Energy Harbor Transitions to 100% Carbon Free Energy Infrastructure Company in 2023

AKRON, Ohio, March 14, 2022 /PRNewswire/ -- Today, Energy Harbor unveiled its plan to become a 100% carbon free, energy infrastructure and supply company in 2023.  As the final step in the transition plan, Energy Harbor will exit the fossil business through a sale or deactivation of its W.H. Sammis Power Station in Stratton, OH and its Pleasants Power Station in Willow Island, West Virginia in 2023.  In addition, the company is currently working to divest other non–core, ancillary properties related to its fossil business.

Energy Harbor has filed deactivation notices with PJM Interconnection, LLC (PJM), the regional transmission organization, for the following generating units:

• W.H. Sammis Diesel Units SAA, B1-B4, Stratton, Ohio (12.5 MW, diesel oil)
• W.H. Sammis Units 5-7, Stratton, Ohio (1,694 MW, coal)
• Pleasants Power Station Units 1 and 2, Willow Island, West Virginia (1,368 MW, coal)

These plants represent 3,074 megawatts (MW) of generating capacity and will continue normal operations between now and June 2023.  The plant deactivations are subject to PJM's review for reliability impacts.  

"Retiring the fossil fueled plants is a difficult but necessary strategic business decision critical to the continued transformation of our company.  I am grateful for the dedication and work ethic of our employees as well as the strong support shown by their union leaders and the communities where the plants are located," said David Hamilton, Executive Vice President, Chief Operating Officer and Chief Nuclear Officer of Energy Harbor.

John Judge, Energy Harbor's President and Chief Executive Officer, said, "Over the past two years, it has been made abundantly clear to us that our customers, communities, and capital markets partners recognize the value of partnering with Energy Harbor as we help transform clean energy supply.  The carbon free, reliable baseload power generated by our nuclear units is recognized as critical infrastructure required for the US clean energy transition.  With our exit from fossil generation ownership, we will be uniquely positioned as one of the few 100% carbon free energy infrastructure and supply companies in the US."

Energy Harbor is a highly reliable provider of carbon free baseload electricity committed to Environmental, Sustainability and Governance (ESG) principles critical to meeting the nation's emissions goals and accelerating the country's clean energy transition. Our success is driven by our unwavering employee commitment to safe, reliable operations, financial stability and best in class service to meet the energy and sustainability needs of our customers.

For more information on Energy Harbor visit www.energyharbor.com

Forward Looking Statements and Further Information

This press release contains "forward-looking statements."  All statements, other than statements of historical facts, that are included in this press release that address activities, events, or developments that Energy Harbor Corp. (the "Company") expects or anticipates to occur in the future (often, but not always, through the use of words or phrases such as "intends," "plans," "will likely result," "are expected to," "could" and "will continue"), are forward-looking statements.  Although the Company believes that in making any such forward-looking statement its expectations are based on reasonable assumptions, any such forward-looking statement involves uncertainties and is qualified in its entirety by reference to the discussion of risk factors under "Risk Factors" available on the Investor Website (as described below) and the following important factors, among others, that could cause the Company's actual results to differ materially from those projected in such forward-looking statements: the actions and decisions of regulatory authorities; economic conditions and power pricing within the Company's territories and markets; the Company's ability to accomplish or realize anticipated benefits from strategic and financial goals; the uncertainties associated with the deactivation of remaining commodity-based generating units, including the impact on vendor commitments, and as it relates to the reliability of the transmission grid, the timing thereof; the risks and uncertainties associated with litigation, arbitration, mediation and like proceedings, including with respect to the timing and amounts of the capital expenditures that may arise in connection with any such proceedings; changes in customers' demand for power; and weather conditions affecting future sales, margins and operations.

Any forward-looking statement included in this press release speaks only as of the date hereof, and except as may be required by law, the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events or circumstances.  New factors emerge from time to time, and it is not possible for the Company to predict all of them; nor can the Company assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement.  As such, you should not unduly rely on such forward-looking statements.

Further information regarding the Company will be available at www.energyharbor.com under the heading www.energyharbor.com/ir (the "Investor Website"). The Company advises that holders of the Company's securities should review all available information before making any decisions whether to buy or sell any of the Company's securities.  Any information in any materials posted on the Investor Website in the future will automatically update and, where applicable, modify or supersede the information contained in this press release and any other information previously posted on the Investor Website.

SOURCE Energy Harbor