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FirstEnergy Completes Sale of Eleven Hydroelectric Power Stations to LS Power’s Harbor Hydro Holdings, LLC

FirstEnergy Completes Sale of Eleven Hydroelectric Power Stations to LS Power’s Harbor Hydro Holdings, LLC

February 12, 2014

FirstEnergy Corp. (NYSE: FE) has completed the sale of 11 hydroelectric power stations to Harbor Hydro Holdings, LLC, a subsidiary of LS Power Equity Partners II, LP, for approximately $395 million. The two companies originally announced the sales agreement in September 2013.

The hydroelectric power stations included in this sale are owned by FirstEnergy Generation, LLC, Allegheny Energy Supply Company, LLC and Green Valley Hydro, LLC and have a total capacity of 527 megawatts, which represents less than 3 percent of FirstEnergy’s generation fleet output. The sale includes: Seneca Pumped Storage (451 MW) in Warren, Pa.; Allegheny Lock & Dam 5 (6 MW) in Schenley, Pa.; Allegheny Lock & Dam 6 (7 MW) in Ford City, Pa.; Lake Lynn (52 MW) in Lake Lynn, Pa.; Millville (3 MW) in Millville, W. Va.; Dam 4 (2 MW) in Shepherdstown, W. Va.; Dam 5 (1.2 MW) in Falling Waters, W.Va.; Warren (750 kW) in Front Royal, Va.; Luray (1.6 MW) in Luray, Va.; and Shenandoah and Newport (860 kW and 1.4 MW, respectively) in Shenandoah, Va. The 35 current employees at these power stations are being retained by the new owner.

FirstEnergy subsidiary Allegheny Generating Company continues to own 1,200 MW of the 3,000 MW Bath County Pumped-Storage Hydro facility in Warm Springs, Va. In addition, FirstEnergy subsidiary Jersey Central Power & Light (JCP&L) continues to own 200 MW of the 400 MW Yards Creek Pumped-Storage Hydro facility in Blairstown, N.J.

FirstEnergy is a diversified energy company dedicated to safety, reliability and operational excellence. Its 10 electric distribution companies form one of the nation’s largest investor-owned electric systems, serving customers in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland and New York. Its generation subsidiaries currently control more than 17,500 megawatts of capacity from a diversified mix of scrubbed coal, non-emitting nuclear, natural gas, hydro, pumped-storage hydro and other renewables. Follow FirstEnergy on Twitter @FirstEnergyCorp.

LS Power, an employee-owned, independent power company with offices in New York, New Jersey, Missouri and California, is a developer, owner, operator and investor in power generation and electric transmission infrastructure throughout the United States.

ABOUT LS POWER:

Founded in 1990, LS Power is a premier development, investment, and operating company focused on the North American power and energy infrastructure sector, with leading platforms across generation, transmission and energy transition solutions. Since inception, LS Power has developed or acquired 47,000 MW of power generation, including utility-scale solar, wind, hydro, battery energy storage, and natural gas-fired facilities. Additionally, LS Power Grid has built 780+ miles of high-voltage transmission, with 350+ miles and multiple grid infrastructure projects currently under construction or development. LS Power actively invests in and scales businesses that are accelerating the energy transition, including electric vehicle charging, demand response, microgrids, renewable fuels and waste-to-energy platforms. Over the years, LS Power has raised $54 billion in debt and equity capital to support North American infrastructure. For information, please visit www.LSPower.com.