ENERGY

Mission Energy Acquires Welsh Power Facility: The Irvine-based subsidiary of SCEcorp, also the parent of Southern California Edison Co., said it has completed its acquisition of First Hydro Co., a hydroelectric pump storage facility based in Wales, for $1 billion. Although Mission has made similar-sized acquisitions elsewhere, this marks its largest single investment in Europe. Mission Energy has 60 projects either operating or under construction worldwide. Mission revealed that it had submitted the highest bid for the Welsh plant. “The acquisition of First Hydro represents a permanent investment in some of the most strategically important generating plants in the electricity system of the United Kingdom,” said Edward R. Muller, Mission’s president and chief executive. Pump storage plants use electricity to pump water into a reservoir when power use is low, then generate electricity by running the water through generators during peak-use periods.