Talen Energy, operator of two midstate power plants, bought for $1.8B

Written by The Associated Press | Dec 8, 2016 2:25 PM

Photo by AP Photo/Matthew Brown, File

This Sept. 30, 2014 file photo shows the Colstrip Steam Electric Station operated by Talen Energy in southeastern Montana.

(Helena, Mont.) -- A Pennsylvania company that owns two midstate power plants has been purchased for $1.8 billion purchase by Riverstone Holdings LLC.

Riverstone announced the merger's completion on Tuesday.

The Morning Call in Allentown reports that Ralph Alexander will replace Paul Farr as Talen's president and CEO. The newspaper says Farr signed a $21 million severance agreement last year.

Talen owns Brunner Island Power Plant in York Haven, and York Power Plant in York.

Meanwhile, Talen previously sent notice to the other owners of a coal-fired power plant in Montana that it wants out as operator by mid-2018.

The future of the plant, which provides power to much of the Pacific Northwest, has been in question amid low coal prices, increasing federal regulations and environmental lawsuits.

Talen and Puget Sound Energy of Washington state plan to shut down two of the plant's four units by 2022.

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