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TheStreet Open House

FirstEnergy Pennsylvania Utilities File Plans To Purchase Electric Generation Supply Beginning In 2015

Stocks in this article: FE

READING, Pa., Nov. 5, 2013 /PRNewswire/ -- FirstEnergy's (NYSE: FE) Metropolitan Edison (Met-Ed), Pennsylvania Electric (Penelec), Pennsylvania Power (Penn Power), and West Penn Power utility companies have filed plans with the Pennsylvania Public Utility Commission (PPUC) to procure electric generation supply beginning June 2015 for customers who choose not to shop with alternate suppliers.  The companies, which do not own any electric generating plants, serve approximately 2 million customers in Pennsylvania.  The utilities will seek generation supply through an auction process to ensure customers have a secure supply of power. 

The procurement process will be managed by CRA International, Inc. (CRA), a global consulting firm with expertise in energy markets.  Under the proposed plan, CRA will conduct auctions on a quarterly basis beginning October 2014, with generation prices calculated based on a blended average by customers' class.  The process will ensure the confidentiality of information provided by bidders, which will be required to certify that they are creditworthy, acting independently of other bidders, and are making firm offers to provide generation service to customers. 

The proposed program also includes a process for meeting state-mandated alternative energy standards, including a separate bidding process in order to meet a portion of the solar energy requirements through a request for proposal for 2-year contracts for the purchase of solar Renewable Energy Credits.

Additionally, the companies have proposed to continue the Customer Referral Program that was established in August 2013 in an effort to continue to enhance retail competition in their service territories.

Information about the filing and the proposed procurement program is available on the companies' individual company webpages found at www.firstenergycorp.com .

The companies expect that the PPUC will rule on their Default Service Program petition in 2014.

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