FirstEnergy plans exit from nuclear power business

By MarketsFOXBusiness

(REUTERS/Jonathan Ernst )

FirstEnergy, current owner of the Three Mile Island reactor in Pennsylvania that suffered a partial meltdown 39 years ago this week, says it's getting out the nuclear power business in three years.

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The company’s two power plant divisions plan to close two plants in Ohio and one in Pennsylvania, FOX 8 Cleveland reported. About 2,300 employees will be affected, the report said.

The plants include the Davis-Besse nuclear power plant near Toledo, closing in 2020, and the Perry plant in Lake County, Ohio, and the two-reactor Beaver Valley plant near Pittsburgh, both closing in 2021.

The Nuclear Regulatory Commission was told of the company’s decision Wednesday, the 39th anniversary of the accident involving the Unit-2 reactor at Three Mile Island in Londonderry, Pa.

FirstEnergy Solutions owes more than $2.8 billion to creditors and another $1.7 billion to parent FirstEnergy Corp.

With a $100 million debt payment due in the first week of April, speculation has circulated that the company may seek restructuring before then, Cleveland.com reported.

The Unit-1 reactor in Londonderry is currently owned by Exelon and continues to generate electricity. The company announced in 2017 that it will shut that reactor in September 2019.