Ameren Corp. Buys Illinois Power from Dynegy, claims only 25 employees will lose jobs

Ameren Explains IP Plans
Posted October 1, 2004 11:59am

Illinois Power Company is now officially under new ownership.

Ameren Corporation completed its purchase of the utility from Dynegy Incorporated.

Now IP will be doing business as AmerenIP. Under terms of the sale, its headquarters will remain in Decatur for at least five years and IP's workforce reduction will not exceed 25 employees during the next four year, unless they are voluntary.

Ameren bought the utility for $2.3 billion dollars.

The company announced its intent to purchase IP in February and just received approval from all the required agencies.

Ameren says it will commit more than $275 million in energy infrastructure in its first two years of ownership.

The company says it will increase total contributions to charitable and social service organizations in the IP service territory to one and a half million dollars.

With this acquisition, Ameren will now serve nearly 2-million electric and natural gas customers in Illinois.