Power Group Online Article |  | |
21 October 2003 - US generator American Electric Power Co. (AEP) said on Monday it intended to dispose of its two remaining UK power plants by the end of next year.
The sale would mark a further retreat by US power developers who have been busy reversing their strategy of UK acquisitions ever since the Enron scandal hit investor confidence in the sector.
Director of Corporate Media Relations Pat D. Hemlepp, would not elaborate on AEPs timescale for disposition or say whether any discussion with outside parties were underway. Ohio-based AEP owns the 1966 MW Ferrybridge and 1961-MW Fiddler's Ferry coal plants which it bought for £650m in 2001. In 2002 AEP had to take a £414.8m write-off on the plants.
There had been press speculation earlier in the year that the two north of England power plants were on the list for disposal but that low wholesale power prices at the time had dampened interest from potential purchasers. On the onset of winter and recent power outages have led to a firming of wholesale electricity prices and seen three companies announce plans to reinstate power plants presently off the system.
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