FirstEnergy CEO Discusses Possible Bankruptcy For Generation Company
The CEO of one of Ohio’s largest energy providers made a rare appearance before state lawmakers, pleading for nuclear plant subsidies. This push comes as the company is nearing a major decision.
FirstEnergy CEO Chuck Jones personally went before the Ohio Senate, saying subsidies would prop up their two struggling nuclear plants.
If passed, FirstEnergy customers would see about a $5 increase to their monthly electric bills.
Time might be running out to save these plants. As Jones explains, the subsidiary FirstEnergy Solutions which controls all the power generation could soon declare bankruptcy.
“They’re looking at that right now. That decision could happen anywhere between today and six months from now.”
Jones pointed out that he does not make decisions for FirstEnergy Solutions.
The nuclear credits bill has stalled in the House and Senate and will likely not come back up until the fall.