July 23, 2024

FirstEnergy Corp.

Scandal-ridden Former PUCO Chair Sam Randazzo Found Dead
Former PUCO Chair Sam Randazzo, who faced multiple criminal counts for taking millions in bribes from FirstEnergy, died by suicide, according to multiple news reports.
AES, FirstEnergy Ask to End PPA for Warrior Run Coal Plant
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 Q3 Adjusted Earnings at Top of Guidance
FirstEnergy reported that power deliveries for Q3 were flat, with an uptick in industrial demand offsetting a decline in residential and commercial demand.
FirstEnergy CEO Abruptly Retires, Without Severance
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.”
DangApricot, CC BY-SA-3.0, via Wikimedia
FirstEnergy’s Top Executives Face Job Reviews
The FirstEnergy board of directors told the SEC that it had formed a “special review committee” to assess the performance of current top executives.
DangApricot, CC BY-SA-3.0, via Wikimedia
FirstEnergy Q1 Earnings down Compared to Year Ago
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.
FirstEnergy Shareholder Settlement: 6 of 16 Board Members Must Leave
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.
DangApricot, CC BY-SA-3.0, via Wikimedia
FERC Auditors Find FirstEnergy Accounting Irregularities
A FERC audit of FirstEnergy found numerous instances of misallocated costs that may have been passed through to customers.
FirstEnergy to Sell Shares of Assets to Boost Equity
FirstEnergy expects to sell interests in its distribution or transmission assets to raise capital following the Ohio House Bill 6 scandal.
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DOJ Orders $230 Million Fine for FirstEnergy
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.

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