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Old Dominion Electric's sale of interest in Md. gas plant heads to FERC

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Old Dominion Electric's sale of interest in Md. gas plant heads to FERC

Old Dominion Electric Cooperative on July 3 filed an application with the Federal Energy Regulatory Commission seeking approval for the proposed sale of its ownership interest in the Rock Springs gas-fired facility in Maryland to Essential Power LLC for $115 million, plus assumption of certain related liabilities.

According to the application, Old Dominion Electric plans to sell unit 1 and unit 2, and a 50% undivided interest in the facility and related transmission assets. The plant's units 3 and 4 and the remaining 50% stake belong to Essential Power. As a result of the deal, Essential Power will be the sole owner of the facilities, according to the filing.

The Rock Springs transmission facilities consist of a 500-kV substation, and two 900-foot, 500-kV transmission lines, which connect the substation to PECO Energy Co. 500-kV transmission system.

Essential Power is an affiliate of private equity firm Carlyle Group LP.

The applicants asked the commission to approve the deal by Aug. 17. (FERC docket EC18-118)