PSEG Closes on Sale of Lawrenceburg (IN) Energy Center to American Electric Power’s AEP Generating Company Subsidiary
Public Service Enterprise Group Incorporated (PSEG) announced today that its subsidiary, PSEG Power LLC, has completed the sale of its Lawrenceburg Energy Center to AEP Generating Company, a subsidiary of American Electric Power Company, Inc. (AEP). The facility is a 1096-megawatt, gas-fired combined cycle electric generating plant located in Lawrenceburg, Indiana (Dearborn County).
Sale price for the facility and inventory was $325 million. The proceeds, together with an anticipated reduction in tax liability, are approximately $425 million and will be used to retire debt. The transaction resulted in an after-tax charge to PSEG and PSEG Power earnings of approximately $208 million, or about 82 cents per share of PSEG common stock which was reflected as a charge to discontinued operations in the fourth quarter of 2006.
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