FirstEnergy wants new rate plan that would allow quarterly increases for equipment upgrades

From Cleveland.com:

FirstEnergy Corp. has filed a comprehensive new rate plan with state regulators that would give the utility the right to tack on $390 million in new customer fees with minimal oversight.

The increases are included in an application and 42-page agreement the Akron company submitted to the Public Utilities Commission of Ohio Tuesday.

The provision calls for quarterly adjustments in delivery rates to pay for upgrades to wires, transformers, substations and similar equipment. The company could also immediately pass on to customers any increases in property taxes and income taxes.

Traditionally, FirstEnergy and other utilities had to apply for rate increases after paying for upgrades or tax increases.

The new plan would begin June 1, 2011, and run through May 31, 2014. It's not clear how the proposal would affect individual monthly bills.

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