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PUCO approves results of AEP Ohio's wholesale auction

The Public Utilities Commission of Ohio on Nov. 29 approved the results of AEP Ohio's wholesale auction, which will ultimately determine the American Electric Power Co. Inc. utility's default generation rates, starting June 1, 2018.

The auction, held Nov. 28, secured one-, two- and three-year products to supply electricity to AEP Ohio customers. The auction results will be blended with future auctions to establish a price-to-compare for the utility customers during the delivery period.

Seven competitive suppliers submitted winning bids for a one-year product with an average clearing price of $52.39 per MWh for the delivery period of June 2018 to May 2019; five suppliers submitted winning bids for a two-year product with an average clearing price of $49.32 per MWh for the delivery period of June 2018 to May 2020; and five suppliers submitted winning bids for a three-year product with an average clearing price of $47.27 per MWh for the delivery period of June 2018 to May 2021, according to the PUCO.

National Economic Research Associates served as the independent auction manager. Bates White LLC, a consultant retained by the PUCO, monitored the auction process. The names of the winning bidders will remain confidential for 21 days.

AEP Ohio is legally known as Ohio Power Co.