FirstEnergy is attempting to push a $3 billion dollar bailout through the Public Utilities Commission of Ohio (PUCO) in a sweetheart deal for the company. The rate proposal, currently before the PUCO, would charge ratepayers an additional $3.25 to $3.50 per month, guaranteeing the cash flow for FirstEnergy’s coal plants and nuclear plant.
Ohio Consumers Counsel and Northeast Ohio Public Energy Council estimated plan would cost consumers $3.9 billion over 8 years.
As reported by the Toledo Blade, “The benefits to FirstEnergy are guaranteed while the supposed benefits to customers are not …,” said John Shelk, president and CEO of the Electric Power Supply Association, which represents competing electricity suppliers.”
“Consumers could see competition for their business disappear — and monthly bills increase — if state regulators approve FirstEnergy’s latest rate proposal, a coalition of consumer, environmental and industry groups said…”
FirstEnergy’s Uneconomic Power Plants
FirstEnergy even admits that the rate plan will cost customers $400 million more in first 4 years from 2016-2020. The company claims that they will produce savings because of the “Clean Power Plan” and power plant closures, but offers credits if their predictions fail. In other words, FirstEnergy is guaranteed $100 million per year in extra rates charged to customers but is offering up to $100 million total in credit over the last four years of the agreement to offset increase costs to consumers should the plants’ power be more expensive to produce than the competitive market.
The PUCO is expected to make a decision early in 2016. Tell Gov. John Kasich and the Public Utilities Commission of Ohio to reject the deal!
Sign the petition – tell John Kasich and the Ohio Public Utilities Commission to reject the FirstEnergy Coal Bailout!