SUNNY
56°
more weather




Tuesday,
October 22, 2002

 



Tips on searching


Browse Last 30 Days
The Blade Archives
AP Archives


Latest News
Sports
Business
Arts & Entertainment
Davis-Besse In-depth
Opinion
Religion
Health & Science
Columnists
Obituaries
Special Reports
Weather
AP Wire
Photos of the Day
Ohio Lottery
Michigan Lottery


General
Homes
Autos
Jobs
Boats/Recreation
Celebrations
Legal Notices
Directory of Worship
Personals

Events Calendar
Educational Services
Directories
Forums
E-thepeople
TV Listings
Movie Showtimes
Horoscopes


toledo
HBA Parade of Homes
Contests
KidZone
Mud Hens Web Cam


Set As Homepage
Subscriber Services
Email Newsletter
The Blade e-edition
Advertise
About Us
Contact Us
Help & FAQs

Local Companies | Article published October 22, 2002
FirstEnergy pledges to pay down debts

Getting the Davis-Besse nuclear power station back up and running remains FirstEnergy Corp.’s primary focus although the company is working on paying down its debt, officials of the Akron-based utility told a group of industry executives and Wall Street analysts yesterday.

The company will pay off nearly $550 million in debt this year, and if it successfully sells four Ohio coal-fired plants - including Bay Shore in Oregon - it will use the proceeds to further pay off debts, Richard Marsh, chief financial officer, said during a session of the Edison Electric Institute’s Financial Conference in Palm Desert, Calif.

FirstEnergy said last week at the release of its third quarter earnings that it is restarting efforts to sell Bay Shore and three other lakefront plants near Cleveland after a deal to sell them to NRG Energy, Inc., of Minneapolis, fell through this summer. NRG ran into financial trouble and could not complete the deal.

Mr. Marsh stressed that the company will not accept just any offer that is submitted.

‘‘It is not a fire sale,’’ he said.

Peter Burg, FirstEnergy’s chairman and chief executive officer, reiterated the company’s goal of restarting Davis-Besse in early 2003.

‘‘Our number one item is the restart," he said. "We are confident we have the team in place to get that job done and we will do the right thing with respect to Davis-Besse’’ to regain the trust of customers and regulators.

He said the company has focused on new management not only at Davis-Besse but also at its two other nuclear plants, Perry and Beaver Valley.

‘‘We have a new site vice president at each of three operating units. At Davis-Besse, the top 25 managers are different than the ones in place a year ago. And we have backfilled at other two facilities,’’ Mr. Burg said.


More articles on this subject »
Citizens’ appeal rejected by NRC 10/22/2002
Utility again works on plant sales 10/18/2002
Nuclear plant studies old reactor for other leaks, source of acid 10/17/2002
Facility faulted for radiation exposure 10/17/2002
Acid stains discovered on bottom of reactor 10/13/2002

Article Features »
Printer-friendly version
Forum on this topic
Email to a friend
View the Business index
AP Wall Street News »
Index Last Change
Dow 8446.55 -91.69
Nasdaq 1297.12 -12.55
S&P 500 891.02 -8.70
Quick Quotes
Subcategories »
Agriculture

Automobiles

Employment

Local Companies

Personal Finance

Real Estate

Regional Economy

Stock Market

Technology

Unions










©2002 The Blade. Privacy Statement. By using this service, you accept the terms of our visitor agreement: Please read it.

The Toledo Blade Company, 541 N. Superior St., Toledo, OH 43660, (419) 724-6000
To contact a specific department or an individual person, click here.