FirstEnergy: 2017 To Be Key For Decision On Approach To Exit Competitive Generation

"Our ultimate goal would be to be out of competitive generation," FirstEnergy EVP & CFO James Pearson said at the Barclays CEO Energy-Power Conference

"We want to be a purely regulated entity in the future," Pearson said, reiterating comments made during FirstEnergy's second quarter earnings call

At this point, FirstEnergy hasn't defined a timeframe for such transition, Pearson said

"We believe that 2017 will be probably a very pivotal year for us to define or identify what our options are," Pearson said

Pearson said that FirstEnergy's preference is to maintain its current merchant generation under a regulated or regulated-like construct. However, if such a structure is not forthcoming, FirstEnergy will seek to sell assets, and de-activate assets if they are not able to be sold

Pearson praised the "reasonable" solution adopted by New York to support nuclear facilities, and expressed optimism that similar mechanisms would be developed in Pennsylvania and Ohio

See More: FirstEnergy: Goal Is To Move Out of Competitive Business, Looking At Every Option That's Cash Flow, Credit Positive