FirstEnergy Corp. said Thursday it has reached an agreement in principle to sell a Michigan power plant to Wolverine Power Supply Cooperative Inc. after concluding it was no longer a strategic fit.
The sale, agreed to by subsidiary FirstEnergy Generation Corp. and Wolverine, is expected to close in the first quarter. Financial terms were not disclosed.
FirstEnergy, an Akron-based diversified energy company, built the 340-megawatt plant in 2002 in Sumpter, Mich., to serve customers in northwest Ohio and participate in the Michigan marketplace. The plant has four natural gas combustion turbines.
Based in Cadillac, Mich., Wolverine provides wholesale electricity to six members.
Shares of FirstEnergy rose 37 cents to $46.77 in afternoon trading.