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Press Release and David Schlissel
But $300 million annual charge would be bonanza for FirstEnergy Solutions
(IEEFA U.S.) – A bill before the Ohio General Assembly (HB 6), aimed at rescuing FirstEnergy Solutions’ economically uncompetitive aging nuclear and coal-fired power plants is misguided, according to a briefing note released by the Cleveland-based Institute for Energy Economics and Financial Analysis (IEEFA). The briefing note: Bailout Bill a Bonanza for FirstEnergy Solutions, may […]
IEEFA
S&P Global Market Intelligence ($): FirstEnergy Solutions Corp. will shut down the largest coal-fired plant in its fleet as part of more than 4,000 MW of coal and oil capacity it plans to deactivate in Ohio and Pennsylvania in 2021 and 2022. FirstEnergy Solutions, or FES, in an Aug. 29 news release said it has […]
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 […]
Guest Commentary: William S. Bowen
Change is Coming to the Electricity Industry as Coal-Fired Generation Stands to Get More Expensive
FirstEnergy Corp.’s proposed Power Purchase Agreement to commit its customers to pay for electricity generated by WH Sammis—an old coal-fired power plant in Stratton—might help FirstEnergy but it isn’t in the best interest of its ratepayers. If the Public Utilities Commission of Ohio approves the proposal, the company would be guaranteed a profit on the […]
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 […]
Sandy Buchanan
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, […]
Cathy Kunkel
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, […]
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 […]