Energy / FirstEnergy

FirstEnergy Solutions facing risky future

All six of FirstEnergy Solutions’ coal and nuclear plants, four of which are in Ohio, are in danger of closing. Photo by NRC

CLEVELAND — “Akron-based FirstEnergy Solutions is in trouble. So are the Ohio communities where it owns power plants. And the state should be preparing now for the economic fallout that’s about to come as a result of plant closures.

That’s the take of the Institute for Energy Economics and Financial Analysis, or IEEFA, a Cleveland-based nonprofit that says it ‘conducts research and analyses on financial and economic issues related to energy and the environment.’

It has a fairly influential voice, and lobbyists say its May 5 report on FirstEnergy Corp. and its generation subsidiary, FirstEnergy Solutions, has been making the rounds around the Ohio Statehouse. But the IEEFA is hardly a bastion of support for fossil fuels and, with funding from groups like the Rockefeller Foundation and the Wallace Global Fund, it routinely warns of the dangers of climate change.

So, the current situation is a particularly strange one, as IEEFA is saying the same thing FirstEnergy Corp. is now telling Ohio legislators: that most of its Ohio plants, and FirstEnergy Solutions, face a very real and existential threat.”

— Dan Shingler, Crain’s Cleveland Business

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