Xcel Planning Possible LP&L Buyout - KCBD NewsChannel 11 Lubbock

5/28/03

Xcel Planning Possible LP&L Buyout

Lubbock city council members are tight-lipped about the deal and wouldn't give any official comment on camera. However, sources tell NewsChannel 11 that Xcel Energy is planning to make an offer to buy LP&L from the city.

LP&L has a book value of $184 million.

During a closed meeting Wednesday afternoon, the city council discussed the issue. However, Mayor Marc McDougal told us Xcel has not made an offer nor is LP&L for sale. 

Sources tell us Xcel could make the offer between now and mid-July.

NewsChannel 11 did call Xcel to try and confirm, but their spokesman, Bill Crenshaw said they couldn't comment on speculated business deals.

This is not the first time the city has considered selling LP&L. In the late 90's, the city council did discuss selling LP&L but council voted not to sell the company.

At this point, it's just talk. Sources say Xcel may be making an offer that may not be enough money to purchase LP&L.

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