Allegheny Energy to sell Illinois power plant

Allegheny will use the proceeds to reduce debt. It expects to record a loss relating to the sale of $130 million, net of income taxes, in the third quarter of 2004. The Lincoln sale is subject to certain closing conditions, federal regulatory approvals and third-party consents. The company expects the transaction to close in the fourth quarter of 2004.

Meanwhile, Allegheny has retained Banc of America Securities as a financial adviser with regard to the sale of its two remaining Midwest natural

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