CEO: FirstEnergy will exit competitive electricity business
CLEVELAND (AP) — FirstEnergy’s CEO says it will sell or close its big coal and nuclear power plants in the next two years if Ohio and Pennsylvania don’t resume regulating and setting prices for them or create a regulation-like structure.
The Plain Dealer in Cleveland reports CEO Chuck Jones talked about getting out of the competitive electricity business in comments Tuesday to financial analysts at a conference.
The plants are owned by FirstEnergy Solutions and Allegheny Energy Supply in Pennsylvania. Jones says the unregulated subsidiaries can’t afford to operate the plants at current power prices, and FirstEnergy won’t let subsidiaries’ problems affect the parent company.
He says FirstEnergy isn’t waiting on officials in Ohio and Pennsylvania to decide what they’ll do and plans to talk with state lawmakers and regulators this week.