PUCO Approves FirstEnergy Ohio Auction Results, Average Generation Rate Set

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January 28, 2011

The Public Utilities Commission of Ohio has approved the results of the latest procurement for default service supplies under the FirstEnergy Ohio utilities' electric security plan.

Combined with an October auction, the procurements established a new average generation price of $55.60 per megawatt-hour (MWh) effective for the delivery period of June 1, 2011 through May 31, 2012.  Specific retail pricing at each of the three FirstEnergy companies will differ, and disclosed once tariff filings are made.

The recent auction, conducted on January 25, was for portions of supply requirements for the next three years.  Specific clearing prices for these supplies were $56.13 per MWh for the June 1, 2011 to May 31, 2012 delivery period; $54.92 per MWh for the June 1, 2011 to May 31, 2013 delivery period; and $57.47 per MWh for the June 1, 2011 to May 31, 2014 delivery period.  Additional auctions will be held for the 2012-13 and 2013-14 periods before final retail pricing is established.

In the January auction, there were 10 registered bidders, and seven winning bidders.

Identities of winning bidders will be disclosed after 21 days.

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