Edison Power Plant Sold to Houston Firm

Southern California Edison has sold its Mandalay Beach plant in Oxnard as part of a $1.1-billion divestiture, company officials said Tuesday.

The power company has sold 10 of its 12 natural-gas-burning plants as part of a sell-off aimed at meeting new state deregulation standards, officials said. State officials hope that by requiring major utilities to sell some of their fossil-fuel plants, market competition in the utilities industry will increase, Edison spokesman Steve Hansen said.

The Mandalay Beach plant was purchased by Houston Industries Inc. of Houston, Hansen said. Houston Industries bought four plants from Edison for $237 million, he said. Edison is still looking for a buyer for its other Oxnard plant at Ormond Beach, Hansen said.