There was a similiar auction in Pa. that was in a news release from Alleghany, the company FE is buying. In Pa. they had been expecting a 20% increase but the auction came in with only a 3-5% increase.
With the ex-dividend date coming up in early November, there should be some bounce back next week.
I bought back into FE recently hoping to recoup a portion of the high electric rates I pay to FE in New Jersey. The rate here is significantly higher than Ohio. I pay a whopping 17 cents/KWH! But, everything in NJ is high.
What I don't understand is how rates can be bid down when energy prices are rising and only expected to go higher. This is not a good recipe for profits. What are these people thinking?
I think they have it ALL wrong. Energy prices will be higher next year aND SO WILL ELECTRIC PRICES. These forcasts are made by a bunch of idiots that can't find their way home from the bars they attend instead of doing their jobs.