FirstEnergy's Ohio Electric Companies Encourage Customers to Review Options to Help Manage Summer Electric Bills

FirstEnergy Corp. (NYSE: FE) has announced that its Ohio electric companies, including Ohio Edison, The Illuminating Company, and Toledo Edison, will see an increase in the price of electric generation starting June 1, 2023.

Rhea-AI Summary

FirstEnergy Corp. (NYSE: FE) has announced that its Ohio electric companies, including Ohio Edison, The Illuminating Company, and Toledo Edison, will see an increase in the price of electric generation starting June 1, 2023. This change is due to results from recent competitive auctions. Customers should expect a roughly 47% increase in total bills for typical non-shopping residential customers using 750 kilowatt hours.

The new 'price to compare' rates will be 12.39 cents/kWh for Ohio Edison, 12.40 cents/kWh for The Illuminating Company, and 12.41 cents/kWh for Toledo Edison. Customers are encouraged to explore competitive energy supply options to potentially reduce costs. The new rates will be seasonal, with higher winter prices expected compared to the previous winter.

Positive

• None.

Negative

• Approximately 47% increase in total bills for typical non-shopping customers from May to June.
• New 'price to compare' rates higher than previous levels, potentially increasing customer financial burden.

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"Price to compare" rising June 1 following higher competitive auction prices

AKRON, Ohio, April 19, 2023 /PRNewswire/ -- FirstEnergy Corp. (NYSE: FE) is encouraging customers of its Ohio electric companies – Ohio Edison, The Illuminating Company and Toledo Edison – to evaluate electric supply offers from competitive suppliers that fit their budget and protect against rising energy prices this summer. Due to the results of recent competitive auctions, FirstEnergy customers who rely on their electric company for all aspects of service are expected to see an increase in the price they pay for electric generation beginning June 1.

Customer bills are divided into two parts: a charge from a FirstEnergy Ohio electric company for delivering electricity to a home or business, and a separate charge for the actual electricity used by a customer. For the second component, customers can shop and choose a competitive energy supplier that may be able to offer a lower price for generation.

The electric company is required to purchase electricity through a competitive auction process for "non-shopping" customers who do not choose an energy supplier, and the rate is reflected in the "price to compare" listed on their monthly bills. FirstEnergy electric companies do not control the price of generation, which is provided to customers at cost.

Effective June 1, and subject to approval from the Public Utilities Commission of Ohio (PUCO), the prices to compare for each of FirstEnergy's Ohio electric companies' residential customers will be:

• Ohio Edison: 12.39 cents/kwh
• Illuminating Co.: 12.40 cents/kwh
• Toledo Edison: 12.41 cents/kwh

A typical non-shopping FirstEnergy Ohio residential customer using 750 kilowatt hours can expect to see an increase to their total bill of approximately 47% from May to June. The prices, which update annually on June 1, are seasonal, with summer pricing in effect for the months of June through August, and winter pricing in effect for all other months. Winter prices are expected to remain higher than those seen this past winter.

"With energy rates elevated as we head into the hot, summer months, now is a great time to review your options so that you can select a rate or program that works best for you and your family," said Mark Jones, vice president of customer engagement for FirstEnergy. "By selecting a competitive energy supplier that offers a rate lower than the price to compare on your bill, you may be able to pay less each month."

To explore alternative electricity supplier options, customers can visit the PUCO's Apples to Apples tool online at www.energychoice.ohio.gov. As customers evaluate their "price to compare" against alternative supplier offers, they should consider the price, plan structure (fixed or variable rate), contract terms and conditions, and any taxes, charges or fees that may apply. They can also explore ways to conserve energy this summer by visiting www.firstenergycorp.com/save_energy.

Ohio Edison serves more than one million customers across 34 Ohio counties. Follow Ohio Edison on Twitter @OhioEdison, on Facebook at www.facebook.com/OhioEdison, and online at www.ohioedison.com.

The Illuminating Company serves approximately 755,000 customers across Ashtabula, Cuyahoga, Geauga, Lake and Lorain counties. Connect with The Illuminating Company at www.illuminatingcompany.com, on Twitter @IlluminatingCo and on Facebook at www.facebook.com/IlluminatingCo.

Toledo Edison serves more than 315,000 customers in northwest Ohio. Follow Toledo Edison on Twitter @ToledoEdison, on Facebook at www.facebook.com/ToledoEdison, and online at www.toledoedison.com.

FirstEnergy is dedicated to integrity, safety, reliability and operational excellence. Its 10 electric distribution companies form one of the nation's largest investor-owned electric systems, serving customers in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland and New York. The company's transmission subsidiaries operate approximately 24,000 miles of transmission lines that connect the Midwest and Mid-Atlantic regions. Follow FirstEnergy online at www.firstenergycorp.com and on Twitter @FirstEnergyCorp.

 

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SOURCE FirstEnergy Corp.

FAQ

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What changes are being made to electric rates for FirstEnergy customers in Ohio?

Starting June 1, 2023, FirstEnergy customers in Ohio can expect an increase in electric generation prices due to competitive auction results.

How much will FirstEnergy's prices to compare increase?

The new prices to compare will be 12.39 cents/kWh for Ohio Edison, 12.40 cents/kWh for The Illuminating Company, and 12.41 cents/kWh for Toledo Edison.

What can FirstEnergy customers do to manage rising electric bills?

Customers can evaluate competitive energy suppliers to potentially find lower rates than the new prices to compare.

How much should a typical FirstEnergy residential customer expect their bill to rise?

A typical non-shopping FirstEnergy residential customer using 750 kilowatt hours may see an increase of approximately 47% from May to June.

When will the new electric rates take effect for FirstEnergy customers?

The new electric generation rates will take effect on June 1, 2023, pending approval from the Public Utilities Commission of Ohio.