Westar Energy Closes Plant Buy

It pays $53 million.
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Electric utility

Westar Energy

(WR)

completed the purchase of the 300-megawatt gas-fired Spring Creek power plant from

OneOK

(OKE) - Get Report

for $53 million.

The plant, located in Logan County, Okla., is a peaking plant, which means that it will operate only for brief periods, primarily in the summer, to meet growing customer demand.

"The purchase of this plant provides a less expensive alternative for our customers than if we were to construct a new facility," Westar said. "It fits well with our plans to invest in the infrastructure needed to serve the growing needs of our Kansas customers."

Topeka, Kan.-based Westar had earlier announced its plans to construct another peaking plant on the Emporia Energy Center in Lyon County, which also would start with an initial capacity of 300 MW, to be increased in phases to 600 MW.

The company also said that it would be making further investments in the coming years.

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