Algonquin Power, American Electric Power Lower Sale Price for Kentucky Assets
September 30 2022 - 9:26AM
Dow Jones News
By Adriano Marchese
Algonquin Power & Utilities Corp. and American Electric
Power Co. have agreed to lower the price Algonquin will pay to buy
Kentucky Power Co. and AEP Kentucky Transmission Co.
The Canada-based generation, transmission, and distribution
utility company said Friday it will now pay a revised purchase
price of $2.65 billion, which includes the assumption of about
$1.22 billion in debt.
Last October, Algonquin Power and American Electric Power agreed
a total purchase price of $2.85 billion for the assets.
The transaction is expected to close in January but still
requires the approval of the U.S. Federal Energy Regulatory
Commission.
When the acquisition was first announced, Algonquin said the
acquisition of the assets will help support the company's plans to
shift its assets toward cleaner energy sources and meet its
net-zero greenhouse gas emissions target within its operations by
2050.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
September 30, 2022 09:11 ET (13:11 GMT)
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