FirstEnergy Corp., parent firm of Toledo Edison, filed a rate plan with state regulators yesterday that will determine how rates are set for a three-year period that begins after the current rate plan expires in May, 2011.
The new plan, for which the utility has requested an expedited hearing and approval by the Public Utilities Commission of Ohio, has the support of the PUCO staff and a
variety of large electric power users, including the city of Cleveland, the Ohio Schools Council, and the Ohio Hospital Association.
The plan, which would run from June 1, 2011, through May 31, 2014, is similar to the current plan that uses a competitive auction to secure power and set rates for customers who do not choose alternative suppliers. There would be four auction bidding sessions — in July and October of 2010, in July, 2011, and July, 2012 — to determine rates.
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