FirstEnergy Solutions Bankruptcy is Said to be Imminent

During FirstEnergy’s investor call this week, FirstEnergy’s CEO Chuck Jones predicted an imminent bankruptcy of affiliate FirstEnergy Solutions (FES). He also expressed disappointment that state and federal officials have not provided customer-funded subsidies to prop up the company that owns several unprofitable nuclear and coal power plants.

Respected energy industry trade press, RTO Insider reported that Jones remarked that FE has cut ties with FES and that he expects the subsidiary will not survive the winter.

The article quotes Jones as saying, “I’m personally disappointed that the endeavors haven’t resulted in a meaningful legislative or regulatory support, given the importance of these plants to grid resiliency, reliable and affordable power and the region’s economy.” 2/22/2018