PUCO Approves Results of FirstEnergy Ohio Default Service Auction

The Public Utilities Commission of Ohio (PUCO) approved the results of the FirstEnergy Ohio utilities' January 2015 wholesale auction that will ultimately determine its retail generation service rates through May 2016.

The auction resulted in an average clearing price of $69.18 per megawatt hour. These results will be blended with previous auctions to establish retail generation rates for the delivery period June 1, 2015 through May 31, 2016.

During the 16-round auction, held Jan. 27, 2015, six competitive suppliers submitted winning bids for the one-year product to provide electricity to FirstEnergy Ohio customers.

The names of the winning bidders will remain confidential for 21 days.