FirstEnergy to sell 11 hydroelectric plants, including Fayette, Armstrong county sites
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 firstname.lastname@example.org.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- U.S. Steel considers temporary shutdown of Minn. plant
- Home prices rise as supply still tight
- Conventional gas, oil drillers seek rules differing from shale industry in Pennsylvania
- Stocks of Pittsburgh-area companies set record in March
- Japan snubs China investment bank
- Internet gambling results ‘disappointing’ so far
- Dominion Resources CEO Farrell made $17.3M in 2014
- Pittsburgh region’s unemployment rate stays steady
- 6-year stock market rally still going strong, bulls say
- Late decline eats into previous day’s stock market gains
- Nonprofit Concordia Lutheran Ministries adjusts to marketplace realities