage 3 emergency” cutting off power to people across the state at 6:30 pm.
The immediate reason for the black-outs was the failure of a 500-megawatt power…
