FirstEnergy says Ohio utilities receive 'disappointing' PUCO decision
FirstEnergy's Ohio utilities, namely Ohio Edison, Cleveland Electric Illuminating and Toledo Edison, announced that the Public Utilities Commission of Ohio, or PUCO, has approved modifications to Powering Ohio's Progress, the companies' comprehensive Electric Security Plan originally approved in March. The PUCO order authorizes the companies to collect approximately $204M per year over a three-year term. The charge is expected to result in a $3 increase on monthly bills, or about three percent, for a typical residential customer using 750 kilowatt-hours per month. With the new charge, total monthly bills for FirstEnergy's residential customers are expected to be lower than they were a year ago and remain among the lowest in the state. "Today's decision is disappointing for our customers," said Charles E. Jones, FirstEnergy President and Chief Executive Officer. "While we clearly demonstrated to the PUCO what is essential to ensure reliability for customers in the future, the amount granted is insufficient to cover the necessary and costly investments. The decision also fails to recognize the significant challenges that threaten Ohio utilities' ability to effectively operate."