FirstEnergy Solutions emerges from bankruptcy, becomes Energy Harbor

The Davis-Besse nuclear power plant near Toledo in a 2012 file photo

FirstEnergy Solutions has emerged from bankruptcy proceedings and has officially changed its name to Energy Harbor. Among the power plants owned and operated by the Akron-based company is Davis-Besse nuclear power plant outside Toledo, shown above. (Peggy Turbett/The Plain Dealer, File, 2012)

COLUMBUS, Ohio—FirstEnergy Solutions, the Akron-based coal and nuclear power generating company, announced Thursday it has successfully emerged from Chapter 11 bankruptcy proceedings and become Energy Harbor Corp.

The company, founded in 1997 as a subsidiary of FirstEnergy Corp., runs three nuclear power plants in Ohio and Pennsylvania, as well as coal plants in Ohio, Pennsylvania and West Virginia. The company has been in the news frequently this year, both because of its efforts to emerge from bankruptcy and because of the passage of House Bill 6, under which it will get more than $1 billion from Ohio ratepayers to bail out its Davis-Besse and Perry nuclear plants in Northern Ohio.

The new company is to be owned by its creditors, including major bondholders Avenue Capital Group and Nuveen Asset Management LLC, according to the Wall Street Journal. It employs about 2,600 people, according to an Energy Harbor release, and it will have its own board of directors and issue its own stock, according to company documents.

“With our industry-leading nuclear fleet focused on safe and resilient production of substantial carbon-free electricity, Energy Harbor is in an excellent industry position for a future focused on environmental, social and sustainability goals,” said John Kiani, Energy Harbor’s executive chairman, in a statement. “Combined with our rapidly growing retail business and dependable clean air credit support, the majority of Energy Harbor’s cash flow will be comprised of high quality, visible and predictable zero-carbon businesses.”

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