FES closure plan reviewed
PJM Interconnection, which manages the electrical grid for Ohio and 12 other states, has found that FirstEnergy Solutions’ plan to permanently deactivate its three nuclear power stations will not hurt the power supply for its customer base.
A PJM committee review of the plan that the FirstEnergy Corp. subsidiary spelled out last week for federal regulators concludes “sufficient transmission margin remains” to ensure there is enough supply to operate the system with two single outages under peak operating conditions.
FES plans to close its Davis-Besse Nuclear Power Station by May 31, 2020; its Beaver Valley (Pa.) Power Station Unit No. 1 by May 31, 2021; its Perry Nuclear Power Plant by May 31, 2021 and its Beaver Valley Power Station Unit No. 2 by October 31, 2021.
The review is a key step for FirstEnergy as it seeks to shed its power-generation program and narrow the Akron-based company’s focus to regulated energy transmission. FES filed for Chapter 11 bankruptcy protection March 31.
Baseball bat maker relocating
A local baseball bat manufacturer is relocating its plant from Nimishillen Township to Louisville, the Canton Repository reported.
SabreCat Bat Co., which makes bats for some Major League Baseball players, will set up shop in the 3700 block of Tulane Avenue NE.
“We are excited about it,” Mayor Pat Fallot told the newspaper. “Louisville is going to get a new business.”
The company expects to produce about 5,000 to 6,000 bats this year and 10,000 to 12,000 in about three years, the Repository said.
Marathon to acquire refiner
Marathon Petroleum announced plans Monday to buy a Texas-based refining company for $23.3 billion, creating a new combined company with an extensive reach across the United States, the Dayton Daily News reported.
Marathon announced a merger with Andeavor, a marketing, logistics and refining company based in Texas.
Marathon, based in Findlay, is the parent company of Speedway, a convenience store chain headquartered in Enon.
Panasonic to pay SEC penalty
Panasonic Corp. will pay about $280 million to resolve federal charges that executives at its in-flight entertainment unit improperly hid payments to consultants overseas in violation of anti-corruption rules, officials announced Monday.
The Japanese electronics giant’s parent company will pay $143 million to the Securities and Exchange Commission, while its Southern California subsidiary, Panasonic Avionics, will pay $137 million in penalties to the U.S. Justice Department, federal prosecutors said.
The investigation concerned payments to consultants in Asia and the Middle East, at least one of which did little or no work, authorities said.
Panasonic Avionics was accused of concealing payments to third-party sales agents between 2007 and 2016, in violation of the accounting provisions of the Foreign Corrupt Practices Act.
Those payments were improperly recorded in Panasonic’s regulatory filings, officials said.
Closing remarks in AT&T case
The government on Monday made its final plea to a federal judge to block AT&T Inc.’s $85.4 billion purchase of Time Warner Inc. or order it significantly scaled back, arguing that the combined company would be so powerful it would hinder competition and raise pay TV prices for consumers.
“This merger is a big deal. … It would have a massive impact on the structure of the pay TV industry,” Justice Department lawyer Craig Conrath said in his closing arguments in the six-week antitrust trial.
U.S. District Judge Richard Leon will determine if the companies will be able to combine AT&T’s telecommunications empire with Time Warner’s stable of must-have content to form a media colossus.
Compiled from staff and wire reports.
Business news briefs, May 1: Electric grid manager says FirstEnergy Solutions’ plan to deactivate plants won’t hurt power supply