Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Nyse  >  FirstEnergy Corp.    FE

FIRSTENERGY CORP.

(FE)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector newsAnalyst Recommendations

Ohio likely to require nuclear reactor audit before renewing bailout -analysts

11/20/2020 | 05:59pm EST

NEW YORK, Nov 20 (Reuters) - Ohio's legislature will likely require the owner of two nuclear power reactors to prove they need financial assistance to remain in service following a bribery scandal related to passage of the state's 2019 nuclear bailout, analysts said on Friday.

FirstEnergy Corp lobbied state officials to provide more than $1 billion to fund the continued operation of its Davis-Besse and Perry reactors.

The Ohio reactors are now owned by Energy Harbor, which emerged from the bankruptcy of FirstEnergy's FirstEnergy Solutions unit in February. The reactors likely still need financial help to keep operating.

FirstEnergy was not alone in seeking state funding for its reactors. Nuclear plants in Illinois, New York, New Jersey and Connecticut also received subsidies in recent years.

In Ohio, however, the U.S. Federal Bureau of Investigation (FBI) arrested Larry Householder, Speaker of the Ohio House of Representatives, in July, alleging bribery related to the passage of the state's nuclear subsidy law, known as House Bill 6 (HB6).

In an effort to undue damage done by the scandal, Ohio politicians have proposed new legislation that could remove or reduce the nuclear subsidies in HB6.

"Ultimately, the subsidies may be reduced following the audit but we are skeptical they'll go to zero when all is said and done," said Josh Price, senior analyst at Height Capital Markets.

FirstEnergy shares fell over 3% on Friday to their lowest since September. The company said Thursday its decision to fire CEO Chuck Jones in October was related to a payment of approximately $4 million to an entity associated with a person who subsequently became a utility regulator.

Earlier this week, the FBI raided a home owned by Sam Randazzo, chairman of the Public Utilities Commission of Ohio (PUCO). Randazzo resigned on Friday, according to the state governor's office.

Officials at the PUCO had no comment. Energy Harbor was not immediately available for comment.

In regards to violations of company policy, FirstEnergy said its "Board will continue to take decisive action to address this matter." Separately, the company said it believes it is in the "best interest" of Ohio and the nation to maintain clean and reliable nuclear power.

(Reporting by Scott DiSavino Editing by Marguerita Choy)


© Reuters 2020
All news about FIRSTENERGY CORP.
11/25FIRSTENERGY CORP. : - Ohio Edison Wraps Up Grid Modernization Work to Enhance Se..
AQ
11/25FIRSTENERGY CORP. : - The Illuminating Company Wraps Up Projects to Strengthen E..
AQ
11/25FIRSTENERGY : The Illuminating Company Wraps Up Projects to Strengthen Electric ..
AQ
11/25FIRSTENERGY : Ohio Edison Wraps Up Grid Modernization Work to Enhance Service Re..
AQ
11/24FIRSTENERGY : The Illuminating Company Wraps Up Projects to Strengthen Electric ..
PR
11/24FIRSTENERGY : Ohio Edison Wraps Up Grid Modernization Work to Enhance Service Re..
PR
11/24FIRSTENERGY CORP : Creation of a Direct Financial Obligation or an Obligation un..
AQ
11/24FIRSTENERGY : Prepares Customers for Winter Cold with Energy Efficiency Tips
AQ
11/23FIRSTENERGY : Prepares Customers for Winter Cold with Energy Efficiency Tips
PR
11/20Ohio likely to require nuclear reactor audit before renewing bailout -analyst..
RE
More news
Financials (USD)
Sales 2020 11 241 M - -
Net income 2020 1 113 M - -
Net Debt 2020 22 445 M - -
P/E ratio 2020 12,3x
Yield 2020 5,86%
Capitalization 14 411 M 14 411 M -
EV / Sales 2020 3,28x
EV / Sales 2021 3,23x
Nbr of Employees 12 000
Free-Float 99,7%
Chart FIRSTENERGY CORP.
Duration : Period :
FirstEnergy Corp. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends FIRSTENERGY CORP.
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 37,39 $
Last Close Price 26,56 $
Spread / Highest target 69,4%
Spread / Average Target 40,8%
Spread / Lowest Target 7,30%
EPS Revisions
Managers
NameTitle
Steven E. Strah President & Chief Executive Officer
Donald T. Misheff Non-Executive Chairman
K. Jon Taylor Chief Financial Officer & Senior Vice President
Bennett L. Gaines Chief Information Officer & SVP-Corporate Services
Michael J. Anderson Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
FIRSTENERGY CORP.-45.35%14 411
NEXTERA ENERGY25.49%148 831
ENEL S.P.A.19.77%102 493
IBERDROLA, S.A.23.04%82 394
ORSTED A/S59.58%73 891
DUKE ENERGY CORPORATION5.42%70 762