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Ameren on course to buy Illinois Power Company

US energy company Ameren Corp has received Illinois Commerce Commission approval to buy Illinois Power Company (IP) from Houston energy company Dynegy. The $2.3 billion deal – which is scheduled to be completed in the fourth quarter – still requires approval from the US Securities and Exchange Commission.

    • Joe Marsh
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Missouri-based Ameren would acquire the stock of IP and Dynegy’s 20% interest in Electric Energy Inc (EEI), which owns a 1,086-megawatt coal-fired power plant based in Joppa, Illinois. Ameren currently owns 60% of EEI. It would assume IP’s estimated $1.8 billion of debt, pay Dynegy $375 million in cash and pay an additional $100 million that will be placed in escrow.

The transaction would also include a new power supply contract under which IP would annually buy 2,800 megawatts (MW) of

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