The Federal Energy Regulatory Commission has approved a transaction that will see Monongahela Power Co. become the sole owner of Allegheny Generating Co.
Under the internal reorganization deal, Allegheny Generating will reacquire 59.38% of outstanding capital stock held by Allegheny Energy Supply Co. Mon Power, which currently holds 40.62% of capital stock of Allegheny Generating, will become the sole owner of all outstanding and issued capital stock of Allegheny Generating upon closing, according to a Feb. 16 FERC order.
Allegheny Generating owns a 713-MW ownership interest in Bath County pumped-storage station in Virginia, which it will transfer to LS Power Group subsidiary LS Power Development LLC in a separate transaction. (FERC docket EC17-83)
The FirstEnergy Corp. subsidiaries expect to close the internal reorganization immediately after the consummation of the Bath County Station sale, which is anticipated for first-quarter 2018. (FERC docket EC18-27)