WV Rate Payers to Bolster FirstEnergy Bond Ratings

Fitch’s bond rating company wants Mon Power and Potomac Edison rate payers to know that they will be paying to keep FirstEnergy’s bond ratings up if the WV PSC approves the proposed Harrison case settlement.

FE entered into a settlement agreement in August 2013 that, if approved by the Public Service Commission of West Virginia (PSC), would authorize the transfer of the 1,476-mw Harrison Power Station from Allegheny Energy Supply (Supply) to Monongahela Power Company. The settlement, if approved by the PSC, would be a constructive development, in Fitch’s view, that has been factored into the current ratings.

Do you think we’ll get a “thank you” from FirstEnergy anytime soon?  So far, we have only heard what a wonderful favor FirstEnergy and their partners in settlement are doing us by forcing us to pay for a power plant we don’t need.  FirstEnergy calls the Harrison Plant “a wonderful asset.”

The only wonder that is being worked is on FirstEnergy’s credit rating.

One thought on “WV Rate Payers to Bolster FirstEnergy Bond Ratings

  1. Would it be completely out of line to do the ITYS here? (I told you so!) Which part of “FE is doing this to bail itself out financially” didn’t the PSC understand?

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