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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The forecast, a worst-case scenario laid out in an analysis by energy research firm Wood Mackenzie, would amount to about a third of the utility-scale solar capacity expected to be installed in the United States this year.
The report comes two weeks after the head of the top U.S. solar trade group called the coronavirus pandemic "a crisis here" for…
