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Opinion: Nuclear bailout corruption kills public trust and competition, Cincinnati  The Enquirer, Curt Morgan, 2 Sept 20, Competition drives businesses to perform, innovate and serve their customers. However, the benefits of competition in a fair and competitive market diminish when government gives handouts to a chosen few. All the hard work of every other business can be swept away by one bad policy. The result is government choosing winners and losers while putting the public on the hook. 

Ohioans should take notice when they hear the word “subsidy” because it refers to your money. That’s why most Ohioans have opposed House Bill 6 – the bailout of power plants owned by First Energy Solutions (now Energy Harbor) that will be tacked onto your electricity bill – from the beginning. And you really have no choice because we all need electricity.

HB 6 should have never happened. But because of greed, it was secretly conceived through alleged corruption via the Ohio legislature rather than what should have been settled through a private bankruptcy process. An intimidating monopoly and indicted politician stand accused of perverting the legislative process with some $60 million spent to shift the billion-dollar subsidy from shareholders to Ohioans.

That’s why Vistra has vigorously fought against this tainted legislation from the start. First, when HB 6 was before lawmakers and the corruption not yet alleged, we were a member of Ohioans Against Nuke Bailouts. Then, after the legislature passed HB 6 and the governor signed it, we pressed on as a member of Ohioans Against Corporate Bailouts, advocating to let Ohioans vote, as allowed by the state constitution, on whether they’d like their money used to bailout select companies. With the corruption that fueled HB 6 now exposed in a criminal indictment, we continue to fight, demanding the immediate and complete repeal of HB 6 as members of the Coalition to Restore Public Trust.

We now know, through the substantial and mounting evidence amassed in the FBI’s investigation, that the real winners of HB 6 were a politician and his cronies, charged with racketeering and bribery, and the Wall Street owners of First Energy and First Energy Solutions. The losers are Ohioans still on the hook today to pay more than a billion dollars – unless Ohio legislators act to immediately repeal HB 6 in its entirety.

HB 6 was never about jobs and communities by keeping nuclear plants open. In fact, First Energy Solutions refused to show legislators there was a need for the bailout. Yet, their own numbers posted on the company’s website show subsidies were never needed and, with the subsidy secure, they paid shareholders $800 million! That’s not done by a company in dire straits. Electricity customers should never have been forced to pay for this – especially now when hospitals, households, small businesses, schools and communities are struggling. ……..    https://www.cincinnati.com/story/opinion/2020/09/01/opinion-nuclear-bailout-corruption-kills-public-trust-and-competition/3455443001/