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PUCO Approves FirstEnergy Ohio SSO Procurement
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October 25, 2010
The
Public Utilities Commission of Ohio accepted the results of the first of six wholesale
auctions that will determine FirstEnergy Ohio's Standard Service Offer rates from
June 1, 2011 through May 31, 2014.
The auction, held October 20, resulted in a clearing price of $54.55 per megawatt-
"We are pleased with the results of this first wholesale generation auction," said PUCO Chairman Alan Schriber. "If wholesale generation rates hold at this level or better in the auction held in January, customers of FirstEnergy will see a reduction in their 2011 retail generation rates."
There were 10 bidders registered for the auction and four submitted winning bids. The Commission noted that, although four bidders submitted winning bids, auction monitor Boston Pacific reported that multiple bidders submitted bids within five percent of the clearing prices.
Another auction will be held in January 2011. The prices received in that auction will be blended with the prices received in the Oct. 20, 2010 auction to determine the retail generation service price for the June 1, 2011 to May 31, 2012 delivery period. Additional auctions will also be held in October 2011, January 2012, October 2012, and January 2013 which will establish the retail generation prices for the 2012 and 2013 delivery periods.
The names of the winning bidders who won tranches in the auction, the number of tranches won by each bidder, and the first round ratio of tranches offered compared to tranches needed will be subject to public release in 21 days.
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