Winning Prices in FirstEnergy Ohio Default Service Auction Higher

The Public Utilities Commission of Ohio approved the results of the FirstEnergy Ohio utilities' ninth wholesale auction that will ultimately determine its retail generation service rates through May 2016.

The auction resulted in an average clearing price of $73.82 per megawatt-hour for the delivery period June 1, 2015 through May 31, 2016.

These results will be blended with previous auctions, and one upcoming auction to establish retail generation rates from June 1, 2015 through May 31, 2016.

For comparison, a January 2014 auction resulted in an average clearing price of $55.83 per megawatt-hour for the delivery period June 1, 2014 through May 31, 2015 and $68.31 per megawatt-hour for the delivery period June 1, 2014 through May 31, 2016.

An October 2013 auction resulted in an average clearing price of $50.91 per megawatt-hour for the delivery period June 1, 2014 through May 31, 2015 and an average clearing price of $59.99 per megawatt-hour for the delivery period June 1, 2014 through May 31, 2016.

There were 5 registered bidders and 4 winning bidders in the October 2014 auction. The names of the winning bidders will remain confidential for 21 days