AES and FirstEnergy asked the Maryland PSC to close the Warrior Run coal plant early, which would save consumers money while furthering climate change goals.
FirstEnergy reported that power deliveries for Q3 were flat, with an uptick in industrial demand offsetting a decline in residential and commercial demand.
FirstEnergy abruptly replaced CEO Steven Strah with the chair of its board of directors, John W. Somerhalder II, citing the former's “decision to retire.”
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.
FirstEnergy expects to sell interests in its distribution or transmission assets to raise capital following the Ohio House Bill 6 scandal.
FirstEnergy has agreed to pay a fine for its role in the H.B. 6 scandal, which federal prosecutors described as the largest bribery scandal in Ohio history.
Ohio lawmakers are considering multiple bills to undo the $1 billion nuclear plant bailout for FirstEnergy, though none outright repeals the law.
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