FirstEnergy to return $26 million to Ohio ratepayers
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If you re a customer of Ohio Edison, The Illuminating Co. or Toledo Edison, you will probably be getting a credit on your electric bill.
Akron s FirstEnergy Corp. announced Thursday, March 31, that it s returning to Ohio ratepayers $26 million in revenue that it collected through a controversial mechanism known as decoupling.
Part of the now disgraced House Bill 6 energy law from 2019 which federal prosecutors have since alleged was passed by a $60 million bribery scheme orchestrated by former Ohio House Speaker Larry Householder decoupling is a mechanism that would guarantee FirstEnergy s revenues. It would enable the utility to collect extra money from customers so that its revenue did not fall below the level it achieved in 2018.
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The Blade
Apr. 1 COLUMBUS The controversial $1 billion bailout of two nuclear power plants that came to epitomize the idea of legislation being for sale in Ohio is no more.
Gov. Mike DeWine on Wednesday signed House Bill 128 into law, effectively repealing portions of House Bill 6 enacted in 2019 that would have surcharged electricity customers across the state to subsidize the Lake Erie plants and lock in high future profits for Akron-based FirstEnergy Corp.
The law was the end product of an alleged $61 million bribery scheme that has led to federal racketeering charges against multiple players, including former Ohio House Speaker Larry Householder (R., Glenford).
FirstEnergy refunds $26M as nuclear bailout repeal is signed
By Julie Carr Smyth and John Seewer - Associated Press
COLUMBUS, Ohio (AP) An Ohio electric company under scrutiny for its role in what federal authorities say was a $60 million bribery and corruption scheme said it will refund $26 million to customers that it collected through a tainted nuclear bailout bill, which was repealed by the governor Wednesday.
The millions in question were paid by customers of Akron-based FirstEnergy Corp.’s three Ohio electric utility companies as part of a revenue guarantee that they steadily receive the same amount of annual revenue they collected in 2018, a year of extreme weather and high electric use.
FirstEnergy refunds $26M as nuclear bailout repeal is signed wcpo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from wcpo.com Daily Mail and Mail on Sunday newspapers.
Apr 1, 2021
COLUMBUS (AP) An Ohio electric company under scrutiny for its role in what federal authorities say was a $60 million bribery and corruption scheme said it will refund $26 million to customers that it collected through a tainted nuclear bailout bill, which was repealed by the governor Wednesday.
The millions in question were paid by customers of Akron-based FirstEnergy Corp.’s three Ohio electric utility companies as part of a revenue guarantee that they steadily receive the same amount of annual revenue they collected in 2018, a year of extreme weather and high electric use.
The announcement came the same day Republican Gov. Mike DeWine signed a bill repealing the nuclear bailout and other provisions of the earlier bill. The repeal legislation gets rid of electricity bill surcharges that were created in 2019 to pay for the bailout for the Davis-Besse nuclear power plant near Oak Harbor and the Perry plant east of Cleveland.