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Ohio Legislature advancing on repeal of tainted energy law

Added 03-04-21 01:22:02pm EST - “The Ohio Legislature appears to be making progress on eliminating most of the provisions included in a corruption-tainted energy bill now the subject of federal investigations.” - Washingtontimes.com

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Posted By TheNewsCommenter: From Washingtontimes.com: “Ohio Legislature advancing on repeal of tainted energy law”. Below is an excerpt from the article.

CLEVELAND (AP) - The Ohio Legislature appears to be making progress on eliminating most of the provisions included in a corruption-tainted energy bill now the subject of federal investigations.

The Ohio Senate on Wednesday voted unanimously to approve a bill that removes the most scrutinized provision: a $1 billion bailout for two Ohio nuclear plants that were operated by a subsidiary of Akron-based FirstEnergy Corp. when the energy bill was approved in July 2019.

A new company called Energy Harbor took ownership of the two plants along the Lake Erie shoreline in February 2020 in a U.S. Bankruptcy Court deal with the subsidiary, FirstEnergy Solutions. Energy Harbor has indicated to lawmakers it no longer wants the subsidy that would have been funded by electric customers from across the state.

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“In retrospect, there needs to be valuable lessons learned from this,” said bill cosponsor Rob McColley, a Republican from Napoleon. “This is something that in my view will undo something that did an awful lot of damage not just to our institution, but to the state of Ohio.”

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