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FirstEnergy Solutions to Become Energy Harbor

November 25, 2019 GMT

AKRON, Ohio, Nov. 25, 2019 /PRNewswire/ -- FirstEnergy Solutions Corp. announced today that upon its successful emergence from restructuring it will change its corporate name to Energy Harbor. Energy Harbor will emerge as a private company headquartered in Akron, Ohio, and will employ nearly 2,800 people.

“The name Energy Harbor reflects a focus on providing our customers and local communities with safe and resilient energy in addition to industry leading service to manage their energy needs,” said Chief Executive Officer John Judge. “Energy Harbor is built on a low-carbon generating fleet that produces reliable baseload power critical for grid stability. In Ohio, it currently produces 90% of the state’s carbonfree generation. The company will be a financially secure, independent power producer and a fully integrated retail energy provider with a competitive suite of products for its growing customer base. We will emerge well positioned for long-term value creation and competitiveness in a low-carbon future.”

John Kiani, executive chairman of the company’s new board of directors added, “Energy Harbor is committed to providing innovative, value enhancing retail supply products for our nearly one million residential, commercial and industrial customers. The company is building on its extensive infrastructure, sales channel relationships and broader platform to create a best-in-class retail supply business balanced by our well positioned generation portfolio. We will grow our retail supply business by leveraging our generating fleet capable of producing fifty million megawatt hours of electricity annually, including substantial carbon-free power critical for the future. This uniquely positions us to offer 100% carbon-free energy products, supplied directly from our well run, highly reliable nuclear fleet to enable customers to meet their environmental, social and sustainability goals.”

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SOURCE FirstEnergy Solutions Corp.