company newsCompany says Ohio PA nuclear plants in danger of closing

The two Ohio plants, which sit along Lake Erie, produce percent of the states electricity.

Nuclear plant operators along the East Coast and in the Midwest impacted by the natural gas boom have been pressing lawmakers to help with financial rescues.

Those units cannot generate enough cash to cover costs, he said, adding that the companys coalfired plants are also in jeopardy of being sold or closed.

But Akronbased FirstEnergy hasnt been able to sway lawmakers in Ohio and Pennsylvania. It also was dealt a blow when the Federal Energy Regulatory Commission in January rejected a Trump administration plan to bolster coalfired and nuclear power plants.

The company has been warning that it could decide this year whether to sell or close the three aging nuclear plants because they cant compete with new natural gas plants.

Theyre also vital to the rural towns where theyre located and generate millions in tax money for schools and local governments.

Quotes delayed at least minutes. Realtime quotes provided byBATS BZX RealTime Price. Market Data provided by Interactive Data Terms Conditions. Powered and Implemented byInteractive Data Managed Solutions. Company fundamental data provided byMorningstar. Earnings estimates data provided by Zacks. Mutual fund and ETF data provided byLipper. Economic data provided by Econoday. Dow Jones Company Terms Conditions.

A key date is coming up in April when FirstEnergy Solutions, which owns the nuclear plants, has a million debt payment due.

FirstEnergy Corp.s nuclear plant near Toledo is likely headed for closure and the outlook is just as bleak for its two other plants near Cleveland and Beaver Valley, Pennsylvania, a company executive said Thursday.

No date has been set for the potential closures, and selling the plants will be almost impossible because of the costs to operate them in deregulated electricity markets, James Pearson, FirstEnergys chief financial officer, told The Blade .

No matter what happens, its unlikely that FirstEnergy will have a role in operating the DavisBesse plant near Toledo, the Perry plant near Cleveland and the Beaver Valley nuclear plant west of Pittsburgh, Pearson said.company newsCompany says Ohio PA nuclear plants in danger of closing