filed with Ohio energy regulators for a rehearing of its rate stabilization case.
The Akron-based power producer applied with the Public Utilities Commission of Ohio for rehearing of a modified version of a plan that was approved by the PUCO on June 9. The company seeks the right to request recovery of costs outside its control, notably from higher fuel costs, and deferral of some costs associated with distribution-reliability improvements.
FirstEnergy, which is best known for its role in the Northeast power blackout of last August, said much of its plan was approved earlier this month as filed. That blueprint included provisions for extending current generation prices for customers through 2008, applying appropriate accounting modifications, and continuing residential customer shopping credits totaling approximately $285 million in savings, FirstEnergy said.
The company said it filed the plan last October "in response to PUCO concerns about customer prices in an undeveloped electricity marketplace. It included a provision for periodic auctions to determine whether market- based prices would offer customers savings during the period of the plan."
On Friday, FirstEnergy fell 20 cents to $37.80.