FERC Approves MARA Long Ridge Gas Plant Deal
Federal regulators cleared MARA Holdings' acquisition of Ohio's 505-megawatt Long Ridge natural gas plant, a move tied to the company's power-generation expansion.
Updated on Nov. 6, 2026 in Utilities
The Federal Energy Regulatory Commission approved MARA Holdings' acquisition of the Long Ridge natural gas plant in Ohio. MARA pays about $610 million in cash and retains about $900 million in Long Ridge debt, for an enterprise value of roughly $1.512 billion.
Why it matters
The approval lets MARA expand from Bitcoin mining into power generation, using a Bitcoin-backed loan to fund the cash portion of the purchase. The plant sells electricity into the PJM grid, which serves a large part of the Mid-Atlantic and Midwest.
The transaction carries an enterprise value of about $1.512 billion, or 10.5 times annualized adjusted EBITDA of about $144 million. It is unclear whether closing will occur before the November 30 outside deadline.
The players
MARA Holdings
MARA Holdings is a publicly traded company best known for Bitcoin mining that is expanding into power generation.
Federal Energy Regulatory Commission
The Federal Energy Regulatory Commission is the U.S. federal agency that regulates interstate electricity and natural gas markets and approves wholesale power transactions.
The details
MARA announced the Long Ridge acquisition in April, and in August it drew a roughly $600 million Bitcoin-backed loan to cover the cash portion. On November 6, FERC approved the deal but declined to require the plant to keep selling electricity into the PJM grid as a condition.
Timeline
April 2026: MARA announced the Long Ridge acquisition.
August 2026: MARA drew a roughly $600 million Bitcoin-backed loan.
November 6, 2026: FERC approved the acquisition.
November 30, 2026: Outside closing deadline for the deal.
Roadmap
Bitcoin miners have increasingly sought direct control of electricity supply because power costs drive mining economics. MARA's purchase of a 505-megawatt gas plant extends that pattern from buying power to owning generation outright.
For Ohio residents, the transaction changes who owns a 505-megawatt gas plant feeding the PJM grid, though the source does not describe any change in retail electricity rates. FERC's decision not to require continued PJM sales leaves the plant's future output decisions with its owner.
The takeaway
Power ownership is becoming a strategic concern for companies whose core business depends on electricity. Readers tracking Ohio's grid should watch whether the deal closes by its November 30 deadline.
What happens next
The deal's outside closing deadline is November 30, 2026, after which the parties will need to close or extend the agreement.
Further reading
For more on how power plants are regulated and sold, see Utilities coverage across the state.
Source note: This article includes information reported by TokenPost.
