BUSINESS DIGEST || FirstEnergy losses
FirstEnergy Corp. reported full-year 2017 GAAP losses of $1.7 billion on revenues of $14 billion. In 2016, the company recorded losses of $6.2 billion on revenue of $14.6 billion. Results for both periods primarily reflect the impact of noncash asset impairment and plant exit costs related to the company’s competitive generation fleet, and 2017 results also include a charge related to the Tax Cuts and Jobs Act.
For the fourth quarter of 2017, the company reported a loss of $2.5 billion on revenue of $3.4 billion.