Tuesday, June 4, 2019
Dear FES/FENOC Employees:
Over the past two weeks we have reached several important milestones in our path towards emergence from bankruptcy and building a strong company for the future.
On Wednesday, the Ohio House of Representative passed House Bill 6. The bill would create an Ohio Clean Energy Authority and provide for the awarding of credits to our Ohio nuclear plants for each megawatt hour of generation we produce. The additional support would position us to keep those plants open and continue generating carbon free energy well into the future. The process now moves on to the Ohio Senate for consideration. Our goal is to have the legislative process in Ohio completed by the end of June.
I want to thank the many employees who participated in our advocacy events, including hosting plant tours, traveling to Columbus, testifying before the House, and contacting their state legislators to show support for the bill. Employee participation has played a critical role in convincing key legislators in the Ohio House to pass this bill.
Last week, the U.S. Bankruptcy Court approved the Company’s Disclosure Statement for the Plan of Reorganization. This approval keeps us on track to successfully emerge from the Chapter 11 process before the end of the year.
The Court approval authorizes us to begin soliciting votes for the Plan of Reorganization. We will soon begin mailing copies of the Plan, related materials and voting ballots to all eligible creditors. Once the voting process is concluded, the Court will next consider confirmation of the Plan at hearings currently scheduled on August 20 and 21, 2019.
Preparation for our separation from FirstEnergy continues. We are working through an RFP process to contract with benefit providers with the goal of providing benefits that are both competitive and cost effective. At the same time, we have already begun posting the positions necessary to staff our shared services functions. Postings will continue in several waves throughout the next few months as we work towards building the shared services groups necessary to operate as a separate company.
Each of these milestones moves us closer to emergence as a new company. Over the next several months, all parts of the Company will have activities that will propel us closer to the finish. While we work to complete all the necessary conditions and requirements, we must continue to remain focused on our customers and safety. Please continue to look out for the safety of yourself and your fellow workers. I know I can count on every single employee to do just that.