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Article: Edison to Sell 2 Coal-Fueled Power Plants to Trim Debt
- Article from:
- Chicago Sun-Times
- Article date:
- April 18, 1996
- Author:
CopyrightCopyright 1996 Chicago Sun-Times. (Hide copyright information)
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Gearing up for a deregulated market, Commonwealth Edison Co.
Wednesday said it signed separate deals to sell two coal-fueled power
plants, amounting to 7 percent of the company's total capacity.
Southern Electric International, a division of Atlanta-based
Southern Co., will buy Edison's State Line plant in Hammond, Ind.,
for $64.2 million. Dominion Energy Co. of Richmond will buy the
plant in Downstate Kincaid for $186 million, the utility said.
The proceeds - $250 million - will be used to pay down debt,
said Edison spokesman Joe King. Edison owes $6.7 billion, with much
of that debt stemming from its nuclear power expansion program during
the 1970s and 1980s.
"This will make us more ...