First Energy recently held its second auction—pursuant to the stipulation approved in FirstEnergy’s most recent ESP case—to acquire portions of FirstEnergy’s generation supply. The auction established a new generation price of $55.60 per megawatt hour (MWh) effective for the delivery period of June 1, 2011 through May 31, 2012. There were ten electric generation suppliers registered for the auction, and seven submitted winning bids.
The Public Utilities Commission of Ohio (PUCO) has released the results of the auction, which are substantially similar to the results of the prior auction held in October 2010. The results indicate a slight upward movement in electric-generation prices, but not in an amount that will have a significant impact on generation prices in the near future. The result is a positive one for customers served by FirstEnergy. Additional auctions will be held in October 2011, January 2012, October 2012, and January 2013 to establish the generation prices for 2012 and 2013.
For more information, visit the PUCO website.