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PUCO accepts Duke Energy Ohio's wholesale auction results

The Public Utilities Commission of Ohio said Feb. 28 that it has approved Duke Energy Ohio Inc.'s wholesale auction results that will determine its retail generation rates through May 2021.

The Duke Energy Corp. utility held the auction on Feb. 27 to secure one-, two- and three-year products to supply electricity in its Ohio service area. The one-year auction resulted in four successful bidders with an average clearing price of $52.87/MWh for the delivery period of June 2018 through May 2019.

Four bidders won the two-year product auction with an average clearing price of $49.48/MWh for the delivery period of June 2018 through May 2020. Three bidders won the three-year product auction with an average clearing price of $49.71 per MWh for the delivery period of June 2018 through May 2021.

The outcome of the auction, along with previous and future auction results, will determine the utility's "price-to-compare" for the delivery period of June 1, 2018, through May 31, 2021, according to a PUCO release.

CRA International served as the independent auction manager, while Bates White LLC monitored the auction process.