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FERC approves GE sale of interest in 1,884-MW coal plant in Pennsylvania

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FERC approves GE sale of interest in 1,884-MW coal plant in Pennsylvania

A subsidiary of General Electric Co. received the Federal Energy Regulatory Commission's approval to divest its 10.65% ownership interest in Homer City Generation LP to funds managed by Knighthead Capital Management LLC.

Post-transaction, GE will not have any direct or indirect stake in Homer City Generation, which owns and operates the 1,884-MW Homer City coal-fired power plant in Pennsylvania. The power plant feeds its output to PJM Interconnection and New York ISO markets through transmission systems owned by Pennsylvania Electric Co. and New York State Electric & Gas Corp., respectively.

Knighthead Capital Management holds a 7.40% interest in Homer City Generation, which will increase to 18.05% after the transaction. (FERC docket EC19-28)