For Immediate Release
Contact: Matt Schilling
614 | 466 7750
PUCO accepts results of FirstEnergy auction
COLUMBUS, OHIO (Oct. 24, 2012) – The Public Utilities Commission of Ohio (PUCO) today approved the results of FirstEnergy’s fifth wholesale auction that will ultimately determine its retail generation service rates through May 2016.
During the 11-round auction, held Oct. 23, 2012, five competitive suppliers submitted winning bids for the opportunity to provide electricity to FirstEnergy customers. The auction resulted in an average clearing price of $60.89 per megawatt hour for the delivery period June 1, 2013 through May 31, 2016. The results will be blended with four previous auctions, and five upcoming auctions to establish retail generation rates from June 1, 2013 through May 31, 2016.
CRA International served as the independent auction manager, and Boston Pacific Company, a consultant retained by the PUCO, monitored the auction process. The names of the winning bidders will remain confidential for 21 days.
While the clearing price is higher than previous auctions, it is important to note that capacity prices will be higher as a result PJM’s most recent reliability pricing model auction.
Customers continue to have the opportunity to consider competitive options to meet their electricity needs, including shopping for an alternate supplier or joining a local government aggregation group. More information about how to choose a supplier is available at www.PUCO.ohio.gov. The PUCO’s Apples to Apples rate charts provide customers with a snapshot comparison of current electric supplier price options and contract terms. The PUCO updates the charts on a regular basis and verifies each supplier offer to ensure accuracy.
A copy of today’s Commission finding and order and redacted version of the report issued by the auction manager are available at www.PUCO.ohio.gov. Click on the link to Docketing Information Systems and enter the case number 10-1284-EL-UNC.
The Public Utilities Commission of Ohio (PUCO) is the sole agency charged with regulating public utility service. The role of the PUCO is to assure all residential, business, and industrial consumers have access to adequate, safe, and reliable utility services at fair prices while facilitating an environment that provides competitive choices. Consumers with utility-related questions or concerns can call the PUCO Call Center at (800) 686-PUCO (7826) and speak with a representative.
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