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Ohio attorney general sues to block $1.3B bailout of former FirstEnergy nuclear plants
Utility Dive: The state attorney general's suit and request for a restraining order comes as Ohio lawmakers hold hearings on competing bills to replace HB 6 with a new bailout bill, or simply repeal it. Some lawmakers are rankled that the board of directors of Energy Harbor earlier this year authorized the company to repurchase up to $800 million of its shares. The stock, currently stable at about $23, is closely held and traded on a limited basis.
The suit is not seeking to eliminate the new charges on the electric bills of customers starting Jan. 1. Only the legislature could do that. Rather, it seeks to block the disbursement of the funds to Energy Harbor while the court considers the suit's broader demands.
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