The Dell Power Station is a partially constructed 599 megawatt, natural gas-fired, combined-cycle electric generating facility located in Dell, Arkansas. The sale is expected to close in the third quarter of 2005, subject to certain regulatory approvals, Teco revealed in a statement.
Teco Energy chairman and CEO Sherrill Hudson said, With this good news, Teco Energy’s involvement in the merchant power market is virtually ended. We continue to execute our strategy and to focus on our strong regulated businesses in Florida, and our profitable unregulated businesses.
The cash from this sale will help us meet our objectives of retiring the 2007 debt maturities and having additional cash for investing in our businesses, primarily our regulated utilities.
