West Virginia native Jeremy Richardson of the Union of Concerned Scientists wrote an Op/Ed commentary about the FirstEnergy/Pleasants power plant deal in The Charleston Gazette-Mail.
Excerpt: There’s an old saying that goes, “Fool me once, shame on you. Fool me twice, shame on me.”
The West Virginia Public Service Commission will soon make a decision that reveals whether it has learned that lesson. If not, hardworking West Virginians are in danger of footing the bill.
At issue is FirstEnergy’s proposal to transfer ownership of one of its coal-fired power plants, the Pleasants Power Plant, from one of its subsidiaries to another. While that might not sound like a big deal, it turns out that, if approved, it could cost West Virginians dearly on their monthly electricity bills.
The current owner, Allegheny Energy Supply Co., is a merchant generator in an unregulated market — meaning that it must sell the power it generates to the competitive wholesale market and compete with other resources, like natural gas power plants, to earn profits. On the other hand, Mon Power and Potomac Edison Power, the proposed new owners, are in West Virginia’s regulated market — meaning they get a guaranteed rate of return on their assets — paid for by ratepayers.
If this sounds familiar to you, it should. FirstEnergy just did the same thing in 2013, when it transferred full ownership of the Harrison Power Plant over to Mon Power. At the time, utility executives claimed the plant was needed to meet future demand, and that it had the “potential to significantly reduce customer rates.”
How has that panned out?
Let the commissioners and your lawmakers know that you oppose FirstEnergy's bad deal for West Virginia!