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IEEFA
Associated Press: A central Ohio judge on Monday blocked the subsidies from a $1 billion nuclear bailout law at the center of a $60 million bribery probe, as state lawmakers scrambled to decide the fate of a repeal effort and nominees were chosen to succeed a utility regulator who resigned amid the investigation. Franklin County […]
Clark Williams-Derry
Weak demand and low prices are likely creating steep losses for NTEC
U.S. coal exports to Asia—once heralded as the saving grace for struggling coal producers in the western United States—are facing new strains from low prices and weak demand in the wake of the global COVID-19 crisis. In its third-quarter financial statement released earlier this month, Westshore Terminals in British Columbia, the primary terminal for U.S. thermal coal […]
IEEFA
Cleveland.com: FirstEnergy officials said Monday they will not comment further on what prompted the company to fire its CEO and two other top executives late last week, other than the decision was set in motion following a Sept. 2 subpoena from the U.S. Securities and Exchange Commission. But a new company regulatory filing says “potential […]
Sandy Buchanan and Seth Feaster
FBI lays bare audacious $61 million web of racketeering - Gov. DeWine should call special legislative session
FirstEnergy’s successful campaign last year to secure a $1 billion bailout of its Ohio nuclear plants is at the center of a pay-to-play scandal that is rocking Ohio. Yesterday, the Justice Department filed criminal charges against Larry Householder, speaker of the Ohio House of Representatives, and four close associates in a case U.S. Attorney David […]
Sandy Buchanan
Worried supporters of HB6 are undermining the state’s public referendum process in their desperation to keep the national energy transition at bay
Just how far will one utility go to force its customers, workers, suppliers and host communities to pay for its own bad business decisions? FirstEnergy, the electric utility that services the northern third of the Buckeye State, is using a host of increasingly desperate tactics to preserve a $900 million bailout from Ohioans for its […]
IEEFA
Pittsburgh Post-Gazette: The owner of the Bruce Mansfield coal-fired power plant in Beaver County, the largest in the state, said the facility will shutter in November, nearly two years ahead of an already truncated schedule. Bankrupt FirstEnergy Solutions Corp. blamed a “lack of economic viability in current market conditions” for the decision to close the […]
IEEFA
Energy News Network: A bill to subsidize FirstEnergy Solutions’ two Ohio nuclear plants could cost customers even more than the hundreds of millions of dollars in direct charges proposed to prop up those plus two older coal plants. A new analysis from grid operator PJM concludes that keeping FirstEnergy’s nuclear plants open could also cost […]
Press Release and David Schlissel
But $300 million annual charge would be bonanza for FirstEnergy Solutions
(IEEFA U.S.) – A bill before the Ohio General Assembly (HB 6), aimed at rescuing FirstEnergy Solutions’ economically uncompetitive aging nuclear and coal-fired power plants is misguided, according to a briefing note released by the Cleveland-based Institute for Energy Economics and Financial Analysis (IEEFA). The briefing note: Bailout Bill a Bonanza for FirstEnergy Solutions, may […]
IEEFA
Energy News Network: A second version of legislation in Ohio designed to subsidize the operation of two nuclear power plants appears to have the same limitations on renewable energy development as the first version. Meanwhile, Democrats have announced an alternative plan, which would increase the state’s renewable energy standard to 50% by 2050. Substitute House […]
IEEFA
Toledo Blade: It’s back to the drawing board for FirstEnergy Corp. and its subsidiary, FirstEnergy Solutions, now that a federal bankruptcy judge has struck down an important part of the utility company’s proposed restructuring plan. The plan attempted to free the parent company of liability for mounting losses for the division of the firm that […]
IEEFA update: Bailing out Ohio’s nuclear and coal plants unnecessary for supply or rate stability
But $300 million annual charge would be bonanza for FirstEnergy Solutions(IEEFA U.S.) – A bill before the Ohio General Assembly (HB 6), aimed at rescuing FirstEnergy Solutions’ economically uncompetitive aging nuclear and coal-fired power plants is misguided, according to a briefing note released by the Cleveland-based Institute for Energy Economics and Financial Analysis (IEEFA). The briefing note: Bailout Bill a Bonanza for FirstEnergy Solutions, may […]