PUCO accepts results of FirstEnergy auction

COLUMBUS, OHIO (Oct. 23, 2013) – The Public Utilities Commission of Ohio (PUCO) today approved the results of FirstEnergy’s seventh wholesale auction that will ultimately determine its retail generation service rates through May 2016.

During the 22-round auction, held Oct. 22, 2013, four competitive suppliers submitted winning bids for the one-year product opportunity to provide electricity to FirstEnergy customers.

That auction resulted in an average clearing price of $50.91 per megawatt hour for the delivery period June 1, 2014 through May 31, 2015.

For the two-year product, four competitive suppliers submitted winning bids resulting in an average clearing price of $59.99 per megawatt hour for the delivery period June 1, 2014 through May 31, 2016.

These results will be blended with previous auctions, and three upcoming auctions to establish retail generation rates from June 1, 2014 through May 31, 2016. CRA International served as the independent auction manager, and Boston Pacific Company, a consultant retained by the PUCO, monitored the auction process. The names of the winning bidders will remain confidential for 21 days.

Customers continue to have the opportunity to consider competitive options to meet their electricity needs, including shopping for an alternate supplier or joining a local government aggregation group.

More information about how to choose a supplier is available at www.PUCO.ohio.gov. room/media-releases/puco-accepts-results-of-firstenergy-auction4/#sthash.bwdyCfFE.dpuf