FirstEnergy SEC Filing Suggests Improper Transactions

Feb 18, 2021

FirstEnergy has filed a report with the Securities and Exchange Commission saying it has identified certain transactions that date back as far as ten years ago. The large electric company says these transactions include amounts collected from customers.

FirstEnergy's latest report with the SEC says an internal investigation has identified certain transactions that were either "improperly classified, misallocated to certain of the [sic] Utilities and Transmission Companies, or lacked proper supporting documentation."

The report does not provide any more specifics but says the transaction resulted in "amounts collected from customers that were immaterial to FirstEnergy." 

The SEC filing also revisits a $4 million payment to end a consulting agreement with a company associated with an individual who went on to become a state regulatory official. Public Utilities of Ohio Chair Sam Randazzo resigned after speculation that he was the official in question. 

FirstEnergy's report now says payments under the consulting agreement may have been for purposes "other than those reported." 

A federal bribery investigation says a utility, believed to be FirstEnergy, funneled millions of dollars to a dark money group that was controlled by former House Speaker Larry Householder (R-Glenford). Investigators say that money was used to help Householder become speaker, and in return, he would pass HB6, a nuclear power plant bailout bill.

Copyright 2021 The Statehouse News Bureau. To see more, visit The Statehouse News Bureau.