In bankruptcy, Talen moves to own more of Colstrip

Talen Energy Supply tells its bankruptcy judge that it will be acquiring more ownership in Colstrip Power Plant.

The Texas-based energy company, currently engaged in one of the year’s largest bankruptcies, disclosed an agreement Sept 9, to acquire Puget Sound Energy’s 25% share in the power plant. Talen tells the U.S. Southern District of Texas Bankruptcy Court that Puget is transferring the shares no later than the end of 2025, when Puget faces a Washington deadline to stop serving customers coal power.

Talen filed for bankruptcy May 9, disclosing $4.5 billion in debt, which it  has winnowed down by offering secured creditors an ownership stake. At the end of August, the company announced a 92-day period in which it would take offers to buy the company. Talen indicated it already has one cash offer for an undisclosed amount. 

This is Puget’s third attempt to sell its Colstrip interests. Two years ago Puget attempted to sell its stake in Colstrip Unit 4 to power plant co-owners Talen and NorthWestern Energy for a dollar but withdrew the offer as regulatory analysts estimated the Puget customers would shoulder the deal’s true cost, estimated to be in the millions. In the 2019 Legislature, a different attempt involving

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