CINCINNATI, Oct. 24, 2011 /PRNewswire/ -- Duke Energy Ohio announced today it has reached a settlement agreement with most of the intervening parties involved with its application for an Electric Security Plan (ESP) filed with the Public Utilities Commission of Ohio (PUCO) on June 20, 2011.
The agreement, which is subject to approval by the PUCO, covers the company's generation service from Jan. 1, 2012 through May 31, 2015.
"The support of intervening parties has been instrumental in reaching an agreement that balances the needs of our customers with other key stakeholders," said Julie S. Janson, Duke Energy Ohio president. "This agreement, if approved by the commission, provides Duke Energy Ohio customers the opportunity to take advantage of today's low market rates and allows the company to focus on the long-term competitiveness of its generation assets in Ohio."A Duke Energy Ohio residential customer, who uses on average 1,000 kWh a month, will see an approximately 11 percent rate reduction in their bill, or roughly $14 per month, starting Jan. 1, 2012. Other key terms of the settlement include:
- A competitive auction process to determine customer rates
- A non-bypassable stability charge provided to the utility from 2012 to 2014
- Duke Energy Ohio must transfer its generating assets to an affiliate by Dec. 31, 2014, to encourage competition
- Duke Energy Ohio can continue supporting economic growth and job creation within its service territory
- Funding for low income families to support weatherization programs and fuel fund assistance.