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FirstEnergy
FirstEnergy Corp. is an electric utility headquartered in Akron, Ohio. It was established when Ohio Edison merged with Centerior Energy in 1997. Its subsidiaries and affiliates are involved in distributing, transmitting, and generating electricity, energy management, and other energy-related services. Its ten electric utility operating companies comprise one of the United States' largest investor-owned utilities, based on serving 6 million customers within a 65,000-square-mile (170,000 km2) area of Ohio, Pennsylvania, West Virginia, Virginia, Maryland, New Jersey, and New York. In 2018, FirstEnergy ranked 219 on the Fortune 500 list of the largest public corporations in the United States by revenue.
FirstEnergy has 3106.4 MW of energy generation capacity, with coal making up 99.2% of that capacity and solar power accounting for the remaining amount.
On July 21, 2020, Speaker of the Ohio House of Representatives, Larry Householder, former Ohio Republican Party Chairman Matt Borges, and three others were accused of accepting $60 million in bribes from FirstEnergy in exchange for $1.3 billion worth of benefits in the form of Ohio House Bill 6, as part of what became known as the Ohio nuclear bribery scandal. The stock price of the company plummeted within hours of the arrests being made. On July 22, 2021, the U.S. Attorney for the Southern District of Ohio announced that FirstEnergy would be fined $230 million for their part in the scandal. This was the largest criminal fine ever collected by the Southern District.
Ohio Edison Company (formerly OEC on the NYSE) was a publicly traded holding company that began in 1930 with the consolidation of 200 electric companies. By 1950, it ended up with two utility operating companies, Pennsylvania Power and Ohio Edison. It continued in existence until 1997 when its merger with Centerior formed FirstEnergy.
Centerior Energy Corporation (formerly CX on the NYSE) was formed in 1986 from the affiliation of two public utilities. Centerior was based in Independence, Ohio and existed as a publicly traded holding company for ten years until its merger with Ohio Edison formed FirstEnergy in 1997:
General Public Utilities (formerly GPU on the NYSE) was a publicly traded utility holding company in Parsippany, New Jersey. In 1996, the company was reorganized and renamed GPU, Inc. Also in 1996, it formed a new division, GPU Energy, which became the holding company for GPU's three utility operating companies:
In 2001, FirstEnergy, with its four utility operating companies, merged with GPU, Inc., folding GPU's three additional operating companies into FirstEnergy.
Through the 2001 acquisition of GPU, FirstEnergy also acquired MYR Group (formerly MYR on the NYSE), a subsidiary that GPU had created as a publicly traded company in the 1996 reorganization. MYR Group's services included installing and maintaining utility power lines and cellular telephone communications towers.
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FirstEnergy
FirstEnergy Corp. is an electric utility headquartered in Akron, Ohio. It was established when Ohio Edison merged with Centerior Energy in 1997. Its subsidiaries and affiliates are involved in distributing, transmitting, and generating electricity, energy management, and other energy-related services. Its ten electric utility operating companies comprise one of the United States' largest investor-owned utilities, based on serving 6 million customers within a 65,000-square-mile (170,000 km2) area of Ohio, Pennsylvania, West Virginia, Virginia, Maryland, New Jersey, and New York. In 2018, FirstEnergy ranked 219 on the Fortune 500 list of the largest public corporations in the United States by revenue.
FirstEnergy has 3106.4 MW of energy generation capacity, with coal making up 99.2% of that capacity and solar power accounting for the remaining amount.
On July 21, 2020, Speaker of the Ohio House of Representatives, Larry Householder, former Ohio Republican Party Chairman Matt Borges, and three others were accused of accepting $60 million in bribes from FirstEnergy in exchange for $1.3 billion worth of benefits in the form of Ohio House Bill 6, as part of what became known as the Ohio nuclear bribery scandal. The stock price of the company plummeted within hours of the arrests being made. On July 22, 2021, the U.S. Attorney for the Southern District of Ohio announced that FirstEnergy would be fined $230 million for their part in the scandal. This was the largest criminal fine ever collected by the Southern District.
Ohio Edison Company (formerly OEC on the NYSE) was a publicly traded holding company that began in 1930 with the consolidation of 200 electric companies. By 1950, it ended up with two utility operating companies, Pennsylvania Power and Ohio Edison. It continued in existence until 1997 when its merger with Centerior formed FirstEnergy.
Centerior Energy Corporation (formerly CX on the NYSE) was formed in 1986 from the affiliation of two public utilities. Centerior was based in Independence, Ohio and existed as a publicly traded holding company for ten years until its merger with Ohio Edison formed FirstEnergy in 1997:
General Public Utilities (formerly GPU on the NYSE) was a publicly traded utility holding company in Parsippany, New Jersey. In 1996, the company was reorganized and renamed GPU, Inc. Also in 1996, it formed a new division, GPU Energy, which became the holding company for GPU's three utility operating companies:
In 2001, FirstEnergy, with its four utility operating companies, merged with GPU, Inc., folding GPU's three additional operating companies into FirstEnergy.
Through the 2001 acquisition of GPU, FirstEnergy also acquired MYR Group (formerly MYR on the NYSE), a subsidiary that GPU had created as a publicly traded company in the 1996 reorganization. MYR Group's services included installing and maintaining utility power lines and cellular telephone communications towers.