Commissioners give nod to co-op’s purchase of power plant
by Associated Press
Published: October 30,2012
BATESVILLE and HATTIESBURG — The Mississippi Public Service Commission has approved the $286-million sale of bankrupt LSP Energy to South Mississippi Electric Power Association.
Commissioners voted 3-0 yesterday to give Hattiesburg-based SMEPA the right to operate the natural gas-fired power station in Batesville. The order also gives SMEPA the right to acquire any rights of way that it needs for transmission lines.
SMEPA has been buying a third of the 837-megawatt plant’s power under a long-term contract since 1998.
LSP filed for bankruptcy because one of its three power units broke down, leaving it without enough revenue to operate and make debt payments. The company owed more than $200 million to bondholders.
SMEPA generates and transmits power to 11 cooperatives in southern and western Mississippi, serving more than 400,000 customers combined.
To sign up for Mississippi Business Daily Updates, click here.
Twang & Tourism: The Country Music Trail
Still planning that summer vacation?
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- Prescription for success — Transcript Pharmacy continues fast growth
- Panther Creek megasite — Putting a value proposition out there
- BBB issues warning involving asphalt paving scam
- Study: Mississippi has highest sales tax rate in U.S.
- Mississippi State makes NSF ranking of research universities
- Panther Creek's location in medical industry zone boosts bio-med prospects
- Chris McDaniel responds to radio show audio clip
- Sawtimber, pulpwood markets improving, but challenges remain
- TVA president/CEO Johnson tours Techumseh, Yokohama plants
- News The Way You Want It!