FirstEnergy's Ohio utilities to hold auction Oct. 25 to secure electric generation supply for delivery from June 2012 through May 2014
August 9, 2011
– A competitive bidding process will be conducted for FirstEnergy Corp.'s (NYSE: FE) Ohio utilities – Ohio Edison, Cleveland Electric Illuminating Company and Toledo Edison – to procure electric generation for delivery from June 2012 through May 2014 for retail customers who choose not to shop with an alternative supplier.
The competitive bidding process (CBP) will use a descending-price clock auction format. The auction will be managed by CRA International, Inc., a worldwide leader in providing management, economic, and financial consulting services. The CBP is being conducted pursuant to the FirstEnergy Ohio utilities' Electric Security Plan (ESP) approved by the Public Utilities Commission of Ohio (PUCO).
Under the ESP, the CBP auctions procure service for a 36-month period from June 1, 2011 through May 31, 2014. The first two auctions took place in October 2010 and January 2011. The next two auctions, scheduled for October 25, 2011, and January 2012, will be for the 24month delivery period June 2012 through May 2014. CRA manages the auction process as CBP Manager.
For the October 25, 2011 auction, CRA will host the first bidder information session on Friday, August 12, 2011 at 1:00 P.M. EST via a webcast to provide an overview of the CBP. A second webcast information session describing the online application process for prospective bidders will be held on Thursday, August 18, 2011. Part 1 applications from prospective bidders are due September 7, 2011, and Part 2 applications are due October 5, 2011.
Additional information about the information sessions and the competitive bidding process in general can be found at the CBP Information website at www.firstenergycbp.com.
About CRA's Auctions & Competitive Bidding Practice
For over 15 years, CRA has been offering businesses, governments, and other market participants extensive experience in the design, implementation, and monitoring of auctions and other transaction mechanisms as well as advising bidders in these market mechanisms. CRA has developed and/or managed auctions and other market mechanisms for a range of industries including energy, commodities, telecommunications, transportation, oil and gas, natural resources, and metals & minerals.
About CRA International / Charles River Associates (CRA)
Charles River Associates® is a global consulting firm specializing in litigation, regulatory, and financial consulting, and management consulting. Headquartered in Boston, CRA has offices throughout North America, Europe, the Middle East, and Asia. Detailed information about Charles River Associates, a registered trade name of CRA International, Inc., is available at http://www.crai.com.
FirstEnergy is a diversified energy company dedicated to safety, reliability and operational excellence. Its ten electric distribution companies comprise the nation's largest investor-owned electric system. Its diverse generating fleet features non-emitting nuclear, scrubbed baseload coal, natural gas, and pumped-storage hydro and other renewables, and has a total generating capacity of approximately 23,000 megawatts.