Tag: Ohio

Ohio legislators revealed Monday their latest plan to save Ohio’s only two nuclear power plants from bankruptcy. As previously reported, FirstEnergy Solutions, a subsidiary of FirstEnergy that manages several power stations across the Midwest, announced that it was closing all three of the nuclear plants it owns and operates throughout the region. Two of these plants are located in Ohio, with the third in Shippingport, Pennsylvania. Due to its close proximity to the Ohio border, many of the Pennsylvania plant’s employees hail from the Buckeye State, meaning that the overwhelming majority of the 2,300 employees set to be laid off from all three plants would be native Ohioans. The organization’s subsequent moves sparked national outrage and condemnation from Democrats, Republicans, and environmental groups: Energy companies like FirstEnergy and its subsidiaries are required to keep enough money in reserve to cover the cost of environmental cleanup should it be necessary. When FES filed for bankruptcy, FirstEnergy, the parent company, immediately began filing extensions with the federal government to discuss these requirements. Simultaneously, they met with private creditors to ensure all personal debts were either paid, nullified, or managed. When this was completed, FirstEnergy then decided to “spin-off” FES and act as if they were a wholly independent…