FirstEnergy Corp said late on Saturday its nuclear and coal power plant units filed for bankruptcy court protection as the company looks to restructure, sell assets and win government support to cope with competitors using lower-cost natural gas. The Chapter 11 filing was made by FirstEnergy Solutions and FirstEnergy Nuclear Operating Co. The companies said they have over $550 million in cash and “sufficient liquidity to continue normal operations” while restructuring. The company’s chief executive signaled earlier this year that FirstEnergy Solutions was headed for bankruptcy protection. The legal move came after FirstEnergy urged the federal government on Thursday to evoke little-used emergency powers to help it keep several struggling nuclear and coal-fired power plants open, a move critics described as an appeal for a corporate bailout.
Reuters 1st April 2018 read more »
The US electricity grid is enduring “unprecedented tumult and challenge” because of the loss of thousands and thousands of megawatts of carbon-free, fuel-secure generation that nuclear plants represent, Nuclear Energy Institute (NEI) president and chief executive officer Maria Korsnick said. Responding to the announcement on 28 March 2018 that Ohio-based FirstEnergy plans to close four nuclear reactor units at its Perry, Davis-Besse and Beaver Valley nuclear stations, Ms Korsnick said losing these plants will imperil the resilience of the grid. She warned that closing nuclear plants makes electricity prices go up and is putting emissions reduction targets hopelessly out of reach. Over the past five years, 18 nuclear reactors at 14 sites across the US have either closed or their premature closings have been announced, the NEI said. On Wednesday, FirstEnergy said it would shut its nuclear plants in Ohio and Pennsylvania in the next three years without some kind of state or federal relief.
Nucnet 30th March 2018 read more »