Oct 24 (Reuters) - Ohio utility regulators approved theresults of Ohio power company FirstEnergy Corp's seventhwholesale electric auction that will ultimately determine itsretail generation service rates through May 2016.
In a release, the Public Utilities Commission of Ohio (PUCO)said four competitive suppliers submitted winning bids during anauction held on October 22 for the one-year product to provideelectricity to FirstEnergy customers.
That auction resulted in an average clearing price of $50.91per megawatt hour for the delivery period June 1, 2014 throughMay 31, 2015.
The release did not say if the auction results would likelyincrease or decrease power costs for customers. Officials at thePUCO were not immediately available for comment.
The PUCO said it will keep the names of the winning biddersconfidential for 21 days.
For the two-year product, regulators said four competitivesuppliers submitted winning bids resulting in an averageclearing price of $59.99 per MWh for the delivery period June 1,2014 through May 31, 2016.
These results will be blended with previous auctions, andthree upcoming auctions to establish retail generation ratesfrom June 1, 2014 through May 31, 2016, the regulator said.
The PUCO noted power customers do not buy the power acquiredin this auction. They can instead buy power from an alternatesupplier or join a local government aggregation group.
CRA (Charles River Associates) International managed the auction. Boston Pacific Inc, a consultant retainedby the PUCO, monitored the auction process.