Report Says Vectren Is "launching a sale process" As Company Announces Major Investments
EVANSVILLE, Ind. -- Vectren has been making a lot of moves as of late, and another big move could be coming soon.
Last week, Vectren said they would be lowering gas and electric rates thanks to the passage of the Tax Cuts and Jobs Act in Congress. Now, the energy company says they are planning to invest $900 million in a new natural gas-fired generation plant.
In addition, Vectren is putting another $75 million into a 50-megawatt solar farm with over 150,000 solar panels covering nearly 300 acres near Evansville.
"Through energy efficiency programs, retirement of a smaller inefficient coal-fired unit, expiration of municipal sales contracts, and efforts to improve the efficiency of our generation turbines, we have already reduced carbon emissions by more than 30%," said CEO Carl Chapman to Inside Indiana Business. "Today’s announcements double those reductions by 2024."
However, even though customers will see a decrease in their bill thanks to the tax cuts passed, WFIE reports that estimates say by 2024 rates will be going up in order to pay for the new investments.
With that, a new reports says Vectren maybe be going up for sale in the near future. According to WFIE in Evansville, S&P Global released a report to subscribers Tuesday saying Vectren "launched a sale process." The report says the company's 11 power plants are worth $523 million.
Vectren has not commented on the S&P Global report.