Jones Day has advised Monongahela Power Company, a subsidiary of FirstEnergy Corp., in its acquisition of the Pleasants Power Station from Allegheny Energy Supply Company, LLC, an affiliate and subsidiary of FirstEnergy Corp.
Pleasants is a 1,300 megawatt coal-fired power plant located along the Ohio River near Belmont, West Virginia.
If the purchase of Pleasants is approved by the Public Service Commission of West Virginia (WV PSC) and the Federal Energy Regulatory Commission (FERC), monthly bills for typical Mon Power and Potomac Edison West Virginia residential customers using 1,000 kilowatt-hours (kWh) of electricity per month would drop about $1 per month, or $12 per year.
The proposed Pleasants purchase also will help preserve coal-related jobs and provide other economic benefits. The plant employs about 200 people, consumes more than 3.4 million tons of coal per year and pays millions of dollars in annual property taxes.
Jones Day has acted on the deal with a team led by Peter Izanec.
Involved fees earner: Peter Izanec – Jones Day;
Law Firms: Jones Day;
Clients: FirstEnergy Corp.;