American Electric Power Sells Three Power Plants

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Researched by Industrialinfo.com (Industrial Information Resources, Incorporated; Houston, Texas). The Bear Stearns Companies Incorporated (NYSE: BSC) (New York, New York) has acquired ownership interest in four power plants from American Electric Power Company (NYSE: AEP) (Columbus, Ohio).

The acquisition of these plants was first announced on March 10, 2004, and completed July 22, 2004. Bear Stearns acquired 47.75% ownership interest in the 68-megawatt (MW) Brush Cogen Plant, located in Brush, Colorado, and 50% of the 272MW Fort Lupton Cogen in Fort Lupton, Colorado. The company also purchased ownership in two cogeneration facilities located in Bartow, Florida, the 120MW Mulberry Cogeneration plant (46.25%) and a 50% interest in the 52MW Orange Cogeneration Plant. AEP received $156 million dollars for its ownership interest in these plants.

American Electric Power (AEP) is a holding company based in Columbus, Ohio. It is known as one of the largest power distributors and also as the top energy trader in the North American and Europe. It serves five million customers and has over 38,000MW of coal-fired generating capacity.

The Bear Stearns Companies Incorporated was founded in 1923. It is a leading global investment banking and brokerage firm headquartered in New York City.

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