Energy Policy

FirstEnergy CEO Defends Utility Amid Bribery Scandal Questions

GreenTech Media: FirstEnergy’s strong quarterly financial performance hasn’t saved it from a continued punishment on Wall Street or CEO Charles Jones from spending much of an hourlong Friday earnings call defending the Ohio utility against the implications of its involvement in a federal corruption and racketeering investigation tied to last year’s passage of House Bill 6.

FirstEnergy reported second-quarter revenue of $2.5 billion and earnings of $309 million, or 57 cents per share on a GAAP and operating earnings basis, at the upper end of its earnings guidance. It has received positive regulatory rulings for COVID-19 pandemic-related cost recovery and has access to about $3.5 billion in liquidity over the next year to manage further disruptions.

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