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

Law360, New York (August 21, 2013, 9:42 PM EDT) -- 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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.