The board of FirstEnergy Corp. took no action yesterday on an electricity rate plan forged by Ohio regulators last week. The plan substantially modified a proposal by the utility.
"We're continuing to review our options," Ellen Raines, a company spokesman, said. The utility might seek a rehearing on the matter, she added, giving no indication about when a decision will be made.
The state's Public Utilities Commission has directed FirstEnergy to seek bids to supply electricity to customers in northern Ohio, including Toledo, and, if those bids come in too high, to provide power at current rates through 2008. FirstEnergy had proposed either allowing the power auction or permitting frozen rates along with a continued fee equivalent to one that helps the company pay off its debts.
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