Allegheny Power 2013 Annual Report Download - page 169
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154
20. DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE
On September 4, 2013, certain of FirstEnergy's subsidiaries applied for authorization from the FERC to sell eleven hydroelectric
power stations in Pennsylvania, Virginia and West Virginia to subsidiaries of Harbor Hydro, a subsidiary of LS Power. The asset
purchase agreement was entered into on August 23, 2013, and amended and restated as of September 4, 2013. On February 12,
2014, the sale of the hydroelectric power plants to LS Power closed for approximately $395 million.
As of December 31, 2013, FirstEnergy classified the hydroelectric power stations, with a carrying value of $235 million (FES - $122
million) as Assets held for sale in the Consolidated Balance Sheets. Included in the carrying value of the assets held for sale is
goodwill of $29 million (FES - $1 million) which was allocated to the hydroelectric plants to be sold. Pre-tax income for the hydroelectric
facilities of $26 million, $24 million and $21 million (FES - $22 million, $22 million and $13 million) for the years ended December
31, 2013, 2012 and 2011, respectively, are reported in FirstEnergy's and FES' Consolidated Statement of Income as discontinued
operations. Revenues for the hydroelectric facilities of $33 million, $30 million and $42 million (FES - $31 million, $24 million and
$24 million) for years ended December 31, 2013, 2012 and 2011, respectively, are reported in FirstEnergy's and FES' Consolidated
Statement of Income as discontinued operations. In the first quarter of 2014, FirstEnergy expects to recognize a pre-tax gain of
approximately $145 million (FES - $177 million).