CLEVELAND (AP) – Ohio Attorney General Dave Yost has announced Ohio’s largest electric utility has agreed in a settlement to forgo collection of a guaranteed profit subsidy provision in a now-tainted energy bill.
Yost says the subsidy would have allowed Akron-based FirstEnergy to collect $102 million from customers in 2021.
Yost said the agreement, along with another court ruling in December, will save close to $2 billion.
“That’s 2 billion over future years that would have been taken out of the Ohio economy, our consumer’s pockets, and we’re restoring the status quo, before House Bill 6,” Yost said.
Yost’s office sued FirstEnergy in January to stop collection of the subsidy that would maintain profit levels based on earnings from 2018, a year of weather extremes in Ohio.
A Franklin County judge granted a temporary injunction last year to stop collection of a subsidy for two Ohio nuclear plants, in connection with House Bill t.