Under terms of a deal already announced, Southern CaliforniaEdison last week continued shopping its interests in nuclear andcoal-fired generating plants in the Southwest. In play are 1,300MWs for which Edison already has an offer of $550 millioncollectively from Arizona-based Pinnacle West Energy Corp.

Included in that deal are Edison’s 16% (590 MW) ownership inPalo Verde Nuclear Generating Plant near Phoenix and its 48% (710MW) interest in coal-fired Four Corners Generating Plant in NewMexico.

The Pinnacle West deals are subject to a “special clause”allowing Edison to seek “superior offers for the plants prior toclosing the transaction with Pinnacle West, which is scheduled tooccur by mid-2001,” Edison said in announcing it is seeking”third-party bids” for its interests in the two plants. PinnacleWest also has “matching rights” for any new offers Edison obtains.

Edison said it has retained J. P. Morgan as its exclusiveadvisor in soliciting other interest in the plants. Interestedparties can call Roger Wood (212-648-3530) or Jerilyn Castillo(212-648-7936 at J. P. Morgan in New York City.

©Copyright 2000 Intelligence Press Inc. All rights reserved. Thepreceding news report may not be republished or redistributed, inwhole or in part, in any form, without prior written consent ofIntelligence Press, Inc.