AEP subsidiary to buy Louisiana cooperative

subscribe

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

substation attack

Neo-Nazi, woman accused of plotting 'hate-fueled attacks' on power stations, federal complaint says

BALTIMORE - A neo-Nazi in Florida and a Maryland woman conspired to attack several electrical substations in the Baltimore area, federal officials say.

Sarah Beth Clendaniel and Brandon Clint Russell were arrested and charged in a conspiracy to disable the power grid by shooting out substations via "sniper attacks," according to a criminal complaint from the U.S. Attorney's Office for the District of Maryland.

Clendaniel allegedly said she wanted to "completely destroy this whole city" and was planning to target five substations situated in a "ring" around Baltimore, the complaint said. Russell is part of a violent extremist group that has cells…

READ MORE
freezing-rain-causes-widespread-power-outages-in-quebec

Freezing Rain Causes Widespread Power Outages in Quebec

READ MORE

Germany turns its back on nuclear for good despite Europe's energy crisis

READ MORE

Iran, Iraq Discuss Further Cooperation in Energy Sector

Iran, Iraq Discuss Further Cooperation in Energy Sector

READ MORE

electric-ferries-power

Electric Ferries Power Up B.C. with CIB Help

READ MORE