Bankrupt FirstEnergy Solutions plans to sell $140 million of retail and wholesale contracts to Exelon Generation Co., Akron Beacon Journal reported. The deal, initially agreed to on Monday, is part of FirstEnergy Solution’s chapter 11 proceedings in U.S. Bankruptcy Court and is subject to court approval. According to a federal regulatory filing from Exelon, FirstEnergy Solutions will assign all of its retail electricity and wholesale load serving contracts and other related commodity contracts to Exelon Generation for a $140 million cash purchase price. The process calls for the assets to be put up for a proposed auction on Sept. 6, according to a court filing. The deal is expected to close by the end of the year, according to Exelon’s filing with the Securities and Exchange Commission. The deal can be terminated by either party if it is not consummated by Dec. 31.
