Common Dreams reports
FirstEnergy Solutions (FES)--together with its subsidiaries FirstEnergy Generation and FirstEnergy Nuclear Operating Company--announced its bankruptcy [April 1] after years of short-sighted business decisions and executive mismanagement that resisted investing in clean, renewable energy, and its workers. The company now has a serious obligation to protect its workers and their benefits from the bankruptcy process, as well as meet its environmental responsibilities--particularly if its coal and nuclear power plants are retired or sold.
FES has power plants in Ohio, Pennsylvania, and Indiana.
In response, Mary Anne Hitt, Director of Sierra Club's Beyond Coal campaign, released the following statement:
"FirstEnergy Solutions' bankruptcy is a cautionary tale for utilities, investors, and public officials who think the coal and nuclear industries will somehow rebound in the coming years. They will not. America's 21st century energy market demands cheap, flexible energy resources that can rapidly shift with electricity demands and don't pollute local air and water. Coal and nuclear plants are too expensive and too dirty to compete in the modern market.
"FirstEnergy Solutions is in bankruptcy because it continually ignored America's shift to clean energy by investing in uneconomic coal and nuclear plants which have been losing money for years. Now it's time for the company to accept its mistakes and concentrate on protecting its workers and their benefits during the bankruptcy process, while also meeting its environmental obligations--particularly if its plants are decommissioned or sold. FES must do everything it can to help those being harmed by its negligent business practices and focus on transitioning them to new economic opportunities."
(Score: 1) by khallow on Thursday April 05 2018, @02:39AM (2 children)
They don't similarly keep governments in check. Government accounting is a notorious example. Private businesses have to report long term liabilities. Governments don't.
How much are you betting? More would be better.
(Score: 0) by Anonymous Coward on Thursday April 05 2018, @03:09AM (1 child)
“They don't similarly keep governments in check. Government accounting is a notorious example. Private businesses have to report long term liabilities. Governments don't.”
You want to avoid short-term.
Private business reports quarterly.
Government agents report every 2-6 yrs.
You lost.
(Score: 1) by khallow on Thursday April 05 2018, @03:27AM
Completely irrelevant.
So in other words, you claim that not only do governments fail to report accurate accounting figures, they report far less often? You're really selling this one.