Cleveland, Ohio 2021-12-01 15:59:31 –
The agreement requires utilities to refund $ 96 million (including interest) in connection with the 2017-2019 annual revenue test.
Residential customers receive a temporary billing credit of approximately $ 27, and non-residential customers receive approximately $ 2.60 per megawatt hour for six months.
Ohio’s three Ohio utilities are the Cleveland Electric Lighting Company, Ohio Edison and Toledo Edison.
“We are pleased that the Commission has approved FirstEnergy’s refunds and rate reductions for Ohio utilities customers,” said PUCO Chair Jenifer French. “Today, we thank many stakeholders for their long-standing efforts in these cases and for working together to create this wise solution.”
The case began when a consumer adviser appealed PUCO’s decision that FirstEnergy companies did not make significantly excessive profits between 2017 and 2019. Remarkably excessive profits.
The Ohio Supreme Court ruled in December 2020 that FirstEnergy companies cannot exclude revenue from their customers’ fees for grid modernization when calculating profits.
FirstEnergy avoids by federal prosecution in July by secretly funding a $ 60 million fine scheme to win the legislative bailout of two nuclear power plants that were then operated by a wholly owned subsidiary. Agreed to pay a fine of $ 230 million for.
The Associated Press contributed to this report.
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