A little more than eight months after the billion-dollar government bailout of the state’s nuclear energy industry led the arrest of former Ohio House Speaker Larry Householder, Gov. Mike DeWine officially put it to rest.
DeWine signed House Bill 128 into law late Wednesday. It repeals the nuclear provisions of the infamous House Bill 6.
Gone is the bailout for the Perry and Davis-Besse nuclear power plants in northern Ohio. Also eliminated was the ability for FirstEnergy to have its revenue levels relatively the same even during years when energy consumption decreases. HB 128 directed refunds of money already collected under the guarantee.
FirstEnergy has agreed to give up what could have been a $120 million windfall in 2021, and Ohio put on hold its ongoing lawsuit relating the state’s nuclear bailout law.
Ohio Attorney General Dave Yost announced Monday what he called a “big win” for state consumers when the energy company said it would forego a provision in the law that guaranteed FirstEnergy the ability to recapture yearly profits based on its profit numbers from 2018.
Americans have come together in the fight against the invisible enemy, but this situation has been made worse by some politicians who seek to take advantage of this pandemic and our recovery while so many are suffering. President Trump has been working around the clock to slow the spread of the Wuhan virus and get the economy going again, but Nancy Pelosi and Chuck Schumer have used this crisis to push their radical socialist agenda and grow the size of government. Twice now, Nancy Pelosi held American families, workers, and businesses hostage for days by delaying relief funding in the name of securing tens of millions of dollars for the Kennedy Center, pushing her Green New Deal, changing voting laws, and growing government to advance her radical socialist agenda.
Even more recently, there have been calls to give handouts to failing state and local governments, not because of the coronavirus, but because these states have been mismanaged and run irresponsibly. The American taxpayer should not bail out state and local governments for the reckless fiscal decisions made before the coronavirus.
After the Ohio state legislature approved about $1 billion worth of subsidies for FirstEnergy Solutions, the energy company might end its union contract for workers at one of the plants that needed the bailout to continue running.
Ohio legislators revealed Monday their latest plan to save Ohio’s only two nuclear power plants from bankruptcy. As previously reported, FirstEnergy Solutions, a subsidiary of FirstEnergy that manages several power stations across the Midwest, announced that it was closing all three of the nuclear plants it owns and operates throughout the region. Two…