GREENSBURG, Pa., May 10, 2005 (BUSINESS WIRE) — Allegheny Energy, Inc. announced that its subsidiary, Allegheny Energy Supply Company, LLC, has signed an agreement to sell its Wheatland generating facility to two affiliates of Cinergy Corporation — PSI Energy, Inc. and the Cincinnati Gas & Electric Company–for approximately $100 million.
“The sale of Wheatland is another step in our plan to reduce debt and refocus on our core business,” said Paul Evanson, Chairman, President and Chief Executive Officer of Allegheny Energy.
Wheatland, a 512-megawatt gas-fired peaking facility located in Knox County, Indiana, was acquired by Allegheny in May 2001. The Wheatland sale is subject to certain closing conditions and federal regulatory approvals. Allegheny anticipates that the transaction will close in the fourth quarter of 2005.
Allegheny Energy [ www.alleghenyenergy.com ]
Headquartered in Greensburg, Pa., Allegheny Energy is an investor-owned utility consisting of two major businesses. Allegheny Energy Supply owns and operates electric generating facilities, and Allegheny Power delivers low-cost, reliable electric service to customers in Pennsylvania, West Virginia, Maryland, Virginia and Ohio.