FirstEnergy stated that a sales agreement was reached on 23 August 2013, and if approved, the proposed transaction is expected to close in the fourth quarter of 2013. The agreement is subject to customary and other closing conditions, including FERC, the Commonwealth of Virginia’s State Corporation Commission and various other approvals.
The hydro power stations are owned by FirstEnergy Generation, Allegheny Energy Supply and Green Valley Hydro and if approved, the proposed transaction is likely to close in the fourth quarter of 2013.
The Pennsylvania stations mentioned in the proposed transaction are 451MW Seneca Pumped Storage in Warren; 6MW Allegheny Lock & Dam 5 in Schenley; 7MW Allegheny Lock & Dam 6 in Ford City; and 52MW Lake Lynn.
The plants for sale in West Virginia include 3MW Millville; 2MW Dam 4 in Shepherdstown; 1.2MW Dam 5 in Falling Waters; while Virginia plants are 750kW Warren in Front Royal; 1.6MW Luray; and 860kW Shenandoah and 1.4MW Newport in Shenandoah.
New owner Harbor Hydro is likely to retain the 35 current employees at these power stations.
