FirstEnergy seeks changes to PUCO-approved plan to subsidize older power plants

FirstEnergy's downtown Akron headquarters.

FirstEnergy’s downtown Akron headquarters.

AKRON — “Less than a month after the approval, on April 27, the Federal Energy Regulatory Commission put the brakes on the deal.

It rescinded waivers it had previously extended to FirstEnergy, which allowed the company to engage in transactions to purchase power from its own affiliates. FERC said it would first review the new PUCO-approved plans, and many observers took that as a sign that federal regulators might nix the deals in favor of unfettered interstate electricity markets.

Now, FirstEnergy might have found a way to get its cake without dirtying its oven over the course of a long FERC review that could kill its strategic plans. Testimony before the PUCO on May 2 indicates the company believes its new plan would give it what it wants, in terms of protecting the two affected power plans, but without triggering FERC oversight. ”

— Dan Shingler, Crain’s Cleveland Business

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