PUCO Accepts Results of AEP Auction

COLUMBUS, Ohio – The Public Utilities Commission of Ohio (PUCO) on March 8, 2018 accepted the results of AEP Ohio’s wholesale auction that will determine its default generation rates beginning June 1, 2018.

The auction, held on March. 6, 2017 secured one-, two- and three-year products to supply electricity to AEP Ohio’s utility customers. The results will be blended with future auctions to establish a price-to-compare for AEP Ohio’s customers during the delivery period.

The one-year product auction resulted in four winning bidders and an average clearing price of $52.01 per megawatt hour (MWh) for the delivery period of June 2018 to May 2019.
The two-year product auction resulted in six winning bidders and an average clearing price of $48.29 per MWh for the delivery period of June 2018 to May 2020.

The three-year product auction resulted in six winning bidders and an average clearing price of $46.53 per MWh for the delivery period of June 2018 to May 2021.

National Economic Research Associates served as the independent auction manager, and Bates White, LLC, 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. More information about how to choose a supplier is available at www.energychoice.ohio.gov. The PUCO’s Apples to Apples comparison charts provide customers with a snapshot comparison of current electric supplier offers and contract terms. The charts are updated daily.

A copy of the 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 17-2391-EL-UNC.