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Bankruptcy for FirstEnergy means the end for its indebted nuclear power plants?

FirstEnergy Solutions bankruptcy restructuring likely, power plants would be closed or sold, Cleveland.com, 23 Mar 18  By John Funk, The Plain Dealer  The Perry nuclear power plant, a source of jobs and tax revenues for 30 years in Northeast Ohio, could be shutdown or sold in a Chapter 11 bankruptcy proceeding. The FirstEnergy Corp. subsidiary that owns the company’s power plants has an accumulated debt of more than $2.8 billion. The old plants cannot generate power as cheaply as new gas turbine plants and wind farms. FirstEnergy has not been able to persuade state lawmakers or federal authorities to create special fees to subsidize its nuclear power plants and has made it clear in recent months that it wants to become a fully regulated company again. A bankruptcy case could be filed within a week. (Plain Dealer file )

CLEVELAND, Ohio — Brutal competitive financial forces are poised to remake FirstEnergy into a utility without power plants and focused solely on delivering electricity.

The Akron-based power company that a decade ago hired former George W. Bush administration Solicitor General Ted Olson to bullystate lawmakers who were considering a return to state-regulated power prices now appears ready to sell or close its remaining coal and nuclear power plants because the state won’t subsidize them and neither will federal authorities.

Those include Perry nuclear plant in Lake County east of Cleveland and Davis-Besse in Ottawa County near Toledo.

The draconian move may come in a corporate “restructuring” plan that could get under way next week in a federal bankruptcy court, either here or any other federal jurisdiction where the company has offices.

FirstEnergy Solutions, the debt-ridden subsidiary that owns the corporation’s power plants, would be seeking Chapter 11 bankruptcy protection. FirstEnergy Nuclear Operating Co., a separate FirstEnergy subsidiary that holds the federal nuclear operating licenses, could also be involved………http://www.cleveland.com/business/index.ssf/2018/03/firstenergy_bankruptcy_restruc.html#incart_2box_business

March 23, 2018 - Posted by | business and costs, USA

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