Gary, et al.:
The BCC is helping with this issue. We expect that FirstEnergy will file the Pleasants transfer case with the PSC in the next month or two, and BCC is likely to support our intervention. They still need to see the technical details of the case filings, so no decision is final until we know we have a case. This case will also require us to coordinate with the Ohio Chapter, as Ohio is also looking at possible plant closures that could affect the Club's position. Our goal is to transition out of coal as much as possible.
This ill almost certainly be on the ExCom agenda.
JBK
----- Original Message -----From: James KotconSent: Sunday, August 07, 2016 7:52 AMSubject: [EC] FirstEnergy loses $1.1B, may sell Pleasants plant to MonPower
This is a fairly lengthy article, but the last sentence of the excerpt below says it all. Translation: "Screw the rate payer!"
Full story at:
After announcing a quarterly loss of $1.1 billion because of the future closures of two uncompetitive coal-fired power plants in Ohio, FirstEnergy says it will seek to “de-risk” by pushing plants onto electricity customers in states like West Virginia.
Charles Jones, CEO of FirstEnergy, the parent company of MonPower and Potomac Edison, announced in an earnings call on July 29 that the coal-heavy utility would seek to remove itself completely from the competitive energy business and, in the meantime, would try to offload plants to regulated markets, where the company is guaranteed a profit.
“Longer-term, we do not believe competitive generation is a good fit for FirstEnergy and we are focused on regulated operations,” Jones said. “We cannot put investors and our company at risk.”
Jim Kotcon
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