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
Lets get the beyond coal money into this, and discuss it at the August 20 excom meeting in Lewisburg! Gary Nelson ----- Original Message ----- From: James Kotcon To: ec@osenergy.org ; Bridget Lee ; Nachy Kanfer Sent: Sunday, August 07, 2016 7:52 AM Subject: [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:
http://www.wvgazettemail.com/news-business/20160805/firstenergy-loses-11b-ma...
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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_______________________________________________ EC mailing list EC@osenergy.org http://osenergy.org/mailman/listinfo/ec
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
________________________________ From: Harriet Nelson glnelson1@frontier.com Sent: Sunday, August 7, 2016 9:44:53 AM To: James Kotcon; ec@osenergy.org; Bridget Lee; Nachy Kanfer Subject: Re: [EC] FirstEnergy loses $1.1B, may sell Pleasants plant to MonPower
Lets get the beyond coal money into this, and discuss it at the August 20 excom meeting in Lewisburg! Gary Nelson ----- Original Message ----- From: James Kotconmailto:jkotcon@wvu.edu To: ec@osenergy.orgmailto:ec@osenergy.org ; Bridget Leemailto:bridget.lee@sierraclub.org ; Nachy Kanfermailto:nachy.kanfer@sierraclub.org Sent: Sunday, August 07, 2016 7:52 AM Subject: [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:
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
________________________________
_______________________________________________ EC mailing list EC@osenergy.org http://osenergy.org/mailman/listinfo/ec
FirstEnergy: “We cannot put investors and our company at risk.” But we're happy to squeeze all we can out of the long-suffering West Virginia customers/ratepayers.
On Sun, Aug 7, 2016 at 7:52 AM, James Kotcon jkotcon@wvu.edu wrote:
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-may-sell-pleasants-plant-to-monpower
After announcing a quarterly loss of $1.1 billion https://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.htmlon 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
EC mailing list EC@osenergy.org http://osenergy.org/mailman/listinfo/ec
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