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What is FirstEnergy Solutions Hiding?

It’s more than a little suspicious when your auditor asks to resign and terminate its accounting contract. But that’s what BDO did to FirstEnergy Solutions, claiming that it has a “difference of position (with FirstEnergy Solutions) regarding the application of an accounting principle to a material transaction.” That’s a not-too-subtle way of saying the auditor found FES trying to do something fishy. 

The BDO filing on October 2 went to the bankruptcy judge who, you would think, should now question what FES has been telling him about the state of its finances. He might want to take another look at how FES wants to shed millions of dollars of debt and responsibility. 

“Knock It Off”

When Ohioans think of “blockers,” we tend to picture the Ohio State offensive line.  Now FirstEnergy Solutions gives new meaning to the term. 

Wanting to protect its billion-dollar bailout, a dark-money group has hired scores of individuals to obstruct the signature-gathering efforts of a diverse coalition trying to allow Ohioans to vote on that very bailout. 

Noting that some “blockers” have been accused of assault, the state’s Republican Attorney General David Yost, issued a stern warning to individuals or groups disrupting the state’s referendum process: “Knock it off!”
 

Ask the Grid Operator

If you watch television in Ohio, you’ll be bombarded with ads claiming China has “infiltrated our energy grid.” It’s one more part of the multi-million-dollar campaign to stop Ohioans from getting the chance to vote on FirstEnergy Solutions’ billion-dollar bailout in November 2020. 

There’s only one problem with the claim – the people actually running the grid find it bogus. PJM is the nation’s largest power grid, coordinating power flows among a 13 state region, including Ohio. And it is adamant about the grid’s independence, claiming we “are extremely vigilant about the safety and security of the grid.”

With such declarations from the attorney general and PJM, you might conclude that FES will say and do almost anything to protect its subsidy.
 

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