A unanimous settlement agreement filed this week with the Public Utilities Commission of Ohio (PUCO) requires FirstEnergy’s three Ohio utilities to refund customers $306 million, including $96 million beginning 30 days after PUCO approval and $80 million next year.
The settlement agreement resolves 10 pending regulatory proceedings related to 2017-2020 annual earnings tests, a 4-year review of FirstEnergy’s electric security plan, and 2014-2018 energy efficiency audits.
The unopposed settlement agreement is supported by the OMA Energy Group among a number of other parties.
Under the agreement, FirstEnergy will refund $96 million (which includes interest) related to the utilities’ 2017-2019 annual earnings tests shortly after PUCO approval. Of that, nonresidential customers will be allocated approximately $45.3 million, dispersed as a $2.60 per megawatt hour credit over a six-month period. Additionally, FirstEnergy will refund $210 million as bill credits over a four-year period (2022-2025). The settlement agreement is subject to review and approval from PUCO commissioners.11/2/2021