FirstEnergy agrees to PSC terms for WV asset transfer - Beckley, Bluefield & Lewisburg News, Weather, Sports

FirstEnergy agrees to PSC terms for WV asset transfer

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FirstEnergy Corp. on Oct. 9 said it had agreed to conditions set by the Public Service Commission of West Virginia pertaining to asset transfers among its subsidiaries in West Virginia.

Following is the text of the company's statement:

"Mon Power and Potomac Edison today agreed to conditions included in the Public Service Commission of West Virginia's order authorizing the completion of the companies' generation transaction. The transaction will reduce an average residential customer's bill by about $1.50 per month. The transaction will also provide Mon Power with 100 percent ownership of the Harrison Power Station in Haywood, W.Va., and preserves the opportunity to use locally mined coal, sustaining employment and benefitting the regional economy.

"Mon Power and Potomac Edison, as part of the order, will also bring more jobs to the state, as well as provide financial contributions for economic development, weatherization programs and low-income assistance for paying utility bills.

"Holly Kauffman, president of FirstEnergy's West Virginia Operations, said further: ‘This has been a long and complex proceeding. We appreciate the support of the parties in negotiating a reasonable settlement, and are pleased that the Public Service Commission has allowed us to move forward with implementing our cost-effective plan to provide our customers with electricity generated in the heart of our West Virginia service territory.'"

The PSC issued its order on Oct. 7. On Oct. 8, the West Virginia Citizen Action Group said it will appeal the PSC's order to the West Virginia Supreme Court of Appeals.