Wholesale power prices in Northeast Ohio will go up

The cost of electricity is going up — along with FirstEnergy Corp.’s profits. How much rates will rise, no one knows. But the increase is coming because the company announced it would close four power plants just months before a complex multistate auction that sets part of customer rates three years before the power is actually sold.

That portion, typically 10 percent of the price of electricity, is for reserve capacity — power that is not committed and can be ramped up when needed.

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