FirstEnergy to Shed Pennsylvania Gas Plants

FirstEnergy Corp said on Thursday it would sell four gas-generating plants in Pennsylvania and portion of a Virginia hydroelectric power station to a unit of LS Power Equity Partners III LP for about $925 million.

The power stations, owned by FirstEnergy (FE)'s units, have a total capacity of 1,572 megawatts (MW).

Akron, Ohio-based FirstEnergy's move comes as it shifts its focus to more regulated markets by selling or deactivating assets in highly competitive and less regulated markets.

FirstEnergy will own or control a total generating capacity of about 15,380 MW upon the closing of the deal.

Reporting by John Benny