OGE completes buy of McClain stake

Saturday, July 10th 2004, 10:16 am
By: News On 6

(Oklahoma City-AP) -- O-G-E Energy Corporation says its electric utility unit has completed a 160 (m) million-dollar transaction.

The purchase gives it a 77 percent stake in a McClain power plant.

The deal will give O-G-E control of the 520-megawatt plant in Newcastle. The plant was owned by N-R-G McClain L-L-C. The other 23 percent stake belongs to the Oklahoma Municipal Power Authority.

Shares of O-G-E closed up yesterday 23 cents at 25 dollars, six cents in trading on the New York Stock Exchange.