FirstEnergy

With power plants struggling, FirstEnergy sets up meeting with creditors

The Bruce Mansfield Power Plant, FirstEnergy’s largest coal-fired plant, in Beaver County on November 23, 2015. FirstEnergy officials are scheduled to meet with creditors of its struggling competitive generation unit, FirstEnergy Solutions (Credit: Andrew Rush / Pittsburgh Post-Gazette).

AKRON — “FirstEnergy officials are scheduled to meet with creditors of the company’s struggling competitive generation unit, FirstEnergy Solutions, which includes two Pennsylvania power plants in Beaver County employing about 1,000 people.

The meeting with creditors, reported during an earnings call on Friday, is a development in the Akron, Ohio-based energy company’s plan to shed its power plants in competitive energy markets.

And the move is a sign that FirstEnergy is interested in negotiating a deal to restructure FirstEnergy Solutions and is considering crafting a plan that could be either presented as part of a Chapter 11 bankruptcy filing or be used to avert bankruptcy.”

— Daniel Moore, Pittsburgh Post-Gazette

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