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
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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