May 13, 2020
Less than a year after state officials signed a bailout law teeing up $1 billion in nuclear plant subsidies charged to Ohio electricity customers, the plants’ owner has moved to boost its stock price by repurchasing an extra $300 million in shares, cleveland.com’s Andrew Tobias writes.
Read the full story: at Cleveland.com
The Perry nuclear plant in Lake County, seen here, is owned by Energy Harbor, the new name for a former First Energy subsidiary. Energy Harbor’s board of directors last Friday voted to increase the company’s share buybacks from $500 million to $800 million, less than a year after successfully securing a $1 billion bailout from Ohio ratepayers. (John Kuntz, The Plain Dealer)
Should companies that benefit from taxpayer (or ratepayer) bailouts be able to buyback their stock? Should bailouts come with stipulations? What do you think? Leave us a comment below?
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