Kinzua dam system sale completed
FirstEnergy Corporation has completed the sale of 11 hydroelectric power stations to Harbor Hydro Holdings, LLC for approximately $395 million, according to a press release.
The largest of these stations by far in terms of generation capacity is the Seneca Pumped Storage at the Kinzua Dam with 451 megawatts. The combined generating power represents less than three percent of FirstEnergy’s total output.
The release goes on to say that current employees will be retained by the new owners.
Harbor Hydro Holdings is a subsidiary of LS Power Equity Partners II, LP an employee owned independent power company.
Todd Lake, county Public Safety director said there will not be any changes to the Emergency Action Plan, the only real difference is the name of the owner.
Last September, Jennifer Young, of First Energy external communications, spoke about the ongoing issue of the Seneca Nation of Indians’ attempts to get the next 50-year operations license for the station.
“Resolving the potential competing license application for Seneca is a closing condition to the proposed hydro sale transaction,” she said.
When contacted Friday, Stephanie Walton of First Energy said, “I spoke with our legal team, and the agreement (between the Senecas and FirstEnergy) is subject to a confidentiality agreement.”