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PUC Approves Utilities' Petition To Move Upcoming Default Service Auction
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The PUC of Ohio approved the FirstEnergy Ohio utilities' request for certain changes in their PUCO-approved default service auctions under their current electric security plan (ESP V), which was approved by PUCO, with modifications, in May 2024
As previously reported, due to PUCO's establishment of a five-year ESP (rather than 8 years as proposed by the utilities), the FirstEnergy Ohio EDCs proposed two new auctions schedules, depending on whether, on rehearing, PUCO approves a three-year ESP that is now being sought by the FirstEnergy EDCs, or a five-year ESP as previously ordered
PUCO in an August 21 ruling did not address these separate petitions for rehearing nor did PUCO set the term of the ESP.
However, PUC has endorsed the FirstEnergy Ohio utilities' varying proposed changes in the SSO procurement schedule consistent with the ESP term length that will ultimately later be set by the Commission
PUCO said that each proposed specific SSO auction schedule (and attendant changes in tranches procured and product term lengths) may be followed as applicable if PUCO sets the ESP term length accordingly (i.e., if PUCO sets a 3-year ESP, the FE EDCs' proposed 3-year auction schedule has been approved; and if PUCO sets a 5-year ESP, the FE EDCs' proposed 5-year auction schedule has been approved)
PUCO also approved moving a summer 2024 procurement to October 2024. The products to be procured under the October 2024 procurement are the same under both of the EDUs' proposed ESP term length auction schedules
As a result, the FirstEnergy Ohio EDCs will now procure 25 tranches of a 12-month SSO product in the October 2024 auction
While PUCO did not explicitly address a winter 2025 auction to procure 25 tranches of a 24-month product (which is the same under both of the EDCs' proposals), it is expected that, barring further changes, the delivery year of June 1, 2025 to May 31, 2026 will have an SSO portfolio consisting of 75% 24-month contracts and 25% 12-month contracts
Under all of the schedule changes, the default service portfolio will still be limited to only 12 and 24-month products, as is the case currently
See more details of the approved changes in SSO auctions, tranches to be procured, and product term lengths under each scenario in our prior story here
The FirstEnergy Ohio utilities had said that the delay in the summer 2024 auction to October 2024 is necessary, "[d]ue to the time necessary to implement the May 15, 2024 ESP V Order, including Commission-authorized changes to the Companies’ competitive bidding process, and to conduct pre-auction activities[.]"
Case 24-133-EL-UNC, 24-0133-EL-UNC
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August 21, 2024
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Copyright 2024 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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