Upstream Goes Downstream: Equinor Buys Into Scranton Power Plant

Norway's Equinor — the company we all used to call Statoil — announced Monday it is buying a majority interest in the Lackawanna Energy Center (LEC), the big Marcellus-fired power plant in Jessup, PA, just outside Scranton. Equinor is paying $940 million for 87.71% of the Class A shares in the 1,483-megawatt plant, buying them from funds managed by Global Infrastructure Partners (GIP), which is now part of BlackRock. Invenergy, which built LEC and has run it since day one, stays on as operator. MDN has followed this plant since it was nothing but a proposal and a pile of angry town council meetings (see MDN's LEC coverage), so this one hits close to home — literally, since the plant sits two counties from MDN world headquarters.

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