Lubbock electric customers co-purchase two power plants - KCBD NewsChannel 11 Lubbock

Lubbock electric customers co-purchase two power plants

By James Clark - email

LUBBOCK, TX (KCBD) - For the second time in two weeks the voters, taxpayers, and LP&L electric customers of Lubbock have bought a stake in an electric power plant. 

The High Plains Diversified Energy Corporation  was created by the West Texas Municipal Power Agency, which in turn is owned by Lubbock, Brownfield, Floydada and Tulia. In late December, the HPDEC bought a $185 million natural gas powered electric plant.  Then, on Thursday the corporation bought another gas powered electric plant, this time for $335 million.  Both power plants are in Odessa. 

Both power plants will be paid for with municipal bonds.

Copyright 2011 KCBD NewsChannel 11.  All rights reserved.

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