FirstEnergy Solutions completes transfer of Pleasants Power Station from Allegheny Energy Supply Company. (Credit: Pixabay/Steve Buissinne)

FirstEnergy Solutions (FES) has announced the completion the transfer of Pleasants Power Station in Pleasants County, West Virginia.

Pleasants Power Station has two 650MW of coal-fired units, which produce 1,300 MW of electricity and is located in Willow Island, West Virginia, along the Ohio River.

FES, which will be renamed Energy Harbor, has presumed the ownership of the facility from Allegheny Energy Supply Company, which is a completely owned subsidiary of FirstEnergy.

Pleasants, that employs 160 people, will be held through the indirectly owned subsidiary, Pleasants.

FES along with its subsidiaries and FENOC have filed bankruptcy protection under Chapter 11

FES along with its subsidiaries and FirstEnergy Nuclear Operating Company (FENOC) have filed voluntary petitions for the bankruptcy protection under Chapter 11 of the Federal Bankruptcy Code with the United States Bankruptcy Court in March 2018.

In August 2018, FirstEnergy signed a definitive settlement agreement in the Chapter 11 proceedings of FES and FENOC to address all the potential claims among the settling parties and other creditors.

The definitive settlement agreement was approved by the bankruptcy court in September 2018.

The companies included in the settlement are FirstEnergy, the Debtors, the Ad Hoc Noteholders Group, the Bruce Mansfield Certificateholders Group and the Unsecured Creditors Committee.

The early execution of the deal was approved by the United States Bankruptcy Court on 28 January this year and is marked as an important milestone in the emergence of FES and its debtor affiliates from bankruptcy.

Subjected to FERC approval, FES expects to emerge from Chapter 11 bankruptcy in February this year.

FES state: “Upon emergence from restructuring, Energy Harbor will be a privately held, financially secure, independent power producer and a fully integrated retail energy provider with a competitive suite of products for its growing customer base.

“With its fleet of reliable generating resources capable of producing nearly 50 million megawatt hours of electricity, including substantial carbon-free power, Energy Harbor will be well positioned for long-term value creation and competitiveness in a low-carbon future and to enable customers to meet their environmental, social and sustainability goals.”