AKRON, Ohio (AP) — FirstEnergy plans to deactivate two coal-fired power plants in Pennsylvania by Oct. 9 due to regulatory costs and softer demand. The company says there are about 380 jobs that could be eliminated due to the moves.
The utility said Tuesday that it decided to deactivate the plants due to costs related to complying with current and future environmental regulations, as well as electricity's continued low market price.
The planned deactivation includes the Hatfield's Ferry Power Station in Masontown and the Mitchell Power Station in Courtney. The plants' total capacity is 2,080 megawatts — which is about 10 percent of FirstEnergy Corp.'s total generating capacity.
The Akron, Ohio, company said eligible workers who lose their jobs will receive severance.
Last year FirstEnergy announced the deactivation of nine plants, which included two in West Virginia and the remaining in Ohio, Pennsylvania and Maryland.
Once the Pennsylvania deactivations announced on Tuesday occur, FirstEnergy will have a generating capacity of more than 18,000 megawatts.
FirstEnergy shares finished at $36.51 on Monday. They have traded in a 52-week range of $35.46 to $51.14.
FirstEnergy said Tuesday that it plans to deactivate two coal-fired power plants in Pennsylvania by October 9 due to regulatory costs and softer demand. The company says there are about 380 jobs that could be eliminated due to the moves.