Winning Prices In Default Service Auction Jump 60% To Over $122/MWh, Above Starting Bid Price

Commissioner Blames FERC For Exposure To Price Spike

April 20, 2022

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Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com

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The Public Utilities Commission of Ohio has approved results from an April procurement of Standard Service Offer supplies at Dayton Power & Light (AES Ohio)

The SSO auction procured 50 tranches of supply for the period June 1, 2022 to May 31, 2023 at a tranche-weighted average price of winning bids of $122.50 per MWh.

The starting price range for the auction had been $85.00 to $105.00 per MWh. There was a sealed bid round

For comparison, a March auction had procured 50 tranches of SSO supply for the period June 1, 2022 - May 31, 2023 at a tranche-weighted average price of winning bids of $75.13 per MWh

Notably, the March auction had been scheduled to procure 100 tranches (100% of supply), but, shortly after the auction commenced, the tranche target was reduced from 100 tranches to 50 tranches, based on pre-determined criteria and consistent with auction rules and procedures.

During today's PUCO meeting, Commissioner Daniel Conway criticized FERC, stating that delays in various PJM capacity auctions, due to FERC, have "compromised" the ability of the PUCO to stagger standard service offer contracts and procurements as a risk mitigation measure.

Conway said FERC's actions, or inactions, have "adversely materially" affected the ability to spread out the procurement dates and has compressed the term lengths of the supply contracts, leaving procurements vulnerable to transient market and global issues, such as the case in the instant procurement

Commissioner Lawrence Friedeman took the opportunity during today's meeting to remind customers that there are alternatives to default service, including competitive supplier offers that may provide relief and/or greater value, and aggregation

Case 17-957-EL-UNC

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