Buyer of FirstEnergy’s PA NatGas Power Plants Revealed

FirstEnergy, based in Akron, OH, is one of the nation’s largest investor-owned electric systems, serving customers in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland and New York. FirstEnergy owns a variety of regulated and non-regulated power generation plants. In November the company announced it wants to sell six power generating plants in PA, four of them natural gas-fired plants (see FirstEnergy Selling 4 NatGas-Fired Electric Plants in PA). The plants being sold are non-regulated–part of FirstEnergy’s strategy to become a 100% “regulated” utility in the next 18 months. In December FirstEnergy announced they found a buyer willing to pay $885 million for the four natgas plants in PA (see FirstEnergy Finds Buyer for 4 PA NatGas-Fired Power Plants). However, the buyer’s identity remained a secret–until now. LS Power Equity Partners III LP, a New York-based power developer, is the buyer of the four natgas-fired electric plants…

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