Ohio Default Prices to Spike

March 27, 2023

If you are looking for an example of power price volatility, the wholesale auction in Ohio may be a good proof point. Electricity prices in the state are about to spike just as the summer cooling season arrives. The SSO (Standard Service Offer) is the default rate charged by utilities for generation service to customers who are not contracted with an alternative (retail) supplier. On June 1, 2023, the SSO, or default price, will reflect a new series of wholesale market auctions. The most recent auction for the delivery period June 1, 2023 to May 31, 2024 cleared at $83.75/MWh. To put this into perspective, the auction for the delivery period June 1, 2020 to May 31, 2021 cleared at $40.89/MWh.

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