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Report: FirstEnergy Seeks a Subsidized Turnaround

Report: FirstEnergy Seeks a Subsidized Turnaround

FirstEnergy: A Major Utility Seeks a Subsidized Turnaround (pdf) By Tom Sanzillo, Director of Finance and Cathy Kunkel, Fellow Institute for Energy Economics and Financial Analysis

October 6, 2014 Read More →

More News and Commentary

IEEFA Ohio/Pennsylvania: Bracing for Economic Fallout From Failing Power Plants

IEEFA Ohio/Pennsylvania: Bracing for Economic Fallout From Failing Power Plants

Now Is the Time to Plan for Transition

Time has borne out what we said in a report we published in 2014 arguing that FirstEnergy was in financial trouble and that its strategy of seeking bailouts from customers might not be enough to turn around the company’s flagging fortunes. This excerpt from that report—“FirstEnergy: A Major Utility Seeks a Subsidized Turnaound”—summarizes our assessment: […]

On the Blogs: FirstEnergy’s Double Standard

Dennis Wamsted at WamstedOnEnergy: These two aging facilities—the Sammis plant’s newest unit is 45 years old while the oldest is 57; the Davis-Besse facility is 39 years old but it has a history of serious maintenance problems—have been battered by the drop in natural gas prices, the influx of new wind and solar generation, and […]

June 6, 2016 Read More →
A Darker Day Has Just Dawned for Two Long-Outdated Ohio Power Plants

A Darker Day Has Just Dawned for Two Long-Outdated Ohio Power Plants

June 1 Marks the Start of a New Year in PJM Capacity Markets and an Abrupt 70% Drop in FirstEnergy’s Revenues on Selling Generation Capacity from Its Sammis and Davis-Besse Power Plants

It came as quite the paradox when CEO Chuck Jones announced in April that the company’s Sammis and Davis-Besse plants had  “contributed to” first-quarter earnings. After all, FirstEnergy had been trying to get Ohio state officials to go along with a consumer-financed bailout of these failing assets—all part of a corporate scheme our research has […]

Ohio Regulators Approve Coal-Plant Bailouts; Legal Challenges Loom

Tom Knox for Columbus Business First: Ohio energy regulators have approved proposals by AEP and FirstEnergy to guarantee income for certain power plants, accepting their arguments that the seven coal plants and one nuclear plant should be subsidized by ratepayers because the benefits outweigh the potential costs. Parts of AEP’s Conesville coal-fired power plant in […]

March 31, 2016 Read More →
Ohio Utilities Angle for Ratepayer Subsidies

Ohio Utilities Angle for Ratepayer Subsidies

The Cincinnati Enquirer does a plainspoken bit of public-service journalism over the weekend under the headline “FirstEnergy Seeks to Push Davis Besse Risk to Customers.” The story, by Benjamin Lanka, says the utility wants to raise rates “to help finance failing power plants.” It notes that FirstEnergy is joined in its push by two other […]

February 9, 2015 Read More →
Fury in Cleveland Over FirstEnergy Rate Plan

Fury in Cleveland Over FirstEnergy Rate Plan

John Funk of the Cleveland Plain Dealer does yeoman’s work today in coverage of a hearing last night over FirstEnergy’s plan to put ratepayers on the hook for its flagging business model. Funk describes a five-hour hearing at which most of the 70 people who testified before the Public Utilities Commission of Ohio expressed opposition […]

January 21, 2015 Read More →

Ohio: The Swing State for Presidential Elections, and National Energy Policy Too

Every four years, Ohioans brace for the presidential election. Ads flood the airwaves, yard signs sprout like daffodils, and it seems presidential candidates (of all stripes) appear at every Labor Day parade, community event, and pancake breakfast in the state (for a fun way to see what it’s like to live in Swing State Hell, […]

January 16, 2015 Read More →

With CEO’s Abrupt Departure, FirstEnergy Gets a Second Chance

It’s the end of a troubled era for FirstEnergy Corp. with the sudden departure of CEO Tony Alexander, who presided over years of poor financial performance and bad policy decisions at one of the biggest electricity companies in the U.S. The good news is that Alexander’s departure—couched by FirstEnergy as a “retirement” at age 62, […]

January 7, 2015 Read More →
IEEFA Report: What’s Wrong With FirstEnergy, Part 5
and

IEEFA Report: What’s Wrong With FirstEnergy, Part 5

By Tom Sanzillo and Cathy Kunkel — We’re closing our weeklong series of blog posts around the weak financial performance and poor leadership of FirstEnergy Corp. by looking today at how the company has pursued an aggressive political and regulatory strategy in Ohio that hurts ratepayers and thwarts good public policy. Our report, published Monday,  […]

and October 10, 2014 Read More →
Report: FirstEnergy Seeks a Subsidized Turnaround

Report: FirstEnergy Seeks a Subsidized Turnaround

FirstEnergy: A Major Utility Seeks a Subsidized Turnaround (pdf) By Tom Sanzillo, Director of Finance and Cathy Kunkel, Fellow Institute for Energy Economics and Financial Analysis

October 6, 2014 Read More →