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:
http://www.wvgazettemail.com/news-business/20160805/firstenergy-loses-11b-ma...
After announcing a quarterly loss of $1.1 billionhttps://www.sec.gov/Archives/edgar/data/1031296/000103129616000101/ex991fe-06302016.htm 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 https://www.documentcloud.org/documents/3005292-First-Energy-Earnings-Call-Q2-2016.html 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