Update: On May 13, 2015, the Public Utilities Commission of Ohio (PUCO) approved the results of AEP Ohio’s second wholesale auction that will ultimately determine its retail generation service rates through May 2018.

The results from this auction, combined with the prices from the auction held April 28, 2015 (April 28 Auction), will be blended to create AEP Ohio’s price-to-compare for the delivery period of June 1, 2015 to May 31, 2016.

At the auction, six competitive suppliers submitted winning bids for a one-year product to supply electricity to AEP Ohio’s customers, which resulted in an average clearing price of $55.42 per megawatt hour (MWH) for the delivery period of June 1, 2015 to May 31, 2016.  Winning bids for a one-year product at the April 28, 2015 auction yielded an average clearing price of $53.79 per megawatt hour (MWH) for the same delivery period.

Also bid was a two-year product, with six competitive suppliers submitting winning bids for an average clearing price of $54.70 per MWH for the delivery period of June 1, 2015 to May 31, 2017.  Winning bids for a two-year product at the April 28 Auction yielded an average clearing price of $53.51 per MWH for the same delivery period.

Further, six suppliers submitted winning bids for a three-year product with an average clearing price of $56.35 per MWH for the delivery period of June 1, 2015 to May 31, 2018.  Winning bids for a three-year product for the same delivery period yielded an average clearing price of $55.58 per MWH at the April 28 Auction.

On the whole, the prices associated with the winning bids in this week’s auction were higher than the previous average clearing price of the winning bids for each of the products listed above.