FirstEnergy / Nuclear Energy

FirstEnergy CEO says ZEC legislation may be too late to help

FirstEnergy’s Davis-Besse nuclear power plant near Toledo, along with the company’s Perry nuclear power plant near Cleveland and its Beaver Valley reactors near Pittsburgh cannot compete well against new gas turbine plants and may be sold in bankruptcy proceedings if the state does not authorize additional customer charges. The Nuclear Regulatory Commission has required major upgrades in recent years to defend against terrorists and to withstand natural disasters such as earthquakes (credit: Plain Dealer file).

AKRON — “FirstEnergy’s top executive said today he does not expect Ohio lawmakers to vote until fall on legislation authorizing zero emission credits.

‘If it is going to happen, it will be later this year. If it is not going to happen, we’ll know sooner,’ said Chuck Jones, CEO, in an interview following the company’s annual shareholder meeting.

Jones is scheduled to testify before the Ohio Senate Public Utilities Committee on Thursday about why the company needs the extra funding.

…FirstEnergy owns four nuclear reactors, Davis-Besse near Toledo, Perry east of Cleveland, and the twin-reactor Beaver Valley near Pittsburgh.

The ZECs would raise all customer bills by 5 percent a month and give the company an extra $300 million a year — in perpetuity. Beaver Valley could also apply for ZEC funding, even though it is located in Pennsylvania. But the total in new charges would not exceed $300 million.”

— John Funk, Cleveland Plain Dealer

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