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Wednesday, January 19, 2011

Maryland Regulators Approve Allegheny Energy Merger

Maryland energy regulators have approved the sale of Allegheny Energy, which serves Western Maryland, to FirstEnergy, but placed 20 conditions on the $4.7 billion stock deal that would create one of the biggest power companies in the country.  According to the order issued late Tuesday from the Maryland Public Service Commission, the conditions include:
Providing a one-time $29 credit to Maryland residential customers of Allegheny's Potomac Edison.

Ensuring there are no job losses in Maryland's utility operations related to the merger for at least two years and

Establishing a regional headquarters in Potomac Edison's Maryland service territory.
Potomac Edison serves about 250,000 customers in Maryland. Allegheny is based in Greenberg, Pa., while FirstEnergy is based in Ohio. (Baltimore Sun, 1/19/2010)

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