FirstEnergy executive testifies on benefits of competitive energy markets in Ohio

Source: FirstEnergy Corp.

Leila L. Vespoli, executive vice president and general counsel for Akron, Ohio-based FirstEnergy Corp. (NYSE:FE) provided testimony on the benefits of competitive markets for electricity to the Ohio Senate Energy and Public Utilities Committee. In her remarks, Vespoli emphasized that Ohio customers and communities have benefited from competitive prices and enhanced service as a result of electric restructuring, which began in 2001 with Senate Bill 3. 

"Competition has resulted in lower electric generation prices for Ohio customers," said Vespoli. "Since 1999, our competitive subsidiary, FirstEnergy Solutions (FES), has invested nearly $6.4 billion in our generating fleet – including more than $1.8 billion in new environmental controls – all at no risk or cost to customers. At the same time, FES added more than 900 megawatts of power to our fleet – the equivalent of a large, baseload power plant – mostly through investments that have made our assets more efficient and productive." 

Vespoli also noted that Ohio has an active and growing competitive electricity market. "At present, there are 38 competitive retail electric suppliers signed up to do business in Ohio, as well as nearly 1.5 million residential, commercial and industrial customers currently buying competitive electric generation service from those suppliers." 

FirstEnergy is a diversified energy company dedicated to safety, reliability and operational excellence. Its ten electric distribution companies comprise the nation's largest investor-owned electric system. Its diverse generating fleet features non-emitting nuclear, scrubbed baseload coal, natural gas, and pumped-storage hydro and other renewables, and has a total generating capacity of approximately 24,000 megawatts.

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