HB 15 Electricity Reforms Become Law
We all know that Ohio energy demand is getting bigger. And this year as summer energy demand rises, so will Ohio electricity rates. So, with the rising risk of an energy shortage, Ohio lawmakers passed HB 15 to reform the state’s energy market. Shortly after, HB 15 went to Governor DeWine and on May 15, he signed these reforms into law. So, let’s go over HB 15 and see what does it mean for Ohio families.
What Is HB 15?
The energy market reforms in HB 15 target electric rates, energy pricing, and how to handle green energy. Specific fixes include blocking the state’s utilities from using electric security plans. Utilities sometimes used these to insert riders that added fees onto customer bills. Also, lawmakers sought to stop utilities from asking for sudden and hefty rate hikes. As a result, the law now requires utilities to file rate cases three years.
The new law also reduces the property tax burden on companies that want to build “baseload” power plants. This, in turn, could support the grid, build more businesses, and create jobs.
When Governor DeWine signed HB 15, it also eliminated HB 6. This ended customer-paid bailouts to coal power plants, two of which were in Indiana. In effect, the law ends what many considered the most corrupt legislation passed by Ohio lawmakers.
How HB 15 Helps Ohio Energy Customers
Largely, the law revamps rules in order to get things done. PUCO now has “shot clocks” to complete reports. Likewise, the Ohio Siting Board must finish all application cases within 150 days. Similarly, the law requires timely refunds for energy rates found to be illegal. When the Ohio Supreme Court rules on such rates cases, utilities must issue refunds on that date.
Finally, the new law expands behind-the-meter power plants. This lets energy hungry data centers set up their own power plants but stay isolated from the grid. They can also sell their excess power to the grid, which can help lower residential power costs.
How Ohio Customers Can Save Money
While these reforms are new law, seeing their results on your bills may take some time. But you can get the jump ahead by shopping for the cheapest electricity rates in Ohio. There’s no better place to start than by shopping right here at https://www.ohenergyratings.com. You can also count on us for the news and tips that could affect your bills.