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 sales of $10.9 billion.

FirstEnergy CEO Charles “Chuck” Jones was jubilant in a statement issued with the financial results.

… In a letter to Ohio lawmakers last week, Jones made the familiar FE-FES separation argument but added that keeping Ohio’s two nuclear plants operating is “vital.”

‘As FirstEnergy Corp. moves forward as a fully regulated utility company and turns its attention to other legislative priorities, the fact remains that sustaining Ohio’s nuclear plants is vital to consumers, communities and the environment,’ Jones wrote to the lawmakers. ‘Keep in mind that we would not financially benefit from any legislation supporting FES-owned nuclear facilities.’

That was a signal that another re-write of a nuclear bailout bill ignored by lawmakers for the past two years is coming, this time driven by new leadership in the Ohio House and out of reach of former Gov. Kasich who would not support new charges to save old power plants. Gov. DeWine has not yet made a definitive statement raising rates for a bailout, though it has been reported that he has said ‘It would be important for us to try to come up with a proposal where we could keep those plants open.'”

— John Funk, Cleveland Plain Dealer

read more

Tags: ,