PUCO Agrees To Rehear FE’s New Plan For Power Plant Income Guarantees
May 16, 2016
The Public Utilities Commission of Ohio agreed to reevaluate FirstEnergy’s proposal for ratepayer-subsidized income guarantees for its uneconomic power plants. The Federal Energy Regulatory Commission last month rejected the power purchase agreements, arguing they infringed on the agency’s authority over wholesale markets. FirstEnergy’s new proposal would recover the costs through a bill rider the company hopes will avoid FERC review. The Ohio commission’s decision to reconsider the case drew swift criticism from environmentalists, who called it an “unprecedented move,” demanded more “independent oversight of monopolies,” and accused regulators of “rubber-stamping” FE’s request.