Summary
Duke Energy Corporation, through its subsidiary Duke Energy Ohio, Inc., announced a significant success in the FirstEnergy Ohio Utilities Standard Service Offer auction. Duke Energy Ohio was a successful bidder to supply retail generation needs for FirstEnergy's Ohio operating companies. This contract is set to run for two years, from June 1, 2009, to May 31, 2011. The secured wholesale price for this supply agreement is $61.50 per megawatt hour. The Public Utilities Commission of Ohio has approved these auction results, providing regulatory certainty for this important business segment.
Key Highlights
- 1Duke Energy Ohio, Inc. was a successful bidder in the FirstEnergy Ohio Utilities Standard Service Offer auction.
- 2The company will supply retail generation needs for FirstEnergy Corp.’s Ohio operating companies.
- 3The contract duration is for two years, from June 1, 2009, to May 31, 2011.
- 4The agreed-upon wholesale price is $61.50 per megawatt hour.
- 5The Public Utilities Commission of Ohio has accepted the auction results.
- 6This agreement represents a key revenue stream for Duke Energy Ohio for the specified period.
Frequently Asked Questions
This 8-K filing is primarily for Regulation FD disclosure, announcing that Duke Energy Ohio, Inc. was a successful bidder in the FirstEnergy Ohio Utilities Standard Service Offer auction.
The auction win secures a two-year contract to supply electricity at a wholesale price of $61.50 per megawatt hour. This provides a predictable revenue stream for Duke Energy Ohio during the contract term.
The key parties are Duke Energy Ohio, Inc. (the supplier), FirstEnergy Corp.'s Ohio operating companies (the customers for generation needs), and the Public Utilities Commission of Ohio (the approving regulatory body).
The contract is for a two-year period, commencing June 1, 2009, and concluding on May 31, 2011. The wholesale price for the supplied megawatt hour is fixed at $61.50.