The Public Utilities of Ohio approved a two-year extension of FirstEnergy Ohio Electric Security Plan through May 2016.
Extending the rate plan by an additional two years allows FirstEnergy Ohio to conduct additional power auctions to secure generation supply for longer periods for customers that do not shop for competitive suppliers, according to the company.
The electric utility company had already made agreements with 19 groups that represent residential, low-income, commercial and industrial customers, as well as competitive retail electric suppliers, schools and hospitals, prior to the PUCO vote.
The plan reduces the monthly renewable energy charge for all FirstEnergy Ohio customers by spreading out the costs over the next two years; maintains the current base distribution rates; provides Percentage of Income Payment Plan customers with a 6 percent discount on their generation rates and continues to provide power to both shopping and non-shopping customers at a market-based price set through auctions.
The extension affects customers of the Illuminating Co., Ohio Edison and Toledo Edison.