reregulation

First Energy downtown Akron
Tim Rudell / WKSU

Akron-based First Energy lost $6-point-2-billion last year as it began taking steps to get out of the competitive energy business and back into being a regulated utility.  

Big financial hits came from the “writing-down”—recognizing on the books the lost value—of its failing power generation elements. CEO Chuck Jones told an investor conference call that the nuclear plants may even have to be scrapped. “Absent something to raise the value of these units and make them attractive to a buyer, there’s only one way for us to exit this business.”