AKRON, Ohio — FirstEnergy CEO Charles Jones, in addressing the statehouse scandal, told investors that the Akron company acted properly in supporting House Bill 6 and the nuclear industry in Ohio.
“This is a serious and disturbing situation,” Jones said during a teleconference call on Friday to update investors about company earnings and the investigation into Ohio House Speaker Larry Householder. “Ethical behavior and upholding the highest conduct are foundational values for the entire FirstEnergy company and me personally.”
FirstEnergy strives to apply those values to all of its dealings, including participation in politics, he said.
“The facts will become clear as the (FBI) investigation goes forward,” Jones said.
A criminal complaint filed Tuesday accuses Householder and four others of taking $60 million in bribes from FirstEnergy to secure legislation, House Bill 6, that would bail out the utility’s two nuclear plants in Ohio.
Neither the company nor Jones have been charged with a crime.
FirstEnergy is in discussions with the Justice Department lawyers and is cooperating fully with the investigation, Jones said during Friday morning’s quarterly earnings call with shareholders.
Jones defended FirstEnergy’s support for Ohio’s two nuclear energy plants, saying that they provide good jobs that are an important part of Ohio’s economic development efforts. It is in the best interests of the state and nation to keep sources of clean energy such as nuclear power, he said.
“At no time does our support for nuclear plants in Ohio interfere with or supersede our ethical obligations to conduct our business properly,” Jones said. He noted that House Bill 6 resulted in a rate decrease for Ohio residents.
During a question and answer session, Jones declined to comment when asked if he had prior knowledge of the FBI investigation.
If House Bill 6 is repealed, as some good-government organizations are calling for, the impact on FirstEnergy would depend on how it was repealed and if it were replaced, Jones said.
FirstEnergy will conduct an independent review of the allegations, he said. When asked why he was confident there was no wrongdoing, he answered, “We know what we did. We know why we did it.”
In a quarterly earnings report released Thursday afternoon, Jones said his company “acted ethically” in connection with efforts to pass House Bill 6 that federal prosecutors say were fueled by bribery.
“We intend to cooperate fully with the Department of Justice investigation involving the Ohio Speaker of the House, and we will ensure our company’s involvement in supporting HB 6 is understood as accurately as possible,” Jones said on Thursday. “I believe that FirstEnergy acted ethically in this matter. At no time did our support for Ohio’s nuclear plants interfere with or supersede our ethical obligations to conduct our business properly. I believe the facts will become clear as the investigation progresses.”
The Akron-based company had previously declined to substantively comment on the investigation, issuing a statement Tuesday that only said the company had received subpoenas and intended to cooperate fully.
“We have about 15 minutes left. It would be really great if we could talk about the great quarter we had over here,” Jones said near the question-and-answer portion of Friday’s call.
FirstEnergy’s second-quarter earnings amounted to $309 million, compared to $308 million in second-quarter 2019. The company’s stock dropped this week after the announcement of the arrests.
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