FirstEnergy Corp. on Wednesday announced that the bankruptcy court has approved the Akron-based utility's definitive settlement agreement in the Chapter 11 proceedings of FirstEnergy Solutions, its subsidiaries and FirstEnergy Nuclear Operating Company.

"This is an exciting development for FirstEnergy," said Charles E. Jones, FirstEnergy's president and chief executive officer. "Less than two years ago, we committed to exiting competitive markets, so that our company could focus on growing our regulated businesses. With the court's approval of this fair and equitable settlement agreement, we are looking forward to focusing on our distribution and transmission businesses and providing shareholders with stable, predictable growth. We believe this is an important milestone for our company, and our customers."

The settlement agreement was filed with the bankruptcy court in late August and approved Tuesday.