FirstEnergy to begin selling hydro assets

Power company FirstEnergy has begun its implementation of a plan to sell up to 1,240 MW of unregulated, non-core hydroelectric power generation assets, CEO Anthony Alexander announced during the company’s first-quarter earnings call earlier this week.

FirstEnergy (NYSE: FE) has not specified which hydropower projects it intends to sell or how much they might be worth, though the company said it hopes to complete the sales in the second half of this year.

Money earned from the sale will be used to reduce the company’s debt.

FirstEnergy owns several unregulated hydropower facilities in Pennsylvania, Virginia and West Virginia, in addition to shares of several others.

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