Label
Council Members Sarantou, Morris, Komives, McPherson, Williams, Hobbs and Gadus
Title
Opposing the proposed rate increase by FirstEnergy Corporation and urging the Public Utilities Commission of Ohio (PUCO) to rule against FirstEnergy Corporation's ESP for their Ohio distributors proposed rate increase; and declaring an emergency.
Summary
WHEREAS, Toledo Edison is a subsidiary of the publicly traded national electric utility company FirstEnergy serving more than 300,000 customers throughout Toledo and northwest Ohio; and
WHEREAS, as of June 1, 2023 Toledo Edison rates are currently climbing from 5.9383? per kWh to 12.4065? per kWh, a 109% increase, essentially doubling the cost of electricity for many customers in our area; and
WHEREAS, FirstEnergy is now asking for an estimated $1.4 billion rate hike through an Electric Security Plan (ESP) that Ohio utilities are required to file that outlines how they will provide power to customers and the proposed FirstEnergy ESP seeks to further increase electricity costs for residential consumers beginning June 2024 through spring of 2032; and
WHEREAS, ESP's have historically been used as a tool by electric utility companies to facilitate more rate increases in between traditional rate hikes, providing more security for the utility company than for consumers; and
WHEREAS, The Ohio Consumers' Counsel (OCC), our state's advocate for residential utility consumers, supports Ohio Senate Bill 143 to ban ESP rate hikes, and vehemently opposes the proposed FirstEnergy rate increase during this time when Ohioans are already facing financial difficulties due to inflation and higher energy prices; and
WHEREAS, the residents of northwest Ohio, and specifically Toledo, Ohio have historically been burdened with paying higher electricity rates that negatively impact our economic development and our ability to attract employers and companies to our city; NOW, THEREFORE,
Be it resolve...
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