Business Services Industry
Illinois Power to Sell Electrical-Transmission System to Virginia Company.
Knight Ridder/Tribune Business News, October, 2002
By Patrick L. Thimangu, St. Louis Post-Dispatch Knight Ridder/Tribune Business News
Oct. 10--Illinois Power Co., a unit of troubled energy trader Dynegy Inc. of Houston, said Wednesday that it has agreed to sell its high-voltage electrical-transmission system for $239 million to Trans-Elect Inc. of Reston, Va.
Shirley Swarthout, a spokeswoman for Decatur-based Illinois Power, said the sale's proceeds will be used to pay off some of its debt and help the distributor of electricity and natural gas improve its liquidity.
Illinois Power provides electricity and natural gas to more than 650,000 customers. Trans-Elect owns or is the general partner for 14,400 miles of transmission lines in the United States and Canada.
The sale...
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