Court Allows FirstEnergy Solutions To Opt Out Of Ohio Valley Electric Corporation
A recent ruling in federal bankruptcy court could mean higher rates for millions of Ohio electricity customers.
A bankruptcy judge allowed Akron-based FirstEnergy Solutions to opt out of its share of costs as an owner of the Ohio Valley Electric Corporation. FirstEnergy Solutions and other power companies, including Columbus-based American Electric Power, Duke Energy and Dayton Power and Light, shared ownership and debt costs for the plants as part of Ohio Valley. FirstEnergy Solutions filed for bankruptcy protection March 31. The ruling means other Ohio Valley Electric Corporation owners will have to replace FirstEnergy Solutions or absorb costs, possibly resulting in higher rates for customers all around Ohio.