US power utility FirstEnergy has entered into an agreement to sell four competitive gas-fired power plants in Pennsylvania totalling 859 MW and its competitive portion of a pumped-storage hydropower plant in Virginia (713 MW equity stake) to LS Power for approximately US$925m in an all cash transaction.
FirstEnergy's subsidiaries Allegheny Energy Supply Company and Allegheny Generating Company will then sell the 713 MW in the Bath County hydropower plant, the 638 MW Springdale gas-fired plant, the 88 MW Chambersburg gas-fired plant, the 88 MW Gans gas-fired plant and the 45 MW Hunlock gas-fired plant.
The sale is part of FirstEnergy's plans to move way from competitive generation markets and to operate as a fully regulated utility company. Upon completion of the sale, FirstEnergy will own or control a total generating capacity of approximately 15,380 MW from nuclear, coal, hydro, wind and solar facilities across Ohio, Pennsylvania, West Virginia, New Jersey, Virginia and Illinois. LS Power, an employee-owned, independent power company with offices in New York, New Jersey, Missouri and California, is a developer, owner, operator and investor in power generation and electric transmission infrastructure throughout the United States.
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