Commissioners give nod to co-op’s purchase of power plant
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.
Top Posts & Pages
- BILL CRAWFORD: Dan Jones not the angel he is portrayed to be
- JOSH MABUS: Bill Murray and business misfits
- The Dan Jones-IHL saga: Is this the story that started it all?
- Analysis: Closed meetings can feed false public impressions
- Email from Nash to Delta Council’s Morgan included in DHA court file
- Bill would use casino taxes for bridges, little for tourism
- DAVID DALLAS — From Dan and Dixie with love
- Suit against Kemper employee Brett Wingo is dismissed
- Statue depicts famous duel that originated 'Bowie knife'