FirstEnergy / Ohio Utility Bailouts

The more electricity regulators delay, the more customers pay

COLUMBUS — “Remember the old ‘money booths,’ in which game show participants got to grab as many dollars as they could before the timer went off? Well, FirstEnergy’s the lucky contestant; everyday Ohioans are supplying the cash, and the Public Utilities Commission of Ohio (PUCO) is refusing to call time.

The PUCO is still deciding whether to give final approval to the bailout for the Ohio-based utility giant’s old, inefficient coal plants. Refresher: In October, the PUCO gave a tentative $625-million subsidy to reduce FirstEnergy’s debt associated with its bad business decisions.

PUCO procedures require regulators to solicit responses and reconsider its initial decision. Ohio commissioners, however, have allowed FirstEnergy to start collecting without the final approval.”

— Dick Munson, Environmental Defense Fund

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