American Electric Power (AEP) operating unit Indiana Michigan Power announced that the Tanners Creek 4 coal-fired plant in Lawrenceburg will be shut down by mid-2015.
The plant closing will result in at least 115 people losing their job.
A decision was made to retire Tanners Creek Units 1-3 by mid-2015 in June 2011. An agreement in February 2013 provided the option of refueling or retiring Tanners Creek 4. Extensive analysis led officials to determining it was financially unfeasible to refuel Tanners Creek 4.
“Based on relatively flat electricity demand and the fact that our Indiana Michigan customers don’t need additional generation at this time, we’ve determined that the cost of refueling Tanners Creek 4 is not the right capital investment,” a spokesman for AEP said in a news release.
All four generating units at Tanners Creek will be retired by mid-2015.
According to the news release, AEP will work to find job opportunities for displaced employees at other AEP facilities. Employees whose positions are eliminated and who do not find other positions with the company will be considered for severance benefits.
Indiana Michigan Power has more than 582,000 customers in the two states. According to the Dearborn County Register, the power plant opened in 1951.
