Enova May Sell 2 Plants, Interest in San Onofre

Enova Corp. said it is considering selling two California power plants and an interest in the San Onofre nuclear generating station so it can better compete in California’s deregulated electric market. The sale would leave San Diego-based Enova with only 19 small power plants that together generate 330 megawatts, enough to power about 287,100 U.S. homes. It has 1.2 million electricity customers in San Diego and southern Orange County. Enova would continue to own the power lines and transmission equipment in its service area. The utility has a long-term strategy of getting out of power generation and buying electricity it needs from others, or collecting fees to send other producers’ electricity over its lines, analysts said. Enova, the parent of San Diego Gas & Electric, owns power plants in Carlsbad and Chula Vista that can run on either natural gas or oil, and a 20% interest in the San Onofre plant. Enova’s shares were unchanged at $24 on the New York Stock Exchange.