The Public Utility Commission of Ohio said Wednesday it approved the auction results.
During the 24-round auction, PUCO said, three competitive suppliers submitted winning bids to provide electricity to DP&L customers.
PUCO said the auction resulted in an average clearing price of $49.32 per megawatt hour for 10 percent of DP&L’s standard service offer load for the delivery period Jan. 1, 2014 through May 31, 2017.
“It is pleasing to see the auction process yielding positive results for this first wholesale auction for DP&L,” PUCO Chairman Todd A. Snitchler said. “As each of Ohio’s electric distribution utilities move towards market based rates there’s evidence that competition is working to keep prices lower for customers.”
In September, PUCO modified and approved DP&L’s application for an electric security plan, effective through May 31, 2017. The approved plan will move DP&L towards a fully competitive market-based structure.
During the term of the plan, DP&L will conduct auctions for 10 percent of its standard load for the period of Jan. 1, 2014 to Dec. 31, 2014; 40 percent for the period of Jan. 1, 2015 to Dec. 31, 2015; and 70 percent for the period of Jan. 1, 2016 to May 31, 2017.
At the end of the ESP, the company is expected to have divested all of its generation assets.
PUCO said that CRA International served as the independent auction manager, and Boston Pacific Company, a consultant retained by the PUCO, monitored the auction process. The names of the winning bidders will remain confidential for 21 days.
Customers continue to have the opportunity to consider competitive options to meet their electricity needs, including shopping for an alternate supplier or joining a local government aggregation group, PUCO added.
More information about how to choose a supplier is available at www.PUCO.ohio.gov. PUCO updates the charts on a regularly.
PUCO added that a copy of Wednesday’s Commission finding and order and redacted version of the report issued by the auction manager are available at www.PUCO.ohio.gov.
Click on the link to Docketing Information System and enter the case number 13-2120-EL-UNC.
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