Actionable news
0
All posts from Actionable news
Actionable news in FE: FIRSTENERGY Corp,

FirstEnergy Ohio Utilities Seek Changes to Rate Plan to Help Ensure Long-Term Price Stability for Ohio Customers

AKRON, Ohio, May 2, 2016 /PRNewswire/ -- FirstEnergy Corp.'s FE, +1.43% Ohio utilities today asked the Public Utilities Commission of Ohio (PUCO) to consider modifications to their recently approved Electric Security Plan (ESP IV) that would help protect customers from future retail price increases.

Today's rehearing request seeks to allow the FirstEnergy Ohio utilities – Ohio Edison, Cleveland Electric Illuminating and Toledo Edison – to use a rate mechanism to protect customers against long-term price increases and volatility by applying credits or charges to monthly electric bills.

Customers would receive credits or charges on their monthly electric bills based on the projected plant cost calculations and electric output contained in the recently approved ESP IV. Based on this information, the plan is expected to save customers hundreds of millions of dollars during its eight-year term, between June 1, 2016 and May 31, 2024, and the credits or charges would be reviewed by the PUCO both quarterly and annually.

If approved, the modified ESP IV would preserve the comprehensive benefits contained in the original plan by offering energy efficiency programs, evaluating smart grid technologies and providing low-income customer assistance.

Since the proposal is based almost entirely on evidence in the record at the PUCO, the FirstEnergy Ohio utilities are seeking a decision on their request by May 25, 2016.

FirstEnergy is dedicated to safety, reliability and operational excellence. Its 10 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 more than 24,000 miles of transmission lines that connect the Midwest and Mid-Atlantic regions, while its generation subsidiaries control nearly 17,000 megawatts of capacity from a diversified mix of scrubbed coal, non-emitting nuclear, natural gas, hydro and other renewables. Follow FirstEnergy on Twitter

or online at www.firstenergycorp.com.

Forward-Looking Statements: This release includes forward-looking statements based on information currently available to management. Such statements are subject to certain risks and uncertainties. These statements include declarations regarding management's intents, beliefs and current expectations. These statements typically contain, but are not limited to, the terms "anticipate," "potential," "expect," "forecast," "target," "will," "intend," "believe," "project," "estimate," "plan" and similar words. Forward-looking statements involve estimates, assumptions, known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, which may include the following: the speed and nature of increased competition in the electric utility industry, in general, and the retail sales market in particular; the ability to experience growth in the Regulated Distribution and Regulated Transmission segments and to successfully implement our sales strategy for the Competitive Energy Services segment; the accomplishment of our regulatory and operational goals in connection with our transmission investment plan, including, but not limited to, the proposed transmission asset transfer to Mid-Atlantic Interstate Transmission, LLC, and the effectiveness of our strategy to reflect a more...


More