FirstEnergy Solutions Completes Transfer of Pleasants Power Station
AKRON, Ohio, Jan. 31, 2020 /PRNewswire/ -- FirstEnergy Solutions (FES), soon to be renamed Energy Harbor, announced today that it has completed the transfer of the Pleasants Power Station, a 1,300-megawatt coal-fired plant located in Pleasants County, West Virginia. FES assumed ownership of the generating facility from Allegheny Energy Supply Company, LLC, a wholly owned subsidiary of FirstEnergy Corp.
Pleasants Power Station operates two 650-megawatt generating units and employs 160 people. Pleasants will be held through the indirect wholly owned subsidiary, Pleasants LLC.
The early execution of the transfer was approved by the United States Bankruptcy Court on January 28th and is another important milestone in the emergence of FES and its debtor affiliates from bankruptcy. FES expects to emerge from Chapter 11 bankruptcy in February 2020 pending FERC approval.
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.
SOURCE FirstEnergy Solutions