FirstEnergy has  filed an application with the Public Utilities Commission of Ohio to extend its current pricing plan 
for two more years.

If approved by the PUCO, the extension would allow FirstEnergy to establish electricity prices for their customers through May 31, 2016. The current electric security plan, which ends May 31st, 2014, has resulted in price certainty as well as more than $10 million in annual economic development funding and low-income assistance to FirstEnergy’s utility customers and communities in Ohio. 

Since the plan took effect last June, electric rates for many customers have already dropped by nearly 9 percent through the use of competitive auctions for purchasing electricity.

News Release From FirstEnergy

FirstEnergy Corp.’s (NYSE: FE) Ohio utilities filed an application with the Public Utilities Commission of Ohio (PUCO) to essentially extend their current Electric Security Plan (ESP) for two more years.

If approved by the PUCO, the extension would allow the FirstEnergy Ohio utilities – Ohio Edison, Cleveland Electric Illuminating and Toledo Edison – to establish electricity prices for their customers through May 31, 2016. The current ESP, which ends May 31, 2014, has resulted in price certainty as well as more than $10 million in annual economic development funding and low-income assistance to FirstEnergy’s utility customers and communities in Ohio.
Since the plan took effect last June, electric generation rates for non-shopping customers have already dropped by nearly 9 percent through the use of competitive auctions for securing electricity supply.               

“Ohio utility customers are benefiting from affordable electric rates that reflect competitive market prices,” said Anthony J. Alexander, President and Chief Executive Officer at FirstEnergy. “By extending our current ESP, we can continue to deliver the benefits gained from this successful model, as well as take advantage of some additional opportunities to help our customers save money in the years ahead.”                           

The Ohio utilities are seeking PUCO approval by May 2 to position the company to provide additional megawatts of PJM-qualified energy efficiency and demand response resources into the May 7, 2012 PJM capacity auction for the 2015-2016 planning year. Demand response contracts provide financial incentives for electricity customers who agree to reduce their electric 2 consumption during periods of peak demand, or in response to market prices. By extending their ESP, FirstEnergy’s Ohio utilities would be able to bid these resources into the PJM auction for 2015-2016.