Update: PUCO Approves Three-Fold Increase In Dominion East Ohio Default Service Price Adder

Update:

The Public Utilities Commission of Ohio (PUCO) accepted the auction results described below, establishing a retail price adjustment (RPA) of $0.22 per thousand cubic feet (Mcf) at Dominion East Ohio for the period April 1, 2019 through March 31, 2020

Notably, PUCO confirmed that there were four winning bidders. The names of the four winning bidders will remain confidential for 15 days to protect the suppliers’ positions in contract negotiations with pipeline companies.

Earlier:

The Standard Choice Offer auction to set the Retail Price Adjustment (RPA) at Dominion East Ohio (now d/b/a Dominion Energy Ohio) for the period April 1, 2019 to March 31, 2020 saw the RPA established as $0.22/Mcf, according to a PUCO Staff auction report.

If approved, the Retail Price Adjustment will be added to the NYMEX closing price for the prompt month to set the Standard Choice Offer rate. The Standard Service Offer rate, provided to choice-ineligible customers, will be identical to the SCO rate.

The current RPA is $0.07/Mcf.

The proposed new $0.22/Mcf RPA resulted from the auction proceeding to the sealed bid round

PUCO is to address results of the auction today.

The SCO auction is a retail auction which assigns specific residential customers to winning suppliers (plus a portion of the residential and non-residential load ineligible for choice, such as Percentage of Income Payment Plan customers) for a one-year term.

There were eight bidders in the auction. Five bidders submitted bids in the sealed-bid round