FirstEnergy Generation was the winning bidder in the auction, which attracted multiple bidders. The company’s bid of $253.6 million bettered the next highest bid by $500,000, the minimum increment required under the bidding procedures.
With the completion of the facility, FirstEnergy will add more than 2,300MW of generating capacity at no risk to its customers.
Richard Grigg, executive vice president and chief operating officer of FirstEnergy, said: Considering the basic economics of supply and demand, the completion of this facility will be a great benefit for our customers, company and the region.
