FirstEnergy Corp. loses attempt at WV bailout
A federal decision put an end to FirstEnergy Corp.’s bad deal for its West Virginia customers, thousands of whom had protested the company’s plan.
On Jan. 12, 2018, the Federal Energy Regulatory Commission denied Ohio-based FirstEnergy’s request to transfer ownership of the Pleasants power plant to one of its regulated West Virginia utilities, Mon Power.
Under FirstEnergy’s proposal, customers of Mon Power and Potomac Edison, another FirstEnergy-owned utility in West Virginia, would have assumed all of the plant’s costs and financial risks, while FirstEnergy and its shareholders would receive a guaranteed revenue stream.
The Pleasants deal needed approval from both FERC and the Public Service Commission (PSC) of West Virginia.
Thanks to the thousands of you who wrote letters and op-eds, sent faxes and signed petitions, testified at hearings, passed municipal resolutions, and made this a major public issue.
YOUR SUPPORT AND HARD WORK IS APPRECIATED!