Well, well, well, the truth comes out at last!
It seems that "...the company continues to contemplate asset sales to meet its equity needs, which are likely around $500 million, to maintain its corporate credit rating.”
According to a UBS Securities spokesman, and demonstrated by tanking stock prices, FirstEnergy is in trouble with cash flow to pay off looming debt. The company needs to raise some quick cash to pay off "$1.4 billion in debt at its retail power marketing business and about $400 million held by a transmission unit."
In order to do so, FE "has asked West Virginia regulators to allow it to shift ownership of a merchant coal plant to a regulated utility, adding about $1.1 billion to the rate base that determines the utility’s earnings."
It's not about securing adequate generation for Mon Power customers, or any of the other excuses FirstEnergy made to the WV PSC, it's about raising quick cash to prop up a poorly-run company. And it's about lying to the West Virginia Public Service Commission and what the company thinks are ignorant, uninformed customers in West Virginia. Bad plan.
But wait, there's also more bad news for FirstEnergy, "...it may be snared in a probe that Ohio regulators announced yesterday of the state’s retail electric market."
All that lying and buying influence will catch up with a greedy and crooked company eventually and the truth will prevail. Always.
It seems that "...the company continues to contemplate asset sales to meet its equity needs, which are likely around $500 million, to maintain its corporate credit rating.”
According to a UBS Securities spokesman, and demonstrated by tanking stock prices, FirstEnergy is in trouble with cash flow to pay off looming debt. The company needs to raise some quick cash to pay off "$1.4 billion in debt at its retail power marketing business and about $400 million held by a transmission unit."
In order to do so, FE "has asked West Virginia regulators to allow it to shift ownership of a merchant coal plant to a regulated utility, adding about $1.1 billion to the rate base that determines the utility’s earnings."
It's not about securing adequate generation for Mon Power customers, or any of the other excuses FirstEnergy made to the WV PSC, it's about raising quick cash to prop up a poorly-run company. And it's about lying to the West Virginia Public Service Commission and what the company thinks are ignorant, uninformed customers in West Virginia. Bad plan.
But wait, there's also more bad news for FirstEnergy, "...it may be snared in a probe that Ohio regulators announced yesterday of the state’s retail electric market."
All that lying and buying influence will catch up with a greedy and crooked company eventually and the truth will prevail. Always.
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