CHARLESTON, W.Va. -- West Virginia regulators have approved a $1.1 billion deal aimed at helping Monongahela Power Company gain enough generating capacity to meet customers' needs.
An order issued Monday by the Public Service Commission authorizes Mon Power to buy Allegheny Energy Supply Company's 79 percent interest in the Harrison Power Station. Mon Power will sell its nearly 8 percent ownership interest in the Pleasants Power Station to AE Supply.
The PSC says the transaction will reduce Mon Power rates by $16 million annually. The commission had no estimate of how much a typical customer would save.
The commission imposed certain conditions intended to protect ratepayers. The deal becomes final if the two utility companies accept those conditions.