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Bankrupt FirstEnergy Solutions is resuscitated as Energy Harbor, House Bill 6 subsidises Perry and Davis-Besse Nuclear Power plants

Perry leaders assess impact of Perry Nuclear Power Plant staying open, By Bill DeBus @bdebusnh on Twitter   10 Apr 20, “…………House Bill 6, signed into law on July 23 by Gov. Mike DeWine, provided financial subsidies to keep the Perry and Davis-Besse Nuclear Power plants open……

In March 2018, the owner of both plants, known then as FirstEnergy Solutions, announced that it would close both plants if subsidies were not approved. ……..

In addition, FirstEnergy Solutions filed for bankruptcy.

While H.B. 6 went into effect in October, it was announced on Feb. 27 that the former FirstEnergy Solutions, under the new name of Energy Harbor, emerged from bankruptcy……

Perry area government leaders recently offered their views on how the Perry Nuclear Power Plant staying open will impact the future financial outlook for their respective towns or entities, as well as the community as a whole. ……

Under terms of House Bill 6, charges paid by residential, commercial and industrial customers on their electric bills will generate an estimated $170 million a year. Of that total, $150 million annually will go to the Perry and Davis-Besse nuclear power plants. The other $20 million is earmarked to support six solar energy projects in Ohio.

The nuclear plants will receive money between 2021 and 2027. ……

April 11, 2020 - Posted by | business and costs, politics, USA

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