FirstEnergy Solutions, parent of First Energy Nuclear Operating Company, filed for bankruptcy protection on March 31 and noted that it intended to close three nuclear power plants along with its restructuring plan. The company, which had said it would retreat from its role as an energy generating company, said it would close the 908MW Davis Besse nuclear plant in Oak Harbor, Ohio by 2020, the two-unit 1,872MW Beaver Valley Power Plant in Shipingport, Pa., by 2021 and the 1,268MW Perry Nuclear Power Plant in Perry, Ohio, in 2021.
The company said the closing were a milestone in its path towards redefining itself as a utility and not a power producer, Power reported.
At the same time, the company filed for the Department of Energy to declare an emergency exists its PJM market, which it can request under Federal Power Act law. If DOE Secretary Rick Perry agrees to do so, it would mean the PJM would have to compensate both nuclear and coal generators in the at-risk market in order to protect the stability of the grid.
With all the changes afoot, “FirstEnergy will remain focused on creating long-term value for its customers, employees and shareholders. Simply put, we will be better positioned to deliver on the tremendous opportunities for customer-focused growth,” said FirstEnergy Chief Executive Officer and President Charles E. Jones.
The filing came almost a year to the day after Westinghouse Electric Company declared bankruptcy, which the nuclear power giant declared on March 29, 2017.
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When a first world super power transitions to a third world failed country like Venezuela, it doesn't need reliable electric power.
Diversity is the key. The government needs to intervene.
Natural Gas prices will continue to drive Nuclear out of business unless state comes up with subsidization plan. Big Nuclear plant may not have any future in long run in this country may have to go with Small Modular Reactor for cost purposes.