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Settlement Reached in FirstEnergy Ohio Utilities' Grid Modernization Plan

2024-04-15 12:34 ET - News Release

Settlement Reached in FirstEnergy Ohio Utilities' Grid Modernization Plan

PR Newswire

Agreement with key stakeholders expands customer deployment of smart meter technology

AKRON, Ohio, April 15, 2024 /PRNewswire/ -- FirstEnergy Corp.'s (NYSE: FE) Ohio electric companies – Ohio Edison, The Illuminating Company and Toledo Edison – have reached a settlement on their Grid Modernization (Grid Mod) II plan that will expand the deployment of smart meters to an additional 1.4 million customers in Ohio.

FirstEnergy Corp. Logo (PRNewsfoto/FirstEnergy Corp.)

If approved by the Public Utilities Commission of Ohio (PUCO), the four-year, $421 million plan will build upon system upgrades completed as part of the companies' Grid Mod I plan approved in 2019, including installation of approximately 706,000 smart meters across Ohio along with the necessary supporting communications infrastructure and data management system.

Read the full settlement on the PUCO's website at https://dis.puc.state.oh.us/ViewImage.aspx?CMID=A1001001A24D12B65036D02059.

Parties to the settlement include the Citizens Utility Board of Ohio, Environmental Law & Policy Center, Interstate Gas Supply, LLC., The Kroger Co., Northeast Ohio Public Energy Council, Ohio Energy Group, Ohio Energy Leadership Council, Ohio Environmental Council, The Ohio Manufacturers' Association Energy Group, Retail Energy Supply Association and Walmart Inc.

Patricia Mullin, Acting President of FirstEnergy's Ohio Operations: "At the heart of it all, smart meters are about empowering our customers to make informed decisions about their energy usage and costs. With accurate and detailed billing information each month, customers can now take control of their energy costs. We look forward to further modernizing our electric system by building on what we completed under Grid Mod I."

In the future, smart meter benefits also will include the ability to detect and locate outages more quickly and provide more accurate and timely storm restoration information.

The proposed settlement will also enhance the customer experience by giving them more control over their energy use, including allotting $3 million per year for a Smart Thermostat Rebate program that will allow eligible residential customers to receive up to $100 per qualified smart thermostat. Low income customers who are at or below 300% of the federal poverty level will be eligible for a rebate of up to $150 for the purchase of a new, qualifying smart thermostat.

If approved by the PUCO, a typical FirstEnergy Ohio utility residential customer using 750 kilowatt-hours of electricity per month on average could expect to see an increase of about $1.50 per month for the length of the Grid Mod II plan. Customers will also receive a small, one-time credit for costs associated with a previously approved grid modernization pilot program.

Rising energy costs may cause concern for customers. To help them manage their bills, FirstEnergy's Ohio companies offer budget plans, special payment plans and access to energy assistance programs. To apply or learn more about other utility bill assistance programs, customers are encouraged to visit firstenergycorp.com/billassist or contact customer service at 1-800-633-4766.

FirstEnergy is dedicated to integrity, safety, reliability and operational excellence. Its electric distribution companies form one of the nation's largest investor-owned electric systems, serving customers in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland and New York. The company's transmission subsidiaries operate approximately 24,000 miles of transmission lines that connect the Midwest and Mid-Atlantic regions. Follow FirstEnergy on X, formerly known as Twitter, @FirstEnergyCorp or online at firstenergycorp.com.

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/settlement-reached-in-firstenergy-ohio-utilities-grid-modernization-plan-302116960.html

SOURCE FirstEnergy Corp.

Contact:

News Media Contact: Lauren Siburkis, (330) 203-8850; Investor Contact: Irene Prezelj, (330) 384-3859

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