The Ohio Public Utilities Commission on March 8 accepted the results of an AEP Ohio auction that will determine default generation rates beginning June 1.
The auction secured one-, two- and three-year products to supply electricity to AEP Ohio's utility customers. Four bidders won the one-year product auction resulting in an average clearing price of $52.01/MWh for the delivery period of June 2018 to May 2019. Six bidders won the two-year product auction at an average clearing price of $48.29/MWh for the delivery period of June 2018 to May 2020. Six bidders won the three-year product auction at an average clearing price of $46.53/MWh for the delivery period of June 2018 to May 2021.
The results of the auction will be will be blended with future auctions to establish a price-to-compare for the American Electric Power Co. Inc. utility's customers during the delivery period, the commission said in a news release.
AEP Ohio is legally known as Ohio Power Co.
