|
|
|
|
FirstEnergy To Exit Competitive Operations By Mid-2018
FirstEnergy said in reporting earnings that it has reached a decision to exit "competitive operations" by mid-2018
In a 10-K, FirstEnergy said that although it is targeting mid-2018 to exit from competitive operations, the options to exit are still uncertain, but could include one or more of the following:
• Legislative or regulatory solutions for generation assets that recognize their environmental or energy security benefits,
• Additional asset sales and/or plant deactivations,
• Restructuring FirstEnergy Solutions debt with its creditors, and/or
• Seeking protection under U.S. bankruptcy laws for FES and possibly FirstEnergy Nuclear Operating Company.
In the fourth quarter of 2016, FirstEnergy recognized pre-tax impairment charges of $9.218 billion, or $13.54 per share, resulting from its intention to exit competitive operations by mid-2018, significantly before the end of generation assets' useful lives, and the anticipated cash flows over this shortened period. The impairment charges reduced the carrying value of the majority of the company's competitive generating assets, nuclear fuel and other assets to their estimated fair value.
Previously, during the second quarter of 2016, FirstEnergy recorded pre-tax asset impairment and plant exit costs associated with the decision to deactivate Bay Shore Unit 1, W.H. Sammis Units 1-4, and the impairment of goodwill at the company's competitive business
ADVERTISEMENT Copyright 2010-16 Energy Choice Matters. If you wish to share this story, please
email or post the website link; unauthorized copying, retransmission, or republication
prohibited.
February 21, 2017
Email This Story
Copyright 2010-17 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
NEW Jobs on RetailEnergyJobs.com:
• NEW! -- Business Development Professional -- Retail Supplier -- Houston
• NEW! -- Brand/Marketing/Channel Manager -- Retail Energy
• NEW! -- Commercial Sales B2B -- Retail Energy
• NEW! -- Channel Manager, Sales -- Retail Supplier
• NEW! -- Manager of Regulatory Affairs -- Retail Supplier
• NEW! -- Senior Analyst -- Retail Energy -- Houston
• NEW! -- Manager of Billing Operations
• NEW! -- Implementation Manager
-- Retail Energy -- Houston
• NEW! -- Marketing Associate -- Retail Supplier -- Houston
• NEW! -- Directors: Telemarketing or Broker Channel Management - Retail Electric Supplier -- Houston
• NEW! -- Analysts, Sales and Marketing - Retail Electric Supplier -- Houston
• NEW! -- Market Director -- Retail Energy
• NEW! -- Energy Business Development Professional
• NEW! -- Managers, Sales and Marketing - Retail Electric Supplier -- Houston
• NEW! -- Sales Associate -- Retail Energy
|
|
|