Ameren Corp of the USA has completed its purchase of Illinois Power from Dynergy for about $500 million in cash and $1.8 billion in assumed debt and preferred stock. Ameren will also acquire Dynergy’s 20% stake in a 1086 MWe coal-fired power plant in Joppa, Illinois. The deal includes a two-year purchase agreement under which Ameren will buy from Dynergy enough power to serve about 70% of Illinois Power’s customer demand – about 600 000 customers in mid-state. Bruce Williamson, Dynergy’s chairman and chief executive, said that the company had cut its debt from nearly $9 billion to a projected level of $5.5 billion by the end of 2004, while maintaining substantial levels of cash and liquidity.
