FirstEnergy units agree on rate reduction, power plant sharing
The agreement would also reduce an average residential customer’s electric bill by about $1.50 a month
FirstEnergy Corp. units Potomac Edison and Mon Power filed a comprehensive settlement agreement with the Public Service Commission of West Virginia involving the Harrison Power Station.
The agreement would also reduce an average residential customer’s electric bill by about $1.50 a month. The agreement would also include the companies’ commitments to bring 50 additional jobs to the state, provide financial contributions for economic development, weatherization programs and other programs.
If approved, Mon Power would purchase an 80 percent stake in the Harrison Power Station from Allegheny Energy Supply, adding to the 20 percent it already owns in the 1,984 MW supercritical coal-fired power plant. Mon Power would them transfer its 8 percent interest in the Pleasants Power Station to Allegheny Energy Supply, according to Power Engineering.
The parties involved have requested that the PSC issue a final approval no later than August 30. If approved, the settlement would likely close in the third or fourth quarter of 2013. The Federal Energy Regulatory Commission (FERC) has already approved the deal.