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Ohio regulators accept FirstEnergy's auction results

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Ohio regulators accept FirstEnergy's auction results

The Public Utilities Commission of Ohio on Oct. 11 accepted the results of FirstEnergy Corp.'s wholesale auction.

The auction held Oct. 10 will determine the company's standard service offer through May 2021. It resulted in an average clearing price of $48.18 per MWh for the two-year delivery period of June 2018 to May 2020 and $46.09 per MWh for the three-year delivery period of June 2019 to May 2021.

To establish a price-to-compare for FirstEnergy's Ohio customers, the results of the latest auction will be blended with previous and future auctions.

The six winning bidders of the two-year product auction and the three winning bidders of the three-year product auction will not be revealed for 21 days.

CRA International served as the independent auction manager, and Bates White Economic Consulting monitored the auction process. (PUCO docket 16-776-EL-UNC)