AEP pulls request for FERC power plant deal approval - report
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American Electric Power (NASDAQ:AEP) has withdrawn its request that the Federal Energy Regulatory Commission approve changes to an operating agreement for a coal-fired power plant owned by Kentucky Power and Wheeling Power under pressure from the Kentucky Public Service Commission, UtilityDive.com reports.
AEP said it will file an amended operating agreement after it has been approved by Kentucky and West Virginia regulators, a move UtilityDive.com says could slow the approval process for Algonquin Power's pending $2.85B purchase of Kentucky Power, which has been expected to close in Q2.
The pending deal with Algonquin is contingent on Kentucky Power selling its half of its Mitchell power plant to Wheeling Power, another AEP subsidiary that owns the plant's other half and serves part of West Virginia.