Feb 9, 2021
Kudos to Ohio Attorney General Dave Yost for taking it upon himself to head to the table with FirstEnergy in an attempt to hammer out an agreement to stop collection of the guaranteed profit subsidy approved by Ohio lawmakers as part of a tainted energy bill.
As part of the settlement, FirstEnergy this past week filed an application advising the Public Utility Commission of Ohio, or PUCO, that it will forego collection of a profitability guarantee.
The move halts the company from using a clause in House Bill 6 that would have cost customers an extra $102 million this year.
House Bill 6, enacted in 2019, authorizes payments totaling some $1 billion in subsidies to energy companies, including nuclear and solar power interests, over a period of years. Electric customers would cover the cost.
Kudos to Ohio Attorney General Dave Yost for taking it upon himself to head to the table with FirstEnergy in an attempt to hammer out an agreement to stop collection of the guaranteed profit subsidy approved by Ohio lawmakers as part of a tainted energy bill.
As part of the settlement, FirstEnergy this week filed an application advising the Public Utility Commission of Ohio, or PUCO, that it will forego collection of a profitability guarantee.
The move halts the company from using a clause in House Bill 6 that would have cost customers an extra $102 million this year.
House Bill 6, enacted in 2019, authorizes payments totaling some $1 billion in subsidies to energy companies, including nuclear and solar power interests, over a period of years. Electric customers would cover the cost.