Pleasants Power Station Owner Files For Bankruptcy

The owner of a coal-fired power plant north of Parkersburg has filed for bankruptcy.  

Omnis Pleasants, LLC filed for Chapter 11 bankruptcy in Delaware this week, which will allow the company to reorganize and pay creditors over time. In a press release Monday, the company said it had filed “to facilitate restructuring negotiations between stakeholders and to support a sale process.” 

Omnis purchased the coal-fired Pleasants Power Station in 2023 after the previous owners announced plans to demolish the plant and remediate the site. Omnis made the purchase with the intention of using speculative technology to convert the plant to run on hydrogen derived from the production of graphite from coal. Despite stated plans to be fully operational by 2025, the plant has largely remained idle.   

In court filings, the company lists more than $70 million in debts, consisting primarily of a $50 million low-interest loan from the West Virginia Economic Development Authority.  

“After careful consideration, the management team of Pleasants, as well as its legal counsel and advisors, believe that initiating a Chapter 11 process is the best path forward to achieve a resolution that is best for all stakeholders,” David Hindman, CEO of Pleasants said. “It is top of mind and our goal to achieve a full recovery to the State of West Virginia and ensure a successful future for Pleasants Power Station while honoring our obligations to PJM, vendors and employees.  Current management of Pleasants will remain in place to work collaboratively with the State of West Virginia and all stakeholders to ensure the best possible outcome.”   

An initial hearing in bankruptcy proceedings is scheduled for Wednesday, July 29 at 1 p.m. in Wilmington, Delaware. The hearing is a review of customary “first day motions.” Expected approval will allow Omnis “to continue normal business and operations, including honoring its obligations to PJM and using its cash management system to facilitate payment of wages, pay vendors post-petition, participate in energy trading activities and pay other upcoming obligations.” 

Immediately preceding Omnis’ purchase of the plant, Pleasants had received a  $12 million a year state tax break since 2019 to keep it from shutting down. With the possibility that the plant could go idle in 2023, state lawmakers passed a resolution encouraging Mon Power to purchase it. Mon Power proposed to keep the plant  in operating mode, but not produce electricity, for 12 months while it studied what to do next at a cost of $3 million per month to Mon Power customers. That proposal became moot after the purchase by Omnis. 

This was all before President Donald Trump signed a 2025 executive order to extend the life of coal plants nationwide.