FirstEnergy Solutions said Monday it would reconsider closing two nuclear power plants if the Ohio legislature by July 17 passes a bill that would raise electricity rates in the state to provide financial assistance for those facilities and two coal-fired plants.
The Akron-based power provider’s previous deadline was Sunday, which went by with the rate-increase bill still being hammered out in committee in the Ohio Senate.
Days before declaring bankruptcy in March 2018, FirstEnergy Solutions announced the closure of three nuclear power plants: the Davis-Besse Nuclear Power Station in Oak Harbor, Ohio, in May 2020; the Perry Nuclear Power Plant in Perry, Ohio, in May 2021; and the two reactors at the Beaver Valley plant in May and October 2021.
Ohio lawmakers have sought to prevent that with legislative aid. The latest public version of the bill would charge residential consumers an extra $0.80 per month for the nuclear plants and as much as $1 a month for two FES coal plants. The latest proposed business rate averages $11 per month, while the latest proposed rates range from $240 to $2,400 per month. All these sources are estimated to raise $150 million for the company in the first year after passage.
“While FES is optimistic about the outcome for HB6, the company remains unable to purchase the fuel required for Davis-Besse’s next refueling cycle without the certainty of critical legislative support,” the company said in a press release Monday. “We remain on path for a safe deactivation and decommissioning. Should we receive the long-term certainty that comes with an affirmative vote within this timeframe, we will immediately reevaluate our options. Given the expectation that the legislation will be passed in the coming weeks, we have communicated our commitment to doing everything possible to accommodate this process, which will come with increased financial burden associated with missing the June 30th fuel purchasing deadline for Davis-Besse.”
