ESP is an electric utility’s plan for the supply and pricing of electric generation service for customers who choose to opt out competitive retail electric service (CRES) provider.
The approval allows Duke Energy Ohio to implement its new ESP for three years and is effective from 01 June 2015. The current ESP of the company started from 01 January 2012, and is set to expire on 31 May this year.
Duke Energy Ohio and Kentucky president Jim Henning said: "We continue to evaluate the commission’s order.
"In the meantime, we will move forward with scheduling a May auction to procure electricity for our customers, who still pay the lowest electric rates in Ohio.
"Buying electricity at auction ensures that our customers will continue to see competitive, market-driven prices on the generation portion of their monthly bills."
In addition to procuring electricity, the new ESP has also created two new riders or line items added to utility bills and received approvals.
The Distribution Capital Investment Rider gives Duke Energy Ohio the ability to proactively replace ageing infrastructure to improve reliability, safety and efficiency of its electric distribution system, while its Distribution Storm Rider will track ongoing, annual expenses for restoring power following large-scale storms and natural disasters.
The company said it will continue the PUCO decision evaluation aimed to gain a clearer understanding of the commissioners’ opinions, the potential impact on customers and plan next steps.
