Wednesday, June 5, 2019

Ohio House Approves Bill Requiring Ohio Electric Customers to Bail Out FirstEnergy Coal and Nuclear Plants

From Kallanish Energy:
The Ohio House of Representatives has approved a sweeping energy bill that boosts financial support for two struggling nuclear power plants and two coal-fired power plants, while gutting programs promoting renewable energy and energy efficiency, Kallanish Energy reports. 
The much-watched, much-debated bill was approved by a 53-43 vote. 
House Bill 6 would raise $200 million a year by imposing a new fee on all Ohio residential electric customers to support FirstEnergy Solutions, the owner of the Perry and Davis-Besse nuclear power plants in northern Ohio. 
That would amount of nearly $1.3 billion over the six years the legislation is slated to last, ending in 2027. Without the additional money from customers ($1 per customer), the plants will close within two years, said the company, which is spinning off from Akron-based FirstEnergy Corp. It filed for Chapter 11 bankruptcy protection last year. 
The bill would erase Ohio’s clean-energy mandates that had been adopted in 2008. Under that plan, Ohio utilities were required to produce 12.5% of their energy from renewable sources by 2027. That is backed by a $4.39 per month fee paid by Ohio electricity customers.
You can read more by clicking here. 

FirstEnergy Corp. reported earnings of $981 million last year.

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