{"id":1545,"date":"2021-11-19T14:31:23","date_gmt":"2021-11-19T20:31:23","guid":{"rendered":"http:\/\/www.ohenergyratings.com\/blog\/?p=1545"},"modified":"2021-11-27T20:34:20","modified_gmt":"2021-11-28T02:34:20","slug":"firstenergy-306m-refund","status":"publish","type":"post","link":"https:\/\/www.ohenergyratings.com\/blog\/firstenergy-306m-refund\/","title":{"rendered":"FirstEnergy Agrees to $306M Refund to Ohio Customers"},"content":{"rendered":"
\"FirstEnergy
FirstEnergy has agreed to refund $306 million to its customers. But how much are you actually getting and does it help your monthly bill. We break it all down.<\/em><\/center><\/figcaption><\/figure>\n

What Residential Customers Can Expect<\/b><\/h2>\n

Good news for\u00a0FirstEnergy<\/strong> customers! After a year of back and forth with courts, hearings, and controversy, Akron-based FirstEnergy<\/b><\/span><\/a>\u00a0will be giving you a refund! The company has agreed to give around $306 million in customer refunds over the next five years. On the other hand, over five years, the refund may not seem a huge relief in your bills. Let’s break down how much FirstEnergy<\/strong> is actually refunding to its residential customers. We’ll also dig into how this affects your future bills.<\/p>\n

Did Someone Say FirstEnergy<\/strong>\u00a0Refund?<\/span><\/h3>\n

At issue was whether the FirstEnergy<\/strong> had made excessive profits over the course of 2017-2019. It appears that a combination of laws being enacted and then repealed<\/a> made that seem likely. But while utilities can make profits, \u00a0there’s no law that spells out what “excessive profits” are. In the settlement filing<\/span><\/a> with the Ohio Consumer\u2019s Counsel<\/b>, FirstEnergy<\/strong> agreed that it had collected \u201csignificantly excessive profits\u201d. As a result,\u00a0the company and its three subsidiaries\u00a0must refund<\/a> 52.6% of their profits from these years over the next six months. This works out to about $50.8 million dollars in refunds to residential customers and \u00a0$45.3 million to non-residential customers. Additionally, customers will see $210 million in bill reductions over the next 4 years. This brings us to that $306 million refund total.<\/p>\n

What Can Residential Customers Expect To Get?<\/span><\/h3>\n

With all those big numbers, it can certainly be easy to expect a huge payday. Unfortunately, don\u2019t expect this refund to pay your electric bill for the next year. In Ohio,\u00a0FirstEnergy<\/strong>‘s subsidiaries\u00a0<\/strong>serves about a million customers. So, there’s a lot of people getting refunds. As a result, most residential customers will only see about $85 total in refunds and reductions. Once approved by the PUCO, residential customers will receive the first $29 refund within the first 30 days. Afterwards, customers can expect a diminishing reduction in their electricity bills through 2025.<\/p>\n

What About Future Bills?<\/span><\/h3>\n

Though this new\u00a0FirstEnergy<\/strong> refund is welcome, the $29 won’t last forever. With winter electricity prices rising, you may be asking how to save money. After all, you want to get the best deal you can. Even\u00a0FirstEnergy<\/strong> recently\u00a0encouraged customers to shop around<\/span><\/a> for a better price on their electricity! Now is the perfect time to lock in a fixed rate before the cold, wet of this winter<\/span><\/a> sets in. So, are you looking for a great rate for your area? Ohio Energy Ratings<\/strong> has the best prices and deals <\/span><\/a>for wherever you\u2019re looking. So look around! Find that perfect rate for your home at www.ohenergyratings.com<\/span><\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

What Residential Customers Can Expect Good news for\u00a0FirstEnergy customers! After a year […]<\/p>\n","protected":false},"author":11,"featured_media":1580,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mbp_gutenberg_autopost":false},"categories":[43,41,44,42,50],"tags":[26,34,30,11,35],"_links":{"self":[{"href":"https:\/\/www.ohenergyratings.com\/blog\/wp-json\/wp\/v2\/posts\/1545"}],"collection":[{"href":"https:\/\/www.ohenergyratings.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ohenergyratings.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ohenergyratings.com\/blog\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ohenergyratings.com\/blog\/wp-json\/wp\/v2\/comments?post=1545"}],"version-history":[{"count":7,"href":"https:\/\/www.ohenergyratings.com\/blog\/wp-json\/wp\/v2\/posts\/1545\/revisions"}],"predecessor-version":[{"id":1604,"href":"https:\/\/www.ohenergyratings.com\/blog\/wp-json\/wp\/v2\/posts\/1545\/revisions\/1604"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.ohenergyratings.com\/blog\/wp-json\/wp\/v2\/media\/1580"}],"wp:attachment":[{"href":"https:\/\/www.ohenergyratings.com\/blog\/wp-json\/wp\/v2\/media?parent=1545"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ohenergyratings.com\/blog\/wp-json\/wp\/v2\/categories?post=1545"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ohenergyratings.com\/blog\/wp-json\/wp\/v2\/tags?post=1545"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}