TransCanada To Sell Pennsylvania Power Plant

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TransCanada Corp. will sell its Ironwood power plant in Pennsylvania only six weeks after buying it, according to The Salt Lake Tribune.

The company recently purchased the 704-MW natural gas-fired plant from Talen Energy Corp. for $657 million, but has now put it back on the market in an effort to finance the $10.2 billion acquisition of Columbia Pipeline Group, Inc.

The sale will be part of TransCanada’s larger divesture of power assets, including its stake in the Mexico gas business, as well as hydroelectric assets in New England, the Ravenswood power plant in New York, the Kibby wind power operation in Maine, and Ocean State Power gas generation facilities in Rhode Island.

The news comes as wholesale electricity prices are down due to widely available shale gas, even as midstream operators are building more pipelines. 

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