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.
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.
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.
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.