COLUMBUS, Ohio (WOWO)— The Public Utilities Commission of Ohio has ordered Toledo Edison to lower electric rates, reducing the company’s annual revenue by $29.5 million. The new rates must be filed by February 24 and will take effect March 1, officials said.
The order updates a previous directive from last fall, which had required a $24.4 million revenue reduction. In addition, PUCO extended the period to amortize $245 million in previously deferred storm restoration costs from five years to 25 years. The change is intended to reduce immediate bill impacts for consumers while allowing further review and audit of the costs.
Maureen Willis, director of the Ohio Consumers’ Counsel, said the rate reduction is an important short-term relief measure but cautioned that extending the amortization period could raise total costs over time. She said the planned prudency review will be critical to ensuring consumers do not pay for expenses that were not prudently incurred.
FirstEnergy, Toledo Edison’s parent company, initially filed to raise rates in 2024 to generate about $190.3 million in additional annual revenue across three Ohio utilities. PUCO’s latest order overrides that request and sets new parameters for cost recovery and oversight.
Officials emphasized that while the immediate rate reduction will ease electricity bills, long-term monitoring will be essential to protect Ohio households. Reporting and analysis of the PUCO order was provided by The Columbus Dispatch.
