AEP sells final UK holding
Tuesday, September 28th 2004, 2:11 pm
By: News On 6
COLUMBUS, Ohio (AP) _ American Electric Power closed Tuesday on the sale of its 50 percent interest of South Coast Power Limited, completing AEP's divestiture of assets in the United Kingdom.
Columbus-based AEP, the nation's largest electricity generator, sold its interest in South Coast Power to co-owner Scottish Power Generation for $47 million.
South Coast Power owns the Shoreham Power Station, a 400-megawatt plant located in Essex, England.
AEP said it expects to record a one-time $30 million gain in the third quarter as a result of the sale.
``We have a well-defined strategy that focuses on our core domestic utility business,'' said Michael Morris, AEP's chairman, president and CEO.
AEP shares were down 8 cents to $32.27 during afternoon trading Tuesday on the New York Stock Exchange.
Besides Ohio, AEP has about 5 million customers in Arkansas, Indiana, Kentucky, Louisiana, Michigan, Oklahoma, Tennessee, Texas, Virginia and West Virginia.