FirstEnergy wants a bailout from Mon Power and Potomac Edison ratepayers. FirstEnergy is the Ohio-based parent company of Mon Power and Potomac Edison. FirstEnergy plans to have Mon Power purchase the Pleasants power plant from another FirstEnergy subsidiary. If successful, this will have a major negative financial impact on West Virginia ratepayers. A similar transfer of ownership with the Harrison Power Plant has cost Mon Power and Potomac Edison customers more than $160 million.
FirstEnergy currently must sell power from the Pleasants plant in a regional electricity market where it is competing against less expensive power sources. By transferring the plant to West Virginia ratepayers, FirstEnergy would ensure that we would be on the hook for covering the plant’s costs – with a guaranteed profit for FirstEnergy shareholders – for decades.
FirstEnergy would force us to pay the cost of the company’s bad investment.
Mon Power does not appear to need any additional power plant capacity for the next several years. It certainly does not need an expensive plant purchased from an affiliate.
Sign the petition below to urge the Public Service Commission to protect Mon Power and Potomac Edison ratepayers from FirstEnergy’s bad deal.