COLUMBUS — Independent auditors are recommending a decrease in FirstEnergy’s electric distribution rates, saying the proposed rate increase filed by Toledo Edison’s parent company overshoots its revenue requirements by nearly $35 million.
Public utility regulators are considering a $190 million rate increase by FirstEnergy Corp. that would raise electric bills between $1.56 per month for Toledo Edison customers, to just over $13 per month for customers of Cleveland’s Illuminating Company.
However, an independent audit commissioned by the Public Utilities Commission of Ohio says Toledo Edison’s revenue should decrease by about $27 million, not increase by $8 million. The staff’s recommendation, if implemented, would reduce the average consumer’s electric bill by $5.17…