August 19, 2017 8:08 PM ET

Electric Utilities

Company Overview of FirstEnergy Solutions Corp.

Company Overview

FirstEnergy Solutions Corp., together with its subsidiaries, provides energy-related products and services to retail and wholesale customers. The company owns and operates fossil generating facilities, as well as owns nuclear generating facilities. It offers its products and services primarily in Ohio, Pennsylvania, Illinois, Michigan, New Jersey, and Maryland. The company was founded in 1997 and is based in Akron, Ohio. FirstEnergy Solutions Corp. operates as a subsidiary of FirstEnergy Corp.

76 South Main Street

Akron, OH 44308

United States

Founded in 1997

77 Employees

Phone:

800-736-3402

Key Executives for FirstEnergy Solutions Corp.

Chairman of the Board, Principal Executive Officer and President
Age: 55
Controller and Treasurer
Age: 36
Vice President of Fuel and Unit Dispatch
Vice President
Age: 46
Vice President of Commercial Operations, Structuring & Pricing
Compensation as of Fiscal Year 2017.

FirstEnergy Solutions Corp. Key Developments

FirstEnergy Solutions Corp. Auditor Raises 'Going Concern' Doubt

FirstEnergy Solutions Corp. filed its 10-K on Feb 21, 2017 for the period ending Dec 31, 2016. In this report its auditor, PricewaterhouseCoopers LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern.

NOPEC Settles its Legal Claim for $5.4 Million Electric Contract with FirstEnergy Solutions

FirstEnergy Solutions paid the Northeast Ohio Public Energy Council $5.4 million to get out of its contract supplying power at discounted rates to about 500,000 customers represented by NOPEC. NOPEC had demanded $86.6 million from First-Energy Solutions when contract talks broke down in October and the company canceled the contract, effective Dec. 31. The enormous sum was money it had a right to under the terms of its contract with the company, NOPEC’s lawyers argued in filings before a Summit County Common Pleas Court. The company on Oct. 28 had gone to court seeking an emergency restraining order two days after NOPEC tried to draw on the $86.6 million 'irrevocable non-transferable standby letter of credit' which the company had established with the Bank of Nova Scotia and given NOPEC the year before.

FirstEnergy Solutions To Sell Ohio Power Plants

FirstEnergy Solutions Corp. is planning to close or sell power generation units at the two coal-fired power plants located in Ohio. FirstEnergy Solutions may sell or close 136MW unit 1 at the Bay Shore power plant in Oregon, Ohio by October 2020 and units 1-4, each with 180MW of capacity, at the W.H. Sammis Plant in Stratton, Ohio in May 2020.

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