Ohio AG files to block FirstEnergy $102 million payout

Ohio AG files to block FirstEnergy $102 million payout

(Reuters)

Ohio
Attorney
General
Dave
Yost
said
on
Thursday
he
filed
https://www.ohioattorneygeneral.gov/Files/Briefing-Room/News-Releases/2021-01-13-YOST-PI-Motion-for-FirstEnergy-Decoupli.aspx
an
injunction
seeking
to
prevent
power
utility
FirstEnergy
Corp
(NYSE:).
from
collecting
$102
million
in
profits
via
a
provision
in
the
state’s
nuclear
subsidy
law,
House
Bill
6(HB6
https://www.legislature.ohio.gov/legislation/legislation-summary?id=GA133-HB-6).

A
mechanism
within
HB6
“that
only
applied
to
FirstEnergy…
allowed
the
company
to
match
its
record-high
income
level
from
2018
every
year
going
forward
regardless
of
how
much
electricity
it
sold
anytime
in
the
next
decade,”
the
AG’s
office
said
in
a
statement.

The
injunction
was
filed
with
the
Franklin
County
Common
Pleas
Court,
the
statement
said,
adding
that
the
$102
million
would
be
in
“addition
to
the
$150
million
nuclear
bailout
also
in
HB6
that
Yost
stopped
last
month.”

“We
are
reviewing
the
filing,
and
have
no
further
comment
at
this
time,”
a
FirstEnergy
spokeswoman
said.

Last
year,
Ohio
politicians
proposed
new
legislation
that
could
remove
or
reduce
the
nuclear
subsidies
in
HB6,
in
an
effort
to
undo
damage
done
by
an
alleged
bribery
scandal.


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