Business

Penelec Parent Company, FirstEnergy, Issues Statement on Bankruptcy Filing

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AKRON, Ohio, April 18, 2019 — FirstEnergy Corp. (NYSE: FE) President and CEO Charles E. Jones issued the following statement today regarding the FES bankruptcy:

Standing behind our corporate responsibilities is a core value of FirstEnergy, including through the FES bankruptcy. That is why our comprehensive settlement provided substantial support for FES to both emerge from bankruptcy as an ongoing entity and to meet any legacy and future obligations, including all environmental responsibilities that could occur when the plants are eventually retired. 

Following the judge’s recent decision involving FES’ bankruptcy, FES committed to engage with the Department of Justice and other concerned parties. In light of this commitment, we agreed to remove the broad third-party releases from the comprehensive settlement. While the non-consensual releases served to bring finality to FirstEnergy’s involvement with these legacy assets, this change does not, in our assessment and experience, increase liabilities or obligations to our company.

We are pleased that FES has submitted a revised Disclosure Statement and believe they will continue to work constructively with all parties to ensure both timely approval of their plan and bankruptcy exit. FirstEnergy will remain focused on delivering clean, safe, reliable and affordable electricity to our six million customers, with a commitment to environmental stewardship and corporate responsibility.

FirstEnergy is dedicated to safety, reliability and operational excellence.  Its 10 electric distribution companies form one of the nation’s largest investor-owned electric systems, serving customers in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland and New York. The company’s transmission subsidiaries operate 24,500 miles of transmission lines that connect the Midwest and Mid-Atlantic regions. Follow FirstEnergy on Twitter @FirstEnergyCorp or online at www.firstenergycorp.com.

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