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Aug 17, 2012

Audits find FirstEnergy Corp. overpaid by millions for renewable energy credits (RECS)
 

Two independent audits found that FirstEnergy Solutions – an unregulated affiliate of Akron-based FirstEnergy Corp. – spent “millions of dollars more than it should have” between late 2009 and the end of 2011 to purchase RECS that were then purchased by FirstEnergy Corp., The Plain Dealer reports. The audits found that these companies paid up to 15 times more for their RECS than they would have paid “had they just paid the fines,” the article said. The Public Utilities Commission of Ohio allowed FirstEnergy Corp. to pass these costs on to customers in its recent approval of FirstEnergy’s rate case, however, these audits are expected to be discussed “in appeals to [the] rate case decision,” which are due on Friday, according to the article. For more, read the full story here.

Both audits are now available online. Read the full Goldenberg Schneider, LPA audit report here and the Exeter Associates, Inc. audit report here.

Posted by T. Siwo  in  Miscellaneous   Renewable Energy    |  Permalink

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