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FirstEnergy Corporation latest news:
FirstEnergy to deactivate coal-fired plant in West Virginia, affecting 190 employees
FirstEnergy Corp. said Friday it plans to deactivate the coal-fired Pleasants Power Station in Willow Island, West Virgina, affecting about 190 employees. The stock was up 0.6% in morning trade. The company said the decision was made after the Federal Energy Regulatory Commission rejected last month FirstEnergy subsidiary Mon Power's plan to buy Pleasants. The company said the Public Service Commission of West Virginia had approved the sale, subject to a number of "significant conditions," which combined with the FERC rejection made the proposed deal "unworkable." FirstEnergy said the plant deactivation is subject to regulatory review for reliability impacts. "We will continue to pursue opportunities to sell the plant while planning for deactivation," said Chief Executive Charles Jones. The stock has gained 7.7% over the past 12 months, while the S&P 500 has climbed 17%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
BRIEF-Firstenergy To Deactivate Pleasants Power Station In West Virginia
Firstenergy Corp(FE): * FIRSTENERGY TO DEACTIVATE PLEASANTS POWER STATION IN WEST VIRGINIA. * SAYS â1,300-MEGAWATT PLANT IN WEST VIRGINIAâ WILL BE SOLD OR CLOSED ON JANUARY 1, 2019.
Stocks end at all-time highs as Senate moves to end government shutdown
U.S. stock-market indexes closed at records on Monday after the Senate approved a procedural bill that would allow the government to end a multiday shutdown. The S&P 500 rose 22.67 points, or 0.8%, to 2,832.97. The tech-heavy Nasdaq Composite index advanced 71.65 points, or 1%, to 7,408.03, largely fueled by gains in biotech shares. The Dow Jones Industrial Average rose by 142.95 points, or 0.6%, to 26,214.67. All three indexes closed at record levels after setting intraday all-time highs. Among the best performers on Wall Street, shares of FirstEnergy Corp shot up 10% after the Ohio-based utility company raised $2.5 billion in a private stock offering from a group led by activist investor Elliott Management Corp. and private-equity firm Bluescape.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
FirstEnergy shares surge 9% on news of $2.5 billion equity investment
FirstEnergy Corp. shares surged 8% Monday, after the company said it is getting a $2.5 billion equity investment from a group led by Elliott Management Corp. The investment includes $1.62 billion of mandatory convertible preferred equity and $850 million of common equity. The preferred equity has an initial conversion price of $27.42 per shares and will receive dividends payable on FirstEnergy common stock on an as-converted basis and be mostly non-voting. The common equity was priced at $28.22 a share. The proceeds of the deal will be used to reduce debt, for the pension fund and general corporate purposes. FirstEnergy had said it would issue at least $1.5 billion of common equity through 2019, but no longer needs to do so. The company will form a restructuring working group to work to transform the company into a fully regulated utility. Shares have gained 6.5% in the last 12 months, while the S&P 500 has gained 24%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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