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SoCal Edison Seeks Better Offers on Power Plants
Under terms of a deal already announced, Southern California Edison last week continued shopping its interests in nuclear and coal-fired generating plants in the Southwest. In play are 1,300 MWs for which Edison already has an offer of $550 million collectively from Arizona-based Pinnacle West Energy Corp.
Included in that deal are Edison's 16% (590 MW) ownership in Palo Verde Nuclear Generating Plant near Phoenix and its 48% (710 MW) interest in coal-fired Four Corners Generating Plant in New Mexico.
The Pinnacle West deals are subject to a "special clause" allowing Edison to seek "superior offers for the plants prior to closing the transaction with Pinnacle West, which is scheduled to occur by mid-2001," Edison said in announcing it is seeking "third-party bids" for its interests in the two plants. Pinnacle West also has "matching rights" for any new offers Edison obtains.
Edison said it has retained J. P. Morgan as its exclusive advisor in soliciting other interest in the plants. Interested parties can call Roger Wood (212-648-3530) or Jerilyn Castillo (212-648-7936 at J. P. Morgan in New York City.
Richard Nemec, Los Angeles
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