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FirstEnergy to spinoff West Penn Power transmission business; allows for faster rate hikes
TribLive: FirstEnergy Corp. spun off its West Penn Power Co. transmission business to a new shell company, a move the state’s top consumer advocate says will allow the Ohio-based utility a faster path to recover costs by raising rates on 720,000 West Penn customers.
Keystone Appalachian Transmission Co. was formed to take certain unnamed transmission assets from two of its electric distribution companies — Greensburg-based West Penn Power and Potomac Edison, which operates in West Virginia and Maryland — and placing them into the newly formed firm, FirstEnergy officials said Monday in a call with analysts.
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