FirstEnergy told Ohio regulators this week that more than $200 million in annual charges wasn’t nearly enough to prop up the company’s credit rating.
A new charge ordered by Ohio regulators last week could add up to $1 billion into FirstEnergy’s coffers without requiring the company to do any specific work in return.
FirstEnergy’s latest attempt to recast its Ohio plan to guarantee income for certain power plants remains fatally flawed in the eyes of challengers and other critics.
FirstEnergy’s plan to guarantee profits for certain nuclear and coal power plants isn’t just bad for competition in the energy sector, but for Ohio overall, say challengers.
As Ohio regulators prepare to resume testimony on FirstEnergy’s bid to have all utility customers guarantee sales for certain power plants, another competitor says it can offer a better deal.
Environmental groups have mixed reactions to American Electric Power’s proposed settlement to guarantee sales for six coal-fired power plants for eight years.
An Ohio utility and state regulators are still at odds, sources say, over a controversial rate case critics have labeled a “bailout” for a utility trying to guarantee sales for several nuclear and coal plants.
FirstEnergy’s plan to make all of its Ohio utility customers essentially guarantee sales for certain coal and nuclear plants owned by its unregulated generation subsidiary is an even worse deal for consumers now than when FirstEnergy filed that proposal a year ago, say environmental advocates.
In Ohio, critics say FirstEnergy needs to disclose details of its proposal to guarantee sales for three less profitable coal plants plus the Davis-Besse nuclear plant. And they see new rate proposals added by FirstEnergy as “special deals” meant to lessen opposition to the “bailout.”
Ohio regulators have rejected the second of three utilities’ “bailout” proposals, presenting further hurdles for FirstEnergy in an upcoming hearing for its case.