On Monday, a federal judge approved a plan ordering FirstEnergy to shut down its Little Blue Run Poison Pond, pay $800,000 in fines, set up air and water monitoring systems, replace water supplies that the company has polluted and submit its plan to close the site by March 31. In addition, FirstEnergy is subject to additional fines ranging from $5,000 to $25,000 for failure to meet its agreement with the Pennsylvania Department of Environmental Protection.
Yesterday, the West Virginia Public Service Commission denied FirstEnergy's plan to absorb a rate decrease due to its West Virginia customers and apply it to the company's desperate plan to sell one of its unwanted coal plants to West Virginia ratepayers. Bill has the details over on The Power Line.
So, let's add all this up:
1. Little Blue Run liability and expense of new coal ash disposal site.
2. WV rate decrease.
3. Plan to sell coal plant to WV regulated subsidiary falling apart.
4. $109M judgment in in Pennsylvania negligence case.
5. Ohio electricity market manipulation probe.
6. $6.6M risk in PATH rate challenge case at FERC.
7. $121M risk in PATH abandonment case at FERC.
8. FE subsidiary rate case in New Jersey where folks are screaming about poor performance during Hurricane Sandy.
9. FE must raise $500M in cash to pay off looming debt.
10. Investors are getting nervous.
Oh, FirstEnergy, it just sucks to be you, huh? Quit your sniveling, you brought it all upon yourself.
Ha ha ha!