AES to sell four coal-fired power plant in New York

 By Dorothy Davis   

AES president and CEO, Paul Hanrahan, announced during an earnings call for investors yesterday that the company has decided to sell four of its coal-fired power plants in New York.

The four coal-fired facilities, which have a combined generating capacity of 1,169-megawatts, are owned and operated by AES subsidiary AES Eastern Energy and are located in Somerset, Westover, Greenidge and Cayuga, New York.

AES outlined in its fourth-quarter report that its subsidiary AES Eastern Energy recorded an impairment charge of $827 million, due primarily to a decline in power prices relative to rising coal costs in the North American market. 

Jeff Bodington, CEO of Bodington & CO, a power plant sales consultancy, has said that AES could earn $500-600 million for the plants based on comparable sales.

 



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