Allegheny Energy owns approximately 9,600 megawatts of generating capacity. The parent company s regulated utilities include West Penn Power Company, Monongahela Power Company and The Potomac Edison Company. It generates electricity through various fuel sources, including coal, pumped-storage plants, water and steam.
DEFINITION of 'Prime Rate'. The interest rate that commercial banks charge their most credit-worthy customers. Generally a bank's best customers consist of large corporations.The prime interest rate, or prime lending rate, is largely determined by the federal funds rate, which is the overnight rate which banks lend to one another.he interest rate that commercial banks charge their most credit-worthy customers. Generally a bank's best customers consist of large corporations.
The target federal funds rate, which is set by the Federal Reserve Board, serves as the basis for the prime rate. The federal funds rate is the interest rate commercial banks charge each other for overnight lending. Generally, the prime rate is about 3 percent higher than the federal funds rate. That means that when the Fed raises interest rates, the prime rate also goes up. Banks use the prime rate to set interest rates on numerous short-term loan products.