FirstEnergy Credit Rating Lowered to ‘Junk’ re Nuke Scandal

click for larger version

FirstEnergy continues to get battered over its alleged role in a $60 million bribery scandal in Ohio. The latest blow comes from the country’s three main ratings agencies, Fitch, Moody’s and S&P, which have all downgraded FirstEnergy’s credit rating to ‘junk’ status.
Continue reading

FirstEnergy Nuke Bribery Scandal Deepens – OH Regulator Resigns

The plot thickens in the $60 million FirstEnergy nuclear subsidy bribery scandal. Last week MDN brought you the news that Ohio’s Attorney General, David Yost, had filed a second lawsuit to stop the collection of money from ratepayers that funds $150 million annual payments to FirstEnergy provided for under the law known as House Bill 6 (see OH AG Files 2nd Lawsuit to Block FirstEnergy $150M Nuke Payments). We also told you, in the same post, about a potential sixth person being investigated for involvement in the scandal. We have breaking news about the sixth person…
Continue reading

OH AG Files 2nd Lawsuit to Block FirstEnergy $150M Nuke Payments

We have a couple of important updates in the neverending saga of the biggest corruption scandal ever to hit Ohio. In July, then-Ohio House Speaker Larry Householder and four of his associates were indicted for felonies related to an alleged $60 million bribery scandal in passing the hugely unpopular House Bill 6 (see FirstEnergy Involved in Bribery Scheme to Pass $1B Nuke Bailout Law). Ohio’s Attorney General, Dave Yost, has just filed a second lawsuit to stop the collection of money from ratepayers that funds $150 million annual payments to FirstEnergy provided for under HB 6. We also have news about a potential sixth person being investigated for involvement in the scandal.
Continue reading

FirstEnergy Fires CEO, OH Cities Sue to Block Nuke Bailout Pymts

It’s all starting to come undone for FirstEnergy Corporation. Last week two of Ohio’s three largest cities sued to block annual $150 million payments to FirstEnergy’s Energy Harbor subsidiary on the basis those payments are ill-gotten gain, the result of FirstEnergy bribing government officials to pass House Bill 6 (HB 6) and keep it passed (see FirstEnergy Involved in Bribery Scheme to Pass $1B Nuke Bailout Law). Also happening last week: FirstEnergy’s board of directors fired its CEO and two other senior managers in light of the mushrooming scandal.
Continue reading

2 Defendants Plead Guilty in $60M FirstEnergy Nuclear Bribery Case

In July, now-former Ohio House Speaker Larry Householder and four of his associates were indicted for felonies related to an alleged $60 million bribery scandal in passing the hugely unpopular House Bill 6 (see FirstEnergy Involved in Bribery Scheme to Pass $1B Nuke Bailout Law). HB 6 gives Energy Harbor, a FirstEnergy subsidiary, $150 million per year for seven years ($1.1 billion) in ratepayer funds to prop up the company’s uneconomic nuclear power plants.
Continue reading

Judge Refuses to Block New FirstEnergy Bribes to Ohio Politicians

This is extremely frustrating. FirstEnergy subsidiary Energy Harbor is accused of bribing former Ohio House Speaker Larry Householder and several of his associates to pass (and stay passed) a $1.1 billion bailout bill that funnels electric ratepayer (i.e. taxpayer) money into the hands of FirstEnergy, to prop up two uneconomic and failing nuclear power plants (see FirstEnergy Involved in Bribery Scheme to Pass $1B Nuke Bailout Law). It’s happening all over again.
Continue reading

Ohio AG Files Charges Against FirstEnergy in Nuke Bribery Case

Last week Ohio Attorney General Dave Yost filed a racketeering lawsuit against FirstEnergy, former Ohio House Speaker Larry Householder, and four of Householder’s associates, all related to an alleged $60 million bribery scandal in passing the hugely unpopular House Bill 6 (see FirstEnergy Involved in Bribery Scheme to Pass $1B Nuke Bailout Law). HB 6 gives Energy Harbor, a FirstEnergy subsidiary, $150 million per year for seven years ($1.1 billion) in ratepayer funds to prop up the company’s uneconomic nuclear power plants.
Continue reading

Ohio Lawmakers Make Case to Repeal HB 6 Nuke Bailout Law

There are at least a few honest politicians in Columbus, Ohio. Last week several Ohio state legislators made the case to overturn House Bill (HB) 6. Last year FirstEnergy Solutions (now called Energy Harbor) allegedly paid $60 million in bribes to (now former) Ohio House Speaker Larry Householder and four of his associates to gain their assistance in passing the hugely unpopular HB 6 (see FirstEnergy Involved in Bribery Scheme to Pass $1B Nuke Bailout Law). HB 6 gives Energy Harbor $150 million per year for seven years ($1.1 billion) in ratepayer funds to prop up the company’s uneconomic nuclear power plants (disadvantaging other energy sources, like gas-fired power plants).
Continue reading

How Many More OH Legislators Guilty of Bribes in FirstEnergy Case?

We’ll ask the question no one else dares to ask publicly: How many more Ohio legislators are in the back pocket of FirstEnergy (i.e. Energy Harbor), guilty of taking part in an alleged $60 million bribery scandal that paid politicians to ensure Energy Harbor would get $1.1 billion of ratepayers’ money to prop up their economically failing nuclear power plants? It sure seems like there may be other Ohio legislators who have been paid off too, given their unwillingness to support the effort to overturn House Bill (HB) 6 and end the gravy train for Energy Harbor.
Continue reading

Big Ad Campaign Starts in Ohio to Repeal HB 6 Nuke Bailout Law

FirstEnergy Solutions (now called Energy Harbor) allegedly paid $60 million in bribes to (now former) Ohio House Speaker Larry Householder and four of his associates to gain their assistance in passing the hugely unpopular House Bill 6 (see FirstEnergy Involved in Bribery Scheme to Pass $1B Nuke Bailout Law). HB 6, which became law, gives Energy Harbor $150 million per year for seven years ($1.1 billion) in ratepayer funds to prop up the company’s uneconomic nuclear power plants (disadvantaging other energy sources, like gas-fired power plants). A new ad campaign intends to hold Ohio legislators’ feet to the fire in an effort to completely repeal HB 6.
Continue reading

Ohio AG Asks Court to Stop Payments to FirstEnergy Nuke Plants

FirstEnergy Solutions (now called Energy Harbor) allegedly paid $60 million in bribes to (now former) Ohio House Speaker Larry Householder and four of his associates to gain their assistance in passing the hugely unpopular House Bill 6 (see FirstEnergy Involved in Bribery Scheme to Pass $1B Nuke Bailout Law). HB 6, which became law, gives Energy Harbor $1.1 billion in ratepayer funds over seven years to prop up the company’s uneconomic nuclear power plants (disadvantaging other energy sources, like gas-fired power plants). Ohio’s Attorney General is asking a bankruptcy court to stop those annual $150 million payments.
Continue reading

Not Guilty Pleas in FirstEnergy Nuke Bailout Bribery Scandal

Former Ohio House Speaker Larry Householder

FirstEnergy Solutions (now called Energy Harbor) allegedly paid $60 million in bribes to (now former) Ohio House Speaker Larry Householder and four of his associates to gain their assistance in passing the hugely unpopular House Bill 6 (see FirstEnergy Involved in Bribery Scheme to Pass $1B Nuke Bailout Law). HB 6, which became law, gives Energy Harbor $1.1 billion in ratepayer funds to prop up the company’s uneconomic nuclear power plants (disadvantaging other energy sources, like gas-fired power plants). Four of the five defendants have just entered pleas–all of them “not guilty.”
Continue reading

Multiple Lawsuits Filed re FirstEnergy Nuke Bailout Bribery Scandal

FirstEnergy is in the middle of an excrement storm. The company’s former subsidiary FirstEnergy Solutions (now called Energy Harbor) allegedly paid $60 million in bribes to Ohio House Speaker Larry Householder and several of his associates to gain their assistance passing the hugely unpopular House Bill 6 (see FirstEnergy Involved in Bribery Scheme to Pass $1B Nuke Bailout Law). HB 6, which became law, gives Energy Harbor $1.1 billion in ratepayer funds to prop up the company’s uneconomic nuclear power plants. Multiple class action lawsuits have been filed against the FirstEnergy and Energy Harbor since the bribery scandal news broke…
Continue reading

OH Gov. DeWine Reverses Course, Wants to Repeal $1B Nuke Bailout

We’re pretty certain Ohio Gov. Mike DeWine (RINO) doesn’t read MDN, but we’re glad to see he took our advice from yesterday when we said he’s “stupid if he vetoes the bill to repeal House Bill (HB) 6. Does he not realize he will be given the political equivalent of an anal exam to see if his palms were greased by FirstEnergy too?! The only reason the bill passed was bribery. It’s poisoned. It must be overturned.” A day after DeWine expressed support for the bribe-ridden HB 6 that became law when he signed it last year, DeWine reversed course and now says he supports repeal of that terrible law.
Continue reading

FirstEnergy Involved in Bribery Scheme to Pass $1B Nuke Bailout Law

We told you that the law passed in Ohio (House Bill 6) granting FirstEnergy (now called Energy Harbor) $1 billion in corporate welfare from ratepayers, destroying the fair playing field for natgas-fired electric plants in the bargain, stunk to high heaven. We told you that the entire thing was corrupt (see OH Nuclear Bailout Corruption: Gas Sacrificed for Nuke Investors). We didn’t realize just how right we were! Yesterday the Republican Speaker of the Ohio House, Larry Householder (along with several associates) was arrested on racketeering charges for taking $60 million in bribes from FirstEnergy for promoting and pushing (against the will of the people, we might add), HB 6. FirstEnergy has been served with a subpoena related to the case, although they have not (yet) been indicted. This is the largest bribery scheme in Ohio’s history!
Continue reading

OH Nuclear Bailout Corruption: Gas Sacrificed for Nuke Investors

FirstEnergy, now calling itself Energy Harbor, somehow got into the pockets (via campaign donations) of enough Ohio politicians (many of them Republican) to convince them to pass a horrible law last year–House Bill (HB) 6. HB 6 grants the company $1 billion in corporate welfare over seven years in a deal to prop up its two “unprofitable” nuclear power plants. Now that the first $150 million is about to flow, how will Energy Harbor use it? To pay its so-called high operating costs? No. Energy Harbor will funnel the money right into the pockets of big investors. It was all a scam.
Continue reading