Edison parent requests 2-year extension of rate plan
AKRON, Apr 14, 2012 (Menafn - The Blade - McClatchy-Tribune Information Services via COMTEX) --FirstEnergy Corp., parent firm of Toledo Edison, filed a request with state regulators Friday seeking to extend its current electric rate plan for two additional years.
The current plan, which took effect June 1, 2011, is to expire May 31, 2014. If the request is approved, the plan would be extended through May 31, 2016.
The Akron-based utility said it would like the Public Utilities Commission of Ohio to rule on its request by May 2 so it can commit additional megawatts of power to an energy auction run by electric grid operator PJM.
The grid operator is to hold its auction May 7 to plan megawatt capacity for 2015-2016 throughout its territory, which includes parts of Ohio where FirstEnergy operates.
Under the current rate plan, approved in 2010, the rate that customers pay for power has been set at a series of auctions, the last of which is to occur in July. If the utility's request for an extension of its current plan is approved, additional power auctions would be held.
Since the plan took effect, electric rates for the utility's customers have dropped by nearly 9 percent.
FirstEnergy said that approving the plan would extend benefits included in the current plan, including a freeze on current base distribution rates through May 31, 2016; economic development and assistance to low-income customers, and a 6 percent rate discount to Percentage of Income Payment Plan (PIP) customers.
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