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Dow will buy power facility ...

September 11, 2006 | A version of this story appeared in Volume 84, Issue 37

Dow Chemical has agreed to purchase an 880-MW cogeneration facility operated by American Electric Power at Dow's Plaquemine, La., complex. Dow will pay AEP $64 million and enter into a profit-sharing arrangement with AEP for five years. AEP will retain rights to a $123 million judgment against Tractebel Energy Marketing that was awarded last year but is under appeal. AEP accused Tractebel of breaching a supply contract for the excess power from the plant. AEP says it would not have built the facility, which supplies Dow with steam, without the Tractebel contract.

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