FirstEnergy’s asset impairments lead to $6.2 billion loss

• 7 years ago (2017-02-22)
• David Flin

Transmission 192

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FirstEnergy, based in Ohio, USA, has announced that its decision to sell or close power plants that operate in competitive markets has forced it to impair a significant portion of its portfolio, and led to a $6.2 billion loss in 2016.

FirstEnergy said that it is refocusing on its utility and transmission assets, which have steady returns assured by regulators. Chuck Jones, CEO of FirstEnergy, said that the company will be rid of its competitive generation assets by mid-2018. He said: “It is not a business that we want to be in.”

The company has already sold four natural gas power plants in Pennsylvania.