Recent competitive auction results lead to lower generation price
FirstEnergy's Ohio residential customers who take generation service from the utility will pay lower prices on their electric bill starting June 1.
The lower prices are the result of recent auctions held by FirstEnergy to purchase energy supply for customers who are not served by a competitive generation supplier. Residential customers who receive all facets of their electric service from Ohio Edison, The Illuminating Company and Toledo Edison using 750 kilowatt-hours of electricity, on average, will save about $40 annually compared to utility generation pricing in effect previously. In addition, customers whose price per kilowatt-hour from a competitive supplier is tied to the utility "price to compare" are also expected to benefit from savings.
"Hot, humid summer weather, greater use of air conditioning, and more time at home during the coronavirus health emergency can increase electrical use, so any opportunity to save on electric bills is helpful for customers," said Gary Grant, president of Ohio Operations, FirstEnergy. "Whether or not a customer shops for generation, their local FirstEnergy utility will continue to safely and reliably deliver electricity to homes, restore power after a storm and provide customer service."
Utility customers in Ohio can shop for their electric generation. While the utility still delivers the electricity to homes and businesses and continues to maintain the poles and wires, customers can choose to purchase their electricity from competitive generation suppliers. If customers do not choose a supplier, the utility secures the electric generation needed to serve these customers through an auction process overseen by the Public Utilities Commission of Ohio (PUCO).
The utility's generation price also provides the basis for the "price to compare" listed on a customer's billing statement. The PUCO's Apples to Apples comparison charts at www.energychoice.ohio.gov provide customers with a snapshot comparison of current electric supplier offers and contract terms to evaluate against the price to compare.
CRA International served as the independent auction manager for FirstEnergy, conducting six auctions over the past 31 months. Results were blended together to ensure the most competitive, stable generation price for customers and filed with the PUCO.
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