Japan, Canada investors to buy U.S. power plant for $2 billion: Nikkei

TOKYO Mon Jul 1, 2013 8:39pm EDT

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TOKYO (Reuters) - A consortium including Mitsubishi Corp (8058.T) and Japanese and Canadian pension funds will buy a U.S. gas-fired power plant in Michigan this month for nearly 200 billion yen ($2.01 billion), the Nikkei business daily reported on Tuesday.

Mitsubishi, Japan's Pension Fund Association, Mizuho Bank (8411.T), the Japan Bank for International Cooperation (JBIC), and Canadian pension fund Omers will acquire all shares in the parent firm of the 1.63-gigawatt power plant, the report said, without citing sources.

The current owners include a Swedish investment fund, said.

($1 = 99.7450 Japanese yen)

(Reporting by Osamu Tsukimori; Editing by Paul Tait)

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Comments (1)
If our electric grid is a national security interest, then why are we allowing the sale of our electric facilities to foreign powers? This doesn’t make any sense. If said foreign powers wanted to cripple the US, they could buy up a significant number of power stations, then take them all offline at once, then dismantle them. We would not be able to build replacement plants fast enough to ward off a power crisis that would make the Enron-induced rolling blackouts look like a split-second blip by comparison. Maybe there’s some unspoken deal(s) behind the scenes here? When you look at how expensive power is in the US, you have to ask why selling the plants to foreign buyers, who have no interest in making power cheaply available because they don’t live with the power consumers, could possibly be a good idea. Also, that the US would allow the sale speaks volumes about how power plant security is perceived by our government. Reuters should ask the White House about this issue.

Jul 02, 2013 4:17am EDT  --  Report as abuse
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