FirstEnergy

The Mount Olive project in New Jersey is a model for turning a brownfield site into a “brightfield,” supporting cleaner power generation and providing a wealth of benefits for the local community. The U.S

Texas-based energy company Vistra Corp. is adding to its nuclear power generation capacity. The group on March 6 announced it would buy Ohio-based Energy Harbor Corp. in a $3.4 billion deal that includes ownership of three nuclear power stations. The transaction includes $3 billion in cash, with Energy Harbor shareholders receiving a 15% stake in […]

Facing a federal charge for honest services wire fraud in a corruption case related to the billion-dollar nuclear plant bailout in Ohio, FirstEnergy Corp. has agreed to abide by the terms of a three-year deferred prosecution settlement to get the charge dismissed. In court filings on July 22, the Akron, Ohio-based public utility holding company […]

FirstEnergy Corp. President and CEO Charles “Chuck” Jones was fired late Thursday after an internal review found Jones and two other company executives violated company policies in connection with an alleged bribery scheme. The case is connected to a legislative bailout of the state’s nuclear power plants that occurred in 2019. The law, known as […]

Energy companies and equipment suppliers to the power generation industry have been at the forefront of efforts to battle the COVID-19 pandemic. Utilities have suspended shutoffs of services to customers impacted by the economic crisis, and have instituted protocols to maintain proper staffing levels to ensure the reliable delivery of electricity during a time when […]

New York City-based LS Power on July 15 said it would end a project to expand its natural gas-fired Troy power plant in Ohio if state lawmakers pass legislation to subsidize the state’s two nuclear power plants. LS Power in a news release Monday said, “Handouts to nuclear plants jeopardize the economics of the other […]

COMMENTARY Are power purchase and similar agreements excluded from the automatic stay under the safe harbor for forward contracts? Both the FirstEnergy Solutions and Pacific Gas & Electric (PG&E) bankruptcies have seen proceedings regarding power purchase and similar agreements (PPAs) that raise this question. Contracts often contain provisions that enable a party to terminate or modify […]

Pennsylvania, the nation’s second-largest nuclear power-producing state, is now definitively a battleground for nuclear power subsidies.  Last week, in two memos that were circulated in the state House and Senate, seven lawmakers signaled they would soon introduce legislation that would update a 2004 state law—the Alternative Energy Portfolio Standards (AEPS)—to include nuclear power. The law […]

Despite significant milestones to become a fully regulated utility, FirstEnergy Corp. on October 25 reported third-quarter losses of $512 million on revenue of $3.1 billion. The results largely reflect charges related to the court-approved settlement in the bankruptcy cases of its competitive subsidiaries FirstEnergy Solutions (FES) and FirstEnergy Nuclear Operating Co. (FENOC), the company said. […]

FirstEnergy on October 18 said its coal-fired Pleasants Power Station in West Virginia will stay open until June 2022, after earlier announcing the plant would close in January of next year. FirstEnergy spokeswoman Jennifer Young said, “Keeping Pleasants in operation … allows the plant to fulfill current capacity obligations and provides additional time for evaluation […]