CLEVELAND — Thousands of FirstEnergy customers in Ohio will see a decrease in the price of their electric service just in time for the summer.
Per a story reported by Sean McDonnell of Cleveland.com/The Plain Dealer, FirstEnergy is paying about 27% less for electricity at auction this year, according to the Public Utilities Commission of Ohio. The lower price at auction will translate to a drop in the default rate for many Northeast Ohio communities.
McDonnell points out that FirstEnergy has not filed its rates with regulators yet, meaning the final price for customers won’t be available for another few weeks.
But the news for FirstEnergy customers is considerably better now when compared to this time last year.
In March of 2023, FirstEnergy explained to 3News that the average weighted price of its three auctions was $101.08 per megawatt hour for June 2023 to May 2024, up from $53.62 the previous year.
For 2024-25, that price will be $73.89 per megawatt hour.
McDonnell adds the auctions don’t affect the rates of customers who shop and sign a contract with an electricity supplier, or who are part of a community aggregation, like NOPEC.
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