Duke Energy Ohio Inc. on Feb. 21 received approval from the Public Utilities Commission of Ohio for its wholesale auction results, which will decide retail generation rates through May 2021.

The outcome of the auction, held Feb. 20, along with future auction results, will determine the Duke Energy Corp. subsidiary's "price-to-compare" for the delivery period of June 1, 2018, through May 31, 2021.

Two bidders won the one-year product auction, which resulted in an average clearing price of $52.06/MWh for the delivery period of June 2018 through May 2019. Five bidders won the two-year product auction, which resulted in an average clearing price of $49.27/MWh for the delivery period of June 2018 through May 2020. Four bidders won the three-year product auction, which resulted in an average clearing price of $48.75 for the delivery period of June 2018 through May 2021.

CRA International served as the independent auction manager, while Bates White LLC monitored the auction process. (Case No. 18-6000-EL-UNC)