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Calpine Plant Fetches Millions More Than Anticipated

Law360 (January 29, 2008, 12:00 AM EST) -- FirstEnergy Generation Corp. has won an auction for bankrupt Calpine Corp.'s partially completed power plant in Fremont, Ohio, with a bid of $253.6 million, besting a previous offer by more than $100 million.

In a purchase agreement signed with Calpine in November, American Municipal Power – Ohio Inc. agreed to buy the plant for $124 million if a higher bidder wasn't found at auction. Calpine will ask a judge to approve the sale to Ohio-based FirstEnergy on Wednesday.

If approved, Calpine said the sale should close...
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