Ohio utilities board signs off on FirstEnergy rate hike

By The Associated Press

Ohio regulators have rejected appeals of an earlier decision that allows FirstEnergy Corp. to impose electricity rate increases for three years.

 

COLUMBUS, Ohio (AP) — Ohio regulators have rejected appeals of an earlier decision that allows FirstEnergy Corp. to impose electricity rate increases for three years.

The move will give FirstEnergy an additional $204 million each year. Homeowners using an average of 750 kilowatt-hours of electricity a month will see monthly bills increase by $36 a year.

The money is supposed to go toward improving the utility's electricity distribution grid.

Opponents argue that it opens the door for Akron-based FirstEnergy to put the money toward its struggling nuclear and coal power plants.

FirstEnergy has been trying to convince Ohio lawmakers that it needs $300 million in new charges to save its two aging nuclear plants that are facing stiff competition from natural gas power plants.

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