TOLEDO — "It’s back to the drawing board for FirstEnergy Corp. and its subsidiary, FirstEnergy Solutions, now that a federal bankruptcy judge has struck down an important part of the utility company’s proposed restructuring plan.
The plan attempted to free the parent company of liability for mounting losses for the division of the firm that controls FirstEnergy’s unprofitable coal-fired and nuclear power plants in Ohio and Pennsylvania, including the Davis-Besse nuclear plant in Ottawa County.
FirstEnergy Solutions, which has been assigned to take on the debt and operations of those plants, responded by saying it expects to submit a revised disclosure statement for its reorganization plan. The filing will be with the U.S. Bankruptcy Court in Akron overseeing its Chapter 11 restructuring."
— Tom Henry, Toledo Blade
The draft legislation would create a new surcharge, with proceeds distributed to power plants that “make a significant contribution toward minimizing emissions.”
COLUMBUS -- "Legislation to subsidize two FirstEnergy Solutions nuclear power plants in Ohio is about to surface in the Ohio House.
Republican majority leaders have been circulating a proposal that would add up to $300 million annually to electric bills across the state, creating a state 'clean air program' with grants administered by political appointees.
About $180 million would be earmarked for the FirstEnergy Solutions nuclear power plants, say analysts who have looked at the legislation. The remaining $120 million could be used to prop up other companies — though it appears those companies would not be owners of wind and solar farms.
The draft legislation, obtained by the Energy News Network, would add a $2.50 per month surcharge to every residential customer’s bill, a $20 per month surcharge to every commercial customer’s bill and a $250 monthly charge to every industrial customer’s bill."
-- John Funk, Energy News Network