If approved by PUCO, companies would
revert to a previous rate plan
AKRON,
Ohio, Oct. 29, 2024 /PRNewswire/ -- FirstEnergy
Corp. (NYSE: FE) Ohio electric
companies – Ohio Edison, The Illuminating Company, and Toledo
Edison – have filed a notice with the Public Utilities Commission
of Ohio (PUCO) to withdraw their
current Electric Security Plan (ESP) 5, which took effect on
June 1. If approved by the PUCO, the
companies would revert to their prior ESP4, which was in effect through May 31, 2024.
Under the ESP4 framework,
FirstEnergy's Ohio electric
companies provided customers with reliable and affordable power for
eight years. Reverting to the plan will help address uncertainties
created in ESP5 that the companies
had expected to resolve through the rehearing process. A recent
Ohio Supreme Court decision unrelated to the ESP ended the
potential for a rehearing and prevented the companies from
obtaining certainty for themselves and their customers in
ESP5. FirstEnergy's ESP4 would remain in effect until a new ESP is
filed and approved.
Torrence Hinton, FirstEnergy's
President of Ohio: "We
believe there is an opportunity to design a new plan that supports
our Ohio electric companies'
ongoing investments in the electric system while continuing to
maintain affordable rates for customers. We look forward to working
with stakeholders to ensure we have a plan in place that supports
the needs of customers and communities – including low-income
customers – and delivers the reliable, affordable power our
customers expect."
Utilities in Ohio are required
to file Electric Security Plans to establish electric service for
their non-shopping customers. FirstEnergy's ESP4 maintains an auction process to determine
the pricing and supply of electricity for customers who rely on
their company for all aspects of their electric service while
preserving the option for customers to select their own energy
supplier. Reverting to ESP4 would
also restore about $6 million in
annual, nonrecoverable spending by FirstEnergy in energy efficiency
programs, as well as economic development funding and bill payment
assistance for low-income customers and communities.
As part of reverting to ESP4,
FirstEnergy's Ohio electric
companies intend to propose some changes to the previously approved
plan, including enhancements to the auction process that took
effect under ESP5. These changes aim
to help ensure competitively priced electricity for customers who
do not shop by helping increase the number of suppliers
participating in the auctions through supplier risk mitigation
measures. The companies' return to ESP4, including any proposed changes, is subject
to PUCO approval.
Returning to ESP4 is estimated to
result in a bill reduction of about $2.00 for a typical FirstEnergy Ohio non-shopping
residential customer using about 750-kilowatt hours (kWh) of
electricity per month.
Ohio Edison serves more than
one million customers across 34 Ohio counties. Follow Ohio Edison on
X @OhioEdison, on Facebook at facebook.com/OhioEdison,
and online at ohioedison.com.
The Illuminating Company serves approximately 755,000 customers
across Ashtabula, Cuyahoga, Geauga, Lake
and Lorain counties. Connect with
The Illuminating Company at illuminatingcompany.com, on
X @IlluminatingCo and on Facebook
at facebook.com/IlluminatingCo.
Toledo Edison serves more than
315,000 customers in northwest Ohio. Follow Toledo Edison on
X @ToledoEdison, on Facebook
at facebook.com/ToledoEdison, and online
at toledoedison.com.
FirstEnergy is dedicated to integrity, safety, reliability and
operational excellence. Its electric distribution companies form
one of the nation's largest investor-owned electric systems,
serving customers in Ohio,
Pennsylvania, New Jersey, West
Virginia, Maryland and
New York. The company's
transmission subsidiaries operate approximately 24,000 miles of
transmission lines that connect the Midwest and Mid-Atlantic
regions. Follow FirstEnergy online
at www.firstenergycorp.com and on
X @FirstEnergyCorp.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/firstenergys-ohio-electric-companies-file-to-withdraw-electric-security-plan-302290659.html
SOURCE FirstEnergy Corp.