FirstEnergy Units Settle $1B W.Va. Power Plant Transaction

Law360, New York (August 21, 2013, 9:42 PM ET) -- FirstEnergy Corp. subsidiaries Monongahela Power Co. and Potomac Edison Co. on Wednesday announced a settlement that will allow Mon Power to acquire most of the capacity of a West Virginia power plant after convincing state regulators the $1.1 billion transaction won’t harm ratepayers.

Mon Power will purchase 80 percent of the coal-fired Harrison Power Station in Haywood, W.Va., paying $1.1 billion to transfer the capacity from Allegheny Energy Supply, another FirstEnergy subsidiary, according to a joint press release from Mon Power and Potomac Edison.

The transfer...
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