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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
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
Power Magazine: FirstEnergy Corp. will close three uneconomic nuclear units—a total of 4 GW—in Ohio and Pennsylvania between 2020 and 2021, the company’s competitive arm notified PJM Interconnection on March 28. FirstEnergy Solutions (FES) told the regional transmission organization that it will close the 908-MW Davis-Besse Nuclear Power Station in Oak Harbor, Ohio, by 2020; […]
IEEFA
Toledo Blade: The utility’s Davis-Besse nuclear plant is headed for a premature closing. The outlook for FirstEnergy’s coal-fired power plants and its other nuclear plants — its twin-reactor Beaver Valley nuclear plant west of Pittsburgh and its Perry nuclear plant east of Cleveland — is just as bleak, said James Pearson, FirstEnergy’s chief financial officer. […]
Cathy Kunkel
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: […]
IEEFA
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 […]
David Schlissel
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 […]
IEEFA
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 […]
IEEFA
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 […]
IEEFA
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 […]
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 […]