Post Tagged with: "utility bailouts"

FirstEnergy could sell or close additional boilers at its last coal-fired power plant in Ohio, the W.H. Sammis plant on the Ohio River, if it cannot persuade the state to return to regulating electric companies and setting power prices. The company's old coal and nuclear power plants cannot always make power as cheaply as new gas-fired plants, which are now dominating wholesale market prices. (credit: Plain Dealer file)
FirstEnergy / Utilities

FirstEnergy to sell or close power plants if Ohio, Pennsylvania do not return to regulated rates

CLEVELAND — “FirstEnergy has decided to get out of the competitive electricity business, and will sell or close its big coal and nuclear power plants within 18 months unless Ohio and Pennsylvania return to regulating them and setting prices or create a regulation-like structure for them. ‘We are not going […]

FirstEnergy joining AEP push to pull back on open market in Ohio
AMP / Energy / FirstEnergy

FirstEnergy joining AEP push to pull back on open market in Ohio

COLUMBUS — “Akron-based FirstEnergy Corp. says it will work the Ohio legislature to regulate its power plants, something its Columbus counterpart has been working on since July. … FirstEnergy (NYSE:FE) will begin its lobbying this week after the election. AEP and FirstEnergy are the two biggest electric utilities in the […]

Crews install new LED lighting in the sign at FirstEnergy's Akron headquarters. Photo By FirstEnergy / Creative Commons
Energy / FirstEnergy

FirstEnergy says strategic options include sale of 13 power plants

AKRON — “FirstEnergy Corp. is undertaking a ‘strategic review’ of its competitive generation business that could lead to selling off as many as 13 power plants, including its three nuclear plants, where nearly 3,000 people work, its chief executive officer said Friday. ‘The fact is, competitive generation is weighing down […]

The Davis-Besse nuclear power plant might not survive, says FirstEnergy, unless its gets special treatment from the PUCO.
Energy / FirstEnergy

FirstEnergy hopes to move its power plants back under regulated rates, customer prices could increase

AKRON — “FirstEnergy Corp. plans to begin lobbying Ohio lawmakers and regulators as early as next week to make it possible for the company to move its power plants back under regulation — with rates set by the state rather than competition. …Trade publications and analysts’ notes to investors in recent […]

FirstEnergy must cut costs to avoid credit downgrade
FirstEnergy / Ohio Utility Bailouts

FirstEnergy must cut costs to avoid credit downgrade

AKRON — “Chuck Jones needs to find about $200 million. That’s roughly the amount that Jones, CEO of Akron-based FirstEnergy Corp., says he needs to find in cost savings to preserve his company’s credit rating — and ultimately to stay independent. It will mean cuts to FirstEnergy’s expenses. That includes […]

Editorial: Ohio deserves better
Commentary / FirstEnergy / Ohio Utility Bailouts

Editorial: Ohio deserves better

TOLEDO — “At first glance, it appears that the Public Utilities Commission of Ohio put its proverbial foot down when it rejected FirstEnergy Corp.’s request for funding to improve its power grid. But closer scrutiny reveals that the utility seems to have been handed a ‘cash grab’ and no requirement […]

Crews install new LED lighting in the sign at FirstEnergy's Akron headquarters. Photo By FirstEnergy / Creative Commons
Energy / FirstEnergy / Ohio Utility Bailouts

FirstEnergy ‘bailout’ raises questions of corporate separation

COLUMBUS — “A new charge ordered by Ohio regulators last week could add up to $1 billion into FirstEnergy’s coffers without requiring the company to do any specific work in return. While the company says the order is ‘disappointing’ and will provide ‘insufficient’ funds, competitors and advocates call it a […]

FirstEnergy in Ohio
FirstEnergy / Ohio Utility Bailouts

IEEFA Ohio: FirstEnergy bailout plan is paying off (for FirstEnergy)

Ohio regulator nod on $600 to $1 billion in ratepayer subsidies presages a similar campaign in West Virginia COLUMBUS — “The Public Utility Commission of Ohio this week gave FirstEnergy a much smaller bailout than the company wanted. But it’s still a bailout. We expect opponents—including consumer and environmental organizations, […]

Ohio PUC rejects FirstEnergy virtual power deals
FirstEnergy / Ohio Utility Bailouts

Ohio PUC rejects FirstEnergy virtual power deals

No one cheers for alternative: $600 million over 3 years COLUMBUS — “The PUC of Ohio rejected First Energy’s ‘virtual’ power purchase agreement (PPA) proposal yesterday, but approved staff’s proposal to pay the firm $600 million over three years to shore up its financial health. The amount is less than […]

FirstEnergy's downtown Akron headquarters.
Energy / FirstEnergy / Ohio Utility Bailouts

FirstEnergy Corp. gets a bailout, but not the one it was hoping for

COLUMBUS — “Sometimes, “no” is better than ‘nothing,’ and that’s likely the case with the Public Utilities Commission of Ohio’s Oct. 12 ruling on Akron-based FirstEnergy Corp.‘s request for subsidies of its old coal-fired plants in Ohio. The PUCO rejected FirstEnergy’s request for a ‘retail rate stability rider’ that would […]