Created on: Friday, April, 2014 25 12:16 AM
Last modified: Friday, April, 2014 25 12:16 AM
State Supreme Court affirms power station sale
MORGANTOWN -- The state Supreme Court has affirmed the Public Service Commission’s (PSC’s) October decision to approve Mon Power’s acquisition of Allegheny Energy Supply’s Harrison Power Station.
The court affirmed the PSC’s decision in its Wednesday, April 23, ruling on an appeal filed by the Charleston-based West Virginia Citizen Action Group (CAG). The court announced its ruling near the end of the business day Wednesday.
Allegheny Energy, Mon Power and Potomac Edison — which joined Mon Power to petition the PSC to approve the transaction and is a respondent in the appeal — are all FirstEnergy subsidiaries.
CAG and a number of other entities opposed the initial deal, contending FirstEnergy overvalued the Harrison plant and didn’t look at other possible solutions. They also contended that the sale would raise customer rates.
The original deal, the court’s ruling said, would have allowed Mon Power to pass along $589 million of transaction costs to its customers. The parties then worked out a joint stipulation reducing the pass-along amount to $257 million. CAG was the only opponent to refuse to agree to the new deal.
CAG alleged that the PSC made several errors in its decision. The court reviewed each item and affirmed the PSC’s actions in each matter.
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