FirstEnergy

We continue to peel back the layers of the rotten, smelly, stinky onion that is Ohio’s House Bill (HB) 6, a law granting billions (plural) to FirstEnergy in an attempt to prop up the company’s economically failing nuclear power plants. FirstEnergy is accused of bribing legislators to pass, and keep passed, HB 6 by paying out $60 million (see FirstEnergy Involved in Bribery Scheme to Pass $1B Nuke Bailout Law). It is the biggest bribery scandal in Ohio history. Ohio Attorney General Dave Yost has been hammering FirstEnergy with lawsuits since the bribery scandal was first revealed. It looks like Yost (and consequently Ohio residents AND the Ohio Utica Shale industry) has won.
Read More “Ohio AG Succeeds in Blocking $2B in Nuke Payments to FirstEnergy”

Ohio Attorney General Dave Yost continues to hammer FirstEnergy Corporation. In November Yost filed a lawsuit to block the collection of $150 million provided for under House Bill (HB) 6, aimed at propping up FirstEnergy’s unprofitable nuclear power plants in the state (see OH AG Files 2nd Lawsuit to Block FirstEnergy $150M Nuke Payments). Yost has just filed another lawsuit, this time aimed at preventing a rate hike from going into effect on FirstEnergy customers across the state.
Read More “OH AG Asks Judge to Block FirstEnergy Nuke Bailout Rate Increases”

FirstEnergy is up to its metaphorical rear-end in alligators. Not only has the Ohio Supreme Court blocked (for now) the collection of annual $150 million payments from the residents of Ohio given to FirstEnergy to prop up its uneconomic nuclear power plants, but multiple (over a dozen) lawsuits have been filed against the company by some of FirstEnergy’s biggest investors alleging fraud that has caused the company’s stock price to plummet.
Read More “FirstEnergy Nuke Bailout Payments Blocked by Ohio Supreme Court”

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.
Read More “FirstEnergy Fires CEO, OH Cities Sue to Block Nuke Bailout Pymts”

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.
Read More “Ohio AG Asks Court to Stop Payments to FirstEnergy Nuke Plants”