WV power plant owner Edison Mission Energy files for bankruptcy - Business, Government Legal News from throughout WV

WV power plant owner Edison Mission Energy files for bankruptcy

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Edison Mission Energy, which owns, operates, and leases more than 40 generating plants across the nation including two in West Virginia, filed on Dec. 17 for bankruptcy protection.

The California-based company owns a 50 percent share in the American Bituminous waste coal plant in Grant Town and 100 percent of the Pinnacle wind plant in Keyser.

According to information online, the company has agreed on a reorganization plan with its parent company, Edison International, and the holders of its debt, which amounts to $3.7 billion.

"As EME's restructuring process moves forward, operations at EME and its filing subsidiaries will continue in the normal course without interruption," the statement reads.

"EME is operationally healthy, and plans to emerge from its restructuring as a recapitalized company separate from Edison International."

As part of the reorganization plan, EME will separate from Edison International and be considered by the parent company to be a discontinued operation. Edison International's stake in the generating unit will be transferred to unsecured creditors.

The LA Times reported that EME has been suffering from the same conditions affecting other parts of the power industry: depressed energy prices following from the nation's natural gas boom and higher fuel costs affecting its older coal-fired facilities. It has struggled under debt coming due and faces retrofit of coal plants to meet environmental standards.

Allegheny Front Alliance, a citizens' group that has opposed the Pinnacle wind plant, sent out an email noting that the noise issue raised by local residents has yet to be resolved.

 

 

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