FirstEnergy
PJM joined more than a dozen other parties in calling for a FERC review of power purchase agreements that would provide FirstEnergy and AEP a guaranteed return for their struggling generating stations in Ohio.
FirstEnergy reported fourth-quarter operating earnings of $0.58/share, compared with $0.80/share for the same period in 2014.
FERC approved FirstEnergy’s plan to spin off the transmission assets of three of its utilities into a new subsidiary.
Independent power producers and EPSA jointly filed complaints with FERC against power purchase agreements FirstEnergy and AEP have proposed to Ohio.
Dynegy has entered the Ohio power purchase agreement fray, floating an offer to PUCO that it said would save consumers in the state $5 billion.
Exelon has joined the opposition to FirstEnergy's attempts to win guaranteed payments for its Ohio power plants.
PJM said AEP's proposed PPA needs changes to preserve competition.
PJM said it will weigh in on the controversial power purchase agreements AEP and FirstEnergy negotiated with PUCO staff.
The settlement provides guaranteed income for the output of AEP's 2,671-MW ownership share of nine power plants.
When FirstEnergy announced that it had reached a settlement with PUCO staff to secure guaranteed rates for several of its merchant plants, the company found itself under attack by many of its former allies.
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