FirstEnergy to return $900M to Ohio customers due to tax cuts
Three Ohio utility companies — Ohio Edison, Cleveland Electric Illuminating Company, and Toledo Edison – will see their monthly bills decrease due to reductions related to the Tax Cut and Jobs Act.
If approved by the Public Utilities Commission of Ohio (PUCO), the companies – which are all owned by FirstEnergy Corp., will return about $900 million to customers in price reductions. FirstEnergy’s Ohio customers will receive 100 percent of the tax savings created by the Tax Cut and Jobs Act, which was passed by Congress in December 2017.
FirstEnergy will also use the tax cuts to invest more than $500 million over three years to modernize the electric distribution system with advanced automation equipment, real-time voltage controls and the installation of 700,000 smart meters.
The grid modernization programs will reduce the frequency and duration of power outages, eliminate estimated meter reads, and provide customers with greater access to more detailed electric usage information.
“The agreement filed with the PUCO will deliver financial and service reliability benefits for our customers now and in the future,” Samuel Belcher, senior vice president and president of FirstEnergy Utilities, said. “The grid modernization initiative is consistent with the technology supported by the PUCO and the initial deployment of smart meters for our Ohio utilities will ultimately help customers make more informed decisions about their energy usage.”
FirstEnergy has asked the commission to act on the settlement agreement by the end of the year.
