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November 4, 2013

FERC approves FirstEnergy’s proposed sale of hydro power stations to LS Power

The U.S. Federal Energy Regulatory Commission (FERC) has approved FirstEnergy subsidiaries’ proposal to sell 11 hydroelectric power stations in Pennsylvania, Virginia and West Virginia to LS Power Development.

By admin-demo

Hydro

The US Federal Energy Regulatory Commission (FERC) has approved FirstEnergy subsidiaries’ proposal to sell 11 hydroelectric power stations in Pennsylvania, Virginia and West Virginia to LS Power Development.

FirstEnergy subsidiaries Allegheny Energy Supply Company, FirstEnergy Generation and Green Valley Hydro own the said hydroelectric power stations totalling 527MW, which represents less than 3% of FirstEnergy’s generation fleet output.

The Pennsylvania stations in the transaction are 451MW Seneca Pumped Storage in Warren; 6MW Allegheny Lock and Dam 5 in Schenley; 7MW Allegheny Lock and Dam 6 in Ford City; and 52MW Lake Lynn.

The power stations for sale in West Virginia include 3MW Millville; 2MW Dam 4 in Shepherdstown and 1.2MW Dam 5 in Falling Waters.

The Virginia plants are 750kW Warren in Front Royal; 1.6MW Luray; 860kW Shenandoah and 1.4MW Newport in Shenandoah.

"FirstEnergy sought FERC approval to sell the stations in September 2013 and expect to close the deal by the end of 2013."

The purchasers, Seneca Generation, Lake Lynn Generation, All Dams Generation and PE Hydro Generation, are wholly-owned subsidiaries of Harbor Hydro Holdings, an indirect, wholly-owned subsidiary of LS Power.

Having reached a sales agreement with LS Power affiliates on 23 August 2013, FirstEnergy sought FERC approval to sell the stations in September 2013 and expect to close the deal by the end of 2013.

New owner Harbor Hydro expects to retain 35 current employees at these power stations when the acquisition completes.

FirstEnergy’s latest deal is part of its May 2013 plan to sell up to 1,240MW of unregulated non-core hydroelectric assets.


Image: LS Power’s subsidiaries purchases FirstEnergy’s hydro power stations. Photo: courtesy of Freedigitalphotos.

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