Talen Energy announced Friday that it will sell it's C.P. Crane coal-fired power plant in Middle River in an effort to comply with federal regulators' requirements that it sell some power plants to avoid dominating certain Mid-Atlantic power markets.
The company did not disclose a sale price, saying the proceeds of the deal, which will close in early 2016, will not affect the company's 2016 income, cash flow or earnings.
The 399-megawatt plant, located in eastern Baltimore County, was a former Riverstone Holdings plant. Certain Riverstone assets were merged with PPL Corp.'s former PPL Energy Supply division to create Talen in June. It will be purchased by an affiliate of New York-based Avenue Capital Group.
In total, Talen has reached agreements to sell 1,395 megawatts of generation in order to comply with the Federal Energy Regulatory Commission divestiture requirements.
The company also plans to sell its Holtwood and Wallenpaupack hydroeletric plants in Pennsylvania, as well as its Ironwood natural gas-fired plant for a total of $1.51 million. Those sales are also expected to close in early 2016.