AEP completes CitiPower buy

AEP Resources has completed its acquisition of Australian utility CitiPower from Entergy. The $1.2bn sale was completed at the end of December.

AEP has said that it will now create a new strategy for CitiPower and is interesting in diversifying the company`s activities into other retail areas. Markets which AEP has identified include telecoms and natural gas.

New Orleans-based Entergy announced in August last year that it would divest CitiPower, a power distributor in Victoria state. The sale was part of Entergy`s strategy to re-focus on core activities which has also included the sale of UK company London Electricity.