The Oklahoma Gas and Electric Company (OG&E) expects to complete its acquisition of the plant by October 1, 2008.
OG&E will acquire a 51% interest in the Redbud plant for a purchase price of about $434.5 million and will operate the plant on behalf of its co-owners, the Grand River Dam Authority with a 36% stake and the Oklahoma Municipal Power Authority with 13% interest.
Howard Motley, vice president of regulatory affairs for OG&E, said: We are pleased to have the commission’s approval as well as the support of the commission staff, our customers and the Attorney General’s office. This plant will help us continue delivering a reliable supply of power and also provides long-term cost savings to our customers.
