PUCO accepts results of Vectren's natural gas supply auction
COLUMBUS, OHIO (Jan. 17, 2018) – The Public Utilities Commission of Ohio (PUCO) today accepted the results of Vectren Energy Delivery of Ohio’s auction for its default natural gas service. The auction secured natural gas supplies for Vectren’s customers from April 1, 2018 to March 31, 2019 and established a retail price adjustment of $0.087 per hundred cubic feet (ccf).
Vectren’s default rate, known as the Standard Choice Offer (SCO), changes monthly and is calculated as the sum of the retail price adjustment, plus the New York Mercantile Exchange (NYMEX) month-end settlement price. The price adjustment reflects the winning bidders’ estimate of their cost to deliver natural gas from the production area to Vectren’s service area.
The SCO will apply to Vectren’s choice-eligible customers that have not selected an alternative supplier. Choice-eligible customers will continue to have the option to enroll with an energy choice supplier of their choosing, join a government aggregation buying group or remain on the SCO. Customers who are interested in choosing an energy choice supplier can compare rate offers by visiting the PUCO’s Energy Choice Ohio website at www.energychoice.ohio.gov.
Each SCO customer’s bill will indicate the certified retail natural gas supplier that is responsible for providing the customer’s natural gas. Vectren will continue to deliver natural gas to all customers, offer payment plans and handle all emergency and customer service calls. Government aggregation customers and those already enrolled with an energy choice supplier are not affected.
On Jan. 16, 2018, EnerNOC, Vectren’s auction manager, conducted a descending clock auction for the SCO rate. Bids were submitted by seven natural gas suppliers based on fixed adjustments to the NYMEX settlement price. The names of the winning bidders will remain confidential for 15 days to protect the suppliers’ positions in contract negotiations with pipeline companies.
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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