Akron, Ohio, July 18, 2012 — FirstEnergy Corp.’s Ohio utilities announced that the Public Utilities Commission of Ohio approved their proposed electric security plan.
The ruling allows the FirstEnergy Ohio utilities — Ohio Edison, Cleveland Electric Illuminating and Toledo Edison — to essentially extend their current plan for two additional years and establish electricity prices for their customers through May 31, 2016.
The current plan is widely considered a success and has resulted in price certainty and more than $10 million in annual economic development funding for Ohio communities and low-income assistance to utility customers.
Extending the plan by an additional two years allows the FirstEnergy Ohio utilities to conduct additional power auctions to secure generation supply over a longer duration of time for customers who do not shop for a competitive supplier. This should help to shield customers from potential price volatility by blending energy and capacity prices over the term of the plan.
The approved plan reflects the diverse interests and concerns of 19 signatories, including parties that represent residential, low-income, commercial and industrial customers, as well as competitive retail electric suppliers, schools and hospitals.