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4-Traders Homepage  >  Equities  >  Nyse  >  FirstEnergy Corporation    FE

FIRSTENERGY CORPORATION (FE)
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FirstEnergy : to deactivate power plant in West Virginia

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02/16/2018 | 07:17pm CET

Feb. 16--FirstEnergy Corp. is deactivating the Pleasants Power Station in Willow Island, W.Va., which will impact nearly 200 employees, the company announced Friday.

The company, which also owns the Bruce Mansfield Power Plant and the Beaver Valley Nuclear Power Station in Shippingport, has stated its desire to shed itself of power-generating assets.

FirstEnergy said the 1,300-megawatt Pleasants Power Station will be sold or closed by Jan. 1. The plant deactivation is subject to review by regional grid operator PJM Interconnection.

"Closing Pleasants is a very difficult choice because of the talented employees dedicated to reliable operation of the station and the communities who have supported the facility for many years. But the recent federal and West Virginia decisions leave FirstEnergy no reasonable option but to expeditiously move forward with deactivation of the plant," Charles E. Jones, FirstEnergy president and chief executive officer, said in a news release. "We will continue to pursue opportunities to sell the plant while planning for deactivation."

The company said the deactivation will impact 190 employees, who "may be eligible to receive severance benefits" if the plant is closed.

Located along the Ohio River, the Pleasants opened in 1979. Its two generating units have produced enough electricity to power 1.3 million homes.

Since 2016, FirstEnergy has announced the sale or closure of plants in Pennsylvania, Ohio and Virginia, which were generating a combined 2,471 megawatts of power.

The company said Friday it is continuing its strategic review of its remaining power generation assets, including Beaver Valley and Bruce Mansfield.

___

(c)2018 the Beaver County Times (Beaver, Pa.)

Visit the Beaver County Times (Beaver, Pa.) at www.timesonline.com

Distributed by Tribune Content Agency, LLC.

© Tribune Content Agency, source Regional News

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Financials ($)
Sales 2017 14 565 M
EBIT 2017 3 072 M
Net income 2017 1 210 M
Debt 2017 22 077 M
Yield 2017 4,39%
P/E ratio 2017 13,17
P/E ratio 2018 14,23
EV / Sales 2017 2,52x
EV / Sales 2018 2,70x
Capitalization 14 587 M
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FirstEnergy Corporation Technical Analysis Chart | FE | US3379321074 | 4-Traders
Technical analysis trends FIRSTENERGY CORPORATION
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Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 36,1 $
Spread / Average Target 10%
EPS Revisions
Managers
NameTitle
Charles E. Jones President, Chief Executive Officer & Director
George M. Smart Non-Executive Chairman
James F. Pearson Chief Financial Officer & Executive Vice President
Paul T. Addison Independent Director
William T. Cottle Independent Director
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