Consumers Energy plans to buy Zeeland’s LS Power Group for $517 million

Consumers Energy customers are demanding more electric power, and with the acquisition of a natural gas-fired power plant Consumers plans to provide that electricity by 2008. Pending approval by the Michigan Public Service Commission, the new power plant will boost Consumers’ Balanced Energy Initiative.

According to excerpts from the story:

Consumers Energy has signed an agreement to buy a 946 megawatt natural gas-fired power plant to help meet the growing power needs of its customers.

The utility reached an agreement with LS Power Group to buy the Zeeland, Mich., plant for about $517 million. Consumers Energy expects to close the purchase in 2008, subject to MPSC approval and other closing conditions.

Read the complete story here.