FirstEnergy Solutions Comments on Passage of Key Legislation in West Virginia

AKRON, Ohio, July 24, 2019 /PRNewswire/ -- FirstEnergy Solutions Corp. ("FES") today applauded both houses of the West Virginia legislature for passing key legislation that eliminates the disproportionate tax treatment of the Pleasants Power Station.

Members of the West Virginia House of Delegates on Tuesday voted to pass House Bill 207 which creates a level playing field with other unregulated merchant generators. HB 207 passed the House by an overwhelming margin of 77 to 5 and that same day, members of the West Virginia Senate passed the legislation by a vote of 28 to 0.

"FES appreciates the hard work and effort of the legislature in passing House Bill 207," said John W. Judge, CEO. "FES would especially like to thank Governor Jim Justice for taking the necessary action of including this bill in a special session.  Today's action will ensure that Pleasants Power Station can to continue to operate into the future." 

Pleasants County Commissioner Jay Powell added, "On behalf of Pleasants County and the entire Mid-Ohio Valley Region, we cannot thank Governor Justice and the West Virginia Legislature enough for their willingness to urgently fix the unique tax situation with the Pleasants Power Station."

FES, its subsidiaries and FENOC voluntarily filed for bankruptcy on March 31, 2018 in order to facilitate an orderly financial and operational restructuring. The case is proceeding in the U.S. Bankruptcy Court for the Northern District of Ohio, in Akron. The Pleasants Power Station will be transferred to FirstEnergy Solutions upon the emergence from Chapter 11.

SOURCE FirstEnergy Solutions