FirstEnergy Cancels Sale Of Its Retail Electric Business To Constellation
FirstEnergy Solutions (FES), the unregulated subsidiary of FirstEnergy Corp. and current supplier to the City of Parma Electric Aggregation Program, cancelled the sale of its retail electric business to Constellation.
The company stated it made this decision “to maximize the value of the business for the benefit of all stakeholders.”
In 2018, FES filed for Chapter 11 Bankruptcy and agreed to sell its retail business to Constellation. This past December, however, FES exercised its option to terminate the Constellation deal. The company will continue to honor all contracts, including Parma’sAggregation Program.
As FES works through its restructuring process, the company plans to emerge from bankruptcy as a new company this year. FES is assuring its customers that nothing will change with supply contracts, and business will continue as usual.
Residents who have questions regarding the Electric Aggregation Program, should contact FES at 1-866-636-3749.
Carolyn J. Kovach
Communications Director, City of Parma, Mayor's Office