Stock Monitor: Ameren Post Earnings Reporting
LONDON, UK / ACCESSWIRE / February 21, 2018 / Active-Investors.com has just released a free research report on FirstEnergy Corp. (NYSE: FE). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/'symbol=FE as the Company's latest news hit the wire. On February 16, 2018, the Company disclosed that its subsidiary Allegheny Energy Supply has communicated its plan to deactivate the Pleasants Power Station to PJM Interconnection (PJM), the regional transmission organization. The Company will take a final call regarding selling or closing of the Pleasants Power Station on January 01, 2019. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Active-Investors.com is currently working on the research report for Ameren Corporation (NYSE: AEE), which also belongs to the Utility sector as the Company FirstEnergy. Do not miss out and become a member today for free to access this upcoming report at:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, FirstEnergy most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
www.active-investors.com/registration-sg/'symbol=FE
Commenting on the deactivation of the Pleasants plant, Charles E. Jones, President, and CEO of FirstEnergy, said:
"Closing Pleasants is a very difficult choice because of the talented employees dedicated to the reliable operation of the station and the communities who have supported the facility for many years. But the recent federal and West Virginia decisions leave FirstEnergy no reasonable option but to expeditiously move forward with deactivation of the plant. We will continue to pursue opportunities to sell the plant while planning for deactivation."
Reasons for deactivation
The Company's decision to deactivate the Pleasants Power Station was taken after Mon Power, another subsidiary of FirstEnergy failed to get The Federal Energy Regulatory Commission (FERC)'s approval to acquire the said power plant. Mon Power has sent a proposal to FERC seeking its approval to acquire the Pleasants Power Station in March 2017. If FERC had accepted the proposal, it would have resolved a projected 10-year energy capacity shortfall and decreased electric bills for customers. FERC rejected Mon Power's proposal on January 12, 2018. The sale of the said Power station had been approved by The Public Service Commission of West Virginia, with certain stipulations. The Company disclosed that the stipulations to the sale as well as FERC's rejection made the entire proposed sale transaction impractical.
The Company is identifying a buyer for the plant and if it is not successful, it plans to close the power station on January 01, 2019. The decision is subject to PJM's review for reliability impacts if any.
Impact
The Company's decision will affect approximately 190 employees. The Company has confirmed that eligible employees from the affected lot will be paid severance benefits through the FirstEnergy severance plan if the Company decides to close the plant.
In 2016, FirstEnergy had first revealed its plans to sell off or shut down power plants located across Ohio, Pennsylvania, and Virginia, with total generating capacity of 2,471 MW. The current decision is part of the Company's earlier plans. After the closing of the Pleasants Power Plant in January 2019, the Company will have a combined power generating capacity of 14,795 MW. This combined capacity is from its scrubbed coal, nuclear, natural gas, and renewable energy facilities located in Ohio, Pennsylvania, West Virginia, New Jersey, Virginia, and Illinois. In the meanwhile, the Company is also exploring strategic options for some of its power plants.
Industry insiders also point out that although a bulk of Ohio's power generation is done using coal, the increasing awareness regarding economic and environmental issues has pushed companies to pursue more sustainable and renewable energy sources which are also cheaper in the long-run.
About Pleasants Power Plant
The Pleasants power plant is a 1,300-megawatt coal-fired plant which began operations in 1979. It is located along the Ohio River in Willow Island, West Virginia. It has two coal-fired units of 650MW each and the second unit had been operational since 1980. At full capacity, both units can produce more than 31 million kilowatt-hours of electricity daily. Power from both these units produces power for about 1.3 million homes.
About FirstEnergy Corp.
Akron, Ohio-based FirstEnergy is a power utility. The Company along with its subsidiaries and affiliates are involved in the distribution, transmission, and generation of electricity as well as energy management and other energy-related services. The Company caters to the energy needs of customers across Ohio, Pennsylvania, New Jersey, West Virginia, Maryland, and New York. The Company's transmission subsidiaries operate more than 24,000 miles of transmission lines that connect the Midwest and Mid-Atlantic regions, while its generation subsidiaries control nearly 16,000 megawatts of capacity from a diversified mix of scrubbed coal, non-emitting nuclear, natural gas, hydro, and other renewables.
Stock Performance Snapshot
February 20, 2018 - At Tuesday's closing bell, FirstEnergy's stock slightly dropped 0.70%, ending the trading session at $32.80.
Volume traded for the day: 5.78 million shares.
Stock performance in the last month - up 11.56%; past twelve-month period - up 5.77%; and year-to-date - up 7.12%
After yesterday's close, FirstEnergy's market cap was at $14.49 billion.
The stock has a dividend yield of 4.39%.
The stock is part of the Utility sector, categorized under the Electric Utilities industry.
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