OHIO EDISON &lt;OEC> SELLS 30 PCT OF NUCLEAR INTEREST

  Ohio Edison Co said it has
  completed the sale and leaseback of 30 pct of its 30 pct
  interest in Unit One of the Perry Nuclear Power Plant,
  receiving 509 mln dlrs for the interest.
      The utility said the share of its interest in the 1,205
  megawatt generating plant was sold to a group of institutional
  investors which leased it back to the company for a period of
  about 29 years at a negotiated lease payment rate.
      Ohio Edison said the proceeds will be used to finance the
  rest of its 1987 construction program and repay bank loans
  incurred for the retirement of high-interest long-term debt.
      Ohio Edison did not detail the lease payments, but it said
  the "payments will reduce the amount of revenue the company
  will need to cover our investment in Perry, which translates
  into savings for our customers."
      The utility said it projects the financing could reduce the
  amount of annual revenue needed by about 20 mln dlrs. It plans
  on filing a rate application with the Public Utilities
  Commission of Ohio to recover the Perry costs later this year.
      It said the sale and leaseback was attractive to the
  investors because they could take quicker advantage of tax
  benefits than the utility could.
  

