FirstEnergy Can't Recoup $43M For Ohio Renewables Buy

Law360, Chicago (August 7, 2013, 6:58 PM EDT) -- An Ohio utility regulator voted Wednesday to bar FirstEnergy Corp. from recouping nearly $43.4 million from customers under a rider containing charges for renewable energy resources because the company paid too much for alternative energy credits.

The Public Utilities Commission of Ohio approved an opinion and order in which the commission found, after reviewing third-party audits and considering arguments from FirstEnergy and others, that FirstEnergy settled for a negotiated purchase price, and not a competitive bid, when it bought renewable energy credits in August 2010 for...
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