Virginia electric cooperatives purchase Allegheny Energy’s Virginia assets
- May 18, 2010
The Virginia State Corporation Commission has approved the purchase of Allegheny Energy Inc.’s Virginia assets by the Rappahannock and Shenandoah Valley Electric Cooperatives.
The $340 million acquisition will affect customers in the Allegheny’s Potomac Edison subsidiary. SCC approval was the final regulatory approval needed. The deal is expected to close June 1.
The cooperatives and Allegheny reached a stipulation agreement last month that promises Potomac Edison customers will see no rate increase before July 1, 2014 and will not increase rates more than 5 percent in 2014, 2015 and 2016.
The deal means that more than 100,000 Allegheny subscribers in Northwestern Virginia will join one of the cooperatives.