JUNE 13, 2005 - Posted at 2:24 p.m. CDT
DELL, AR - A subsidiary of Teco Energy Incorporated announced today that it will sell a still uncompleted gas-fired electric generation plant at Dell to an electric cooperative in Missouri.
In 2002, construction of the power plant stopped.
"......because of the natural gas price increase, and the decrease in electric supply and demand," said Mississippi County Judge, Steve McGuire.
Teco says the sale price is $75 million and the buyer is Associated Electric Cooperatives Incorporated, of Springfield, Missouri.
The power plant, if completed, is designed to generate 599 megawatts of electricity. Teco says the sale is expected to close in the third quarter.
Dell's Mayor, Kenneth Jackson, is looking forward to the between 20 and 25 new jobs expected to be brought to the county.
"The additional jobs, and the money from the power company, is going to help the town in the form of a better quality of living for the people, and that's what it is all about," said Jackson.
Both leaders are looking forward to the developing relationship between the community, and the company buying the plant.
Teco began construction on the massive Mississippi County plant in early 2001, but the project was suspended indefinitely in September of 2002.
Teco cheif executive Sherrill Hudson says the company is getting out of the merchant power market and that today's announcement is welcome within the company.