AES coal sale

AES Corp. is selling four coal-fired power plants in New York with a total capacity of 1,169 MW, Bloomberg reported.

AES wrote down the value of AES Eastern Energy, the owner of the New York plants, by $827 million. Falling power prices, prospects for lower prices and a drop in credit rating by Standard & Poor’s contributed to the decision to sell. Standard & Poor’s dropped the units’ credit rating to a B-, six levels below investment grade and five levels lower than the S&P rating on July 8, Bloomberg said.

The plants sell power under short-term contracts and on the spot market and have multiple-year contracts for most of the output from its U.S.-based plants.

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