Allegheny, PSC Reach Deal On Project Financing

By: Associated Press
By: Associated Press

Charleston, W.Va. (AP) -- Allegheny Energy says it has a deal with the state Public Service Commission on financing a pollution-control project at a northern West Virginia plant.

The Greensburg, Pa.-based utility said Wednesday it will withdraw its July request for an interim rate increase of $82 million for fuel and purchased power costs.

The company will pursue recovery of those costs as part of its annual fuel rate case filed last week.

The deal allows Allegheny to sell an additional $100 million in asset-backed securities to pay for a scrubber system it's installing at the Fort Martin Power Plant in Monongalia County.

The system will remove sulfur dioxide and mercury from its emissions.

(Copyright 2009 by the Associated Press. All rights reserved.)

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