CINCINNATI, August 12, 2005 (BUSINESS WIRE) — Cinergy Corp. announced that its Indiana subsidiary, PSI Energy, has completed the acquisition of the 512-megawatt Wheatland generating facility for approximately $100 million from subsidiaries of Allegheny Energy, Inc.
Located in Knox County, Ind., Wheatland has four natural gas-fired simple cycle combustion turbines and is directly connected to the Cinergy transmission system. Its output will be used to bolster the reserve margins on the PSI system.
The company announced the purchase agreement in May and recently received approvals from the Indiana Utility Regulatory Commission and the Federal Energy Regulatory Commission for the purchase.
Cinergy Corp. has a balanced, integrated portfolio consisting of two core businesses: regulated operations and commercial businesses. Cinergy’s regulated public utilities in Ohio, Indiana, and Kentucky serve 1.5 million electric customers and about 500,000 gas customers. In addition, its Indiana regulated company owns 7,000 megawatts of generation. Cinergy’s competitive commercial businesses have 6,300 megawatts of generating capacity with a profitable balance of stable existing customer portfolios, new customer origination, marketing and trading, and industrial-site cogeneration. Cinergy’s integrated businesses make it a Midwest leader in providing both low-cost generation and reliable electric and gas service.