CHARLESTON, W.Va – Appalachian Power Company is suspending negotiations to purchase Black Diamond Power after the utility says it learned Black Diamond is in acquisition talks with a third party.
APCo filed a letter with the state Public Service Commission on Monday stating it is prepared to appear as scheduled at a status hearing related to Black Diamond next month, but it will not continue discussions to buy the company.
Black Diamond legal counsel said in a February hearing that owner David Musser intended to sell the company, and Appalachian Power emerged as the potential buyer. Appalachian specified at the time that the two parties were in negotiations, but a deal had not been reached.
A Public Service Commission investigation into Black Diamond Power opened last October after customers filed two formal complaints and numerous informal complaints with the PSC. Investigators have continued work in the midst of sale talks.
In April, Lane set a three-month deadline for a completed agreement to be filed, but APCo requested the subsequent hearing be delayed since no such agreement was in place. Involved parties are now scheduled to convene on September 21.
Black Diamond serves about 5,000 customers in Raleigh, Boone, and Clay counties. The utility already buys its power from APCo through a power purchase agreement.