CHARLESTON, W.Va. — FirstEnergy Corp. is ending its bid to transfer ownership of the Pleasants Power Plant from Allegheny Energy Supply Co. to Monongahela Power Company and Potomac Edison.
The transfer was approved by the Public Service Commission last month, but with select conditions to protect ratepayers. The Federal Energy Regulatory Commission initially denied the first petition Jan. 12.
West Virginians for Energy Freedom released a statement Tuesday, which included the following:
“FirstEnergy pursued the transfer even though its West Virginia subsidiaries, which are regulated, did not need the plant to meet the needs of customers. If this scheme had succeeded, Mon Power and Potomac Edison customers would have assumed all of the plant’s costs and financial risks, while FirstEnergy and its shareholders would receive a guaranteed revenue stream.”
FirstEnergy said it would not appeal FERC’s decision. FirstEnergy also said in the letter it would not agree to the PSC’s conditions because it would result in Mon Power “assuming exposure and significant commodity risk, which is inconsistent with FirstEnergy’s announced corporate strategy.”
The transfer received condemnation in parts of North Central West Virginia, including in Morgantown, where the sitting City Council passed a resolution in opposition to the transfer.
FirstEnergy Spokesperson Todd Meyers previously told WAJR last March that the transfer would “simultaneously resolve a projected 10-year energy capacity shortfall and decrease bills for customers.”
West Virginians for Energy Freedom claimed the opposite, suggesting the deal would result in an increased cost of $69 per household for the next 15 years.