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.
Efforts by Ohio utilities to guarantee income for affiliated coal and nuclear operations are part of a broader trend, according to a new report by legal analysts.
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.
Ohio utilities are likely to urge an end to the state’s current competitive market for generation and take other actions in the wake of federal regulators’ decision this week to halt wholesale electric deals for affiliates’ less competitive plants.