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V&E Assists Allegheny Energy with the Sale of Virginia Distribution Operations
V&E Assists Allegheny Energy with the Sale of Virginia Distribution Operations
June 1, 2010 — Allegheny Energy, Inc. announced that it has completed the sale of The Potomac Edison Company’s electric distribution operations in Virginia to Rappahannock Electric Cooperative and Shenandoah Valley Electric Cooperative. In conjunction with the closing, Allegheny transferred service of its 102,000 customers in northern Virginia to the cooperatives.
Vinson & Elkins advised on the sale and the regulatory approvals and agreements necessary to complete the transaction. The V&E team included partners Keith Fullenweider and Mark Laufman and associates Katy Gottsponer, Sandy Lin, and Andrew Beach.
Allegheny Energy, headquartered in Greensburg, PA, is an investor-owned electric utility with total annual revenues of over $3 billion and more than 4,000 employees. The company owns and operates generating facilities and delivers low-cost, reliable electric service to approximately 1.5 million customers in Pennsylvania, West Virginia, and Maryland. Read Allegheny's full press releasehere.
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