Longview Power files bankruptcy, blames COVID-19

MORGANTOWN, W.Va. — Longview Power, which operates a power plant near Morgantown, has filed for protection under Chapter 11 bankruptcy in part because of the ongoing COVID-19 pandemic, the company announced Tuesday.

U.S. Secretary Rick Perry and U.S. Sen. Joe Manchin during a tour of Longview Power Plant near Morgantown in July 2017.

Longview Power President & CEO Jeffery Keffer said energy prices are low and there’s a declining demand for electricity.

“This filing is unfortunate but necessary given the current depressed power prices, which have further dropped more recently due to the terrible COVID-19 pandemic sweeping the nation and dramatic effects of the pandemic on the economy,” Keffer said. “We are fortunate to have strong support from our senior secured lenders who under the plan will become our owners and provide needed financing. As a result, we are not planning any changes to our staffing, we expect to pay vendors in the ordinary course during the Chapter 11 process, and we will continue to operate as productively as ever. Further, we do not anticipate any change in the development of the Longview natural gas and solar projects as the two expansion project entities are not included in this Chapter 11 bankruptcy filing.”

Last September, Longview Power filed an application with the state Public Service Commission to add natural gas and solar energy capabilities to its coal power plant in Maidsville.

The Longview facility has in the past been touted as the most efficient and lowest cost coal-fired power plants in the PJM regional power grid.

Former U.S. Energy Secretary Rick Perry and U.S. Senator Joe Manchin toured the plant in July 2017.

 





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