Daily GPI / NGI All News Access

Ohio Governor Signs Electric Choice Into Law

Ohio Governor Signs Electric Choice Into Law

Ohio Gov. Bob Taft signed the state's electric restructuring bill Tuesday. All Ohio customers are to have a choice of suppliers beginning Jan. 1, 2001. Beginning Jan. 1, 2001 consumers will enjoy a mandatory rate reduction of 5% provided for in the bill and be able to purchase electricity from whichever company they choose.

"The same entrepreneurial drive which led Ohio-native Thomas Edison to master electricity will now drive the electricity marketplace," Taft said. "The bottom line is that competition will bring affordable energy prices for families and businesses. Ohio businesses will also remain competitive as more states deregulate their electric industry and our state will be on competitive footing against states that seek to take our jobs."

The Public Utilities Commission of Ohio (PUCO) will require electric companies to spend more than $30 million over the next six years informing the public on how to shop and understand the market.

The legislation goes into affect 90 days from Tuesday. Additional details, such as the amount of "stranded cost" payments allowed to electric companies and specific implementation rules, will be worked out by the PUCO by Jan. 1, 2001.

Full, statewide competition in retail electric sales begins Jan. 1, 2001. Between then and now, the PUCO will: draft and adopt rules and regulations; accept required filings from Ohio's eight investor-owned electric utilities to separate rate components-generation, transmission and distribution-separate corporate structure, and create operational support plans for competition; accept voluntary filings from electric utilities on plans to transfer either the ownership or control of transmission to an independent third party prior to Dec. 31, 2003. The PUCO also will hold public hearings on the transition plans to be filed by electric utility companies; adopt transition plans for each of Ohio's investor owned utilities by October, 2000.

©Copyright 1999 Intelligence Press Inc. All rights reserved. The preceding news report may not be republished or redistributed, in whole or in part, in any form, without prior written consent of Intelligence Press, Inc.

ISSN © 2577-9877 | ISSN © 1532-1231
Comments powered by Disqus