BELOIT, Wis. (AP) — The Public Service Commission has cleared Wisconsin Power & Light to purchase the Riverside Energy Center power plant in the town of Beloit for $393 million.
Calpine Corp. opened the natural gas power plant in 2004. Wisconsin Power & Light has a power purchase agreement with the plant to buy about 500 megawatts.
Steve Schultz, spokesman for Alliant Energy/WP&L, told the Beloit Daily News the agreement also gives WP&L an option to buy the plant by May of this year. He says buying the plant will be more economical than continuing the power purchase agreement, and that they don’t expect any impact on customer rates.
If WP&L moves forward with the purchase, he says, it should be finalized by Dec. 31.
Information from: Beloit Daily News, http://www.beloitdailynews.com