HomeNovember 4, 2016
FirstEnergy Exploring Sale of "Any or All" Competitive Assets; Seeking To "Expeditiously" Move Away From Competitive Markets
Says FirstEnergy Solutions Could Seek Bankruptcy Protection
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FirstEnergy disclosed in reporting earnings today 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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