Source: Allegheny Energy
The Virginia State Corporation Commission on Friday gave final approval allowing Rappahannock and Shenandoah Valley Electric Cooperatives to acquire the Virginia distribution assets of Allegheny Energy, Inc. (AYE). Customers in the existing territory of Allegheny’s Potomac Edison subsidiary can expect a smooth and seamless transition to service provided by the cooperatives.
“After many months of hard work and planning, both cooperatives are looking forward to providing electric service to our respective new members currently being served by Potomac Edison,” said Myron Rummel, President and CEO of Shenandoah Valley Electric Cooperative. “Former Potomac Edison customers can be assured that they will receive the same safe, reliable and affordable power that current members of both cooperatives have enjoyed for generations.”
“I appreciate the time and effort that the State Corporation Commission invested in reviewing and approving this acquisition,” noted Kent D. Farmer, President and CEO of Rappahannock Electric Cooperative. “We look forward to getting to know our new member-owners and are committed to making the transition to the cooperatives as smooth as possible.”
“We’re pleased by the Commission’s decision,” said Rodney L. Dickens, President, Allegheny Power. “We will continue to work with the Commission and the cooperatives to finalize the sale and make the transition as smooth as possible for our customers.”
Last month, Potomac Edison joined Rappahannock and Shenandoah Valley Electric Cooperatives, the Virginia Office of the Attorney General (Division of Consumer Counsel) and the Frederick County Board of Supervisors in filing a settlement agreement with the Commission. Terms of the settlement were detailed in a joint Allegheny-cooperative news release dated April 28, 2010.
Friday’s Virginia Commission order is the final regulatory approval required for completion of the transaction. Allegheny and the cooperatives anticipate closing the sale by June 1.
Both cooperatives will be contacting Potomac Edison customers in the near future with information concerning the transition and any changes they might see as members of one of the cooperatives. In addition, both cooperatives have prominently placed information about the transition on their websites for customers seeking immediate information.