DOWNTOWN CLEVELAND, OH (WOIO) - Let's say this right off the top: this is an increase for all FirstEnergy customers which include the Illuminating Company, Oho Edison and Toledo Edison.
First, let's explain why First Energy asked the Public Utilities Commission for the surcharge. First Energy is getting beat when trying to sell extra energy on the open market because they don't have plants that use natural gas to create electricity. Natural gas is extremely cheap right now because of fracking and the plants using it are able to undercut First Energy (who uses coal and nuclear).
So, First Energy claims they need this surcharge to stay competitive and replace and update the local electrical grid.
Originally, First Energy asked for $558 million a year for eight years. They got significantly less, approved Wednesday -- $204 million for three years, with a possible two year extension.
What does this mean for you?
For the average home using 750 kilowatts it will be an extra $3 a month -- $36 for the year -- and it will come across as a delivery charge.
First Energy has agreed to keep the company headquartered in Akron and use the money to upgrade the electrical grid.
Here is a link to the PUCO fact sheet for this newest surcharge.
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