Fitch considers steps taken by OVEC
to date to be supportive of the maintenance of current ratings, even with the potential permanent loss of FES financial participation.
, based in Piketon, Ohio, is jointly owned by several electric utilities with American Electric Power Co.
Bady says, "OVEC
has grown enormously under Janet's leadership, and it is sad to see her move on, but this is a day we've been preparing for."
Effective 31 December 2010, the sale involves approximately 150 megawatts (MW) of capacity from OVEC
's generating facilities in southern Ohio and southern Indiana.
The Firm represented Ohio Valley Electric Corporation (OVEC
) in connection with its application to become a full member of PJM Interconnection, L.L.C.
Affected by the ruling is AEP's 2,671-MW ownership in the Conesville, Cardinal, Stuart and Zimmer coal plants, all in Ohio, plus its 423-MW stake in the Ohio Valley Electric Corp.'s (OVEC
) Kyger Creek and Clifty Creek coal plants, in Ohio and Indiana, respectively.
Peifer will be responsible for OVEC
activities including the operation of 2,386 megawatts of coal-fired generating capacity at Clifty Creek Station in Madison, Ind, and Kyger Creek Station in Cheshire, Ohio, 776 circuit miles of 345-kilovolt transmission lines, and the corporation's environmental and financial activities.
Laisse le mal, e si te pren ai bien; Tun Seignor aime, e ovec
lui te tien; Por nul conseil ne gerpisez le mien.
Energy needs of the members are met through a combination of owned and purchased resources, with heavy reliance on Buckeye's investment in the coal-fired Cardinal Station Units 2 & 3, and an 18% interest in Ohio Valley Electric Corporation (OVEC
) coal-fired generating assets.
The proposed legislation would shift all costs from each respective utilitys portion of its OVEC
ownership to customers for the next twenty three years and would require customers to pay for generation that is not competitive.
The PPA also includes the 908-megawatt Davis-Besse nuclear plant in Ohio and FirstEnergy's roughly 200-megawatt share of Ohio Valley Electric Corp.'s (OVEC
) Kyger Creek and Clifty Creek coal plants in Ohio and Indiana, respectively.
FirstEnergy Generation Corporation, a subsidiary of FirstEnergy (NYSE: FE), has sold a 6.65 percent participation interest in the production of the Ohio Valley Electric Corporation (OVEC
) to Peninsula Generation Cooperative, a subsidiary of Wolverine Power Supply Cooperative Inc.