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Mon Power Merger
Wed April 23, 2014
Supreme Court Upholds PSC Approved Power Plant Sale
The West Virginia Supreme Court has sided with the state Public Service Commission on a decision to allow the sale of a Harrison County power plant.
The PSC approved the sale of Harrison Power Station in October 2013. In the deal, Mon Power would obtain about 80 percent ownership of the plant from Allegheny Energy Supply and become its sole owner.
In return, Allegheny would receive about 8 percent ownership of the Pleasants Power Station, becoming its sole owner as well, and $257 million. Mon Power has said they will pass the cost of the merger on to its consumers in their electricity rates.
The Citizen Action Group appealed the PSC’s decision, saying the price markup ruling violates stipulations of the merger agreement and contradicts commission policy.
The merger agreement CAG cites includes requirements for Mon Power to increase employment, invest in economic development, aid low income customers, increase energy efficiency programs, as well as other stipulations.
In a written opinion Wednesday, members of the state’s highest court disagreed with CAG and affirmed the original PSC approved agreement.
The transaction between Mon Power and Allegheny Energy, both First Energy subsidiaries, has already closed, but Mon has not yet increased rates for customers.
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Natural Gas Drilling