DuPont’s Conoco, AEP Form Ventures

DuPont Co.’s Conoco subsidiary and American Electric Power Co. said they will invest $250 million in joint ventures that would manage power plants and energy purchases for large industrial customers, a move designed to lower Wilmington, Del.-based DuPont’s energy expenses and expand its electricity business in the deregulated U.S. power market of the future. The first customer would be DuPont itself, which would provide power plants valued at $1 billion to the ventures over the next few years. The ventures also would manage energy purchases for 80 DuPont facilities in the United States. Columbus, Ohio-based AEP and Conoco said they plan to buy power plants from other industrial companies and lease them back to their former owners. DuPont shares rose 13 cents to close at $62.19; AEP shares rose 31 cents to close at $46.25. Both trade on the New York Stock Exchange.