Vistra Energy is retiring four coal-fired power plants in Illinois by the end of the year.
The soon-to-be retired plants are:
- The 66-year old, 294 MW Hennepin Power Plant in Hennepin, Putnam County,
- The 54-year old, 915 MW Coffeen Power Plant in Coffeen, Montgomery County,
- The 43-year old, 425 MW Duck Creek Power Plant in Canton, Fulton County,
- The 41-year old, 434 MW Havana Power Plant in Havana, Mason County.
Without the MPS revisions, Vistra’s entire fleet in downstate Illinois was at risk of imminent retirement.
The revisions call for a reduction in annual mass caps for sulphur dioxide and nitrous oxide emissions, the retirement of 2 GW of generation from Vistra's eight MPS plants by year-end - pending approvals from the Midcontinent Independent System Operator and PJM Interconnection - and the termination of certain tariffs by the U.S. Federal Energy Regulatory Commission.
Earlier this week, Vistra agreed to acquire Ambit Energy for $475 million plus net working capital in an all-cash transaction. The Dallas-headquartered retailer serves about 1.1 million residential customers across 17 states.
Scotiabank is acting as financial adviser to Ambit on the deal, while Munsch Hardt Kopf & Harr is providing legal counsel. Latham & Watkins is serving as legal adviser to Vistra.
Upon transaction close, Vistra’s share of the Ercot residential market will grow from about 25% to 32% and to around 26% in all U.S. markets.
The deal is expected to close by year-end, subject to antitrust review under the Hart-Scott-Rodino Act and FERC approval.