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FERC clears AES to sell stakes in 2 Ohio coal plants to Dynegy

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FERC clears AES to sell stakes in 2 Ohio coal plants to Dynegy

The Federal Energy Regulatory Commission authorized Dynegy Inc. on Nov. 28 to purchase the remaining ownership stakes in two coal-fired Ohio power plants from an AES Corp. subsidiary.

Dynegy currently owns a 64% interest in units 7 and 8 of the coal-fired Miami Fort power station in Hamilton County, Ohio, which has a capacity of 1,020 MW, according to S&P Global Market Intelligence data. AES Ohio Generation LLC owns the remaining 36%.

AES owns a 28.10% stake in the W.H. Zimmer coal-fired plant in Clermont County, Ohio, and Dynegy owns a 71.90% stake. Zimmer has a current operating capacity of 1,344 MW according to S&P Global Market Intelligence data.

After the transaction is consummated, Dynegy will become the sole owner of both facilities.

Dynegy and AES entered into an asset purchase agreement in April, pursuant to which AES would sell all of its stakes in the generation facilities to Dynegy, subject to FERC approval, for $50 million in cash and the assumption of certain liabilities.

Both power plants are connected to PJM Interconnection.

Dynegy and AES applied for FERC approval on May 12. (FERC docket EC17-117)