The proposed plan, dubbed Powering Ohio’s Progress, will freeze distribution rates in place and help keep critical baseload power plants available to serve customers in the state.
The plan proposes to establish electric service for a three-year period from 1 June 2016, through 31 May 2019, for customers of Ohio Edison, Cleveland Electric Illuminating and Toledo Edison.
The plan includes a 15-year economic stability program that will help mitigate increasing retail prices.
FirstEnergy said the program will also help ensure that vital baseload power plants constructed to serve Ohio customers remain available to support the state’s electric consumers and businesses.
The current ESP will allow customers to retain an option to shop for a competitive retail electric supplier.
It will offer about $6m a year in economic development funding for Ohio communities and energy efficiency assistance to low-income customers during the three-year term of the plan.
FirstEnergy president and chief executive officer Anthony Alexander said: "Reliable, affordable electricity is critical to Ohio’s economic vitality and security."
