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FirstEnergy: "Ideal" Outcome For FES Power Plants in PA, OH Re-regulates Them
Asked about the "ideal" outcome for FirstEnergy Solutions' generating assets, which the company announced last week are under a strategic review which could include asset sales, FirstEnergy Corp. CEO Chuck Jones told analysts at an EEI conference that, "The ideal outcome would be that Pennsylvania and Ohio, [on] January 1st, say we're going to re-regulate all these plants, and put this industry back to a way that makes sense for customers for the long-term."
"Now, do I think that outcome is going to happen, no, so beyond that, I think we've got to let it play out. I think the outcome is going to be that some of these units get sold, I think the outcome is going to be that some of these units get shut down, a potential outcome might be that there might be some type of financial support in the form of zero emission credits or other forms, but we just have to let it play out," Jones said
While Jones said that the company intends to "engage fully" with policymakers in Ohio and Pennsylvania, he reiterated the previously reported 12-18 month timeframe for FES's strategic review, and said that the company will not wait on state action if it is not forthcoming.
As previously reported by EnergyChoiceMatters.com, FirstEnergy disclosed in reporting earnings on Friday that it is engaged in a "strategic review" of its competitive business and is posturing options to "thoughtfully and expeditiously move away from competitive markets."
FirstEnergy said it plans to implement strategic options over the next 12 to 18 months
FirstEnergy is exploring the sale of "any or all" of its competitive assets, particularly the former Allegheny Energy Supply gas and hydro units
FirstEnergy will also seek a regulated-like construct for its Ohio generation and nuclear subsidies in Ohio and Pennsylvania
FirstEnergy said that FirstEnergy Solutions' continued viability is "pressured" by certain risks, which could cause it to take further actions including restructuring its debt, "or seeking bankruptcy protection."
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November 9, 2016
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Copyright 2010-16 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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