A new charge ordered by Ohio regulators last week could add up to $1 billion into FirstEnergy’s coffers without requiring the company to do any specific work in return.
FirstEnergy’s latest attempt to recast its Ohio plan to guarantee income for certain power plants remains fatally flawed in the eyes of challengers and other critics.
FirstEnergy’s latest filings with Ohio regulators seek to limit what challengers can say in arguing against a plan to guarantee profits for certain power plants.
FirstEnergy’s plan to make all of its Ohio utility customers essentially guarantee sales for certain coal and nuclear plants owned by its unregulated generation subsidiary is an even worse deal for consumers now than when FirstEnergy filed that proposal a year ago, say environmental advocates.
In Ohio, critics say FirstEnergy needs to disclose details of its proposal to guarantee sales for three less profitable coal plants plus the Davis-Besse nuclear plant. And they see new rate proposals added by FirstEnergy as “special deals” meant to lessen opposition to the “bailout.”
Ohio regulators have rejected the second of three utilities’ “bailout” proposals, presenting further hurdles for FirstEnergy in an upcoming hearing for its case.
Papers filed last week in one of Ohio’s utility “bailout” cases suggest how companies could benefit in upcoming capacity auctions for the PJM grid area.