FirstEnergy

Bailout chances may be good for FirstEnergy Solutions’ Ohio nuclear plants
Energy / FirstEnergy

Bailout chances may be good for FirstEnergy Solutions’ Ohio nuclear plants

AKRON — “Akron’s FirstEnergy Solutions (FES) is still on track to shutter its Davis-Besse and Perry nuclear plants in 2020 and 2021, respectively, but some observers now predict the company will get a state bailout for the plants instead. The company is hoping the state will grant what are known as zero […]

Judge derails FES plan to exit bankruptcy while lawmakers consider bail-out bills
FirstEnergy / Ohio Utility Bailouts

Judge derails FES plan to exit bankruptcy while lawmakers consider bail-out bills

AKRON — “After presiding over a full day of arguments, the judge this week refused to approve a complicated disclosure statement the company must send to its creditors who will then have the right to approve or reject the company’s plan to re-organize itself, after which the court will still […]

Who’s afraid of FirstEnergy Solutions’ restructuring plan? Every government agency that has seen it
FirstEnergy

Who’s afraid of FirstEnergy Solutions’ restructuring plan? Every government agency that has seen it

PITTSBURGH, PA — “Under the plan, the restructured company would emerge from bankruptcy owning the undesirable coal power plants and nuclear units that drove the division into bankruptcy — including two power stations in Beaver County -— along with the retail customer business that FirstEnergy Corp. had earlier agreed to […]

FirstEnergy Solutions restructuring plan hits roadblock as federal agencies object
FirstEnergy / Ohio Utility Bailouts

FirstEnergy Solutions restructuring plan hits roadblock as federal agencies object

CLEVELAND — “The U.S. Securities and Exchange Commission argues that the FirstEnergy Solutions restructuring plan is against the law because it eliminates any responsibility of ‘non-debtor third parties,’ such as FirstEnergy executives and directors, of any liability ‘with respect to any acts taken or omitted in connection with or related to the […]

FirstEnergy Solutions would emerge from bankruptcy owned by its creditors
Energy / FirstEnergy

FirstEnergy Solutions would emerge from bankruptcy owned by its creditors

CLEVELAND — “FirstEnergy Solutions and its creditors hope FES can emerge from bankruptcy as an entirely new company, debt-free and maybe free of its union contracts at its nuclear power plants. The new company would be entirely free of FirstEnergy, have its own board of directors and issue its own […]

Ohio weighs a nuclear plant bailout at FirstEnergy’s urging. Will it boost renewables, too?
Energy / FirstEnergy

Ohio weighs a nuclear plant bailout at FirstEnergy’s urging. Will it boost renewables, too?

The powerful utility FirstEnergy has been pushing nuclear subsidies for years. It spent big in the last election and won a power shift in the legislature. COLUMBUS — “FirstEnergy’s aggressive strategy has broad implications for Ohio’s energy future. It has been a leading adversary of policies that support renewable energy […]

FirstEnergy seeks bailout for 60-year-old Davis-Besse Nuclear Power Plant
FirstEnergy / Nuclear Energy / Utilities

State bailout of FirstEnergy Solutions would raise electric prices, stymie future gas plants

CLEVELAND — “William Siderewicz, whose companies built gas turbine power plants in Lordstown and Oregon, near Toledo, says he has all of the permits and a portion of the funding needed to build two more turbine plants next door to the plants he completed last year. But potential investors are […]

The Three Mile Island nuclear power plant.  photo: United States Department of Energy
FirstEnergy / Utilities

Rescuing PA nuclear power plants could come with conditions

HARRISBURG, PA — “Opponents to a nuclear power rescue are already lined up. They include anti-nuclear activists, the AARP, business groups including the Pennsylvania Manufacturers Association and the state’s considerable natural gas industry groups. A bailout, opponents say, means investing in outdated, inefficient and expensive power plants to supply a […]

FirstEnergy made money in 2018 after cutting ties with bankrupt FirstEnergy Solutions
Energy / FirstEnergy / Ohio Utility Bailouts

FirstEnergy made money in 2018 after cutting ties with bankrupt FirstEnergy Solutions

AKRON — FirstEnergy Corp. made a net profit of $981 million in 2018 after paying expenses and taxes. Total sales were $11.3 billion. The earnings, reported after the stock markets closed Tuesday, are a dramatic turn around from the $1.7 billion in losses the company reported for 2017 on power […]

Justice Department, Ohio AG warn FirstEnergy Solutions and FirstEnergy on environmental obligations
Coal / FirstEnergy

Justice Department, Ohio AG warn FirstEnergy Solutions and FirstEnergy on environmental obligations

CLEVELAND — “The U.S. Department of Justice fired a warning shot this week across the bow of FirstEnergy Solutions and its path toward restructuring itself free of past debt and other obligations. The warning did not leave out parent company FirstEnergy, which negotiated a deal with FES and creditors last summer […]