TribLIVE

| Business


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

FirstEnergy to sell 11 hydroelectric plants, including Fayette, Armstrong county sites

Email Newsletters

Click here to sign up for one of our email newsletters.

On the Grid

From the shale fields to the cooling towers, Trib Total Media covers the energy industry in Western Pennsylvania and beyond. For the latest news and views on gas, coal, electricity and more, check out On the Grid today.

By Timothy Puko
Thursday, Sept. 5, 2013, 12:01 a.m.
 

FirstEnergy Corp. has agreed to sell 11 hydroelectric plants to a subsidiary of New York-based LS Power for an undisclosed price as it continues to reduce its power generation capacity in favor of growing its distribution business

The plants are small and can generate about 500 megawatts, less than 3 percent of the company's system. They employ about 35 workers total and include plants in Fayette County and Armstrong counties. FirstEnergy said the deal isn't expected to result in layoffs.

The buyer is Harbor Hydro Holdings LLC. Officials at Harbor Hydro's parent, LS Power, did not return requests for comment.

With low electricity prices hurting its business, Akron-based FirstEnergy, Pennsylvania's largest electric utility, disclosed in February that it would try to sell off hydroelectric generation plants that produce a total of 1,180 megawatts, spokeswoman Jennifer Young said.

FirstEnergy said the deal, which requires approval from the Federal Energy Regulatory Commission and several other state regulatory agencies, should close by year's end.

The biggest unit in the sale is the 451-megawatt Seneca Pumped Storage plant in Warren. The second biggest is at Lake Lynn, Fayette County, producing 52 megawatts. The Armstrong County plants are in Schenley and Ford City. Other units are in West Virginia and Virginia.

Timothy Puko is a Trib Total Media staff writer. Reach him at 412-320-7991 or tpuko@tribweb.com.

Subscribe today! Click here for our subscription offers.

 

 


Show commenting policy

Most-Read Business Headlines

  1. Pittsburgh’s tech startup activity rates last of 40 metro areas in report
  2. Floating homes offer ‘affordable’ option in San Francisco area
  3. New J.C. Penney CEO comes from middle-income America
  4. After years of downsizing, big houses make comeback
  5. Importance stressed of securing your online banking
  6. Corporate America speaking out on social issues, getting results
  7. Aetna to buy rival Humana for $35B
  8. How to land that 1st job after college
  9. Truffle dogs sniff out pungent fungus prized by foodies
  10. Consider these factors before opting for longer-term auto loan
  11. U.S. employers add 223K jobs, jobless rate falls to 5.3%