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
California Skirts Blackouts With Heat Wave to Test Grid Again
LOS ANGELES - California narrowly avoided blackouts for a second successive day even as blistering temperatures pushed electricity demand to a record and stretched the state’s power grid close to its limits.
The state imposed its highest level of energy emergency for several hours late Tuesday and urged consumers to turn off lights, curb air conditioners and shut off power-hungry appliances after a day of extraordinary stress on electricity infrastructure as temperatures in many regions topped 110 degrees Fahrenheit (43 Celsius).
Electricity use had reached 52 gigawatts Tuesday, easily breaking a record that stood since 2006, according to the California Independent System…
