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 bully state 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.
Cleveland.com 23rd March 2018 read more »