FirstEnergy

Who’s afraid of FirstEnergy Solutions’ restructuring plan? Every government agency that has seen it

The Beaver Valley Nuclear Power Plant near Shippingport, Pennsylvania.

PITTSBURGH, PA — “Under the plan, the restructured company would emerge from bankruptcy owning the undesirable coal power plants and nuclear units that drove the division into bankruptcy — including two power stations in Beaver County -— along with the retail customer business that FirstEnergy Corp. had earlier agreed to sell to Exelon for $140 million. It later backed out of the deal.

Liabilities for all of those assets would fall to the new company.

And that’s the part stressing out regulators at the Pennsylvania Department of Environmental Protection, the U.S. Environmental Protection Administration, the Nuclear Regulatory Commission, the Federal Energy Regulatory Commission, and others.

Many agencies believe the clean slate being promised to FirstEnergy Corp., along with its officers, directors and advisors, is illegal and ‘at odds with sound public policy considerations,’ in the words of the Securities and Exchange Commission.”

— Anya Litvak, Pittsburgh Post-Gazette

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