Dive Summary:
- FirstEnergy Corp is hiring a new adviser to sell up to 1,240 megawatts (MW) of non-core hydro generation assets to reduce debt, the company announced Tuesday.
- FirstEnergy owns several unregulated hydro facilities in Pennsylvania, Virginia and West Virginia, including part of the 3,003MW Bath County pumped storage plant in Virginia, the 451MW Seneca pumped storage plant, and 52MW Lake Lynn hydro plant in Pennsylvania.
- In addition, FirstEnergy will cut plans with the public power provider American Municipal Power to construct a 873MW simple cycle natural gas-fired plant in Ohio. FirstEnergy will also continue to work with PJM to address the need for any additional transmission projects thereby creating new investment opportunities.
From the article:
"In addition, Alexander said federal regulators approved a proposal to transfer 80 percent of the 1,954-MW Harrison coal-fired station in West Virginia from FirstEnergy's unregulated FirstEnergy Solutions unit to its regulated Mon Power unit in West Virginia.
Alexander said the company is waiting for a filing from federal regulators related to financing for the transaction and hearings at the state regulators scheduled for May 29-31."