FirstEnergy agrees to reimburse $ 306 million to Ohio customers

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The settlement between Akron-based FirstEnergy Corp. and the Ohio Consumers’ Counsel and other groups was announced on Monday.

CLEVELAND – One of the nation’s largest utility holding companies has agreed to reimburse customers at its three Ohio utilities for $ 306 million for collecting significantly excessive profits over a three-year period .

The settlement between Akron-based FirstEnergy Corp. and the Ohio Consumers’ Counsel and other groups was announced on Monday.

It includes $ 96 million in direct reimbursements, including $ 51 million to residential customers.

Customer invoices will see an additional $ 210 million in credits over a four-year period starting in 2022.

Consumer attorney Bruce Weston said the refund was the culmination of “hard-fought” efforts over several years to secure refunds for consumers for FirstEnergy’s high profits. “

The Ohio Energy Group also played a role in closing the settlement.

RELATED: FirstEnergy Charged, Agrees to Pay $ 230 Million Fine Under HB 6 Corruption Program

The case began with the Consumers Council appealing a PUCO ruling that the FirstEnergy companies did not make significantly excessive profits between 2017 and 2019. As regulated companies tasked with keeping the lights on, they are allowed to earn money, but are not allowed to do so. make grossly excessive profits.

The Ohio Supreme Court ruled in December 2020 that FirstEnergy companies could not exclude revenue from a customer charge for power grid modernization in the profit calculation.

The Ohio Utilities Commission will need to approve the settlement first.

The settlement comes four months after the company agreed to pay a $ 230 million fine in an alleged $ 60 million bribery scheme involving HB 6 and former House Speaker Larry Householder.

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