{"id":14130,"date":"2016-10-13T14:20:22","date_gmt":"2016-10-13T19:20:22","guid":{"rendered":"http:\/\/blogs.edf.org\/energyexchange\/?p=14130"},"modified":"2016-10-13T14:23:16","modified_gmt":"2016-10-13T19:23:16","slug":"ohio-regulators-deliver-undoubtedly-unconventional-decision-in-firstenergy-bailout-case","status":"publish","type":"post","link":"https:\/\/blogs.edf.org\/energyexchange\/2016\/10\/13\/ohio-regulators-deliver-undoubtedly-unconventional-decision-in-firstenergy-bailout-case\/","title":{"rendered":"Ohio Regulators Deliver \u201cUndoubtedly Unconventional\u201d Decision in FirstEnergy Bailout Case"},"content":{"rendered":"

\"power-lines-unsplash2\"In a long-awaited decision, the Public Utilities Commission of Ohio (PUCO) yesterday approved<\/a> a $600-million electricity rate plan for FirstEnergy.<\/p>\n

One read of the decision is, regulators killed the Ohio-based utility giant\u2019s massive bailout<\/a> and ordered the utility to modernize its grid. If accurate, this would be an incredible victory: Dirty power plants would not be subsidized, FirstEnergy would not be rewarded for its poor business decisions, and the company would invest in measures that increase efficiency and welcome clean-energy resources.<\/p>\n

Ah, if the PUCO order were only so clear. On the one hand, it does seem the regulators are giving FirstEnergy $600 million upfront and requiring it to spend those funds on grid-modernization programs the PUCO will approve in the future. Yet, the more realistic read is, Ohio regulators are simply handing FirstEnergy $600 million in hopes the subsidy will allow the utility to improve its balance sheet. Then, FirstEnergy will (hopefully) propose grid-modernization efforts that the PUCO will consider and fund down the line. In other words, the PUCO is providing FirstEnergy a no-strings-attached subsidy.<\/p>\n

The decision is unusual and a bit difficult to interpret \u2013 even the PUCO chairman admits<\/a> the approach is \u201cundoubtedly unconventional.\u201d The only certainty is that this issue will not die. Environmental Defense Fund and its allies will continue to press the PUCO and the Ohio Supreme Court to ensure the $600 million goes toward building a cleaner, more modern electric grid.<\/p>\n

FirstEnergy\u2019s bailout background<\/strong><\/p>\n

A little history here is helpful. About two years ago, FirstEnergy requested a $4-billion bailout to keep operating its old, uneconomic, and dirty power plants. The PUCO agreed, but the Federal Energy Regulatory Commission (FERC) objected<\/a>, saying the $4 billion was an illegal subsidy that would distort competitive electricity markets. In order to avoid FERC jurisdiction, FirstEnergy then revised<\/a> its $4-billion-bailout request to remove the part related to the continued operation of any power plants. It also asked for another $4 billion to reduce its debt<\/a> \u2013 caused by its own bad business decisions \u2013 as well as yet another $4 billion to justify keeping its corporate headquarters<\/a> in Ohio.<\/p>\n

A few months ago, the PUCO staff recommended<\/a> the utility receive only $600 million \u2013 just 5 percent of the utility\u2019s $12-billion request \u2013 in order to reduce its debt. That proposal was premised on the belief such funds would improve FirstEnergy\u2019s credit rating, allowing the utility to obtain capital and invest in grid modernization. However, the PUCO staff\u2019s recommendation didn\u2019t require <\/em>any of the $600 million to be spent on grid modernization \u2013 it was more along the lines of wishful thinking.<\/p>\n

[Tweet “Ohio Regulators Deliver ‘Undoubtedly Unconventional’ Decision in FirstEnergy Bailout Case”]<\/p>\n

An ambiguous order<\/strong><\/p>\n

Yesterday, the PUCO commissioners essentially accepted the staff\u2019s recommendation. Yet some portions of its order<\/a> suggest the $600 million must<\/em> be spent to improve the utility\u2019s distribution system.<\/p>\n

The order declares that the approved funds \u201cshould be conditioned upon the implementation of all grid modernization programs approved by the Commission.\u201d It even states that the PUCO will annually review FirstEnergy\u2019s grid-modernization progress and adjust its receipts, \u201cincluding any over- or under-recoveries.\u201d So, if FirstEnergy ends up spending less on grid modernization than it earned in new revenues, it would have to make up the difference through credits to customers, for example.<\/p>\n

Yet, hidden in the 192-page document are other lines saying the regulators \u201cwill not place restrictions on the use\u201d of the funds and that FirstEnergy may use the resources \u201cto indirectly support grid modernization investments.\u201d The operative word, of course, is \u201cindirectly,\u201d and the regulators suggest such \u201cinvestments\u201d could \u201cinclude outstanding pension obligations, reducing debt, or taking other steps to reduce the long-term costs of accessing capital.\u201d In other words, FirstEnergy could use the money solely to reduce its debt, without the need to show any connection to grid-modernization efforts.<\/p>\n

The PUCO also ruled that the $600 million in revenue would not be subject to an earnings test, which would require FirstEnergy to refund any revenues collected from customers that significantly exceed the utility\u2019s cost of providing service. By excluding these revenues from an earnings test, the PUCO made it more likely that the money will not be used for grid modernization.\u00a0

The PUCO decision is an important step in the FirstEnergy saga, but it is far from the end.<\/p>\n<\/div><\/p>\n

What happens next?<\/strong><\/p>\n

The PUCO decision is an important step in the FirstEnergy saga, but it is far from the end. Parties, including EDF, will ask the Ohio Supreme Court to consider whether the PUCO\u2019s \u201cundoubtedly unconventional\u201d approach is legal. The PUCO itself will need to clarify what grid-modernization initiatives it supports. Most likely, FirstEnergy \u2013 which received a measly 5 percent of its plea \u2013 will appeal to Ohio legislators for a larger bailout as well as protection from competition.<\/p>\n

How the FirstEnergy situation shakes out has national significance. As one former FERC commissioner noted<\/a>, subsidizing uneconomic power plants or poorly-managed utilities is the<\/em> major challenge facing the electricity industry at this critical juncture in its evolution. These \u201cout-of-market constructs\u201d being debated in Ohio would distort price signals in the electricity market and lead to \u201ca really, really unsustainable future.\u201d The outcome will signal whether electricity markets rely on competition or monopolies, on markets or subsidies.<\/p>\n

The PUCO is so close to a great decision. Rejecting the bailout and ordering grid modernization would be a victory for markets, investment in Ohio, efficiency, customers, and the environment. Here\u2019s hoping the PUCO itself or the Ohio Supreme Court provides such clarity and progress.<\/p>\n","protected":false},"excerpt":{"rendered":"

In a long-awaited decision, the Public Utilities Commission of Ohio (PUCO) yesterday approved a $600-million electricity rate plan for FirstEnergy. One read of the decision is, regulators killed the Ohio-based utility giant\u2019s massive bailout and ordered the utility to modernize its grid. If accurate, this would be an incredible victory: Dirty power plants would not …<\/p>\n","protected":false},"author":39893,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[46898,27600],"tags":[],"coauthors":[],"class_list":["post-14130","post","type-post","status-publish","format-standard","hentry","category-firstenergy","category-utilities"],"acf":[],"yoast_head":"\nOhio Regulators Deliver \u201cUndoubtedly Unconventional\u201d Decision in FirstEnergy Bailout Case - Energy Exchange<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/blogs.edf.org\/energyexchange\/2016\/10\/13\/ohio-regulators-deliver-undoubtedly-unconventional-decision-in-firstenergy-bailout-case\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ohio Regulators Deliver \u201cUndoubtedly Unconventional\u201d Decision in FirstEnergy Bailout Case - Energy Exchange\" \/>\n<meta property=\"og:description\" content=\"In a long-awaited decision, the Public Utilities Commission of Ohio (PUCO) yesterday approved a $600-million electricity rate plan for FirstEnergy. 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