FirstEnergy customers can expect lower electricity prices beginning this summer!
The Public Utilities Commission of Ohio (PUCO) today approved the results of the fourth in a series of six wholesale auctions that will determine FirstEnergy's retail generation service rates through May 2014.
The auction establishes a new generation price of $53.37 per megawatt hour (MWh) for June 2012 through May 2013, a decrease of 4 percent from the current price of $55.60 per MWh.
During the 16-round auction, six competitive suppliers submitted winning bids for the opportunity to provide electricity to FirstEnergy customers. The names of the winning bidders will remain confidential for 21 days.
CRA International served as the independent auction manager, and Boston Pacific Company, a consultant retained by the PUCO, monitored the auction process. Additional auctions will be held this October and again in January 2013 to set the generation price between June 2013 and May 2014.