AUGUST 16, 2005 - Posted at 4:17 p.m. CDT
DELL, AR - The one-time builder of an unfinished natural gas-fueled power plant in Mississippi County said today it has completed its sale of the unit to a Missouri cooperative.
TPS Dell, an indirect subsidiary of TECO Energy of Tampa, Florida, said it had sold the 599-megawatt Dell Power Station to Associated Electric Cooperative of Springfield, Missouri, for $75 million.
TECO chairman and chief executive officer Sherrill Hudson said the sale virtually ends the company's presence in the merchant power market and that the proceeds would be used to retire debt or used in TECO's other core businesses. TECO's chief subsidiary is the Tampa Electric Company.
Construction began at Dell in 2001 but ended in September 2002 with the facility about 85 percent complete.
Associated has said it would like to complete the plant by next year and that by 2007 it will need the power from the unit.