FirstEnergy Auction Sets Standard Service Offer
On April 14, the Public Utilities Commission of Ohio (PUCO) accepted the results of FirstEnergy’s wholesale auction (Docket No. 16-0776-EL-UNC) – which ultimately will determine the investor-owned utilty’s standard service (SSO) offer through May 31, 2019.
Through this competitive bidding process, Cleveland Electric Illuminating, Ohio Edison, and Toledo Edison – all three, wholly-owned subsidiaries of FirstEnergy – sought to procure full requirements service for their SSO customers.
The requirement comprises load that is not being served by a competitive retail electric service (CRES) supplier; and excludes load associated with customers on the Percentage of Income Payment Plan. Winning bidders will assume all responsibilities of a load-serving entity (LSE).
During the auction, held April 13, ten competitive suppliers submitted bids on one-, two-, and three-year products to supply electricity to FirstEnergy’s Ohio utility customers:
- The one-year product resulted in an average clearing price of $48.46 per megawatt hour (MWh) for the delivery period of June 1, 2016, through May 31, 2017.
- The two-year product resulted in an average clearing price of $49.36/MWh for the delivery period of June 1, 2016, through May 31, 2018.
- The three-year product resulted in an average clearing price of $50.49/MWh for the delivery period of June 1, 2016, to May 31, 2019.
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. The PUCO’s Apples to Apples rate comparison charts provide customers with a snapshot comparison of current electric supplier price options and contract terms. The charts are updated daily.
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