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NOPEC Says Electric Deregulation Is Saving Ohio Customers $3 Billion Per Year
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NOPEC (Northeast Ohio Public Energy Council) said that an updated study from researchers at Cleveland State University shows that electricity deregulation saved Ohio customers nearly $3 billion each and every year from 2019 through 2023 (with Ohio on-track to reach similar savings in 2024)
The study updates a prior analysis dating back to 2011, and NOPEC said that, in the aggregate, savings under Ohio's electric deregulation have total $37.5 billion since 2011
Of the $16 billion in savings since 2019 (including
2024), around $6 billion was realized by residential customers,
and around $10 billion was realized by commercial and industrial
customers, the study said
"Roughly $7 billion of the $16 billion came
through shopping, while $9 billion came from the
CBP [default service] auctions, which sets [sic] the Price to Compare," a primer on the study said
NOPEC said that savings to C&I customers averaged $1.6 billion annually for 2019 through 2024
Researchers compared what NOPEC termed three "fully" regulated states -- Michigan, Indiana and Wisconsin --- with Ohio, Pennsylvania and Illinois, which have deregulated generation, NOPEC said
The study relied on EIA and PUCO data
A model was used to estimate what Ohio rates would have been absent deregulation, using the trajectory of rates at the three vertically integrated states cited above
"The latest threat to deregulation and the clear benefits it provides to Ohio's electric consumers and the state economy is coming in the form of reregulation efforts driven by investor-owned utilities under the guise that there's a severe shortage of generation capacity that only they can adequately address," said Chuck Keiper, Executive Director of the Northeast Ohio Public Energy Council (NOPEC).
The study can be found here
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November 20, 2024
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Copyright 2024 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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