Opposition Mounts Against FirstEnergy Solution's Request For Federal Bailout
Consumer, business and environmental groups are rallying to oppose FirstEnergy’s request for a federal bailout now that the company’s subsidiary FirstEnergy Solutions has filed for bankruptcy.
This could be the major utility company’s last shot at keeping its nuclear and coal plants open.
Neil Waggoner with the Sierra Club of Ohio says FirstEnergy’s plea is an illegal request to the feds and could lead to higher electric bills statewide.
“If this bailout request goes through this will be open to a significant number of customers it is an open door to federal bailouts” Waggoner said.
In its request, FirstEnergy Solutions says its coal and nuclear generation provides fuel security and diversity.
But opponents argue that a bailout would only help FirstEnergy after it made poor investment decisions, and that there’s plenty of generation coming onto the grid.