Ohio House Speaker Larry Householder Arrested in $60 million Bribery Scheme

Federal officials announced charges Tuesday related to a $60 million bribe in a public corruption case that press reports link to Ohio House Speaker Larry Householder and the bailout of two Energy Harbor Corp. nuclear power plants.

U.S. Attorney David M. DeVillers and the Federal Bureau of Investigation have scheduled a press conference at 2:30 p.m. in Columbus to detail charges related to “a public corruption racketeering conspiracy involving $60 million,” according to a release posted online.

The investigation is related to Ohio’s passage last year of a law that bailed out two nuclear power plants, the Toledo Blade reported, citing an source it didn’t identify. FirstEnergy Solutions, a former FirstEnergy Corp. subsidiary, changed its name to Energy Harbor when it emerged from Chapter 11 earlier this year.

Energy Harbor shares fell as much as 21%. First Energy fell 10%.

While First Energy no longer owns the nuclear plants in the Ohio case, the probe will likely be a drag on the company’s shares in the near term as the market digests the potential implications, KeyBanc Capital Markets analyst Sophie Karp said in a research note.

Officials at FirstEnergy and Energy Harbor didn’t immediately respond to emails and phone calls requesting comment.

Householder and four others have been arrested, Cleveland.com reported, citing unnamed sources and media reports. A spokeswoman for Householder didn’t immediately respond to telephone and email messages.

The arrests come less than a week Exelon Corp.’s Commonwealth Edison unit admitted to bribery in connection to lobbying practices in Illinois.

The Ohio law, which Householder championed, was enacted in 2019 and carved out $150 million annually for the Davis-Besse and Perry plants, which the company had said it would close without aid.

Ohio funded the measure by cutting support for wind and solar, which was unprecedented. While New York, New Jersey and Illinois have all subsidized nuclear power as part of their clean-energy strategies, Ohio was the first to do so by directly yanking support from renewables.

Subscribe to our YouTube channel: https://bit.ly/2TwO8Gm

QUICKTAKE ON SOCIAL:
Follow QuickTake on Twitter: twitter.com/quicktake
Like QuickTake on Facebook: facebook.com/quicktake
Follow QuickTake on Instagram: instagram.com/quicktake
Subscribe to our newsletter: https://bit.ly/2FJ0oQZ
Email us at quicktakenews@gmail.com

QuickTake by Bloomberg is a global news network delivering up-to-the-minute analysis on the biggest news, trends and ideas for a new generation of leaders.

In This Story: Nuclear Power

Nuclear power is the use of nuclear reactions that release nuclear energy to generate heat, which most frequently is then used in steam turbines to produce electricity in a nuclear power plant. Nuclear power can be obtained from nuclear fission, nuclear decay and nuclear fusion reactions.

2 Recent Items: Nuclear Power

  • Awkward moment Joe Biden appears to forget Australia PM Scott Morrison’s name
  • Inside Australia’s nuclear deal | ABC News
  • Leave a Comment

    We don't require your email address now, just your name. BUT, if you do add it, you may be notified if there are replies to your comment. Please make respectful comments, which add value, and avoid personal attacks on others. Comments failing to adhere to these guidelines will not be published.