On Wednesday, August 25th, the Public Utilities Commission of Ohio (PUCO) approved, with modifications, a FirstEnergy rate proposal for the 3-year period beginning on June 1, 2011. When the PUCO modifies a proposed electric security plan (ESP), the utility has the right to withdraw its proposal. We will have to wait and see what FirstEnergy decides to do. In addition, any parties who oppose the PUCO ruling have until September 24th to file an application for rehearing. Therefore, the plan is not yet final.
The rate plan calls for a series of auctions to set the default generation prices. The PUCO ruling states that the first auction should be held in October.
For more information, see John Funk’s article in the Plain Dealer: PUCO approves rate plan for FirstEnergy
