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FirstEnergy Pa. Subsidiaries move forward with merger plans
Stacy Wescoe//August 31, 2023//
Listen to this articleFirstEnergy Corp. is looking to consolidate its Pennsylvania operations.
It currently operates Met-Ed, Penelec, Penn Power, West Penn Power, the Keystone Appalachian Transmission Co., and Mid-Atlantic Interstate Transmission LLC. As subsidiaries.
The subsidiaries have filed a settlement agreement with the Pennsylvania Utility Commission regarding their joint application to merge the four electric distribution companies into a single consolidated operating company.
Under the terms of the proposed settlement, income-eligible customers would receive a total of $650,000 in bill assistance over five years.
In addition, the settlement outlines how it would track cost savings that come about through the consolidated operations.
The settlement, if approved by the PaPUC, would help enable the path forward for the companies’ March 2023 application filed with the PaPUC that would consolidate the subsidiaries into a single legal entity called FirstEnergy Pennsylvania Electric Company (FE PA).
The distribution companies will continue to do business publicly under the existing local brand names – Met-Ed, Penelec, Penn Power and West Penn Power.
By consolidating, the company believes FE PA would gain greater access to capital at more favorable interest rates to invest in projects to improve customer service and further enhance the energy grid.
