Electric Energy in Joppa Confirms Layoffs
By WestKyStar Staff
JOPPA, IL - Electric Energy Incorporated in Joppa, Illinois has announced that 44 people will lose their jobs by mid-August.
President William H. Sheppard calls the decision to cut the jobs "an unfortunate situation" but said the company must prudently reduce their costs due to lower wholesale power prices. Prices for electricity are currently 15% below 2011 levels and almost 60% lower than 2008. Sheppard says that, as a merchant producer, EEI's business is market dependent, and that weak prices in downstate Illinois add to the challenges facing the company and the decision to reduce staff.
EEI operates 1,002 megawatts of generation in Joppa, and sells the power throughout the Midwest.