This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

FirstEnergy To Deactivate Two Coal-Fired Power Plants In Pennsylvania

AKRON, Ohio, July 9, 2013 /PRNewswire/ -- FirstEnergy Corp. (NYSE: FE) announced today that it expects to deactivate two coal-fired power plants located in Pennsylvania by October 9, 2013. The decision is based on the cost of compliance with current and future environmental regulations in conjunction with the continued low market price for electricity.

The plants scheduled to be deactivated are Hatfield's Ferry Power Station in Masontown, Pa., and Mitchell Power Station in Courtney, Pa. The total capacity of these plants is 2,080 megawatts, representing approximately 10 percent of the company's total generating capacity, but about 30 percent of the estimated $925 million cost to comply with the Environmental Protection Agency's Mercury and Air Toxics Standards (MATS).

In total, about 380 plant employees and generation related positions are expected to be affected. Eligible employees will receive severance benefits through the FirstEnergy plan or as provided by their collective bargaining agreement.

Following the deactivation of the Hatfield's Ferry and Mitchell power stations, FirstEnergy will continue to operate one of the nation's largest, cleanest and most diversified electric generating fleets.  The company's fleet after the deactivations will be comprised of 56 percent coal, 22 percent nuclear, 13 percent renewables and 9 percent gas/oil, and will have a generating capacity of more than 18,000 megawatts.

With the deactivation of these two plants, in addition to the nine plants the company announced for deactivation last year, nearly 100 percent of the power generated by FirstEnergy will come from resources that are either non- or low-emitting, including nuclear, hydro, pumped-storage hydro, natural gas and scrubbed coal units.  The company expects to invest approximately $650 million in MATS-related control technology to enhance or modify existing air quality equipment or install new equipment on its remaining facilities. Following these upgrades, FirstEnergy expects to reduce emissions of nitrogen oxides by 84 percent, sulfur dioxide by 95 percent and mercury by 91 percent below 1990 levels. In addition, the company expects to reduce carbon dioxide emissions 20 to 30 percent below 1990 levels by 2020.

The plant deactivations are subject to review for reliability impacts, if any, by PJM Interconnection, the regional transmission operator that controls the area where they are located.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs