OKLAHOMA CITY (AP) — Oklahoma’s largest electric utility says its plan to spend $53 million to buy two power plants will save customers money and lower power plant emissions.
The Journal Record reports that Oklahoma Gas & Electric announced a plan Thursday to acquire the Shady Point power plant near Poteau and the Oklahoma Cogeneration plant in Oklahoma City.
The acquisitions are pending approval from state regulators in Oklahoma and Arkansas, but they would replace capacity supplied to OG&E under contracts set to expire next year.
OG&E says the deal will save customers up to $50 million a year and reduce coal use at Shady Point by more than 50 percent.
The Shady Point plant is fueled by coal and natural gas and is owned by Virginia-based AES Corporation. The cogeneration plant is owned by Oklahoma Cogeneration LLC.