FirstEnergy Solutions Seeks Further Extension Of Existing Retail Supplier Certificate In Ohio

FirstEnergy Solutions Corp. has requested that the Public Utilities Commission of Ohio grant an additional 180-day extension of its retail electric supplier certificate through October 28, 2019.

FES's most recent renewal of its certificate was scheduled to expire on November 2, 2018

As previously reported, FES filed for renewal of such certificate on October 1, but shortly thereafter moved for a 120-day extension of the existing certificate, stating that an extension would provide additional clarity concerning FES's bankruptcy proceeding. An extension of the certificate was granted until May 1, 2019.

In its request for a further extension, FES said, "Good cause exists to extend the Certificate for 180 days because FES, although in bankruptcy currently, has more than $1 billion in cash on hand, has continued to meet all of its obligations to customers, and has remained in compliance with all relevant Commission rules during its Chapter 11 proceeding. Extending the Certificate for an additional 180 days allows the Commission to continue to evaluate FES’ performance while in bankruptcy and for FES to continue its reorganization in accordance with federal law."

"FES anticipates that a 180-day extension may be enough time for FES to emerge from bankruptcy in late 2019, though the exact timing is uncertain due to required approvals from the Nuclear Regulatory Commission and the Bankruptcy Court," FES said

"In the event 180 days is not sufficient time for FES to emerge from bankruptcy, FES would anticipate making a supplemental filing seeking an additional extension of its Certificate. At that point there would be significantly more clarity regarding the timing and process for FES to emerge from bankruptcy," FES said