On Saturday night March 31st, FirstEnergy filed for bankruptcy protection. FirstEnergy Solutions (FES) and off of its subsidiaries, and FirstEnergy Nuclear Operating Company (FENOC) voluntarily filed petitions under Chapter 11 of the Federal Bankruptcy Code.

“The Chapter 11 filing represents our best path forward as we continue to pursue opportunities for restructuring, asset sales and legislative and regulatory relief,” Donald Schneider, president of FirstEnergy Solutions, said in announcing the filing.

This just after they announced earlier in the week they will be closing Davis-Besse and Perry in Ohio and Beaver Valley in Pennsylvania within three years.  The company plans to continue lobbying for legislative solutions to keep plants operating, “but will also look for potential buyers as another alternative.”

The company blames the structure of competitive wholesale markets, which set real-time prices on the cost of the least expensive power needed to stabilize the regional electric grid.