AKRON,
Ohio, May 31, 2024 /PRNewswire/ -- FirstEnergy
Corp.'s (NYSE: FE) Ohio electric
companies – Ohio Edison, The Illuminating Company, and Toledo
Edison – today are filing a request with the Public Utilities
Commission of Ohio (PUCO) to
review their base electric rates. The rate request includes
recovery of investments to strengthen the distribution system,
improve the customer experience and establish a new customer
assistance program to aid residential customers who qualify as
income-eligible for financial assistance. The proposed change in
annual revenue is approximately $93.6
million compared to current rates.
Since their last rate review in 2007, FirstEnergy's Ohio electric companies have collectively
invested billions of dollars to modernize and strengthen the
electric grid through initiatives such as the four-year,
$516 million Grid Modernization Plan
that was approved by the PUCO in 2019. These investments,
which help reduce the size and length of power outages, include the
installation of automated devices and technology that can sense an
outage and automatically transfer customers to an adjacent power
line to limit the number of customers who experience a lengthy
outage.
The rate review proposes investments in the distribution system,
storm restoration work and a bill assistance initiative aimed at
keeping customers' needs and expectations top of mind. The
rate filing includes:
- Recovery of investments the companies have made to help create
a more reliable and resilient distribution system, including the
installation of additional animal guards and lightning protection
on electrical equipment that will help prevent outages caused by
factors outside of the companies' control.
- Creation of an Energy Assistance Outreach Team to enhance the
companies' ongoing efforts to increase awareness, education and
participation in energy assistance programs available to eligible
customers. Approximately 34% of FirstEnergy's Ohio residential customers are income-eligible
for financial assistance.
- A plan to transition company-owned streetlights to
state-of-the-art energy-efficient LED streetlights.
If approved by the PUCO, a typical non-shopping FirstEnergy Ohio
utility residential customer using 750 kilowatt-hours of
electricity per month on average could expect to see an increase of
$1.88, or 1.5%, on their monthly
bill. As part of the rate review process, a supplemental
filing will be made at the end of July, which among other things,
will incorporate impacts from the PUCO's recent decision in the ESP
V case.
Rising energy costs may cause concern for customers. To help
them manage their bills, FirstEnergy's Ohio companies offer budget plans, special
payment plans and access to energy assistance programs. To apply or
learn more about other utility bill assistance programs, customers
are encouraged to visit firstenergycorp.com/billassist or
contact customer service at 1-800-633-4766.
The requested rate reviews are subject to PUCO review and
approval. Any increase in rates resulting from this would not
become effective until approved and authorized by the commission.
The public will have the opportunity to comment on the filing
through the PUCO's public comment process, and the companies will
participate in public meetings about the plan and engage key
stakeholders to ensure an open and thorough review of the
proposal.
FirstEnergy Corp. is dedicated to integrity, safety,
reliability, and operational excellence. Its electric distribution
companies form one of the nation's largest investor-owned electric
systems, serving customers in Ohio, Pennsylvania, New
Jersey, West Virginia,
Maryland, and New York. The company's transmission
subsidiaries operate approximately 24,000 miles of transmission
lines that connect the Midwest and Mid-Atlantic regions. Follow
FirstEnergy online at www.firstenergycorp.com and on
Twitter @FirstEnergyCorp.
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SOURCE FirstEnergy Corp.