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21 August 2007 -- American Electric Power said it plans to sell its 50 percent interest in the Sweeny Cogeneration plant in Texas to ConocoPhillips for approximately $80 million, including working capital items and the assumption of project debt. The plant is AEP's only remaining cogeneration investment. Its sale is part of a divestiture of non-core utility business assets. The sale is expected to close in the fourth quarter.

Sweeny Cogeneration is a nominal 450 MW cogeneration plant located within ConocoPhillips' Sweeny refinery complex 80 miles southwest of Houston. The cogeneration plant began commercial operations in January 1998. AEP is the managing partner of the plant, which is owned by Sweeny Cogeneration LP, a 50-50 partnership between AEP and GE. Under terms of the agreement, ConocoPhillips will acquire AEP's ownership interests in Sweeny Cogeneration LP.

Proceeds from the transaction will be used to reduce short-term debt and for general corporate purposes. AEP expects to record a non-recurring pre-tax gain of approximately $44 million in the fourth quarter as a result of the sale.

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