A Message to Employees from Chuck Jones
March 31, 2018
Dear Fellow Employee:
On March 31, 2018, our competitive subsidiary FirstEnergy Solutions (FES), all of FES’ subsidiaries and FirstEnergy Nuclear Operating Company announced they have voluntarily filed petitions under Chapter 11 of the Federal Bankruptcy Code with the U.S. Bankruptcy Court in the Northern District of Ohio.
It’s important to note that FirstEnergy and its other subsidiaries – including our utility operating companies and Allegheny Energy Supply, which owns the Pleasants Power Station – are not part of this filing and will not be subject to the Chapter 11 process. We will continue operating our company as we have in the past: with a strong focus on safety and an unwavering commitment to the six million customers we are privileged to serve. Our company and utilities have long been trusted providers of electric service, and customers can continue to rely on us to meet their electricity needs.
This is a milestone in our transition to a high-performing, fully regulated company. As a result, FirstEnergy will be better able to deliver stable, long-term value to shareholders and better positioned to benefit customers and employees. And, it supports our regulated growth strategy and our infrastructure improvement plans. As a fully regulated business, FirstEnergy should have an improved balance sheet, solid cash flows and more predictable earnings.
Below are links to FirstEnergy’s news release regarding the filing and answers to some of the questions you may have. We will keep you informed as news develops.
Thank you for all you have done and will continue to do for the company, our shareholders and our customers. While change is never easy, I believe we are on the right path for our company and our future.
President and CEO