A rundown of facts and financial data that raise questions about whether Energy Harbor needs Ohio money to fund its power plants.
Despite calls from all corners, Ohio legislators still have not repealed House Bill 6 (HB 6) – the $1.3 billion ratepayer-funded power plant bailout at the heart of a federal investigation and criminal complaint involving $60 million in bribes implicating top state officials and lobbyists.
Unless HB 6 is repealed, every Ohio power customer will pay an extra fee on their monthly bill beginning January 1, 2021 – even though the competitive power market serving the state is delivering historically low power generation prices from competitive electric sources.
The calls to repeal Ohio’s corrupt power plant bailouts are loud and clear. Here’s what other leading voices are saying about Ohio’s biggest bribery scheme in history and why legislators must repeal H.B. 6.
Energy Harbor, a former subsidiary of Ohio utility FirstEnergy Corporation set to receive the payout, continues to ask customers to support its power plants. But it plans to give $800 million in stock buybacks to its shareholders. An economic analysis conducted in May 2019 also found the plants could earn enough money to cover costs – and would not need to retire without additional support.
Why does a company handing out $800 million in stock buybacks to its shareholders need a $1.3 billion bailout?
The Bottom Line: State legislators must repeal HB 6 and get a better deal for Ohio electricity customers – by encouraging fair competition to deliver least cost reliable power.
Contact your legislator here before HB 6 monthly electricity bill hikes go into effect on January 1, 2021.
Download the full factsheet here.
EPSA member companies provide over 8,200 MW of power generation to Ohio. The companies rely on competitive power markets for revenue – not bailouts or customer bill increases to pay for operations or struggling plants. Today, wholesale power prices for Ohio customers are at historically low levels, with low-cost, low-emitting natural gas and increasingly competitive renewable resources able to serve the state’s electricity needs.
Snitchler: Second Utility Scandal in a Week Shows Need to Reduce Political Influence | EPSA | July 21, 2020
“It is time for the state to repeal H. B. 6 and do right by the citizens of Ohio. If HB 6 is allowed to remain in effect, it will legitimize what is alleged to be a corrupt legislative process. Ohio citizens deserve better.”
Key Voices Call on Ohio to Repeal HB 6 Power Plant Bailouts: Here’s What They’re Saying | EPSA | October 26, 2020
Repeal House Bill 6 | The Coalition to Restore Public Trust
Op-Ed: Fix the sausage factory – repeal corrupt H.B. 6 bailouts | Todd Snitchler for The Center Square Ohio | September 29, 2020
The Market and Financial Position of Nuclear Resources in Ohio | E-Cubed Policy Associates | May 13, 2019