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FirstEnergy Agrees Not To Seek Subsidy In Agreement With AG
By: Associated Press
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CLEVELAND (AP) — Ohio Attorney General Dave Yost has announced Ohio’s largest electric utility has agreed in a settlement to forgo collection of a guaranteed profit subsidy provision in a now-tainted energy bill.
Yost says the subsidy would have allowed Akron-based FirstEnergy to collect $102 million from customers in 2021.
Yost’s office sued FirstEnergy in January to stop collection of the subsidy that would maintain profit levels based on earnings from 2018, a year of weather extremes in Ohio.
A Franklin County judge granted a temporary injunction last year to stop collection of a subsidy for two Ohio nuclear plants.