Mission Energy Acquires Welsh Power Facility: Mission Energy Co. said Friday that it has completed its acquisition of Wales-based First Hydro Co., a hydroelectric pump storage facility, for $1 billion. Although Mission has made similar-sized acquisitions elsewhere, this marks its largest single investment in Europe. The Irvine company, a subsidiary of SCEcorp., has 60 projects either operating or under construction worldwide. Mission revealed Monday that it had submitted the highest offer for the plant, outbidding Dominion Resources Inc. of Richmond, Va., and Scottish Hydro-Electric Plc of Edinburgh, Scotland. “The acquisition of First Hydro represents a permanent investment in some of the most strategically important generating plants in the electricity system of the United Kingdom,” said Edward R. Muller, Mission’s president and chief executive officer. Pumped storage plants use electricity to pump water into a reservoir at times of the day when the price of power is low, then generate electricity by running the water through generators during peak-use periods.
Times Staff and Wire Reports