FirstEnergy bribery scandal
Former Ohio House Speaker Larry Householder (R) was sentenced to 20 years in prison Thursday for taking bribes from FirstEnergy to pass legislation subsidizing the company’s nuclear plants.
FunksBrother, CC BY-SA 4.0, via Wikimedia Commons
Built by power companies for the DOD during the Cold War, Ohio Valley Electric Corp. is now part of a war fought by enviros against regulators, utilities.
FirstEnergy’s board of directors appointed Brian Tierney, currently a senior executive at the investment company Blackstone, as the company's new CEO.
The former Ohio House Speaker was found guilty of racketeering conspiracy over donations FirstEnergy paid a dark money group controlled by him to win favors.
FirstEnergy agreed to another federal fine, this time for lying to FERC auditors about its role in the Ohio bribery scheme to bail out nuclear plants.
The FirstEnergy board of directors told the SEC that it had formed a “special review committee” to assess the performance of current top executives.
FirstEnergy reported first-quarter adjusted earnings of $288 million ($0.51/share) on revenue of $3 billion, down 18% from the first quarter of 2021.
Under a settlement with shareholders, six members of FirstEnergy’s board of directors would not seek re-election at the company’s annual meeting in May.
A FERC audit of FirstEnergy found numerous instances of misallocated costs that may have been passed through to customers.
Illinois is decarbonizing its electric generation, and Minnesota is focusing on EVs and transit emissions, but Ohio is keeping a coal plant subsidy.
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