Customers Would Pay $1 Billion More in Electric Rates Under Proposed AEP-Ohio Settlement

^{Published on 2011-09-11 11:40:26 - Market Wire}
 

FirstEnergy Solutions: Customers Would Pay $1 Billion More in Electric Rates Under... -- AKRON, Ohio, Sept. 7, 2011 /PRNewswire/ --

[ ]

My news for Investors

AtLeast one of the check box should be selected You are following news about Follow the latest news about FE

AKRON, Ohio, Sept. 7, 2011 /PRNewswire/ -- Customers would be forced to pay more than $1 billion above what the competitive electricity market could offer them and their families under AEP-Ohio's proposed settlement filed today with the Public Utilities Commission of Ohio (PUCO), according to FirstEnergy Solutions.

"The settlement filed today is no better for customers than AEP's initial plan which was overwhelmingly opposed by consumer and business groups," said Donald R. Schneider, President of FirstEnergy Solutions.  "With this settlement, customers will be denied the benefits of low prices from the competitive market and be illegally burdened with high electric prices for years to come – all to benefit AEP shareholders at the expense of customers. The plan also unfairly favors large industrial customers by providing them with cheaper electric rates at the expense of residential and low-income customers."

FirstEnergy Solutions and 40 other competitive retail electric suppliers are prepared to provide AEP customers with low-cost electricity for their homes and businesses.  This settlement will hold customers captive to AEP's monopoly by preventing suppliers from entering the market and denying customers the ability to shop for competitively-priced electricity – a right afforded to them under Ohio law.

FirstEnergy Solutions, a subsidiary of FirstEnergy Corp. (NYSE: [ FE ]) is one of the nation's largest providers of competitive electric generation supply, serving more than 1.5 million customers in Ohio, Pennsylvania, New Jersey, Maryland, Michigan and Illinois.  

FirstEnergy is a diversified energy company dedicated to safety, reliability and operational excellence.  Its 10 electric distribution companies comprise the nation's largest investor-owned electric system.  Its diverse generating fleet features non-emitting nuclear, scrubbed baseload coal, natural gas, and pumped-storage hydro and other renewables, and has a total generating capacity of approximately 23,000 megawatts.

[ www.firstenergycorp.com ]

SOURCE FirstEnergy Corp.

RELATED LINKS
[ http://www.firstenergycorp.com ]