Update: In response to Staff’s counterproposal to create a credit support rider in the annual amount of $131 million over the next three years, FirstEnergy recommended that this amount be set at $558 million annually and that it be collected over the next eight years. Additionally, FirstEnergy has requested to collect the economic-impact value associated with maintaining the corporate headquarters of FirstEnergy Corp. and nexus of operations in Ohio. According to FirstEnergy, the economic-impact value could reach up to $568 million annually. Collectively, after combining the credit support rider and accounting for economic impacts, FirstEnergy’s new proposal could result in costs of up to $1.126 billion annually for the next eight years.

The hearing this week featured witness testimony from FirstEnergy in support of its annual economic-impact calculation valued at $568 million. During the hearing, parties cross-examined this witness on whether the increase in electricity costs to customers would negatively impact the business decisions of companies located in Ohio or deciding whether to locate in Ohio; the witness claimed to have not performed that analysis. Additionally, OMA Energy Group was successful in striking certain portions of the testimony because the witness had no personal knowledge of the statements added by FirstEnergy to bolster her testimony.

Next week, FirstEnergy will present testimony to support both its proposal to set the credit support rider at $558 million annually and its request to charge customers for maintaining the corporate headquarters of FirstEnergy Corp. and nexus of operations in Ohio up to $568 million for a total of up to $1.126 billion annually for the next eight years.