According to bond rating agency Fitch, the coal-fired power plants owned by Ohio Valley Electric Corp. (OVEC) are no closer to profitability. Fitch gave the OVEC bonds a BBB rating, on the lower end of the fourth tier of ratings, which range from AAA to D. Despite this forecast, Ohio electric ratepayers are required to subsidize the operations of the company’s power plants to benefit its utility ownership.

Ohio customers should not be on the hook to keep uneconomic power plants afloat. The OMA has continually called for repeal of the HB 6 OVEC subsidies, which OMA’s energy engineering firm, RunnerStone, has calculated could subsidize OVEC’s utility owners over $1 billion by 2030. 12/10/2024