Akron-based FirstEnergy Corp. on Tuesday said it lost $6.2 billion last year, compared to a profit in 2015 of $578 million.
The electric utility said the loss reflects “asset impairment and plant exit costs, including charges related to the company’s decision to exit competitive operations by mid-2018.”
The company has previously said it would exit the competitive generation business in Ohio, Pennsylvania, West Virginia and Virginia. The company has said options include moving power plants into a regulated entity or filing for Chapter 11 bankruptcy protection and reorganization for its debt-laden FirstEnergy Solutions.
"In 2016, we achieved our financial targets, made significant progress on our regulated growth plans, and began an important strategic review that is designed to support our transition into a fully regulated company," said Charles E. Jones, FirstEnergy president and chief executive officer in a press release. "We continue to focus on this transformation, which will allow us to best serve our customers while providing predictable growth to investors."
FirstEnergy is raising its earnings guidance range for 2017 to $2.47 to $2.77 per share, saying it reflects the impact of lower depreciation.
Company officials will host a conference call with analysts Wednesday morning.