The facility will be developed and constructed by AEP and operated by Dow under a separate agreement. Officials of AEP and Dow reported Monday executing a definitive agreement to build the project first reported in June 2000. Construction of the $325 million plant is expected to begin in 2001 and will consist of 620 MW of new baseload capacity from four GE gas turbines operating in combined cycle and 280 MW of peaking capacity. Start-up is scheduled for early 2003.
Jan. 22, 2001–Enron Corp. reported a $326 million charge to fourth quarter earnings from losses on its investment in Azurix Corp., the fledgling water company Enron spun off a few years earlier.