FirstEnergy Agrees to PSC Terms for WV Asset Transfer
The State Journal
9 October 2013
FirstEnergy Corp. on Oct. 9 said it had agreed to conditions set
by the Public Service Commission of West Virginia pertaining to
asset transfers among its subsidiaries in West Virginia.
Following is the text of the company's statement:
"Mon Power and Potomac Edison today agreed to conditions included
in the Public Service Commission of West Virginia's order
authorizing the completion of the companies' generation
transaction. The transaction will reduce an average residential
customer's bill by about $1.50 per month. The transaction will
also provide Mon Power with 100 percent ownership of the Harrison
Power Station in Haywood, W.Va., and preserves the opportunity to
use locally mined coal, sustaining employment and benefitting the
regional economy.
"Mon Power and Potomac Edison, as part of the order, will also
bring more jobs to the state, as well as provide financial
contributions for economic development, weatherization programs
and low-income assistance for paying utility bills.
"Holly Kauffman, president of FirstEnergy's West Virginia
Operations, said further: ‘This has been a long and complex
proceeding. We appreciate the support of the parties in
negotiating a reasonable settlement, and are pleased that the
Public Service Commission has allowed us to move forward with
implementing our cost-effective plan to provide our customers with
electricity generated in the heart of our West Virginia service
territory.'"
The PSC issued its order on Oct. 7. On Oct. 8, the West Virginia
Citizen Action Group said it will appeal the PSC's order to the
West Virginia Supreme Court of Appeals.