PUCO to Vote On FirstEnergy, AEP Plan to Generate Income for Struggling Coal Plants
A vote is set for tomorrow on plans from FirstEnergy and AEP that is estimated to hike customers’ electricity bills by nearly $6 billion over eight years and to generate guaranteed income for struggling coal plants.
A coalition of electricity generators called the Alliance for Energy Choice has been running ads against the plans, comparing them to charging customers an exorbitant price for a cup of coffee or a pizza because of old, inefficient equipment.
The coalition's spokesman Todd Snitchler says there’s no telling how much bills could rise.
“I’m not comfortable -- when there are existing ways for people to control or hedge their buy and what they’re going to spend -- to have to say, ‘Trust me, we’re sure that our numbers are right later on down the road,'” Snitchler said.
FirstEnergy and AEP have said the income would bring stability to the market, and that the $5.9 billion estimate of the cost of the rate hike is more than they've forecasted.